Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 01, 2017 | Jul. 02, 2016 | |
Document Information [Line Items] | |||
Entity Registrant Name | Arrow Electronics Inc | ||
Entity Central Index Key | 7,536 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 95,643,137 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 5,551,436,416 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Sales | $ 23,825,261 | $ 23,282,020 | $ 22,768,674 | |
Costs and expenses: | ||||
Cost of sales | 20,681,062 | 20,246,770 | 19,772,779 | |
Selling, general, and administrative expenses | 2,052,863 | 1,986,249 | 1,959,749 | |
Depreciation and amortization | 159,195 | 155,754 | 156,048 | |
Restructuring, integration, and other charges | 73,602 | 68,765 | 39,841 | |
Trade name impairment charge | 0 | 0 | 78,000 | |
Total Costs and Expenses | 22,966,722 | 22,457,538 | 22,006,417 | |
Operating income | 858,539 | 824,482 | 762,257 | |
Equity in earnings of affiliated companies | 7,573 | 7,037 | 7,318 | |
Gain on sale of investment | 0 | 2,008 | 29,743 | |
Loss on prepayment of debt | 0 | 2,943 | 0 | |
Interest and other financing expense, net | 150,715 | 135,401 | 115,985 | |
Other expense, net | 0 | 3,000 | 0 | |
Income before income taxes | 715,397 | 692,183 | 683,333 | |
Provision for income taxes | 190,674 | 191,697 | 184,943 | |
Consolidated net income | 524,723 | 500,486 | 498,390 | |
Noncontrolling interests | 1,973 | 2,760 | 345 | |
Net income attributable to shareholders | $ 522,750 | $ 497,726 | $ 498,045 | |
Net income per share: | ||||
Basic | $ 5.75 | $ 5.26 | $ 5.05 | |
Diluted | [1] | $ 5.68 | $ 5.20 | $ 4.98 |
Weighted-average shares outstanding: | ||||
Basic | 90,960 | 94,608 | 98,675 | |
Diluted | 92,033 | 95,686 | 99,947 | |
[1] | Stock-based compensation awards for the issuance of 766 shares, 658 shares, and 294 shares for the years ended December 31, 2016, 2015, and 2014, respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Consolidated net income | $ 524,723 | $ 500,486 | $ 498,390 |
Other comprehensive income: | |||
Foreign currency translation adjustment and other | (109,187) | (223,268) | (265,030) |
Unrealized gain (loss) on investment securities, net | (2,439) | 814 | (12,925) |
Unrealized gain on interest rate swaps designated as cash flow hedges, net | 373 | 871 | 403 |
Employee benefit plan items, net | 10,148 | 2,947 | (12,617) |
Other comprehensive loss | (101,105) | (218,636) | (290,169) |
Comprehensive income | 423,618 | 281,850 | 208,221 |
Less: Comprehensive income attributable to noncontrolling interests | 16 | 4,213 | 345 |
Comprehensive income attributable to shareholders | $ 423,602 | $ 277,637 | $ 207,876 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
ASSETS | |||
Cash and cash equivalents | $ 534,320 | $ 273,090 | |
Accounts receivable, net | 6,746,687 | 6,161,418 | |
Inventories, net | 2,855,645 | 2,466,490 | |
Other current assets | 180,069 | 285,473 | |
Total current assets | 10,316,721 | 9,186,471 | |
Property, plant, and equipment, at cost: | |||
Land | 23,456 | 23,547 | |
Buildings and improvements | 175,141 | 162,011 | |
Machinery and equipment | 1,297,657 | 1,250,115 | |
Property, plant, and equipment, gross | 1,496,254 | 1,435,673 | |
Less: Accumulated depreciation and amortization | (739,955) | (735,495) | |
Property, plant, and equipment, net | 756,299 | 700,178 | |
Investments in affiliated companies | 88,401 | 73,376 | |
Intangible assets, net | 336,882 | 389,326 | |
Goodwill | [1] | 2,392,220 | 2,368,832 |
Other assets | 315,843 | 303,747 | |
Total assets | 14,206,366 | 13,021,930 | |
LIABILITIES AND EQUITY | |||
Accounts payable | 5,774,151 | 5,192,665 | |
Accrued expenses | 821,244 | 819,463 | |
Short-term borrowings, including current portion of long-term debt | 93,827 | 44,024 | |
Total current liabilities | 6,689,222 | 6,056,152 | |
Long-term debt | 2,696,334 | 2,380,575 | |
Other liabilities | 355,190 | 390,392 | |
Commitments and Contingencies (Note 14 and 15) | |||
Equity: | |||
Issued - 125,424 shares in both 2016 and 2015 | 125,424 | 125,424 | |
Capital in excess of par value | 1,112,114 | 1,107,314 | |
Treasury stock (36,511 and 34,501 shares in 2016 and 2015, respectively), at cost | (1,637,476) | (1,480,069) | |
Retained earnings | 5,197,230 | 4,674,480 | |
Accumulated Other Comprehensive Loss | (383,854) | (284,706) | |
Total shareholders' equity | 4,413,438 | 4,142,443 | |
Noncontrolling interests | 52,182 | 52,368 | |
Total equity | 4,465,620 | 4,194,811 | |
Total liabilities and equity | $ 14,206,366 | $ 13,021,930 | |
[1] | The total carrying value of goodwill of companies acquired for all periods in the table above is reflected net of $1,018,780 of accumulated impairment charges, of which $716,925 was recorded in the global components business segment and $301,855 was recorded in the global ECS business segment. |
CONSOLIDATED BALANCE SHEETS Par
CONSOLIDATED BALANCE SHEETS Parentheticals - $ / shares shares in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Common Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
Common Stock, Shares Authorized | 160,000 | 160,000 |
Common Stock, Shares, Issued | 125,424 | 125,424 |
Treasury Stock, Shares | 36,511 | 34,501 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Consolidated net income | $ 524,723 | $ 500,486 | $ 498,390 |
Adjustments to reconcile consolidated net income to net cash provided by operations: | |||
Depreciation and amortization | 159,195 | 155,754 | 156,048 |
Amortization of stock-based compensation | 39,825 | 47,274 | 41,930 |
Equity in earnings of affiliated companies | (7,573) | (7,037) | (7,318) |
Deferred income taxes | 28,130 | 5,833 | (25,744) |
Trade name impairment charge | 0 | 0 | 78,000 |
Gain on sale of investment | 0 | (2,008) | (18,269) |
Excess tax benefits from stock-based compensation arrangements | (5,049) | (5,911) | (7,129) |
Other | 5,972 | 10,894 | 2,686 |
Change in assets and liabilities, net of effects of acquired businesses: | |||
Accounts receivable | (636,944) | (68,990) | (521,613) |
Inventories | (403,980) | (42,790) | (210,789) |
Accounts payable | 582,165 | 33,398 | 628,697 |
Accrued expenses | 47,020 | 56,139 | 41,720 |
Other assets and liabilities | 22,322 | (27,963) | 16,692 |
Net cash provided by operating activities | 355,806 | 655,079 | 673,301 |
Cash flows from investing activities: | |||
Cash consideration paid for acquired businesses | (64,751) | (514,731) | (162,881) |
Acquisition of property, plant, and equipment | (164,695) | (154,800) | (122,505) |
Proceeds from sale of facilities | 0 | 3,496 | 0 |
Proceeds from sale of investment | 0 | 2,008 | 40,542 |
Other | (12,000) | 0 | 0 |
Net cash used for investing activities | (241,446) | (664,027) | (244,844) |
Cash flows from financing activities: | |||
Change in short-term and other borrowings | 48,684 | (46,645) | (12,541) |
Proceeds from (repayment of) long-term bank borrowings, net | 313,000 | (128,000) | (145,000) |
Net proceeds from note offering | 0 | 688,162 | 0 |
Redemption of notes | 0 | (254,313) | 0 |
Proceeds from exercise of stock options | 18,967 | 14,900 | 21,788 |
Excess tax benefits from stock-based compensation arrangements | 5,049 | 5,911 | 7,129 |
Repurchases of common stock | (216,446) | (356,434) | (304,763) |
Other | (3,190) | (7,768) | (1,499) |
Net cash provided by (used for) financing activities | 166,064 | (84,187) | (434,886) |
Effect of exchange rate changes on cash | (19,194) | (34,130) | 16,182 |
Net increase (decrease) in cash and cash equivalents | 261,230 | (127,265) | 9,753 |
Cash and cash equivalents at beginning of year | 273,090 | 400,355 | 390,602 |
Cash and cash equivalents at end of year | $ 534,320 | $ 273,090 | $ 400,355 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Common Stock at Par Value [Member] | Capital in Excess of Par Value [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interests [Member] |
Balance at Dec. 31, 2013 | $ 4,184,828 | $ 125,424 | $ 1,071,075 | $ (920,528) | $ 3,678,709 | $ 225,552 | $ 4,596 |
Consolidated net income | 498,390 | 0 | 0 | 0 | 498,045 | 0 | 345 |
Other comprehensive loss | (290,169) | 0 | 0 | 0 | 0 | (290,169) | 0 |
Amortization of stock-based compensation | 41,930 | 0 | 41,930 | 0 | 0 | 0 | 0 |
Shares issued for stock-based compensation awards | 21,788 | 0 | (33,830) | 55,618 | 0 | 0 | 0 |
Tax benefits related to stock-based compensation awards | 6,907 | 0 | 6,907 | 0 | 0 | 0 | 0 |
Repurchases of common stock | (304,763) | 0 | 0 | (304,763) | 0 | 0 | 0 |
Balance at Dec. 31, 2014 | 4,158,911 | 125,424 | 1,086,082 | (1,169,673) | 4,176,754 | (64,617) | 4,941 |
Consolidated net income | 500,486 | 0 | 0 | 0 | 497,726 | 0 | 2,760 |
Other comprehensive loss | (218,636) | 0 | 0 | 0 | 0 | (220,089) | 1,453 |
Amortization of stock-based compensation | 47,274 | 0 | 47,274 | 0 | 0 | 0 | 0 |
Shares issued for stock-based compensation awards | 14,900 | 0 | (31,138) | 46,038 | 0 | 0 | 0 |
Tax benefits related to stock-based compensation awards | 5,795 | 0 | 5,795 | 0 | 0 | 0 | 0 |
Repurchases of common stock | (356,434) | 0 | 0 | (356,434) | 0 | 0 | 0 |
Acquisition of non-controlling interest | 47,451 | 0 | 0 | 0 | 0 | 0 | 47,451 |
Purchase of subsidiary shares from noncontrolling interest | (4,718) | 0 | (699) | 0 | 0 | 0 | (4,019) |
Distributions | (218) | 0 | 0 | 0 | 0 | 0 | (218) |
Balance at Dec. 31, 2015 | 4,194,811 | 125,424 | 1,107,314 | (1,480,069) | 4,674,480 | (284,706) | 52,368 |
Consolidated net income | 524,723 | 0 | 0 | 0 | 522,750 | 0 | 1,973 |
Other comprehensive loss | (101,105) | 0 | 0 | 0 | 0 | (99,148) | (1,957) |
Amortization of stock-based compensation | 39,825 | 0 | 39,825 | 0 | 0 | 0 | 0 |
Shares issued for stock-based compensation awards | 18,967 | 0 | (40,072) | 59,039 | 0 | 0 | 0 |
Tax benefits related to stock-based compensation awards | 5,047 | 0 | 5,047 | 0 | 0 | 0 | 0 |
Repurchases of common stock | (216,446) | 0 | 0 | (216,446) | 0 | 0 | 0 |
Distributions | (202) | 0 | 0 | 0 | 0 | 0 | (202) |
Balance at Dec. 31, 2016 | $ 4,465,620 | $ 125,424 | $ 1,112,114 | $ (1,637,476) | $ 5,197,230 | $ (383,854) | $ 52,182 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of the company and its majority-owned subsidiaries. All significant intercompany transactions are eliminated. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires the company to make significant estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Cash and Cash Equivalents Cash equivalents consist of highly liquid investments, which are readily convertible into cash, with original maturities of three months or less. Inventories Inventories are stated at the lower of cost or net realizable value. Cost approximates the first-in, first-out method. Substantially all inventories represent finished goods held for sale. Property, Plant, and Equipment Property, plant, and equipment are stated at cost. Depreciation is computed on the straight-line method over the estimated useful lives of the assets. The estimated useful lives for depreciation of buildings is generally 20 to 30 years, and the estimated useful lives of machinery and equipment is generally three to ten years. Leasehold improvements are amortized over the shorter of the term of the related lease or the life of the improvement. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. If the carrying value of the asset can not be recovered from estimated future cash flows, undiscounted and without interest, the fair value of the asset is calculated using the present value of estimated net future cash flows. If the fair value is less than the carrying amount of the asset, a loss is recognized for the difference. Software Development Costs The company capitalizes certain internal and external costs incurred to acquire or create internal-use software. Capitalized software costs are amortized on a straight-line basis over the estimated useful life of the software, which is generally three to twelve years. At December 31, 2016 and 2015 , the company had unamortized software development costs of $477,670 and $433,146 , respectively, which are included in "Machinery and equipment" in the company's consolidated balance sheets. During 2016, the company changed the useful life on its global ERP software from ten to twelve years. The impact of the change was not material. Identifiable Intangible Assets Amortization of definite-lived intangible assets is computed on the straight-line method over the estimated useful lives of the assets, while indefinite-lived intangible assets are not amortized. Identifiable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The company also tests indefinite-lived intangible assets, consisting of acquired trade names, for impairment at least annually as of the first day of the fourth quarter. If the fair value is less than the carrying amount of the asset, a loss is recognized for the difference. Investments Investments are accounted for using the equity method if the investment provides the company the ability to exercise significant influence, but not control, over an investee. Significant influence is generally deemed to exist if the company has an ownership interest in the voting stock of the investee between 20% and 50%, although other factors, such as representation on the investee's Board of Directors, are considered in determining whether the equity method is appropriate. The company records its investments in equity method investees meeting these characteristics as "Investments in affiliated companies" in the company's consolidated balance sheets. All other equity investments, which consist of investments for which the company does not possess the ability to exercise significant influence, are accounted for under the cost method or as available-for-sale, and are included in "Other assets" in the company's consolidated balance sheets. Under the cost method of accounting, investments are carried at cost and are adjusted only for other-than-temporary declines in realizable value and additional investments. The company accounts for available-for-sale investments at fair value, using quoted market prices, and the related holding gains and losses are included in "Accumulated other comprehensive income (loss)" in the shareholders' equity section in the company's consolidated balance sheets. The company assesses its long-term investments on an ongoing basis to determine whether declines in market value below cost are other-than-temporary. When the decline is determined to be other-than-temporary, the cost basis for the individual security is reduced and a loss is realized in the company's consolidated statement of operations in the period in which it occurs. The company makes such determination after considering the length of time and the extent to which the market value of the investment is less than its cost, the financial condition and operating results of the investee, and the company's intent and ability to retain the investment over time to potentially allow for any recovery in market value. In addition, the company assesses the following factors: • broad economic factors impacting the investee's industry; • publicly available forecasts for sales and earnings growth for the industry and investee; and • the cyclical nature of the investee's industry. The company could incur an impairment charge in future periods if, among other factors, the investee's future earnings differ from currently available forecasts. Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. The company tests goodwill for impairment annually as of the first day of the fourth quarter and/or when an event occurs or circumstances change such that it is more likely than not that an impairment may exist. Examples of such events and circumstances that the company would consider include the following: • macroeconomic conditions such as deterioration in general economic conditions, limitations on accessing capital, fluctuations in foreign exchange rates, or other developments in equity and credit markets; • industry and market considerations such as a deterioration in the environment in which the company operates, an increased competitive environment, a decline in market-dependent multiples or metrics (considered in both absolute terms and relative to peers), a change in the market for the company's products or services, or a regulatory or political development; • cost factors such as increases in raw materials, labor, or other costs that have a negative effect on earnings and cash flows; • overall financial performance such as negative or declining cash flows or a decline in actual or planned revenue or earnings compared with actual and projected results of relevant prior periods; • other relevant entity-specific events such as changes in management, key personnel, strategy, or customers; contemplation of bankruptcy; or litigation; • events affecting a reporting unit such as a change in the composition or carrying amount of its net assets, a more-likely-than-not expectation of selling or disposing all, or a portion, of a reporting unit, the testing for recoverability of a significant asset group within a reporting unit, or recognition of a goodwill impairment loss in the financial statements of a subsidiary that is a component of a reporting unit; and • a sustained decrease in share price (considered in both absolute terms and relative to peers). Goodwill is tested at a level of reporting referred to as "the reporting unit." The company's reporting units are defined as each of the three regional businesses within the global components business segment, which are the Americas, EMEA (Europe, Middle East, and Africa), and Asia/Pacific and each of the two regional businesses within the global ECS business segment, which are North America and EMEA. An entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (that is, a likelihood of more than 50%) that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. The company has elected not to perform the qualitative assessment and began its impairment testing with the first step of the two-step impairment process. The first step, used to identify potential impairment, compares the calculated fair value of a reporting unit with its carrying amount. If the carrying amount of the reporting unit is less than its fair value, no impairment exists and the second step is not performed. If the carrying amount of a reporting unit exceeds its fair value, the entity is required to perform the second step of the goodwill impairment test to measure the amount of the impairment loss, if any. The second step of the goodwill impairment test compares the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized for the excess. The company estimates the fair value of a reporting unit using the income approach. For the purposes of the income approach, fair value is determined based on the present value of estimated future cash flows, discounted at an appropriate risk-adjusted rate. The assumptions included in the income approach include forecasted revenues, gross profit margins, operating income margins, working capital cash flow, forecasted capital expenditures, perpetual growth rates, and long-term discount rates, among others, all of which require significant judgments by management. Actual results may differ from those assumed in the company's forecasts. The company also reconciles its discounted cash flow analysis to its current market capitalization allowing for a reasonable control premium. As of the first day of the fourth quarters of 2016 , 2015 , and 2014 , the company's annual impairment testing did not indicate impairment at any of the company's reporting units. Foreign Currency Translation and Remeasurement The assets and liabilities of international operations are translated at the exchange rates in effect at the balance sheet date. Revenue and expense accounts are translated at the monthly average exchange rates. Adjustments arising from the translation of the foreign currency financial statements of the company's international operations are reported as a component of "Accumulated other comprehensive loss" in the company's consolidated balance sheets. For foreign currency remeasurement from each local currency into the appropriate functional currency, monetary assets and liabilities are remeasured to functional currencies using current exchange rates in effect at the balance sheet date. Gains or losses from these remeasurements were not significant and have been included in the company’s consolidated statements of operations. Non-monetary assets and liabilities are recorded at historical exchange rates. Income Taxes Income taxes are accounted for under the liability method. Deferred income taxes reflect the tax consequences on future years of differences between the tax bases of assets and liabilities and their financial reporting amounts. The carrying value of the company's deferred tax assets is dependent upon the company's ability to generate sufficient future taxable income in certain tax jurisdictions. Should the company determine that it is more likely than not that some portion or all of its deferred tax assets will not be realized, a valuation allowance to the deferred tax assets would be established in the period such determination was made. It is the company's policy to provide for uncertain tax positions and the related interest and penalties based upon management's assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. To the extent the company prevails in matters for which a liability for an unrecognized tax benefit is established or is required to pay amounts in excess of the liability, the company's effective tax rate in a given financial statement period may be affected. Net Income Per Share Basic net income per share is computed by dividing net income attributable to shareholders by the weighted-average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. Comprehensive Income Comprehensive income consists of consolidated net income, foreign currency translation adjustment, unrealized gains or losses on post-retirement benefit plans, and unrealized gains or losses on investment securities and interest rate swaps designated as cash flow hedges. Unrealized gains or losses on investment securities and interest rate swaps are net of any reclassification adjustments for realized gains or losses included in consolidated net income. Foreign currency translation adjustments included in comprehensive income were not tax effected as investments in international affiliates are deemed to be permanent. All other comprehensive income items are net of related income taxes. Stock-Based Compensation The company records share-based payment awards exchanged for employee services at fair value on the date of grant and expenses the awards in the consolidated statements of operations over the requisite employee service period. Stock-based compensation expense includes an estimate for forfeitures. Stock-based compensation expense related to awards with a market or performance condition which cliff vest, are recognized over the vesting period on a straight line basis. Stock-based compensation awards with service conditions only are also recognized on a straight-line basis. Segment Reporting Operating segments are defined as components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The company's operations are classified into two reportable business segments: global components and global ECS. Revenue Recognition The company recognizes revenue when there is persuasive evidence of an arrangement, delivery has occurred or services are rendered, the sales price is fixed or determinable, and collectibility is reasonably assured. Revenue typically is recognized at time of shipment. Sales are recorded net of discounts, rebates, and returns, which historically have not been material. A portion of the company's business involves shipments directly from its suppliers to its customers. In these transactions, the company is responsible for negotiating price both with the supplier and customer, payment to the supplier, establishing payment terms with the customer, product returns, and has risk of loss if the customer does not make payment. As the principal with the customer, the company recognizes the sale and cost of sale of the product upon receiving notification from the supplier that the product was shipped. The company has certain business with select customers and suppliers that is accounted for on an agency basis (that is, the company recognizes the fees associated with serving as an agent in sales with no associated cost of sales). Generally, these transactions relate to the sale of supplier service contracts to customers where the company has no future obligation to perform under these contracts or the rendering of logistics services for the delivery of inventory for which the company does not assume the risks and rewards of ownership. Shipping and Handling Costs The company reports shipping and handling costs, primarily related to outbound freight, in the consolidated statements of operations as a component of selling, general, and administrative expenses. Shipping and handling costs included in selling, general, and administrative expenses totaled $79,257 , $77,399 , and $85,591 in 2016 , 2015 , and 2014 , respectively. Impact of Recently Issued Accounting Standards In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2017-04, Intangibles - Goodwill and Other (Topic 350) ("ASU No. 2017-04"). ASU No. 2017-04 eliminates step 2 from the annual goodwill impairment test. ASU No. 2017-04 is effective for the company in the first quarter of 2020, with early adoption permitted on January 1, 2017, and is to be applied on a prospective basis. The adoption of the provisions of ASU No. 2017-04 would not materially impact the company's consolidated financial position or results of operations unless step 1 of the annual goodwill impairment test fails. In October 2016, the FASB issued Accounting Standards Update No. 2016-17, Consolidation (Topic 810) ("ASU No. 2016-17"). ASU No. 2016-17 amends the consolidation guidance on how variable interest entities should treat indirect interest in the entity held through related parties. ASU No. 2016-17 is effective for the company in the first quarter of 2017, with early adoption permitted, and is to be applied using a retrospective approach. Effective October 2, 2016, the company adopted the provisions of ASU No. 2016-17 on a retrospective basis. The adoption of the provisions of ASU No. 2016-17 did not impact the company's consolidated financial position or results of operations. In October 2016, the FASB issued Accounting Standards Update No. 2016-16, Income Taxes - Intra-Entity Transfers of Assets Other Than Inventory (Topic 740) ("ASU No. 2016-16"). ASU No. 2016-16 clarifies the accounting for the current and deferred income taxes for an intra-entity transfer of an asset other than inventory. ASU No. 2016-16 is effective for the company in the first quarter of 2018, with early adoption permitted, and is to be applied using a modified retrospective approach. The company is currently evaluating the potential effects of adopting the provisions of ASU No. 2016-16. In August 2016, the FASB issued Accounting Standards Update No. 2016-15, Statement of Cash Flows (Topic 230) ("ASU No. 2016-15"). ASU No. 2016-15 addresses how certain cash receipts and cash payments are presented and classified in the statement of cash flows. ASU No. 2016-15 is effective for the company in the first quarter of 2018, with early adoption permitted, and is to be applied using a retrospective approach. The company is expected to adopt the provisions of ASU 2016-15 on January 1, 2017, and the provisions are not expected to have a material impact on the company's financial position or results of operations. In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments - Credit Losses (Topic 326) ("ASU No. 2016-13"). ASU No. 2016-13 revises the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. ASU No. 2016-13 is effective for the company in the first quarter of 2020, with early adoption permitted, and is to be applied using a modified retrospective approach. The company is currently evaluating the potential effects of adopting the provisions of ASU No. 2016-13. In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Stock Compensation - Improvements to Employee Share-Based Payment Accounting (Topic 718) ("ASU No. 2016-09"). ASU No. 2016-09 revises the accounting treatment for excess tax benefits, minimum statutory tax withholding requirements, and forfeitures related to share-based awards. ASU No. 2016-09 is effective for the company in the first quarter of 2017. The provisions of ASU 2016-09 are not expected to have a material impact on the company's financial position or results of operations. In March 2016, the FASB issued Accounting Standards Update No. 2016-06, Derivatives and Hedging - Contingent Put and Call Options in Debt Instruments (Topic 815) ("ASU No. 2016-06"). ASU No. 2016-06 clarifies the steps required to assess whether a call or put option meets the criteria for bifurcation as an embedded derivative. Effective April 3, 2016, the company adopted the provisions of ASU No. 2016-06 on a prospective basis. The adoption of the provisions of ASU No. 2016-06 did not materially impact the company's consolidated financial position or results of operations. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) ("ASU No. 2016-02"). ASU No. 2016-02 requires the entity to recognize the assets and liabilities for the rights and obligations created by leased assets. Leases will be classified as either finance or operating, with classification affecting expense recognition in the income statement. ASU No. 2016-02 is effective for the company in the first quarter of 2019, with early adoption permitted, and is to be applied using a modified retrospective approach. While the company continues to evaluate the effects of adopting the provisions of ASU No. 2016-02, the company expects most existing operating lease commitments will be recognized as operating lease liabilities and right-of-use assets upon adoption. In January 2016, the FASB issued Accounting Standards Update No. 2016-01, Financial Instruments - Recognition and Measurement of Financial Assets and Financial Liabilities (Topic 825) ("ASU No. 2016-01"). ASU No. 2016-01 revises the classification and measurement of investments in certain equity investments and the presentation of certain fair value changes for certain financial liabilities measured at fair value. ASU No. 2016-01 requires the change in fair value of many equity investments to be recognized in net income. ASU No. 2016-01 is effective for the company in the first quarter of 2018, with early adoption permitted, and is to be applied prospectively. The company is currently evaluating the potential effects of adopting the provisions of ASU No. 2016-01. In November 2015, the FASB issued Accounting Standards Update No. 2015-17, Income Taxes - Balance Sheet Classification of Deferred Taxes (Topic 740) ("ASU No. 2015-17"). ASU No. 2015-17 requires deferred tax liabilities and assets to be classified as noncurrent in the consolidated balance sheet. ASU No. 2015-17 is effective for the company in the first quarter of 2017, with early adoption permitted. ASU No. 2015-17 may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. Effective October 2, 2016, the company adopted the provisions of ASU No. 2015-17 on a prospective basis. The adoption of the provisions of ASU No. 2015-17 resulted in a reclassification of deferred tax liabilities and assets from current to noncurrent and did not materially impact the company's consolidated financial position or results of operations. In July 2015, the FASB issued Accounting Standards Update No. 2015-11, Inventory - Simplifying the Measurement of Inventory (Topic 330) ("ASU No. 2015-11"). ASU No. 2015-11 requires an entity to measure inventory within the scope of the update at the lower of cost and net realizable value, and defines net realizable value as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Effective January 1, 2016, the company adopted the provisions of ASU No. 2015-11 on a prospective basis. The adoption of the provisions of ASU No. 2015-11 did not materially impact the company's consolidated financial position or results of operations. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU No. 2014-09"). ASU No. 2014-09 supersedes all existing revenue recognition guidance. Under ASU No. 2014-09, an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU No. 2014-09 is effective for the company in the first quarter of 2018, with early adoption permitted in the first quarter of 2017. ASU No. 2014-09 allows for either full retrospective or modified retrospective adoption. In March, April, May, and December 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ("ASU No. 2016-08"); ASU No. 2016-10, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing ("ASU No. 2016-10"); ASU No. 2016-12, Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients ("ASU No. 2016-12"); and ASU No. 2016-19, Technical Corrections and Improvements ("ASU No. 2016-19"), respectively. ASU No. 2016-08, ASU No. 2016-10, ASU No. 2016-12, and ASU No. 2016-19 provide supplemental adoption guidance and clarification to ASU No. 2014-09, and must be adopted concurrently with the adoption of ASU No. 2014-09. The company is currently evaluating the potential effects of adopting the provisions of ASU No. 2014-09, ASU No. 2016-08, ASU No. 2016-10, ASU No. 2016-12, and ASU No. 2016-19. In 2014, the company established an implementation team (“team”) and engaged external advisers to develop a multi-phase plan to assess the company’s business and contracts, as well as any changes to processes or systems to adopt the requirements of the new standard. The team has updated the assessment for new ASU updates and for newly acquired businesses. The team is in the process of developing its conclusions on several aspects of the standard including principal versus agent considerations, identification of performance obligations and the determination of when control of goods and services transfers to the company’s customers. Reclassification Certain prior year amounts were reclassified to conform to the current year presentation. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Line Items] | |
Acquisitions [Text Block] | Acquisitions The company accounts for acquisitions using the acquisition method of accounting. The results of operations of acquisitions are included in the company's consolidated results from their respective dates of acquisition. The company allocates the purchase price of each acquisition to the tangible assets, liabilities, and identifiable intangible assets acquired based on their estimated fair values. In certain circumstances, a portion of purchase price may be contingent upon the achievement of certain operating results. The fair values assigned to identifiable intangible assets acquired and contingent consideration were determined primarily by using an income approach which was based on assumptions and estimates made by management. Significant assumptions utilized in the income approach were based on company specific information and projections, which are not observable in the market and are thus considered Level 3 measurements by authoritative guidance (see Note 7). The excess of the purchase price over the fair value of the identified assets and liabilities has been recorded as goodwill. Any change in the estimated fair value of the net assets prior to the finalization of the allocation for acquisitions could change the amount of the purchase price allocable to goodwill. The company is not aware of any information that indicates the final purchase price allocations will differ materially from the preliminary estimates. 2016 Acquisitions During 2016, the company completed three acquisitions for $63,869 , net of cash acquired. The impact of these acquisitions was not material to the company's consolidated financial position or results of operations. The pro forma impact of the 2016 acquisitions on the consolidated results of operations of the company for 2016 and 2015 as though the acquisitions occurred on January 1 was also not material. 2015 Acquisitions On March 31, 2015, the company acquired immixGroup, Inc. ("immixGroup"), for a purchase price of $280,454 , which included $28,205 of cash acquired. immixGroup is a value-added provider supporting value-added resellers, solution providers, service providers, and other public sector channel partners with specialized resources to accelerate their government sales. immixGroup has operations in North America. Since the date of the acquisition, immixGroup sales of $695,202 and $384,926 were included in the company's consolidated results of operations for 2016 and 2015, respectively. The following table summarizes the allocation of the net consideration paid to the fair value of the assets acquired and liabilities assumed for the immixGroup acquisition: Accounts receivable, net $ 145,130 Other current assets 24,181 Property, plant, and equipment 1,569 Other assets 5,313 Identifiable intangible assets 46,400 Goodwill 183,840 Accounts payable (136,921 ) Accrued expenses (11,736 ) Other liabilities (5,527 ) Cash consideration paid, net of cash acquired $ 252,249 In connection with the immixGroup acquisition, the company allocated $44,000 to customer relationships with a useful life of 13 years and $2,400 to amortizable trade name with a life of 5 years. The goodwill related to the immixGroup acquisition was recorded in the company's global ECS business segment. The intangible assets related to the immixGroup acquisition are deductible for income tax purposes. During 2015, the company completed nine additional acquisitions for an aggregate purchase price of approximately $263,341 , net of cash acquired, i nclusive of a 53.7% acquisition of Data Modul AG, and an additional 3.6% was acquired subsequent to the date of acquisition. The company also assumed $84,487 in debt in connection with these acquisitions. The impact of these acquisitions was not material, individually or in the aggregate, to the company's consolidated financial position or results of operations. The following table summarizes the company's consolidated results of operations for 2015 and 2014, as well as the unaudited pro forma consolidated results of operations of the company, as though the 2015 acquisitions occurred on January 1: For the Years Ended December 31, 2015 2014 As Reported Pro Forma As Reported Pro Forma Sales $ 23,282,020 $ 23,684,746 $ 22,768,674 $ 24,189,797 Net income attributable to shareholders 497,726 500,554 498,045 518,859 Net income per share: Basic $ 5.26 $ 5.29 $ 5.05 $ 5.26 Diluted $ 5.20 $ 5.23 $ 4.98 $ 5.19 The unaudited pro forma consolidated results of operations do not purport to be indicative of the results obtained had these acquisitions occurred as of the beginning of 2015 and 2014, or of those results that may be obtained in the future. Additionally, the above table does not reflect any anticipated cost savings or cross-selling opportunities expected to result from these acquisitions. 2014 Acquisitions During 2014, the company completed five acquisitions. The aggregate consideration paid for these acquisitions was $162,881 , net of cash acquired, and included $5,853 of contingent consideration and $210 of other amounts withheld. The impact of these acquisitions was not material, individually or in the aggregate, to the company's consolidated financial position or results of operations. The pro forma impact of the 2014 acquisitions on the consolidated results of operations of the company for the years ended December 31, 2014 and 2013, as though the 2014 acquisitions occurred on January 1, 2013 was also not material. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Cost in Excess of Net Assets of Companies Acquired and Intangible Assets, Net | Goodwill and Intangible Assets Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. The company tests goodwill and other indefinite-lived intangible assets for impairment annually as of the first day of the fourth quarter, or more frequently if indicators of potential impairment exist. As of the first day of the fourth quarters of 2016 , 2015 , and 2014 , the company's annual impairment testing did not result in any indicators of impairment of goodwill of companies acquired. Goodwill of companies acquired, allocated to the company's business segments, is as follows: Global Components Global ECS Total Balance as of December 31, 2014 (a) $ 1,051,783 $ 1,017,426 $ 2,069,209 Acquisitions 187,977 174,074 362,051 Foreign currency translation adjustment (8,928 ) (53,500 ) (62,428 ) Balance as of December 31, 2015 (a) 1,230,832 1,138,000 2,368,832 Acquisitions 20,724 36,430 57,154 Foreign currency translation adjustment (11,815 ) (21,951 ) (33,766 ) Balance as of December 31, 2016 (a) $ 1,239,741 $ 1,152,479 $ 2,392,220 (a) The total carrying value of goodwill of companies acquired for all periods in the table above is reflected net of $1,018,780 of accumulated impairment charges, of which $716,925 was recorded in the global components business segment and $301,855 was recorded in the global ECS business segment. Intangible assets, net, are comprised of the following as of December 31, 2016 : Weighted-Average Life Gross Carrying Amount Accumulated Amortization Net Trade names indefinite $ 101,000 $ — $ 101,000 Customer relationships 10 years 476,176 (247,206 ) 228,970 Developed technology 5 years 9,140 (4,435 ) 4,705 Other intangible assets (b) 6,721 (4,514 ) 2,207 $ 593,037 $ (256,155 ) $ 336,882 (b) Consists of non-competition agreements, sales backlog, and an amortizable trade name with useful lives ranging from two to five years. Intangible assets, net, are comprised of the following as of December 31, 2015 : Weighted-Average Life Gross Carrying Amount Accumulated Amortization Net Trade names indefinite $ 101,000 $ — $ 101,000 Customer relationships 10 years 498,319 (215,263 ) 283,056 Developed technology 5 years 13,154 (7,894 ) 5,260 Other intangible assets (c) 917 (907 ) 10 $ 613,390 $ (224,064 ) $ 389,326 (c) Consists of non-competition agreements with useful lives ranging from two to three years. The gross carrying value of trade names in the table above is reflected net of a $78,000 non-cash impairment charge recorded during the fourth quarter of 2014. In connection with the company's global re-branding initiative to brand certain of its businesses under the Arrow name, the company made the decision to discontinue the use of a trade name of one of its businesses within the global ECS business segment. As no future cash flows will be attributed to the impacted trade name, the entire book value was written-off, resulting in the non-cash impairment charge of $78,000 as of December 31, 2014 in the company's consolidated statements of operations. Fair value was determined using unobservable (Level 3) inputs. The impairment charge did not impact the company’s consolidated cash flows, liquidity, capital resources, and covenants under its existing revolving credit facility, asset securitization program, and other outstanding borrowings. No impairment existed as of December 31, 2014 with respect to the company's other identifiable intangible assets. Amortization expense related to identifiable intangible assets was $54,886 , $51,036 , and $44,063 for the years ended December 31, 2016 , 2015 , and 2014 , respectively. Amortization expense for each of the years 2017 through 2021 is estimated to be approximately $49,386 , $43,245 , $36,929 , $29,973 , and $21,724 , respectively. |
Investments in Affiliated Compa
Investments in Affiliated Companies | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Affiliated Companies [Text Block] | Investments in Affiliated Companies The company owns a 50% interest in several joint ventures with Marubun Corporation (collectively "Marubun/Arrow") and several interests ranging from 43% to 50% in other joint ventures. These investments are accounted for using the equity method. The following table presents the company's investment in the following joint ventures at December 31: 2016 2015 Marubun/Arrow $ 65,237 $ 62,530 Other 23,164 10,846 $ 88,401 $ 73,376 The equity in earnings of affiliated companies for the years ended December 31 consists of the following: 2016 2015 2014 Marubun/Arrow $ 7,629 $ 6,212 $ 6,510 Other (56 ) 825 808 $ 7,573 $ 7,037 $ 7,318 Under the terms of various joint venture agreements, the company is required to pay its pro-rata share of the third party debt of the joint ventures in the event that the joint ventures are unable to meet their obligations. There were no outstanding borrowings under the third party debt agreements of the joint ventures as of December 31, 2016 . |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Accounts Receivable [Text Block] | Accounts Receivable Accounts receivable, net, consists of the following at December 31: 2016 2015 Accounts receivable $ 6,798,943 $ 6,211,077 Allowances for doubtful accounts (52,256 ) (49,659 ) Accounts receivable, net $ 6,746,687 $ 6,161,418 The company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The allowances for doubtful accounts are determined using a combination of factors, including the length of time the receivables are outstanding, the current business environment, and historical experience. The company also has notes receivables with certain customers. As of December 31, 2016, the company has one customer with a combined note and accounts receivable balance of approximately $20.0 million . The customer became delinquent on its repayment of the note during the fourth quarter of 2016. The company believes that it will recover all amounts due; however, it is possible that it could incur a loss. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt [Text Block] | Debt At December 31, 2016 and 2015 , short-term borrowings of $93,827 and $44,024 , respectively, were primarily utilized to support the working capital requirements. The weighted-average interest rates on these borrowings at December 31, 2016 and 2015 were 2.4% and 3.3% , respectively. Long-term debt consists of the following at December 31: 2016 2015 Revolving credit facility $ — $ 72,000 Asset securitization program 460,000 75,000 6.875% senior debentures, due 2018 199,348 198,886 3.00% notes, due 2018 299,013 298,197 6.00% notes, due 2020 299,183 298,932 5.125% notes, due 2021 248,843 248,566 3.50% notes, due 2022 345,776 345,061 4.50% notes, due 2023 296,646 296,194 4.00% notes, due 2025 344,625 344,092 7.50% senior debentures, due 2027 198,514 198,366 Interest rate swaps designated as fair value hedges 152 711 Other obligations with various interest rates and due dates 4,234 4,570 $ 2,696,334 $ 2,380,575 The 7.50% senior debentures are not redeemable prior to their maturity. The 6.875% senior debentures, 3.00% notes, 6.00% notes, 5.125% notes, 3.50% notes, 4.50% notes, and 4.00% notes may be called at the option of the company subject to "make whole" clauses. The estimated fair market value at December 31, using quoted market prices, is as follows: 2016 2015 6.875% senior debentures, due 2018 $ 212,500 $ 218,000 3.00% notes, due 2018 303,500 303,000 6.00% notes, due 2020 325,500 330,000 5.125% notes, due 2021 265,500 267,500 3.50% notes, due 2022 349,500 343,000 4.50% notes, due 2023 305,500 309,000 4.00% notes, due 2025 345,000 336,000 7.50% senior debentures, due 2027 238,000 238,000 The carrying amount of the company's short-term borrowings in various countries, revolving credit facility, asset securitization program, and other obligations approximate their fair value. The company has a revolving credit facility that may be used by the company for general corporate purposes including working capital in the ordinary course of business, letters of credit, repayment, prepayment or purchase of long-term indebtedness, acquisitions, and as support for the company's commercial paper program, as applicable. In December 2016, the company amended its revolving credit facility and, among other things, increased its borrowing capacity from $1,500,000 to $1,800,000 and extended its term to mature in December 2021. Interest on borrowings under the revolving credit facility is calculated using a base rate or a euro currency rate plus a spread ( 1.18% at December 31, 2016 ), which is based on the company's credit ratings, for an effective interest rate of 1.99% at December 31, 2016 . The facility fee, which is based on the company's credit ratings, was .20% at December 31, 2016 . There were no outstanding borrowings under the revolving credit facility at December 31, 2016 . The company had $72,000 in outstanding borrowings under the revolving credit facility at December 31, 2015 . The company has a commercial paper program and the maximum aggregate balance of commercial paper notes outstanding may not exceed the borrowing capacity of $ 1,200,000 . The company had no outstanding borrowings under this program as of December 31, 2016 and 2015. The company has an asset securitization program collateralized by accounts receivable of certain of its subsidiaries. In September 2016, the company amended its asset securitization program and, among other things, increased its borrowing capacity from $900,000 to $910,000 and extended its term to mature in September 2019. The asset securitization program is conducted through Arrow Electronics Funding Corporation ("AFC"), a wholly-owned, bankruptcy remote subsidiary. The asset securitization program does not qualify for sale treatment. Accordingly, the accounts receivable and related debt obligation remain on the company's consolidated balance sheets. Interest on borrowings is calculated using a base rate or a commercial paper rate plus a spread ( .40% at December 31, 2016 ), which is based on the company's credit ratings, for an effective interest rate of 1.31% at December 31, 2016 . The facility fee is .40% . At December 31, 2016 and 2015 , the company had $460,000 and $75,000 , respectively, in outstanding borrowings under the asset securitization program, which was included in "Long-term debt" in the company's consolidated balance sheets, and total collateralized accounts receivable of approximately $2,045,464 and $1,871,831 , respectively, were held by AFC and were included in "Accounts receivable, net" in the company's consolidated balance sheets. Any accounts receivable held by AFC would likely not be available to other creditors of the company in the event of bankruptcy or insolvency proceedings before repayment of any outstanding borrowings under the asset securitization program. Both the revolving credit facility and asset securitization program include terms and conditions that limit the incurrence of additional borrowings and require that certain financial ratios be maintained at designated levels. The company was in compliance with all covenants as of December 31, 2016 and is currently not aware of any events that would cause non-compliance with any covenants in the future. During 2014, the company entered into an agreement for an uncommitted line of credit. Under this agreement, the company may borrow up to a total of $100,000 . There were no outstanding borrowings under the uncommitted line of credit at December 31, 2016 and 2015 . Annual payments of borrowings during each of the years 2017 through 2021 are $93,827 , $500,737 , $461,573 , $299,611 , and $248,852 , respectively, and $1,185,561 for all years thereafter. During 2015, the company completed the sale of $350,000 principal amount of 3.50% notes due in 2022 and $350,000 principal amount of 4.00% notes due in 2025. The net proceeds of the offering of $688,162 were used to refinance the company's 3.375% notes due November 2015 and for general corporate purposes. During 2015, the company redeemed $250,000 principal amount of its 3.375% notes due November 2015. The related loss on the redemption for 2015 was $2,943 and was recognized as a loss on prepayment of debt in the company's consolidated statements of operations. Interest and other financing expense, net, includes interest and dividend income of $18,680 , $6,301 , and $5,552 in 2016 , 2015 , and 2014 , respectively. Interest paid, net of interest and dividend income, amounted to $141,816 , $133,390 , and $120,477 in 2016 , 2015 , and 2014 , respectively. |
Financial Instruments Measured
Financial Instruments Measured at Fair Value | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments Measured At Fair Value [Text Block] | Financial Instruments Measured at Fair Value Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The company utilizes a fair value hierarchy, which maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. The fair value hierarchy has three levels of inputs that may be used to measure fair value: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 Quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable. The following table presents assets (liabilities) measured at fair value on a recurring basis at December 31, 2016 : Balance Sheet Location Level 1 Level 2 Level 3 Total Cash and cash equivalents Other assets $ 2,660 $ — $ — $ 2,660 Available-for-sale securities Other assets 37,915 — — 37,915 Interest rate swaps Other assets — 152 — 152 Foreign exchange contracts Other current assets — 4,685 — 4,685 Foreign exchange contracts Accrued expenses — (3,444 ) — (3,444 ) Contingent consideration Accrued expenses — — (4,027 ) (4,027 ) $ 40,575 $ 1,393 $ (4,027 ) $ 37,941 The following table presents assets (liabilities) measured at fair value on a recurring basis at December 31, 2015 : Balance Sheet Location Level 1 Level 2 Level 3 Total Cash and cash equivalents Other assets $ 1,559 $ — $ — $ 1,559 Available-for-sale securities Other assets 41,178 — — 41,178 Interest rate swaps Other assets — 711 — 711 Foreign exchange contracts Other current assets — 2,625 — 2,625 Foreign exchange contracts Accrued expenses — (3,363 ) — (3,363 ) Contingent consideration Accrued expenses — — (3,889 ) (3,889 ) $ 42,737 $ (27 ) $ (3,889 ) $ 38,821 Assets and liabilities that are measured at fair value on a nonrecurring basis relate primarily to goodwill and identifiable intangible assets (see Notes 2 and 3). The company tests these assets for impairment if indicators of potential impairment exist. During 2016 , 2015 , and 2014 there were no transfers of assets (liabilities) measured at fair value between the three levels of the fair value hierarchy. Available-For-Sale Securities The company has an 8.4% equity ownership interest in Marubun Corporation ("Marubun") and a portfolio of mutual funds with quoted market prices, all of which are accounted for as available-for-sale securities. During 2014, the company sold its 1.9% equity ownership interest in WPG Holdings Co., Ltd. ("WPG") for proceeds of $40,542 and accordingly recorded a gain on sale of investment of $29,743 . The fair value of the company's available-for-sale securities is as follows at December 31: 2016 2015 Marubun Mutual Funds Marubun Mutual Funds Cost basis $ 10,016 $ 18,097 $ 10,016 $ 17,389 Unrealized holding gain 3,806 5,996 8,708 5,065 Fair value $ 13,822 $ 24,093 $ 18,724 $ 22,454 The unrealized holding gains or losses are included in "Accumulated other comprehensive loss" in the shareholders' equity section in the company's consolidated balance sheets. Derivative Instruments The company uses various financial instruments, including derivative instruments, for purposes other than trading. Certain derivative instruments are designated at inception as hedges and measured for effectiveness both at inception and on an ongoing basis. Derivative instruments not designated as hedges are marked-to-market each reporting period with any unrealized gains or losses recognized in earnings. Interest Rate Swaps The company occasionally enters into interest rate swap transactions that convert certain fixed-rate debt to variable-rate debt or variable-rate debt to fixed-rate debt in order to manage its targeted mix of fixed- and floating-rate debt. The company uses the hypothetical derivative method to assess the effectiveness of its interest rate swaps designated as fair value hedges on a quarterly basis. The effective portion of the change in the fair value of designated interest rate swaps is recorded as a change to the carrying value of the related hedged debt. The ineffective portion of the interest rate swaps, if any, is recorded in "Interest and other financing expense, net" in the company's consolidated statements of operations. The terms of our outstanding interest rate swap contracts at December 31, 2016 are as follows: Maturity Date Notional Amount Interest rate due from counterparty Interest rate due to counterparty April 2020 50,000 6.000% 6 mo. USD LIBOR + 3.896 June 2018 50,000 6.875% 6 mo. USD LIBOR + 5.301 In January 2015, the company entered into four seven-year forward-starting interest rate swaps (the "2015 swaps") which locked in an average treasury rate of 1.98% on a total aggregate notional amount of $200,000 . These 2015 swaps were designated as cash flow hedges and managed the risk associated with changes in treasury rates and the impact of future interest payments on the anticipated debt issuances to replace the company's 3.375% notes due to mature in November 2015. In February 2015, the company received $896 in connection with the termination of the 2015 swaps upon issuance of the seven-year notes due in 2022. The fair value of the 2015 swaps is recorded in the shareholders' equity section in the company's consolidated balance sheets in "Accumulated other comprehensive income (loss)" and is being reclassified into income over the seven-year term of the notes due in 2022. In December 2010, the company entered into interest rate swaps, with an aggregate notional amount of $250,000 . The swaps modified the company's interest rate exposure by effectively converting the fixed 3.375% notes due in November 2015 to a floating rate, based on the three-month U.S. dollar LIBOR plus a spread, through its maturity. In September 2011, these interest rate swap agreements were terminated for proceeds of $11,856 , net of accrued interest. The proceeds of the swap terminations, less accrued interest, were reflected as a premium to the underlying debt and were being amortized as a reduction to interest expense over the remaining term of the underlying debt. In March 2015, the unamortized premium was included in the loss on prepayment of debt recorded as a result of the redemption of the 3.375% notes due November 2015. Foreign Exchange Contracts The company’s foreign currency exposure relates primarily to international transactions where the currency collected from customers can be different from the currency used to purchase the product. The company’s transactions in its foreign operations are denominated primarily in the following currencies: Euro, Chinese Renminbi, British pound, Taiwan Dollar, and Australian Dollar. The company enters into foreign exchange forward, option, or swap contracts (collectively, the "foreign exchange contracts") to mitigate the impact of changes in foreign currency exchange rates. These contracts are executed to facilitate the hedging of foreign currency exposures resulting from inventory purchases and sales and generally have terms of no more than six months. Gains or losses on these contracts are deferred and recognized when the underlying future purchase or sale is recognized or when the corresponding asset or liability is revalued. The company does not enter into foreign exchange contracts for trading purposes. The risk of loss on a foreign exchange contract is the risk of nonperformance by the counterparties, which the company minimizes by limiting its counterparties to major financial institutions. The fair value of the foreign exchange contracts are estimated using market quotes. The notional amount of the foreign exchange contracts at December 31, 2016 and 2015 was $460,233 and $382,025 , respectively. Gains and losses related to non-designated foreign currency exchange contracts are recorded in "Cost of sales" in the company's consolidated statements of operations. Gains and losses related to designated foreign currency exchange contracts are recorded in "Selling, general, and administrative expenses" and "Interest and other financing expense, net" in the company's consolidated statements of operations and were not material for 2016, 2015, and 2014. The effect of derivative instruments on the company's consolidated statements of operations and other comprehensive income are as follows for the years ended December 31 are as follows: 2016 2015 2014 Gain (Loss) Recognized in Income Foreign exchange contracts $ 1,535 $ 4,755 $ (1,195 ) Interest rate swaps $ (608 ) $ (523 ) $ (656 ) Total $ 927 $ 4,232 $ (1,851 ) Gain (Loss) Recognized in Other Comprehensive Income before reclassifications Foreign exchange contracts $ (153 ) $ (1,001 ) $ 412 Interest rate swaps $ — $ 827 $ — Other The carrying amount of cash and cash equivalents, accounts receivable, net, and accounts payable approximate their fair value due to the short maturities of these financial instruments. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes [Text Block] | Income Taxes The provision for income taxes for the years ended December 31 consists of the following: 2016 2015 2014 Current: Federal $ 45,314 $ 82,532 $ 101,857 State 7,022 18,022 20,123 International 110,208 85,310 88,707 162,544 185,864 210,687 Deferred: Federal 29,973 12,127 (1,097 ) State 7,161 (1,828 ) (2,071 ) International (9,004 ) (4,466 ) (22,576 ) 28,130 5,833 (25,744 ) $ 190,674 $ 191,697 $ 184,943 The principal causes of the difference between the U.S. federal statutory tax rate of 35% and effective income tax rates for the years ended December 31 are as follows: 2016 2015 2014 United States $ 235,256 $ 281,579 $ 317,400 International 480,141 410,604 365,933 Income before income taxes $ 715,397 $ 692,183 $ 683,333 Provision at statutory tax rate $ 250,389 $ 242,264 $ 239,166 State taxes, net of federal benefit 9,219 10,526 11,734 International effective tax rate differential (64,002 ) (56,132 ) (56,865 ) Change in valuation allowance 7,174 (205 ) (7,803 ) Other non-deductible expenses 3,516 3,530 4,040 Changes in tax accruals (3,679 ) (7,423 ) 1,335 Tax credits (14,510 ) — — Other 2,567 (863 ) (6,664 ) Provision for income taxes $ 190,674 $ 191,697 $ 184,943 At December 31, 2016 , the company had a liability for unrecognized tax benefits of $31,534 (substantially all of which, if recognized, would favorably affect the company's effective tax rate), of which approximately $365 is expected to be paid over the next twelve months. The company does not believe there will be any other material changes in its unrecognized tax positions over the next twelve months. A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31 is as follows: 2016 2015 2014 Balance at beginning of year $ 36,935 $ 44,701 $ 45,987 Additions based on tax positions taken during a prior period 2,356 2,568 3,792 Reductions based on tax positions taken during a prior period (6,305 ) (9,482 ) (7,737 ) Additions based on tax positions taken during the current period 3,935 8,440 5,518 Reductions related to settlement of tax matters (2,795 ) (4,143 ) (317 ) Reductions related to a lapse of applicable statute of limitations (2,592 ) (5,149 ) (2,542 ) Balance at end of year $ 31,534 $ 36,935 $ 44,701 Interest costs related to unrecognized tax benefits are classified as a component of "Interest and other financing expense, net" in the company's consolidated statements of operations. In 2016 , 2015 , and 2014 , the company recognized $(1,946) , $(3,247) , and $1,570 , respectively, of interest expense related to unrecognized tax benefits. At December 31, 2016 and 2015 , the company had a liability for the payment of interest of $6,881 and $8,878 , respectively, related to unrecognized tax benefits. In many cases the company's uncertain tax positions are related to tax years that remain subject to examination by tax authorities. The following describes the open tax years, by major tax jurisdiction, as of December 31, 2016 : United States - Federal 2013 - present United States - States 2009 - present Germany (a) 2010 - present Hong Kong 2011 - present Italy (a) 2012 - present Sweden 2011 - present United Kingdom 2014 - present (a) Includes federal as well as local jurisdictions. Deferred income taxes are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the consolidated balance sheets. These temporary differences result in taxable or deductible amounts in future years. Effective October 2, 2016, the company adopted the provisions of ASU No. 2015-17 Income Taxes - Balance Sheet Classification of Deferred Taxes on a prospective basis, which resulted in a reclassification of deferred tax liabilities and assets from current to noncurrent. As of December 31, 2016, the significant components of the company's deferred tax assets and liabilities are included in "Other assets," and "Other liabilities" in the company's consolidated balance sheets. As of December 31, 2015 the significant components of the company's deferred tax assets and liabilities are included in "Other current assets," "Other assets," "Accrued expenses," and "Other liabilities" in the company's consolidated balance sheets. The deferred tax assets and liabilities consist of the following at December 31: 2016 2015 Deferred tax assets: Net operating loss carryforwards $ 102,710 $ 102,005 Inventory adjustments 56,890 48,467 Allowance for doubtful accounts 14,526 13,371 Accrued expenses 40,179 43,044 Interest carryforward 19,073 26,051 Stock-based compensation awards 24,505 26,911 Other comprehensive income items 10,859 16,232 Integration and restructuring 2,970 4,117 Other 17,830 7,892 289,542 288,090 Valuation allowance (15,323 ) (8,149 ) Total deferred tax assets $ 274,219 $ 279,941 Deferred tax liabilities: Goodwill $ (142,541 ) $ (113,788 ) Depreciation (94,838 ) (83,291 ) Intangible assets (21,118 ) (31,481 ) Other — — Total deferred tax liabilities $ (258,497 ) $ (228,560 ) Total net deferred tax assets $ 15,722 $ 51,381 At December 31, 2016 , the company had international tax loss carryforwards of approximately $289,953 , of which $9,388 have expiration dates ranging from 2017 to 2035, and the remaining $280,565 have no expiration date. Deferred tax assets related to these international tax loss carryforwards were $91,088 with a corresponding valuation allowance of $4,812 . The company also has Federal net operating loss carryforwards of approximately $23,454 at December 31, 2016 which relate to acquired subsidiaries. These Federal net operating losses expire in various years beginning after 2027. The company has an agreement with the sellers of an acquired business to reimburse them for the company's utilization of certain Federal net operating loss carryforwards. Valuation allowances reflect the deferred tax benefits that management is uncertain of the ability to utilize in the future. Cumulative undistributed earnings of international subsidiaries were $2,848,219 at December 31, 2016 . No deferred Federal income taxes were provided for the undistributed earnings as they are permanently reinvested in the company's international operations. Income taxes paid, net of income taxes refunded, amounted to $190,109 , $182,668 , and $223,909 in 2016 , 2015 , and 2014 , respectively. |
Restructuring, Integration, and
Restructuring, Integration, and Other Charges | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring Charges [Abstract] | |
Restructuring, Integration and Other Charges [Text Block] | Restructuring, Integration, and Other Charges In 2016 , 2015 , and 2014 , the company recorded restructuring, integration, and other charges of $73,602 , $68,765 , and $39,841 , respectively. The following table presents the components of the restructuring, integration, and other charges for the years ended December 31 : 2016 2015 2014 Restructuring and integration charge - current period actions $ 32,894 $ 39,119 $ 38,347 Restructuring and integration charges - actions taken in prior periods 3,611 4,084 1,130 Other charges 37,097 25,562 364 $ 73,602 $ 68,765 $ 39,841 2016 Restructuring and Integration Charge The following table presents the components of the 2016 restructuring and integration charge of $32,894 and activity in the related restructuring and integration accrual for 2016 : Personnel Costs Facilities Costs Other Total Restructuring and integration charge $ 25,763 $ 5,786 $ 1,345 $ 32,894 Payments (13,730 ) (1,974 ) (1,132 ) (16,836 ) Foreign currency translation (339 ) (19 ) 103 (255 ) Balance as of December 31, 2016 $ 11,694 $ 3,793 $ 316 $ 15,803 These restructuring initiatives are due to the company's continued efforts to lower cost and drive operational efficiency. Integration costs are primarily related to the integration of acquired businesses within the company's pre-existing business and the consolidation of certain operations. 2015 Restructuring and Integration Charge The following table presents the components of the 2015 restructuring and integration charge of $39,119 and activity in the related restructuring and integration accrual for 2015 and 2016 : Personnel Costs Facilities Costs Other Total Restructuring and integration charge $ 33,850 $ 4,223 $ 1,046 $ 39,119 Payments (17,569 ) (3,335 ) (204 ) (21,108 ) Non-cash usage — (482 ) (679 ) (1,161 ) Foreign currency translation 40 (3 ) (4 ) 33 Balance as of December 31, 2015 16,321 403 159 16,883 Restructuring and integration charge $ 1,100 $ 2,799 $ 53 $ 3,952 Payments (15,388 ) (1,183 ) (47 ) (16,618 ) Foreign currency translation (27 ) 1 10 (16 ) Balance as of December 31, 2016 $ 2,006 $ 2,020 $ 175 $ 4,201 These restructuring initiatives are due to the company's continued efforts to lower cost and drive operational efficiency. Integration costs are primarily related to the integration of acquired businesses within the company's pre-existing business and the consolidation of certain operations. Restructuring and Integration Accruals Related to Actions Taken Prior to 2015 Included in restructuring, integration, and other charges for 2016 are restructuring and integration credits of $341 related to restructuring and integration actions taken prior to 2015 . The restructuring and integration charge includes adjustments to personnel costs of $(536) , facilities costs of $(131) , and other costs of $326 . The restructuring and integration accruals related to actions taken prior to 2015 of $1,672 , include accruals for personnel costs of $1,100 and accruals for facilities costs of $572 . Restructuring and Integration Accrual Summary In summary, the restructuring and integration accruals aggregate $21,676 at December 31, 2016 , all of which are expected to be spent in cash, and are expected to be utilized as follows: • The accruals for personnel costs totaling $14,800 relate to the termination of personnel that have scheduled payouts of $13,428 in 2017 , $1,170 in 2018 , $195 in 2019, and $7 in 2020. • The accruals for facilities totaling $6,385 relate to vacated leased properties that have scheduled payments of $4,195 in 2017 , $1,604 in 2018 , and $586 in 2019 . • Other accruals of $491 are expected to be spent within one year. Other Charges Included in restructuring, integration, and other charges for 2016 are other expenses of $37,097 . The following items represent other charges and credits recorded to restructuring, integration, and other charges for the year ended December 31, 2016 : • a settlement expense of $12,211 the company's adoption of an amendment to its Wyle defined benefit plan (see Note 13). • an additional expense of $11,771 to increase its accrual for the Wyle Laboratories ("Wyle") environmental obligation (see Note 15). • acquisition related charges for 2016 of $8,705 related to contingent consideration for acquisitions completed in prior years, which were conditional upon the financial performance of the acquired companies and the continued employment of the selling shareholders, as well as professional and other fees directly related to recent acquisition activity. • a fraud loss, net of insurance recoveries and incremental expenses, of $4,329 . • a credit related to the release of a $2,376 legal reserve related to the Tekelec Matter (see Note 15). In January 2016, the company determined that it was the target of criminal fraud by persons impersonating a company executive, which resulted in unauthorized transfers of cash from a company account in Europe to outside bank accounts in Asia. Legal actions by the company and law enforcement are ongoing. The information gathered by the company indicates that this was an isolated event not associated with a security breach or loss of data. Additionally, no officers or employees of the company were involved in the fraud. Included in restructuring, integration, and other charges for 2015 are acquisition-related expenses of $19,565 , primarily consisting of charges related to contingent consideration for acquisitions completed in prior years which were conditional upon the financial performance of the acquired companies and the continued employment of the selling shareholders, as well as professional and other fees directly related to recent acquisition activity. Included in restructuring, integration, and other charges for 2014 are acquisition-related expenses of $364 , primarily consisting of changes in the fair value of contingent consideration and professional fees directly related to acquisition activity, offset in part, by an insurance recovery related to environmental matters in connection with the Wyle acquisition. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity [Text Block] | Shareholders' Equity Accumulated Other Comprehensive Income (Loss) The following table presents the changes in Accumulated other comprehensive income (loss), excluding noncontrolling interests: Foreign Currency Translation Adjustment and Other Unrealized Gain on Investment Securities, Net Unrealized Gain (Loss) on Interest Rate Swaps Designated as Cash Flow Hedges, Net Employee Benefit Plan Items, Net Total Balance as of December 31, 2014 $ (16,605 ) $ 7,719 $ (4,191 ) $ (51,540 ) $ (64,617 ) Other comprehensive income (loss) before reclassifications (a) (221,791 ) 814 550 15 (220,412 ) Amounts reclassified into income (loss) (2,930 ) — 321 2,932 323 Net change in accumulated other comprehensive income (loss) for the year ended December 31, 2015 (224,721 ) 814 871 2,947 (220,089 ) Balance as of December 31, 2015 (241,326 ) 8,533 (3,320 ) (48,593 ) (284,706 ) Other comprehensive income (loss) before reclassifications (a) (103,254 ) (2,439 ) — 204 (105,489 ) Amounts reclassified into income (loss) (3,976 ) — 373 9,944 6,341 Net change in accumulated other comprehensive income (loss) for the year ended December 31, 2016 (107,230 ) (2,439 ) 373 10,148 (99,148 ) Balance as of December 31, 2016 $ (348,556 ) $ 6,094 $ (2,947 ) $ (38,445 ) $ (383,854 ) (a) Foreign currency translation adjustment includes intra-entity foreign currency transactions that are of a long-term investment nature of $(12,852) and $30,960 for 2016 and 2015 , respectively. Common Stock Outstanding Activity The following table sets forth the activity in the number of shares outstanding (in thousands): Common Stock Issued Treasury Stock Common Stock Outstanding Common stock outstanding at December 31, 2013 125,424 25,488 99,936 Shares issued for stock-based compensation awards — (1,506 ) 1,506 Repurchases of common stock — 5,547 (5,547 ) Common stock outstanding at December 31, 2014 125,424 29,529 95,895 Shares issued for stock-based compensation awards — (1,155 ) 1,155 Repurchases of common stock — 6,127 (6,127 ) Common stock outstanding at December 31, 2015 125,424 34,501 90,923 Shares issued for stock-based compensation awards — (1,372 ) 1,372 Repurchases of common stock — 3,382 (3,382 ) Common stock outstanding at December 31, 2016 125,424 36,511 88,913 The company has 2,000,000 authorized shares of serial preferred stock with a par value of one dollar. There were no shares of serial preferred stock outstanding at December 31, 2016 and 2015 . Share-Repurchase Programs The following table shows the company's Board approved share-repurchase programs for the years ended December 31, 2014 , 2015 , and 2016 : Month of Board Approval Dollar Value Approved for Repurchase Dollar Value of Shares Repurchased Approximate Dollar Value of Shares that May Yet be Purchased Under the Program May 2014 $ 200,000 $ 200,000 $ — December 2014 200,000 200,000 — September 2015 400,000 280,088 119,912 December 2016 400,000 — 400,000 Total $ 1,200,000 $ 680,088 $ 519,912 |
Net Income Per Share
Net Income Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Net Income Per Share [Text Block] | Net Income Per Share The following table presents the computation of net income per share on a basic and diluted basis for the years ended December 31 (shares in thousands): 2016 2015 2014 Net income attributable to shareholders $ 522,750 $ 497,726 $ 498,045 Weighted-average shares outstanding - basic 90,960 94,608 98,675 Net effect of various dilutive stock-based compensation awards 1,073 1,078 1,272 Weighted-average shares outstanding - diluted 92,033 95,686 99,947 Net income per share: Basic $ 5.75 $ 5.26 $ 5.05 Diluted (a) $ 5.68 $ 5.20 $ 4.98 (a) Stock-based compensation awards for the issuance of 766 shares, 658 shares, and 294 shares for the years ended December 31, 2016 , 2015 , and 2014 , respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive. |
Employee Stock Plans
Employee Stock Plans | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Stock Plans [Text Block] | Employee Stock Plans Omnibus Plan The company maintains the Arrow Electronics, Inc. 2004 Omnibus Incentive Plan (the "Omnibus Plan"), which provides an array of equity alternatives available to the company when designing compensation incentives. The Omnibus Plan permits the grant of cash-based awards, non-qualified stock options, incentive stock options ("ISOs"), stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units, covered employee annual incentive awards, and other stock-based awards. The Compensation Committee of the company's Board of Directors (the "Compensation Committee") determines the vesting requirements, termination provision, and the terms of the award for any awards under the Omnibus Plan when such awards are issued. Under the terms of the Omnibus Plan, a maximum of 19,100,000 shares of common stock may be awarded, subject to adjustment. In October 2015, the company registered an additional 5,600,000 shares of common stock reserved for issuance pursuant to the Omnibus Plan. There were 5,862,454 and 7,553,173 shares available for grant under the Omnibus Plan as of December 31, 2016 and 2015 , respectively. Generally, shares are counted against the authorization only to the extent that they are issued. Restricted stock, restricted stock units, performance shares, and performance units count against the authorization at a rate of 1.69 to 1. The company recorded, as a component of "Selling, general, and administrative expenses", amortization of stock-based compensation of $39,825 , $47,274 , and $41,930 in 2016 , 2015 , and 2014 , respectively. The actual tax benefit realized from share-based payment awards during 2016 , 2015 , and 2014 was $19,745 , $16,593 , and $18,718 , respectively. Stock Options Under the Omnibus Plan, the company may grant both ISOs and non-qualified stock options. ISOs may only be granted to employees of the company, its subsidiaries, and its affiliates. The exercise price for options cannot be less than the fair market value of Arrow's common stock on the date of grant. Options generally vest in equal installments over a four-year period. Options currently outstanding have contractual terms of ten years. The following information relates to the stock option activity for the year ended December 31, 2016 : Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at December 31, 2015 1,813,198 $ 46.29 Granted 506,976 56.96 Exercised (476,489 ) 39.81 Forfeited (99,340 ) 54.01 Outstanding at December 31, 2016 1,744,345 50.72 83 months $ 35,895 Exercisable at December 31, 2016 751,360 42.43 61 months $ 21,689 The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the company's closing stock price on the last trading day of 2016 and the exercise price, multiplied by the number of in-the-money options) received by the option holders had all option holders exercised their options on December 31, 2016 . This amount changes based on the market value of the company's stock. The total intrinsic value of options exercised during 2016 , 2015 , and 2014 was $10,511 , $10,400 , and $15,360 , respectively. Cash received from option exercises during 2016 , 2015 , and 2014 was $18,967 , $14,900 , and $21,788 , respectively, and is included within the financing activities section in the company's consolidated statements of cash flows. The fair value of stock options was estimated using the Black-Scholes valuation model with the following weighted-average assumptions for the years ended December 31: 2016 2015 2014 Volatility (percent) (a) 31 28 37 Expected term (in years) (b) 5.2 4.8 5.3 Risk-free interest rate (percent) (c) 1.3 1.5 1.6 (a) Volatility is measured using historical daily price changes of the company's common stock over the expected term of the option. (b) The expected term represents the weighted-average period the option is expected to be outstanding and is based primarily on the historical exercise behavior of employees. (c) The risk-free interest rate is based on the U.S. Treasury zero-coupon yield with a maturity that approximates the expected term of the option. There is no expected dividend yield. The weighted-average fair value per option granted was $16.93 , $19.10 , and $20.32 during 2016 , 2015 , and 2014 , respectively. Performance Awards The Compensation Committee, subject to the terms and conditions of the Omnibus Plan, may grant performance share and/or performance unit awards (collectively "performance awards"). The fair value of a performance award is the fair market value of the company's common stock on the date of grant. Such awards will be earned only if performance goals over performance periods established by or under the direction of the Compensation Committee are met. The performance goals and periods may vary from participant-to-participant, group-to-group, and time-to-time. The performance awards will be delivered in common stock at the end of the service period based on the company's actual performance compared to the target metric and may be from 0% to 185% of the initial award. Compensation expense is recognized using the graded vesting method over the three-year service period and is adjusted each period based on the current estimate of performance compared to the target metric. Restricted Stock Subject to the terms and conditions of the Omnibus Plan, the Compensation Committee may grant shares of restricted stock and/or restricted stock units. Restricted stock units are similar to restricted stock except that no shares are actually awarded to the participant on the date of grant. Shares of restricted stock and/or restricted stock units awarded under the Omnibus Plan may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated until the end of the applicable period of restriction established by the Compensation Committee and specified in the award agreement (and in the case of restricted stock units until the date of delivery or other payment). Compensation expense is recognized on a straight-line basis as shares become free of forfeiture restrictions (i.e., vest) generally over a four-year period. Non-Employee Director Awards The company's Board shall set the amounts and types of equity awards that shall be granted to all non-employee directors on a periodic, nondiscriminatory basis pursuant to the Omnibus Plan, as well as any additional amounts, if any, to be awarded, also on a periodic, nondiscriminatory basis, based on each of the following: the number of committees of the Board on which a non-employee director serves, service of a non-employee director as the chair of a Committee of the Board, service of a non-employee director as Chairman of the Board or Lead Director, or the first selection or appointment of an individual to the Board as a non-employee director. Non-employee directors currently receive annual awards of fully-vested restricted stock units valued at $130 . All restricted stock units are settled in common stock following the director's separation from the Board. Unless a non-employee director gives notice setting forth a different percentage, 50% of each director's annual retainer fee is deferred and converted into units based on the fair market value of the company's stock as of the date it was payable. A non-employee director can choose between one-year cliff vesting or keep the deferral until separation from the Board. After separation from the board, the deferral will be converted into a share of company stock and distributed to the non-employee director as soon as practicable following such date. Summary of Non-Vested Shares The following information summarizes the changes in non-vested performance shares, performance units, restricted stock, and restricted stock units for 2016 : Shares Weighted- Average Grant Date Fair Value Non-vested shares at December 31, 2015 1,532,262 $ 52.09 Granted 877,223 52.05 Vested (909,570 ) 43.92 Forfeited (127,869 ) 56.81 Non-vested shares at December 31, 2016 1,372,046 57.04 The total fair value of shares vested during 2016 , 2015 , and 2014 was $52,026 , $48,118 , and $47,583 , respectively. As of December 31, 2016 , there was $42,347 of total unrecognized compensation cost related to non-vested shares and stock options which is expected to be recognized over a weighted-average period of 2.12 years. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans [Text Block] | Employee Benefit Plans The company maintains an unfunded Arrow supplemental executive retirement plan ("SERP") under which the company will pay supplemental pension benefits to certain employees upon retirement. As of December 31, 2016 , there were 9 current and 21 former corporate officers participating in this plan. The Board determines those employees who are eligible to participate in the Arrow SERP. The Arrow SERP, as amended, provides for the pension benefits to be based on a percentage of average final compensation, based on years of participation in the Arrow SERP. The Arrow SERP permits early retirement, with payments at a reduced rate, based on age and years of service subject to a minimum retirement age of 55 . Participants whose accrued rights under the Arrow SERP, prior to the 2002 amendment, which were adversely affected by the amendment, will continue to be entitled to such greater rights. Additionally, as part of the company's acquisition of Wyle in 2000, Wyle provided retirement benefits for certain employees under a defined benefit plan. Benefits under this plan were frozen as of December 31, 2000. In 2016 , the company adopted an amendment to its Wyle defined benefit plan that provided eligible plan participants with the option to receive an early distribution of their pension benefits. Lump sum payments of $26,063 were made during June 2016 and the company incurred a settlement expense of $12,211 . The company uses a December 31 measurement date for the Arrow SERP and the Wyle defined benefit plan. Pension information for the years ended December 31 is as follows: Arrow SERP Wyle Defined Benefit Plan 2016 2015 2016 2015 Accumulated benefit obligation $ 84,561 $ 83,310 $ 97,984 $ 129,029 Changes in projected benefit obligation: Projected benefit obligation at beginning of year $ 88,729 $ 85,114 $ 129,029 $ 136,298 Service cost 1,689 1,669 — — Interest cost 3,475 3,484 4,485 5,318 Actuarial loss (gain) 1,021 2,220 (3,244 ) (6,571 ) Benefits paid (3,876 ) (3,758 ) (6,223 ) (6,016 ) Settlement — — (26,063 ) — Projected benefit obligation at end of year $ 91,038 $ 88,729 $ 97,984 $ 129,029 Changes in plan assets: Fair value of plan assets at beginning of year $ — $ — $ 101,859 $ 105,598 Actual return on plan assets — — 1,897 2,277 Benefits paid — — (6,223 ) (6,016 ) Settlement — — (26,063 ) — Fair value of plan assets at end of year $ — $ — $ 71,470 $ 101,859 Funded status $ (91,038 ) $ (88,729 ) $ (26,514 ) $ (27,170 ) Amounts recognized in the company's consolidated balance sheets: Current liabilities $ (4,556 ) $ (3,816 ) $ — $ — Noncurrent liabilities (86,482 ) (84,913 ) (26,514 ) (27,170 ) Net liabilities at end of year $ (91,038 ) $ (88,729 ) $ (26,514 ) $ (27,170 ) Components of net periodic pension cost: Service cost $ 1,689 $ 1,669 $ — $ — Interest cost 3,475 3,484 4,485 5,318 Expected return on plan assets — — (5,273 ) (7,159 ) Amortization of net loss 3,208 3,615 1,827 1,668 Amortization of prior service cost — 25 — — Settlement charge — — 12,211 — Net periodic pension cost $ 8,372 $ 8,793 $ 13,250 $ (173 ) Weighted-average assumptions used to determine benefit obligation: Discount rate 4.00 % 4.00 % 4.00 % 4.25 % Rate of compensation increase 5.00 % 5.00 % N/A N/A Expected return on plan assets N/A N/A 4.75 % 6.25 % Weighted-average assumptions used to determine net periodic pension cost: Discount rate 4.00 % 4.00 % 4.25 % 4.00 % Rate of compensation increase 5.00 % 5.00 % N/A N/A Expected return on plan assets N/A N/A 6.25 % 6.75 % The amounts reported for net periodic pension cost and the respective benefit obligation amounts are dependent upon the actuarial assumptions used. The company reviews historical trends, future expectations, current market conditions, and external data to determine the assumptions. The discount rate represents the market rate for a high-quality corporate bond. The rate of compensation increase is determined by the company, based upon its long-term plans for such increases. The expected return on plan assets is based on current and expected asset allocations, historical trends, and projected returns on those assets. The actuarial assumptions used to determine the net periodic pension cost are based upon the prior year's assumptions used to determine the benefit obligation. Benefit payments are expected to be paid as follows: Arrow SERP Wyle Defined Benefit Plan 2017 $ 4,556 $ 6,251 2018 4,518 6,317 2019 5,906 6,314 2020 5,858 6,282 2021 5,806 6,238 2022-2026 31,982 30,740 The company makes contributions to the Wyle defined benefit plan so that minimum contribution requirements, as determined by government regulations, are met. The company did not make any contributions in either 2016 or 2015 . The company is not required to make contributions in 2017 . The company has informally funded the Arrow SERP obligation for the former corporate officers in a rabbi trust comprised primarily of life insurance policies and mutual fund assets. The fair values of the company's pension plan assets for the Wyle defined benefit plan at December 31, 2016 , utilizing the fair value hierarchy discussed in Note 7, are as follows: Level 1 Level 2 Level 3 Total Equities : U.S. common stocks $ 29,020 $ — $ — $ 29,020 International mutual funds 10,791 — — 10,791 Index mutual funds 8,501 — — 8,501 Fixed Income : Mutual funds 21,047 — — 21,047 Insurance contracts — 2,111 — 2,111 Total $ 69,359 $ 2,111 $ — $ 71,470 The fair values of the company's pension plan assets for the Wyle defined benefit plan at December 31, 2015 , utilizing the fair value hierarchy discussed in Note 7, are as follows: Level 1 Level 2 Level 3 Total Equities : U.S. common stocks $ 40,757 $ — $ — $ 40,757 International mutual funds 14,750 — — 14,750 Index mutual funds 13,812 — — 13,812 Fixed Income : Mutual funds 29,345 — — 29,345 Insurance contracts — 3,195 — 3,195 Total $ 98,664 $ 3,195 $ — $ 101,859 The investment portfolio contains a diversified blend of common stocks, bonds, cash equivalents, and other investments, which may reflect varying rates of return. The company accounts for common stock and mutual fund investments at fair value, using quoted market prices. The investments are further diversified within each asset classification. The portfolio diversification provides protection against a single security or class of securities having a disproportionate impact on aggregate performance. The long-term target allocations for plan assets are 65% in equities and 35% in fixed income, although the actual plan asset allocations may be within a range around these targets. The actual asset allocations are reviewed and rebalanced on a periodic basis to maintain the target allocations. Comprehensive Income Items In 2016 , 2015 , and 2014 , actuarial losses of $740 , $185 , and $14,901 , respectively, were recognized in comprehensive income, net of related taxes, related to the company's defined benefit plans. In 2016 , 2015 , and 2014 , a reclassification adjustment of comprehensive income was recognized, net of related taxes, as a result of being recognized in net periodic pension cost for an actuarial loss of $10,625 , $3,282 , and $1,994 , respectively. Accumulated other comprehensive income (loss) at December 31, 2016 and 2015 includes unrecognized actuarial losses, net of related taxes, of $36,841 and $46,725 , respectively, that have not yet been recognized in net periodic pension cost. The actuarial loss included in accumulated other comprehensive income (loss), net of related taxes, which is expected to be recognized in net periodic pension cost for the year ended December 31, 2016 is $1,761 . Defined Contribution Plan The company has defined contribution plans for eligible employees, which qualify under Section 401(k) of the Internal Revenue Code. The company's contribution to the plans, which are based on a specified percentage of employee contributions, amounted to $13,432 , $13,604 , and $12,584 in 2016 , 2015 , and 2014 , respectively. The company made discretionary contributions to the company's defined benefit 401(k) plan, which amounted to $7,572 , $7,151 , and $7,139 in 2016 , 2015 , and 2014 , respectively. Certain international subsidiaries maintain separate defined contribution plans for their employees and made contributions thereunder, which amounted to $27,130 , $26,945 , and $27,284 in 2016 , 2015 , and 2014 , respectively. |
Lease Comitments
Lease Comitments | 12 Months Ended |
Dec. 31, 2016 | |
Lease Commitments [Abstract] | |
Lease Commitments [Table Text Block] | Lease Commitments The company leases certain office, distribution, and other property under non-cancelable operating leases expiring at various dates through 2031 . Rental expense under non-cancelable operating leases, net of sublease income, amounted to $78,521 , $77,405 , and $77,392 in 2016 , 2015 , and 2014 , respectively. Aggregate minimum rental commitments under all non-cancelable operating leases, exclusive of real estate taxes, insurance, and leases related to facilities closed as a result of the integration of acquired businesses and the restructuring of the company, are as follows: 2017 $ 71,659 2018 52,331 2019 43,708 2020 32,345 2021 23,765 Thereafter 103,732 |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies [Text Block] | Contingencies Environmental Matters In connection with the purchase of Wyle in August 2000, the company acquired certain of the then outstanding obligations of Wyle, including Wyle's indemnification obligations to the purchasers of its Wyle Laboratories division for environmental clean-up costs associated with any then existing contamination or violation of environmental regulations. Under the terms of the company's purchase of Wyle from the sellers, the sellers agreed to indemnify the company for certain costs associated with the Wyle environmental obligations, among other things. In 2012, the company entered into a settlement agreement with the sellers pursuant to which the sellers paid $110,000 and the company released the sellers from their indemnification obligation. As part of the settlement agreement the company accepted responsibility for any potential subsequent costs incurred related to the Wyle matters. The company is aware of two Wyle Laboratories facilities (in Huntsville, Alabama and Norco, California) at which contaminated groundwater was identified and will require environmental remediation. In addition, the company was named as a defendant in several lawsuits related to the Norco facility and a third site in El Segundo, California which have now been settled to the satisfaction of the parties. The company expects these environmental liabilities to be resolved over an extended period of time. Costs are recorded for environmental matters when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Accruals for environmental liabilities are adjusted periodically as facts and circumstances change, assessment and remediation efforts progress, or as additional technical or legal information becomes available. Environmental liabilities are difficult to assess and estimate due to various unknown factors such as the timing and extent of remediation, improvements in remediation technologies, and the extent to which environmental laws and regulations may change in the future. Accordingly, the company cannot presently fully estimate the ultimate potential costs related to these sites until such time as a substantial portion of the investigation at the sites is completed and remedial action plans are developed and, in some instances implemented. To the extent that future environmental costs exceed amounts currently accrued by the company, net income would be adversely impacted and such impact could be material. Accruals for environmental liabilities are included in "Accrued expenses" and "Other liabilities" in the company's consolidated balance sheets. The company has determined that there is no amount within the environmental liability range that is a better estimate than any other amount, and therefore has recorded the accruals at the minimum amount of the ranges. As successor-in-interest to Wyle, the company is the beneficiary of various Wyle insurance policies that covered liabilities arising out of operations at Norco and Huntsville. To date, the company has recovered approximately $37,000 from certain insurance carriers relating to environmental clean-up matters at the Norco site. The company is considering the best way to pursue its potential claims against insurers regarding liabilities arising out of operations at Huntsville. The resolution of these matters will likely take several years. The company has not recorded a receivable for any potential future insurance recoveries related to the Norco and Huntsville environmental matters, as the realization of the claims for recovery are not deemed probable at this time. The company believes the settlement amount together with potential recoveries from various insurance policies covering environmental remediation and related litigation will be sufficient to cover any potential future costs related to the Wyle acquisition; however, it is possible unexpected costs beyond those anticipated could occur. Environmental Matters - Huntsville In February 2015, the company and the Alabama Department of Environmental Management ("ADEM") finalized and executed a consent decree in connection with the Huntsville, Alabama site. Characterization of the extent of contaminated soil and groundwater continues at the site. Under the direction of the ADEM, approximately $5,500 was spent to date. The pace of the ongoing remedial investigations, project management, and regulatory oversight is likely to increase somewhat and though the complete scope of the activities is not yet known, the company currently estimates additional investigative and related expenditures at the site of approximately $300 to $700 . The nature and scope of both feasibility studies and subsequent remediation at the site has not yet been determined, but assuming the outcome includes source control and certain other measures, the cost is estimated to be between $3,000 and $4,000 . Despite the amount of work undertaken and planned to date, the company is unable to estimate any potential costs in addition to those discussed above because the complete scope of the work is not yet known, and, accordingly, the associated costs have yet to be determined. Environmental Matters - Norco In October 2003, the company entered into a consent decree with Wyle Laboratories and the California Department of Toxic Substance Control (the "DTSC") in connection with the Norco site. In April 2005, a Remedial Investigation Work Plan was approved by DTSC that provided for site-wide characterization of known and potential environmental issues. Investigations performed in connection with this work plan and a series of subsequent technical memoranda continued until the filing of a final Remedial Investigation Report early in 2008. Work is under way pertaining to the remediation of contaminated groundwater at certain areas on the Norco site and of soil gas in a limited area immediately adjacent to the site. In 2008, a hydraulic containment system was installed to capture and treat groundwater before it moves into the adjacent offsite area. In September 2013, the DTSC approved the final Remedial Action Plan ("RAP") and work is currently progressing under the RAP. The approval of the RAP includes the potential for additional remediation action after the five year review of the hydraulic containment system if the review finds that contaminants have not been sufficiently reduced in the offsite area. Approximately $54,000 was spent to date on remediation, project management, regulatory oversight, and investigative and feasibility study activities. The company currently estimates that these activities will give rise to an additional $21,000 to $31,700 . Project management and regulatory oversight include costs incurred by project consultants for project management and costs billed by DTSC to provide regulatory oversight. Despite the amount of work undertaken and planned to date, the company is unable to estimate any potential costs in addition to those discussed above because the complete scope of the work under the RAP is not yet known, and, accordingly, the associated costs have yet to be determined. Tekelec Matter In 2000, the company purchased Tekelec Europe SA ("Tekelec") from Tekelec Airtronic SA and certain other selling shareholders. Subsequent to the closing of the acquisition, Tekelec received a product liability claim in the amount of €11,333 . The product liability claim was the subject of a French legal proceeding started by the claimant in 2002, under which separate determinations were made as to whether the products that are subject to the claim were defective and the amount of damages sustained by the purchaser. The manufacturer of the products also participated in this proceeding. The claimant has commenced legal proceedings against Tekelec and its insurers to recover damages in the amount of €3,742 and expenses of €312 plus interest. In May 2012, the French court ruled in favor of Tekelec and dismissed the plaintiff's claims. In January 2015, the Court of Appeals confirmed the French court's ruling. Our counsel obtained a certificate of non-appeal in July 2016. Accordingly, the plaintiffs are precluded from appealing or bringing a new action asserting the same claims. Based upon these developments, the company has released the contingency reserve related to Tekelec during 2016 . Antitrust Investigation On January 21, 2014, the company received a Civil Investigative Demand in connection with an investigation by the Federal Trade Commission ("FTC") relating generally to the use of a database program (the “database program”) that has operated for more than ten years under the auspices of the Global Technology Distribution Council ("GTDC"), a trade group of which the company is a member. Under the database program, certain members of the GTDC who participate in the program provide sales data to a third party independent contractor chosen by the GTDC. The data is aggregated by the third party and the aggregated data is made available to the program participants. The company understands that other members participating in the database program have received similar Civil Investigative Demands. In April 2014, the company responded to the Civil Investigative Demand. The Civil Investigative Demand merely sought information, and no proceedings have been instituted against any person. The company continues to believe that there has not been any conduct by the company or its employees that would be actionable under the antitrust laws in connection with its participation in the database program. At this time, it is not possible to predict the potential impact, if any, of the Civil Investigative Demand or whether any actions may be instituted by the FTC against any person. Other From time to time, in the normal course of business, the company may become liable with respect to other pending and threatened litigation, environmental, regulatory, labor, product, and tax matters. While such matters are subject to inherent uncertainties, it is not currently anticipated that any such matters will materially impact the company's consolidated financial position, liquidity, or results of operations. |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information [Text Block] | Segment and Geographic Information The company is a global provider of products, services, and solutions to industrial and commercial users of electronic components and enterprise computing solutions. The company distributes electronic components to original equipment manufacturers and contract manufacturers through its global components business segment and provides enterprise computing solutions to value-added resellers through its global ECS business segment. As a result of the company's philosophy of maximizing operating efficiencies through the centralization of certain functions, selected fixed assets and related depreciation, as well as borrowings, are not directly attributable to the individual operating segments and are included in the corporate business segment. Sales and operating income (loss), by segment, for the years ended December 31 are as follows: 2016 2015 2014 Sales: Global components $ 15,408,839 $ 14,405,793 $ 14,313,026 Global ECS 8,416,422 8,876,227 8,455,648 Consolidated $ 23,825,261 $ 23,282,020 $ 22,768,674 Operating income (loss): Global components $ 686,466 $ 649,396 $ 653,992 Global ECS 441,803 424,063 389,571 Corporate (a) (269,730 ) (248,977 ) (281,306 ) Consolidated $ 858,539 $ 824,482 $ 762,257 (a) Includes restructuring, integration, and other charges of $73,602 , $68,765 , and $39,841 in 2016 , 2015 , and 2014 , respectively. Also included is a non-cash impairment charge associated with discontinuing the use of a trade name of $78,000 in 2014. Total assets, by segment, at December 31 are as follows: 2016 2015 Global components $ 8,360,926 $ 7,276,143 Global ECS 5,053,172 5,074,529 Corporate 792,268 671,258 Consolidated $ 14,206,366 $ 13,021,930 Sales, by geographic area, for the years ended December 31 are as follows: 2016 2015 2014 Americas (b) $ 11,442,690 $ 11,721,528 $ 11,340,277 EMEA 6,772,685 6,788,738 6,864,104 Asia/Pacific 5,609,886 4,771,754 4,564,293 Consolidated $ 23,825,261 $ 23,282,020 $ 22,768,674 (b) Includes sales related to the United States of $10,501,131 , $10,761,932 , and $10,359,936 in 2016 , 2015 , and 2014 , respectively. Net property, plant, and equipment, by geographic area, is as follows: 2016 2015 Americas (c) $ 631,386 $ 582,973 EMEA 90,834 88,727 Asia/Pacific 34,079 28,478 Consolidated $ 756,299 $ 700,178 (c) Includes net property, plant, and equipment related to the United States of $626,964 and $580,791 at December 31, 2016 and 2015 , respectively. |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data [Text Block] | Quarterly Financial Data (Unaudited) The company operates on a quarterly calendar that closes on the Saturday closest to the end of the calendar quarter, except for the third quarter of 2015, which closed on September 26, 2015. A summary of the company's consolidated quarterly results of operations is as follows: First Quarter Second Quarter Third Quarter Fourth Quarter 2016 Sales $ 5,474,177 $ 5,972,101 $ 5,936,092 $ 6,442,891 Gross profit 748,898 798,791 773,162 823,348 Net income attributable to shareholders 106,235 134,270 117,727 164,518 Net income per share (a): Basic $ 1.16 $ 1.46 $ 1.29 $ 1.84 Diluted $ 1.14 $ 1.45 $ 1.28 $ 1.81 2015 Sales $ 5,002,385 $ 5,829,989 $ 5,698,304 $ 6,751,342 Gross profit 685,322 768,595 742,367 838,966 Net income attributable to shareholders 106,058 123,932 109,244 158,492 Net income per share (a): Basic $ 1.11 $ 1.30 $ 1.16 $ 1.71 Diluted $ 1.09 $ 1.28 $ 1.15 $ 1.69 (a) Quarterly net income per share is calculated using the weighted-average shares outstanding during each quarterly period, while net income per share for the full year is calculated using the weighted-average shares outstanding during the year. Therefore, the sum of the net income per share for each of the four quarters may not equal the net income per share for the full year. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (In thousands) Balance at beginning of year Charged to income Other (a) Write-down Balance at end of year Allowance for doubtful accounts: Year ended December 31, 2016 $ 49,659 $ 8,336 $ (392 ) $ 5,347 $ 52,256 Year ended December 31, 2015 $ 59,188 $ (8 ) $ (383 ) $ 9,138 $ 49,659 Year ended December 31, 2014 $ 64,129 $ 3,789 $ (2,451 ) $ 6,279 $ 59,188 (a) "Other" primarily includes the effect of fluctuations in foreign currencies and the allowance for doubtful accounts of the businesses acquired by the company. Prior to 2016, the company presented the effect of fluctuations in foreign currencies in "charged to income". Prior year amounts were reclassified in the table above to conform with current year presentation. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The company utilizes a fair value hierarchy, which maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. The fair value hierarchy has three levels of inputs that may be used to measure fair value: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 Quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of the company and its majority-owned subsidiaries. All significant intercompany transactions are eliminated. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires the company to make significant estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash equivalents consist of highly liquid investments, which are readily convertible into cash, with original maturities of three months or less. |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost or net realizable value. Cost approximates the first-in, first-out method. Substantially all inventories represent finished goods held for sale. |
Property, Plant, and Equipment, Policy [Policy Text Block] | Property, Plant, and Equipment Property, plant, and equipment are stated at cost. Depreciation is computed on the straight-line method over the estimated useful lives of the assets. The estimated useful lives for depreciation of buildings is generally 20 to 30 years, and the estimated useful lives of machinery and equipment is generally three to ten years. Leasehold improvements are amortized over the shorter of the term of the related lease or the life of the improvement. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. If the carrying value of the asset can not be recovered from estimated future cash flows, undiscounted and without interest, the fair value of the asset is calculated using the present value of estimated net future cash flows. If the fair value is less than the carrying amount of the asset, a loss is recognized for the difference. |
Internal Use Software, Policy [Policy Text Block] | Software Development Costs The company capitalizes certain internal and external costs incurred to acquire or create internal-use software. Capitalized software costs are amortized on a straight-line basis over the estimated useful life of the software, which is generally three to twelve years. At December 31, 2016 and 2015 , the company had unamortized software development costs of $477,670 and $433,146 , respectively, which are included in "Machinery and equipment" in the company's consolidated balance sheets. During 2016, the company changed the useful life on its global ERP software from ten to twelve years. The impact of the change was not material. |
Identifiable Intangible Assets, Policy [Policy Text Block] | Identifiable Intangible Assets Amortization of definite-lived intangible assets is computed on the straight-line method over the estimated useful lives of the assets, while indefinite-lived intangible assets are not amortized. Identifiable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The company also tests indefinite-lived intangible assets, consisting of acquired trade names, for impairment at least annually as of the first day of the fourth quarter. If the fair value is less than the carrying amount of the asset, a loss is recognized for the difference. |
Investments, Policy [Policy Text Block] | Investments Investments are accounted for using the equity method if the investment provides the company the ability to exercise significant influence, but not control, over an investee. Significant influence is generally deemed to exist if the company has an ownership interest in the voting stock of the investee between 20% and 50%, although other factors, such as representation on the investee's Board of Directors, are considered in determining whether the equity method is appropriate. The company records its investments in equity method investees meeting these characteristics as "Investments in affiliated companies" in the company's consolidated balance sheets. All other equity investments, which consist of investments for which the company does not possess the ability to exercise significant influence, are accounted for under the cost method or as available-for-sale, and are included in "Other assets" in the company's consolidated balance sheets. Under the cost method of accounting, investments are carried at cost and are adjusted only for other-than-temporary declines in realizable value and additional investments. The company accounts for available-for-sale investments at fair value, using quoted market prices, and the related holding gains and losses are included in "Accumulated other comprehensive income (loss)" in the shareholders' equity section in the company's consolidated balance sheets. The company assesses its long-term investments on an ongoing basis to determine whether declines in market value below cost are other-than-temporary. When the decline is determined to be other-than-temporary, the cost basis for the individual security is reduced and a loss is realized in the company's consolidated statement of operations in the period in which it occurs. The company makes such determination after considering the length of time and the extent to which the market value of the investment is less than its cost, the financial condition and operating results of the investee, and the company's intent and ability to retain the investment over time to potentially allow for any recovery in market value. In addition, the company assesses the following factors: • broad economic factors impacting the investee's industry; • publicly available forecasts for sales and earnings growth for the industry and investee; and • the cyclical nature of the investee's industry. The company could incur an impairment charge in future periods if, among other factors, the investee's future earnings differ from currently available forecasts. |
Cost in Excess of Net Assets of Companies Acquired, Policy [Policy Text Block] | Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. The company tests goodwill for impairment annually as of the first day of the fourth quarter and/or when an event occurs or circumstances change such that it is more likely than not that an impairment may exist. Examples of such events and circumstances that the company would consider include the following: • macroeconomic conditions such as deterioration in general economic conditions, limitations on accessing capital, fluctuations in foreign exchange rates, or other developments in equity and credit markets; • industry and market considerations such as a deterioration in the environment in which the company operates, an increased competitive environment, a decline in market-dependent multiples or metrics (considered in both absolute terms and relative to peers), a change in the market for the company's products or services, or a regulatory or political development; • cost factors such as increases in raw materials, labor, or other costs that have a negative effect on earnings and cash flows; • overall financial performance such as negative or declining cash flows or a decline in actual or planned revenue or earnings compared with actual and projected results of relevant prior periods; • other relevant entity-specific events such as changes in management, key personnel, strategy, or customers; contemplation of bankruptcy; or litigation; • events affecting a reporting unit such as a change in the composition or carrying amount of its net assets, a more-likely-than-not expectation of selling or disposing all, or a portion, of a reporting unit, the testing for recoverability of a significant asset group within a reporting unit, or recognition of a goodwill impairment loss in the financial statements of a subsidiary that is a component of a reporting unit; and • a sustained decrease in share price (considered in both absolute terms and relative to peers). Goodwill is tested at a level of reporting referred to as "the reporting unit." The company's reporting units are defined as each of the three regional businesses within the global components business segment, which are the Americas, EMEA (Europe, Middle East, and Africa), and Asia/Pacific and each of the two regional businesses within the global ECS business segment, which are North America and EMEA. An entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (that is, a likelihood of more than 50%) that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. The company has elected not to perform the qualitative assessment and began its impairment testing with the first step of the two-step impairment process. The first step, used to identify potential impairment, compares the calculated fair value of a reporting unit with its carrying amount. If the carrying amount of the reporting unit is less than its fair value, no impairment exists and the second step is not performed. If the carrying amount of a reporting unit exceeds its fair value, the entity is required to perform the second step of the goodwill impairment test to measure the amount of the impairment loss, if any. The second step of the goodwill impairment test compares the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized for the excess. The company estimates the fair value of a reporting unit using the income approach. For the purposes of the income approach, fair value is determined based on the present value of estimated future cash flows, discounted at an appropriate risk-adjusted rate. The assumptions included in the income approach include forecasted revenues, gross profit margins, operating income margins, working capital cash flow, forecasted capital expenditures, perpetual growth rates, and long-term discount rates, among others, all of which require significant judgments by management. Actual results may differ from those assumed in the company's forecasts. The company also reconciles its discounted cash flow analysis to its current market capitalization allowing for a reasonable control premium. As of the first day of the fourth quarters of 2016 , 2015 , and 2014 , the company's annual impairment testing did not indicate impairment at any of the company's reporting units. |
Foreign Currency Remeasurement and Translation, Policy [Policy Text Block] | Foreign Currency Translation and Remeasurement The assets and liabilities of international operations are translated at the exchange rates in effect at the balance sheet date. Revenue and expense accounts are translated at the monthly average exchange rates. Adjustments arising from the translation of the foreign currency financial statements of the company's international operations are reported as a component of "Accumulated other comprehensive loss" in the company's consolidated balance sheets. For foreign currency remeasurement from each local currency into the appropriate functional currency, monetary assets and liabilities are remeasured to functional currencies using current exchange rates in effect at the balance sheet date. Gains or losses from these remeasurements were not significant and have been included in the company’s consolidated statements of operations. Non-monetary assets and liabilities are recorded at historical exchange rates. |
Income Taxes, Policy [Policy Text Block] | Income Taxes Income taxes are accounted for under the liability method. Deferred income taxes reflect the tax consequences on future years of differences between the tax bases of assets and liabilities and their financial reporting amounts. The carrying value of the company's deferred tax assets is dependent upon the company's ability to generate sufficient future taxable income in certain tax jurisdictions. Should the company determine that it is more likely than not that some portion or all of its deferred tax assets will not be realized, a valuation allowance to the deferred tax assets would be established in the period such determination was made. It is the company's policy to provide for uncertain tax positions and the related interest and penalties based upon management's assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. To the extent the company prevails in matters for which a liability for an unrecognized tax benefit is established or is required to pay amounts in excess of the liability, the company's effective tax rate in a given financial statement period may be affected. |
Net Income Per Share, Policy [Policy Text Block] | Net Income Per Share Basic net income per share is computed by dividing net income attributable to shareholders by the weighted-average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income Comprehensive income consists of consolidated net income, foreign currency translation adjustment, unrealized gains or losses on post-retirement benefit plans, and unrealized gains or losses on investment securities and interest rate swaps designated as cash flow hedges. Unrealized gains or losses on investment securities and interest rate swaps are net of any reclassification adjustments for realized gains or losses included in consolidated net income. Foreign currency translation adjustments included in comprehensive income were not tax effected as investments in international affiliates are deemed to be permanent. All other comprehensive income items are net of related income taxes. |
Stock-based Compensation, Policy [Policy Text Block] | Stock-Based Compensation The company records share-based payment awards exchanged for employee services at fair value on the date of grant and expenses the awards in the consolidated statements of operations over the requisite employee service period. Stock-based compensation expense includes an estimate for forfeitures. Stock-based compensation expense related to awards with a market or performance condition which cliff vest, are recognized over the vesting period on a straight line basis. Stock-based compensation awards with service conditions only are also recognized on a straight-line basis. |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting Operating segments are defined as components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The company's operations are classified into two reportable business segments: global components and global ECS. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The company recognizes revenue when there is persuasive evidence of an arrangement, delivery has occurred or services are rendered, the sales price is fixed or determinable, and collectibility is reasonably assured. Revenue typically is recognized at time of shipment. Sales are recorded net of discounts, rebates, and returns, which historically have not been material. A portion of the company's business involves shipments directly from its suppliers to its customers. In these transactions, the company is responsible for negotiating price both with the supplier and customer, payment to the supplier, establishing payment terms with the customer, product returns, and has risk of loss if the customer does not make payment. As the principal with the customer, the company recognizes the sale and cost of sale of the product upon receiving notification from the supplier that the product was shipped. The company has certain business with select customers and suppliers that is accounted for on an agency basis (that is, the company recognizes the fees associated with serving as an agent in sales with no associated cost of sales). Generally, these transactions relate to the sale of supplier service contracts to customers where the company has no future obligation to perform under these contracts or the rendering of logistics services for the delivery of inventory for which the company does not assume the risks and rewards of ownership. |
Shipping and Handling Costs, Policy [Policy Text Block] | Shipping and Handling Costs The company reports shipping and handling costs, primarily related to outbound freight, in the consolidated statements of operations as a component of selling, general, and administrative expenses. Shipping and handling costs included in selling, general, and administrative expenses totaled $79,257 , $77,399 , and $85,591 in 2016 , 2015 , and 2014 , respectively. |
Reclassification, Policy [Policy Text Block] | Reclassification Certain prior year amounts were reclassified to conform to the current year presentation. |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | 5. Accounts Receivable Accounts receivable, net, consists of the following at December 31: 2016 2015 Accounts receivable $ 6,798,943 $ 6,211,077 Allowances for doubtful accounts (52,256 ) (49,659 ) Accounts receivable, net $ 6,746,687 $ 6,161,418 The company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The allowances for doubtful accounts are determined using a combination of factors, including the length of time the receivables are outstanding, the current business environment, and historical experience. The company also has notes receivables with certain customers. As of December 31, 2016, the company has one customer with a combined note and accounts receivable balance of approximately $20.0 million . The customer became delinquent on its repayment of the note during the fourth quarter of 2016. The company believes that it will recover all amounts due; however, it is possible that it could incur a loss. |
Fair Value of Debt Policy [Policy Text Block] | The carrying amount of the company's short-term borrowings in various countries, revolving credit facility, asset securitization program, and other obligations approximate their fair value. |
Acquisitions (Tables)
Acquisitions (Tables) - immixGroup [Member] | 12 Months Ended |
Dec. 31, 2016 | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the allocation of the net consideration paid to the fair value of the assets acquired and liabilities assumed for the immixGroup acquisition: Accounts receivable, net $ 145,130 Other current assets 24,181 Property, plant, and equipment 1,569 Other assets 5,313 Identifiable intangible assets 46,400 Goodwill 183,840 Accounts payable (136,921 ) Accrued expenses (11,736 ) Other liabilities (5,527 ) Cash consideration paid, net of cash acquired $ 252,249 |
Business Acquisition, Pro Forma Information [Table Text Block] | The following table summarizes the company's consolidated results of operations for 2015 and 2014, as well as the unaudited pro forma consolidated results of operations of the company, as though the 2015 acquisitions occurred on January 1: For the Years Ended December 31, 2015 2014 As Reported Pro Forma As Reported Pro Forma Sales $ 23,282,020 $ 23,684,746 $ 22,768,674 $ 24,189,797 Net income attributable to shareholders 497,726 500,554 498,045 518,859 Net income per share: Basic $ 5.26 $ 5.29 $ 5.05 $ 5.26 Diluted $ 5.20 $ 5.23 $ 4.98 $ 5.19 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Text Block] | Goodwill of companies acquired, allocated to the company's business segments, is as follows: Global Components Global ECS Total Balance as of December 31, 2014 (a) $ 1,051,783 $ 1,017,426 $ 2,069,209 Acquisitions 187,977 174,074 362,051 Foreign currency translation adjustment (8,928 ) (53,500 ) (62,428 ) Balance as of December 31, 2015 (a) 1,230,832 1,138,000 2,368,832 Acquisitions 20,724 36,430 57,154 Foreign currency translation adjustment (11,815 ) (21,951 ) (33,766 ) Balance as of December 31, 2016 (a) $ 1,239,741 $ 1,152,479 $ 2,392,220 (a) The total carrying value of goodwill of companies acquired for all periods in the table above is reflected net of $1,018,780 of accumulated impairment charges, of which $716,925 was recorded in the global components business segment and $301,855 was recorded in the global ECS business segment. |
Schedule of Definite and Indefinite Lived Intangible Assets [Table Text Block] | Intangible assets, net, are comprised of the following as of December 31, 2016 : Weighted-Average Life Gross Carrying Amount Accumulated Amortization Net Trade names indefinite $ 101,000 $ — $ 101,000 Customer relationships 10 years 476,176 (247,206 ) 228,970 Developed technology 5 years 9,140 (4,435 ) 4,705 Other intangible assets (b) 6,721 (4,514 ) 2,207 $ 593,037 $ (256,155 ) $ 336,882 (b) Consists of non-competition agreements, sales backlog, and an amortizable trade name with useful lives ranging from two to five years. Intangible assets, net, are comprised of the following as of December 31, 2015 : Weighted-Average Life Gross Carrying Amount Accumulated Amortization Net Trade names indefinite $ 101,000 $ — $ 101,000 Customer relationships 10 years 498,319 (215,263 ) 283,056 Developed technology 5 years 13,154 (7,894 ) 5,260 Other intangible assets (c) 917 (907 ) 10 $ 613,390 $ (224,064 ) $ 389,326 (c) Consists of non-competition agreements with useful lives ranging from two to three years. |
Investments in Affiliated Com29
Investments in Affiliated Companies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments [Text Block] | The following table presents the company's investment in the following joint ventures at December 31: 2016 2015 Marubun/Arrow $ 65,237 $ 62,530 Other 23,164 10,846 $ 88,401 $ 73,376 |
Equity in Earnings of Affiliated Companies | The equity in earnings of affiliated companies for the years ended December 31 consists of the following: 2016 2015 2014 Marubun/Arrow $ 7,629 $ 6,212 $ 6,510 Other (56 ) 825 808 $ 7,573 $ 7,037 $ 7,318 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Text Block] | Accounts receivable, net, consists of the following at December 31: 2016 2015 Accounts receivable $ 6,798,943 $ 6,211,077 Allowances for doubtful accounts (52,256 ) (49,659 ) Accounts receivable, net $ 6,746,687 $ 6,161,418 The company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The allowances for doubtful accounts are determined using a combination of factors, including the length of time the receivables are outstanding, the current business environment, and historical experience. The company also has notes receivables with certain customers. As of December 31, 2016, the company has one customer with a combined note and accounts receivable balance of approximately $20.0 million . The customer became delinquent on its repayment of the note during the fourth quarter of 2016. The company believes that it will recover all amounts due; however, it is possible that it could incur a loss. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Short-term Debt [Line Items] | |
Schedule of Long-term Debt Instruments [Text Block] | Long-term debt consists of the following at December 31: 2016 2015 Revolving credit facility $ — $ 72,000 Asset securitization program 460,000 75,000 6.875% senior debentures, due 2018 199,348 198,886 3.00% notes, due 2018 299,013 298,197 6.00% notes, due 2020 299,183 298,932 5.125% notes, due 2021 248,843 248,566 3.50% notes, due 2022 345,776 345,061 4.50% notes, due 2023 296,646 296,194 4.00% notes, due 2025 344,625 344,092 7.50% senior debentures, due 2027 198,514 198,366 Interest rate swaps designated as fair value hedges 152 711 Other obligations with various interest rates and due dates 4,234 4,570 $ 2,696,334 $ 2,380,575 |
Schedule of Fair Value of Debt [Text Block] | The estimated fair market value at December 31, using quoted market prices, is as follows: 2016 2015 6.875% senior debentures, due 2018 $ 212,500 $ 218,000 3.00% notes, due 2018 303,500 303,000 6.00% notes, due 2020 325,500 330,000 5.125% notes, due 2021 265,500 267,500 3.50% notes, due 2022 349,500 343,000 4.50% notes, due 2023 305,500 309,000 4.00% notes, due 2025 345,000 336,000 7.50% senior debentures, due 2027 238,000 238,000 |
Financial Instruments Measure32
Financial Instruments Measured at Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table presents assets (liabilities) measured at fair value on a recurring basis at December 31, 2016 : Balance Sheet Location Level 1 Level 2 Level 3 Total Cash and cash equivalents Other assets $ 2,660 $ — $ — $ 2,660 Available-for-sale securities Other assets 37,915 — — 37,915 Interest rate swaps Other assets — 152 — 152 Foreign exchange contracts Other current assets — 4,685 — 4,685 Foreign exchange contracts Accrued expenses — (3,444 ) — (3,444 ) Contingent consideration Accrued expenses — — (4,027 ) (4,027 ) $ 40,575 $ 1,393 $ (4,027 ) $ 37,941 The following table presents assets (liabilities) measured at fair value on a recurring basis at December 31, 2015 : Balance Sheet Location Level 1 Level 2 Level 3 Total Cash and cash equivalents Other assets $ 1,559 $ — $ — $ 1,559 Available-for-sale securities Other assets 41,178 — — 41,178 Interest rate swaps Other assets — 711 — 711 Foreign exchange contracts Other current assets — 2,625 — 2,625 Foreign exchange contracts Accrued expenses — (3,363 ) — (3,363 ) Contingent consideration Accrued expenses — — (3,889 ) (3,889 ) $ 42,737 $ (27 ) $ (3,889 ) $ 38,821 |
Description of Types of Interest Rate Fair Value Hedging Instruments Used | The terms of our outstanding interest rate swap contracts at December 31, 2016 are as follows: Maturity Date Notional Amount Interest rate due from counterparty Interest rate due to counterparty April 2020 50,000 6.000% 6 mo. USD LIBOR + 3.896 June 2018 50,000 6.875% 6 mo. USD LIBOR + 5.301 |
Available-for-sale Securities [Text Block] | The fair value of the company's available-for-sale securities is as follows at December 31: 2016 2015 Marubun Mutual Funds Marubun Mutual Funds Cost basis $ 10,016 $ 18,097 $ 10,016 $ 17,389 Unrealized holding gain 3,806 5,996 8,708 5,065 Fair value $ 13,822 $ 24,093 $ 18,724 $ 22,454 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Text Block] | The effect of derivative instruments on the company's consolidated statements of operations and other comprehensive income are as follows for the years ended December 31 are as follows: 2016 2015 2014 Gain (Loss) Recognized in Income Foreign exchange contracts $ 1,535 $ 4,755 $ (1,195 ) Interest rate swaps $ (608 ) $ (523 ) $ (656 ) Total $ 927 $ 4,232 $ (1,851 ) Gain (Loss) Recognized in Other Comprehensive Income before reclassifications Foreign exchange contracts $ (153 ) $ (1,001 ) $ 412 Interest rate swaps $ — $ 827 $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income taxes for the years ended December 31 consists of the following: 2016 2015 2014 Current: Federal $ 45,314 $ 82,532 $ 101,857 State 7,022 18,022 20,123 International 110,208 85,310 88,707 162,544 185,864 210,687 Deferred: Federal 29,973 12,127 (1,097 ) State 7,161 (1,828 ) (2,071 ) International (9,004 ) (4,466 ) (22,576 ) 28,130 5,833 (25,744 ) $ 190,674 $ 191,697 $ 184,943 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The principal causes of the difference between the U.S. federal statutory tax rate of 35% and effective income tax rates for the years ended December 31 are as follows: 2016 2015 2014 United States $ 235,256 $ 281,579 $ 317,400 International 480,141 410,604 365,933 Income before income taxes $ 715,397 $ 692,183 $ 683,333 Provision at statutory tax rate $ 250,389 $ 242,264 $ 239,166 State taxes, net of federal benefit 9,219 10,526 11,734 International effective tax rate differential (64,002 ) (56,132 ) (56,865 ) Change in valuation allowance 7,174 (205 ) (7,803 ) Other non-deductible expenses 3,516 3,530 4,040 Changes in tax accruals (3,679 ) (7,423 ) 1,335 Tax credits (14,510 ) — — Other 2,567 (863 ) (6,664 ) Provision for income taxes $ 190,674 $ 191,697 $ 184,943 |
Reconciliation of Unrecognized Tax Benefits [Table Text Block] | A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31 is as follows: 2016 2015 2014 Balance at beginning of year $ 36,935 $ 44,701 $ 45,987 Additions based on tax positions taken during a prior period 2,356 2,568 3,792 Reductions based on tax positions taken during a prior period (6,305 ) (9,482 ) (7,737 ) Additions based on tax positions taken during the current period 3,935 8,440 5,518 Reductions related to settlement of tax matters (2,795 ) (4,143 ) (317 ) Reductions related to a lapse of applicable statute of limitations (2,592 ) (5,149 ) (2,542 ) Balance at end of year $ 31,534 $ 36,935 $ 44,701 |
Summary of Open Tax Years by Major Jurisdiction [Table Text Block] | In many cases the company's uncertain tax positions are related to tax years that remain subject to examination by tax authorities. The following describes the open tax years, by major tax jurisdiction, as of December 31, 2016 : United States - Federal 2013 - present United States - States 2009 - present Germany (a) 2010 - present Hong Kong 2011 - present Italy (a) 2012 - present Sweden 2011 - present United Kingdom 2014 - present (a) Includes federal as well as local jurisdictions. |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As of December 31, 2016, the significant components of the company's deferred tax assets and liabilities are included in "Other assets," and "Other liabilities" in the company's consolidated balance sheets. As of December 31, 2015 the significant components of the company's deferred tax assets and liabilities are included in "Other current assets," "Other assets," "Accrued expenses," and "Other liabilities" in the company's consolidated balance sheets. The deferred tax assets and liabilities consist of the following at December 31: 2016 2015 Deferred tax assets: Net operating loss carryforwards $ 102,710 $ 102,005 Inventory adjustments 56,890 48,467 Allowance for doubtful accounts 14,526 13,371 Accrued expenses 40,179 43,044 Interest carryforward 19,073 26,051 Stock-based compensation awards 24,505 26,911 Other comprehensive income items 10,859 16,232 Integration and restructuring 2,970 4,117 Other 17,830 7,892 289,542 288,090 Valuation allowance (15,323 ) (8,149 ) Total deferred tax assets $ 274,219 $ 279,941 Deferred tax liabilities: Goodwill $ (142,541 ) $ (113,788 ) Depreciation (94,838 ) (83,291 ) Intangible assets (21,118 ) (31,481 ) Other — — Total deferred tax liabilities $ (258,497 ) $ (228,560 ) Total net deferred tax assets $ 15,722 $ 51,381 |
Restructuring, Integration, a34
Restructuring, Integration, and Other Charges (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring Charges [Abstract] | |
Schedule of Restructuring and Related Costs [Text Block] | The following table presents the components of the restructuring, integration, and other charges for the years ended December 31 : 2016 2015 2014 Restructuring and integration charge - current period actions $ 32,894 $ 39,119 $ 38,347 Restructuring and integration charges - actions taken in prior periods 3,611 4,084 1,130 Other charges 37,097 25,562 364 $ 73,602 $ 68,765 $ 39,841 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | 2016 Restructuring and Integration Charge The following table presents the components of the 2016 restructuring and integration charge of $32,894 and activity in the related restructuring and integration accrual for 2016 : Personnel Costs Facilities Costs Other Total Restructuring and integration charge $ 25,763 $ 5,786 $ 1,345 $ 32,894 Payments (13,730 ) (1,974 ) (1,132 ) (16,836 ) Foreign currency translation (339 ) (19 ) 103 (255 ) Balance as of December 31, 2016 $ 11,694 $ 3,793 $ 316 $ 15,803 These restructuring initiatives are due to the company's continued efforts to lower cost and drive operational efficiency. Integration costs are primarily related to the integration of acquired businesses within the company's pre-existing business and the consolidation of certain operations. 2015 Restructuring and Integration Charge The following table presents the components of the 2015 restructuring and integration charge of $39,119 and activity in the related restructuring and integration accrual for 2015 and 2016 : Personnel Costs Facilities Costs Other Total Restructuring and integration charge $ 33,850 $ 4,223 $ 1,046 $ 39,119 Payments (17,569 ) (3,335 ) (204 ) (21,108 ) Non-cash usage — (482 ) (679 ) (1,161 ) Foreign currency translation 40 (3 ) (4 ) 33 Balance as of December 31, 2015 16,321 403 159 16,883 Restructuring and integration charge $ 1,100 $ 2,799 $ 53 $ 3,952 Payments (15,388 ) (1,183 ) (47 ) (16,618 ) Foreign currency translation (27 ) 1 10 (16 ) Balance as of December 31, 2016 $ 2,006 $ 2,020 $ 175 $ 4,201 These restructuring initiatives are due to the company's continued efforts to lower cost and drive operational efficiency. Integration costs are primarily related to the integration of acquired businesses within the company's pre-existing business and the consolidation of certain operations. Restructuring and Integration Accruals Related to Actions Taken Prior to 2015 Included in restructuring, integration, and other charges for 2016 are restructuring and integration credits of $341 related to restructuring and integration actions taken prior to 2015 . The restructuring and integration charge includes adjustments to personnel costs of $(536) , facilities costs of $(131) , and other costs of $326 . The restructuring and integration accruals related to actions taken prior to 2015 of $1,672 , include accruals for personnel costs of $1,100 and accruals for facilities costs of $572 . |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents the changes in Accumulated other comprehensive income (loss), excluding noncontrolling interests: Foreign Currency Translation Adjustment and Other Unrealized Gain on Investment Securities, Net Unrealized Gain (Loss) on Interest Rate Swaps Designated as Cash Flow Hedges, Net Employee Benefit Plan Items, Net Total Balance as of December 31, 2014 $ (16,605 ) $ 7,719 $ (4,191 ) $ (51,540 ) $ (64,617 ) Other comprehensive income (loss) before reclassifications (a) (221,791 ) 814 550 15 (220,412 ) Amounts reclassified into income (loss) (2,930 ) — 321 2,932 323 Net change in accumulated other comprehensive income (loss) for the year ended December 31, 2015 (224,721 ) 814 871 2,947 (220,089 ) Balance as of December 31, 2015 (241,326 ) 8,533 (3,320 ) (48,593 ) (284,706 ) Other comprehensive income (loss) before reclassifications (a) (103,254 ) (2,439 ) — 204 (105,489 ) Amounts reclassified into income (loss) (3,976 ) — 373 9,944 6,341 Net change in accumulated other comprehensive income (loss) for the year ended December 31, 2016 (107,230 ) (2,439 ) 373 10,148 (99,148 ) Balance as of December 31, 2016 $ (348,556 ) $ 6,094 $ (2,947 ) $ (38,445 ) $ (383,854 ) (a) Foreign currency translation adjustment includes intra-entity foreign currency transactions that are of a long-term investment nature of $(12,852) and $30,960 for 2016 and 2015 , respectively. |
Schedule of Stock by Class [Table Text Block] | The following table sets forth the activity in the number of shares outstanding (in thousands): Common Stock Issued Treasury Stock Common Stock Outstanding Common stock outstanding at December 31, 2013 125,424 25,488 99,936 Shares issued for stock-based compensation awards — (1,506 ) 1,506 Repurchases of common stock — 5,547 (5,547 ) Common stock outstanding at December 31, 2014 125,424 29,529 95,895 Shares issued for stock-based compensation awards — (1,155 ) 1,155 Repurchases of common stock — 6,127 (6,127 ) Common stock outstanding at December 31, 2015 125,424 34,501 90,923 Shares issued for stock-based compensation awards — (1,372 ) 1,372 Repurchases of common stock — 3,382 (3,382 ) Common stock outstanding at December 31, 2016 125,424 36,511 88,913 |
Share-Repurchase Programs [Table Text Block] | The following table shows the company's Board approved share-repurchase programs for the years ended December 31, 2014 , 2015 , and 2016 : Month of Board Approval Dollar Value Approved for Repurchase Dollar Value of Shares Repurchased Approximate Dollar Value of Shares that May Yet be Purchased Under the Program May 2014 $ 200,000 $ 200,000 $ — December 2014 200,000 200,000 — September 2015 400,000 280,088 119,912 December 2016 400,000 — 400,000 Total $ 1,200,000 $ 680,088 $ 519,912 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table presents the computation of net income per share on a basic and diluted basis for the years ended December 31 (shares in thousands): 2016 2015 2014 Net income attributable to shareholders $ 522,750 $ 497,726 $ 498,045 Weighted-average shares outstanding - basic 90,960 94,608 98,675 Net effect of various dilutive stock-based compensation awards 1,073 1,078 1,272 Weighted-average shares outstanding - diluted 92,033 95,686 99,947 Net income per share: Basic $ 5.75 $ 5.26 $ 5.05 Diluted (a) $ 5.68 $ 5.20 $ 4.98 (a) Stock-based compensation awards for the issuance of 766 shares, 658 shares, and 294 shares for the years ended December 31, 2016 , 2015 , and 2014 , respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive. |
Employee Stock Plans (Tables)
Employee Stock Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following information relates to the stock option activity for the year ended December 31, 2016 : Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at December 31, 2015 1,813,198 $ 46.29 Granted 506,976 56.96 Exercised (476,489 ) 39.81 Forfeited (99,340 ) 54.01 Outstanding at December 31, 2016 1,744,345 50.72 83 months $ 35,895 Exercisable at December 31, 2016 751,360 42.43 61 months $ 21,689 The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the company's closing stock price on the last trading day of 2016 and the exercise price, multiplied by the number of in-the-money options) received by the option holders had all option holders exercised their options on December 31, 2016 . This amount changes based on the market value of the company's stock. |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The fair value of stock options was estimated using the Black-Scholes valuation model with the following weighted-average assumptions for the years ended December 31: 2016 2015 2014 Volatility (percent) (a) 31 28 37 Expected term (in years) (b) 5.2 4.8 5.3 Risk-free interest rate (percent) (c) 1.3 1.5 1.6 (a) Volatility is measured using historical daily price changes of the company's common stock over the expected term of the option. (b) The expected term represents the weighted-average period the option is expected to be outstanding and is based primarily on the historical exercise behavior of employees. (c) The risk-free interest rate is based on the U.S. Treasury zero-coupon yield with a maturity that approximates the expected term of the option. There is no expected dividend yield. |
Schedule of Nonvested Share Activity [Table Text Block] | The following information summarizes the changes in non-vested performance shares, performance units, restricted stock, and restricted stock units for 2016 : Shares Weighted- Average Grant Date Fair Value Non-vested shares at December 31, 2015 1,532,262 $ 52.09 Granted 877,223 52.05 Vested (909,570 ) 43.92 Forfeited (127,869 ) 56.81 Non-vested shares at December 31, 2016 1,372,046 57.04 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The company uses a December 31 measurement date for the Arrow SERP and the Wyle defined benefit plan. Pension information for the years ended December 31 is as follows: Arrow SERP Wyle Defined Benefit Plan 2016 2015 2016 2015 Accumulated benefit obligation $ 84,561 $ 83,310 $ 97,984 $ 129,029 Changes in projected benefit obligation: Projected benefit obligation at beginning of year $ 88,729 $ 85,114 $ 129,029 $ 136,298 Service cost 1,689 1,669 — — Interest cost 3,475 3,484 4,485 5,318 Actuarial loss (gain) 1,021 2,220 (3,244 ) (6,571 ) Benefits paid (3,876 ) (3,758 ) (6,223 ) (6,016 ) Settlement — — (26,063 ) — Projected benefit obligation at end of year $ 91,038 $ 88,729 $ 97,984 $ 129,029 Changes in plan assets: Fair value of plan assets at beginning of year $ — $ — $ 101,859 $ 105,598 Actual return on plan assets — — 1,897 2,277 Benefits paid — — (6,223 ) (6,016 ) Settlement — — (26,063 ) — Fair value of plan assets at end of year $ — $ — $ 71,470 $ 101,859 Funded status $ (91,038 ) $ (88,729 ) $ (26,514 ) $ (27,170 ) Amounts recognized in the company's consolidated balance sheets: Current liabilities $ (4,556 ) $ (3,816 ) $ — $ — Noncurrent liabilities (86,482 ) (84,913 ) (26,514 ) (27,170 ) Net liabilities at end of year $ (91,038 ) $ (88,729 ) $ (26,514 ) $ (27,170 ) Components of net periodic pension cost: Service cost $ 1,689 $ 1,669 $ — $ — Interest cost 3,475 3,484 4,485 5,318 Expected return on plan assets — — (5,273 ) (7,159 ) Amortization of net loss 3,208 3,615 1,827 1,668 Amortization of prior service cost — 25 — — Settlement charge — — 12,211 — Net periodic pension cost $ 8,372 $ 8,793 $ 13,250 $ (173 ) Weighted-average assumptions used to determine benefit obligation: Discount rate 4.00 % 4.00 % 4.00 % 4.25 % Rate of compensation increase 5.00 % 5.00 % N/A N/A Expected return on plan assets N/A N/A 4.75 % 6.25 % Weighted-average assumptions used to determine net periodic pension cost: Discount rate 4.00 % 4.00 % 4.25 % 4.00 % Rate of compensation increase 5.00 % 5.00 % N/A N/A Expected return on plan assets N/A N/A 6.25 % 6.75 % |
Schedule of Expected Benefit Payments [Table Text Block] | Benefit payments are expected to be paid as follows: Arrow SERP Wyle Defined Benefit Plan 2017 $ 4,556 $ 6,251 2018 4,518 6,317 2019 5,906 6,314 2020 5,858 6,282 2021 5,806 6,238 2022-2026 31,982 30,740 |
Schedule of Allocation of Plan Assets [Table Text Block] | The fair values of the company's pension plan assets for the Wyle defined benefit plan at December 31, 2016 , utilizing the fair value hierarchy discussed in Note 7, are as follows: Level 1 Level 2 Level 3 Total Equities : U.S. common stocks $ 29,020 $ — $ — $ 29,020 International mutual funds 10,791 — — 10,791 Index mutual funds 8,501 — — 8,501 Fixed Income : Mutual funds 21,047 — — 21,047 Insurance contracts — 2,111 — 2,111 Total $ 69,359 $ 2,111 $ — $ 71,470 The fair values of the company's pension plan assets for the Wyle defined benefit plan at December 31, 2015 , utilizing the fair value hierarchy discussed in Note 7, are as follows: Level 1 Level 2 Level 3 Total Equities : U.S. common stocks $ 40,757 $ — $ — $ 40,757 International mutual funds 14,750 — — 14,750 Index mutual funds 13,812 — — 13,812 Fixed Income : Mutual funds 29,345 — — 29,345 Insurance contracts — 3,195 — 3,195 Total $ 98,664 $ 3,195 $ — $ 101,859 |
Lease Comitments Lease Commitme
Lease Comitments Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Lease Commitments [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Aggregate minimum rental commitments under all non-cancelable operating leases, exclusive of real estate taxes, insurance, and leases related to facilities closed as a result of the integration of acquired businesses and the restructuring of the company, are as follows: 2017 $ 71,659 2018 52,331 2019 43,708 2020 32,345 2021 23,765 Thereafter 103,732 |
Segment and Geographic Inform40
Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Text Block] | Sales and operating income (loss), by segment, for the years ended December 31 are as follows: 2016 2015 2014 Sales: Global components $ 15,408,839 $ 14,405,793 $ 14,313,026 Global ECS 8,416,422 8,876,227 8,455,648 Consolidated $ 23,825,261 $ 23,282,020 $ 22,768,674 Operating income (loss): Global components $ 686,466 $ 649,396 $ 653,992 Global ECS 441,803 424,063 389,571 Corporate (a) (269,730 ) (248,977 ) (281,306 ) Consolidated $ 858,539 $ 824,482 $ 762,257 (a) Includes restructuring, integration, and other charges of $73,602 , $68,765 , and $39,841 in 2016 , 2015 , and 2014 , respectively. Also included is a non-cash impairment charge associated with discontinuing the use of a trade name of $78,000 in 2014. |
Reconciliation of Assets from Segment to Consolidated [Text Block] | Total assets, by segment, at December 31 are as follows: 2016 2015 Global components $ 8,360,926 $ 7,276,143 Global ECS 5,053,172 5,074,529 Corporate 792,268 671,258 Consolidated $ 14,206,366 $ 13,021,930 |
Schedule Of Revenues From External Customers And Long Lived Assets By Geographical Areas Table [Text Block] | Sales, by geographic area, for the years ended December 31 are as follows: 2016 2015 2014 Americas (b) $ 11,442,690 $ 11,721,528 $ 11,340,277 EMEA 6,772,685 6,788,738 6,864,104 Asia/Pacific 5,609,886 4,771,754 4,564,293 Consolidated $ 23,825,261 $ 23,282,020 $ 22,768,674 (b) Includes sales related to the United States of $10,501,131 , $10,761,932 , and $10,359,936 in 2016 , 2015 , and 2014 , respectively. Net property, plant, and equipment, by geographic area, is as follows: 2016 2015 Americas (c) $ 631,386 $ 582,973 EMEA 90,834 88,727 Asia/Pacific 34,079 28,478 Consolidated $ 756,299 $ 700,178 (c) Includes net property, plant, and equipment related to the United States of $626,964 and $580,791 at December 31, 2016 and 2015 , respectively |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | A summary of the company's consolidated quarterly results of operations is as follows: First Quarter Second Quarter Third Quarter Fourth Quarter 2016 Sales $ 5,474,177 $ 5,972,101 $ 5,936,092 $ 6,442,891 Gross profit 748,898 798,791 773,162 823,348 Net income attributable to shareholders 106,235 134,270 117,727 164,518 Net income per share (a): Basic $ 1.16 $ 1.46 $ 1.29 $ 1.84 Diluted $ 1.14 $ 1.45 $ 1.28 $ 1.81 2015 Sales $ 5,002,385 $ 5,829,989 $ 5,698,304 $ 6,751,342 Gross profit 685,322 768,595 742,367 838,966 Net income attributable to shareholders 106,058 123,932 109,244 158,492 Net income per share (a): Basic $ 1.11 $ 1.30 $ 1.16 $ 1.71 Diluted $ 1.09 $ 1.28 $ 1.15 $ 1.69 (a) Quarterly net income per share is calculated using the weighted-average shares outstanding during each quarterly period, while net income per share for the full year is calculated using the weighted-average shares outstanding during the year. Therefore, the sum of the net income per share for each of the four quarters may not equal the net income per share for the full year. |
Summary of Significant Accoun42
Summary of Significant Accounting Policies - Property Plant and Equipment (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)Year | Dec. 31, 2015USD ($) | |
Property, Plant and Equipment [Line Items] | ||
Unamortized software development costs | $ | $ 477,670 | $ 433,146 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Minimum Useful Life | 20 | |
Property, Plant and Equipment, Maximum Useful Life | 30 | |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Minimum Useful Life | 3 | |
Property, Plant and Equipment, Maximum Useful Life | 10 | |
Computer Software, Intangible Asset [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Minimum Useful Life | 3 | |
Property, Plant and Equipment, Maximum Useful Life | 12 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Impairment of Intangible Assets (Excluding Goodwill) | $ 78,000 | ||
Amortization of stock-based compensation | $ 39,825 | $ 47,274 | 41,930 |
Shipping, Handling and Transportation Costs | $ 79,257 | $ 77,399 | $ 85,591 |
Acquisitions (Details)
Acquisitions (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2016USD ($)$ / shares | Oct. 01, 2016USD ($)$ / shares | Jul. 02, 2016USD ($)$ / shares | Apr. 02, 2016USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares | Sep. 26, 2015USD ($)$ / shares | Jun. 27, 2015USD ($)$ / shares | Mar. 28, 2015USD ($)$ / shares | Dec. 31, 2016USD ($)Acquisitions$ / shares | Dec. 31, 2015USD ($)Acquisitions$ / shares | Dec. 31, 2014USD ($)Acquisitions$ / shares | |||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Sales | $ 6,442,891 | $ 5,936,092 | $ 5,972,101 | $ 5,474,177 | $ 6,751,342 | $ 5,698,304 | $ 5,829,989 | $ 5,002,385 | $ 23,825,261 | $ 23,282,020 | $ 22,768,674 | ||||||||
Goodwill | [1] | 2,392,220 | 2,368,832 | 2,392,220 | 2,368,832 | 2,069,209 | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 64,751 | 514,731 | 162,881 | ||||||||||||||||
Net income attributable to shareholders | $ 164,518 | $ 117,727 | $ 134,270 | $ 106,235 | $ 158,492 | $ 109,244 | $ 123,932 | $ 106,058 | $ 522,750 | $ 497,726 | $ 498,045 | ||||||||
Basic | $ / shares | $ 1.84 | [2] | $ 1.29 | [2] | $ 1.46 | [2] | $ 1.16 | [2] | $ 1.71 | $ 1.16 | $ 1.30 | $ 1.11 | $ 5.75 | $ 5.26 | $ 5.05 | ||||
Diluted | $ / shares | $ 1.81 | [2] | $ 1.28 | [2] | $ 1.45 | [2] | $ 1.14 | [2] | $ 1.69 | $ 1.15 | $ 1.28 | $ 1.09 | $ 5.68 | [3] | $ 5.20 | [3] | $ 4.98 | [3] | |
Business Acquisition, Pro Forma Revenue | $ 23,684,746 | $ 24,189,797 | |||||||||||||||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 500,554 | $ 518,859 | |||||||||||||||||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ / shares | $ 5.29 | $ 5.26 | |||||||||||||||||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ / shares | $ 5.23 | $ 5.19 | |||||||||||||||||
Customer Relationships [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | 10 years | |||||||||||||||||
immixGroup [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | $ 145,130 | $ 145,130 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 24,181 | 24,181 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,569 | 1,569 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 5,313 | 5,313 | |||||||||||||||||
Business Acquisition, Cost of Acquired Entity, Cash Paid | 280,454 | ||||||||||||||||||
Cash Acquired from Acquisition | 28,205 | ||||||||||||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 695,202 | 384,926 | |||||||||||||||||
Goodwill | 183,840 | 183,840 | |||||||||||||||||
Finite-Lived Customer Relationships, Gross | 46,400 | 46,400 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | (136,921) | (136,921) | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (11,736) | (11,736) | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (5,527) | (5,527) | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 252,249 | 252,249 | |||||||||||||||||
immixGroup [Member] | Customer Relationships [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Finite-Lived Customer Relationships, Gross | 44,000 | $ 44,000 | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 13 years | ||||||||||||||||||
immixGroup [Member] | Trade Names [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | ||||||||||||||||||
Finite-Lived Trade Names, Gross | $ 2,400 | $ 2,400 | |||||||||||||||||
Series of Individually Immaterial Business Acquisitions [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Debt acquired from acquisition | $ 84,487 | ||||||||||||||||||
Number of Businesses Acquired | Acquisitions | 3 | 9 | 5 | ||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 63,869 | $ 263,341 | $ 162,881 | ||||||||||||||||
Business Acquisition, Contingent Consideration, at Fair Value | 5,853 | ||||||||||||||||||
Business Combination, Other Amounts Withheld | $ 210 | ||||||||||||||||||
Data Modul AG [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 53.70% | 53.70% | |||||||||||||||||
Additional Percentage Interest Acquired of Subsidiary Shares from Noncontrolling Interest | 3.60% | ||||||||||||||||||
[1] | The total carrying value of goodwill of companies acquired for all periods in the table above is reflected net of $1,018,780 of accumulated impairment charges, of which $716,925 was recorded in the global components business segment and $301,855 was recorded in the global ECS business segment. | ||||||||||||||||||
[2] | Quarterly net income per share is calculated using the weighted-average shares outstanding during each quarterly period, while net income per share for the full year is calculated using the weighted-average shares outstanding during the year. Therefore, the sum of the net income per share for each of the four quarters may not equal the net income per share for the full year. | ||||||||||||||||||
[3] | Stock-based compensation awards for the issuance of 766 shares, 658 shares, and 294 shares for the years ended December 31, 2016, 2015, and 2014, respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive. |
Goodwill and Intangible Asset45
Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Goodwill [Roll Forward] | |||
Goodwill, Beginning balance | [1] | $ 2,368,832 | $ 2,069,209 |
Acquisitions | 57,154 | 362,051 | |
Foreign currency translation adjustment | (33,766) | (62,428) | |
Goodwill, Ending balance | [1] | 2,392,220 | 2,368,832 |
Goodwill, Impaired, Accumulated Impairment Loss | 1,018,780 | ||
Global components [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning balance | [1] | 1,230,832 | 1,051,783 |
Acquisitions | 20,724 | 187,977 | |
Foreign currency translation adjustment | (11,815) | (8,928) | |
Goodwill, Ending balance | [1] | 1,239,741 | 1,230,832 |
Goodwill, Impaired, Accumulated Impairment Loss | 716,925 | ||
Global ECS [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning balance | [1] | 1,138,000 | 1,017,426 |
Acquisitions | 36,430 | 174,074 | |
Foreign currency translation adjustment | (21,951) | (53,500) | |
Goodwill, Ending balance | [1] | 1,152,479 | $ 1,138,000 |
Goodwill, Impaired, Accumulated Impairment Loss | $ 301,855 | ||
[1] | The total carrying value of goodwill of companies acquired for all periods in the table above is reflected net of $1,018,780 of accumulated impairment charges, of which $716,925 was recorded in the global components business segment and $301,855 was recorded in the global ECS business segment. |
Goodwill Goodwill and Intangibl
Goodwill Goodwill and Intangible Assets - Intangible Assets (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)Years | Dec. 31, 2014USD ($) | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||
Gross carrying amount | $ 593,037 | $ 613,390 | ||
Accumulated amortization | (256,155) | (224,064) | ||
Intangible assets, net | 336,882 | 389,326 | ||
Impairment of Intangible Assets (Excluding Goodwill) | $ 78,000 | |||
Amortization of Intangible Assets | 54,886 | $ 51,036 | $ 44,063 | |
Future Amortization Expense, Year One | 49,386 | |||
Future Amortization Expense, Year Two | 43,245 | |||
Future Amortization Expense, Year Three | 36,929 | |||
Future Amortization Expense, Year Four | 29,973 | |||
Future Amortization Expense, Year Five | $ 21,724 | |||
Customer Relationships [Member] | ||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||
Weighted Average Useful Life | 10 years | 10 years | ||
Gross carrying amount | $ 476,176 | $ 498,319 | ||
Accumulated amortization | (247,206) | (215,263) | ||
Intangible assets, net | $ 228,970 | $ 283,056 | ||
Patented Technology [Member] | ||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||
Weighted Average Useful Life | 5 years | 5 years | ||
Gross carrying amount | $ 9,140 | $ 13,154 | ||
Accumulated amortization | (4,435) | (7,894) | ||
Intangible assets, net | 4,705 | 5,260 | ||
Other Intangible Assets [Member] | ||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||
Gross carrying amount | 6,721 | 917 | [1] | |
Accumulated amortization | (4,514) | (907) | [1] | |
Intangible assets, net | 2,207 | $ 10 | [1] | |
Acquired Finite-lived Intangible Asset, Useful Life, Minimum | Years | 2 | |||
Acquired Finite-lived Intangible Asset, Useful Life, Maximum | Years | 3 | |||
Trade Names [Member] | ||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||
Gross carrying amount | 101,000 | $ 101,000 | ||
Accumulated amortization | 0 | 0 | ||
Intangible assets, net | $ 101,000 | $ 101,000 | ||
[1] | Consists of non-competition agreements with useful lives ranging from two to three years. |
Investments in Affiliated Com47
Investments in Affiliated Companies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||
Investments in affiliated companies | $ 88,401 | $ 73,376 | |
Equity in earnings of affiliated companies | $ 7,573 | 7,037 | $ 7,318 |
Marubun/Arrow [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Investments in affiliated companies | $ 65,237 | 62,530 | |
Equity in earnings of affiliated companies | 7,629 | 6,212 | 6,510 |
Other joint venture [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in affiliated companies | 23,164 | 10,846 | |
Equity in earnings of affiliated companies | $ (56) | $ 825 | $ 808 |
Minimum [Member] | Other joint venture [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 43.00% | ||
Maximum [Member] | Other joint venture [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customer Accounts Receivable and Note Receivable | $ 20,000 | |
Accounts receivable | 6,798,943 | $ 6,211,077 |
Allowances for doubtful accounts | (52,256) | (49,659) |
Accounts receivable, net | $ 6,746,687 | $ 6,161,418 |
Debt - ST Debt (Details)
Debt - ST Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Short-term Debt [Line Items] | ||
Debt, Current | $ 93,827 | $ 44,024 |
Short-term Debt, Weighted Average Interest Rate | 2.40% | 3.30% |
Short-term borrowings in various countries [Member] | ||
Short-term Debt [Line Items] | ||
Debt, Current | $ 93,827 | $ 44,024 |
Debt - LT Debt (Details)
Debt - LT Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Long-term debt | $ 2,696,334 | $ 2,380,575 | |
Accounts receivable, net | 6,746,687 | 6,161,418 | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 93,827 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 500,737 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 461,573 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 299,611 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 248,852 | ||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 1,185,561 | ||
Redemption of Notes, Principal Amount | 250,000 | ||
Net proceeds from note offering | 0 | 688,162 | $ 0 |
Loss on prepayment of debt | 0 | 2,943 | 0 |
Investment Income, Interest and Dividend | 18,680 | 6,301 | 5,552 |
Interest Paid | 141,816 | 133,390 | $ 120,477 |
Asset securitization program [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Prior Maximum Borrowing Capacity | 900,000 | ||
Long-term debt | $ 460,000 | 75,000 | |
Debt Instrument, Interest Rate, Effective Percentage | 1.31% | ||
Accounts receivable, net | $ 2,045,464 | $ 1,871,831 | |
Asset Securitization Program Interest Rate Spread At End of Period | 0.40% | ||
Asset Securitization Program Facility Fee | 0.40% | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 910,000 | ||
3.375% notes, due 2015 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.375% | 3.375% | |
6.875% senior debentures, due 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 199,348 | $ 198,886 | |
Debt Instrument, Fair Value | $ 212,500 | 218,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | ||
3.00% notes, due 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 299,013 | 298,197 | |
Debt Instrument, Fair Value | $ 303,500 | 303,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | ||
6.00% notes, due 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 299,183 | 298,932 | |
Debt Instrument, Fair Value | $ 325,500 | 330,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||
5.125% notes, due 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 248,843 | 248,566 | |
Debt Instrument, Fair Value | $ 265,500 | 267,500 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | ||
notes due in 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 345,776 | 345,061 | |
Debt Instrument, Fair Value | $ 349,500 | 343,000 | |
Debt Instrument, Face Amount | $ 350,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | 3.50% | |
4.50% notes, due 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 296,646 | $ 296,194 | |
Debt Instrument, Fair Value | $ 305,500 | 309,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | ||
notes due in 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 344,625 | 344,092 | |
Debt Instrument, Fair Value | $ 345,000 | 336,000 | |
Debt Instrument, Face Amount | $ 350,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | 4.00% | |
7.50% senior debentures, due 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 198,514 | $ 198,366 | |
Debt Instrument, Fair Value | $ 238,000 | 238,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | ||
Interest rate swaps designated as fair value hedges [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 152 | 711 | |
Other obligations with various interest rates and due dates [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 4,234 | 4,570 | |
Uncommitted Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000 | ||
Commercial Paper [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 1,200,000 | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Prior Maximum Borrowing Capacity | 1,500,000 | ||
Long-term debt | $ 0 | $ 72,000 | |
Debt Instrument, Interest Rate, Effective Percentage | 1.99% | ||
Asset Securitization Program Interest Rate Spread At End of Period | 1.18% | ||
Asset Securitization Program Facility Fee | 0.20% | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,800,000 |
Financial Instruments Measure51
Financial Instruments Measured at Fair Value (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents | $ 2,660 | $ 1,559 |
Available-for-sale securities | 37,915 | 41,178 |
Interest rate swaps - asset | 152 | 711 |
Foreign exchange contracts - asset | 4,685 | 2,625 |
Foreign exchange contracts - liability | (3,444) | (3,363) |
Contingent consideration | (4,027) | (3,889) |
Total Fair Value Assets And Liabilities Measured On Recurring Basis | 37,941 | 38,821 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents | 2,660 | 1,559 |
Available-for-sale securities | 37,915 | 41,178 |
Interest rate swaps - asset | 0 | 0 |
Foreign exchange contracts - asset | 0 | 0 |
Foreign exchange contracts - liability | 0 | 0 |
Contingent consideration | 0 | 0 |
Total Fair Value Assets And Liabilities Measured On Recurring Basis | 40,575 | 42,737 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents | 0 | 0 |
Available-for-sale securities | 0 | 0 |
Interest rate swaps - asset | 152 | 711 |
Foreign exchange contracts - asset | 4,685 | 2,625 |
Foreign exchange contracts - liability | (3,444) | (3,363) |
Contingent consideration | 0 | 0 |
Total Fair Value Assets And Liabilities Measured On Recurring Basis | 1,393 | (27) |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents | 0 | 0 |
Available-for-sale securities | 0 | 0 |
Interest rate swaps - asset | 0 | 0 |
Foreign exchange contracts - asset | 0 | 0 |
Foreign exchange contracts - liability | 0 | 0 |
Contingent consideration | (4,027) | (3,889) |
Total Fair Value Assets And Liabilities Measured On Recurring Basis | $ (4,027) | $ (3,889) |
Financial Instruments Measure52
Financial Instruments Measured at Fair Value - AFS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from Sale of Available-for-sale Securities | $ 0 | $ 2,008 | $ 40,542 |
Gain on sale of investment | $ 0 | 2,008 | $ 29,743 |
WPG [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available For Sale Investment Ownership Percentage | 1.90% | ||
Marubun [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available For Sale Investment Ownership Percentage | 8.40% | ||
Cost basis | $ 10,016 | 10,016 | |
Unrealized holding gain | 3,806 | 8,708 | |
Fair value | 13,822 | 18,724 | |
Mutual Funds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost basis | 18,097 | 17,389 | |
Unrealized holding gain | 5,996 | 5,065 | |
Fair value | $ 24,093 | $ 22,454 |
Financial Instruments Measure53
Financial Instruments Measured at Fair Value - Derivatives (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2011 | |
Derivatives, Fair Value [Line Items] | ||||
Debt Instrument, Description of Variable Rate Basis | 6 mo. USD LIBOR + | |||
Notional amount | $ 460,233 | $ 382,025 | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $ 927 | $ 4,232 | $ (1,851) | |
6.00% notes, due 2020 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||
6.875% senior debentures, due 2018 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | |||
3.375% notes, due 2015 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.375% | 3.375% | ||
Interest Rate Swap [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $ (608) | $ (523) | (656) | |
Interest rate swaps designated as fair value hedges [Member] | 6.00% notes, due 2020 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 50,000 | |||
Interest rate swaps designated as fair value hedges [Member] | 6.875% senior debentures, due 2018 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 50,000 | |||
Interest Rate Swaps Converting Notes Due in 2015 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | $ 200,000 | $ 250,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.98% | |||
Cash received upon termination of 2015 swaps | $ 896 | |||
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge | $ 11,856 | |||
Foreign Exchange Contract [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 1,535 | 4,755 | (1,195) | |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net | 0 | 827 | 0 | |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net | $ (153) | $ (1,001) | $ 412 | |
due to counterparty [Member] | 6.00% notes, due 2020 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Variable Interest Rate | 3.896% | |||
due to counterparty [Member] | 6.875% senior debentures, due 2018 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Variable Interest Rate | 5.301% | |||
Due From Counterparty [Member] | 6.00% notes, due 2020 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Fixed Interest Rate | 6.00% | |||
Due From Counterparty [Member] | 6.875% senior debentures, due 2018 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Fixed Interest Rate | 6.875% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Contingency [Line Items] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 35.00% | |||
Unrecognized Tax Benefits | $ 31,534 | $ 36,935 | $ 44,701 | $ 45,987 |
Unrecognized Tax Benefits Expected to be Paid | 365 | |||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | (1,946) | (3,247) | 1,570 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 6,881 | 8,878 | ||
Operating Loss Carryforwards | 23,454 | |||
Deferred Tax Liabilities, Undistributed Foreign Earnings | 2,848,219 | |||
Income Taxes Paid, Net | 190,109 | $ 182,668 | $ 223,909 | |
International [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Tax Credit Carryforward, Amount | 289,953 | |||
Tax Credit Carryforward, Subject to Expiration | 9,388 | |||
Tax Credit Carryforward, No Expiration | 280,565 | |||
Tax Credit Carryforward, Deferred Tax Asset | 91,088 | |||
Other Tax Carryforward, Valuation Allowance | $ 4,812 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Loss Carryforwards [Line Items] | |||
Current Federal Tax Expense (Benefit) | $ 45,314 | $ 82,532 | $ 101,857 |
Current State and Local Tax Expense (Benefit) | 7,022 | 18,022 | 20,123 |
Current International Tax Expense (Benefit) | 110,208 | 85,310 | 88,707 |
Current Income Tax Expense (Benefit) | 162,544 | 185,864 | 210,687 |
Deferred Federal Income Tax Expense (Benefit) | 29,973 | 12,127 | (1,097) |
Deferred State and Local Income Tax Expense (Benefit) | 7,161 | (1,828) | (2,071) |
Deferred International Income Tax Expense (Benefit) | (9,004) | (4,466) | (22,576) |
Deferred income taxes | 28,130 | 5,833 | (25,744) |
Provision for income taxes | $ 190,674 | $ 191,697 | $ 184,943 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 35.00% | ||
United States | $ 235,256 | $ 281,579 | $ 317,400 |
International | 480,141 | 410,604 | 365,933 |
Income before income taxes | 715,397 | 692,183 | 683,333 |
Provision at statutory tax rate | 250,389 | 242,264 | 239,166 |
State taxes, net of federal benefit | 9,219 | 10,526 | 11,734 |
International effective tax rate differential | (64,002) | (56,132) | (56,865) |
Change in valuation allowance | 7,174 | (205) | (7,803) |
Other non-deductible expenses | 3,516 | 3,530 | 4,040 |
Changes in tax accruals | (3,679) | (7,423) | 1,335 |
Tax Credits | (14,510) | 0 | 0 |
Other | 2,567 | (863) | (6,664) |
Provision for income taxes | $ 190,674 | $ 191,697 | $ 184,943 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Unrecognized Tax Benefits Reconciliation | |||
Balance at beginning of year | $ 36,935 | $ 44,701 | $ 45,987 |
Additions based on tax positions taken during a prior period | 2,356 | 2,568 | 3,792 |
Reductions based on tax positions taken during a prior period | (6,305) | (9,482) | (7,737) |
Additions based on tax positions taken during the current period | 3,935 | 8,440 | 5,518 |
Reductions related to settlement of tax matters | (2,795) | (4,143) | (317) |
Reductions related to a lapse of applicable statute of limitations | (2,592) | (5,149) | (2,542) |
Balance at end of year | 31,534 | 36,935 | $ 44,701 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 6,881 | $ 8,878 |
Income Taxes - Summary of Open
Income Taxes - Summary of Open Tax Positions (Details) | 12 Months Ended | |
Dec. 31, 2016 | ||
Minimum [Member] | United States Federal [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,013 | |
Minimum [Member] | United States State [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,009 | |
Minimum [Member] | Germany [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,010 | [1] |
Minimum [Member] | Hong Kong [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,011 | |
Minimum [Member] | Italy [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,012 | [1] |
Minimum [Member] | Sweden [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,011 | |
Minimum [Member] | United Kingdom [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,014 | |
Maximum [Member] | United States Federal [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,016 | |
Maximum [Member] | United States State [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,016 | |
Maximum [Member] | Germany [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,016 | [1] |
Maximum [Member] | Hong Kong [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,016 | |
Maximum [Member] | Italy [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,016 | [1] |
Maximum [Member] | Sweden [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,016 | |
Maximum [Member] | United Kingdom [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,016 | |
[1] | Includes federal as well as local jurisdictions. |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred Tax Assets and Liabilities [Line Items] | ||
Net operating loss carryforwards | $ 102,710 | $ 102,005 |
Inventory adjustments | 56,890 | 48,467 |
Allowance for doubtful accounts | 14,526 | 13,371 |
Accrued expenses | 40,179 | 43,044 |
Interest carryforward | 19,073 | 26,051 |
Stock-based compensation awards | 24,505 | 26,911 |
Other comprehensive income items | 10,859 | 16,232 |
Deferred Tax Assets, Tax Deferred Expense, Integration and Restructuring | 2,970 | 4,117 |
Other | 17,830 | 7,892 |
Deferred Tax Assets, Gross | 289,542 | 288,090 |
Valuation Allowance | (15,323) | (8,149) |
Total deferred tax assets | 274,219 | 279,941 |
Goodwill | (142,541) | (113,788) |
Depreciation | (94,838) | (83,291) |
Intangible Assets | (21,118) | (31,481) |
Deferred Tax Liabilities, Other | 0 | 0 |
Total deferred tax liabilities | (258,497) | (228,560) |
Total net deferred tax assets | $ 15,722 | $ 51,381 |
Restructuring, Integration, a60
Restructuring, Integration, and Other Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring, integration, and other charges | $ 73,602 | $ 68,765 | $ 39,841 |
Restructuring Charges From Acquisitions [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring, integration, and other charges | 8,705 | 19,565 | 364 |
Other Restructuring Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring, integration, and other charges | 37,097 | 25,562 | |
Restructuring Charges From Prior Periods [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring, integration, and other charges | 3,611 | 4,084 | 1,130 |
Restructuring Charges 2016 Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring, integration, and other charges | 32,894 | ||
Restructuring Charges 2016 Plan [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring, integration, and other charges | 25,763 | ||
Restructuring Charges 2016 Plan [Member] | Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring, integration, and other charges | 5,786 | ||
Restructuring Charges 2016 Plan [Member] | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring, integration, and other charges | 1,345 | ||
Restructuring Charges 2015 Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring, integration, and other charges | 3,952 | 39,119 | |
Restructuring Charges 2015 Plan [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring, integration, and other charges | 1,100 | 33,850 | |
Restructuring Charges 2015 Plan [Member] | Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring, integration, and other charges | 2,799 | 4,223 | |
Restructuring Charges 2015 Plan [Member] | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring, integration, and other charges | 53 | $ 1,046 | |
Restructuring Charges 2014 Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring, integration, and other charges | $ 38,347 | ||
Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Costs | 4,329 | ||
Loss Contingency Accrual, Period Increase (Decrease) | (2) | ||
Accrual for Environmental Loss Contingencies, Period Increase (Decrease) | $ 11,771 |
Restructuring, Integration, a61
Restructuring, Integration, and Other Charges - Accrual (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Restructuring Reserve [Roll Forward] | |||
Restructuring, integration, and other charges | $ 73,602 | $ 68,765 | $ 39,841 |
Restructuring Reserve | 21,676 | ||
Employee Severance [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | 14,800 | ||
Restructuring Reserve Scheduled Severance Payments Year One | 13,428 | ||
Restructuring Reserve Scheduled Severance Payments Year Two | 1,170 | ||
Restructuring Reserve Scheduled Severance Payments Year Three | 195 | ||
Restructuring Reserve Scheduled Severance Payments Year Four | 7 | ||
Facility Closing [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | 6,385 | ||
Restructuring Reserve Scheduled Lease Payments Year One | 4,195 | ||
Restructuring Reserve Scheduled Lease Payments Year Three | 586 | ||
Restructuring Reserve Scheduled Lease Payments Year Two | 1,604 | ||
Other Restructuring [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | $ 491 | ||
Number of Years for the Other Accrual to Be Spent | 0 | ||
Restructuring Charges 2016 Plan [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring, integration, and other charges | $ 32,894 | ||
Payments | (16,836) | ||
Foreign currency translation | (255) | ||
Restructuring Reserve | 15,803 | ||
Restructuring Charges 2016 Plan [Member] | Employee Severance [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring, integration, and other charges | 25,763 | ||
Payments | (13,730) | ||
Foreign currency translation | (339) | ||
Restructuring Reserve | 11,694 | ||
Restructuring Charges 2016 Plan [Member] | Facility Closing [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring, integration, and other charges | 5,786 | ||
Payments | (1,974) | ||
Foreign currency translation | (19) | ||
Restructuring Reserve | 3,793 | ||
Restructuring Charges 2016 Plan [Member] | Other Restructuring [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring, integration, and other charges | 1,345 | ||
Payments | (1,132) | ||
Foreign currency translation | 103 | ||
Restructuring Reserve | 316 | ||
Restructuring Charges 2015 Plan [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | 16,883 | ||
Restructuring, integration, and other charges | 3,952 | 39,119 | |
Payments | (16,618) | (21,108) | |
Non-cash usage | (1,161) | ||
Foreign currency translation | (16) | 33 | |
Restructuring Reserve | 4,201 | 16,883 | |
Restructuring Charges 2015 Plan [Member] | Employee Severance [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | 16,321 | ||
Restructuring, integration, and other charges | 1,100 | 33,850 | |
Payments | (15,388) | (17,569) | |
Non-cash usage | 0 | ||
Foreign currency translation | (27) | 40 | |
Restructuring Reserve | 2,006 | 16,321 | |
Restructuring Charges 2015 Plan [Member] | Facility Closing [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | 403 | ||
Restructuring, integration, and other charges | 2,799 | 4,223 | |
Payments | (1,183) | (3,335) | |
Non-cash usage | (482) | ||
Foreign currency translation | 1 | (3) | |
Restructuring Reserve | 2,020 | 403 | |
Restructuring Charges 2015 Plan [Member] | Other Restructuring [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | 159 | ||
Restructuring, integration, and other charges | 53 | 1,046 | |
Payments | (47) | (204) | |
Non-cash usage | (679) | ||
Foreign currency translation | 10 | (4) | |
Restructuring Reserve | 175 | $ 159 | |
Restructuring Charges From Prior to 2015 [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring, integration, and other charges | 341 | ||
Restructuring Reserve | 1,672 | ||
Restructuring Charges From Prior to 2015 [Member] | Employee Severance [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring, integration, and other charges | (536) | ||
Restructuring Reserve | 1,100 | ||
Restructuring Charges From Prior to 2015 [Member] | Facility Closing [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring, integration, and other charges | (131) | ||
Restructuring Reserve | 572 | ||
Restructuring Charges From Prior to 2015 [Member] | Other Restructuring [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring, integration, and other charges | $ 326 |
Shareholders' Equity Shareholde
Shareholders' Equity Shareholders Equity Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ (348,556) | $ (241,326) | $ (16,605) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (383,854) | (284,706) | (64,617) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (109,187) | (223,268) | (265,030) |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | (2,439) | 814 | (12,925) |
Other Comprehensive Income (Loss), Unrealized Gain on Derivatives Arising During Period, Net of Tax | 373 | 871 | 403 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 10,148 | 2,947 | (12,617) |
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | (99,148) | (220,089) | |
Other comprehensive income | (101,105) | (218,636) | (290,169) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | (107,230) | (224,721) | |
Unrealized gain loss on investment securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 6,094 | 8,533 | 7,719 |
Unrealized gain loss on interest rate swaps designated as cash flow hedges, net [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (2,947) | (3,320) | (4,191) |
Employee benefit plan items [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (38,445) | (48,593) | $ (51,540) |
Other comprehensive income before reclassifications [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (103,254) | (221,791) | |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | (2,439) | 814 | |
Other Comprehensive Income (Loss), Unrealized Gain on Derivatives Arising During Period, Net of Tax | 0 | 550 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 204 | 15 | |
Other comprehensive income | (105,489) | (220,412) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (3,976) | (2,930) | |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | 0 | 0 | |
Other Comprehensive Income (Loss), Unrealized Gain on Derivatives Arising During Period, Net of Tax | 373 | 321 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 9,944 | 2,932 | |
Other comprehensive income | 6,341 | 323 | |
Intra-entity foreign currency transactions [Member] | Other comprehensive income before reclassifications [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $ (12,852) | $ 30,960 |
Shareholders' Equity-Common Sto
Shareholders' Equity-Common Stock Rollforward (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 01, 2016 | Sep. 26, 2015 | May 01, 2015 | Dec. 01, 2014 | May 01, 2014 | |
Preferred Stock, Shares Authorized | 2,000,000 | |||||||
Stock Repurchase Program, Authorized Amount | $ 400,000 | $ 400,000 | $ 200,000 | $ 200,000 | $ 200,000 | |||
Stock Repurchase Program, Dollar Value of Shares Repurchased | $ 680,088 | 0 | 280,088 | 200,000 | 200,000 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 519,912 | $ 400,000 | $ 119,912 | $ 0 | $ 0 | |||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 1,200,000 | |||||||
Common Stock Issued [Member] | ||||||||
Common stock outstanding, Beginning balance | 125,424 | 125,424 | 125,424 | |||||
Shares issued for stock-based compensation awards | 0 | 0 | 0 | |||||
Repurchases of common stock | 0 | 0 | 0 | |||||
Common stock outstanding, Ending balance | 125,424 | 125,424 | 125,424 | |||||
Treasury Stock [Member] | ||||||||
Common stock outstanding, Beginning balance | 34,501 | 29,529 | 25,488 | |||||
Shares issued for stock-based compensation awards | (1,372) | (1,155) | (1,506) | |||||
Repurchases of common stock | 3,382 | 6,127 | 5,547 | |||||
Common stock outstanding, Ending balance | 36,511 | 34,501 | 29,529 | |||||
Common Stock at Par Value [Member] | ||||||||
Common stock outstanding, Beginning balance | 90,923 | 95,895 | 99,936 | |||||
Shares issued for stock-based compensation awards | 1,372 | 1,155 | 1,506 | |||||
Repurchases of common stock | (3,382) | (6,127) | (5,547) | |||||
Common stock outstanding, Ending balance | 88,913 | 90,923 | 95,895 |
Net Income Per Share (Details)
Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Dec. 31, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||||||
Earnings Per Share, Diluted [Line Items] | ||||||||||||||||||
Net income attributable to shareholders | $ 164,518 | $ 117,727 | $ 134,270 | $ 106,235 | $ 158,492 | $ 109,244 | $ 123,932 | $ 106,058 | $ 522,750 | $ 497,726 | $ 498,045 | |||||||
Weight-average shares outstanding - basic | 90,960 | 94,608 | 98,675 | |||||||||||||||
Net effect of various dilutive stock-based compensation awards | 1,073 | 1,078 | 1,272 | |||||||||||||||
Weighted average shares outstanding - diluted | 92,033 | 95,686 | 99,947 | |||||||||||||||
Net Income per Share [Abstract] | ||||||||||||||||||
Basic | $ 1.84 | [1] | $ 1.29 | [1] | $ 1.46 | [1] | $ 1.16 | [1] | $ 1.71 | $ 1.16 | $ 1.30 | $ 1.11 | $ 5.75 | $ 5.26 | $ 5.05 | |||
Diluted | $ 1.81 | [1] | $ 1.28 | [1] | $ 1.45 | [1] | $ 1.14 | [1] | $ 1.69 | $ 1.15 | $ 1.28 | $ 1.09 | $ 5.68 | [2] | $ 5.20 | [2] | $ 4.98 | [2] |
Stock Compensation Plan [Member] | ||||||||||||||||||
Net Income per Share [Abstract] | ||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 766 | 658 | 294 | |||||||||||||||
[1] | Quarterly net income per share is calculated using the weighted-average shares outstanding during each quarterly period, while net income per share for the full year is calculated using the weighted-average shares outstanding during the year. Therefore, the sum of the net income per share for each of the four quarters may not equal the net income per share for the full year. | |||||||||||||||||
[2] | Stock-based compensation awards for the issuance of 766 shares, 658 shares, and 294 shares for the years ended December 31, 2016, 2015, and 2014, respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive. |
Employee Stock Plans (Details)
Employee Stock Plans (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 19,100,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Additional Registered Shares | 5,600,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 5,862,454 | 7,553,173 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $ 10,511 | $ 10,400 | $ 15,360 |
Proceeds from exercise of stock options | 18,967 | 14,900 | 21,788 |
Amortization of stock-based compensation | 39,825 | 47,274 | 41,930 |
Tax benefits related to stock-based compensation awards | $ 19,745 | $ 16,593 | $ 18,718 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 16.93 | $ 19.10 | $ 20.32 |
Non-employee director award | $ 130 |
Employee Stock Plans - Stock Op
Employee Stock Plans - Stock Option Activity Table (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Shares outstanding | 1,744,345 | 1,813,198 |
Shares outstanding, weighted-average exercise price | $ 50.72 | $ 46.29 |
Shares granted | 506,976 | |
Shares granted, weighted-average exercise price | $ 56.96 | |
Shares exercised | (476,489) | |
Shares exercised, weighted-average exercise price | $ 39.81 | |
Shares forfeited | (99,340) | |
Shares forfeited, weighted-average exercise price | $ 54.01 | |
Shares exercisable | 751,360 | |
Shares exercisable, weighted-average exercise price | $ 42.43 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 61 months | |
Shares outstanding, weighted-average remaining contractual life | 83 months | |
Shares outstanding, aggregate intrinsic value | $ 35,895 | |
Shares exercisable, aggregate intrinsic value | $ 21,689 |
Employee Stock Plans - Stock 67
Employee Stock Plans - Stock Option Valuation Assumptions (Details) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate | [1] | 31.00% | 28.00% | 37.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | [2] | 5 years 2 months 18 days | 4 years 9 months 18 days | 5 years 3 months 18 days |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | [3] | 1.30% | 1.50% | 1.60% |
[1] | Volatility is measured using historical daily price changes of the company's common stock over the expected term of the option. | |||
[2] | The expected term represents the weighted-average period the option is expected to be outstanding and is based primarily on the historical exercise behavior of employees. | |||
[3] | The risk-free interest rate is based on the U.S. Treasury zero-coupon yield with a maturity that approximates the expected term of the option. |
Employee Stock Plans - Summary
Employee Stock Plans - Summary of Non-Vested Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,372,046 | 1,532,262 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 57.04 | $ 52.09 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 877,223 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 52.05 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (909,570) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 43.92 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (127,869) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period, Weighted Average Grant Date Fair Value | $ 56.81 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $ 52,026 | $ 48,118 | $ 47,583 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 42,347 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years 1 month 14 days |
Employee Benefit Plan - Narrati
Employee Benefit Plan - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)Employees | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Other Comprehensive Income (loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Loss Recognized in Net Periodic Benefit Cost, After Tax | $ 10,625 | $ 3,282 | $ 1,994 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Loss, After Tax | 740 | 185 | 14,901 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Actuarial Loss, After Tax | 36,841 | 46,725 | |
Defined Contribution Plan, Cost Recognized | 13,432 | 13,604 | 12,584 |
Defined Contribution Plan, Employer Discretionary Contribution Amount | 7,572 | 7,151 | 7,139 |
International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost Recognized | $ 27,130 | $ 26,945 | $ 27,284 |
Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities | 65.00% | ||
Fixed Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities | 35.00% | ||
Current Arrow SERP [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of Participants | Employees | 9 | ||
Former Arrow SERP [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of Participants | Employees | 21 | ||
Defined Benefit Plan, Actuarial Loss [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Amortization of Net Losses | $ 1,761 |
Employee Benefit Plans - Arrow
Employee Benefit Plans - Arrow SERP and Wyle Defined Benefit Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 7,572 | $ 7,151 | $ 7,139 |
Defined Benefit Plan, Fair Value of Plan Assets | $ 71,470 | $ 101,859 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Expected Long-Term Return on Assets | 4.75% | 6.25% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 6.25% | 6.75% | |
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 84,561 | $ 83,310 | |
Defined Benefit Plan, Benefit Obligation | 91,038 | 88,729 | 85,114 |
Defined Benefit Plan, Service Cost | 1,689 | 1,669 | |
Defined Benefit Plan, Interest Cost | 3,475 | 3,484 | |
Defined Benefit Plan, Actuarial Net (Gains) Losses | 1,021 | 2,220 | |
Defined Benefit Plan, Benefits Paid | (3,876) | (3,758) | |
Defined Benefit Plan, Lum Sum Payments | 0 | 0 | |
Defined Benefit Plan, Funded Status of Plan | (91,038) | (88,729) | |
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | (4,556) | (3,816) | |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | (86,482) | (84,913) | |
Defined Benefit Plan, Expected Return on Plan Assets | 0 | 0 | |
Defined Benefit Plan, Amortization of Gains (Losses) | (3,208) | (3,615) | |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 25 | |
Settlement charge | 0 | 0 | |
Defined Benefit Plan, Net Periodic Benefit Cost | $ 8,372 | $ 8,793 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.00% | 4.00% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 5.00% | 5.00% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.00% | 4.00% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 5.00% | 5.00% | |
Defined Benefit Plan, Expected Future Benefit Payments in Year One | $ 4,556 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | 4,518 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | 5,906 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | 5,858 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | 5,806 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | 31,982 | ||
Wyle Defined Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | 97,984 | $ 129,029 | |
Defined Benefit Plan, Benefit Obligation | 97,984 | 129,029 | 136,298 |
Defined Benefit Plan, Service Cost | 0 | 0 | |
Defined Benefit Plan, Interest Cost | 4,485 | 5,318 | |
Defined Benefit Plan, Actuarial Net (Gains) Losses | (3,244) | (6,571) | |
Defined Benefit Plan, Benefits Paid | (6,223) | (6,016) | |
Defined Benefit Plan, Lum Sum Payments | (26,063) | 0 | |
Defined Benefit Plan, Fair Value of Plan Assets | 71,470 | 101,859 | $ 105,598 |
Defined Benefit Plan, Actual Return on Plan Assets | 1,897 | 2,277 | |
Defined Benefit Plan, Settlements, Plan Assets | (26,063) | 0 | |
Defined Benefit Plan, Funded Status of Plan | (26,514) | (27,170) | |
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | 0 | 0 | |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | (26,514) | (27,170) | |
Defined Benefit Plan, Expected Return on Plan Assets | (5,273) | (7,159) | |
Defined Benefit Plan, Amortization of Gains (Losses) | (1,827) | (1,668) | |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 | |
Settlement charge | (12,211) | 0 | |
Defined Benefit Plan, Net Periodic Benefit Cost | $ 13,250 | $ (173) | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.00% | 4.25% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.25% | 4.00% | |
Defined Benefit Plan, Expected Future Benefit Payments in Year One | $ 6,251 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | 6,317 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | 6,314 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | 6,282 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | 6,238 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | $ 30,740 |
Employee Benefit Plans - Fair V
Employee Benefit Plans - Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 71,470 | $ 101,859 |
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 69,359 | 98,664 |
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 2,111 | 3,195 |
Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
US Common Stocks [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 29,020 | 40,757 |
US Common Stocks [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 29,020 | 40,757 |
US Common Stocks [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
US Common Stocks [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
International Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 10,791 | 14,750 |
International Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 10,791 | 14,750 |
International Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
International Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Index Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 8,501 | 13,812 |
Index Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 8,501 | 13,812 |
Index Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Index Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 21,047 | 29,345 |
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 21,047 | 29,345 |
Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Insurance Contracts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 2,111 | 3,195 |
Insurance Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Insurance Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 2,111 | 3,195 |
Insurance Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | $ 0 |
Lease Commitments - Narrative (
Lease Commitments - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Leased Assets [Line Items] | |||
Lease Expiration Date | 2,031 | ||
Operating Leases, Rent Expense, Net | $ 78,521 | $ 77,405 | $ 77,392 |
Lease Comitments (Details)
Lease Comitments (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Lease Commitments [Abstract] | |
2,017 | $ 71,659 |
2,018 | 52,331 |
2,019 | 43,708 |
2,020 | 32,345 |
2,021 | 23,765 |
Thereafter | $ 103,732 |
Contingencies (Details)
Contingencies (Details) - 12 months ended Dec. 31, 2016 € in Thousands, $ in Thousands | USD ($) | EUR (€) |
Site Contingency [Line Items] | ||
Recovery of Direct Costs | $ 37,000 | |
Huntsville Site [Member] | ||
Site Contingency [Line Items] | ||
Environmental Remediation Expense To Date | 5,500 | |
Additional Expected Project Expenditures Low Estimate | 3,000 | |
Additional Expected Project Expenditures High Estimate | 4,000 | |
Groundwater Removal [Member] | Norco Site [Member] | ||
Site Contingency [Line Items] | ||
Environmental Remediation Expense To Date | 54,000 | |
Additional Expected Project Expenditures Low Estimate | 21,000 | |
Additional Expected Project Expenditures High Estimate | 31,700 | |
Investigation Report [Member] | Huntsville Site [Member] | ||
Site Contingency [Line Items] | ||
Additional Expected Project Expenditures Low Estimate | 300 | |
Additional Expected Project Expenditures High Estimate | $ 700 | |
Tekelec Matter [Member] | ||
Site Contingency [Line Items] | ||
Loss Contingency, Range of Possible Loss, Maximum | € | € 11,333 | |
Loss Contingency Damages Sought Value | € | 3,742 | |
Loss Contingency, Expenses Sought, Value | € | € 312 |
Segment and Geographic Inform75
Segment and Geographic Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Dec. 31, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Sales: | ||||||||||||
Sales | $ 6,442,891 | $ 5,936,092 | $ 5,972,101 | $ 5,474,177 | $ 6,751,342 | $ 5,698,304 | $ 5,829,989 | $ 5,002,385 | $ 23,825,261 | $ 23,282,020 | $ 22,768,674 | |
Operating income (loss): | ||||||||||||
Operating income | 858,539 | 824,482 | 762,257 | |||||||||
Restructuring, integration, and other charges | 73,602 | 68,765 | 39,841 | |||||||||
Impairment of Intangible Assets (Excluding Goodwill) | 78,000 | |||||||||||
Assets | 14,206,366 | 13,021,930 | 14,206,366 | 13,021,930 | ||||||||
Trade name impairment charge | 0 | 0 | 78,000 | |||||||||
Global components [Member] | ||||||||||||
Sales: | ||||||||||||
Sales | 15,408,839 | 14,405,793 | 14,313,026 | |||||||||
Operating income (loss): | ||||||||||||
Operating income | 686,466 | 649,396 | 653,992 | |||||||||
Assets | 8,360,926 | 7,276,143 | 8,360,926 | 7,276,143 | ||||||||
Global ECS [Member] | ||||||||||||
Sales: | ||||||||||||
Sales | 8,416,422 | 8,876,227 | 8,455,648 | |||||||||
Operating income (loss): | ||||||||||||
Operating income | 441,803 | 424,063 | 389,571 | |||||||||
Assets | 5,053,172 | 5,074,529 | 5,053,172 | 5,074,529 | ||||||||
Corporate Segment [Member] | ||||||||||||
Operating income (loss): | ||||||||||||
Operating income | [1] | (269,730) | (248,977) | $ (281,306) | ||||||||
Assets | $ 792,268 | $ 671,258 | $ 792,268 | $ 671,258 | ||||||||
[1] | Includes restructuring, integration, and other charges of $73,602, $68,765, and $39,841 in 2016, 2015, and 2014, respectively. Also included is a non-cash impairment charge associated with discontinuing the use of a trade name of $78,000 in 2014. |
Segment and Geographic Inform76
Segment and Geographic Information - Geographic Sales & PP&E (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Dec. 31, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||||||||
Sales | $ 6,442,891 | $ 5,936,092 | $ 5,972,101 | $ 5,474,177 | $ 6,751,342 | $ 5,698,304 | $ 5,829,989 | $ 5,002,385 | $ 23,825,261 | $ 23,282,020 | $ 22,768,674 | |
Property, Plant, and Equipment, Net | 756,299 | 700,178 | 756,299 | 700,178 | ||||||||
Americas [Member] | ||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||||||||
Sales | [1] | 11,442,690 | 11,721,528 | 11,340,277 | ||||||||
Property, Plant, and Equipment, Net | [2] | 631,386 | 582,973 | 631,386 | 582,973 | |||||||
EMEA [Member] | ||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||||||||
Sales | 6,772,685 | 6,788,738 | 6,864,104 | |||||||||
Property, Plant, and Equipment, Net | 90,834 | 88,727 | 90,834 | 88,727 | ||||||||
Asia/Pacific [Member] | ||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||||||||
Sales | 5,609,886 | 4,771,754 | 4,564,293 | |||||||||
Property, Plant, and Equipment, Net | 34,079 | 28,478 | 34,079 | 28,478 | ||||||||
UNITED STATES | ||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||||||||
Sales | 10,501,131 | 10,761,932 | $ 10,359,936 | |||||||||
Property, Plant, and Equipment, Net | $ 626,964 | $ 580,791 | $ 626,964 | $ 580,791 | ||||||||
[1] | Includes sales related to the United States of $10,501,131, $10,761,932, and $10,359,936 in 2016, 2015, and 2014, respectively. | |||||||||||
[2] | Includes net property, plant, and equipment related to the United States of $626,964 and $580,791 at December 31, 2016 and 2015, respectively. |
Quarterly Financial Data Quarte
Quarterly Financial Data Quarterly Financial Information Table (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Dec. 31, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||||||
Quarterly Financial Data [Abstract] | ||||||||||||||||||
Sales | $ 6,442,891 | $ 5,936,092 | $ 5,972,101 | $ 5,474,177 | $ 6,751,342 | $ 5,698,304 | $ 5,829,989 | $ 5,002,385 | $ 23,825,261 | $ 23,282,020 | $ 22,768,674 | |||||||
Gross Profit | 823,348 | 773,162 | 798,791 | 748,898 | 838,966 | 742,367 | 768,595 | 685,322 | ||||||||||
Net income attributable to shareholders | $ 164,518 | $ 117,727 | $ 134,270 | $ 106,235 | $ 158,492 | $ 109,244 | $ 123,932 | $ 106,058 | $ 522,750 | $ 497,726 | $ 498,045 | |||||||
Basic | $ 1.84 | [1] | $ 1.29 | [1] | $ 1.46 | [1] | $ 1.16 | [1] | $ 1.71 | $ 1.16 | $ 1.30 | $ 1.11 | $ 5.75 | $ 5.26 | $ 5.05 | |||
Diluted | $ 1.81 | [1] | $ 1.28 | [1] | $ 1.45 | [1] | $ 1.14 | [1] | $ 1.69 | $ 1.15 | $ 1.28 | $ 1.09 | $ 5.68 | [2] | $ 5.20 | [2] | $ 4.98 | [2] |
[1] | Quarterly net income per share is calculated using the weighted-average shares outstanding during each quarterly period, while net income per share for the full year is calculated using the weighted-average shares outstanding during the year. Therefore, the sum of the net income per share for each of the four quarters may not equal the net income per share for the full year. | |||||||||||||||||
[2] | Stock-based compensation awards for the issuance of 766 shares, 658 shares, and 294 shares for the years ended December 31, 2016, 2015, and 2014, respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive. |
Quarterly Financial Data - Narr
Quarterly Financial Data - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 28, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net proceeds from note offering | $ 0 | $ 688,162 | $ 0 | |
Gains (Losses) on Extinguishment of Debt | 0 | (2,943) | 0 | |
Long-term debt | 2,696,334 | 2,380,575 | ||
Restructuring Charges Net of Tax Per Share Basic | $ 0.13 | |||
Gain on sale of investment | $ 0 | $ 2,008 | $ 18,269 |
Valuation and Qualifying Acco79
Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Allowance for Doubtful Accounts, Balance at beginning of year | $ 49,659 | $ 59,188 | $ 64,129 | |
Allowance for doubtful accounts, Charged to Income | 8,336 | (8) | 3,789 | |
Valuation Allowances and Reserves, Charged to Other Accounts | [1] | (392) | (383) | (2,451) |
Allowance for Doubtful Accounts, Write-down | 5,347 | 9,138 | 6,279 | |
Allowance for Doubtful Accounts, Balance at end of year | $ 52,256 | $ 49,659 | $ 59,188 | |
[1] | "Other" primarily includes the effect of fluctuations in foreign currencies and the allowance for doubtful accounts of the businesses acquired by the company. Prior to 2016, the company presented the effect of fluctuations in foreign currencies in "charged to income". Prior year amounts were reclassified in the table above to conform with current year presentation. |