Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 01, 2019 | Jun. 30, 2018 | |
Document Information [Line Items] | |||
Entity Registrant Name | ARROW ELECTRONICS INC | ||
Entity Central Index Key | 7,536 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 84,917,353 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 6,477,885,555 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||||||||||
Sales | $ 7,918,182 | $ 7,490,445 | $ 7,392,528 | $ 6,875,613 | $ 7,539,449 | $ 6,856,108 | $ 6,422,226 | $ 5,736,780 | $ 29,676,768 | [1] | $ 26,554,563 | [1] | $ 23,487,872 | [1] | ||||||||
Cost of sales | 6,610,269 | 6,013,541 | 5,598,202 | 4,975,583 | 25,975,856 | 23,197,595 | 20,343,550 | |||||||||||||||
Gross profit | 975,370 | 923,778 | 932,820 | 868,944 | 929,180 | 842,567 | 824,024 | 761,197 | 3,700,912 | 3,356,968 | 3,144,322 | |||||||||||
Operating expenses: | ||||||||||||||||||||||
Selling, general, and administrative expenses | 2,303,051 | 2,162,045 | 2,046,910 | |||||||||||||||||||
Depreciation and amortization | 186,384 | 153,599 | 159,195 | |||||||||||||||||||
Loss on disposition of businesses, net | 3,604 | 21,000 | 0 | |||||||||||||||||||
Restructuring, integration, and other charges | 60,361 | 74,588 | 61,391 | |||||||||||||||||||
Total operating expenses | 2,553,400 | 2,411,232 | 2,267,496 | |||||||||||||||||||
Operating income | 334,380 | 290,310 | 286,827 | 235,995 | 286,824 | 235,441 | 230,446 | 193,025 | 1,147,512 | 945,736 | 876,826 | |||||||||||
Equity in earnings (losses) of affiliated companies | (2,332) | 3,424 | 7,573 | |||||||||||||||||||
Gain (loss) on investments, net | (14,166) | (6,577) | 2,896 | |||||||||||||||||||
Loss on extinguishment of debt | 58,800 | 0 | 59,545 | 0 | ||||||||||||||||||
Employee benefit plan expense | 6,870 | 23,869 | 20,464 | |||||||||||||||||||
Interest and other financing expense, net | 214,771 | 165,252 | 151,312 | |||||||||||||||||||
Income before income taxes | 909,373 | 693,917 | 715,519 | |||||||||||||||||||
Provision for income taxes | 187,799 | 286,541 | 190,731 | |||||||||||||||||||
Consolidated net income | 721,574 | 407,376 | 524,788 | |||||||||||||||||||
Noncontrolling interests | 5,379 | 5,200 | 1,973 | |||||||||||||||||||
Net income attributable to shareholders | $ 230,653 | [2] | $ 176,533 | $ 169,915 | $ 139,094 | $ 53,653 | [2] | $ 134,064 | $ 99,722 | [3] | $ 114,737 | $ 716,195 | $ 402,176 | $ 522,815 | ||||||||
Net income per share: | ||||||||||||||||||||||
Basic | $ 2.66 | [4] | $ 2.02 | [4] | $ 1.94 | [4] | $ 1.58 | [4] | $ 0.61 | [4] | $ 1.52 | [4] | $ 1.12 | [4] | $ 1.29 | [4] | $ 8.19 | $ 4.54 | $ 5.75 | |||
Diluted | $ 2.63 | [4] | $ 1.99 | [4] | $ 1.92 | [4] | $ 1.56 | [4] | $ 0.60 | [4] | $ 1.50 | [4] | $ 1.11 | [4] | $ 1.27 | [4] | $ 8.10 | [5] | $ 4.48 | [5] | $ 5.68 | [5] |
Weighted-average shares outstanding: | ||||||||||||||||||||||
Basic | 87,476 | 88,681 | 90,960 | |||||||||||||||||||
Diluted | 88,444 | 89,766 | 92,033 | |||||||||||||||||||
[1] | Includes sales related to the United States of $12,157,306 , $11,038,930 , and $10,137,041 | |||||||||||||||||||||
[2] | Net income attributable to shareholders includes a U.S. Tax Act benefit of $28.3 million and expense of $124.7 million during the fourth quarter of 2018 and 2017, respectively. | |||||||||||||||||||||
[3] | Net income attributable to shareholders includes a loss on extinguishment of debt of $58.8 million | |||||||||||||||||||||
[4] | Quarterly net income per share is calculated using the weighted-average shares outstanding during each quarterly period, while net income per share for the full year is calculated using the weighted-average shares outstanding during the year. Therefore, the sum of the net income per share for each of the four quarters may not equal the net income per share for the full year. | |||||||||||||||||||||
[5] | Stock-based compensation awards for the issuance of 651 shares, 380 shares, and 766 shares for the years ended December 31, 2018 , 2017 , and 2016 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Consolidated net income | $ 721,574 | $ 407,376 | $ 524,788 |
Foreign currency translation adjustment and other | (163,927) | 248,317 | (108,872) |
Unrealized gain (loss) on investment securities, net of taxes | 0 | 8,852 | (2,439) |
Unrealized gain (loss) on interest rate swaps designated as cash flow hedges, net of taxes | 931 | (2,359) | 373 |
Employee benefit plan items, net of taxes | 8,253 | 8,853 | 10,148 |
Other comprehensive income (loss) | (154,743) | 263,663 | (100,790) |
Comprehensive income | 566,831 | 671,039 | 423,998 |
Less: Comprehensive income attributable to noncontrolling interests | 2,848 | 10,207 | 16 |
Comprehensive income attributable to shareholders | $ 563,983 | $ 660,832 | $ 423,982 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
ASSETS | |||
Cash and cash equivalents | $ 509,327 | $ 730,083 | |
Accounts receivable, net | 8,945,463 | 8,125,588 | |
Inventories | 3,878,678 | 3,302,518 | |
Other current assets | 274,832 | 256,028 | |
Total current assets | 13,608,300 | 12,414,217 | |
Property, plant, and equipment, at cost: | |||
Land | 7,882 | 12,866 | |
Buildings and improvements | 158,712 | 160,664 | |
Machinery and equipment | 1,425,933 | 1,330,730 | |
Property, plant, and equipment, gross | 1,592,527 | 1,504,260 | |
Less: Accumulated depreciation and amortization | (767,827) | (665,785) | |
Property, plant, and equipment, net | 824,700 | 838,475 | |
Investments in affiliated companies | 83,693 | 88,347 | |
Intangible assets, net | 372,644 | 286,215 | |
Goodwill | [1] | 2,624,690 | 2,470,047 |
Other assets | 270,418 | 361,966 | |
Total assets | 17,784,445 | 16,459,267 | |
LIABILITIES AND EQUITY | |||
Accounts payable | 7,631,879 | 6,756,830 | |
Accrued expenses | 912,292 | 841,675 | |
Short-term borrowings, including current portion of long-term debt | 246,257 | 356,806 | |
Total current liabilities | 8,790,428 | 7,955,311 | |
Long-term debt | 3,239,115 | 2,933,045 | |
Other liabilities | 378,536 | 572,971 | |
Commitments and contingencies (Notes 14 and 15) | |||
Equity: | |||
Issued - 125,424 shares in both 2018 and 2017 | 125,424 | 125,424 | |
Capital in excess of par value | 1,135,934 | 1,114,167 | |
Treasury stock (40,233 and 37,733 shares in 2018 and 2017, respectively), at cost | (1,972,254) | (1,762,239) | |
Retained earnings | 6,335,335 | 5,596,786 | |
Accumulated other comprehensive loss | (299,449) | (124,883) | |
Total shareholders' equity | 5,324,990 | 4,949,255 | |
Noncontrolling interests | 51,376 | 48,685 | |
Total equity | 5,376,366 | 4,997,940 | |
Total liabilities and equity | $ 17,784,445 | $ 16,459,267 | |
[1] | The total carrying value of goodwill of companies acquired as of December 31, 2018 and December 31, 2017 , in the table above is reflected net of $1,026,702 of accumulated impairment charges, of which $716,925 was recorded in the global components business segment and $309,777 |
CONSOLIDATED BALANCE SHEETS Par
CONSOLIDATED BALANCE SHEETS Parentheticals - $ / shares shares in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
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 | 40,233 | 37,733 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Consolidated net income | $ 721,574 | $ 407,376 | $ 524,788 |
Adjustments to reconcile consolidated net income to net cash provided by operations: | |||
Depreciation and amortization | 186,384 | 153,599 | 159,195 |
Amortization of stock-based compensation | 46,238 | 39,122 | 39,825 |
Equity in (earnings) losses of affiliated companies | 2,332 | (3,424) | (7,573) |
Loss on extinguishment of debt | 0 | 59,545 | 0 |
Deferred income taxes | 1,236 | 38,412 | 28,740 |
(Gain) loss on investments, net | 14,166 | 8,020 | (2,300) |
Loss on disposition of businesses, net | 3,604 | 21,000 | 0 |
Impairment of property, plant and equipment | 0 | 4,761 | 0 |
Other | 9,198 | 5,705 | 5,972 |
Change in assets and liabilities, net of effects of acquired and disposed businesses: | |||
Accounts receivable | (1,007,308) | (1,079,094) | (600,925) |
Inventories | (618,875) | (379,835) | (403,980) |
Accounts payable | 936,423 | 816,602 | 582,165 |
Accrued expenses | 112,123 | (5,013) | 46,439 |
Other assets and liabilities | (134,405) | 37,781 | (12,674) |
Net cash provided by operating activities | 272,690 | 124,557 | 359,672 |
Cash flows from investing activities: | |||
Cash consideration paid for acquired businesses, net of cash acquired | (331,563) | (3,628) | (64,751) |
Proceeds from disposition of businesses | 32,013 | 0 | 0 |
Acquisition of property, plant, and equipment | (135,336) | (203,949) | (164,695) |
Proceeds from sale of property, plant, and equipment | 5,421 | 24,433 | 0 |
Cash paid for customer relationship intangible asset | (20,000) | 0 | 0 |
Other | (13,500) | (5,614) | (12,000) |
Net cash used for investing activities | (462,965) | (188,758) | (241,446) |
Cash flows from financing activities: | |||
Change in short-term and other borrowings | 192,192 | (41,316) | 48,684 |
Proceeds from long-term bank borrowings, net | 306,635 | 47,760 | 313,000 |
Proceeds from note offering, net | 0 | 986,203 | 0 |
Redemption of notes | (300,000) | (558,887) | 0 |
Proceeds from exercise of stock options | 8,819 | 22,195 | 18,967 |
Repurchases of common stock | (243,305) | (174,239) | (216,446) |
Purchase of shares from non-controlling interest | 0 | (23,350) | 0 |
Other | (1,174) | (1,620) | (2,007) |
Net cash provided by (used for) financing activities | (36,833) | 256,746 | 162,198 |
Effect of exchange rate changes on cash | 6,352 | 3,218 | (19,194) |
Net increase (decrease) in cash and cash equivalents | (220,756) | 195,763 | 261,230 |
Cash and cash equivalents at beginning of year | 730,083 | 534,320 | 273,090 |
Cash and cash equivalents at end of year | $ 509,327 | $ 730,083 | $ 534,320 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Common Stock at Par Value | Capital in Excess of Par Value | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests |
Balance at Dec. 31, 2015 | $ 4,194,811 | $ 125,424 | $ 1,107,314 | $ (1,480,069) | $ 4,674,480 | $ (284,706) | $ 52,368 |
Effect of new accounting principles | (2,685) | 0 | 0 | 0 | (2,685) | 0 | 0 |
Consolidated net income | 524,788 | 0 | 0 | 0 | 0 | 1,973 | |
Other comprehensive income (loss) | (100,790) | 0 | 0 | 0 | 0 | (98,833) | (1,957) |
Amortization of stock-based compensation | 39,825 | 0 | 39,825 | 0 | 0 | 0 | 0 |
Shares issued for stock-based compensation awards | 18,967 | 0 | (40,072) | 59,039 | 0 | 0 | 0 |
Tax benefits related to stock-based compensation awards | 5,047 | 0 | 5,047 | 0 | 0 | 0 | 0 |
Repurchases of common stock | (216,446) | 0 | 0 | (216,446) | 0 | 0 | 0 |
Distributions | (202) | 0 | 0 | 0 | 0 | 0 | (202) |
Balance at Dec. 31, 2016 | 4,463,315 | 125,424 | 1,112,114 | (1,637,476) | 5,194,610 | (383,539) | 52,182 |
Consolidated net income | 407,376 | 0 | 0 | 0 | 0 | 5,200 | |
Other comprehensive income (loss) | 263,663 | 0 | 0 | 0 | 0 | 258,656 | 5,007 |
Amortization of stock-based compensation | 39,122 | 0 | 39,122 | 0 | 0 | 0 | 0 |
Shares issued for stock-based compensation awards | 22,195 | 0 | (27,281) | 49,476 | 0 | 0 | 0 |
Purchase of subsidiary shares from non-controlling interest | (23,350) | 0 | (9,788) | 0 | 0 | 0 | (13,562) |
Repurchases of common stock | (174,239) | 0 | 0 | (174,239) | 0 | 0 | 0 |
Distributions | (142) | 0 | 0 | 0 | 0 | 0 | (142) |
Balance at Dec. 31, 2017 | 4,997,940 | 125,424 | 1,114,167 | (1,762,239) | 5,596,786 | (124,883) | 48,685 |
Effect of new accounting principles | 0 | 0 | 0 | 0 | 22,354 | (22,354) | 0 |
Consolidated net income | 721,574 | 0 | 0 | 0 | 0 | 5,379 | |
Other comprehensive income (loss) | (154,743) | 0 | 0 | 0 | 0 | (152,212) | (2,531) |
Amortization of stock-based compensation | 46,238 | 0 | 46,238 | 0 | 0 | 0 | 0 |
Shares issued for stock-based compensation awards | 8,819 | 0 | (24,471) | 33,290 | 0 | 0 | 0 |
Repurchases of common stock | (243,305) | 0 | 0 | (243,305) | 0 | 0 | 0 |
Distributions | (157) | 0 | 0 | 0 | 0 | 0 | (157) |
Balance at Dec. 31, 2018 | $ 5,376,366 | $ 125,424 | $ 1,135,934 | $ (1,972,254) | $ 6,335,335 | $ (299,449) | $ 51,376 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of the company and its majority-owned subsidiaries. All significant intercompany transactions are eliminated. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires the company to make significant estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Cash and Cash Equivalents Cash equivalents consist of highly liquid investments, which are readily convertible into cash, with original maturities of three months or less. Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined on a moving average cost basis, which approximates the first-in, first-out method. Substantially all inventories represent finished goods held for sale. Property, Plant, and Equipment Property, plant, and equipment are stated at cost. Depreciation is computed on the straight-line method over the estimated useful lives of the assets. The estimated useful lives for depreciation of buildings is generally 20 to 30 years, and the estimated useful lives of machinery and equipment is generally three to ten years. Leasehold improvements are amortized over the shorter of the term of the related lease or the life of the improvement. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. If the carrying value of the asset can not be recovered from estimated future cash flows, undiscounted and without interest, the fair value of the asset is calculated using the present value of estimated net future cash flows. If the fair value is less than the carrying amount of the asset, a loss is recognized for the difference. Software Development Costs The company capitalizes certain internal and external costs incurred to acquire or create internal-use software. Capitalized software costs are amortized on a straight-line basis over the estimated useful life of the software, which is generally three to twelve years. At December 31, 2018 and 2017 , the company had unamortized software development costs of $539,398 and $535,203 , respectively, which are included in "Machinery and equipment" in the company's consolidated balance sheets. During 2016, the company changed the useful life on its global ERP software from ten to twelve years. The impact of the change was not material. Identifiable Intangible Assets Amortization of definite-lived intangible assets is computed on the straight-line method over the estimated useful lives of the assets, while indefinite-lived intangible assets are not amortized. Identifiable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The company also tests indefinite-lived intangible assets, consisting of acquired trade names, for impairment at least annually as of the first day of the fourth quarter. If the fair value is less than the carrying amount of the asset, a loss is recognized for the difference. Investments Investments are accounted for using the equity method if the investment provides the company the ability to exercise significant influence, but not control, over an investee. Significant influence is generally deemed to exist if the company has an ownership interest in the voting stock of the investee between 20% and 50%, although other factors, such as representation on the investee's Board of Directors, are considered in determining whether the equity method is appropriate. The company records its investments in equity method investees meeting these characteristics as "Investments in affiliated companies" in the company's consolidated balance sheets. All other equity investments, which consist of investments for which the company does not possess the ability to exercise significant influence, are measured at fair value, using quoted market prices, and are included in "Other assets" in the company's consolidated balance sheets. Changes in fair value are recorded in "Gain (Loss) on investments, net" in the company's consolidated statements of operations. During the year-ended December 31, 2018 , the company recorded a net loss on investments of $14.2 million . The company records equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes. The company does not currently hold any equity investments without readily determinable fair values. Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. The company tests goodwill for impairment annually as of the first day of the fourth quarter and/or when an event occurs or circumstances change such that it is more likely than not that an impairment may exist. Examples of such events and circumstances that the company would consider include the following: • macroeconomic conditions such as deterioration in general economic conditions, limitations on accessing capital, fluctuations in foreign exchange rates, or other developments in equity and credit markets; • industry and market considerations such as a deterioration in the environment in which the company operates, an increased competitive environment, a decline in market-dependent multiples or metrics (considered in both absolute terms and relative to peers), a change in the market for the company's products or services, or a regulatory or political development; • cost factors such as increases in raw materials, labor, or other costs that have a negative effect on earnings and cash flows; • overall financial performance such as negative or declining cash flows or a decline in actual or planned revenue or earnings compared with actual and projected results of relevant prior periods; • other relevant entity-specific events such as changes in management, key personnel, strategy, or customers; contemplation of bankruptcy; or litigation; • events affecting a reporting unit such as a change in the composition or carrying amount of its net assets, a more-likely-than-not expectation of selling or disposing all, or a portion, of a reporting unit, the testing for recoverability of a significant asset group within a reporting unit, or recognition of a goodwill impairment loss in the financial statements of a subsidiary that is a component of a reporting unit; and • a sustained decrease in share price (considered in both absolute terms and relative to peers). Goodwill is tested at a level of reporting referred to as "the reporting unit." The company's reporting units are defined as each of the three regional businesses within the global components business segment, which are the Americas; Europe, the Middle East, and Africa ("EMEA"); and Asia/Pacific, each of the two regional businesses within the global ECS business segment, which are North America and EMEA, and eInfochips which was acquired in 2018 . An entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (that is, a likelihood of more than 50%) that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then the quantitative goodwill impairment test is unnecessary. The company has elected not to perform the qualitative assessment and performed the quantitative goodwill impairment test. The quantitative goodwill impairment test, used to identify both the existence of impairment and the amount of impairment loss, compares the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit is less than its fair value, no impairment exists. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The company estimates the fair value of a reporting unit using the income approach. For the purposes of the income approach, fair value is determined based on the present value of estimated future cash flows, discounted at an appropriate risk-adjusted rate. The assumptions included in the income approach include forecasted revenues, gross profit margins, operating income margins, working capital cash flow, forecasted capital expenditures, perpetual growth rates, and long-term discount rates, among others, all of which require significant judgments by management. Actual results may differ from those assumed in the company's forecasts. The company also reconciles its discounted cash flow analysis to its current market capitalization allowing for a reasonable control premium. As of the first day of the fourth quarters of 2018 , 2017 , and 2016 , the company's annual impairment testing did not indicate impairment at any of the company's reporting units. A decline in general economic conditions or global equity valuations could impact the judgments and assumptions about the fair value of the company's businesses, and the company could be required to record an impairment charge in the future, which could impact the company's consolidated balance sheet, as well as the company's consolidated statement of operations. If the company was required to recognize an impairment charge in the future, the charge would not impact the company's consolidated cash flows, current liquidity, capital resources, and covenants under its existing revolving credit facility, asset securitization program, and other outstanding borrowings. As of December 31, 2018 , the company has $2.6 billion of goodwill, of which approximately $1.1 billion , $84.1 million and $61.2 million was allocated to the Americas, EMEA, and Asia/Pacific reporting units within the global components business segment, respectively, $788.1 million and $399.1 million was allocated to the North America and EMEA reporting units within the global ECS business segment, respectively, and $181.0 million was allocated to the eInfochips reporting unit. As of the date of the company's latest impairment test, the fair value of the Americas, EMEA, and Asia/Pacific reporting units within the global components business segment, the fair value of the North America and EMEA reporting units within the global ECS business segment, and the fair value of the eInfochips reporting unit exceeded their carrying values by approximately 14% , 152% , 13% , 435% , 140% , and 3% respectively. Foreign Currency Translation and Remeasurement The assets and liabilities of international operations are translated at the exchange rates in effect at the balance sheet date. Revenue and expense accounts are translated at the monthly average exchange rates. Adjustments arising from the translation of the foreign currency financial statements of the company's international operations are reported as a component of "Accumulated other comprehensive loss" in the company's consolidated balance sheets. For foreign currency remeasurement from each local currency into the appropriate functional currency, monetary assets and liabilities are remeasured to functional currencies using current exchange rates in effect at the balance sheet date. Gains or losses from these remeasurements were not significant and have been included in the company’s consolidated statements of operations. Non-monetary assets and liabilities are recorded at historical exchange rates. Income Taxes Income taxes are accounted for under the liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of differences between the tax bases of assets and liabilities and their financial reporting amounts using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The carrying value of the company's deferred tax assets is dependent upon the company's ability to generate sufficient future taxable income in certain tax jurisdictions. Should the company determine that it is more likely than not that some portion or all of its deferred tax assets will not be realized, a valuation allowance to reduce the deferred tax assets is established in the period such determination is made. The assessment of the need for a valuation allowance requires considerable judgment on the part of management with respect to the benefits that could be realized from future taxable income, as well as other positive and negative factors. It is also the company's policy to provide for uncertain tax positions and the related interest and penalties based upon management's assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. To the extent the company prevails in matters for which a liability for an unrecognized tax benefit is established, or is required to pay amounts in excess of the liability, or when other facts and circumstances change, the company's effective tax rate in a given financial statement period may be materially affected. Net Income Per Share Basic net income per share is computed by dividing net income attributable to shareholders by the weighted-average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. Comprehensive Income Comprehensive income consists of consolidated net income, foreign currency translation adjustment, unrealized gains or losses on post-retirement benefit plans, and unrealized gains or losses on investment securities and interest rate swaps designated as cash flow hedges. Unrealized gains or losses on investment securities and interest rate swaps are net of any reclassification adjustments for realized gains or losses included in consolidated net income. Foreign currency translation adjustments included in comprehensive income were not tax effected as investments in international affiliates are deemed to be permanent. All other comprehensive income items are net of related income taxes. Stock-Based Compensation The company records share-based payment awards exchanged for employee services at fair value on the date of grant and expenses the awards in the consolidated statements of operations over the requisite employee service period. Stock-based compensation expense includes an estimate for forfeitures. Stock-based compensation expense related to awards with a market or performance condition which cliff vest, are recognized over the vesting period on a straight line basis. Stock-based compensation awards with service conditions only are also recognized on a straight-line basis. Segment Reporting Operating segments are defined as components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The company's operations are classified into two reportable business segments: global components and global ECS. Revenue Recognition The company recognizes revenue when there is persuasive evidence of an arrangement, delivery has occurred or services are rendered, the sales price is fixed or determinable, and collectability is reasonably assured. Revenue typically is recognized at time of shipment. Sales are recorded net of discounts, rebates, and returns, which historically have not been material. Tariffs are included in sales as the company has enforceable rights to additional consideration to cover the cost of tariffs. The Company allows its customers to return product for exchange or credit in limited circumstances. A liability is recorded at the time of sale for estimated product returns based upon historical experience. The Company also provides volume rebates and other discounts to certain customers which are considered variable consideration. A provision for customer rebates and other discounts is recorded as a reduction of revenue at the time of sale based on an evaluation of the contract terms and historical experience. A portion of the company's business involves shipments directly from its suppliers to its customers. In these transactions, the company is responsible for negotiating price both with the supplier and customer, payment to the supplier, establishing payment terms with the customer, product returns, and has risk of loss if the customer does not make payment. As the principal with the customer, the company recognizes the sale and cost of sale of the product upon receiving notification from the supplier that the product was shipped. The Company has contracts with certain customers where the Company’s performance obligation is to arrange for the products or services to be provided by another party. In these arrangements, as the Company assumes an agency relationship in the transaction, revenue is recognized in the amount of the net fee associated with serving as an agent. These arrangements relate to the sale of supplier service contracts to customers where the company has no future obligation to perform under these contracts or the rendering of logistics services for the delivery of inventory for which the company does not assume the risks and rewards of ownership. Shipping and Handling Costs The company reports shipping and handling costs, primarily related to outbound freight, in the consolidated statements of operations as a component of selling, general, and administrative expenses. Shipping and handling costs included in selling, general, and administrative expenses totaled $103,533 , $90,709 , and $79,257 in 2018 , 2017 , and 2016 , respectively. Impact of Recently Issued Accounting Standards In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2018-15, Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force) ("ASU No. 2018-15"). ASU No. 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop internal-use software. ASU No. 2018-15 is effective for the company in the first quarter of 2020, with early adoption permitted, and is to be applied either retrospectively or prospectively. The company is currently evaluating the potential effects of adopting the provisions of ASU No. 2018-15. The adoption is not expected to be material to the financial statements. In February 2018, the FASB issued Accounting Standards Update No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220) ("ASU No. 2018-02"). ASU No. 2018-02 provides financial statement preparers with an option to reclassify stranded tax effects within accumulated other comprehensive income to retained earnings in each period that is impacted by U.S. federal government tax legislation enacted in 2017. Effective January 1, 2018, the company adopted the provisions of ASU No. 2018-02 on a prospective basis as an adjustment to increase retained earnings of $4,116 . In August 2017, the FASB issued Accounting Standards Update No. 2017-12, Derivatives and Hedging (Topic 815) ("ASU No. 2017-12"). ASU No. 2017-12 simplifies certain aspects of hedge accounting and results in a more accurate portrayal of the economics of an entity’s risk management activities in its financial statements. ASU No. 2017-12 is effective for the company in the first quarter of 2019, with early adoption permitted, and is to be applied on a modified retrospective basis. The company is currently evaluating the potential effects of adopting the provisions of ASU No. 2017-12. The adoption is not expected to be material to the financial statements. In March 2017, the 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. Effective January 1, 2018, the company adopted the provisions of ASU No. 2017-07 on a retrospective basis for the presentation requirements. 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. In November 2018 the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, which provides supplemental guidance and clarification to ASU No. 2016-13 and must be adopted concurrently with the adoption of ASU No. 2016-13, cumulatively referred to as "Topic 326." Topic 326 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 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. In July 2018 the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases , and ASU No. 2018-11, Leases (Topic 842) Targeted Improvements , which provide supplemental adoption guidance and clarification to ASU No. 2016-02, and must be adopted concurrently with the adoption of ASU No. 2016-02, cumulatively referred to as "Topic 842." Topic 842 is effective for the company in the first quarter of 2019, with early adoption permitted, and is to be applied using either a modified retrospective approach, or an optional transition method which allows an entity to apply the new standard at the adoption date with a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The company expects to adopt Topic 842 in the first quarter of 2019 under the optional transition method described above. In addition, the company will elect the short-term lease exception outlined in ASC 842. While the company continues to evaluate the effects of adopting the provisions of Topic 842, the company expects most existing operating lease commitments will be recognized as operating lease liabilities and right-of-use assets upon adoption. The adoption is not expected to be material to the financial statements, and based on our ongoing assessment, will increase total assets by less than 3%. 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. Effective January 1, 2018, the company adopted the provisions of ASU No. 2016-01 on a prospective basis as an adjustment to increase retained earnings of $18,238 . 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. 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, cumulatively referred to as "Topic 606." On January 1, 2018, the company adopted Topic 606 applying the full retrospective method, including an adjustment to retained earnings of $2,685 . The primary impact of adoption relates to the application of principal versus agent indicators and the determination of whether goods and services are distinct. In addition, the company is deferring certain revenue due to the determination of when transfer of control occurs. The deferrals are expected to be recognized within a year of the transaction date. The following table presents the effect of the adoption of Topic 606, ASU No. 2017-07, and other prior period reclassifications. The effect of these changes for each quarter of 2017 is presented in Note 17. Year Ended December 31, 2017 Year Ended December 31, 2016 As Previously Reported Adjustments** Adjusted for New Standards As Previously Reported Adjustments** Adjusted for New Standards Sales $ 26,812,508 $ (257,945 ) $ 26,554,563 $ 23,825,261 $ (337,389 ) $ 23,487,872 Cost of sales 23,455,169 (257,574 ) 23,197,595 20,681,062 (337,512 ) 20,343,550 Gross profit 3,357,339 (371 ) 3,356,968 3,144,199 123 3,144,322 Operating expenses: Selling, general, and administrative expenses 2,162,996 (951 ) 2,162,045 2,052,863 (5,953 ) 2,046,910 Depreciation and amortization 153,599 — 153,599 159,195 — 159,195 Loss on disposition of businesses, net 21,000 — 21,000 — — — Restructuring, integration, and other charges 91,294 (16,706 ) 74,588 73,602 (12,211 ) 61,391 2,428,889 (17,657 ) 2,411,232 2,285,660 (18,164 ) 2,267,496 Operating income 928,450 17,286 945,736 858,539 18,287 876,826 Equity in earnings of affiliated companies 3,424 — 3,424 7,573 — 7,573 Gain (loss) on investments, net (14,231 ) 7,654 (6,577 ) — 2,896 2,896 Loss on extinguishment of debt 59,545 — 59,545 — — — Employee benefit plan expense — 23,869 23,869 — 20,464 20,464 Interest and other financing expense, net 163,810 1,442 165,252 150,715 597 151,312 Income before income taxes 694,288 (371 ) 693,917 715,397 122 715,519 Provision for income taxes 287,126 (585 ) 286,541 190,674 57 190,731 Consolidated net income 407,162 214 407,376 524,723 65 524,788 Noncontrolling interests 5,200 — 5,200 1,973 — 1,973 Net income attributable to shareholders $ 401,962 $ 214 $ 402,176 $ 522,750 $ 65 $ 522,815 Net income per share: Basic* $ 4.53 $ 0.01 $ 4.54 $ 5.75 $ — $ 5.75 Diluted* $ 4.48 $ — $ 4.48 $ 5.68 $ — $ 5.68 * The sum of the as previously reported and as adjusted may not agree to totals, as presented, due to rounding. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions The company accounts for acquisitions using the acquisition method of accounting. The results of operations of acquisitions are included in the company's consolidated results from their respective dates of acquisition. The company allocates the purchase price of each acquisition to the tangible assets, liabilities, and identifiable intangible assets acquired based on their estimated fair values. In certain circumstances, a portion of purchase price may be contingent upon the achievement of certain operating results. The fair values assigned to identifiable intangible assets acquired and contingent consideration were determined primarily by using an income approach which was based on assumptions and estimates made by management. Significant assumptions utilized in the income approach were based on company specific information and projections, which are not observable in the market and are thus considered Level 3 measurements by authoritative guidance (see Note 7). The excess of the purchase price over the fair value of the identified assets and liabilities has been recorded as goodwill. 2018 Acquisitions On January 8, 2018, the company acquired eInfochips for a purchase price of $327,628 , which included $14,769 of cash acquired. eInfochips services customers at every phase of technology deployment, including custom hardware and software, and new Internet of Things based business models. eInfochips is recorded in the company's global components business segment. Since the date of the acquisition, eInfochips sales of $89,139 were included in the company's consolidated results of operations. The following table summarizes the allocation of the net consideration paid to the fair value of the assets acquired and liabilities assumed for the eInfochips acquisition: Accounts receivable, net $ 13,670 Inventories 1,512 Property, plant, and equipment 3,485 Other assets 46,488 Identifiable intangible assets 128,000 Goodwill 197,126 Accounts payable (520 ) Accrued expenses (33,836 ) Deferred tax liability (41,474 ) Other liabilities (1,592 ) Cash consideration paid, net of cash acquired $ 312,859 In connection with the eInfochips acquisition, the company allocated $109,000 and $19,000 to customer relationships and trade name with a life of 15 years and 10 years, respectively. Assets and liabilities acquired are initially recognized based on preliminary estimates. During the fourth quarter of 2018, the company finalized the valuation of identifiable intangible assets and the related deferred taxes. Final estimates were recorded which resulted in an increase of $22,755 in other assets, $56,290 in identifiable intangible assets, $25,241 in accrued expenses, and $19,505 in deferred tax liability. The goodwill related to the eInfochips acquisition represents the expected synergies from combining operations and was recorded in the company's global components business segment and is not tax deductible. During 2018 , the company completed one additional acquisition with a purchase price of approximately $18,704 , net of cash acquired. The impact of this acquisition was not material to the company's consolidated financial position or results of operations. The following table summarizes the company's consolidated results of operations for 2017 , as well as the unaudited pro forma consolidated results of operations of the company, as though the 2018 acquisitions occurred on January 1, 2017: For the Year Ended December 31, 2017 As Reported Pro Forma Sales $ 26,554,563 $ 26,712,335 Net income attributable to shareholders 402,176 405,966 Net income per share: Basic $ 4.54 $ 4.58 Diluted $ 4.48 $ 4.52 2017 Acquisitions During 2017, the company acquired an additional 11.9% of the noncontrolling interest 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. During 2017, the company completed two acquisitions for $3,628 , 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 2017 acquisitions on the consolidated results of operations of the company for 2017, as though the acquisitions occurred on January 1, 2017, was also not material. 2016 Acquisitions During 2016, the company completed three acquisitions for $63,869 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Cost in Excess of Net Assets of Companies Acquired and Intangible Assets, Net | Goodwill and Intangible Assets Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. The company tests goodwill and other indefinite-lived intangible assets for impairment annually as of the first day of the fourth quarter, or more frequently if indicators of potential impairment exist. As of the first day of the fourth quarters of 2018 , 2017 , and 2016 , the company's annual impairment testing did not result in any indicators of impairment of goodwill of companies acquired. Goodwill of companies acquired, allocated to the company's business segments, is as follows: Global Components Global ECS Total Balance as of December 31, 2016 (a) $ 1,239,741 $ 1,152,479 $ 2,392,220 Acquisitions 6,149 — 6,149 Loss on disposition of businesses, net — (7,922 ) (7,922 ) Foreign currency translation adjustment 18,979 60,621 79,600 Balance as of December 31, 2017 (b) $ 1,264,869 $ 1,205,178 $ 2,470,047 Acquisitions 197,126 14,175 211,301 Loss on disposition of businesses, net — — — Foreign currency translation adjustment (24,494 ) (32,164 ) (56,658 ) Balance as of December 31, 2018 (b) $ 1,437,501 $ 1,187,189 $ 2,624,690 (a) The total carrying value of goodwill of companies acquired as of December 31, 2016 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. (b) The total carrying value of goodwill of companies acquired as of December 31, 2018 and December 31, 2017 , in the table above is reflected net of $1,026,702 of accumulated impairment charges, of which $716,925 was recorded in the global components business segment and $309,777 was recorded in the global ECS business segment. Intangible assets, net, are comprised of the following as of December 31, 2018 : Weighted-Average Life Gross Carrying Amount Accumulated Amortization Net Non-amortizable trade names indefinite $ 101,000 $ — $ 101,000 Customer relationships 11 years 475,050 (221,822 ) 253,228 Developed technology 5 years 6,340 (4,311 ) 2,029 Amortizable trade name 9 years 19,940 (3,553 ) 16,387 $ 602,330 $ (229,686 ) $ 372,644 Intangible assets, net, are comprised of the following as of December 31, 2017 : Weighted-Average Life Gross Carrying Amount Accumulated Amortization Net Non-amortizable trade names indefinite $ 101,000 $ — $ 101,000 Customer relationships 10 years 440,167 (259,337 ) 180,830 Developed technology 5 years 6,340 (3,043 ) 3,297 Amortizable trade name 5 years 2,409 (1,321 ) 1,088 $ 549,916 $ (263,701 ) $ 286,215 In December 2018 , the company completed an asset acquisition of a $20,000 customer relationship intangible asset with an assigned useful life of 10 years . The intangible asset is included in the company’s global components segment. Amortization expense related to identifiable intangible assets was $49,356 , $50,071 , and $54,886 for the years ended December 31, 2018 , 2017 , and 2016 , respectively. Amortization expense for each of the years 2019 through 2023 is estimated to be approximately $44,336 , $38,434 , $32,462 , $30,180 , and $24,271 |
Investments in Affiliated Compa
Investments in Affiliated Companies | 12 Months Ended |
Dec. 31, 2018 | |
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 the following joint ventures at December 31: 2018 2017 Marubun/Arrow $ 73,253 $ 70,167 Other 10,440 18,180 $ 83,693 $ 88,347 The equity in earnings of affiliated companies for the years ended December 31 consists of the following: 2018 2017 2016 Marubun/Arrow $ 5,543 $ 6,842 $ 7,629 Other (7,875 ) (3,418 ) (56 ) $ (2,332 ) $ 3,424 $ 7,573 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 December 31, 2018 , the company's pro-rata share of this debt was approximately $2,860 . There were no outstanding borrowings under the third party debt agreements of the joint ventures as of December 31, 2017 |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Accounts Receivable [Text Block] | Accounts Receivable Accounts receivable, net, consists of the following at December 31: 2018 2017 Accounts receivable $ 9,021,051 $ 8,181,879 Allowances for doubtful accounts (75,588 ) (56,291 ) Accounts receivable, net $ 8,945,463 $ 8,125,588 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, which are included in "Accounts Receivable, net" in the company's consolidated balance sheets. One such customer, with a combined note and accounts receivable balance of approximately $24,252 and $24,600 , as of December 31, 2018 and 2017 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt [Text Block] | Debt Short-term borrowings, including current portion of long-term debt, consists of the following at December 31: 2018 2017 3.00% note, due 2018 $ — $ 299,857 Borrowings on lines of credit 180,000 — Other short-term borrowings 66,257 56,949 $ 246,257 $ 356,806 Other short-term borrowings are primarily utilized to support working capital requirements. The weighted-average interest rate on these borrowings was 2.49% and 2.60% at December 31, 2018 and 2017 , respectively. The company has $200,000 in uncommitted lines of credit. There were $180,000 of outstanding borrowings under the uncommitted lines of credit at December 31, 2018 and no outstanding borrowings at December 31, 2017 . These borrowings were provided on a short-term basis and the maturity is agreed upon between the company and the lender. The lines had an effective interest rate of 3.39% at December 31, 2018 . Long-term debt consists of the following at December 31: 2018 2017 Asset securitization program $ 810,000 $ 490,000 6.00% notes, due 2020 209,147 208,971 5.125% notes, due 2021 130,546 130,400 3.50% notes, due 2022 347,288 346,518 4.50% notes, due 2023 297,622 297,122 3.25% notes, due 2024 494,091 493,161 4.00% notes, due 2025 345,762 345,182 7.50% senior debentures, due 2027 109,776 109,694 3.875% notes, due 2028 494,095 493,563 Other obligations with various interest rates and due dates 788 18,434 $ 3,239,115 $ 2,933,045 The 7.50% senior debentures are not redeemable prior to their maturity. All other notes may be called at the option of the company subject to "make whole" clauses. The estimated fair market value of long-term debt at December 31, using quoted market prices, is as follows: 2018 2017 3.00% notes, due 2018 $ — $ 300,500 6.00% notes, due 2020 214,500 224,000 5.125% notes, due 2021 134,500 139,000 3.50% notes, due 2022 345,000 355,000 4.50% notes, due 2023 303,500 315,500 3.25% notes, due 2024 467,000 491,000 4.00% notes, due 2025 340,500 356,500 7.50% senior debentures, due 2027 128,000 138,500 3.875% notes, due 2028 458,500 501,000 The carrying amount of the company's short-term borrowings in various countries, borrowings on lines of credit, revolving credit facility, asset securitization program, and other obligations approximate their fair value. The company has a revolving credit facility that may be used by the company for general corporate purposes including working capital in the ordinary course of business, letters of credit, repayment, prepayment or purchase of long-term indebtedness, acquisitions, and as support for the company's commercial paper program, as applicable. In December 2018, the company amended its revolving credit facility and, among other things, increased its borrowing capacity from $1,800,000 to $2,000,000 and extended its term to mature in December 2023. Interest on borrowings under the revolving credit facility is calculated using a base rate or a Eurocurrency rate plus a spread ( 1.18% at December 31, 2018 ), which is based on the company's credit ratings, or an effective interest rate of 2.37% at December 31, 2018 . The facility fee, which is based on the company's credit ratings, was .20% of the total borrowing capacity at December 31, 2018 . There were no outstanding borrowings under the revolving credit facility at December 31, 2018 and 2017 . The company has a commercial paper program and the maximum aggregate balance of commercial paper notes outstanding may not exceed the borrowing capacity of $ 1,200,000 . The company had no outstanding borrowings under this program as of December 31, 2018 and 2017 . The commercial paper program had an effective interest rate of 2.93% for the year-ended December 31, 2018 . The company has an asset securitization program collateralized by accounts receivable of certain of its subsidiaries. In June 2018, the company amended its asset securitization program and, among other things, increased its borrowing capacity from $910,000 to $1,200,000 and extended its term to mature to June 2021. 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 plus a spread ( .40% at December 31, 2018 ), or an effective interest rate of 2.91% at December 31, 2018 . The facility fee is .40% of the total borrowing capacity. At December 31, 2018 and 2017 , the company had $810,000 and $490,000 , 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 $2,754,400 and $2,270,500 , respectively, were held by AFC and were included in "Accounts receivable, net" in the company's consolidated balance sheets. Any accounts receivable held by AFC would likely not be available to other creditors of the company in the event of bankruptcy or insolvency proceedings before repayment of any outstanding borrowings under the asset securitization program. Both the revolving credit facility and asset securitization program include terms and conditions that limit the incurrence of additional borrowings and require that certain financial ratios be maintained at designated levels. The company was in compliance with all covenants as of December 31, 2018 and is currently not aware of any events that would cause non-compliance with any covenants in the future. During March 2018, the company redeemed $300,000 principal amount of its 3.00% notes due March 2018. During 2017, the company completed the sale of $500,000 principal amount of 3.875% notes due in 2028. The net proceeds of the offering of $494,625 were used to redeem the company's 6.875% senior debenture due June 2018 and refinance a portion of the company's 6.00% notes due April 2020, 5.125% notes due March 2021, and 7.50% notes due January 2027. The company recorded a loss on extinguishment of debt of $59,545 for 2017. During 2017, the company completed the sale of $500,000 principal amount of 3.25% notes due in 2024. The net proceeds of the offering of $493,810 are expected to be used to redeem the company's debt obligations and for general corporate purposes. In the normal course of business certain of the company’s subsidiaries have agreements to sell, without recourse, selected trade receivables to financial institutions. The company does not retain financial or legal interests in these receivables, and, accordingly they are accounted for as sales of the related receivables and the receivables are removed from the company’s consolidated balance sheets. Financing costs related to these transactions were not material and are included in "Interest and other financing expense, net" in the company’s consolidated statements of operations. Annual payments of borrowings during each of the years 2019 through 2023 are $245,203 , $1,019,711 , $130,578 , $347,288 , and $297,622 , respectively, and $1,443,722 for all years thereafter. Interest and other financing expense, net, includes interest and dividend income of $47,860 , $31,156 , and $18,084 in 2018 , 2017 , and 2016 , respectively. Interest paid, net of interest and dividend income, amounted to $213,913 , $156,974 , and $141,816 in 2018 , 2017 , and 2016 |
Financial Instruments Measured
Financial Instruments Measured at Fair Value | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments Measured At Fair Value | Financial Instruments Measured at Fair ValueFair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The company utilizes a fair value hierarchy, which maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. The fair value hierarchy has three levels of inputs that may be used to measure fair value: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 Quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable. The following table presents assets (liabilities) measured at fair value on a recurring basis at December 31, 2018 : Balance Sheet Location Level 1 Level 2 Level 3 Total Cash equivalents (a) Cash and cash equivalents / other assets $ 22,883 $ — $ — $ 22,883 Equity investments (b) Other assets 38,045 — — 38,045 Interest rate swaps Other liabilities — (589 ) — (589 ) Foreign exchange contracts Other current assets — 4,163 — 4,163 Foreign exchange contracts Accrued expenses — (2,384 ) — (2,384 ) $ 60,928 $ 1,190 $ — $ 62,118 The following table presents assets (liabilities) measured at fair value on a recurring basis at December 31, 2017 : Balance Sheet Location Level 1 Level 2 Level 3 Total Cash equivalents (c) Cash and cash equivalents / other assets $ 3,267 $ 286,671 $ — $ 289,938 Equity investments (b) Other assets 52,683 — — 52,683 Interest rate swaps Other liabilities — (149 ) — (149 ) Foreign exchange contracts Other current assets — 5,499 — 5,499 Foreign exchange contracts Accrued expenses — (8,581 ) — (8,581 ) Contingent consideration Accrued expenses — — (3,176 ) (3,176 ) $ 55,950 $ 283,440 $ (3,176 ) $ 336,214 (a) Cash equivalents include highly liquid investments with an original maturity of less than three months. (b) The company has an 8.4% equity ownership interest in Marubun Corporation and a portfolio of mutual funds with quoted market prices. During 2018 , 2017 , and 2016 the company recorded unrealized gains ( loss es) of $(13,693) , $14,651 , and $(4,064) , respectively, on equity securities held at the end of each year. (c) Cash equivalents at December 31, 2017 included $286,671 invested in certificates of deposit, with an original maturity of less than three months, held in anticipation of our acquisition of eInfochips, which closed in January 2018 (see Note 2). 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 interest rate swaps designated as fair value hedges is recorded as a change to the carrying value of the related hedged debt, and the effective portion of the change in fair value of interest rate swaps designated as cash flow hedges is recorded in the shareholders' equity section in the company's consolidated balance sheets in "Accumulated other comprehensive income." 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 December 31, 2018 , all outstanding interest rate swaps were designated as fair value hedges. The terms of outstanding interest rate swap contracts at December 31, 2018 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 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, Indian Rupee, Canadian Dollar, British Pound, Australian Dollar, and Chinese Renminbi. The company enters into foreign exchange forward, option, or swap contracts (collectively, the "foreign exchange contracts") to mitigate the impact of changes in foreign currency exchange rates. These contracts are executed to facilitate the hedging of foreign currency exposures resulting from inventory purchases and sales and generally have terms of no more than six months. Gains or losses on these contracts are deferred and recognized when the underlying future purchase or sale is recognized or when the corresponding asset or liability is revalued. The company does not enter into foreign exchange contracts for trading purposes. The risk of loss on a foreign exchange contract is the risk of nonperformance by the counterparties, which the company minimizes by limiting its counterparties to major financial institutions. The fair value of the foreign exchange contracts are estimated using market quotes. The notional amount of the foreign exchange contracts at December 31, 2018 and 2017 was $607,747 and $504,084 , 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 "Cost of sales," "Selling, general, and administrative expenses," and "Interest and other financing expense, net" based upon the nature of the underlying hedged transaction, in the company's consolidated statements of operations and were not material for 2018 , 2017 , and 2016 . The effects of derivative instruments on the company's consolidated statements of operations and other comprehensive income are as follows for the years ended December 31: 2018 2017 2016 Gain (Loss) Recognized in Income Foreign exchange contracts $ 6,940 $ (20,877 ) $ 1,535 Interest rate swaps (1,236 ) (831 ) (608 ) Total $ 5,704 $ (21,708 ) $ 927 Loss Recognized in Other Comprehensive Income before reclassifications Foreign exchange contracts $ (409 ) $ (2,022 ) $ (153 ) Interest rate swaps — (4,672 ) — Total $ (409 ) $ (6,694 ) $ (153 ) The carrying amount of cash and cash equivalents, accounts receivable, net, and accounts payable approximate their fair value due to the short maturities of these financial instruments. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes [Text Block] | Income Taxes The provision for income taxes for the years ended December 31 consists of the following: 2018 2017 2016 Current: Federal $ (12,345 ) $ 119,298 $ 45,371 State 20,141 (6,156 ) 7,022 International 178,767 134,987 109,598 $ 186,563 $ 248,129 $ 161,991 Deferred: Federal $ 19,207 $ 31,167 $ 29,973 State 312 13,535 7,161 International (18,283 ) (6,290 ) (8,394 ) 1,236 38,412 28,740 $ 187,799 $ 286,541 $ 190,731 The principal causes of the difference between the U.S. federal statutory tax rate of 21% and effective income tax rates for the years ended December 31 are as follows: 2018 2017 2016 United States $ 186,677 $ 115,664 $ 235,317 International 722,696 578,253 480,202 Income before income taxes $ 909,373 $ 693,917 $ 715,519 Provision at statutory tax rate $ 190,968 $ 242,415 $ 250,446 State taxes, net of federal benefit 18,888 5,184 9,219 International effective tax rate differential 7,480 (88,444 ) (64,002 ) Capital loss 60,757 — — Change in valuation allowance (66,557 ) 1,408 7,174 Other non-deductible expenses 14,128 12,700 3,516 Changes in tax accruals (3,968 ) (7,973 ) (3,679 ) Tax credits (7,884 ) (8,170 ) (14,510 ) Tax Act's transition tax (a) (28,323 ) 196,010 — Tax Act's impact on deferred taxes (b) — (71,261 ) — Other 2,310 4,672 2,567 Provision for income taxes $ 187,799 $ 286,541 $ 190,731 (a) For the year ended December 31, 2017, the company accrued a provisional estimate of $196,010 of tax expense for the Tax Act’s one-time transition tax on the foreign subsidiaries’ accumulated, unremitted earnings in accordance with U.S. Securities and Exchange Commission’s Staff Accounting Bulletin (“SAB 118”). Additionally, during the fourth quarter of 2018 the company recorded a $28,323 benefit upon finalizing its analysis of the impact from the Tax Act. (b) For the year ended December 31, 2017, the company accrued $71,261 in provisional tax benefit related to the net change in deferred tax liabilities stemming from the Tax Act’s reduction of the U.S. federal tax rate from 35% to 21%, and disallowance of certain incentive based compensation tax deductibility under Internal Revenue Code Section 162(m). With the effective date of January 1, 2018, the Tax Act also introduced a provision to tax global intangible low-taxed income (“GILTI”) of foreign subsidiaries and a measure to tax certain intercompany payments under base erosion anti-abuse tax (“BEAT”) regime. For the period ended December 31, 2018, the company did not generate intercompany transactions that met BEAT threshold, but did generate GILTI tax, which was not material to the company's consolidated financial position or results of operations. The company elected to account for GILTI tax as a current period cost. During the fourth quarter of 2018, the company completed its analysis of the impact from the Tax Act and recorded a favorable adjustment in the amount of $28,323 , recorded within "Provision for income taxes" in the company's consolidated statements of operations, which is entirely related to the previously recorded provisional estimate for the Transition tax on non-U.S. subsidiaries’ unremitted earnings of $196,010 . After considering the impact of taxable losses, tax payments, tax credits, and other tax accruals, as of December 31, 2018, the company’s remaining cash tax payable for the transition tax on foreign unremitted earnings is $38,000 , which is reported as a long-term tax payable due to the company’s intent to pay this federal transition tax over a period of eight years as permitted by the Tax Act. The company evaluates and establishes liabilities for uncertain tax positions that may be challenged by local tax authorities and that may not be fully sustained, despite the belief that the underlying tax positions are fully supportable. Uncertain tax positions are reviewed on an ongoing basis and are adjusted in light of changing facts and circumstances, including progress of tax audits, developments in case law and closing of statutes of limitations. Such adjustments are reflected in the tax provision as appropriate. At December 31, 2018 , the company had a liability for unrecognized tax position of $35,879 . The timing of the resolution of these uncertain tax positions is dependent on the tax authorities' income tax examination processes. Material changes are not expected, however, it is possible that the amount of unrecognized tax benefits with respect to uncertain tax positions could increase or decrease during 2019 . Currently, the company is unable to make a reasonable estimate of when tax cash settlement would occur and how it would impact the effective tax rate. A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31 is as follows: 2018 2017 2016 Balance at beginning of year $ 24,361 $ 31,534 $ 36,935 Additions based on tax positions taken during a prior period 583 2,342 2,356 Reductions based on tax positions taken during a prior period (1,248 ) (1,242 ) (6,305 ) Additions related to positions taken upon finalization of Tax Act during the current period 16,506 — — Additions based on tax positions taken during the current period 3,133 6,543 3,935 Reductions based on tax positions taken during the current period (233 ) — — Reductions related to settlement of tax matters (136 ) (2,921 ) (2,795 ) Reductions related to a lapse of applicable statute of limitations (7,087 ) (11,895 ) (2,592 ) Balance at end of year $ 35,879 $ 24,361 $ 31,534 Interest costs related to unrecognized tax benefits are classified as a component of "Interest and other financing expense, net" in the company's consolidated statements of operations. In 2018 , 2017 , and 2016 , the company recognized $945 , $(2,792) , and $(1,946) , respectively, of interest benefit (expense) related to unrecognized tax benefits. At December 31, 2018 and 2017 , the company had accrued a liability of $4,189 and $3,301 , respectively, for the payment of interest related to unrecognized tax benefits. In many cases the company's uncertain tax positions are related to tax years that remain subject to examination by tax authorities. The following describes the open tax years, by major tax jurisdiction, as of December 31, 2018 : United States - Federal 2015 - present United States - States 2012 - present Germany (c) 2010 - present Hong Kong 2012 - present Italy (c) 2013 - present Sweden 2013 - present United Kingdom 2015 - present (c) Includes federal as well as local jurisdictions. Deferred income taxes are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the consolidated balance sheets. These temporary differences result in taxable or deductible amounts in future years. The deferred tax assets and liabilities consist of the following at December 31: 2018 2017 Deferred tax assets: Net operating loss carryforwards $ 129,641 $ 113,327 Capital loss carryforwards 60,606 — Inventory adjustments 52,094 42,376 Allowance for doubtful accounts 17,016 12,368 Accrued expenses 27,088 28,229 Interest carryforward 5,008 15,964 Stock-based compensation awards 12,824 12,982 Integration and restructuring 2,547 6,726 Other — 17,015 306,824 248,987 Valuation allowance (80,471 ) (13,915 ) Total deferred tax assets $ 226,353 $ 235,072 Deferred tax liabilities: Goodwill $ (121,346 ) $ (109,994 ) Depreciation (131,848 ) (116,725 ) Intangible assets (18,754 ) (18,760 ) Other comprehensive income items (8,301 ) (5,542 ) Other (6,634 ) — Total deferred tax liabilities $ (286,883 ) $ (251,021 ) Total net deferred tax assets (liabilities) $ (60,530 ) $ (15,949 ) At December 31, 2018 , the company had international tax loss carryforwards of approximately $391,598 , of which $26,663 have expiration dates ranging from 2019 to 2038, and the remaining $364,935 have no expiration date. Deferred tax assets related to these international tax loss carryforwards were $120,148 with a corresponding valuation allowance of $7,533 . At December 31, 2018 , the company also had deferred tax assets of $1,496 related to U.S. Federal net operating loss carryforwards from acquired subsidiaries. These U.S. Federal net operating losses expire in various years beginning after 2027. Additionally, as of December 31, 2018, the company had U.S. state net operating loss carryforwards related deferred tax assets of approximately $7,997 with a corresponding valuation allowance for the same amount. Valuation allowances are needed when deferred tax assets may not be realized due to the uncertainty of the timing and the ability of the company to generate sufficient future taxable income in certain tax jurisdictions. The company historically considered the undistributed earnings of its foreign subsidiaries to be indefinitely reinvested and as a result has not provided for taxes on such earnings. The company has not changed previous indefinite reinvestment assertion following the enactment of the Tax Act, which required a one-time transition tax for deemed repatriation of accumulated undistributed earnings of certain foreign subsidiaries. At December 31, 2018 , cumulative undistributed earnings of foreign subsidiaries were approximately $4,800,000 , which partially have been already subjected to U.S. transition tax as part of the Tax Act. If the company determines that all or a portion of its foreign earnings are no longer indefinitely reinvested, then the company may be subject to additional foreign withholding taxes and U.S. state income taxes, beyond the Tax Act’s one-time transition tax. Income taxes paid, net of income taxes refunded, amounted to $226,422 , $231,183 , and $190,109 in 2018 , 2017 , and 2016 |
Restructuring, Integration, and
Restructuring, Integration, and Other Charges | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring Charges [Abstract] | |
Restructuring, Integration and Other Charges [Text Block] | Restructuring, Integration, and Other Charges 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. The following table presents the components of the restructuring, integration, and other charges for the years ended December 31 : 2018 2017 2016 Restructuring and integration charges - current period actions $ 23,698 $ 46,816 $ 32,894 Restructuring and integration charges - actions taken in prior periods 7,517 6,191 3,611 Other charges 29,146 21,581 24,886 $ 60,361 $ 74,588 $ 61,391 2018 Restructuring and Integration Charge The following table presents the components of the 2018 restructuring and integration charge of $23,698 and activity in the related restructuring and integration accrual for 2018 : Personnel Costs Facilities Costs Other Total Restructuring and integration charge $ 15,323 $ 8,240 $ 135 $ 23,698 Payments (12,099 ) (3,547 ) (35 ) (15,681 ) Foreign currency translation (478 ) (177 ) (1 ) (656 ) Balance as of December 31, 2018 $ 2,746 $ 4,516 $ 99 $ 7,361 2017 Restructuring and Integration Charge The following table presents the components of the 2017 restructuring and integration charge of $46,816 and activity in the related restructuring and integration accrual for 2017 and 2018 : Personnel Costs Facilities Costs Other Total Restructuring and integration charge $ 37,615 $ 8,192 $ 1,009 $ 46,816 Payments (23,384 ) (3,494 ) (926 ) (27,804 ) Foreign currency translation 1,045 176 17 1,238 Balance as of December 31, 2017 15,276 4,874 100 20,250 Restructuring and integration charge 2,456 2,870 61 5,387 Payments (11,450 ) (2,696 ) (58 ) (14,204 ) Foreign currency translation (1,550 ) (284 ) (9 ) (1,843 ) Balance as of December 31, 2018 $ 4,732 $ 4,764 $ 94 $ 9,590 Restructuring and Integration Accruals Related to Actions Taken Prior to 2017 Included in restructuring, integration, and other charges for 2018 are restructuring and integration charges of $2,130 related to restructuring and integration actions taken prior to 2017 . The restructuring and integration charge includes adjustments to personnel costs of $1,131 and facilities costs of $999 . The restructuring and integration accruals related to actions taken prior to 2017 of $8,878 , include accruals for personnel costs of $8,060 , accruals for facilities costs of $688 , and accrual for other costs of $130 . Restructuring and Integration Accrual Summary In summary, the restructuring and integration accruals aggregate $25,829 at December 31, 2018 , all of which are expected to be spent in cash, and are expected to be utilized as follows: • The accruals for personnel costs totaling $15,538 relate to the termination of personnel that have scheduled payouts of $14,299 in 2019 and $1,239 in 2020 . • The accruals for facilities totaling $9,968 relate to vacated leased properties that have scheduled payments of $4,074 in 2019 , $1,954 in 2020 , $1,134 in 2021 , $781 in 2022 , $765 in 2023 , and $1,260 thereafter. • The accruals for other totaling $323 have scheduled payments of $21 in 2019 and $302 in 2020 . Other Charges Included in restructuring, integration, and other charges for 2018 are other expenses of $29,146 . The following items represent other charges and credits recorded to restructuring, integration, and other charges for the year ended December 31, 2018 : • acquisition related charges for 2018 of $10,236 related to professional and other fees directly related to recent acquisition activity as well as contingent consideration for acquisitions completed in prior years; and • $11,188 in charges related to relocation and infrastructure upgrades of the company’s data centers, and other centralization efforts to maximize operating efficiencies. Included in restructuring, integration, and other charges for 2017 are other expenses of $21,581 . The following items represent other charges and credits recorded to restructuring, integration, and other charges for the year ended December 31, 2017 : • an additional expense of $2,071 to increase its accrual for the Wyle environmental obligation (see Note 15); • acquisition related charges for 2017 of $7,658 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; and • a net loss on real estate transaction of $3,144 . Included in restructuring, integration, and other charges for 2016 are other expenses of $24,886 . The following items represent other charges and credits recorded to restructuring, integration, and other charges for the year ended December 31, 2016 : • an additional expense of $11,771 to increase its accrual for the Wyle environmental obligation (see Note 15); • acquisition related charges for 2016 of $8,705 related to contingent consideration for acquisitions completed in prior years, which were conditional upon the financial performance of the acquired companies and the continued employment of the selling shareholders, as well as professional and other fees directly related to recent acquisition activity; • a fraud loss, net of insurance recoveries and incremental expenses, of $4,329 ; and • a credit related to the release of a $2,376 legal reserve. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity [Text Block] | Shareholders' Equity Accumulated Other Comprehensive Income (Loss) The following table presents the changes in Accumulated other comprehensive income (loss), excluding noncontrolling interests: Foreign Currency Translation Adjustment and Other Unrealized Gain (loss) on Investment Securities, Net Unrealized Gain (Loss) on Interest Rate Swaps Designated as Cash Flow Hedges, Net Employee Benefit Plan Items, Net Total Balance as of December 31, 2016 $ (348,241 ) $ 6,094 $ (2,947 ) $ (38,445 ) $ (383,539 ) Other comprehensive income (loss) before reclassifications (a) 253,066 8,852 (2,870 ) (3,812 ) 255,236 Amounts reclassified into income (loss) (9,756 ) — 511 12,665 3,420 Net change in accumulated other comprehensive income (loss) for the year ended December 31, 2017 243,310 8,852 (2,359 ) 8,853 258,656 Balance as of December 31, 2017 (104,931 ) 14,946 (5,306 ) (29,592 ) (124,883 ) Reclassification to Retained Earnings (b) — (14,946 ) (1,185 ) (6,223 ) (22,354 ) Other comprehensive income (loss) before reclassifications (a) (161,359 ) — — 4,939 (156,420 ) Amounts reclassified into income (loss) (37 ) — 931 3,314 4,208 Net change in accumulated other comprehensive income (loss) for the year ended December 31, 2018 (161,396 ) (14,946 ) (254 ) 2,030 (174,566 ) Balance as of December 31, 2018 $ (266,327 ) $ — $ (5,560 ) $ (27,562 ) $ (299,449 ) (a) Foreign currency translation adjustment includes intra-entity foreign currency transactions that are of a long-term investment nature of $11,712 and $(64,610) for 2018 and 2017 , respectively. (b) Amount relates to unrealized gains and losses on investments and stranded tax effects reclassified from "Accumulated other comprehensive income" to "Retained earnings" in accordance with ASU No. 2018-02 and ASU No. 2016-01 (Note 1). Common Stock Outstanding Activity The following table sets forth the activity in the number of shares outstanding (in thousands): Common Stock Issued Treasury Stock Common Stock Outstanding Common stock outstanding at December 31, 2015 125,424 34,501 90,923 Shares issued for stock-based compensation awards — (1,372 ) 1,372 Repurchases of common stock — 3,382 (3,382 ) Common stock outstanding at December 31, 2016 125,424 36,511 88,913 Shares issued for stock-based compensation awards — (1,097 ) 1,097 Repurchases of common stock — 2,319 (2,319 ) Common stock outstanding at December 31, 2017 125,424 37,733 87,691 Shares issued for stock-based compensation awards — (709 ) 709 Repurchases of common stock — 3,209 (3,209 ) Common stock outstanding at December 31, 2018 125,424 40,233 85,191 The company has 2,000,000 authorized shares of serial preferred stock with a par value of one dollar. There were no shares of serial preferred stock outstanding at December 31, 2018 and 2017 . Share-Repurchase Programs The following table shows the company's Board of Directors (the "Board") approved share-repurchase programs as of December 31, 2018 : 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 December 2016 $ 400,000 $ 271,388 $ 128,612 December 2018 600,000 — 600,000 Total $ 1,000,000 $ 271,388 $ 728,612 |
Net Income Per Share
Net Income Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Net Income Per Share [Text Block] | Net Income Per Share The following table presents the computation of net income per share on a basic and diluted basis for the years ended December 31 (shares in thousands): 2018 2017 2016 Net income attributable to shareholders $ 716,195 $ 402,176 $ 522,815 Weighted-average shares outstanding - basic 87,476 88,681 90,960 Net effect of various dilutive stock-based compensation awards 968 1,085 1,073 Weighted-average shares outstanding - diluted 88,444 89,766 92,033 Net income per share: Basic $ 8.19 $ 4.54 $ 5.75 Diluted (a) $ 8.10 $ 4.48 $ 5.68 (a) Stock-based compensation awards for the issuance of 651 shares, 380 shares, and 766 shares for the years ended December 31, 2018 , 2017 , and 2016 |
Employee Stock Plans
Employee Stock Plans | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Stock Plans [Text Block] | Employee Stock Plans Omnibus Plan The company maintains the Arrow Electronics, Inc. 2004 Omnibus Incentive Plan (the "Omnibus Plan"), which provides an array of equity alternatives available to the company when designing compensation incentives. The Omnibus Plan permits the grant of cash-based awards, non-qualified stock options, incentive stock options ("ISOs"), stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units, covered employee annual incentive awards, and other stock-based awards. The Compensation Committee of the company's Board of Directors (the "Compensation Committee") determines the vesting requirements, termination provision, and the terms of the award for any awards under the Omnibus Plan when such awards are issued. Under the terms of the Omnibus Plan, a maximum of 19,100,000 shares of common stock may be awarded. There were 3,885,282 and 4,896,220 shares available for grant under the Omnibus Plan as of December 31, 2018 and 2017 , respectively. Generally, shares are counted against the authorization only to the extent that they are issued. Restricted stock, restricted stock units, performance shares, and performance units count against the authorization at a rate of 1.69 to 1. The company recorded, as a component of "Selling, general, and administrative expenses," amortization of stock-based compensation of $46,238 , $39,122 , and $39,825 in 2018 , 2017 , and 2016 , respectively. The actual tax benefit realized from share-based payment awards during 2018 , 2017 , and 2016 was $7,517 , $18,846 , and $19,745 , respectively. Stock Options Under the Omnibus Plan, the company may grant both ISOs and non-qualified stock options. ISOs may only be granted to employees of the company, its subsidiaries, and its affiliates. The exercise price for options cannot be less than the fair market value of Arrow's common stock on the date of grant. Options generally vest in equal installments over a four-year period. Options currently outstanding have contractual terms of ten years. The following information relates to the stock option activity for the year ended December 31, 2018 : Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at December 31, 2017 1,540,369 $ 58.34 Granted 332,928 81.88 Exercised (176,783 ) 49.86 Forfeited (64,537 ) 67.79 Outstanding at December 31, 2018 1,631,977 63.69 81 months $ 14,401 Exercisable at December 31, 2018 787,871 $ 54.75 65 months $ 11,579 The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the company's closing stock price on the last trading day of 2018 and the exercise price, multiplied by the number of in-the-money options) received by the option holders had all option holders exercised their options on December 31, 2018 . This amount changes based on the market value of the company's stock. The total intrinsic value of options exercised during 2018 , 2017 , and 2016 was $5,368 , $15,320 , and $10,511 , respectively. Cash received from option exercises during 2018 , 2017 , and 2016 was $8,819 , $22,195 , and $18,967 , respectively, and is included within the financing activities section in the company's consolidated statements of cash flows. The fair value of stock options was estimated using the Black-Scholes valuation model with the following weighted-average assumptions for the years ended December 31: 2018 2017 2016 Volatility (percent) (a) 24 26 31 Expected term (in years) (b) 5.5 5.1 5.2 Risk-free interest rate (percent) (c) 2.7 1.9 1.3 (a) Volatility is measured using historical daily price changes of the company's common stock over the expected term of the option. (b) The expected term represents the weighted-average period the option is expected to be outstanding and is based primarily on the historical exercise behavior of employees. (c) The risk-free interest rate is based on the U.S. Treasury zero-coupon yield with a maturity that approximates the expected term of the option. There is no expected dividend yield. The weighted-average fair value per option granted was $23.12 , $20.01 , and $16.93 during 2018 , 2017 , and 2016 , respectively. Performance Awards The Compensation Committee, subject to the terms and conditions of the Omnibus Plan, may grant performance share and/or performance unit awards (collectively "performance awards"). The fair value of a performance award is the fair market value of the company's common stock on the date of grant. Such awards will be earned only if performance goals over performance periods established by or under the direction of the Compensation Committee are met. The performance goals and periods may vary from participant-to-participant, group-to-group, and time-to-time. The performance awards will be delivered in common stock at the end of the service period based on the company's actual performance compared to the target metric and may be from 0% to 185% of the initial award. Compensation expense is recognized using the graded vesting method over the three-year service period and is adjusted each period based on the current estimate of performance compared to the target metric. Restricted Stock Subject to the terms and conditions of the Omnibus Plan, the Compensation Committee may grant shares of restricted stock and/or restricted stock units. Restricted stock units are similar to restricted stock except that no shares are actually awarded to the participant on the date of grant. Shares of restricted stock and/or restricted stock units awarded under the Omnibus Plan may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated until the end of the applicable period of restriction established by the Compensation Committee and specified in the award agreement (and in the case of restricted stock units until the date of delivery or other payment). Compensation expense is recognized on a straight-line basis as shares become free of forfeiture restrictions (i.e. vest) generally over a four-year period. Non-Employee Director Awards The company's Board shall set the amounts and types of equity awards that shall be granted to all non-employee directors on a periodic, nondiscriminatory basis pursuant to the Omnibus Plan, as well as any additional amounts, if any, to be awarded, also on a periodic, nondiscriminatory basis, based on each of the following: the number of committees of the Board on which a non-employee director serves, service of a non-employee director as the chair of a Committee of the Board, service of a non-employee director as Chairman of the Board or Lead Director, or the first selection or appointment of an individual to the Board as a non-employee director. Non-employee directors currently receive annual awards of fully-vested restricted stock units valued at $150 . All restricted stock units are settled in common stock following the director's separation from the Board. Unless a non-employee director gives notice setting forth a different percentage, 50% of each director's annual retainer fee is deferred and converted into units based on the fair market value of the company's stock as of the date it was payable. A non-employee director can choose between one-year cliff vesting or keep the deferral until separation from the Board. After separation from the board, the deferral will be converted into a share of company stock and distributed to the non-employee director as soon as practicable following such date. Summary of Non-Vested Shares The following information summarizes the changes in non-vested performance shares, performance units, restricted stock, and restricted stock units for 2018 : Shares Weighted- Average Grant Date Fair Value Non-vested shares at December 31, 2017 1,176,965 $ 62.60 Granted 538,712 77.97 Vested (523,477 ) 62.49 Forfeited (99,335 ) 66.50 Non-vested shares at December 31, 2018 1,092,865 $ 69.87 The total fair value of shares vested during 2018 , 2017 , and 2016 was $42,381 , $42,470 , and $52,026 , respectively. As of December 31, 2018 , there was $39,954 of total unrecognized compensation cost related to non-vested shares and stock options which is expected to be recognized over a weighted-average period of 2.41 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans [Text Block] | Employee Benefit Plans The company maintains an unfunded Arrow supplemental executive retirement plan ("SERP") under which the company will pay supplemental pension benefits to certain employees upon retirement. As of December 31, 2018 , there were 10 current and 22 former corporate officers participating in this plan. The Board determines those employees who are eligible to participate in the Arrow SERP. The Arrow SERP, as amended, provides for the pension benefits to be based on a percentage of average final compensation, based on years of participation in the Arrow SERP. The Arrow SERP permits early retirement, with payments at a reduced rate, based on age and years of service subject to a minimum retirement age of 55 . Participants whose accrued rights under the Arrow SERP, prior to the 2002 amendment, which were adversely affected by the amendment, will continue to be entitled to such greater rights. Additionally, as part of the company's acquisition of Wyle in 2000, Wyle provided retirement benefits for certain employees under a defined benefit plan. Benefits under this plan were frozen as of December 31, 2000. On December 31, 2018, the Wyle defined benefit plan was terminated by the company with estimated plan settlement expected to occur in 2019. The company has made other arrangements with the participants in the plan and is terminating the plan to reduce administrative burdens. Prior to the termination of the plan, the company adopted an amendment to the Wyle defined benefit plan that provided eligible plan participants with the option to receive an early distribution of their pension benefits. The settlement loss is expected to be approximately $25,500 . Benefit payments of $60,530 are expected to be paid in 2019. In 2017, the company entered into a settlement for a portion of its Wyle defined benefit plan. Participants will receive benefits through an insurance annuity contract. The settlement of $42,985 was completed during October 2017 and the company incurred a settlement expense of $16,706 , which is recorded in the "Employee benefit plan expense" line item in the company's consolidated statements of operations. In 2016, the company adopted an amendment to its Wyle defined benefit plan that provided eligible plan participants with the option to receive an early distribution of their pension benefits. Lump sum payments of $26,063 were made during June 2016 and the company incurred a settlement expense of $12,211 , which is recorded in the "Employee benefit plan expense" line item in the company's consolidated statements of operations. The company uses a December 31 measurement date for the Arrow SERP and the Wyle defined benefit plan. Pension information for the years ended December 31 is as follows: Arrow SERP Wyle Defined Benefit Plan 2018 2017 2018 2017 Accumulated benefit obligation $ 82,951 $ 90,368 $ 59,399 $ 60,374 Changes in projected benefit obligation: Projected benefit obligation at beginning of year 97,607 91,038 60,374 97,984 Service cost 3,103 2,310 — — Interest cost 3,338 3,552 2,114 3,860 Actuarial loss (gain) (8,874 ) 4,929 (322 ) 7,595 Benefits paid (4,596 ) (4,222 ) (2,767 ) (6,080 ) Settlement — — — (42,985 ) Projected benefit obligation at end of year 90,578 97,607 59,399 60,374 Changes in plan assets: Fair value of plan assets at beginning of year — — 46,663 71,470 Actual return on plan assets — — 29 10,258 Company contributions — — 11,000 14,000 Benefits paid — — (2,767 ) (6,080 ) Settlement — — — (42,985 ) Fair value of plan assets at end of year — — 54,925 46,663 Funded status $ (90,578 ) $ (97,607 ) $ (4,474 ) $ (13,711 ) Amounts recognized in the company's consolidated balance sheets: Current liabilities $ (4,532 ) $ (4,535 ) $ (4,474 ) $ — Noncurrent liabilities (86,046 ) (93,072 ) — (13,711 ) Net liabilities at end of year (90,578 ) (97,607 ) (4,474 ) (13,711 ) Components of net periodic pension cost: Service cost 3,103 2,310 — — Interest cost 3,338 3,552 2,114 3,860 Expected return on plan assets — — (2,648 ) (3,449 ) Amortization of net loss 1,531 1,216 702 1,666 Settlement charge — — — 16,706 Net periodic pension cost $ 7,972 $ 7,078 $ 168 $ 18,783 Weighted-average assumptions used to determine benefit obligation: Discount rate 4.20 % 3.50 % 2.60 % 3.60 % Rate of compensation increase 5.00 % 5.00 % N/A N/A Expected return on plan assets N/A N/A 2.25 % 5.25 % Weighted-average assumptions used to determine net periodic pension cost: Discount rate 3.50 % 4.00 % 3.60 % 4.00 % Rate of compensation increase 5.00 % 5.00 % N/A N/A Expected return on plan assets N/A N/A 5.25 % 4.75 % The amounts reported for net periodic pension cost and the respective benefit obligation amounts are dependent upon the actuarial assumptions used. The company reviews historical trends, future expectations, current market conditions, and external data to determine the assumptions. The discount rate represents the market rate for a high-quality corporate bond. The rate of compensation increase is determined by the company, based upon its long-term plans for such increases. The expected return on plan assets is based on current and expected asset allocations, historical trends, and projected returns on those assets. The actuarial assumptions used to determine the net periodic pension cost are based upon the prior year's assumptions used to determine the benefit obligation. Benefit payments are expected to be paid as follows: Arrow SERP 2019 $ 4,532 2020 4,481 2021 5,825 2022 6,058 2023 6,405 2024-2026 33,724 The company makes contributions to the Wyle defined benefit plan so that minimum contribution requirements, as determined by government regulations, are met. The company made contributions of $11,000 and $14,000 in 2018 and 2017 , respectively. The company is planning on contributing $4,700 to the plan in 2019 , however, there is no requirement to make any contributions in 2019 . The company has funded $ 81,962 of the Arrow SERP obligation for the former corporate officers in a rabbi trust comprised primarily of life insurance policies and mutual fund assets. The fair values of the company's pension plan assets for the Wyle defined benefit plan at December 31, 2018 , utilizing the fair value hierarchy discussed in Note 7, are as follows: Level 1 Level 2 Level 3 Total Fixed Income : Mutual funds $ 54,925 $ — $ — $ 54,925 Total $ 54,925 $ — $ — $ 54,925 The fair values of the company's pension plan assets for the Wyle defined benefit plan at December 31, 2017 , utilizing the fair value hierarchy discussed in Note 7, are as follows: Level 1 Level 2 Level 3 Total Equities : U.S. common stocks $ 17,039 $ — $ — $ 17,039 International mutual funds 6,975 — — 6,975 Index mutual funds 2,942 — — 2,942 Fixed Income : Mutual funds 19,707 — — 19,707 Total $ 46,663 $ — $ — $ 46,663 As of December 31, 2018, 100% of plan assets are invested in fixed income to facilitate the settlement of the Wyle defined benefit plan termination in 2019. Comprehensive Income Items In 2018 , 2017 , and 2016 , actuarial (gains) losses of $(6,339) , $3,795 , and $740 , respectively, were recognized in comprehensive income, net of related taxes, related to the company's defined benefit plans. In 2018 , 2017 , and 2016 , a reclassification adjustment of comprehensive income was recognized, net of related taxes, as a result of being recognized in net periodic pension cost for an actuarial loss of $1,758 , $12,070 , and $10,625 , respectively. Accumulated other comprehensive income (loss) at December 31, 2018 and 2017 includes unrecognized actuarial losses, primarily related to the Wyle defined benefit plan, net of related taxes, of $26,939 and $28,569 , respectively, that have not yet been recognized in net periodic pension cost. The actuarial loss included in accumulated other comprehensive income (loss), net of related taxes, which is expected to be recognized in net periodic pension cost is $536 as of December 31, 2019 . Defined Contribution Plan The company has defined contribution plans for eligible employees, which qualify under Section 401(k) of the Internal Revenue Code. The company's contribution to the plans, which are based on a specified percentage of employee contributions, amounted to $20,523 , $13,627 , and $13,432 in 2018 , 2017 , and 2016 , respectively. The company made discretionary contributions to the company's defined contribution 401(k) plan, which amounted to $7,503 , $7,574 , and $7,572 in 2018 , 2017 , and 2016 , respectively. Certain international subsidiaries maintain separate defined contribution plans for their employees and made contributions thereunder, which amounted to $18,996 , $18,815 , and $12,882 in 2018 , 2017 , and 2016 |
Lease Comitments
Lease Comitments | 12 Months Ended |
Dec. 31, 2018 | |
Lease Commitments [Abstract] | |
Lease Commitments [Table Text Block] | Lease Commitments The company leases certain office, distribution, and other property under non-cancelable operating leases expiring at various dates through 2033 . Rental expense under non-cancelable operating leases, net of sublease income, amounted to $88,988 , $83,636 , and $78,521 in 2018 , 2017 , and 2016 , respectively. Aggregate minimum rental commitments under all non-cancelable operating leases, exclusive of real estate taxes, insurance, and leases related to facilities closed as a result of the integration of acquired businesses and the restructuring of the company, are as follows: 2019 $ 85,770 2020 67,158 2021 52,826 2022 44,801 2023 37,528 Thereafter 147,294 |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
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 is complete and has been approved by ADEM. Approximately $6,200 was spent to date and the company currently anticipates no additional investigative and related expenditures. The nature and scope of 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 $4,200 and $10,000 . 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 ("HCS") 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 approved RAP included the potential for additional remedial action after the five year review of the HCS if the review found that contaminants were not sufficiently reduced in the offsite area. The HCS five year review submitted to DTSC in December 2016 identified significant reductions in contaminants offsite except in a key area identified in the RAP. This exception triggered the need for additional offsite remediation that began in 2018. Approximately $69,300 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 $12,500 to $23,200 . 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. Other |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2018 | |
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 and managed service providers 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, by segment by geographic area, are as follows: 2018 2017 2016 Components: Americas $ 7,816,533 $ 7,010,385 $ 5,921,803 EMEA (a) 5,733,222 4,868,862 4,086,607 Asia/Pacific 7,307,096 6,451,209 5,400,429 Global components $ 20,856,851 $ 18,330,456 $ 15,408,839 ECS: Americas $ 5,742,526 $ 5,388,888 $ 5,352,106 EMEA (a) 3,077,391 2,835,219 2,726,927 Global ECS $ 8,819,917 $ 8,224,107 $ 8,079,033 Consolidated (b) $ 29,676,768 $ 26,554,563 $ 23,487,872 (a) Defined as Europe, the Middle East, and Africa. (b) Includes sales related to the United States of $12,157,306 , $11,038,930 , and $10,137,041 for 2018, 2017, and 2016, respectively. Operating income (loss), by segment, are as follows: 2018 2017 2016 Operating income (loss): Global components $ 1,007,638 $ 801,027 $ 686,466 Global ECS 427,605 444,710 441,926 Corporate (c) (287,731 ) (300,001 ) (251,566 ) Consolidated $ 1,147,512 $ 945,736 $ 876,826 (c) Includes restructuring, integration, and other charges of $60,361 , $74,588 , and $61,391 in 2018, 2017, and 2016, respectively. Also included in 2018 and 2017 was a net loss on the disposition of businesses of $3,604 and $21,000 , respectively. Total assets, by segment, at December 31 are as follows: 2018 2017 Global components $ 11,425,579 $ 10,229,168 Global ECS 5,632,102 5,426,675 Corporate 726,764 803,424 Consolidated $ 17,784,445 $ 16,459,267 Net property, plant, and equipment, by geographic area, is as follows: 2018 2017 Americas (d) $ 673,228 $ 688,637 EMEA 110,996 108,232 Asia/Pacific 40,476 41,606 Consolidated $ 824,700 $ 838,475 (d) Includes net property, plant, and equipment related to the United States of $670,201 and $683,988 at December 31, 2018 and 2017 |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Quarterly Financial Data (Unaudited) The company operates on a quarterly calendar that closes on the Saturday closest to the end of the calendar quarter. A summary of the company's consolidated quarterly results of operations is as follows: First Quarter Second Quarter (b) Third Quarter Fourth Quarter (c) 2018 Sales $ 6,875,613 $ 7,392,528 $ 7,490,445 $ 7,918,182 Gross profit 868,944 932,820 923,778 975,370 Operating income 235,995 286,827 290,310 334,380 Net income attributable to shareholders 139,094 169,915 176,533 230,653 Net income per share (a): Basic $ 1.58 $ 1.94 $ 2.02 $ 2.66 Diluted $ 1.56 $ 1.92 $ 1.99 $ 2.63 2017 (Adjusted) Sales $ 5,736,780 $ 6,422,226 $ 6,856,108 $ 7,539,449 Gross profit 761,197 824,024 842,567 929,180 Operating income 193,025 230,446 235,441 286,824 Net income attributable to shareholders 114,737 99,722 134,064 53,653 Net income per share (a): Basic $ 1.29 $ 1.12 $ 1.52 $ 0.61 Diluted $ 1.27 $ 1.11 $ 1.50 $ 0.60 (a) Quarterly net income per share is calculated using the weighted-average shares outstanding during each quarterly period, while net income per share for the full year is calculated using the weighted-average shares outstanding during the year. Therefore, the sum of the net income per share for each of the four quarters may not equal the net income per share for the full year. (b) Net income attributable to shareholders includes a loss on extinguishment of debt of $58.8 million during the second quarter of 2017. (c) Net income attributable to shareholders includes a U.S. Tax Act benefit of $28.3 million and expense of $124.7 million during the fourth quarter of 2018 and 2017, respectively. The following table presents the effect of the adoption of Topic 606, ASU No. 2017-07, and other prior period reclassifications for each quarter of 2017 (see Note 1). First Quarter Second Quarter Third Quarter Fourth Quarter As Previously Reported Adjusted for New Standards As Previously Reported Adjusted for New Standards As Previously Reported Adjusted for New Standards As Previously Reported Adjusted for New Standards 2017 Sales $ 5,759,552 $ 5,736,780 $ 6,465,346 $ 6,422,226 $ 6,953,740 $ 6,856,108 $ 7,633,870 $ 7,539,449 Cost of sales 4,999,665 4,975,583 5,641,380 5,598,202 6,110,382 6,013,541 6,703,742 6,610,269 Operating income 191,722 193,025 229,822 230,446 235,992 235,441 270,914 286,824 Net income attributable to shareholders $ 113,768 $ 114,737 $ 99,679 $ 99,722 $ 134,630 $ 134,064 $ 53,885 $ 53,653 Operating income for the fourth quarter of 2017 was impacted by a reclassification of pension settlement expense of $16,706 |
Subsequent Events (Notes)
Subsequent Events (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | Subsequent Events During the first quarter of 2019, the company entered into a series of foreign exchange forward contracts ("forward contracts") to sell Euro and buy United States Dollars, with various maturity dates as noted in the table below. Maturity Date Notional Amount March 2023 EUR 50,000 September 2024 EUR 50,000 April 2025 EUR 100,000 January 2028 EUR 100,000 Total EUR 300,000 |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2018 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (In thousands) Balance at beginning of year Charged to income Other (a) Write-down Balance at end of year Allowance for doubtful accounts: Year ended December 31, 2018 $ 56,291 $ 34,936 $ (1,958 ) $ 13,681 $ 75,588 Year ended December 31, 2017 $ 52,256 $ 12,887 $ 2,831 $ 11,683 $ 56,291 Year ended December 31, 2016 $ 49,659 $ 8,336 $ (392 ) $ 5,347 $ 52,256 (a) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Revenue Recognition | Revenue Recognition The company recognizes revenue when there is persuasive evidence of an arrangement, delivery has occurred or services are rendered, the sales price is fixed or determinable, and collectability is reasonably assured. Revenue typically is recognized at time of shipment. Sales are recorded net of discounts, rebates, and returns, which historically have not been material. Tariffs are included in sales as the company has enforceable rights to additional consideration to cover the cost of tariffs. The Company allows its customers to return product for exchange or credit in limited circumstances. A liability is recorded at the time of sale for estimated product returns based upon historical experience. The Company also provides volume rebates and other discounts to certain customers which are considered variable consideration. A provision for customer rebates and other discounts is recorded as a reduction of revenue at the time of sale based on an evaluation of the contract terms and historical experience. A portion of the company's business involves shipments directly from its suppliers to its customers. In these transactions, the company is responsible for negotiating price both with the supplier and customer, payment to the supplier, establishing payment terms with the customer, product returns, and has risk of loss if the customer does not make payment. As the principal with the customer, the company recognizes the sale and cost of sale of the product upon receiving notification from the supplier that the product was shipped. The Company has contracts with certain customers where the Company’s performance obligation is to arrange for the products or services to be provided by another party. In these arrangements, as the Company assumes an agency relationship in the transaction, revenue is recognized in the amount of the net fee associated with serving as an agent. These arrangements relate to the sale of supplier service contracts to customers where the company has no future obligation to perform under these contracts or the rendering of logistics services for the delivery of inventory for which the company does not assume the risks and rewards of ownership. |
Accounts Receivable | Accounts Receivable Accounts receivable, net, consists of the following at December 31: 2018 2017 Accounts receivable $ 9,021,051 $ 8,181,879 Allowances for doubtful accounts (75,588 ) (56,291 ) Accounts receivable, net $ 8,945,463 $ 8,125,588 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, which are included in "Accounts Receivable, net" in the company's consolidated balance sheets. One such customer, with a combined note and accounts receivable balance of approximately $24,252 and $24,600 , as of December 31, 2018 and 2017 |
Inventories | Inventories |
Investments | Investments Investments are accounted for using the equity method if the investment provides the company the ability to exercise significant influence, but not control, over an investee. Significant influence is generally deemed to exist if the company has an ownership interest in the voting stock of the investee between 20% and 50%, although other factors, such as representation on the investee's Board of Directors, are considered in determining whether the equity method is appropriate. The company records its investments in equity method investees meeting these characteristics as "Investments in affiliated companies" in the company's consolidated balance sheets. All other equity investments, which consist of investments for which the company does not possess the ability to exercise significant influence, are measured at fair value, using quoted market prices, and are included in "Other assets" in the company's consolidated balance sheets. Changes in fair value are recorded in "Gain (Loss) on investments, net" in the company's consolidated statements of operations. During the year-ended December 31, 2018 , the company recorded a net loss on investments of $14.2 million . |
Income Taxes | Income Taxes Income taxes are accounted for under the liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of differences between the tax bases of assets and liabilities and their financial reporting amounts using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The carrying value of the company's deferred tax assets is dependent upon the company's ability to generate sufficient future taxable income in certain tax jurisdictions. Should the company determine that it is more likely than not that some portion or all of its deferred tax assets will not be realized, a valuation allowance to reduce the deferred tax assets is established in the period such determination is made. The assessment of the need for a valuation allowance requires considerable judgment on the part of management with respect to the benefits that could be realized from future taxable income, as well as other positive and negative factors. It is also the company's policy to provide for uncertain tax positions and the related interest and penalties based upon management's assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. To the extent the company prevails in matters for which a liability for an unrecognized tax benefit is established, or is required to pay amounts in excess of the liability, or when other facts and circumstances change, the company's effective tax rate in a given financial statement period may be materially affected. |
Fair Value of Financial Instruments | 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 |
Consolidation | Principles of Consolidation |
Use of Estimates | Use of Estimates |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Property, Plant, and Equipment | Property, Plant, and Equipment Property, plant, and equipment are stated at cost. Depreciation is computed on the straight-line method over the estimated useful lives of the assets. The estimated useful lives for depreciation of buildings is generally 20 to 30 years, and the estimated useful lives of machinery and equipment is generally three to ten |
Internal Use Software | Software Development Costs The company capitalizes certain internal and external costs incurred to acquire or create internal-use software. Capitalized software costs are amortized on a straight-line basis over the estimated useful life of the software, which is generally three to twelve years. At December 31, 2018 and 2017 , the company had unamortized software development costs of $539,398 and $535,203 , respectively, which are included in "Machinery and equipment" in the company's consolidated balance sheets. During 2016, the company changed the useful life on its global ERP software from ten to twelve years. The impact of the change was not material. |
Identifiable Intangible Assets | Identifiable Intangible Assets Amortization of definite-lived intangible assets is computed on the straight-line method over the estimated useful lives of the assets, while indefinite-lived intangible assets are not amortized. Identifiable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The company also tests indefinite-lived intangible assets, consisting of acquired trade names, for impairment at least annually as of the first day of the fourth quarter. If the fair value is less than the carrying amount of the asset, a loss is recognized for the difference. |
Goodwill | Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. The company tests goodwill for impairment annually as of the first day of the fourth quarter and/or when an event occurs or circumstances change such that it is more likely than not that an impairment may exist. Examples of such events and circumstances that the company would consider include the following: • macroeconomic conditions such as deterioration in general economic conditions, limitations on accessing capital, fluctuations in foreign exchange rates, or other developments in equity and credit markets; • industry and market considerations such as a deterioration in the environment in which the company operates, an increased competitive environment, a decline in market-dependent multiples or metrics (considered in both absolute terms and relative to peers), a change in the market for the company's products or services, or a regulatory or political development; • cost factors such as increases in raw materials, labor, or other costs that have a negative effect on earnings and cash flows; • overall financial performance such as negative or declining cash flows or a decline in actual or planned revenue or earnings compared with actual and projected results of relevant prior periods; • other relevant entity-specific events such as changes in management, key personnel, strategy, or customers; contemplation of bankruptcy; or litigation; • events affecting a reporting unit such as a change in the composition or carrying amount of its net assets, a more-likely-than-not expectation of selling or disposing all, or a portion, of a reporting unit, the testing for recoverability of a significant asset group within a reporting unit, or recognition of a goodwill impairment loss in the financial statements of a subsidiary that is a component of a reporting unit; and • a sustained decrease in share price (considered in both absolute terms and relative to peers). Goodwill is tested at a level of reporting referred to as "the reporting unit." The company's reporting units are defined as each of the three regional businesses within the global components business segment, which are the Americas; Europe, the Middle East, and Africa ("EMEA"); and Asia/Pacific, each of the two regional businesses within the global ECS business segment, which are North America and EMEA, and eInfochips which was acquired in 2018 . An entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (that is, a likelihood of more than 50%) that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then the quantitative goodwill impairment test is unnecessary. The company has elected not to perform the qualitative assessment and performed the quantitative goodwill impairment test. The quantitative goodwill impairment test, used to identify both the existence of impairment and the amount of impairment loss, compares the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit is less than its fair value, no impairment exists. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The company estimates the fair value of a reporting unit using the income approach. For the purposes of the income approach, fair value is determined based on the present value of estimated future cash flows, discounted at an appropriate risk-adjusted rate. The assumptions included in the income approach include forecasted revenues, gross profit margins, operating income margins, working capital cash flow, forecasted capital expenditures, perpetual growth rates, and long-term discount rates, among others, all of which require significant judgments by management. Actual results may differ from those assumed in the company's forecasts. The company also reconciles its discounted cash flow analysis to its current market capitalization allowing for a reasonable control premium. As of the first day of the fourth quarters of 2018 , 2017 , and 2016 , the company's annual impairment testing did not indicate impairment at any of the company's reporting units. A decline in general economic conditions or global equity valuations could impact the judgments and assumptions about the fair value of the company's businesses, and the company could be required to record an impairment charge in the future, which could impact the company's consolidated balance sheet, as well as the company's consolidated statement of operations. If the company was required to recognize an impairment charge in the future, the charge would not impact the company's consolidated cash flows, current liquidity, capital resources, and covenants under its existing revolving credit facility, asset securitization program, and other outstanding borrowings. As of December 31, 2018 , the company has $2.6 billion of goodwill, of which approximately $1.1 billion , $84.1 million and $61.2 million was allocated to the Americas, EMEA, and Asia/Pacific reporting units within the global components business segment, respectively, $788.1 million and $399.1 million was allocated to the North America and EMEA reporting units within the global ECS business segment, respectively, and $181.0 million was allocated to the eInfochips reporting unit. As of the date of the company's latest impairment test, the fair value of the Americas, EMEA, and Asia/Pacific reporting units within the global components business segment, the fair value of the North America and EMEA reporting units within the global ECS business segment, and the fair value of the eInfochips reporting unit exceeded their carrying values by approximately 14% , 152% , 13% , 435% , 140% , and 3% respectively. |
Foreign Currency Remeasurement and Translation | Foreign Currency Translation and Remeasurement The assets and liabilities of international operations are translated at the exchange rates in effect at the balance sheet date. Revenue and expense accounts are translated at the monthly average exchange rates. Adjustments arising from the translation of the foreign currency financial statements of the company's international operations are reported as a component of "Accumulated other comprehensive loss" in the company's consolidated balance sheets. For foreign currency remeasurement from each local currency into the appropriate functional currency, monetary assets and liabilities are remeasured to functional currencies using current exchange rates in effect at the balance sheet date. Gains or losses from these remeasurements were not significant and have been included in the company’s consolidated statements of operations. Non-monetary assets and liabilities are recorded at historical exchange rates. |
Net Income Per Share | Net Income Per Share |
Comprehensive Income | Comprehensive Income |
Stock-based Compensation | Stock-Based Compensation |
Segment Reporting | Segment Reporting |
Shipping and Handling Costs | Shipping and Handling Costs The company reports shipping and handling costs, primarily related to outbound freight, in the consolidated statements of operations as a component of selling, general, and administrative expenses. Shipping and handling costs included in selling, general, and administrative expenses totaled $103,533 , $90,709 , and $79,257 in 2018 , 2017 , and 2016 |
Fair Value of Debt | The carrying amount of the company's short-term borrowings in various countries, borrowings on lines of credit, revolving credit facility, asset securitization program, and other obligations approximate their fair value. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Schedule of New Accounting Pronouncements and changes in Accounting Principles (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | The following table presents the effect of the adoption of Topic 606, ASU No. 2017-07, and other prior period reclassifications. The effect of these changes for each quarter of 2017 is presented in Note 17. Year Ended December 31, 2017 Year Ended December 31, 2016 As Previously Reported Adjustments** Adjusted for New Standards As Previously Reported Adjustments** Adjusted for New Standards Sales $ 26,812,508 $ (257,945 ) $ 26,554,563 $ 23,825,261 $ (337,389 ) $ 23,487,872 Cost of sales 23,455,169 (257,574 ) 23,197,595 20,681,062 (337,512 ) 20,343,550 Gross profit 3,357,339 (371 ) 3,356,968 3,144,199 123 3,144,322 Operating expenses: Selling, general, and administrative expenses 2,162,996 (951 ) 2,162,045 2,052,863 (5,953 ) 2,046,910 Depreciation and amortization 153,599 — 153,599 159,195 — 159,195 Loss on disposition of businesses, net 21,000 — 21,000 — — — Restructuring, integration, and other charges 91,294 (16,706 ) 74,588 73,602 (12,211 ) 61,391 2,428,889 (17,657 ) 2,411,232 2,285,660 (18,164 ) 2,267,496 Operating income 928,450 17,286 945,736 858,539 18,287 876,826 Equity in earnings of affiliated companies 3,424 — 3,424 7,573 — 7,573 Gain (loss) on investments, net (14,231 ) 7,654 (6,577 ) — 2,896 2,896 Loss on extinguishment of debt 59,545 — 59,545 — — — Employee benefit plan expense — 23,869 23,869 — 20,464 20,464 Interest and other financing expense, net 163,810 1,442 165,252 150,715 597 151,312 Income before income taxes 694,288 (371 ) 693,917 715,397 122 715,519 Provision for income taxes 287,126 (585 ) 286,541 190,674 57 190,731 Consolidated net income 407,162 214 407,376 524,723 65 524,788 Noncontrolling interests 5,200 — 5,200 1,973 — 1,973 Net income attributable to shareholders $ 401,962 $ 214 $ 402,176 $ 522,750 $ 65 $ 522,815 Net income per share: Basic* $ 4.53 $ 0.01 $ 4.54 $ 5.75 $ — $ 5.75 Diluted* $ 4.48 $ — $ 4.48 $ 5.68 $ — $ 5.68 * The sum of the as previously reported and as adjusted may not agree to totals, as presented, due to rounding. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Impact of recently issued accounting standards (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | The following table presents the effect of the adoption of Topic 606, ASU No. 2017-07, and other prior period reclassifications. The effect of these changes for each quarter of 2017 is presented in Note 17. Year Ended December 31, 2017 Year Ended December 31, 2016 As Previously Reported Adjustments** Adjusted for New Standards As Previously Reported Adjustments** Adjusted for New Standards Sales $ 26,812,508 $ (257,945 ) $ 26,554,563 $ 23,825,261 $ (337,389 ) $ 23,487,872 Cost of sales 23,455,169 (257,574 ) 23,197,595 20,681,062 (337,512 ) 20,343,550 Gross profit 3,357,339 (371 ) 3,356,968 3,144,199 123 3,144,322 Operating expenses: Selling, general, and administrative expenses 2,162,996 (951 ) 2,162,045 2,052,863 (5,953 ) 2,046,910 Depreciation and amortization 153,599 — 153,599 159,195 — 159,195 Loss on disposition of businesses, net 21,000 — 21,000 — — — Restructuring, integration, and other charges 91,294 (16,706 ) 74,588 73,602 (12,211 ) 61,391 2,428,889 (17,657 ) 2,411,232 2,285,660 (18,164 ) 2,267,496 Operating income 928,450 17,286 945,736 858,539 18,287 876,826 Equity in earnings of affiliated companies 3,424 — 3,424 7,573 — 7,573 Gain (loss) on investments, net (14,231 ) 7,654 (6,577 ) — 2,896 2,896 Loss on extinguishment of debt 59,545 — 59,545 — — — Employee benefit plan expense — 23,869 23,869 — 20,464 20,464 Interest and other financing expense, net 163,810 1,442 165,252 150,715 597 151,312 Income before income taxes 694,288 (371 ) 693,917 715,397 122 715,519 Provision for income taxes 287,126 (585 ) 286,541 190,674 57 190,731 Consolidated net income 407,162 214 407,376 524,723 65 524,788 Noncontrolling interests 5,200 — 5,200 1,973 — 1,973 Net income attributable to shareholders $ 401,962 $ 214 $ 402,176 $ 522,750 $ 65 $ 522,815 Net income per share: Basic* $ 4.53 $ 0.01 $ 4.54 $ 5.75 $ — $ 5.75 Diluted* $ 4.48 $ — $ 4.48 $ 5.68 $ — $ 5.68 * The sum of the as previously reported and as adjusted may not agree to totals, as presented, due to rounding. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the allocation of the net consideration paid to the fair value of the assets acquired and liabilities assumed for the eInfochips acquisition: Accounts receivable, net $ 13,670 Inventories 1,512 Property, plant, and equipment 3,485 Other assets 46,488 Identifiable intangible assets 128,000 Goodwill 197,126 Accounts payable (520 ) Accrued expenses (33,836 ) Deferred tax liability (41,474 ) Other liabilities (1,592 ) Cash consideration paid, net of cash acquired $ 312,859 |
Business Acquisition, Pro Forma Information [Table Text Block] | The following table summarizes the company's consolidated results of operations for 2017 , as well as the unaudited pro forma consolidated results of operations of the company, as though the 2018 acquisitions occurred on January 1, 2017: For the Year Ended December 31, 2017 As Reported Pro Forma Sales $ 26,554,563 $ 26,712,335 Net income attributable to shareholders 402,176 405,966 Net income per share: Basic $ 4.54 $ 4.58 Diluted $ 4.48 $ 4.52 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 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 6,149 — 6,149 Loss on disposition of businesses, net — (7,922 ) (7,922 ) Foreign currency translation adjustment 18,979 60,621 79,600 Balance as of December 31, 2017 (b) $ 1,264,869 $ 1,205,178 $ 2,470,047 Acquisitions 197,126 14,175 211,301 Loss on disposition of businesses, net — — — Foreign currency translation adjustment (24,494 ) (32,164 ) (56,658 ) Balance as of December 31, 2018 (b) $ 1,437,501 $ 1,187,189 $ 2,624,690 (a) The total carrying value of goodwill of companies acquired as of December 31, 2016 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. (b) The total carrying value of goodwill of companies acquired as of December 31, 2018 and December 31, 2017 , in the table above is reflected net of $1,026,702 of accumulated impairment charges, of which $716,925 was recorded in the global components business segment and $309,777 | |
Schedule of Definite and Indefinite Lived Intangible Assets [Table Text Block] | Intangible assets, net, are comprised of the following as of December 31, 2018 : Weighted-Average Life Gross Carrying Amount Accumulated Amortization Net Non-amortizable trade names indefinite $ 101,000 $ — $ 101,000 Customer relationships 11 years 475,050 (221,822 ) 253,228 Developed technology 5 years 6,340 (4,311 ) 2,029 Amortizable trade name 9 years 19,940 (3,553 ) 16,387 $ 602,330 $ (229,686 ) $ 372,644 | Intangible assets, net, are comprised of the following as of December 31, 2017 : Weighted-Average Life Gross Carrying Amount Accumulated Amortization Net Non-amortizable trade names indefinite $ 101,000 $ — $ 101,000 Customer relationships 10 years 440,167 (259,337 ) 180,830 Developed technology 5 years 6,340 (3,043 ) 3,297 Amortizable trade name 5 years 2,409 (1,321 ) 1,088 $ 549,916 $ (263,701 ) $ 286,215 |
Investments in Affiliated Com_2
Investments in Affiliated Companies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments [Text Block] | The following table presents the company's investment in the following joint ventures at December 31: 2018 2017 Marubun/Arrow $ 73,253 $ 70,167 Other 10,440 18,180 $ 83,693 $ 88,347 |
Equity in Earnings of Affiliated Companies | The equity in earnings of affiliated companies for the years ended December 31 consists of the following: 2018 2017 2016 Marubun/Arrow $ 5,543 $ 6,842 $ 7,629 Other (7,875 ) (3,418 ) (56 ) $ (2,332 ) $ 3,424 $ 7,573 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Text Block] | Accounts receivable, net, consists of the following at December 31: 2018 2017 Accounts receivable $ 9,021,051 $ 8,181,879 Allowances for doubtful accounts (75,588 ) (56,291 ) Accounts receivable, net $ 8,945,463 $ 8,125,588 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, which are included in "Accounts Receivable, net" in the company's consolidated balance sheets. One such customer, with a combined note and accounts receivable balance of approximately $24,252 and $24,600 , as of December 31, 2018 and 2017 |
LT Debt (Tables)
LT Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Text Block] | Long-term debt consists of the following at December 31: 2018 2017 Asset securitization program $ 810,000 $ 490,000 6.00% notes, due 2020 209,147 208,971 5.125% notes, due 2021 130,546 130,400 3.50% notes, due 2022 347,288 346,518 4.50% notes, due 2023 297,622 297,122 3.25% notes, due 2024 494,091 493,161 4.00% notes, due 2025 345,762 345,182 7.50% senior debentures, due 2027 109,776 109,694 3.875% notes, due 2028 494,095 493,563 Other obligations with various interest rates and due dates 788 18,434 $ 3,239,115 $ 2,933,045 |
Schedule of Fair Value of Debt [Text Block] | The estimated fair market value of long-term debt at December 31, using quoted market prices, is as follows: 2018 2017 3.00% notes, due 2018 $ — $ 300,500 6.00% notes, due 2020 214,500 224,000 5.125% notes, due 2021 134,500 139,000 3.50% notes, due 2022 345,000 355,000 4.50% notes, due 2023 303,500 315,500 3.25% notes, due 2024 467,000 491,000 4.00% notes, due 2025 340,500 356,500 7.50% senior debentures, due 2027 128,000 138,500 3.875% notes, due 2028 458,500 501,000 |
ST Debt (Tables)
ST Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Short-term Debt [Line Items] | |
Short-term Debt [Text Block] | Short-term borrowings, including current portion of long-term debt, consists of the following at December 31: 2018 2017 3.00% note, due 2018 $ — $ 299,857 Borrowings on lines of credit 180,000 — Other short-term borrowings 66,257 56,949 $ 246,257 $ 356,806 |
Financial Instruments Measure_2
Financial Instruments Measured at Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table presents assets (liabilities) measured at fair value on a recurring basis at December 31, 2018 : Balance Sheet Location Level 1 Level 2 Level 3 Total Cash equivalents (a) Cash and cash equivalents / other assets $ 22,883 $ — $ — $ 22,883 Equity investments (b) Other assets 38,045 — — 38,045 Interest rate swaps Other liabilities — (589 ) — (589 ) Foreign exchange contracts Other current assets — 4,163 — 4,163 Foreign exchange contracts Accrued expenses — (2,384 ) — (2,384 ) $ 60,928 $ 1,190 $ — $ 62,118 The following table presents assets (liabilities) measured at fair value on a recurring basis at December 31, 2017 : Balance Sheet Location Level 1 Level 2 Level 3 Total Cash equivalents (c) Cash and cash equivalents / other assets $ 3,267 $ 286,671 $ — $ 289,938 Equity investments (b) Other assets 52,683 — — 52,683 Interest rate swaps Other liabilities — (149 ) — (149 ) Foreign exchange contracts Other current assets — 5,499 — 5,499 Foreign exchange contracts Accrued expenses — (8,581 ) — (8,581 ) Contingent consideration Accrued expenses — — (3,176 ) (3,176 ) $ 55,950 $ 283,440 $ (3,176 ) $ 336,214 (a) Cash equivalents include highly liquid investments with an original maturity of less than three months. (b) The company has an 8.4% equity ownership interest in Marubun Corporation and a portfolio of mutual funds with quoted market prices. During 2018 , 2017 , and 2016 the company recorded unrealized gains ( loss es) of $(13,693) , $14,651 , and $(4,064) , respectively, on equity securities held at the end of each year. (c) Cash equivalents at December 31, 2017 included $286,671 |
Description of Types of Interest Rate Fair Value Hedging Instruments Used | The terms of outstanding interest rate swap contracts at December 31, 2018 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 |
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 for the years ended December 31: 2018 2017 2016 Gain (Loss) Recognized in Income Foreign exchange contracts $ 6,940 $ (20,877 ) $ 1,535 Interest rate swaps (1,236 ) (831 ) (608 ) Total $ 5,704 $ (21,708 ) $ 927 Loss Recognized in Other Comprehensive Income before reclassifications Foreign exchange contracts $ (409 ) $ (2,022 ) $ (153 ) Interest rate swaps — (4,672 ) — Total $ (409 ) $ (6,694 ) $ (153 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income taxes for the years ended December 31 consists of the following: 2018 2017 2016 Current: Federal $ (12,345 ) $ 119,298 $ 45,371 State 20,141 (6,156 ) 7,022 International 178,767 134,987 109,598 $ 186,563 $ 248,129 $ 161,991 Deferred: Federal $ 19,207 $ 31,167 $ 29,973 State 312 13,535 7,161 International (18,283 ) (6,290 ) (8,394 ) 1,236 38,412 28,740 $ 187,799 $ 286,541 $ 190,731 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The principal causes of the difference between the U.S. federal statutory tax rate of 21% and effective income tax rates for the years ended December 31 are as follows: 2018 2017 2016 United States $ 186,677 $ 115,664 $ 235,317 International 722,696 578,253 480,202 Income before income taxes $ 909,373 $ 693,917 $ 715,519 Provision at statutory tax rate $ 190,968 $ 242,415 $ 250,446 State taxes, net of federal benefit 18,888 5,184 9,219 International effective tax rate differential 7,480 (88,444 ) (64,002 ) Capital loss 60,757 — — Change in valuation allowance (66,557 ) 1,408 7,174 Other non-deductible expenses 14,128 12,700 3,516 Changes in tax accruals (3,968 ) (7,973 ) (3,679 ) Tax credits (7,884 ) (8,170 ) (14,510 ) Tax Act's transition tax (a) (28,323 ) 196,010 — Tax Act's impact on deferred taxes (b) — (71,261 ) — Other 2,310 4,672 2,567 Provision for income taxes $ 187,799 $ 286,541 $ 190,731 (a) For the year ended December 31, 2017, the company accrued a provisional estimate of $196,010 of tax expense for the Tax Act’s one-time transition tax on the foreign subsidiaries’ accumulated, unremitted earnings in accordance with U.S. Securities and Exchange Commission’s Staff Accounting Bulletin (“SAB 118”). Additionally, during the fourth quarter of 2018 the company recorded a $28,323 benefit upon finalizing its analysis of the impact from the Tax Act. (b) For the year ended December 31, 2017, the company accrued $71,261 |
Reconciliation of Unrecognized Tax Benefits [Table Text Block] | A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31 is as follows: 2018 2017 2016 Balance at beginning of year $ 24,361 $ 31,534 $ 36,935 Additions based on tax positions taken during a prior period 583 2,342 2,356 Reductions based on tax positions taken during a prior period (1,248 ) (1,242 ) (6,305 ) Additions related to positions taken upon finalization of Tax Act during the current period 16,506 — — Additions based on tax positions taken during the current period 3,133 6,543 3,935 Reductions based on tax positions taken during the current period (233 ) — — Reductions related to settlement of tax matters (136 ) (2,921 ) (2,795 ) Reductions related to a lapse of applicable statute of limitations (7,087 ) (11,895 ) (2,592 ) Balance at end of year $ 35,879 $ 24,361 $ 31,534 |
Summary of Open Tax Years by Major Jurisdiction [Table Text Block] | In many cases the company's uncertain tax positions are related to tax years that remain subject to examination by tax authorities. The following describes the open tax years, by major tax jurisdiction, as of December 31, 2018 : United States - Federal 2015 - present United States - States 2012 - present Germany (c) 2010 - present Hong Kong 2012 - present Italy (c) 2013 - present Sweden 2013 - present United Kingdom 2015 - present (c) Includes federal as well as local jurisdictions. |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The deferred tax assets and liabilities consist of the following at December 31: 2018 2017 Deferred tax assets: Net operating loss carryforwards $ 129,641 $ 113,327 Capital loss carryforwards 60,606 — Inventory adjustments 52,094 42,376 Allowance for doubtful accounts 17,016 12,368 Accrued expenses 27,088 28,229 Interest carryforward 5,008 15,964 Stock-based compensation awards 12,824 12,982 Integration and restructuring 2,547 6,726 Other — 17,015 306,824 248,987 Valuation allowance (80,471 ) (13,915 ) Total deferred tax assets $ 226,353 $ 235,072 Deferred tax liabilities: Goodwill $ (121,346 ) $ (109,994 ) Depreciation (131,848 ) (116,725 ) Intangible assets (18,754 ) (18,760 ) Other comprehensive income items (8,301 ) (5,542 ) Other (6,634 ) — Total deferred tax liabilities $ (286,883 ) $ (251,021 ) Total net deferred tax assets (liabilities) $ (60,530 ) $ (15,949 ) |
Restructuring, Integration, a_2
Restructuring, Integration, and Other Charges (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring Charges [Abstract] | |
Schedule of Restructuring and Related Costs [Text Block] | The following table presents the components of the restructuring, integration, and other charges for the years ended December 31 : 2018 2017 2016 Restructuring and integration charges - current period actions $ 23,698 $ 46,816 $ 32,894 Restructuring and integration charges - actions taken in prior periods 7,517 6,191 3,611 Other charges 29,146 21,581 24,886 $ 60,361 $ 74,588 $ 61,391 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table presents the components of the 2018 restructuring and integration charge of $23,698 and activity in the related restructuring and integration accrual for 2018 : Personnel Costs Facilities Costs Other Total Restructuring and integration charge $ 15,323 $ 8,240 $ 135 $ 23,698 Payments (12,099 ) (3,547 ) (35 ) (15,681 ) Foreign currency translation (478 ) (177 ) (1 ) (656 ) Balance as of December 31, 2018 $ 2,746 $ 4,516 $ 99 $ 7,361 2017 Restructuring and Integration Charge The following table presents the components of the 2017 restructuring and integration charge of $46,816 and activity in the related restructuring and integration accrual for 2017 and 2018 : Personnel Costs Facilities Costs Other Total Restructuring and integration charge $ 37,615 $ 8,192 $ 1,009 $ 46,816 Payments (23,384 ) (3,494 ) (926 ) (27,804 ) Foreign currency translation 1,045 176 17 1,238 Balance as of December 31, 2017 15,276 4,874 100 20,250 Restructuring and integration charge 2,456 2,870 61 5,387 Payments (11,450 ) (2,696 ) (58 ) (14,204 ) Foreign currency translation (1,550 ) (284 ) (9 ) (1,843 ) Balance as of December 31, 2018 $ 4,732 $ 4,764 $ 94 $ 9,590 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents the changes in Accumulated other comprehensive income (loss), excluding noncontrolling interests: Foreign Currency Translation Adjustment and Other Unrealized Gain (loss) on Investment Securities, Net Unrealized Gain (Loss) on Interest Rate Swaps Designated as Cash Flow Hedges, Net Employee Benefit Plan Items, Net Total Balance as of December 31, 2016 $ (348,241 ) $ 6,094 $ (2,947 ) $ (38,445 ) $ (383,539 ) Other comprehensive income (loss) before reclassifications (a) 253,066 8,852 (2,870 ) (3,812 ) 255,236 Amounts reclassified into income (loss) (9,756 ) — 511 12,665 3,420 Net change in accumulated other comprehensive income (loss) for the year ended December 31, 2017 243,310 8,852 (2,359 ) 8,853 258,656 Balance as of December 31, 2017 (104,931 ) 14,946 (5,306 ) (29,592 ) (124,883 ) Reclassification to Retained Earnings (b) — (14,946 ) (1,185 ) (6,223 ) (22,354 ) Other comprehensive income (loss) before reclassifications (a) (161,359 ) — — 4,939 (156,420 ) Amounts reclassified into income (loss) (37 ) — 931 3,314 4,208 Net change in accumulated other comprehensive income (loss) for the year ended December 31, 2018 (161,396 ) (14,946 ) (254 ) 2,030 (174,566 ) Balance as of December 31, 2018 $ (266,327 ) $ — $ (5,560 ) $ (27,562 ) $ (299,449 ) (a) Foreign currency translation adjustment includes intra-entity foreign currency transactions that are of a long-term investment nature of $11,712 and $(64,610) for 2018 and 2017 , respectively. (b) Amount relates to unrealized gains and losses on investments and stranded tax effects reclassified from "Accumulated other comprehensive income" to "Retained earnings" in accordance with ASU No. 2018-02 and ASU No. 2016-01 (Note 1). |
Schedule of Stock by Class [Table Text Block] | The following table sets forth the activity in the number of shares outstanding (in thousands): Common Stock Issued Treasury Stock Common Stock Outstanding Common stock outstanding at December 31, 2015 125,424 34,501 90,923 Shares issued for stock-based compensation awards — (1,372 ) 1,372 Repurchases of common stock — 3,382 (3,382 ) Common stock outstanding at December 31, 2016 125,424 36,511 88,913 Shares issued for stock-based compensation awards — (1,097 ) 1,097 Repurchases of common stock — 2,319 (2,319 ) Common stock outstanding at December 31, 2017 125,424 37,733 87,691 Shares issued for stock-based compensation awards — (709 ) 709 Repurchases of common stock — 3,209 (3,209 ) Common stock outstanding at December 31, 2018 125,424 40,233 85,191 |
Share-Repurchase Programs [Table Text Block] | The following table shows the company's Board of Directors (the "Board") approved share-repurchase programs as of December 31, 2018 : 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 December 2016 $ 400,000 $ 271,388 $ 128,612 December 2018 600,000 — 600,000 Total $ 1,000,000 $ 271,388 $ 728,612 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table presents the computation of net income per share on a basic and diluted basis for the years ended December 31 (shares in thousands): 2018 2017 2016 Net income attributable to shareholders $ 716,195 $ 402,176 $ 522,815 Weighted-average shares outstanding - basic 87,476 88,681 90,960 Net effect of various dilutive stock-based compensation awards 968 1,085 1,073 Weighted-average shares outstanding - diluted 88,444 89,766 92,033 Net income per share: Basic $ 8.19 $ 4.54 $ 5.75 Diluted (a) $ 8.10 $ 4.48 $ 5.68 (a) Stock-based compensation awards for the issuance of 651 shares, 380 shares, and 766 shares for the years ended December 31, 2018 , 2017 , and 2016 |
Employee Stock Plans (Tables)
Employee Stock Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | The following information relates to the stock option activity for the year ended December 31, 2018 : Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at December 31, 2017 1,540,369 $ 58.34 Granted 332,928 81.88 Exercised (176,783 ) 49.86 Forfeited (64,537 ) 67.79 Outstanding at December 31, 2018 1,631,977 63.69 81 months $ 14,401 Exercisable at December 31, 2018 787,871 $ 54.75 65 months $ 11,579 The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the company's closing stock price on the last trading day of 2018 and the exercise price, multiplied by the number of in-the-money options) received by the option holders had all option holders exercised their options on December 31, 2018 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The fair value of stock options was estimated using the Black-Scholes valuation model with the following weighted-average assumptions for the years ended December 31: 2018 2017 2016 Volatility (percent) (a) 24 26 31 Expected term (in years) (b) 5.5 5.1 5.2 Risk-free interest rate (percent) (c) 2.7 1.9 1.3 (a) Volatility is measured using historical daily price changes of the company's common stock over the expected term of the option. (b) The expected term represents the weighted-average period the option is expected to be outstanding and is based primarily on the historical exercise behavior of employees. (c) The risk-free interest rate is based on the U.S. Treasury zero-coupon yield with a maturity that approximates the expected term of the option. |
Schedule of Nonvested Share Activity [Table Text Block] | The following information summarizes the changes in non-vested performance shares, performance units, restricted stock, and restricted stock units for 2018 : Shares Weighted- Average Grant Date Fair Value Non-vested shares at December 31, 2017 1,176,965 $ 62.60 Granted 538,712 77.97 Vested (523,477 ) 62.49 Forfeited (99,335 ) 66.50 Non-vested shares at December 31, 2018 1,092,865 $ 69.87 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The company uses a December 31 measurement date for the Arrow SERP and the Wyle defined benefit plan. Pension information for the years ended December 31 is as follows: Arrow SERP Wyle Defined Benefit Plan 2018 2017 2018 2017 Accumulated benefit obligation $ 82,951 $ 90,368 $ 59,399 $ 60,374 Changes in projected benefit obligation: Projected benefit obligation at beginning of year 97,607 91,038 60,374 97,984 Service cost 3,103 2,310 — — Interest cost 3,338 3,552 2,114 3,860 Actuarial loss (gain) (8,874 ) 4,929 (322 ) 7,595 Benefits paid (4,596 ) (4,222 ) (2,767 ) (6,080 ) Settlement — — — (42,985 ) Projected benefit obligation at end of year 90,578 97,607 59,399 60,374 Changes in plan assets: Fair value of plan assets at beginning of year — — 46,663 71,470 Actual return on plan assets — — 29 10,258 Company contributions — — 11,000 14,000 Benefits paid — — (2,767 ) (6,080 ) Settlement — — — (42,985 ) Fair value of plan assets at end of year — — 54,925 46,663 Funded status $ (90,578 ) $ (97,607 ) $ (4,474 ) $ (13,711 ) Amounts recognized in the company's consolidated balance sheets: Current liabilities $ (4,532 ) $ (4,535 ) $ (4,474 ) $ — Noncurrent liabilities (86,046 ) (93,072 ) — (13,711 ) Net liabilities at end of year (90,578 ) (97,607 ) (4,474 ) (13,711 ) Components of net periodic pension cost: Service cost 3,103 2,310 — — Interest cost 3,338 3,552 2,114 3,860 Expected return on plan assets — — (2,648 ) (3,449 ) Amortization of net loss 1,531 1,216 702 1,666 Settlement charge — — — 16,706 Net periodic pension cost $ 7,972 $ 7,078 $ 168 $ 18,783 Weighted-average assumptions used to determine benefit obligation: Discount rate 4.20 % 3.50 % 2.60 % 3.60 % Rate of compensation increase 5.00 % 5.00 % N/A N/A Expected return on plan assets N/A N/A 2.25 % 5.25 % Weighted-average assumptions used to determine net periodic pension cost: Discount rate 3.50 % 4.00 % 3.60 % 4.00 % Rate of compensation increase 5.00 % 5.00 % N/A N/A Expected return on plan assets N/A N/A 5.25 % 4.75 % |
Schedule of Expected Benefit Payments [Table Text Block] | Benefit payments are expected to be paid as follows: Arrow SERP 2019 $ 4,532 2020 4,481 2021 5,825 2022 6,058 2023 6,405 2024-2026 33,724 |
Schedule of Allocation of Plan Assets [Table Text Block] | The fair values of the company's pension plan assets for the Wyle defined benefit plan at December 31, 2018 , utilizing the fair value hierarchy discussed in Note 7, are as follows: Level 1 Level 2 Level 3 Total Fixed Income : Mutual funds $ 54,925 $ — $ — $ 54,925 Total $ 54,925 $ — $ — $ 54,925 The fair values of the company's pension plan assets for the Wyle defined benefit plan at December 31, 2017 , utilizing the fair value hierarchy discussed in Note 7, are as follows: Level 1 Level 2 Level 3 Total Equities : U.S. common stocks $ 17,039 $ — $ — $ 17,039 International mutual funds 6,975 — — 6,975 Index mutual funds 2,942 — — 2,942 Fixed Income : Mutual funds 19,707 — — 19,707 Total $ 46,663 $ — $ — $ 46,663 |
Lease Comitments Lease Commitme
Lease Comitments Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Lease Commitments [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Aggregate minimum rental commitments under all non-cancelable operating leases, exclusive of real estate taxes, insurance, and leases related to facilities closed as a result of the integration of acquired businesses and the restructuring of the company, are as follows: 2019 $ 85,770 2020 67,158 2021 52,826 2022 44,801 2023 37,528 Thereafter 147,294 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Text Block] | Sales, by segment by geographic area, are as follows: 2018 2017 2016 Components: Americas $ 7,816,533 $ 7,010,385 $ 5,921,803 EMEA (a) 5,733,222 4,868,862 4,086,607 Asia/Pacific 7,307,096 6,451,209 5,400,429 Global components $ 20,856,851 $ 18,330,456 $ 15,408,839 ECS: Americas $ 5,742,526 $ 5,388,888 $ 5,352,106 EMEA (a) 3,077,391 2,835,219 2,726,927 Global ECS $ 8,819,917 $ 8,224,107 $ 8,079,033 Consolidated (b) $ 29,676,768 $ 26,554,563 $ 23,487,872 (a) Defined as Europe, the Middle East, and Africa. (b) Includes sales related to the United States of $12,157,306 , $11,038,930 , and $10,137,041 for 2018, 2017, and 2016, respectively. Operating income (loss), by segment, are as follows: 2018 2017 2016 Operating income (loss): Global components $ 1,007,638 $ 801,027 $ 686,466 Global ECS 427,605 444,710 441,926 Corporate (c) (287,731 ) (300,001 ) (251,566 ) Consolidated $ 1,147,512 $ 945,736 $ 876,826 (c) Includes restructuring, integration, and other charges of $60,361 , $74,588 , and $61,391 in 2018, 2017, and 2016, respectively. Also included in 2018 and 2017 was a net loss on the disposition of businesses of $3,604 and $21,000 , respectively. |
Reconciliation of Assets from Segment to Consolidated [Text Block] | Total assets, by segment, at December 31 are as follows: 2018 2017 Global components $ 11,425,579 $ 10,229,168 Global ECS 5,632,102 5,426,675 Corporate 726,764 803,424 Consolidated $ 17,784,445 $ 16,459,267 |
Schedule Of Revenues From External Customers And Long Lived Assets By Geographical Areas Table [Text Block] | Net property, plant, and equipment, by geographic area, is as follows: 2018 2017 Americas (d) $ 673,228 $ 688,637 EMEA 110,996 108,232 Asia/Pacific 40,476 41,606 Consolidated $ 824,700 $ 838,475 (d) Includes net property, plant, and equipment related to the United States of $670,201 and $683,988 at December 31, 2018 and 2017 |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Table Text Block] | A summary of the company's consolidated quarterly results of operations is as follows: First Quarter Second Quarter (b) Third Quarter Fourth Quarter (c) 2018 Sales $ 6,875,613 $ 7,392,528 $ 7,490,445 $ 7,918,182 Gross profit 868,944 932,820 923,778 975,370 Operating income 235,995 286,827 290,310 334,380 Net income attributable to shareholders 139,094 169,915 176,533 230,653 Net income per share (a): Basic $ 1.58 $ 1.94 $ 2.02 $ 2.66 Diluted $ 1.56 $ 1.92 $ 1.99 $ 2.63 2017 (Adjusted) Sales $ 5,736,780 $ 6,422,226 $ 6,856,108 $ 7,539,449 Gross profit 761,197 824,024 842,567 929,180 Operating income 193,025 230,446 235,441 286,824 Net income attributable to shareholders 114,737 99,722 134,064 53,653 Net income per share (a): Basic $ 1.29 $ 1.12 $ 1.52 $ 0.61 Diluted $ 1.27 $ 1.11 $ 1.50 $ 0.60 (a) Quarterly net income per share is calculated using the weighted-average shares outstanding during each quarterly period, while net income per share for the full year is calculated using the weighted-average shares outstanding during the year. Therefore, the sum of the net income per share for each of the four quarters may not equal the net income per share for the full year. (b) Net income attributable to shareholders includes a loss on extinguishment of debt of $58.8 million during the second quarter of 2017. (c) Net income attributable to shareholders includes a U.S. Tax Act benefit of $28.3 million and expense of $124.7 million during the fourth quarter of 2018 and 2017, respectively. |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | The following table presents the effect of the adoption of Topic 606, ASU No. 2017-07, and other prior period reclassifications for each quarter of 2017 (see Note 1). First Quarter Second Quarter Third Quarter Fourth Quarter As Previously Reported Adjusted for New Standards As Previously Reported Adjusted for New Standards As Previously Reported Adjusted for New Standards As Previously Reported Adjusted for New Standards 2017 Sales $ 5,759,552 $ 5,736,780 $ 6,465,346 $ 6,422,226 $ 6,953,740 $ 6,856,108 $ 7,633,870 $ 7,539,449 Cost of sales 4,999,665 4,975,583 5,641,380 5,598,202 6,110,382 6,013,541 6,703,742 6,610,269 Operating income 191,722 193,025 229,822 230,446 235,992 235,441 270,914 286,824 Net income attributable to shareholders $ 113,768 $ 114,737 $ 99,679 $ 99,722 $ 134,630 $ 134,064 $ 53,885 $ 53,653 Operating income for the fourth quarter of 2017 was impacted by a reclassification of pension settlement expense of $16,706 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Event [Line Items] | |
Schedule of Foreign Exchange Forward Contracts Entered into After Period End[Table Text Block] | During the first quarter of 2019, the company entered into a series of foreign exchange forward contracts ("forward contracts") to sell Euro and buy United States Dollars, with various maturity dates as noted in the table below. Maturity Date Notional Amount March 2023 EUR 50,000 September 2024 EUR 50,000 April 2025 EUR 100,000 January 2028 EUR 100,000 Total EUR 300,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Property Plant and Equipment (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)Year | Dec. 31, 2017USD ($) | |
Property, Plant and Equipment [Line Items] | ||
Unamortized software development costs | $ | $ 539,398 | $ 535,203 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Minimum Useful Life | 20 | |
Property, Plant and Equipment, Maximum Useful Life | 30 | |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Minimum Useful Life | 3,000 | |
Property, Plant and Equipment, Maximum Useful Life | 10,000 | |
Computer Software, Intangible Asset [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Minimum Useful Life | 3 | |
Property, Plant and Equipment, Maximum Useful Life | 12 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Goodwill [Line Items] | ||||||
Goodwill | $ 2,624,690 | [1] | $ 2,470,047 | [1] | $ 2,392,220 | [2] |
Shipping, Handling and Transportation Costs | 103,533 | 90,709 | 79,257 | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | (16,706) | |||||
Gain (loss) on investments, net | (14,166) | (6,577) | 2,896 | |||
Amortization of stock-based compensation | 46,238 | 39,122 | 39,825 | |||
Global Components [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill | 1,437,501 | [1] | 1,264,869 | [1] | 1,239,741 | [2] |
Global ECS [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill | 1,187,189 | [1] | $ 1,205,178 | [1] | $ 1,152,479 | [2] |
Global eInfochips [Domain] | ||||||
Goodwill [Line Items] | ||||||
Goodwill | 181,000 | |||||
Americas [Member] | Global Components [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill | 1,100,000 | |||||
Americas [Member] | Global ECS [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill | 788,100 | |||||
EMEA [Member] | Global Components [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill | 84,100 | |||||
EMEA [Member] | Global ECS [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill | 399,100 | |||||
Asia/Pacific [Member] | Global Components [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill | $ 61,200 | |||||
[1] | The total carrying value of goodwill of companies acquired as of December 31, 2018 and December 31, 2017 , in the table above is reflected net of $1,026,702 of accumulated impairment charges, of which $716,925 was recorded in the global components business segment and $309,777 | |||||
[2] | The total carrying value of goodwill of companies acquired as of December 31, 2016 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 $301,855 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies impact of recently issued accounting standards (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||||||||||
Cumulative Effect on Retained Earnings, Net of Tax | $ 0 | $ 2,685 | ||||||||||||||||||||
Sales | $ 7,918,182 | $ 7,490,445 | $ 7,392,528 | $ 6,875,613 | $ 7,539,449 | $ 6,856,108 | $ 6,422,226 | $ 5,736,780 | 29,676,768 | [1] | $ 26,554,563 | [1] | 23,487,872 | [1] | ||||||||
Cost of sales | 6,610,269 | 6,013,541 | 5,598,202 | 4,975,583 | 25,975,856 | 23,197,595 | 20,343,550 | |||||||||||||||
Gross profit | 975,370 | 923,778 | 932,820 | 868,944 | 929,180 | 842,567 | 824,024 | 761,197 | 3,700,912 | 3,356,968 | 3,144,322 | |||||||||||
Selling, general, and administrative expenses | 2,303,051 | 2,162,045 | 2,046,910 | |||||||||||||||||||
Depreciation and amortization | 186,384 | 153,599 | 159,195 | |||||||||||||||||||
Loss on disposition of businesses, net | 3,604 | 21,000 | 0 | |||||||||||||||||||
Restructuring, integration, and other charges | 60,361 | 74,588 | 61,391 | |||||||||||||||||||
Total operating expenses | 2,553,400 | 2,411,232 | 2,267,496 | |||||||||||||||||||
Operating income | 334,380 | 290,310 | 286,827 | 235,995 | 286,824 | 235,441 | 230,446 | 193,025 | 1,147,512 | 945,736 | 876,826 | |||||||||||
Equity in earnings of affiliated companies | (2,332) | 3,424 | 7,573 | |||||||||||||||||||
Gain (loss) on investments, net | 14,166 | 6,577 | (2,896) | |||||||||||||||||||
Loss on extinguishment of debt | 58,800 | 0 | 59,545 | 0 | ||||||||||||||||||
Employee benefit plan expense | 6,870 | 23,869 | 20,464 | |||||||||||||||||||
Interest and other financing expense, net | 214,771 | 165,252 | 151,312 | |||||||||||||||||||
Income before income taxes | 909,373 | 693,917 | 715,519 | |||||||||||||||||||
Provision for income taxes | 187,799 | 286,541 | 190,731 | |||||||||||||||||||
Consolidated net income | 721,574 | 407,376 | 524,788 | |||||||||||||||||||
Noncontrolling interests | 5,379 | 5,200 | 1,973 | |||||||||||||||||||
Net income attributable to shareholders | $ 230,653 | [2] | $ 176,533 | $ 169,915 | $ 139,094 | $ 53,653 | [2] | $ 134,064 | $ 99,722 | [3] | $ 114,737 | $ 716,195 | $ 402,176 | $ 522,815 | ||||||||
Net income per share: | ||||||||||||||||||||||
Basic | $ 2.66 | [4] | $ 2.02 | [4] | $ 1.94 | [4] | $ 1.58 | [4] | $ 0.61 | [4] | $ 1.52 | [4] | $ 1.12 | [4] | $ 1.29 | [4] | $ 8.19 | $ 4.54 | $ 5.75 | |||
Diluted | $ 2.63 | [4] | $ 1.99 | [4] | $ 1.92 | [4] | $ 1.56 | [4] | $ 0.60 | [4] | $ 1.50 | [4] | $ 1.11 | [4] | $ 1.27 | [4] | $ 8.10 | [5] | $ 4.48 | [5] | $ 5.68 | [5] |
Accounting standards update 2018-02 [Member] | ||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||||||||||
Cumulative Effect on Retained Earnings, Net of Tax | $ 4,116 | |||||||||||||||||||||
Accounting Standards Update 2016-01 [Member] | ||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||||||||||
Cumulative Effect on Retained Earnings, Net of Tax | $ 18,238 | |||||||||||||||||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||||||||||
Sales | $ 7,633,870 | $ 6,953,740 | $ 6,465,346 | $ 5,759,552 | $ 26,812,508 | $ 23,825,261 | ||||||||||||||||
Cost of sales | 6,703,742 | 6,110,382 | 5,641,380 | 4,999,665 | 23,455,169 | 20,681,062 | ||||||||||||||||
Gross profit | 3,357,339 | 3,144,199 | ||||||||||||||||||||
Selling, general, and administrative expenses | 2,162,996 | 2,052,863 | ||||||||||||||||||||
Depreciation and amortization | 153,599 | 159,195 | ||||||||||||||||||||
Loss on disposition of businesses, net | 21,000 | 0 | ||||||||||||||||||||
Restructuring, integration, and other charges | 91,294 | 73,602 | ||||||||||||||||||||
Total operating expenses | 2,428,889 | 2,285,660 | ||||||||||||||||||||
Operating income | 270,914 | 235,992 | 229,822 | 191,722 | 928,450 | 858,539 | ||||||||||||||||
Equity in earnings of affiliated companies | 3,424 | 7,573 | ||||||||||||||||||||
Gain (loss) on investments, net | 14,231 | 0 | ||||||||||||||||||||
Loss on extinguishment of debt | 59,545 | 0 | ||||||||||||||||||||
Employee benefit plan expense | 0 | 0 | ||||||||||||||||||||
Interest and other financing expense, net | 163,810 | 150,715 | ||||||||||||||||||||
Income before income taxes | 694,288 | 715,397 | ||||||||||||||||||||
Provision for income taxes | 287,126 | 190,674 | ||||||||||||||||||||
Consolidated net income | 407,162 | 524,723 | ||||||||||||||||||||
Noncontrolling interests | 5,200 | 1,973 | ||||||||||||||||||||
Net income attributable to shareholders | $ 53,885 | $ 134,630 | $ 99,679 | $ 113,768 | $ 401,962 | $ 522,750 | ||||||||||||||||
Net income per share: | ||||||||||||||||||||||
Basic | $ 4.53 | $ 5.75 | ||||||||||||||||||||
Diluted | $ 4.48 | $ 5.68 | ||||||||||||||||||||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||||||||||
Sales | $ (257,945) | $ (337,389) | ||||||||||||||||||||
Cost of sales | (257,574) | (337,512) | ||||||||||||||||||||
Gross profit | (371) | 123 | ||||||||||||||||||||
Selling, general, and administrative expenses | (951) | (5,953) | ||||||||||||||||||||
Depreciation and amortization | 0 | 0 | ||||||||||||||||||||
Loss on disposition of businesses, net | 0 | 0 | ||||||||||||||||||||
Restructuring, integration, and other charges | (16,706) | (12,211) | ||||||||||||||||||||
Total operating expenses | (17,657) | (18,164) | ||||||||||||||||||||
Operating income | 17,286 | 18,287 | ||||||||||||||||||||
Equity in earnings of affiliated companies | 0 | 0 | ||||||||||||||||||||
Gain (loss) on investments, net | (7,654) | (2,896) | ||||||||||||||||||||
Loss on extinguishment of debt | 0 | 0 | ||||||||||||||||||||
Employee benefit plan expense | (23,869) | (20,464) | ||||||||||||||||||||
Interest and other financing expense, net | 1,442 | 597 | ||||||||||||||||||||
Income before income taxes | (371) | 122 | ||||||||||||||||||||
Provision for income taxes | (585) | 57 | ||||||||||||||||||||
Consolidated net income | 214 | 65 | ||||||||||||||||||||
Noncontrolling interests | 0 | 0 | ||||||||||||||||||||
Net income attributable to shareholders | $ 214 | $ 65 | ||||||||||||||||||||
Net income per share: | ||||||||||||||||||||||
Basic | $ 10 | $ 0 | ||||||||||||||||||||
Diluted | $ 0 | $ 0 | ||||||||||||||||||||
[1] | Includes sales related to the United States of $12,157,306 , $11,038,930 , and $10,137,041 | |||||||||||||||||||||
[2] | Net income attributable to shareholders includes a U.S. Tax Act benefit of $28.3 million and expense of $124.7 million during the fourth quarter of 2018 and 2017, respectively. | |||||||||||||||||||||
[3] | Net income attributable to shareholders includes a loss on extinguishment of debt of $58.8 million | |||||||||||||||||||||
[4] | Quarterly net income per share is calculated using the weighted-average shares outstanding during each quarterly period, while net income per share for the full year is calculated using the weighted-average shares outstanding during the year. Therefore, the sum of the net income per share for each of the four quarters may not equal the net income per share for the full year. | |||||||||||||||||||||
[5] | Stock-based compensation awards for the issuance of 651 shares, 380 shares, and 766 shares for the years ended December 31, 2018 , 2017 , and 2016 |
Acquisitions (Details)
Acquisitions (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2018USD ($)$ / shares | Sep. 29, 2018USD ($)$ / shares | Jun. 30, 2018USD ($)$ / shares | Mar. 31, 2018USD ($)$ / shares | Dec. 31, 2017USD ($)$ / shares | Sep. 30, 2017USD ($)$ / shares | Jul. 01, 2017USD ($)$ / shares | Apr. 01, 2017USD ($)$ / shares | Dec. 31, 2018USD ($)Acquisitions$ / shares | Dec. 31, 2017USD ($)Acquisitions$ / shares | Dec. 31, 2016USD ($)Acquisitions$ / shares | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Goodwill | $ 2,624,690 | [1] | $ 2,470,047 | [1] | $ 2,624,690 | [1] | $ 2,470,047 | [1] | $ 2,392,220 | [2] | ||||||||||||
Payments to acquire businesses, net of cash acquired | 331,563 | 3,628 | 64,751 | |||||||||||||||||||
Business Acquisition, Pro Forma Revenue | 26,712,335 | |||||||||||||||||||||
Net income attributable to shareholders | $ 230,653 | [3] | $ 176,533 | $ 169,915 | $ 139,094 | $ 53,653 | [3] | $ 134,064 | $ 99,722 | [4] | $ 114,737 | $ 716,195 | 402,176 | $ 522,815 | ||||||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 405,966 | |||||||||||||||||||||
Earnings Per Share, Basic | $ / shares | $ 2.66 | [5] | $ 2.02 | [5] | $ 1.94 | [5] | $ 1.58 | [5] | $ 0.61 | [5] | $ 1.52 | [5] | $ 1.12 | [5] | $ 1.29 | [5] | $ 8.19 | $ 4.54 | $ 5.75 | |||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ / shares | 4.58 | |||||||||||||||||||||
Earnings Per Share, Diluted | $ / shares | $ 2.63 | [5] | $ 1.99 | [5] | $ 1.92 | [5] | $ 1.56 | [5] | $ 0.60 | [5] | $ 1.50 | [5] | $ 1.11 | [5] | $ 1.27 | [5] | $ 8.10 | [6] | 4.48 | [6] | $ 5.68 | [6] |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ / shares | $ 4.52 | |||||||||||||||||||||
e-Infochips [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Goodwill | $ 197,126 | $ 197,126 | ||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 13,670 | 13,670 | ||||||||||||||||||||
Business Combination, Adjustment, Other Assets | 22,755 | |||||||||||||||||||||
Business Combination, Adjustment, Intangibles | 56,290 | |||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 3,485 | 3,485 | ||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 46,488 | 46,488 | ||||||||||||||||||||
Cash Acquired from Acquisition | 14,769 | |||||||||||||||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 89,139 | |||||||||||||||||||||
Business Acquisition, Cost of Acquired Entity, Cash Paid | 327,628 | |||||||||||||||||||||
Payments to acquire businesses, net of cash acquired | 312,859 | |||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | (520) | (520) | ||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 1,512 | 1,512 | ||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 128,000 | 128,000 | ||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (33,836) | (33,836) | ||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | (41,474) | (41,474) | ||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | (1,592) | $ (1,592) | ||||||||||||||||||||
Series of Individually Immaterial Business Acquisitions [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Number of Businesses Acquired | Acquisitions | 1 | 2 | 3 | |||||||||||||||||||
Payments to acquire businesses, net of cash acquired | $ 18,704 | $ 3,628 | $ 63,869 | |||||||||||||||||||
Data Modul AG [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 69.20% | 69.20% | ||||||||||||||||||||
Additional Percentage Interest Acquired of Subsidiary Shares from Noncontrolling Interest | 11.90% | |||||||||||||||||||||
Payments to Acquire Additional Interest in Subsidiaries | $ 23,350,000 | |||||||||||||||||||||
Trade Names [Member] | e-Infochips [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 19,000 | $ 19,000 | ||||||||||||||||||||
Customer Relationships [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | 10 years | ||||||||||||||||||||
Customer Relationships [Member] | e-Infochips [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 15 years | |||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 109,000 | $ 109,000 | ||||||||||||||||||||
Accrued Liabilities [Member] | e-Infochips [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Business Combination, Adjustment, Financial Liabilities | (25,241) | |||||||||||||||||||||
deferred tax liabilities [Member] | e-Infochips [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Business Combination, Adjustment, Financial Liabilities | $ (19,505) | |||||||||||||||||||||
[1] | The total carrying value of goodwill of companies acquired as of December 31, 2018 and December 31, 2017 , in the table above is reflected net of $1,026,702 of accumulated impairment charges, of which $716,925 was recorded in the global components business segment and $309,777 | |||||||||||||||||||||
[2] | The total carrying value of goodwill of companies acquired as of December 31, 2016 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 | |||||||||||||||||||||
[3] | Net income attributable to shareholders includes a U.S. Tax Act benefit of $28.3 million and expense of $124.7 million during the fourth quarter of 2018 and 2017, respectively. | |||||||||||||||||||||
[4] | Net income attributable to shareholders includes a loss on extinguishment of debt of $58.8 million | |||||||||||||||||||||
[5] | Quarterly net income per share is calculated using the weighted-average shares outstanding during each quarterly period, while net income per share for the full year is calculated using the weighted-average shares outstanding during the year. Therefore, the sum of the net income per share for each of the four quarters may not equal the net income per share for the full year. | |||||||||||||||||||||
[6] | Stock-based compensation awards for the issuance of 651 shares, 380 shares, and 766 shares for the years ended December 31, 2018 , 2017 , and 2016 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Goodwill [Roll Forward] | ||||||
Goodwill, Beginning balance | $ 2,470,047 | [1] | $ 2,392,220 | [2] | ||
Acquisitions | 211,301 | 6,149 | ||||
Loss on disposition of businesses, net | 0 | (7,922) | ||||
Foreign currency translation adjustment | (56,658) | 79,600 | ||||
Goodwill, Ending balance | [1] | 2,624,690 | 2,470,047 | |||
Goodwill, Impaired, Accumulated Impairment Loss | 1,026,702 | $ 1,018,780 | ||||
Global Components [Member] | ||||||
Goodwill [Roll Forward] | ||||||
Goodwill, Beginning balance | 1,264,869 | [1] | 1,239,741 | [2] | ||
Acquisitions | 197,126 | 6,149 | ||||
Loss on disposition of businesses, net | 0 | 0 | ||||
Foreign currency translation adjustment | (24,494) | 18,979 | ||||
Goodwill, Ending balance | [1] | 1,437,501 | 1,264,869 | |||
Goodwill, Impaired, Accumulated Impairment Loss | 716,925 | |||||
Global ECS [Member] | ||||||
Goodwill [Roll Forward] | ||||||
Goodwill, Beginning balance | 1,205,178 | [1] | 1,152,479 | [2] | ||
Acquisitions | 14,175 | 0 | ||||
Loss on disposition of businesses, net | 0 | (7,922) | ||||
Foreign currency translation adjustment | (32,164) | 60,621 | ||||
Goodwill, Ending balance | [1] | 1,187,189 | $ 1,205,178 | |||
Goodwill, Impaired, Accumulated Impairment Loss | $ 309,777 | $ 301,855 | ||||
[1] | The total carrying value of goodwill of companies acquired as of December 31, 2018 and December 31, 2017 , in the table above is reflected net of $1,026,702 of accumulated impairment charges, of which $716,925 was recorded in the global components business segment and $309,777 | |||||
[2] | The total carrying value of goodwill of companies acquired as of December 31, 2016 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 $301,855 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Gross carrying amount | $ 602,330 | $ 549,916 | |
Accumulated amortization | 229,686 | 263,701 | |
Intangible assets, net | 372,644 | 286,215 | |
Amortization of Intangible Assets | 49,356 | 50,071 | $ 54,886 |
Future Amortization Expense, Year One | 44,336 | ||
Future Amortization Expense, Year Two | 38,434 | ||
Future Amortization Expense, Year Three | 32,462 | ||
Future Amortization Expense, Year Four | 30,180 | ||
Future Amortization Expense, Year Five | $ 24,271 | ||
Customer Relationships [Member] | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Weighted Average Useful Life | 10 years | 10 years | |
Gross carrying amount | 475,050 | $ 440,167 | |
Accumulated amortization | 221,822 | 259,337 | |
Intangible assets, net | 253,228 | $ 180,830 | |
Patented Technology [Member] | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Weighted Average Useful Life | 5 years | 5 years | |
Gross carrying amount | 6,340 | $ 6,340 | |
Accumulated amortization | 4,311 | 3,043 | |
Intangible assets, net | 2,029 | $ 3,297 | |
Amortizable trade names [Domain] | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Weighted Average Useful Life | 5 years | ||
Other Intangible Assets [Member] | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 19,940 | $ 2,409 | |
Accumulated amortization | (3,553) | 1,321 | |
Intangible assets, net | 16,387 | 1,088 | |
Trade Names [Member] | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 101,000 | 101,000 | |
Accumulated amortization | 0 | 0 | |
Intangible assets, net | $ 101,000 | $ 101,000 |
Investments in Affiliated Com_3
Investments in Affiliated Companies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment Pro Rata Share of Debt Obligations of Joint Venture | $ 2,860 | ||
Equity Method Investment, Ownership Percentage | 8.40% | ||
Investments in affiliated companies | $ 83,693 | $ 88,347 | |
Equity in earnings (losses) of affiliated companies | $ (2,332) | 3,424 | $ 7,573 |
Marubun/Arrow [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Investments in affiliated companies | $ 73,253 | 70,167 | |
Equity in earnings (losses) of affiliated companies | $ 5,543 | 6,842 | 7,629 |
Other joint venture [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage, Minimum | 43.00% | ||
Investments in affiliated companies | $ 10,440 | 18,180 | |
Equity in earnings (losses) of affiliated companies | $ (7,875) | $ (3,418) | $ (56) |
Equity Method Investment, Ownership Percentage, Maximum | 50.00% |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customer Accounts Receivable and Note Receivable | $ 24,252 | $ 24,600 |
Accounts receivable | 9,021,051 | 8,181,879 |
Allowances for doubtful accounts | (75,588) | (56,291) |
Accounts receivable, net | $ 8,945,463 | $ 8,125,588 |
Debt - ST Debt (Details)
Debt - ST Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Short-term Debt [Line Items] | ||
Debt, Current | $ 246,257 | $ 356,806 |
3.00% Notes, Due 2018 [Member] | ||
Short-term Debt [Line Items] | ||
Debt, Current | $ 0 | 299,857 |
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | |
Debt Instrument, Face Amount | $ 300,000 | |
Line of Credit [Member] | ||
Short-term Debt [Line Items] | ||
Debt, Current | 180,000 | 0 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000 | |
Debt Instrument, Interest Rate, Effective Percentage | 3.39% | |
Short-term borrowings in various countries [Member] | ||
Short-term Debt [Line Items] | ||
Debt, Current | $ 66,257 | $ 56,949 |
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 2.49% | 2.60% |
Commercial Paper [Member] | ||
Short-term Debt [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,200,000 | |
Debt Instrument, Interest Rate, Effective Percentage | 2.93% |
Debt - LT Debt (Details)
Debt - LT Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jul. 01, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt | $ 58,800 | $ 0 | $ 59,545 | $ 0 |
Long-term debt | 3,239,115 | 2,933,045 | ||
Accounts receivable, net | 8,945,463 | 8,125,588 | ||
Proceeds from note offering, net | 0 | 986,203 | 0 | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 245,203 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 1,019,711 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 130,578 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 347,288 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 297,622 | |||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 1,443,722 | |||
Investment Income, Interest and Dividend | 47,860 | 31,156 | 18,084 | |
Interest Paid | $ 213,913 | 156,974 | $ 141,816 | |
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.18% | |||
Debt Instrument, Interest Rate, Effective Percentage | 2.37% | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000,000 | |||
Line of Credit Facility, Prior Maximum Borrowing Capacity | 1,800,000 | |||
Asset securitization program [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 810,000 | 490,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 2.91% | |||
Asset Securitization Program Prior Maximum Capacity | $ 910,000 | |||
Asset Securitization Program Facility Fee | 0.40% | |||
Asset Securitization Program Interest Rate Spread At End of Period | 0.40% | |||
Accounts receivable, net | $ 2,754,400 | $ 2,270,500 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 1,200,000 | |||
Senior Debentures Due 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | |||
3.00% Notes, Due 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Fair Value | 0 | $ 300,500 | ||
6.00% Notes, Due 2020 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Fair Value | 214,500 | $ 224,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||
Long-term debt | 209,147 | $ 208,971 | ||
5.125% Notes, Due 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Fair Value | 134,500 | $ 139,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | |||
Long-term debt | 130,546 | $ 130,400 | ||
3.50% Notes, Due 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Fair Value | 345,000 | 355,000 | ||
Long-term debt | 347,288 | 346,518 | ||
4.50% Notes, Due 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Fair Value | 303,500 | 315,500 | ||
Long-term debt | 297,622 | 297,122 | ||
3.25% Notes, Due 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Fair Value | 467,000 | $ 491,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | |||
Long-term debt | 494,091 | $ 493,161 | ||
Debt Instrument, Face Amount | 500,000 | |||
Proceeds from note offering, net | 493,810 | |||
4.00% Notes, Due 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Fair Value | 340,500 | 356,500 | ||
Long-term debt | 345,762 | 345,182 | ||
7.50% Senior Debentures, Due 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Fair Value | 128,000 | $ 138,500 | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | |||
Long-term debt | 109,776 | $ 109,694 | ||
3.875% Notes, Due 2028 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Fair Value | 458,500 | $ 501,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.875% | |||
Long-term debt | 494,095 | $ 493,563 | ||
Debt Instrument, Face Amount | 500,000 | |||
Proceeds from note offering, net | 494,625 | |||
Other obligations with various interest rates and due dates [Member] | ||||
Debt Instrument [Line Items] | ||||
Other Notes Payable, Noncurrent | $ 788 | $ 18,434 | ||
3.00% Notes, Due 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | |||
Debt Instrument, Face Amount | $ 300,000 | |||
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Facility Fee | 0.20% |
Financial Instruments Measure_3
Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Fair Value Disclosures | ||||||
Equity Method Investment, Ownership Percentage | 8.40% | |||||
Unrealized Gain (Loss) on Securities | $ (13,693) | $ 14,651 | $ (4,064) | |||
Fair Value, Measurements, Recurring [Member] | ||||||
Fair Value Disclosures | ||||||
Cash and Cash Equivalents | 22,883 | [1] | 289,938 | [2] | ||
Equity investments | [3] | 38,045 | 52,683 | |||
Interest rate swaps - liability | (589) | (149) | ||||
Foreign exchange contracts - asset | 4,163 | 5,499 | ||||
Foreign exchange contracts - liability | (2,384) | (8,581) | ||||
Contingent consideration | (3,176) | |||||
Total Fair Value Assets And Liabilities Measured On Recurring Basis | 62,118 | 336,214 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Fair Value Disclosures | ||||||
Cash and Cash Equivalents | 22,883 | [1] | 3,267 | |||
Equity investments | [3] | 38,045 | 52,683 | |||
Interest rate swaps - asset | 0 | |||||
Interest rate swaps - liability | 0 | |||||
Foreign exchange contracts - asset | 0 | 0 | ||||
Foreign exchange contracts - liability | 0 | 0 | ||||
Contingent consideration | 0 | |||||
Total Fair Value Assets And Liabilities Measured On Recurring Basis | 60,928 | 55,950 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value Disclosures | ||||||
Cash and Cash Equivalents | 0 | 286,671 | [2] | |||
Equity investments | 0 | 0 | ||||
Interest rate swaps - liability | (589) | (149) | ||||
Foreign exchange contracts - asset | 4,163 | 5,499 | ||||
Foreign exchange contracts - liability | (2,384) | (8,581) | ||||
Contingent consideration | 0 | |||||
Total Fair Value Assets And Liabilities Measured On Recurring Basis | 1,190 | 283,440 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Disclosures | ||||||
Cash and Cash Equivalents | 0 | 0 | ||||
Equity investments | 0 | 0 | ||||
Interest rate swaps - asset | 0 | |||||
Interest rate swaps - liability | 0 | |||||
Foreign exchange contracts - asset | 0 | 0 | ||||
Foreign exchange contracts - liability | 0 | 0 | ||||
Contingent consideration | (3,176) | |||||
Total Fair Value Assets And Liabilities Measured On Recurring Basis | $ 0 | $ (3,176) | ||||
[1] | Cash equivalents include highly liquid investments with an original maturity of less than three months. | |||||
[2] | Cash equivalents at December 31, 2017 included $286,671 | |||||
[3] | The company has an 8.4% equity ownership interest in Marubun Corporation and a portfolio of mutual funds with quoted market prices. During 2018 , 2017 , and 2016 the company recorded unrealized gains ( loss es) of $(13,693) , $14,651 , and $(4,064) |
Financial Instruments Measure_4
Financial Instruments Measured at Fair Value - Derivatives (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivatives, Fair Value [Line Items] | |||
Debt Instrument, Description of Variable Rate Basis | 6 mo. USD LIBOR + | ||
Notional amount | $ 607,747 | $ 504,084 | |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 5,704 | (21,708) | $ 927 |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net | (409) | (6,694) | (153) |
Interest Rate Swap [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | (1,236) | (831) | (608) |
Foreign Exchange Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 6,940 | (20,877) | 1,535 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net | 0 | (4,672) | 0 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net | (409) | $ (2,022) | $ (153) |
6.00% Notes, Due 2020 [Member] | Interest rate swaps designated as fair value hedges [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional amount | $ 50,000 | ||
6.00% Notes, Due 2020 [Member] | due to counterparty [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Variable Interest Rate | 3.896% | ||
6.00% Notes, Due 2020 [Member] | Due From Counterparty [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fixed Interest Rate | 6.00% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Contingency [Line Items] | ||||
tax payable for the transition tax on foreign unremitted earnings | $ 38,000 | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 21.00% | |||
Unrecognized Tax Benefits | $ 35,879 | $ 24,361 | $ 31,534 | $ 36,935 |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | 945 | (2,792) | (1,946) | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 4,189 | 3,301 | ||
Deferred Tax Liabilities, Undistributed Foreign Earnings | 4,800,000 | |||
Income Taxes Paid, Net | 226,422 | $ 231,183 | $ 190,109 | |
International [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Tax Credit Carryforward, Amount | 391,598 | |||
Tax Credit Carryforward, Subject to Expiration | 26,663 | |||
Tax Credit Carryforward, No Expiration | 364,935 | |||
Tax Credit Carryforward, Deferred Tax Asset | 120,148 | |||
Other Tax Carryforward, Valuation Allowance | $ 7,533 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Loss Carryforwards [Line Items] | |||
Current Federal Tax Expense (Benefit) | $ (12,345) | $ 119,298 | $ 45,371 |
Current State and Local Tax Expense (Benefit) | 20,141 | (6,156) | 7,022 |
Current International Tax Expense (Benefit) | 178,767 | 134,987 | 109,598 |
Current Income Tax Expense (Benefit) | 186,563 | 248,129 | 161,991 |
Deferred Federal Income Tax Expense (Benefit) | 19,207 | 31,167 | 29,973 |
Deferred State and Local Income Tax Expense (Benefit) | 312 | 13,535 | 7,161 |
Deferred International Income Tax Expense (Benefit) | (18,283) | (6,290) | (8,394) |
Deferred income taxes | 1,236 | 38,412 | 28,740 |
Provision for income taxes | $ 187,799 | $ 286,541 | $ 190,731 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Effective income tax reconciliation table [Line Items] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 21.00% | |||
United States | $ 186,677 | $ 115,664 | $ 235,317 | |
International | 722,696 | 578,253 | 480,202 | |
Income before income taxes | 909,373 | 693,917 | 715,519 | |
Provision at statutory tax rate | 190,968 | 242,415 | 250,446 | |
State taxes, net of federal benefit | 18,888 | 5,184 | 9,219 | |
International effective tax rate differential | 7,480 | (88,444) | (64,002) | |
Capital loss | [1] | 60,757 | 0 | 0 |
Change in valuation allowance | (66,557) | 1,408 | 7,174 | |
Other non-deductible expenses | 14,128 | 12,700 | 3,516 | |
Changes in tax accruals | (3,968) | (7,973) | (3,679) | |
Tax Credits | (7,884) | (8,170) | (14,510) | |
Tax Act's transition tax | [1] | (28,323) | 196,010 | 0 |
Tax Act's impact on deferred taxes | [2] | 0 | (71,261) | 0 |
Other | 2,310 | 4,672 | 2,567 | |
Provision for income taxes | $ 187,799 | $ 286,541 | $ 190,731 | |
[1] | For the year ended December 31, 2017, the company accrued a provisional estimate of $196,010 of tax expense for the Tax Act’s one-time transition tax on the foreign subsidiaries’ accumulated, unremitted earnings in accordance with U.S. Securities and Exchange Commission’s Staff Accounting Bulletin (“SAB 118”). Additionally, during the fourth quarter of 2018 the company recorded a $28,323 | |||
[2] | For the year ended December 31, 2017, the company accrued $71,261 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Unrecognized Tax Benefits Reconciliation | |||
Balance at beginning of year | $ 24,361 | $ 31,534 | $ 36,935 |
Additions based on tax positions taken during a prior period | 583 | 2,342 | 2,356 |
Reductions based on tax positions taken during a prior period | (1,248) | (1,242) | (6,305) |
Additions related to positions taken upon finalization of Tax Act during the current period | 16,506 | 0 | 0 |
Additions based on tax positions taken during the current period | 3,133 | 6,543 | 3,935 |
Reductions based on tax positions taken during the current period | (233) | 0 | 0 |
Reductions related to settlement of tax matters | (136) | (2,921) | (2,795) |
Reductions related to a lapse of applicable statute of limitations | (7,087) | (11,895) | (2,592) |
Balance at end of year | 35,879 | 24,361 | $ 31,534 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 4,189 | $ 3,301 |
Income Taxes - Summary of Open
Income Taxes - Summary of Open Tax Positions (Details) | 12 Months Ended | |
Dec. 31, 2018 | ||
Minimum [Member] | United States Federal [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,015 | |
Minimum [Member] | United States State [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,012 | |
Minimum [Member] | Germany [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,010 | [1] |
Minimum [Member] | Hong Kong [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,012 | |
Minimum [Member] | Italy [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,013 | [1] |
Minimum [Member] | Sweden [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,013 | |
Minimum [Member] | United Kingdom [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,015 | |
Maximum [Member] | United States Federal [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,018 | |
Maximum [Member] | United States State [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,018 | |
Maximum [Member] | Germany [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,018 | [1] |
Maximum [Member] | Hong Kong [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,018 | |
Maximum [Member] | Italy [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,018 | [1] |
Maximum [Member] | Sweden [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,018 | |
Maximum [Member] | United Kingdom [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,018 | |
[1] | Includes federal as well as local jurisdictions. |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred Tax Assets and Liabilities [Line Items] | ||
Net operating loss carryforwards | $ 129,641 | $ 113,327 |
Capital Loss Carryforwards | 60,606 | 0 |
Inventory adjustments | 52,094 | 42,376 |
Allowance for doubtful accounts | 17,016 | 12,368 |
Accrued expenses | 27,088 | 28,229 |
Interest carryforward | 5,008 | 15,964 |
Stock-based compensation awards | 12,824 | 12,982 |
Deferred Tax Assets, Tax Deferred Expense, Integration and Restructuring | 2,547 | 6,726 |
Other | 0 | 17,015 |
Deferred Tax Assets, Gross | 306,824 | 248,987 |
Valuation Allowance | (80,471) | (13,915) |
Total deferred tax assets | 226,353 | 235,072 |
Goodwill | (121,346) | (109,994) |
Depreciation | (131,848) | (116,725) |
Intangible Assets | (18,754) | (18,760) |
Deferred Tax Liabilities, Other Comprehensive Income | (8,301) | (5,542) |
Deferred Tax Liabilities, Other | (6,634) | 0 |
Deferred Tax Liabilities, Gross | (286,883) | (251,021) |
Total deferred tax liabilities | (60,530) | $ (15,949) |
U.S. Federal | ||
Deferred Tax Assets and Liabilities [Line Items] | ||
Operating Loss Carryforwards | 1,496 | |
State and Local Jurisdiction [Member] | ||
Deferred Tax Assets and Liabilities [Line Items] | ||
Operating Loss Carryforwards | $ 7,997 |
Restructuring, Integration, a_3
Restructuring, Integration, and Other Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring, integration, and other charges | $ 60,361 | $ 74,588 | $ 61,391 |
Settlement charge | (16,706) | ||
Restructuring Charges 2018 Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring, integration, and other charges | 23,698 | ||
Restructuring Charges 2018 Plan [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring, integration, and other charges | 15,323 | ||
Restructuring Charges 2018 Plan [Member] | Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring, integration, and other charges | 8,240 | ||
Restructuring Charges 2018 Plan [Member] | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring, integration, and other charges | 135 | ||
Restructuring Charges 2017 Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring, integration, and other charges | 5,387 | 46,816 | |
Restructuring Charges 2017 Plan [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring, integration, and other charges | 2,456 | 37,615 | |
Restructuring Charges 2017 Plan [Member] | Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring, integration, and other charges | 2,870 | 8,192 | |
Restructuring Charges 2017 Plan [Member] | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring, integration, and other charges | 61 | 1,009 | |
Restructuring Charges 2016 Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring, integration, and other charges | 32,894 | ||
Restructuring Charges From Prior Periods [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring, integration, and other charges | 7,517 | 6,191 | 3,611 |
Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Fraud Loss | 4,329 | ||
Loss Contingency Accrual, Period Increase (Decrease) | (2,376) | ||
Restructuring, integration, and other charges | 29,146 | 21,581 | 24,886 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 10,236 | 7,658 | 8,705 |
Business Exit Costs | 11,188 | ||
Accrual for Environmental Loss Contingencies, Period Increase (Decrease) | 2,071 | $ 11,771 | |
Gain (Loss) on Disposition of Property Plant Equipment | $ 3,144 | ||
Restructuring Charges From Prior to 2017 [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring, integration, and other charges | 2,130 | ||
Restructuring Charges From Prior to 2017 [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring, integration, and other charges | 1,131 | ||
Restructuring Charges From Prior to 2017 [Member] | Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring, integration, and other charges | $ 999 |
Restructuring, Integration, a_4
Restructuring, Integration, and Other Charges - Accrual (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring, integration, and other charges | $ 60,361 | $ 74,588 | $ 61,391 |
Restructuring Reserve | 25,829 | ||
Employee Severance [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | 15,538 | ||
Restructuring Reserve Scheduled Severance Payments Year One | 14,299 | ||
Restructuring Reserve Scheduled Severance Payments Year Two | 1,239 | ||
Facility Closing [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | 9,968 | ||
Restructuring Reserve Scheduled Severance Payments Year One | 4,074 | ||
Restructuring Reserve Scheduled Severance Payments Year Two | 1,954 | ||
Restructuring Reserve Scheduled Severance Payments Year Three | 1,134 | ||
Restructuring Reserve Scheduled Severance Payments Year Four | 781 | ||
Restructuring Reserve Scheduled Severance Payments Year Five | 765 | ||
Restructuring Reserve Scheduled Severance Payments Thereafter | 1,260 | ||
Other Restructuring [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | 323 | ||
Restructuring Reserve Scheduled Lease Payments Year One | 21 | ||
Restructuring Reserve Scheduled Lease Payments Year Two | 302 | ||
Restructuring Charges 2018 Plan [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring, integration, and other charges | 23,698 | ||
Payments | (15,681) | ||
Foreign currency translation | (656) | ||
Restructuring Reserve | 7,361 | ||
Restructuring Charges 2018 Plan [Member] | Employee Severance [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring, integration, and other charges | 15,323 | ||
Payments | (12,099) | ||
Foreign currency translation | (478) | ||
Restructuring Reserve | 2,746 | ||
Restructuring Charges 2018 Plan [Member] | Facility Closing [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring, integration, and other charges | 8,240 | ||
Payments | (3,547) | ||
Foreign currency translation | (177) | ||
Restructuring Reserve | 4,516 | ||
Restructuring Charges 2018 Plan [Member] | Other Restructuring [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring, integration, and other charges | 135 | ||
Payments | (35) | ||
Foreign currency translation | (1) | ||
Restructuring Reserve | 99 | ||
Restructuring Charges 2017 Plan [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | 20,250 | ||
Restructuring, integration, and other charges | 5,387 | 46,816 | |
Payments | (14,204) | (27,804) | |
Foreign currency translation | (1,843) | 1,238 | |
Restructuring Reserve | 9,590 | 20,250 | |
Restructuring Charges 2017 Plan [Member] | Employee Severance [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | 15,276 | ||
Restructuring, integration, and other charges | 2,456 | 37,615 | |
Payments | (11,450) | (23,384) | |
Foreign currency translation | (1,550) | 1,045 | |
Restructuring Reserve | 4,732 | 15,276 | |
Restructuring Charges 2017 Plan [Member] | Facility Closing [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | 4,874 | ||
Restructuring, integration, and other charges | 2,870 | 8,192 | |
Payments | (2,696) | (3,494) | |
Foreign currency translation | (284) | 176 | |
Restructuring Reserve | 4,764 | 4,874 | |
Restructuring Charges 2017 Plan [Member] | Other Restructuring [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | 100 | ||
Restructuring, integration, and other charges | 61 | 1,009 | |
Payments | (58) | (926) | |
Foreign currency translation | (9) | 17 | |
Restructuring Reserve | 94 | $ 100 | |
Restructuring Charges From Prior to 2017 [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring, integration, and other charges | 2,130 | ||
Restructuring Reserve | 8,878 | ||
Restructuring Charges From Prior to 2017 [Member] | Employee Severance [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring, integration, and other charges | 1,131 | ||
Restructuring Reserve | 8,060 | ||
Restructuring Charges From Prior to 2017 [Member] | Facility Closing [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring, integration, and other charges | 999 | ||
Restructuring Reserve | 688 | ||
Restructuring Charges From Prior to 2017 [Member] | Other Restructuring [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | $ 130 |
Shareholders Equity Components
Shareholders Equity Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ (266,327) | $ (104,931) | $ (348,241) | |
Accumulated other comprehensive loss | (299,449) | (124,883) | (383,539) | |
Foreign Currency Translation Adjustment and Other | (163,927) | 248,317 | (108,872) | |
Unrealized Gain (loss) on Investment Securities, Net | 0 | 8,852 | (2,439) | |
Unrealized Gain (Loss) on Interest Rate Swaps Designated as Cash Flow Hedges, Net | 931 | (2,359) | 373 | |
Employee Benefit Plan Items, Net | 8,253 | 8,853 | 10,148 | |
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | (174,566) | 258,656 | ||
Other comprehensive income (loss) | (154,743) | 263,663 | (100,790) | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | (161,396) | 243,310 | ||
Unrealized gain loss on investment securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | 0 | 14,946 | 6,094 | |
Unrealized Gain (loss) on Investment Securities, Net | (14,946) | 8,852 | ||
Unrealized gain loss on interest rate swaps designated as cash flow hedges, net [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | (5,560) | (5,306) | (2,947) | |
Unrealized Gain (Loss) on Interest Rate Swaps Designated as Cash Flow Hedges, Net | (254) | (2,359) | ||
Employee benefit plan items [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | (27,562) | (29,592) | $ (38,445) | |
Employee Benefit Plan Items, Net | 2,030 | 8,853 | ||
Other comprehensive income before reclassifications [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Foreign Currency Translation Adjustment and Other | [1] | (161,359) | 253,066 | |
Unrealized Gain (loss) on Investment Securities, Net | 0 | 8,852 | ||
Unrealized Gain (Loss) on Interest Rate Swaps Designated as Cash Flow Hedges, Net | 0 | (2,870) | ||
Employee Benefit Plan Items, Net | 4,939 | (3,812) | ||
Other comprehensive income (loss) | (156,420) | 255,236 | ||
Reclassification out of Accumulated Other Comprehensive Income [Domain] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Foreign Currency Translation Adjustment and Other | (37) | (9,756) | ||
Unrealized Gain (loss) on Investment Securities, Net | 0 | 0 | ||
Unrealized Gain (Loss) on Interest Rate Swaps Designated as Cash Flow Hedges, Net | 931 | 511 | ||
Employee Benefit Plan Items, Net | 3,314 | 12,665 | ||
Other comprehensive income (loss) | 4,208 | 3,420 | ||
Cumulative impact of newly adopted accounting standard updates [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Foreign Currency Translation Adjustment and Other | [2] | 0 | ||
Unrealized Gain (loss) on Investment Securities, Net | [2] | (14,946) | ||
Unrealized Gain (Loss) on Interest Rate Swaps Designated as Cash Flow Hedges, Net | [2] | (1,185) | ||
Employee Benefit Plan Items, Net | [2] | (6,223) | ||
Other comprehensive income (loss) | [2] | (22,354) | ||
Intra-entity foreign currency transactions [Member] | Other comprehensive income before reclassifications [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Foreign Currency Translation Adjustment and Other | $ 11,712 | $ (64,610) | ||
[1] | Foreign currency translation adjustment includes intra-entity foreign currency transactions that are of a long-term investment nature of $11,712 and $(64,610) for 2018 and 2017 | |||
[2] | Amount relates to unrealized gains and losses on investments and stranded tax effects reclassified from "Accumulated other comprehensive income" to "Retained earnings" in accordance with ASU No. 2018-02 and ASU No. 2016-01 (Note 1). |
Shareholders' Equity-Common Sto
Shareholders' Equity-Common Stock Rollforward (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 01, 2016 | |
Preferred Stock, Shares Authorized | 2,000,000 | |||
Stock Repurchase Program, Authorized Amount | $ 600,000 | $ 400,000 | ||
Stock Repurchase Program, Dollar Value of Shares Repurchased | 0 | 271,388 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 600,000 | $ 128,612 | ||
Common Stock Issued [Member] | ||||
Common stock outstanding, Beginning balance | 125,424 | 125,424 | 125,424 | |
Shares issued for stock-based compensation awards | 0 | 0 | 0 | |
Repurchases of common stock | 0 | 0 | 0 | |
Common stock outstanding, Ending balance | 125,424 | 125,424 | 125,424 | |
Treasury Stock | ||||
Common stock outstanding, Beginning balance | 37,733 | 36,511 | 34,501 | |
Shares issued for stock-based compensation awards | (709) | (1,097) | (1,372) | |
Repurchases of common stock | 3,209 | 2,319 | 3,382 | |
Common stock outstanding, Ending balance | 40,233 | 37,733 | 36,511 | |
Common Stock at Par Value | ||||
Common stock outstanding, Beginning balance | 87,691 | 88,913 | 90,923 | |
Shares issued for stock-based compensation awards | 709 | 1,097 | 1,372 | |
Repurchases of common stock | (3,209) | (2,319) | (3,382) | |
Common stock outstanding, Ending balance | 85,191 | 87,691 | 88,913 |
Net Income Per Share (Details)
Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||||||||||
Earnings Per Share, Diluted [Line Items] | ||||||||||||||||||||||
Net income attributable to shareholders | $ 230,653 | [1] | $ 176,533 | $ 169,915 | $ 139,094 | $ 53,653 | [1] | $ 134,064 | $ 99,722 | [2] | $ 114,737 | $ 716,195 | $ 402,176 | $ 522,815 | ||||||||
Weight-average shares outstanding - basic | 87,476 | 88,681 | 90,960 | |||||||||||||||||||
Net effect of various dilutive stock-based compensation awards | 968 | 1,085 | 1,073 | |||||||||||||||||||
Weighted average shares outstanding - diluted | 88,444 | 89,766 | 92,033 | |||||||||||||||||||
Net Income per Share [Abstract] | ||||||||||||||||||||||
Basic | $ 2.66 | [3] | $ 2.02 | [3] | $ 1.94 | [3] | $ 1.58 | [3] | $ 0.61 | [3] | $ 1.52 | [3] | $ 1.12 | [3] | $ 1.29 | [3] | $ 8.19 | $ 4.54 | $ 5.75 | |||
Diluted | $ 2.63 | [3] | $ 1.99 | [3] | $ 1.92 | [3] | $ 1.56 | [3] | $ 0.60 | [3] | $ 1.50 | [3] | $ 1.11 | [3] | $ 1.27 | [3] | $ 8.10 | [4] | $ 4.48 | [4] | $ 5.68 | [4] |
Stock Compensation Plan [Member] | ||||||||||||||||||||||
Net Income per Share [Abstract] | ||||||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 651 | 380 | 766 | |||||||||||||||||||
[1] | Net income attributable to shareholders includes a U.S. Tax Act benefit of $28.3 million and expense of $124.7 million during the fourth quarter of 2018 and 2017, respectively. | |||||||||||||||||||||
[2] | Net income attributable to shareholders includes a loss on extinguishment of debt of $58.8 million | |||||||||||||||||||||
[3] | Quarterly net income per share is calculated using the weighted-average shares outstanding during each quarterly period, while net income per share for the full year is calculated using the weighted-average shares outstanding during the year. Therefore, the sum of the net income per share for each of the four quarters may not equal the net income per share for the full year. | |||||||||||||||||||||
[4] | Stock-based compensation awards for the issuance of 651 shares, 380 shares, and 766 shares for the years ended December 31, 2018 , 2017 , and 2016 |
Employee Stock Plans (Details)
Employee Stock Plans (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 19,100,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 3,885,282 | 4,896,220 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $ 5,368 | $ 15,320 | $ 10,511 |
Proceeds from exercise of stock options | 8,819 | 22,195 | 18,967 |
Amortization of stock-based compensation | 46,238 | 39,122 | 39,825 |
Tax benefits related to stock-based compensation awards | $ 7,517 | $ 18,846 | $ 19,745 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 23.12 | $ 20.01 | $ 16.93 |
Non-employee director award | $ 150 |
Employee Stock Plans - Stock Op
Employee Stock Plans - Stock Option Activity Table (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Shares outstanding | 1,631,977 | 1,540,369 |
Shares outstanding, weighted-average exercise price | $ 63.69 | $ 58.34 |
Shares granted | 332,928 | |
Shares granted, weighted-average exercise price | $ 81.88 | |
Shares exercised | (176,783) | |
Shares exercised, weighted-average exercise price | $ 49.86 | |
Shares forfeited | (64,537) | |
Shares forfeited, weighted-average exercise price | $ 67.79 | |
Shares exercisable | 787,871 | |
Shares exercisable, weighted-average exercise price | $ 54.75 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 65 months | |
Shares outstanding, weighted-average remaining contractual life | 81 months | |
Shares outstanding, aggregate intrinsic value | $ 14,401 | |
Shares exercisable, aggregate intrinsic value | $ 11,579 |
Employee Stock Plans - Stock _2
Employee Stock Plans - Stock Option Valuation Assumptions (Details) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate | [1] | 24.00% | 26.00% | 31.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | [2] | 5 years 6 months | 5 years 1 month 6 days | 5 years 2 months 12 days |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | [3] | 2.70% | 1.90% | 1.30% |
[1] | Volatility is measured using historical daily price changes of the company's common stock over the expected term of the option. | |||
[2] | The expected term represents the weighted-average period the option is expected to be outstanding and is based primarily on the historical exercise behavior of employees. | |||
[3] | The risk-free interest rate is based on the U.S. Treasury zero-coupon yield with a maturity that approximates the expected term of the option. |
Employee Stock Plans - Summary
Employee Stock Plans - Summary of Non-Vested Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,092,865 | 1,176,965 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 69.87 | $ 62.60 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 538,712 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 77.97 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (523,477) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 62.49 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (99,335) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period, Weighted Average Grant Date Fair Value | $ 66.50 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $ 42,381 | $ 42,470 | $ 52,026 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 39,954 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years 4 months 28 days |
Employee Benefit Plan - Narrati
Employee Benefit Plan - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)Employees | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Other Comprehensive Income (loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Loss Recognized in Net Periodic Benefit Cost, After Tax | $ 1,758 | $ 12,070 | $ 10,625 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Loss, After Tax | (6,339) | 3,795 | 740 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Actuarial Loss, After Tax | 26,939 | 28,569 | |
Defined Contribution Plan, Cost | 20,523 | 13,627 | 13,432 |
Defined Contribution Plan, Employer Discretionary Contribution Amount | 7,503 | 7,574 | 7,572 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | (16,706) | ||
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation, Payment for Settlement | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (4,596) | (4,222) | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 0 | 0 | |
Defined Benefit Plan, Actuarial Loss [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | $ 536 | ||
Current Arrow SERP [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of Participants | Employees | 10 | ||
Former Arrow SERP [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of Participants | Employees | 22 | ||
Wyle Defined Benefit Plan Expected Settlement [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | $ (25,500) | ||
International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost | $ 18,996 | $ 18,815 | $ 12,882 |
Employee Benefit Plans - Arrow
Employee Benefit Plans - Arrow SERP and Wyle Defined Benefit Plan (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)Employees | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 7,503 | $ 7,574 | $ 7,572 |
Defined Benefit Plan, Fair Value of Plan Assets | $ 54,925 | 46,663 | |
Settlement charge | $ 16,706 | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Expected Long-Term Return on Assets | 2.25% | 5.25% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 5.25% | 4.75% | |
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 82,951 | $ 90,368 | |
Defined Benefit Plan, Benefit Obligation | 90,578 | 97,607 | 91,038 |
Defined Benefit Plan, Service Cost | 3,103 | 2,310 | |
Defined Benefit Plan, Interest Cost | 3,338 | 3,552 | |
Defined Benefit Plan, Benefit Obligation, Actuarial (Gain) Loss | (8,874) | 4,929 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 4,596 | 4,222 | |
Defined Benefit Plan, Lum Sum Payments | 0 | 0 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (90,578) | (97,607) | |
Liability, Defined Benefit Plan, Current | (4,532) | (4,535) | |
Liability, Defined Benefit Plan, Noncurrent | (86,046) | (93,072) | |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | 0 | 0 | |
Defined Benefit Plan, Amortization of Gain (Loss) | (1,531) | (1,216) | |
Settlement charge | 0 | 0 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 7,972 | $ 7,078 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.20% | 3.50% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 5.00% | 5.00% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.50% | 4.00% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 5.00% | 5.00% | |
Defined Benefit Plan, Expected Future Benefit Payments in Year One | $ 4,532 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 4,481 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | 5,825 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | 6,058 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | 6,405 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | 33,724 | ||
Funding in Rabbi Trust | 81,962 | ||
Wyle Defined Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | 59,399 | $ 60,374 | |
Defined Benefit Plan, Benefit Obligation | 59,399 | 60,374 | 97,984 |
Defined Benefit Plan, Service Cost | 0 | 0 | |
Defined Benefit Plan, Interest Cost | 2,114 | 3,860 | |
Defined Benefit Plan, Benefit Obligation, Actuarial (Gain) Loss | (322) | 7,595 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 2,767 | 6,080 | |
Defined Benefit Plan, Lum Sum Payments | 0 | (42,985) | (26,063) |
Defined Benefit Plan, Fair Value of Plan Assets | 54,925 | 46,663 | 71,470 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 29 | 10,258 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 11,000 | 14,000 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | (2,767) | (6,080) | |
Defined Benefit Plan, Plan Assets, Payment for Settlement | 0 | (42,985) | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (4,474) | (13,711) | (13,711) |
Liability, Defined Benefit Plan, Current | (4,474) | 0 | |
Liability, Defined Benefit Plan, Noncurrent | 0 | (13,711) | |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (2,648) | (3,449) | |
Defined Benefit Plan, Amortization of Gain (Loss) | (702) | (1,666) | |
Settlement charge | 0 | 16,706 | $ 12,211 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 168 | $ 18,783 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.60% | 3.60% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.60% | 4.00% | |
Defined Benefit Plan, Expected Future Benefit Payments in Year One | $ 60,530 | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year, Description | $ 4,700 | ||
Current Arrow SERP [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of Participants | Employees | 10 | ||
Former Arrow SERP [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of Participants | Employees | 22 | ||
Wyle Defined Benefit Plan Expected Settlement [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement charge | $ 25,500 |
Employee Benefit Plans - Fair V
Employee Benefit Plans - Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 54,925 | $ 46,663 |
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 54,925 | 46,663 |
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
US Common Stocks [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 17,039 | |
US Common Stocks [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 17,039 | |
US Common Stocks [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |
US Common Stocks [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |
International Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 6,975 | |
International Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 6,975 | |
International Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |
International Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |
Index Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 2,942 | |
Index Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 2,942 | |
Index Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |
Index Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |
Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 54,925 | 19,707 |
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 54,925 | 19,707 |
Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | $ 0 |
Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100.00% |
Lease Commitments - Narrative (
Lease Commitments - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Leased Assets [Line Items] | |||
Lease Expiration Date | 2,033 | ||
Operating Leases, Rent Expense, Net | $ 88,988 | $ 83,636 | $ 78,521 |
Lease Comitments (Details)
Lease Comitments (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Lease Commitments [Line Items] | |
2,019 | $ 85,770 |
2,020 | 67,158 |
2,021 | 52,826 |
2,022 | 44,801 |
2,023 | 37,528 |
Thereafter | $ 147,294 |
Contingencies (Details)
Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2012 | |
Site Contingency [Line Items] | ||
Proceeds from Legal Settlements | $ 110,000 | |
Recovery of Direct Costs | $ 37,000 | |
Huntsville Site [Member] | ||
Site Contingency [Line Items] | ||
Environmental Remediation Expense To Date | 6,200 | |
Additional Expected Project Expenditures Low Estimate | 4,200 | |
Additional Expected Project Expenditures High Estimate | 10,000 | |
Groundwater Removal [Member] | Norco Site [Member] | ||
Site Contingency [Line Items] | ||
Environmental Remediation Expense To Date | 69,300 | |
Additional Expected Project Expenditures Low Estimate | 12,500 | |
Additional Expected Project Expenditures High Estimate | $ 23,200 |
Segment and Geographic Inform_3
Segment and Geographic Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||||
Sales: | |||||||||||||||
Sales | $ 7,918,182 | $ 7,490,445 | $ 7,392,528 | $ 6,875,613 | $ 7,539,449 | $ 6,856,108 | $ 6,422,226 | $ 5,736,780 | $ 29,676,768 | [1] | $ 26,554,563 | [1] | $ 23,487,872 | [1] | |
Operating income (loss): | |||||||||||||||
Operating income | 334,380 | $ 290,310 | $ 286,827 | $ 235,995 | 286,824 | $ 235,441 | $ 230,446 | $ 193,025 | 1,147,512 | 945,736 | 876,826 | ||||
Restructuring, integration, and other charges | 60,361 | 74,588 | 61,391 | ||||||||||||
Loss on disposition of businesses, net | 3,604 | 21,000 | 0 | ||||||||||||
Assets | 17,784,445 | 16,459,267 | 17,784,445 | 16,459,267 | |||||||||||
Global components [Member] | |||||||||||||||
Sales: | |||||||||||||||
Sales | 20,856,851 | 18,330,456 | 15,408,839 | ||||||||||||
Operating income (loss): | |||||||||||||||
Operating income | 1,007,638 | 801,027 | 686,466 | ||||||||||||
Assets | 11,425,579 | 10,229,168 | 11,425,579 | 10,229,168 | |||||||||||
Global ECS [Member] | |||||||||||||||
Sales: | |||||||||||||||
Sales | 8,819,917 | 8,224,107 | 8,079,033 | ||||||||||||
Operating income (loss): | |||||||||||||||
Operating income | 427,605 | 444,710 | 441,926 | ||||||||||||
Assets | 5,632,102 | 5,426,675 | 5,632,102 | 5,426,675 | |||||||||||
Corporate Segment [Member] | |||||||||||||||
Operating income (loss): | |||||||||||||||
Operating income | [2] | (287,731) | (300,001) | $ (251,566) | |||||||||||
Assets | $ 726,764 | $ 803,424 | $ 726,764 | $ 803,424 | |||||||||||
[1] | Includes sales related to the United States of $12,157,306 , $11,038,930 , and $10,137,041 | ||||||||||||||
[2] | Includes restructuring, integration, and other charges of $60,361 , $74,588 , and $61,391 in 2018, 2017, and 2016, respectively. Also included in 2018 and 2017 was a net loss on the disposition of businesses of $3,604 and $21,000 , respectively. |
Segment and Geographic Inform_4
Segment and Geographic Information - Geographic Sales & PP&E (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||
Sales | $ 7,918,182 | $ 7,490,445 | $ 7,392,528 | $ 6,875,613 | $ 7,539,449 | $ 6,856,108 | $ 6,422,226 | $ 5,736,780 | $ 29,676,768 | [1] | $ 26,554,563 | [1] | $ 23,487,872 | [1] | |
Property, Plant and Equipment, Net | 824,700 | 838,475 | 824,700 | 838,475 | |||||||||||
Americas [Member] | |||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||
Property, Plant and Equipment, Net | [2] | 673,228 | 688,637 | 673,228 | 688,637 | ||||||||||
EMEA [Member] | |||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||
Property, Plant and Equipment, Net | 110,996 | 108,232 | 110,996 | 108,232 | |||||||||||
Asia/Pacific [Member] | |||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||
Property, Plant and Equipment, Net | 40,476 | 41,606 | 40,476 | 41,606 | |||||||||||
UNITED STATES | |||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||
Sales | 12,157,306 | 11,038,930 | 10,137,041 | ||||||||||||
Property, Plant and Equipment, Net | $ 670,201 | $ 683,988 | 670,201 | 683,988 | |||||||||||
Global components [Member] | |||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||
Sales | 20,856,851 | 18,330,456 | 15,408,839 | ||||||||||||
Global components [Member] | Americas [Member] | |||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||
Sales | 7,816,533 | 7,010,385 | 5,921,803 | ||||||||||||
Global components [Member] | EMEA [Member] | |||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||
Sales | [3] | 5,733,222 | 4,868,862 | 4,086,607 | |||||||||||
Global components [Member] | Asia/Pacific [Member] | |||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||
Sales | 7,307,096 | 6,451,209 | 5,400,429 | ||||||||||||
Global ECS [Member] | |||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||
Sales | 8,819,917 | 8,224,107 | 8,079,033 | ||||||||||||
Global ECS [Member] | Americas [Member] | |||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||
Sales | 5,742,526 | 5,388,888 | 5,352,106 | ||||||||||||
Global ECS [Member] | EMEA [Member] | |||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||
Sales | [3] | $ 3,077,391 | $ 2,835,219 | $ 2,726,927 | |||||||||||
[1] | Includes sales related to the United States of $12,157,306 , $11,038,930 , and $10,137,041 | ||||||||||||||
[2] | Includes net property, plant, and equipment related to the United States of $670,201 and $683,988 at December 31, 2018 and 2017 | ||||||||||||||
[3] | Defined as Europe, the Middle East, and Africa. |
Quarterly Financial Data Quarte
Quarterly Financial Data Quarterly Financial Information Table (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||||||||||
Effect of Fourth Quarter Events [Line Items] | ||||||||||||||||||||||
Sales | $ 7,918,182 | $ 7,490,445 | $ 7,392,528 | $ 6,875,613 | $ 7,539,449 | $ 6,856,108 | $ 6,422,226 | $ 5,736,780 | $ 29,676,768 | [1] | $ 26,554,563 | [1] | $ 23,487,872 | [1] | ||||||||
Loss on extinguishment of debt | 58,800 | 0 | 59,545 | 0 | ||||||||||||||||||
Impact of changes in tax legislation | (28,300) | 124,700 | ||||||||||||||||||||
Gross profit | 975,370 | 923,778 | 932,820 | 868,944 | 929,180 | 842,567 | 824,024 | 761,197 | 3,700,912 | 3,356,968 | 3,144,322 | |||||||||||
Operating income | 334,380 | 290,310 | 286,827 | 235,995 | 286,824 | 235,441 | 230,446 | 193,025 | 1,147,512 | 945,736 | 876,826 | |||||||||||
Net income attributable to shareholders | $ 230,653 | [2] | $ 176,533 | $ 169,915 | $ 139,094 | $ 53,653 | [2] | $ 134,064 | $ 99,722 | [3] | $ 114,737 | $ 716,195 | $ 402,176 | $ 522,815 | ||||||||
Basic | $ 2.66 | [4] | $ 2.02 | [4] | $ 1.94 | [4] | $ 1.58 | [4] | $ 0.61 | [4] | $ 1.52 | [4] | $ 1.12 | [4] | $ 1.29 | [4] | $ 8.19 | $ 4.54 | $ 5.75 | |||
Diluted | $ 2.63 | [4] | $ 1.99 | [4] | $ 1.92 | [4] | $ 1.56 | [4] | $ 0.60 | [4] | $ 1.50 | [4] | $ 1.11 | [4] | $ 1.27 | [4] | $ 8.10 | [5] | $ 4.48 | [5] | $ 5.68 | [5] |
[1] | Includes sales related to the United States of $12,157,306 , $11,038,930 , and $10,137,041 | |||||||||||||||||||||
[2] | Net income attributable to shareholders includes a U.S. Tax Act benefit of $28.3 million and expense of $124.7 million during the fourth quarter of 2018 and 2017, respectively. | |||||||||||||||||||||
[3] | Net income attributable to shareholders includes a loss on extinguishment of debt of $58.8 million | |||||||||||||||||||||
[4] | Quarterly net income per share is calculated using the weighted-average shares outstanding during each quarterly period, while net income per share for the full year is calculated using the weighted-average shares outstanding during the year. Therefore, the sum of the net income per share for each of the four quarters may not equal the net income per share for the full year. | |||||||||||||||||||||
[5] | Stock-based compensation awards for the issuance of 651 shares, 380 shares, and 766 shares for the years ended December 31, 2018 , 2017 , and 2016 |
Quarterly Financial Data Quar_2
Quarterly Financial Data Quarterly impact of recently issued accounting standards (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||
Sales | $ 7,918,182 | $ 7,490,445 | $ 7,392,528 | $ 6,875,613 | $ 7,539,449 | $ 6,856,108 | $ 6,422,226 | $ 5,736,780 | $ 29,676,768 | [1] | $ 26,554,563 | [1] | $ 23,487,872 | [1] | |||
Cost of sales | 6,610,269 | 6,013,541 | 5,598,202 | 4,975,583 | 25,975,856 | 23,197,595 | 20,343,550 | ||||||||||
Operating income | 334,380 | 290,310 | 286,827 | 235,995 | 286,824 | 235,441 | 230,446 | 193,025 | 1,147,512 | 945,736 | 876,826 | ||||||
Net income attributable to shareholders | $ 230,653 | [2] | $ 176,533 | $ 169,915 | $ 139,094 | 53,653 | [2] | 134,064 | 99,722 | [3] | 114,737 | $ 716,195 | 402,176 | 522,815 | |||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||
Sales | 7,633,870 | 6,953,740 | 6,465,346 | 5,759,552 | 26,812,508 | 23,825,261 | |||||||||||
Cost of sales | 6,703,742 | 6,110,382 | 5,641,380 | 4,999,665 | 23,455,169 | 20,681,062 | |||||||||||
Operating income | 270,914 | 235,992 | 229,822 | 191,722 | 928,450 | 858,539 | |||||||||||
Net income attributable to shareholders | $ 53,885 | $ 134,630 | $ 99,679 | $ 113,768 | $ 401,962 | $ 522,750 | |||||||||||
[1] | Includes sales related to the United States of $12,157,306 , $11,038,930 , and $10,137,041 | ||||||||||||||||
[2] | Net income attributable to shareholders includes a U.S. Tax Act benefit of $28.3 million and expense of $124.7 million during the fourth quarter of 2018 and 2017, respectively. | ||||||||||||||||
[3] | Net income attributable to shareholders includes a loss on extinguishment of debt of $58.8 million |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Subsequent Event [Line Items] | ||
Derivative, Notional Amount | $ 607,747 | $ 504,084 |
Maturity March 2023 [Domain] | Foreign Exchange Forward Contract [Member] | ||
Subsequent Event [Line Items] | ||
Derivative, Notional Amount | 50,000 | |
Maturity September 2024 [Domain] | Foreign Exchange Forward Contract [Member] | ||
Subsequent Event [Line Items] | ||
Derivative, Notional Amount | 50,000 | |
Maturity April 2025 [Domain] | Foreign Exchange Forward Contract [Member] | ||
Subsequent Event [Line Items] | ||
Derivative, Notional Amount | 100,000 | |
Maturity January 2028 [Domain] | Foreign Exchange Forward Contract [Member] | ||
Subsequent Event [Line Items] | ||
Derivative, Notional Amount | 100,000 | |
All Maturities [Domain] | Foreign Exchange Forward Contract [Member] | ||
Subsequent Event [Line Items] | ||
Derivative, Notional Amount | $ 300,000 |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Allowance for Doubtful Accounts, Balance at beginning of year | $ 56,291 | $ 52,256 | $ 49,659 | |
Allowance for doubtful accounts, Charged to Income | 34,936 | 12,887 | 8,336 | |
Valuation Allowances and Reserves, Additions for Charges to Other Accounts | [1] | (1,958) | 2,831 | (392) |
Allowance for Doubtful Accounts, Write-down | 13,681 | 11,683 | 5,347 | |
Allowance for Doubtful Accounts, Balance at end of year | $ 75,588 | $ 56,291 | $ 52,256 | |
[1] | "Other" primarily includes the effect of fluctuations in foreign currencies and the allowance for doubtful accounts of the businesses acquired by the company. |