Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
Apr. 01, 2017 | May 01, 2017 | |
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-Q | |
Document Period End Date | Apr. 1, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 88,842,730 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | ||
Sales | $ 5,759,552 | $ 5,474,177 | |
Costs and expenses: | |||
Cost of sales | 4,999,665 | 4,725,279 | |
Selling, general, and administrative expenses | 515,519 | 505,813 | |
Depreciation and amortization | 37,141 | 40,933 | |
Restructuring, integration, and other charges | 15,505 | 20,788 | |
Total Costs and Expenses | 5,567,830 | 5,292,813 | |
Operating income | 191,722 | 181,364 | |
Equity in earnings of affiliated companies | 925 | 1,856 | |
Interest and other financing expense, net | 38,073 | 35,575 | |
Income before income taxes | 154,574 | 147,645 | |
Provision for income taxes | 39,224 | 41,053 | |
Consolidated net income | 115,350 | 106,592 | |
Noncontrolling interests | 1,582 | 357 | |
Net income attributable to shareholders | $ 113,768 | $ 106,235 | |
Net income per share: | |||
Basic | $ 1.27 | $ 1.16 | |
Diluted | [1] | $ 1.26 | $ 1.14 |
Weighted-average shares outstanding: | |||
Basic | 89,262 | 91,514 | |
Diluted | 90,541 | 92,787 | |
[1] | Stock-based compensation awards for the issuance of 244 and 1,039 shares for the first quarter of 2017 and 2016, 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 | 3 Months Ended | |
Apr. 01, 2017 | Apr. 02, 2016 | |
Consolidated net income | $ 115,350 | $ 106,592 |
Other comprehensive income: | ||
Foreign currency translation adjustment and other | 36,855 | 73,179 |
Unrealized gain (loss) on investment securities, net | 1,728 | (1,651) |
Unrealized gain on interest rate swaps designated as cash flow hedges, net | 97 | 91 |
Employee benefit plan items, net | 406 | 920 |
Other comprehensive income | 39,086 | 72,539 |
Comprehensive income | 154,436 | 179,131 |
Less: Comprehensive income attributable to noncontrolling interests | 2,169 | 2,365 |
Comprehensive income attributable to shareholders | $ 152,267 | $ 176,766 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Apr. 01, 2017 | Dec. 31, 2016 | |
ASSETS | |||
Cash and cash equivalents | $ 521,562 | $ 534,320 | |
Accounts receivable, net | 5,867,182 | 6,746,687 | |
Inventories, net | 2,905,502 | 2,855,645 | |
Other current assets | 190,257 | 180,069 | |
Total current assets | 9,484,503 | 10,316,721 | |
Property, plant, and equipment, at cost: | |||
Land | 15,359 | 23,456 | |
Buildings and improvements | 190,179 | 175,141 | |
Machinery and equipment | 1,345,427 | 1,297,657 | |
Property, plant, and equipment, gross | 1,550,965 | 1,496,254 | |
Less: Accumulated depreciation and amortization | (764,369) | (739,955) | |
Property, plant, and equipment, net | 786,596 | 756,299 | |
Investments in affiliated companies | 88,376 | 88,401 | |
Intangible assets, net | 325,920 | 336,882 | |
Goodwill | [1] | 2,405,160 | 2,392,220 |
Other assets | 328,820 | 315,843 | |
Total assets | 13,419,375 | 14,206,366 | |
LIABILITIES AND EQUITY | |||
Accounts payable | 4,820,086 | 5,774,151 | |
Accrued expenses | 741,449 | 821,244 | |
Short-term borrowings, including current portion of long-term debt | 471,753 | 93,827 | |
Total current liabilities | 6,033,288 | 6,689,222 | |
Long-term debt | 2,459,849 | 2,696,334 | |
Other liabilities | 369,431 | 355,190 | |
Equity: | |||
Issued - 125,424 shares in both 2017 and 2016 | 125,424 | 125,424 | |
Capital in excess of par value | 1,089,724 | 1,112,114 | |
Treasury stock (36,519 and 36,511 shares in 2017 and 2016, respectively), at cost | (1,664,779) | (1,637,476) | |
Retained earnings | 5,310,998 | 5,197,230 | |
Accumulated other comprehensive loss | (345,355) | (383,854) | |
Total shareholders' equity | 4,516,012 | 4,413,438 | |
Noncontrolling interests | 40,795 | 52,182 | |
Total equity | 4,556,807 | 4,465,620 | |
Total liabilities and equity | $ 13,419,375 | $ 14,206,366 | |
[1] | The total carrying value of goodwill 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 Parenthetical - $ / shares shares in Thousands | Apr. 01, 2017 | Dec. 31, 2016 |
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 | 36,519 | 36,511 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2017 | Apr. 02, 2016 | |
Cash flows from operating activities: | ||
Consolidated net income | $ 115,350 | $ 106,592 |
Adjustments to reconcile consolidated net income to net cash used for operations: | ||
Depreciation and amortization | 37,141 | 40,933 |
Amortization of stock-based compensation | 11,575 | 8,877 |
Equity in earnings of affiliated companies | (925) | (1,856) |
Deferred income taxes | 13,938 | 22,555 |
Other | 3,251 | 1,462 |
Change in assets and liabilities, net of effects of acquired businesses: | ||
Accounts receivable | 926,901 | 996,738 |
Inventories | (38,185) | 44,611 |
Accounts payable | (982,355) | (1,036,094) |
Accrued expenses | (93,619) | (160,693) |
Other assets and liabilities | (13,962) | (56,768) |
Net cash used for operating activities | (20,890) | (33,643) |
Cash flows from investing activities: | ||
Cash consideration paid for acquired businesses | 0 | (46,490) |
Acquisition of property, plant, and equipment | (62,118) | (49,261) |
Proceeds from sale of property, plant, and equipment | 7,886 | 0 |
Net cash used for investing activities | (54,232) | (95,751) |
Cash flows from financing activities: | ||
Change in short-term and other borrowings | 76,402 | 470 |
Proceeds from long-term bank borrowings, net | 62,500 | 265,000 |
Proceeds from exercise of stock options | 17,259 | 5,705 |
Repurchases of common stock | (68,847) | (18,684) |
Purchase of shares from noncontrolling interest | (23,350) | 0 |
Other | 0 | (1,817) |
Net cash provided by financing activities | 63,964 | 250,674 |
Effect of exchange rate changes on cash | (1,600) | 285 |
Net increase (decrease) in cash and cash equivalents | (12,758) | 121,565 |
Cash and cash equivalents at beginning of period | 534,320 | 273,090 |
Cash and cash equivalents at end of period | $ 521,562 | $ 394,655 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Apr. 01, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note A – Basis of Presentation The accompanying consolidated financial statements of Arrow Electronics, Inc. (the "company") were prepared in accordance with accounting principles generally accepted in the United States and reflect all adjustments of a normal recurring nature, which are, in the opinion of management, necessary for a fair presentation of the consolidated financial position and results of operations at and for the periods presented. The consolidated results of operations for the interim periods are not necessarily indicative of results for the full year. These consolidated financial statements do not include all of the information or notes necessary for a complete presentation and, accordingly, should be read in conjunction with the company's audited consolidated financial statements and accompanying notes for the year ended December 31, 2016 , as filed in the company's Annual Report on Form 10-K. Quarter End The company operates on a quarterly calendar that closes on the Saturday closest to the end of the calendar quarter. Reclassification Certain prior period amounts were reclassified to conform to the current period presentation. These reclassifications did not have a material impact on previously reported amounts. |
Impact of Recently Issued Accou
Impact of Recently Issued Accounting Standards | 3 Months Ended |
Apr. 01, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Impact of Recently Issued Accounting Standards In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2017-07, Compensation - Retirement Benefits (Topic 715) ("ASU No. 2017-07"). ASU No. 2017-07 requires that the service cost component of pension expense be included in the same line item as other compensation costs arising from services rendered by employees, with the other components of pension expense being classified outside of a subtotal of income from operations. ASU No. 2017-07 is effective for the company in the first quarter of 2018, with early adoption permitted, and is to be applied retrospectively for the presentation requirements and prospectively for the capitalization of the service cost component requirements. The adoption of the provisions of ASU No. 2017-07 is not expected to have a material impact on the company's consolidated financial position or results of operations. In January 2017, the 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. Effective January 1, 2017, the company adopted the provisions of ASU No. 2017-04 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. 2016-16, 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. Effective January 1, 2017, the company adopted the provisions of ASU No. 2016-15 on a retrospective basis. The adoption of the provisions of ASU No. 2016-15 did not materially impact the company's consolidated 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. Effective January 1, 2017, the company adopted the recognition of excess tax benefits and tax deficiencies on a prospective basis and reclassified excess tax benefits in the consolidated statements of cash flows on a retrospective basis. The company elected to continue to estimate forfeitures expected to occur to determine the amount of compensation cost to be recognized in each period. The adoption of the provisions of ASU No. 2016-09 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 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. |
Acquisitions
Acquisitions | 3 Months Ended |
Apr. 01, 2017 | |
Business Combinations [Abstract] | |
Acquisitions [Text Block] | Acquisitions 2017 Acquisitions During the first quarter of 2017 , the company acquired an additional 11.9% of the common shares of Data Modul AG for $23,350 , increasing the company's ownership interest in Data Modul to 69.2% . The impact of this acquisition was not material to the company's consolidated financial position or results of operations. 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 the first three months of 2016 , as though the acquisitions occurred on January 1, 2016, was also not material. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Apr. 01, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 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. Goodwill of companies acquired, allocated to the company's business segments, is as follows: Global Components Global ECS Total Balance as of December 31, 2016 (a) $ 1,239,741 $ 1,152,479 $ 2,392,220 Acquisitions and related adjustments (102 ) — (102 ) Foreign currency translation adjustment 4,050 8,992 13,042 Balance as of April 1, 2017 (a) $ 1,243,689 $ 1,161,471 $ 2,405,160 (a) The total carrying value of goodwill 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 April 1, 2017 : Weighted-Average Life Gross Carrying Amount Accumulated Amortization Net Trade names indefinite $ 101,000 $ — $ 101,000 Customer relationships 10 years 465,655 (246,521 ) 219,134 Developed technology 5 years 6,340 (2,092 ) 4,248 Other intangible assets (b) 6,776 (5,238 ) 1,538 $ 579,771 $ (253,851 ) $ 325,920 (b) Consists of 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, 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 (c) 6,721 (4,514 ) 2,207 $ 593,037 $ (256,155 ) $ 336,882 (c) Consists of non-competition agreements, sales backlog, and an amortizable trade name with useful lives ranging from two to five years. During the first quarter of 2017 and 2016 , the company recorded amortization expense related to identifiable intangible assets of $12,900 and $12,913 , respectively. |
Investments in Affiliated Compa
Investments in Affiliated Companies | 3 Months Ended |
Apr. 01, 2017 | |
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 and equity method investments. These investments are accounted for using the equity method. The following table presents the company's investment in affiliated companies: April 1, December 31, Marubun/Arrow $ 65,708 $ 65,237 Other 22,668 23,164 $ 88,376 $ 88,401 The equity in earnings of affiliated companies consists of the following: Quarter Ended April 1, April 2, Marubun/Arrow $ 1,665 $ 1,664 Other (740 ) 192 $ 925 $ 1,856 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. At April 1, 2017 , the company's pro-rata share of this debt was approximately $740 . The company believes that there is sufficient equity in each of the joint ventures to meet their obligations. |
Accounts Receivable
Accounts Receivable | 3 Months Ended |
Apr. 01, 2017 | |
Receivables [Abstract] | |
Accounts Receivable [Text Block] | Accounts Receivable Accounts receivable, net, consists of the following: April 1, December 31, Accounts receivable $ 5,920,140 $ 6,798,943 Allowances for doubtful accounts (52,958 ) (52,256 ) Accounts receivable, net $ 5,867,182 $ 6,746,687 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 April 1, 2017 , the company has one customer with a combined note and accounts receivable balance of approximately $19,500 . 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 | 3 Months Ended |
Apr. 01, 2017 | |
Debt Disclosure [Abstract] | |
Debt [Text Block] | Debt Short-term borrowings, including current portion of long-term debt, consists of the following: April 1, December 31, 3.00% notes, due 2018 $ 299,222 $ — Commercial paper 85,239 — Other short-term borrowings 87,292 93,827 $ 471,753 $ 93,827 Other short-term borrowings are primarily utilized to support working capital requirements. The weighted-average interest rate on these borrowings was 2.6% and 2.4% at April 1, 2017 and December 31, 2016 , respectively. Long-term debt consists of the following: April 1, December 31, Revolving credit facility $ 42,500 $ — Asset securitization program 480,000 460,000 6.875% senior debentures, due 2018 199,464 199,348 3.00% notes, due 2018 — 299,013 6.00% notes, due 2020 299,246 299,183 5.125% notes, due 2021 248,913 248,843 3.50% notes, due 2022 345,959 345,776 4.50% notes, due 2023 296,763 296,646 4.00% notes, due 2025 344,762 344,625 7.50% senior debentures, due 2027 198,551 198,514 Interest rate swaps designated as fair value hedges 56 152 Other obligations with various interest rates and due dates 3,635 4,234 $ 2,459,849 $ 2,696,334 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, using quoted market prices, is as follows: April 1, December 31, 6.875% senior debentures, due 2018 $ 210,500 $ 212,500 3.00% notes, due 2018 303,000 303,500 6.00% notes, due 2020 326,500 325,500 5.125% notes, due 2021 268,500 265,500 3.50% notes, due 2022 352,500 349,500 4.50% notes, due 2023 312,500 305,500 4.00% notes, due 2025 354,000 345,000 7.50% senior debentures, due 2027 243,500 238,000 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 $1,800,000 revolving credit facility maturing in December 2021. This facility 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. 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 April 1, 2017 ), which is based on the company's credit ratings, or an effective interest rate of 2.10% at April 1, 2017 . The facility fee, which is based on the company's credit ratings, was .20% at April 1, 2017 . The company has $42,500 in outstanding borrowings under the revolving credit facility at April 1, 2017 . There were no outstanding borrowings under the revolving credit facility at December 31, 2016 . The company has a commercial paper program and the maximum aggregate balance of commercial paper outstanding may not exceed the borrowing capacity of $1,200,000 . The company had $85,239 in outstanding borrowings under the commercial paper program at April 1, 2017 with a weighted average interest rate of 1.40% . The company had no outstanding borrowings under this program at December 31, 2016 . The company has an asset securitization program collateralized by accounts receivable of certain of its subsidiaries. The company may borrow up to $910,000 under the asset securitization program, which matures 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 true 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 April 1, 2017 ), which is based on the company's credit ratings, or an effective interest rate of 1.45% at April 1, 2017 . The facility fee is .40% . At April 1, 2017 and December 31, 2016 , the company had $480,000 and $460,000 , respectively, in outstanding borrowings under the asset securitization program, which was included in "Long-term debt" in the company's consolidated balance sheets. Total collateralized accounts receivable of approximately $1,681,144 and $2,045,464 , 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 April 1, 2017 and is currently not aware of any events that would cause non-compliance with any covenants in the future. The company has a $100,000 uncommitted line of credit. There were no outstanding borrowings under the uncommitted line of credit at April 1, 2017 and December 31, 2016 . Interest and other financing expense, net, includes interest and dividend income of $7,926 and $4,667 for the first quarter s of 2017 and 2016, respectively. |
Financial Instruments Measured
Financial Instruments Measured at Fair Value | 3 Months Ended |
Apr. 01, 2017 | |
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 April 1, 2017 : Balance Sheet Level 1 Level 2 Level 3 Total Cash equivalents Other assets $ 1,776 $ — $ — $ 1,776 Available-for-sale securities Other assets 40,777 — — 40,777 Interest rate swaps Other assets — 56 — 56 Foreign exchange contracts Other current assets — 1,467 — 1,467 Foreign exchange contracts Accrued expenses — (4,751 ) — (4,751 ) Contingent consideration Accrued expenses / Other liabilities — — (6,150 ) (6,150 ) $ 42,553 $ (3,228 ) $ (6,150 ) $ 33,175 The following table presents assets (liabilities) measured at fair value on a recurring basis at December 31, 2016 : Balance Sheet Level 1 Level 2 Level 3 Total 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 Assets and liabilities that are measured at fair value on a nonrecurring basis relate primarily to goodwill and identifiable intangible assets (see Note C and D). The company tests these assets for impairment if indicators of potential impairment exist. During the first quarter of 2017 and 2016 , 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. The fair value of the company's available-for-sale securities is as follows: April 1, 2017 December 31, 2016 Marubun Mutual Funds Marubun Mutual Funds Cost basis $ 10,016 $ 18,147 $ 10,016 $ 18,097 Unrealized holding gain 5,059 7,555 3,806 5,996 Fair value $ 15,075 $ 25,702 $ 13,822 $ 24,093 The unrealized holding gains or losses on these investments 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. As of April 1, 2017 and December 31, 2016 , all outstanding interest rate swaps were designated as fair value hedges. The terms of our outstanding interest rate swap contracts at April 1, 2017 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 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 April 1, 2017 and December 31, 2016 was $601,068 and $460,233 , 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 the first quarter s of 2017 and 2016 . The effects of derivative instruments on the company's consolidated statements of operations and other comprehensive income are as follows: Quarter Ended April 1, April 2, Loss Recognized in Income Foreign exchange contracts $ (8,939 ) $ (3,439 ) Interest rate swaps (158 ) (149 ) Total $ (9,097 ) $ (3,588 ) Gain (Loss) Recognized in Other Comprehensive Income before reclassifications Foreign exchange contracts $ 176 $ (846 ) Interest rate swaps $ — $ — 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. |
Restructuring, Integration, and
Restructuring, Integration, and Other Charges | 3 Months Ended |
Apr. 01, 2017 | |
Restructuring Charges [Abstract] | |
Restructuring, Integration and Other Charges [Text Block] | Restructuring, Integration, and Other Charges The following table presents the components of the restructuring, integration, and other charges: Quarter Ended April 1, April 2, Restructuring and integration charges - current period actions $ 7,983 $ 2,451 Restructuring and integration charges - actions taken in prior periods 2,102 2,123 Other charges 5,420 16,214 $ 15,505 $ 20,788 2017 Restructuring and Integration Charges The following table presents the components of the 2017 restructuring and integration charges and activity in the related restructuring and integration accrual for the first quarter of 2017 : Personnel Costs Facilities Costs Other Total Restructuring and integration charges $ 4,779 $ 2,674 $ 530 $ 7,983 Payments (2,330 ) (1,259 ) — (3,589 ) Foreign currency translation — 13 — 13 Balance as of April 1, 2017 $ 2,449 $ 1,428 $ 530 $ 4,407 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. 2016 Restructuring and Integration Charges The following table presents the activity in the restructuring and integration accrual for the first quarter of 2017 related to restructuring and integration actions taken in 2016 : Personnel Costs Facilities Costs Other Total Balance as of December 31, 2016 $ 11,694 $ 3,793 $ 316 $ 15,803 Restructuring and integration charges (credits) 2,423 (396 ) (5 ) 2,022 Payments (5,126 ) (373 ) (123 ) (5,622 ) Foreign currency translation 104 35 4 143 Balance as of April 1, 2017 $ 9,095 $ 3,059 $ 192 $ 12,346 Restructuring and Integration Accruals Related to Actions Taken Prior to 2016 Included in restructuring, integration, and other charges for first quarter of 2017 are restructuring and integration charges of $80 related to restructuring and integration actions taken prior to 2016 . The restructuring and integration charge (credits) includes adjustments to personnel costs of $143 , facilities costs of $(44) , and other costs of $(19) . The restructuring and integration accruals at April 1, 2017 related to actions taken prior to 2016 of $4,019 include accruals for personnel costs of $1,557 and accruals for facilities costs of $2,462 . Restructuring and Integration Accrual Summary The restructuring and integration accruals aggregate to $20,772 at April 1, 2017 , all of which are expected to be spent in cash, and are expected to be utilized as follows: • The accruals for personnel costs totaling $13,101 relate to the termination of personnel that have scheduled payouts of $10,740 in 2017 , $661 in 2018 , $1,289 in 2019 , $400 in 2020 , and $11 in 2021 . • The accruals for facilities totaling $6,949 relate to vacated leased properties that have scheduled payments of $5,350 in 2017 , $353 in 2018 , $239 in 2019 , $450 in 2020 , $281 in 2021 , and $276 thereafter. • Other accruals of $722 are expected to be spent wit hin one y ear. Other Charges Included in restructuring, integration, and other charges for the first quarter of 2017 are other expenses of $5,420 . Included in these expenses are acquisition-related expenses of $2,679 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 the first quarter of 2016 are other expenses of $16,214 . Included in these expenses is a fraud loss of $13,195 and acquisition-related expenses of $1,624 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. 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. |
Net Income per Share
Net Income per Share | 3 Months Ended |
Apr. 01, 2017 | |
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 (shares in thousands): Quarter Ended April 1, April 2, Net income attributable to shareholders $ 113,768 $ 106,235 Weighted-average shares outstanding - basic 89,262 91,514 Net effect of various dilutive stock-based compensation awards 1,279 1,273 Weighted-average shares outstanding - diluted 90,541 92,787 Net income per share: Basic $ 1.27 $ 1.16 Diluted (a) $ 1.26 $ 1.14 (a) Stock-based compensation awards for the issuance of 244 and 1,039 shares for the first quarter of 2017 and 2016 , respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Apr. 01, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Stockholders' Equity Note Disclosure [Text Block] | Shareholders' Equity Accumulated Other Comprehensive Income (Loss) The following table presents the changes in Accumulated other comprehensive income (loss), excluding noncontrolling interests: Quarter Ended April 1, 2017 April 2, 2016 Foreign Currency Translation Adjustment and Other: Other comprehensive income before reclassifications (a) $ 37,603 $ 69,969 Amounts reclassified into income (1,335 ) 1,202 Unrealized Gain (Loss) on Investment Securities, Net: Other comprehensive income (loss) before reclassifications 1,728 (1,651 ) Amounts reclassified into income — — Unrealized Gain on Interest Rate Swaps Designated as Cash Flow Hedges, Net: Other comprehensive income before reclassifications — — Amounts reclassified into income 97 91 Employee Benefit Plan Items, Net: Other comprehensive income before reclassifications 5 41 Amounts reclassified into income 401 879 Net change in Accumulated other comprehensive income (loss) $ 38,499 $ 70,531 (a) Includes intra-entity foreign currency transactions that are of a long-term investment nature of $7,290 and $(32,801) for the first quarter of 2017 and 2016 , respectively. Share-Repurchase Program The following table shows the company's Board of Directors (the "Board") approved share-repurchase programs as of April 1, 2017 : 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 September 2015 $ 400,000 $ 336,310 $ 63,690 December 2016 400,000 — 400,000 Total $ 800,000 $ 336,310 $ 463,690 |
Contingencies
Contingencies | 3 Months Ended |
Apr. 01, 2017 | |
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 $600 . 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 $54,500 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 $20,600 to $31,300 . 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. 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 | 3 Months Ended |
Apr. 01, 2017 | |
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, are as follows: Quarter Ended April 1, April 2, Sales: Global components $ 4,058,803 $ 3,675,929 Global ECS 1,700,749 1,798,248 Consolidated $ 5,759,552 $ 5,474,177 Operating income (loss): Global components $ 173,533 $ 170,770 Global ECS 80,879 78,212 Corporate (a) (62,690 ) (67,618 ) Consolidated $ 191,722 $ 181,364 (a) Includes restructuring, integration, and other charges of $15,505 and $20,788 for the first quarter s of 2017 and 2016 , respectively. Total assets, by segment, are as follows: April 1, December 31, Global components $ 8,561,728 $ 8,360,926 Global ECS 4,096,249 5,053,172 Corporate 761,398 792,268 Consolidated $ 13,419,375 $ 14,206,366 Sales, by geographic area, are as follows: Quarter Ended April 1, April 2, Americas (b) $ 2,642,988 $ 2,620,477 EMEA (c) 1,685,841 1,665,880 Asia/Pacific 1,430,723 1,187,820 Consolidated $ 5,759,552 $ 5,474,177 (b) Includes sales related to the United States of $2,378,480 and $2,396,063 for the first quarter of 2017 and 2016 , respectively. (c) Defined as Europe, the Middle East, and Africa. Net property, plant, and equipment, by geographic area, is as follows: April 1, December 31, Americas (d) $ 658,135 $ 631,386 EMEA 92,333 90,834 Asia/Pacific 36,128 34,079 Consolidated $ 786,596 $ 756,299 (d) Includes net property, plant, and equipment related to the United States of $653,648 and $626,964 at April 1, 2017 and December 31, 2016 , respectively. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Apr. 01, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting Policy | The accompanying consolidated financial statements of Arrow Electronics, Inc. (the "company") were prepared in accordance with accounting principles generally accepted in the United States and reflect all adjustments of a normal recurring nature, which are, in the opinion of management, necessary for a fair presentation of the consolidated financial position and results of operations at and for the periods presented. The consolidated results of operations for the interim periods are not necessarily indicative of results for the full year. These consolidated financial statements do not include all of the information or notes necessary for a complete presentation and, accordingly, should be read in conjunction with the company's audited consolidated financial statements and accompanying notes for the year ended December 31, 2016 , as filed in the company's Annual Report on Form 10-K. |
Fiscal Period Policy | The company operates on a quarterly calendar that closes on the Saturday closest to the end of the calendar quarter. |
Comparability of Prior Year Financial Data Policy | Certain prior period amounts were reclassified to conform to the current period presentation. These reclassifications did not have a material impact on previously reported amounts. |
Goodwill and Intangible Assets Policy | 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. |
Allowance for Doubtful Accounts Policy | 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 April 1, 2017 , the company has one customer with a combined note and accounts receivable balance of approximately $19,500 . 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 | 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. |
Fair Value of Financial Instruments Policy | 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. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
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, 2016 (a) $ 1,239,741 $ 1,152,479 $ 2,392,220 Acquisitions and related adjustments (102 ) — (102 ) Foreign currency translation adjustment 4,050 8,992 13,042 Balance as of April 1, 2017 (a) $ 1,243,689 $ 1,161,471 $ 2,405,160 (a) The total carrying value of goodwill 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 Disclosure [Text Block] | Intangible assets, net, are comprised of the following as of April 1, 2017 : Weighted-Average Life Gross Carrying Amount Accumulated Amortization Net Trade names indefinite $ 101,000 $ — $ 101,000 Customer relationships 10 years 465,655 (246,521 ) 219,134 Developed technology 5 years 6,340 (2,092 ) 4,248 Other intangible assets (b) 6,776 (5,238 ) 1,538 $ 579,771 $ (253,851 ) $ 325,920 (b) Consists of 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, 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 (c) 6,721 (4,514 ) 2,207 $ 593,037 $ (256,155 ) $ 336,882 (c) Consists of non-competition agreements, sales backlog, and an amortizable trade name with useful lives ranging from two to five years. |
Investments in Affiliated Com22
Investments in Affiliated Companies (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments [Text Block] | The following table presents the company's investment in affiliated companies: April 1, December 31, Marubun/Arrow $ 65,708 $ 65,237 Other 22,668 23,164 $ 88,376 $ 88,401 |
Equity in Earnings of Affiliated Companies [Text Block] | The equity in earnings of affiliated companies consists of the following: Quarter Ended April 1, April 2, Marubun/Arrow $ 1,665 $ 1,664 Other (740 ) 192 $ 925 $ 1,856 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Text Block] | Accounts receivable, net, consists of the following: April 1, December 31, Accounts receivable $ 5,920,140 $ 6,798,943 Allowances for doubtful accounts (52,958 ) (52,256 ) Accounts receivable, net $ 5,867,182 $ 6,746,687 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 April 1, 2017 , the company has one customer with a combined note and accounts receivable balance of approximately $19,500 . 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. |
LT Debt (Tables)
LT Debt (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
Schedule of Long-term Debt Instruments [Abstract] | |
Schedule of Fair Value of Debt [Text Block] | The estimated fair market value, using quoted market prices, is as follows: April 1, December 31, 6.875% senior debentures, due 2018 $ 210,500 $ 212,500 3.00% notes, due 2018 303,000 303,500 6.00% notes, due 2020 326,500 325,500 5.125% notes, due 2021 268,500 265,500 3.50% notes, due 2022 352,500 349,500 4.50% notes, due 2023 312,500 305,500 4.00% notes, due 2025 354,000 345,000 7.50% senior debentures, due 2027 243,500 238,000 |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt consists of the following: April 1, December 31, Revolving credit facility $ 42,500 $ — Asset securitization program 480,000 460,000 6.875% senior debentures, due 2018 199,464 199,348 3.00% notes, due 2018 — 299,013 6.00% notes, due 2020 299,246 299,183 5.125% notes, due 2021 248,913 248,843 3.50% notes, due 2022 345,959 345,776 4.50% notes, due 2023 296,763 296,646 4.00% notes, due 2025 344,762 344,625 7.50% senior debentures, due 2027 198,551 198,514 Interest rate swaps designated as fair value hedges 56 152 Other obligations with various interest rates and due dates 3,635 4,234 $ 2,459,849 $ 2,696,334 |
ST Debt (Tables)
ST Debt (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
ST Debt [Abstract] | |
Schedule of Short-term Debt [Table Text Block] | Short-term borrowings, including current portion of long-term debt, consists of the following: April 1, December 31, 3.00% notes, due 2018 $ 299,222 $ — Commercial paper 85,239 — Other short-term borrowings 87,292 93,827 $ 471,753 $ 93,827 |
Financial Instruments Measure26
Financial Instruments Measured at Fair Value (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
Fair Value Disclosures [Abstract] | |
Description of Types of Interest Rate Fair Value Hedging Instruments Used | The terms of our outstanding interest rate swap contracts at April 1, 2017 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 |
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 April 1, 2017 : Balance Sheet Level 1 Level 2 Level 3 Total Cash equivalents Other assets $ 1,776 $ — $ — $ 1,776 Available-for-sale securities Other assets 40,777 — — 40,777 Interest rate swaps Other assets — 56 — 56 Foreign exchange contracts Other current assets — 1,467 — 1,467 Foreign exchange contracts Accrued expenses — (4,751 ) — (4,751 ) Contingent consideration Accrued expenses / Other liabilities — — (6,150 ) (6,150 ) $ 42,553 $ (3,228 ) $ (6,150 ) $ 33,175 The following table presents assets (liabilities) measured at fair value on a recurring basis at December 31, 2016 : Balance Sheet Level 1 Level 2 Level 3 Total 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 |
Available-for-sale Securities [Text Block] | The fair value of the company's available-for-sale securities is as follows: April 1, 2017 December 31, 2016 Marubun Mutual Funds Marubun Mutual Funds Cost basis $ 10,016 $ 18,147 $ 10,016 $ 18,097 Unrealized holding gain 5,059 7,555 3,806 5,996 Fair value $ 15,075 $ 25,702 $ 13,822 $ 24,093 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Text Block] | The effects of derivative instruments on the company's consolidated statements of operations and other comprehensive income are as follows: Quarter Ended April 1, April 2, Loss Recognized in Income Foreign exchange contracts $ (8,939 ) $ (3,439 ) Interest rate swaps (158 ) (149 ) Total $ (9,097 ) $ (3,588 ) Gain (Loss) Recognized in Other Comprehensive Income before reclassifications Foreign exchange contracts $ 176 $ (846 ) Interest rate swaps $ — $ — |
Restructuring, Integration, a27
Restructuring, Integration, and Other Charges (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
Restructuring Charges [Abstract] | |
Schedule of Restructuring and Related Costs [Text Block] | The following table presents the components of the restructuring, integration, and other charges: Quarter Ended April 1, April 2, Restructuring and integration charges - current period actions $ 7,983 $ 2,451 Restructuring and integration charges - actions taken in prior periods 2,102 2,123 Other charges 5,420 16,214 $ 15,505 $ 20,788 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | 2017 Restructuring and Integration Charges The following table presents the components of the 2017 restructuring and integration charges and activity in the related restructuring and integration accrual for the first quarter of 2017 : Personnel Costs Facilities Costs Other Total Restructuring and integration charges $ 4,779 $ 2,674 $ 530 $ 7,983 Payments (2,330 ) (1,259 ) — (3,589 ) Foreign currency translation — 13 — 13 Balance as of April 1, 2017 $ 2,449 $ 1,428 $ 530 $ 4,407 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. 2016 Restructuring and Integration Charges The following table presents the activity in the restructuring and integration accrual for the first quarter of 2017 related to restructuring and integration actions taken in 2016 : Personnel Costs Facilities Costs Other Total Balance as of December 31, 2016 $ 11,694 $ 3,793 $ 316 $ 15,803 Restructuring and integration charges (credits) 2,423 (396 ) (5 ) 2,022 Payments (5,126 ) (373 ) (123 ) (5,622 ) Foreign currency translation 104 35 4 143 Balance as of April 1, 2017 $ 9,095 $ 3,059 $ 192 $ 12,346 |
Net Income per Share (Tables)
Net Income per Share (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
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 (shares in thousands): Quarter Ended April 1, April 2, Net income attributable to shareholders $ 113,768 $ 106,235 Weighted-average shares outstanding - basic 89,262 91,514 Net effect of various dilutive stock-based compensation awards 1,279 1,273 Weighted-average shares outstanding - diluted 90,541 92,787 Net income per share: Basic $ 1.27 $ 1.16 Diluted (a) $ 1.26 $ 1.14 (a) Stock-based compensation awards for the issuance of 244 and 1,039 shares for the first quarter of 2017 and 2016 , respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive. |
Shareholders' Equity Components
Shareholders' Equity Components of Other Comprehensive Income (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
Changes in Components of Accumulated Other Comprehensive Income [Abstract] | |
Share-Repurchase Programs [Table Text Block] | The following table shows the company's Board of Directors (the "Board") approved share-repurchase programs as of April 1, 2017 : 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 September 2015 $ 400,000 $ 336,310 $ 63,690 December 2016 400,000 — 400,000 Total $ 800,000 $ 336,310 $ 463,690 |
Components of Accumulated Other Comprehensive Income [Table Text Block] | The following table presents the changes in Accumulated other comprehensive income (loss), excluding noncontrolling interests: Quarter Ended April 1, 2017 April 2, 2016 Foreign Currency Translation Adjustment and Other: Other comprehensive income before reclassifications (a) $ 37,603 $ 69,969 Amounts reclassified into income (1,335 ) 1,202 Unrealized Gain (Loss) on Investment Securities, Net: Other comprehensive income (loss) before reclassifications 1,728 (1,651 ) Amounts reclassified into income — — Unrealized Gain on Interest Rate Swaps Designated as Cash Flow Hedges, Net: Other comprehensive income before reclassifications — — Amounts reclassified into income 97 91 Employee Benefit Plan Items, Net: Other comprehensive income before reclassifications 5 41 Amounts reclassified into income 401 879 Net change in Accumulated other comprehensive income (loss) $ 38,499 $ 70,531 (a) Includes intra-entity foreign currency transactions that are of a long-term investment nature of $7,290 and $(32,801) for the first quarter of 2017 and 2016 , respectively. |
Segment and Geographic Inform30
Segment and Geographic Information (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Text Block] | Sales and operating income (loss), by segment, are as follows: Quarter Ended April 1, April 2, Sales: Global components $ 4,058,803 $ 3,675,929 Global ECS 1,700,749 1,798,248 Consolidated $ 5,759,552 $ 5,474,177 Operating income (loss): Global components $ 173,533 $ 170,770 Global ECS 80,879 78,212 Corporate (a) (62,690 ) (67,618 ) Consolidated $ 191,722 $ 181,364 (a) Includes restructuring, integration, and other charges of $15,505 and $20,788 for the first quarter s of 2017 and 2016 , respectively. |
Reconciliation of Assets from Segment to Consolidated [Text Block] | Total assets, by segment, are as follows: April 1, December 31, Global components $ 8,561,728 $ 8,360,926 Global ECS 4,096,249 5,053,172 Corporate 761,398 792,268 Consolidated $ 13,419,375 $ 14,206,366 |
Schedule Of Revenues From External Customers And Long Lived Assets By Geographical Areas Table [Text Block] | Sales, by geographic area, are as follows: Quarter Ended April 1, April 2, Americas (b) $ 2,642,988 $ 2,620,477 EMEA (c) 1,685,841 1,665,880 Asia/Pacific 1,430,723 1,187,820 Consolidated $ 5,759,552 $ 5,474,177 (b) Includes sales related to the United States of $2,378,480 and $2,396,063 for the first quarter of 2017 and 2016 , respectively. (c) Defined as Europe, the Middle East, and Africa. Net property, plant, and equipment, by geographic area, is as follows: April 1, December 31, Americas (d) $ 658,135 $ 631,386 EMEA 92,333 90,834 Asia/Pacific 36,128 34,079 Consolidated $ 786,596 $ 756,299 (d) Includes net property, plant, and equipment related to the United States of $653,648 and $626,964 at April 1, 2017 and December 31, 2016 , respectively. |
Acquisitions (Details)
Acquisitions (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Apr. 01, 2017USD ($)$ / shares | Apr. 02, 2016USD ($)$ / shares | Dec. 31, 2016USD ($)Acquisitions | ||
Business Acquisition [Line Items] | ||||
Purchase of shares from noncontrolling interest | $ 23,350 | $ 0 | ||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 46,490 | ||
Goodwill | [1] | 2,405,160 | $ 2,392,220 | |
Sales | 5,759,552 | 5,474,177 | ||
Net income attributable to shareholders | $ 113,768 | $ 106,235 | ||
Basic | $ / shares | $ 1.27 | $ 1.16 | ||
Diluted | $ / shares | [2] | $ 1.26 | $ 1.14 | |
Customer Relationships [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | 10 years | ||
Data Modul AG [Member] | ||||
Business Acquisition [Line Items] | ||||
Additional Percentage Interest Acquired of Subsidiary Shares from Noncontrolling Interest | 11.90% | |||
Business Acquisition, Percentage of Voting Interests Acquired | 69.20% | |||
Purchase of shares from noncontrolling interest | $ 23,350 | |||
Series of Individually Immaterial Business Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of Businesses Acquired | Acquisitions | 3 | |||
Payments to Acquire Businesses, Net of Cash Acquired | $ 63,869 | |||
[1] | The total carrying value of goodwill 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] | Stock-based compensation awards for the issuance of 244 and 1,039 shares for the first quarter of 2017 and 2016, respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive. |
Goodwill (Details)
Goodwill (Details) $ in Thousands | 3 Months Ended | |
Apr. 01, 2017USD ($) | ||
Goodwill [Roll Forward] | ||
December 31, 2016 | $ 2,392,220 | [1] |
Acquisitions and related adjustments | (102) | |
Foreign currency translation adjustment | 13,042 | |
April 1, 2017 | 2,405,160 | [1] |
Goodwill, Impaired, Accumulated Impairment Loss | 1,018,780 | |
Global Components [Member] | ||
Goodwill [Roll Forward] | ||
December 31, 2016 | 1,239,741 | [1] |
Acquisitions and related adjustments | (102) | |
Foreign currency translation adjustment | 4,050 | |
April 1, 2017 | 1,243,689 | [1] |
Goodwill, Impaired, Accumulated Impairment Loss | 716,925 | |
Global ECS [Member] | ||
Goodwill [Roll Forward] | ||
December 31, 2016 | 1,152,479 | [1] |
Acquisitions and related adjustments | 0 | |
Foreign currency translation adjustment | 8,992 | |
April 1, 2017 | 1,161,471 | [1] |
Goodwill, Impaired, Accumulated Impairment Loss | $ 301,855 | |
[1] | The total carrying value of goodwill 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 $301,855 was recorded in the global ECS business segment. |
Goodwill - Intangibles (Details
Goodwill - Intangibles (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Apr. 01, 2017 | Apr. 02, 2016 | Dec. 31, 2016 | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | $ 579,771 | $ 593,037 | |||
Accumulated Amortization | (253,851) | (256,155) | |||
Net | 325,920 | $ 336,882 | |||
Amortization of Intangible Assets | $ 12,900 | $ 12,913 | |||
Customer Relationships [Member] | |||||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Weighted-Average Life | 10 years | 10 years | |||
Gross Carrying Amount | $ 465,655 | $ 476,176 | |||
Accumulated Amortization | (246,521) | (247,206) | |||
Net | $ 219,134 | $ 228,970 | |||
Developed Technology [Member] | |||||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Weighted-Average Life | 5 years | 5 years | |||
Gross Carrying Amount | $ 6,340 | $ 9,140 | |||
Accumulated Amortization | (2,092) | (4,435) | |||
Net | 4,248 | 4,705 | |||
Other Intangible Assets [Member] | |||||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 6,776 | [1] | 6,721 | [2] | |
Accumulated Amortization | (5,238) | [1] | (4,514) | [2] | |
Net | 1,538 | [1] | 2,207 | [2] | |
Trade Names [Member] | |||||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 101,000 | 101,000 | |||
Accumulated Amortization | 0 | 0 | |||
Net | $ 101,000 | $ 101,000 | |||
Minimum [Member] | Other Intangible Assets [Member] | |||||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Useful Life | 2 years | 2 years | |||
Maximum [Member] | Other Intangible Assets [Member] | |||||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Useful Life | 5 years | 5 years | |||
[1] | Consists of sales backlog and an amortizable trade name with useful lives ranging from two to five years. | ||||
[2] | Consists of non-competition agreements, sales backlog, and an amortizable trade name with useful lives ranging from two to five years. |
Investments in Affiliated Com34
Investments in Affiliated Companies (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||
Investments in affiliated companies | $ 88,376 | $ 88,401 | |
Equity in earnings of affiliated companies | 925 | $ 1,856 | |
Equity Method Investment Pro Rata Share of Debt Obligations of Joint Venture | 740 | ||
Marubun Arrow [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in affiliated companies | 65,708 | 65,237 | |
Equity in earnings of affiliated companies | $ 1,665 | 1,664 | |
Equity Method Investment, Ownership Percentage | 50.00% | ||
Other joint ventures [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in affiliated companies | $ 22,668 | $ 23,164 | |
Equity in earnings of affiliated companies | $ (740) | $ 192 | |
Equity Method Investment, Ownership Percentage, Maximum | 50.00% | ||
Equity Method Investment, Ownership Percentage, Minimum | 43.00% |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Thousands | Apr. 01, 2017 | Dec. 31, 2016 |
Customer Accounts Receivable and Note Receivable [Line Items] | ||
Customer Accounts Receivable and Note Receivable | $ 19,500 | |
Accounts receivable | 5,920,140 | $ 6,798,943 |
Allowances for doubtful accounts | (52,958) | (52,256) |
Accounts receivable, net | $ 5,867,182 | $ 6,746,687 |
Debt - ST Debt (Details)
Debt - ST Debt (Details) - USD ($) $ in Thousands | Apr. 01, 2017 | Dec. 31, 2016 |
Short-term Debt [Line Items] | ||
Debt, Current | $ 471,753 | $ 93,827 |
Short-term Debt, Weighted Average Interest Rate | 2.60% | 2.40% |
Notes Due in 2018 [Member] | ||
Short-term Debt [Line Items] | ||
Debt, Current | $ 299,222 | $ 0 |
Commercial Paper [Member] | ||
Short-term Debt [Line Items] | ||
Debt, Current | 85,239 | 0 |
Short-term borrowings in various countries [Member] | ||
Short-term Debt [Line Items] | ||
Debt, Current | 87,292 | $ 93,827 |
Commercial Paper [Member] | ||
Short-term Debt [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,200,000 | |
Debt Instrument, Interest Rate, Effective Percentage | 1.40% |
Debt - LT Debt (Details)
Debt - LT Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
Short-term Debt, Weighted Average Interest Rate | 2.60% | 2.40% | |
Long-term debt | $ 2,459,849 | $ 2,696,334 | |
Accounts receivable, net | 5,867,182 | 6,746,687 | |
Investment Income, Interest and Dividend | 7,926 | $ 4,667 | |
Revolving Credit Facility due in 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 42,500 | 0 | |
Debt Instrument, Basis Spread on Variable Rate | 1.175% | ||
Debt Instrument, Interest Rate, Effective Percentage | 2.10% | ||
Line of Credit Facility, Commitment Fee Percentage | 0.20% | ||
Maximum Borrowing Capacity | $ 1,800,000 | ||
Commercial Paper [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 1.40% | ||
Maximum Borrowing Capacity | $ 1,200,000 | ||
Asset securitization program [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 480,000 | 460,000 | |
Debt Instrument, Interest Rate, Effective Percentage | 1.45% | ||
Asset Securitization Program Facility Fee | 0.40% | ||
Asset Securitization Program Interest Rate Spread At End of Period | 0.40% | ||
Accounts receivable, net | $ 1,681,144 | 2,045,464 | |
Maximum Borrowing Capacity | 910,000 | ||
Senior Debentures Due in 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Fair Value Disclosure | 210,500 | 212,500 | |
Long-term debt | $ 199,464 | 199,348 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | ||
3.00% notes, due 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Fair Value Disclosure | $ 303,000 | 303,500 | |
Long-term debt | $ 0 | 299,013 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | ||
6.00% notes, due 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Fair Value Disclosure | $ 326,500 | 325,500 | |
Long-term debt | $ 299,246 | 299,183 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||
5.125% notes, due 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Fair Value Disclosure | $ 268,500 | 265,500 | |
Long-term debt | $ 248,913 | 248,843 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | ||
3.50% notes, due in 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Fair Value Disclosure | $ 352,500 | 349,500 | |
Long-term debt | $ 345,959 | 345,776 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | ||
4.50% notes, due 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Fair Value Disclosure | $ 312,500 | 305,500 | |
Long-term debt | $ 296,763 | 296,646 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | ||
4.00% notes, due in 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Fair Value Disclosure | $ 354,000 | 345,000 | |
Long-term debt | $ 344,762 | 344,625 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ||
7.5% senior debentures, due 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Fair Value Disclosure | $ 243,500 | 238,000 | |
Long-term debt | $ 198,551 | 198,514 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | ||
Interest rate swaps designated as fair value hedges [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 56 | 152 | |
Other obligations with various interest rates and due dates [Member] | |||
Debt Instrument [Line Items] | |||
Other Notes Payable, Noncurrent | 3,635 | $ 4,234 | |
Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Maximum Borrowing Capacity | $ 100,000 |
Financial Instruments Measure38
Financial Instruments Measured at Fair Value - Fair Value Hierarchy (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Apr. 01, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents | $ 1,776 | $ 2,660 |
Available-for-sale securities | 40,777 | 37,915 |
Interest rate swaps - asset | 56 | 152 |
Foreign exchange contracts - asset | 1,467 | 4,685 |
Foreign exchange contracts - liability | (4,751) | (3,444) |
Contingent consideration | (6,150) | (4,027) |
Total Fair Value Assets And Liabilities Measured On Recurring Basis | 33,175 | 37,941 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents | 1,776 | 2,660 |
Available-for-sale securities | 40,777 | 37,915 |
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 | 42,553 | 40,575 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents | 0 | 0 |
Available-for-sale securities | 0 | 0 |
Interest rate swaps - asset | 56 | 152 |
Foreign exchange contracts - asset | 1,467 | 4,685 |
Foreign exchange contracts - liability | (4,751) | (3,444) |
Contingent consideration | 0 | 0 |
Total Fair Value Assets And Liabilities Measured On Recurring Basis | (3,228) | 1,393 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
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 | (6,150) | (4,027) |
Total Fair Value Assets And Liabilities Measured On Recurring Basis | $ (6,150) | $ (4,027) |
Financial Instruments Measure39
Financial Instruments Measured at Fair Value - AFS (Details) - USD ($) $ in Thousands | Apr. 01, 2017 | Dec. 31, 2016 |
Marubun [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available For Sale Investment Ownership Percentage | 8.40% | |
Cost basis | $ 10,016 | $ 10,016 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax | 5,059 | 3,806 |
Fair value | 15,075 | 13,822 |
Mutual Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost basis | 18,147 | 18,097 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax | 7,555 | 5,996 |
Fair value | $ 25,702 | $ 24,093 |
Financial Instruments Measure40
Financial Instruments Measured at Fair Value - Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Dec. 31, 2016 | |
Derivatives, Fair Value [Line Items] | |||
Debt Instrument, Description of Variable Rate Basis | 6 mo. USD LIBOR + | ||
Notional Amount of Derivative Contracts | $ 601,068 | $ 460,233 | |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | (9,097) | $ (3,588) | |
Interest rate swaps designated as fair value hedges [Member] | Notes Due in 2020 [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount of Derivative Contracts | 50,000 | ||
Interest rate swaps designated as fair value hedges [Member] | Senior Debentures Due in 2018 [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount of Derivative Contracts | 50,000 | ||
Interest Rate Swap [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | (158) | (149) | |
Foreign Exchange Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | (8,939) | (3,439) | |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net | 0 | 0 | |
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net | $ 176 | $ (846) | |
Due From Counterparty [Member] | Notes Due in 2020 [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fixed Interest Rate | 6.00% | ||
Due From Counterparty [Member] | Senior Debentures Due in 2018 [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fixed Interest Rate | 6.875% | ||
due to counterparty [Member] | Notes Due in 2020 [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Variable Interest Rate | 3.896% | ||
due to counterparty [Member] | Senior Debentures Due in 2018 [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Variable Interest Rate | 5.301% |
Restructuring, Integration, a41
Restructuring, Integration, and Other Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2017 | Apr. 02, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring, integration, and other charges | $ 15,505 | $ 20,788 |
Other Restructuring [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring, integration, and other charges | 5,420 | 16,214 |
Fraud Loss | 13,195 | |
Restructuring Charges 2017 Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring, integration, and other charges | 7,983 | 2,451 |
Restructuring Charges 2017 Plan [Member] | Employee Severance [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring, integration, and other charges | 4,779 | |
Restructuring Charges 2017 Plan [Member] | Facility Closing [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring, integration, and other charges | 2,674 | |
Restructuring Charges 2017 Plan [Member] | Other Restructuring [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring, integration, and other charges | 530 | |
Restructuring Charges 2016 Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve, Accrual Adjustment | 2,022 | |
Restructuring Charges 2016 Plan [Member] | Employee Severance [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve, Accrual Adjustment | 2,423 | |
Restructuring Charges 2016 Plan [Member] | Facility Closing [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve, Accrual Adjustment | (396) | |
Restructuring Charges 2016 Plan [Member] | Other Restructuring [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve, Accrual Adjustment | (5) | |
Restructuring Charges From Prior to 2016 [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve, Accrual Adjustment | 80 | |
Restructuring Charges From Prior to 2016 [Member] | Employee Severance [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve, Accrual Adjustment | 143 | |
Restructuring Charges From Prior to 2016 [Member] | Facility Closing [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve, Accrual Adjustment | (44) | |
Restructuring Charges From Prior to 2016 [Member] | Other Restructuring [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve, Accrual Adjustment | (19) | |
Restructuring Charges From Prior Periods [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring, integration, and other charges | 2,102 | 2,123 |
Restructuring Charges From Acquisitions [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 2,679 | $ 1,624 |
Restructuring, Integration, a42
Restructuring, Integration, and Other Charges - Accrual (Details) $ in Thousands | 3 Months Ended | |
Apr. 01, 2017USD ($) | Apr. 02, 2016USD ($) | |
Restructuring Reserve [Roll Forward] | ||
Restructuring Charges | $ 15,505 | $ 20,788 |
Restructuring Reserve | 20,772 | |
Employee Severance [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 13,101 | |
Restructuring Reserve Scheduled Severance Payments Current Year | 10,740 | |
Restructuring Reserve Scheduled Severance Payments Year One | 661 | |
Restructuring Reserve Scheduled Severance Payments Year Two | 1,289 | |
Restructuring Reserve Scheduled Severance Payments Year Three | 400 | |
Restructuring Reserve Scheduled Severance Payments Year Four | 11 | |
Facility Closing [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 6,949 | |
Restructuring Reserve Scheduled Lease Payments Current Year | 5,350 | |
Restructuring Reserve Scheduled Lease Payments Year One | 353 | |
Restructuring Reserve Scheduled Lease Payments Year Two | 239 | |
Restructuring Reserve Scheduled Lease Payments Year Three | 450 | |
Restructuring Reserve Scheduled Lease Payments Year Four | 281 | |
Restructuring Reserve Scheduled Lease Payments Thereafter | 276 | |
Other Restructuring [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | $ 722 | |
Number of Years for the Other Accrual to Be Spent | 1 | |
Restructuring Charges 2017 Plan [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Charges | $ 7,983 | 2,451 |
Payments for Restructuring | (3,589) | |
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | 13 | |
Restructuring Reserve | 4,407 | |
Restructuring Charges 2017 Plan [Member] | Employee Severance [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Charges | 4,779 | |
Payments for Restructuring | (2,330) | |
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | 0 | |
Restructuring Reserve | 2,449 | |
Restructuring Charges 2017 Plan [Member] | Facility Closing [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Charges | 2,674 | |
Payments for Restructuring | (1,259) | |
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | 13 | |
Restructuring Reserve | 1,428 | |
Restructuring Charges 2017 Plan [Member] | Other Restructuring [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Charges | 530 | |
Payments for Restructuring | 0 | |
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | 0 | |
Restructuring Reserve | 530 | |
Restructuring Charges 2016 Plan [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 15,803 | |
Payments for Restructuring | (5,622) | |
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | 143 | |
Restructuring Reserve, Accrual Adjustment | 2,022 | |
Restructuring Reserve | 12,346 | |
Restructuring Charges 2016 Plan [Member] | Employee Severance [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 11,694 | |
Payments for Restructuring | (5,126) | |
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | 104 | |
Restructuring Reserve, Accrual Adjustment | 2,423 | |
Restructuring Reserve | 9,095 | |
Restructuring Charges 2016 Plan [Member] | Facility Closing [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 3,793 | |
Payments for Restructuring | (373) | |
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | 35 | |
Restructuring Reserve, Accrual Adjustment | (396) | |
Restructuring Reserve | 3,059 | |
Restructuring Charges 2016 Plan [Member] | Other Restructuring [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 316 | |
Payments for Restructuring | (123) | |
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | 4 | |
Restructuring Reserve, Accrual Adjustment | (5) | |
Restructuring Reserve | 192 | |
Restructuring Charges From Prior to 2016 [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve, Accrual Adjustment | 80 | |
Restructuring Reserve | 4,019 | |
Restructuring Charges From Prior to 2016 [Member] | Employee Severance [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve, Accrual Adjustment | 143 | |
Restructuring Reserve | 1,557 | |
Restructuring Charges From Prior to 2016 [Member] | Facility Closing [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve, Accrual Adjustment | (44) | |
Restructuring Reserve | 2,462 | |
Restructuring Charges From Prior to 2016 [Member] | Other Restructuring [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve, Accrual Adjustment | (19) | |
Other Restructuring [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Charges | 5,420 | 16,214 |
Restructuring Charges From Prior Periods [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Charges | $ 2,102 | $ 2,123 |
Net Income per Share (Details)
Net Income per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | ||
Earnings Per Share, Diluted [Line Items] | |||
Net income attributable to shareholders | $ 113,768 | $ 106,235 | |
Weighted average shares outstanding - basic | 89,262 | 91,514 | |
Net effect of various dilutive stock-based compensation awards | 1,279 | 1,273 | |
Weighted average shares outstanding - diluted | 90,541 | 92,787 | |
Net income per share: | |||
Basic | $ 1.27 | $ 1.16 | |
Diluted | [1] | $ 1.26 | $ 1.14 |
Stock Compensation Plan [Member] | |||
Net income per share: | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 244 | 1,039 | |
[1] | Stock-based compensation awards for the issuance of 244 and 1,039 shares for the first quarter of 2017 and 2016, respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive. |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | ||
Changes In Components Of OCI [Line Items] | |||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment and Other | $ 36,855 | $ 73,179 | |
Other Comprehensive Income (Loss) Unrealized gain (loss) on investment securities, net | 1,728 | (1,651) | |
Other Comprehensive Income, Unrealized Gain on Derivatives Arising During Period, Net | 97 | 91 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | (406) | (920) | |
Net change in accumulated other comprehensive income (loss) | 38,499 | 70,531 | |
Other comprehensive income before reclassifications [Member] | |||
Changes In Components Of OCI [Line Items] | |||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment and Other | [1] | 37,603 | 69,969 |
Other Comprehensive Income (Loss) Unrealized gain (loss) on investment securities, net | 1,728 | (1,651) | |
Other Comprehensive Income, Unrealized Gain on Derivatives Arising During Period, Net | 0 | 0 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 5 | 41 | |
Other comprehensive income before reclassifications [Member] | Intra-entity foreign currency transactions [Member] | |||
Changes In Components Of OCI [Line Items] | |||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment and Other | 7,290 | (32,801) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Changes In Components Of OCI [Line Items] | |||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment and Other | (1,335) | 1,202 | |
Other Comprehensive Income (Loss) Unrealized gain (loss) on investment securities, net | 0 | 0 | |
Other Comprehensive Income, Unrealized Gain on Derivatives Arising During Period, Net | 97 | 91 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | $ 401 | $ 879 | |
[1] | Includes intra-entity foreign currency transactions that are of a long-term investment nature of $7,290 and $(32,801) for the first quarter of 2017 and 2016, respectively. |
Shareholders' Equity Share-Repu
Shareholders' Equity Share-Repurchase Programs (Details) $ in Thousands | Apr. 01, 2017USD ($) |
Share-Repurchase Programs [Line Items] | |
Stock Repurchase Program, Authorized Amount | $ 800,000 |
Stock Repurchase Program, Dollar Value of Shares Repurchased | 336,310 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 463,690 |
Shares Approved September 2015 [Member] | |
Share-Repurchase Programs [Line Items] | |
Stock Repurchase Program, Authorized Amount | 400,000 |
Stock Repurchase Program, Dollar Value of Shares Repurchased | 336,310 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 63,690 |
Shares Approved December 2016 [Member] | |
Share-Repurchase Programs [Line Items] | |
Stock Repurchase Program, Authorized Amount | 400,000 |
Stock Repurchase Program, Dollar Value of Shares Repurchased | 0 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 400,000 |
Contingencies (Details)
Contingencies (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Apr. 01, 2017 | Dec. 31, 2012 | |
Site Contingency [Line Items] | ||
Litigation Settlement, Amount | $ 110,000 | |
Environmental Costs Recovered | $ 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 | |
Huntsville Site [Member] | Investigation Report [Member] | ||
Site Contingency [Line Items] | ||
Additional Expected Project Expenditures Low Estimate | 300 | |
Additional Expected Project Expenditures High Estimate | 600 | |
Norco Site [Member] | Remediation, Project Management, Regulatory Oversight, and Investigative and Feasability Studies [Member] | ||
Site Contingency [Line Items] | ||
Environmental Remediation Expense To Date | 54,500 | |
Additional Expected Project Expenditures Low Estimate | 20,600 | |
Additional Expected Project Expenditures High Estimate | $ 31,300 |
Segment and Geographic Inform47
Segment and Geographic Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Apr. 01, 2017 | Apr. 02, 2016 | Dec. 31, 2016 | ||
Sales: | ||||
Sales | $ 5,759,552 | $ 5,474,177 | ||
Operating income (loss): | ||||
Operating income (loss) | 191,722 | 181,364 | ||
Restructuring, integration, and other charges | 15,505 | 20,788 | ||
Assets | 13,419,375 | $ 14,206,366 | ||
Global Components [Member] | ||||
Sales: | ||||
Sales | 4,058,803 | 3,675,929 | ||
Operating income (loss): | ||||
Operating income (loss) | 173,533 | 170,770 | ||
Assets | 8,561,728 | 8,360,926 | ||
Global ECS [Member] | ||||
Sales: | ||||
Sales | 1,700,749 | 1,798,248 | ||
Operating income (loss): | ||||
Operating income (loss) | 80,879 | 78,212 | ||
Assets | 4,096,249 | 5,053,172 | ||
Corporate Segment [Member] | ||||
Operating income (loss): | ||||
Operating income (loss) | [1] | (62,690) | $ (67,618) | |
Assets | $ 761,398 | $ 792,268 | ||
[1] | Includes restructuring, integration, and other charges of $15,505 and $20,788 for the first quarters of 2017 and 2016, respectively. |
Segment and Geographic Inform48
Segment and Geographic Information - Geographic Sales & PP&E (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Apr. 01, 2017 | Apr. 02, 2016 | Dec. 31, 2016 | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Sales | $ 5,759,552 | $ 5,474,177 | ||
Property, plant, and equipment, net | 786,596 | $ 756,299 | ||
Americas [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Sales | [1] | 2,642,988 | 2,620,477 | |
Property, plant, and equipment, net | [2] | 658,135 | 631,386 | |
EMEA [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Sales | [3] | 1,685,841 | 1,665,880 | |
Property, plant, and equipment, net | 92,333 | 90,834 | ||
Asia Pacific [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Sales | 1,430,723 | 1,187,820 | ||
Property, plant, and equipment, net | 36,128 | 34,079 | ||
United States [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Sales | 2,378,480 | $ 2,396,063 | ||
Property, plant, and equipment, net | $ 653,648 | $ 626,964 | ||
[1] | Includes sales related to the United States of $2,378,480 and $2,396,063 for the first quarter of 2017 and 2016, respectively. | |||
[2] | Includes net property, plant, and equipment related to the United States of $653,648 and $626,964 at April 1, 2017 and December 31, 2016, respectively. | |||
[3] | Defined as Europe, the Middle East, and Africa. |