Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended | |
Mar. 28, 2015 | Apr. 27, 2015 | |
Document Information [Line Items] | ||
Entity Registrant Name | Arrow Electronics Inc | |
Entity Central Index Key | 7536 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 28-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 95,683,444 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | ||
Sales | $5,002,385 | $5,082,040 | ||
Costs and expenses: | ||||
Cost of sales | 4,317,063 | 4,378,212 | ||
Selling, general, and administrative expenses | 454,530 | 477,903 | ||
Depreciation and amortization | 37,162 | 36,571 | ||
Restructuring, integration, and other charges | 16,196 | 11,614 | ||
Total Costs and Expenses | 4,824,951 | 4,904,300 | ||
Operating income | 177,434 | 177,740 | ||
Equity in earnings of affiliated companies | 1,313 | 1,417 | ||
Interest and other financing expense, net | 30,854 | 29,637 | ||
Other | 935 | 0 | ||
Income before income taxes | 146,958 | 149,520 | ||
Provision for income taxes | 40,867 | 42,328 | ||
Consolidated net income | 106,091 | 107,192 | ||
Noncontrolling interests | 33 | 72 | ||
Net income attributable to shareholders | $106,058 | $107,120 | ||
Net income per share: | ||||
Basic | $1.11 | $1.07 | ||
Diluted | $1.09 | [1] | $1.06 | [1] |
Weighted-average shares outstanding: | ||||
Basic | 95,920 | 99,948 | ||
Diluted | 97,125 | 101,399 | ||
[1] | Stock-based compensation awards for the issuance of 711 and 492 shares for the first quarters of 2015 and 2014, respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive. |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Consolidated net income | $106,091 | $107,192 |
Other comprehensive income: | ||
Foreign currency translation adjustment | -198,387 | -10,507 |
Unrealized gain on investment securities, net | 124 | 596 |
Unrealized gain on interest rate swaps designated as cash flow hedges, net | 923 | 99 |
Employee benefit plan items, net | 842 | 553 |
Other comprehensive loss | -196,498 | -9,259 |
Comprehensive income (loss) | -90,407 | 97,933 |
Less: Comprehensive income attributable to noncontrolling interests | 33 | 73 |
Comprehensive income (loss) attributable to shareholders | ($90,440) | $97,860 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 28, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
ASSETS | ||||
Cash and cash equivalents | $305,293 | $400,355 | ||
Accounts receivable, net | 4,874,484 | 6,043,850 | ||
Inventories | 2,255,167 | 2,335,257 | ||
Other current assets | 266,362 | 253,145 | ||
Total current assets | 7,701,306 | 9,032,607 | ||
Property, plant, and equipment, at cost: | ||||
Land | 23,539 | 23,770 | ||
Buildings and improvements | 148,144 | 144,530 | ||
Machinery and equipment | 1,156,984 | 1,146,045 | ||
Property, plant, and equipment, gross | 1,328,667 | 1,314,345 | ||
Less: Accumulated depreciation and amortization | -686,035 | -678,046 | ||
Property, plant, and equipment, net | 642,632 | 636,299 | ||
Investments in affiliated companies | 72,603 | 69,124 | ||
Intangible assets, net | 341,587 | 335,711 | ||
Cost in excess of net assets of companies acquired | 2,102,192 | [1] | 2,069,209 | [1] |
Other assets | 284,168 | 292,351 | ||
Total assets | 11,144,488 | 12,435,301 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable | 3,627,252 | 5,027,103 | ||
Accrued expenses | 646,559 | 797,464 | ||
Short-term borrowings, including current portion of long-term debt | 13,642 | 13,454 | ||
Total current liabilities | 4,287,453 | 5,838,021 | ||
Long-term debt | 2,456,575 | 2,067,898 | ||
Other liabilities | 382,171 | 370,471 | ||
Equity: | ||||
Issued - 125,424 shares in both 2015 and 2014 | 125,424 | 125,424 | ||
Capital in excess of par value | 1,071,893 | 1,086,082 | ||
Treasury stock (29,753 and 29,529 shares in 2015 and 2014, respectively), at cost | -1,205,699 | -1,169,673 | ||
Retained earnings | 4,282,812 | 4,176,754 | ||
Accumulated other comprehensive loss | -261,115 | -64,617 | ||
Total shareholders' equity | 4,013,315 | 4,153,970 | ||
Noncontrolling interests | 4,974 | 4,941 | ||
Total equity | 4,018,289 | 4,158,911 | ||
Total liabilities and equity | $11,144,488 | $12,435,301 | ||
[1] | The total carrying value of cost in excess of net assets of companies acquired for all periods in the table above is reflected net of $1,018,780 of accumulated impairment charges, of which $716,925 was recorded in the global components business segment and $301,855 was recorded in the global ECS business segment. |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS Parenthetical (USD $) | Mar. 28, 2015 | Dec. 31, 2014 |
In Thousands, except Per Share data, unless otherwise specified | ||
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 | 29,753 | 29,529 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Cash flows from operating activities: | ||
Consolidated net income | $106,091 | $107,192 |
Adjustments to reconcile consolidated net income to net cash provided by (used for) operations: | ||
Depreciation and amortization | 37,162 | 36,571 |
Amortization of stock-based compensation | 9,920 | 9,796 |
Equity in earnings of affiliated companies | -1,313 | -1,417 |
Deferred income taxes | 12,391 | 10,641 |
Restructuring, integration, and other charges | 12,569 | 8,020 |
Excess tax benefits from stock-based compensation arrangements | -5,657 | -5,862 |
Other | 1,730 | 1,492 |
Change in assets and liabilities, net of effects of acquired businesses: | ||
Accounts receivable | 935,271 | 904,719 |
Inventories | 48,574 | 72,001 |
Accounts payable | -1,279,437 | -859,288 |
Accrued expenses | -121,725 | -127,226 |
Other assets and liabilities | 2,828 | -32,602 |
Net cash provided by (used for) operating activities | -241,596 | 124,037 |
Cash flows from investing activities: | ||
Cash consideration paid for acquired businesses | -133,089 | -60,224 |
Acquisition of property, plant, and equipment | -31,150 | -32,843 |
Other | 2,008 | 0 |
Net cash used for investing activities | -162,231 | -93,067 |
Cash flows from financing activities: | ||
Change in short-term and other borrowings | 1,234 | -7,338 |
Repayment of long-term bank borrowings, net | -48,400 | -85,000 |
Net proceeds from note offering | 688,162 | 0 |
Redemption of notes | -254,313 | 0 |
Proceeds from exercise of stock options | 12,576 | 16,142 |
Excess tax benefits from stock-based compensation arrangements | 5,657 | 5,862 |
Repurchases of common stock | -78,561 | -88,501 |
Other | -3,000 | 0 |
Net cash provided by (used for) financing activities | 323,355 | -158,835 |
Effect of exchange rate changes on cash | -14,590 | -4,454 |
Net decrease in cash and cash equivalents | -95,062 | -132,319 |
Cash and cash equivalents at beginning of period | 400,355 | 390,602 |
Cash and cash equivalents at end of period | $305,293 | $258,283 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 28, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Basis of Presentation |
The accompanying consolidated financial statements of Arrow Electronics, Inc. (the "company") were prepared in accordance with accounting principles generally accepted in the United States and reflect all adjustments of a normal recurring nature, which are, in the opinion of management, necessary for a fair presentation of the consolidated financial position and results of operations at and for the periods presented. The consolidated results of operations for the interim periods are not necessarily indicative of results for the full year. | |
These consolidated financial statements do not include all of the information or notes necessary for a complete presentation and, accordingly, should be read in conjunction with the company's audited consolidated financial statements and accompanying notes for the year ended December 31, 2014, as filed in the company's Annual Report on Form 10-K. | |
Quarter End | |
The company operates on a quarterly reporting calendar that closes on the Saturday closest to the end of the calendar quarter. | |
Reclassification | |
Certain prior period amounts were reclassified to conform to the current period presentation. |
Impact_of_Recently_Issued_Acco
Impact of Recently Issued Accounting Standards | 3 Months Ended |
Mar. 28, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Impact of Recently Issued Accounting Standards |
In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30) ("ASU No. 2015-03"). ASU No. 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the corresponding debt liability. ASU No. 2015-03 is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted, and is to be applied on a retrospective basis. Effective January 1, 2015, the company adopted the provisions of ASU No. 2015-03. The adoption of the provisions of ASU No. 2015-03 did not materially impact the company's consolidated financial position or results of operations. Prior period amounts were reclassified to conform to the current period presentation. | |
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 the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. Additionally, ASU No. 2014-09 supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition-Construction-Type and Production-Type Contracts. Under ASU No. 2014-09, an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU No. 2014-09 also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts. This includes significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU No. 2014-09 is effective for interim and annual periods beginning after December 15, 2016, with early application prohibited. ASU No. 2014-09 allows for either full retrospective or modified retrospective adoption. The company is evaluating the transition method that will be elected and the potential effects of adopting the provisions of ASU No. 2014-09. |
Acquisitions
Acquisitions | 3 Months Ended | |
Mar. 28, 2015 | ||
Business Combinations [Abstract] | ||
Acquisitions [Text Block] | Acquisitions | |
The company accounts for acquisitions using the acquisition method of accounting. The results of operations of acquisitions are included in the company's consolidated results from their respective dates of acquisition. The company allocates the purchase price of each acquisition to the tangible assets, liabilities, and identifiable intangible assets acquired based on their estimated fair values. In certain circumstances, a portion of purchase price may be contingent upon the achievement of certain operating results. The fair values assigned to identifiable intangible assets acquired and contingent consideration were determined primarily by using an income approach which was based on assumptions and estimates made by management. Significant assumptions utilized in the income approach were based on company specific information and projections, which are not observable in the market and are thus considered Level 3 measurements by authoritative guidance (see Note H). The excess of the purchase price over the fair value of the identified assets and liabilities has been recorded as goodwill. Any change in the estimated fair value of the net assets prior to the finalization of the allocation for acquisitions could change the amount of the purchase price allocable to goodwill. The company is not aware of any information that indicates the final purchase price allocations will differ materially from the preliminary estimates. | ||
Recently Announced/Completed Acquisitions | ||
During the first quarter of 2015, the company completed three acquisitions for $133,089, net of cash acquired. The impact of these acquisitions was not material, individually or in the aggregate, to the company's consolidated financial position or results of operations. The pro forma impact of the 2015 acquisitions on the consolidated results of operations of the company for the first quarters of 2015 and 2014 as though these acquisitions occurred on January 1, 2014 was also not material. | ||
The company has, or expects to, close the following two acquisitions in the second quarter: | ||
• | immixGroup, Inc. -- A value-added provider supporting value-added resellers, solution providers, service providers, and other public sector channel partners with specialized resources to accelerate their government sales. immixGroup, Inc. has operations in North America. | |
• | ATM Electronic Corp. -- A leading electronic component provider with operations in the Asia Pacific region. | |
Total consideration for the two acquisitions is expected to total approximately $409,000. | ||
In addition to the two acquisitions above, on April 16, 2015, the company acquired 53.7% of the common shares of Data Modul AG for approximately €51,800 (approximately $55,000). Data Modul AG is a supplier of flat screens and value-added services for industrial, telecommunication, automotive and medical markets. Data Modul AG has operations in Europe, the Middle East, Asia, and North America. | ||
2014 Acquisitions | ||
During 2014, the company completed five acquisitions. The aggregate consideration paid for these acquisitions was $162,881, net of cash acquired, and included $5,853 of contingent consideration and $210 of other amounts withheld. The impact of these acquisitions was not material, individually or in the aggregate, to the company's consolidated financial position or results of operations. The pro forma impact of the 2014 acquisitions on the consolidated results of operations of the company for the first quarter of 2014 as though these acquisitions occurred on January 1, 2014 was also not material. |
Cost_in_Excess_of_Net_Assets_o
Cost in Excess of Net Assets of Companies Acquired | 3 Months Ended | ||||||||||||||
Mar. 28, 2015 | |||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||
Cost in Excess of Net Assets of Companies Acquired and Intangible Assets, Net | Cost in Excess of Net Assets of Companies Acquired and Intangible Assets, Net | ||||||||||||||
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. | |||||||||||||||
Cost in excess of net assets of companies acquired, allocated to the company's business segments, is as follows: | |||||||||||||||
Global | Global ECS | Total | |||||||||||||
Components | |||||||||||||||
Balance as of December 31, 2014 (a) | $ | 1,051,783 | $ | 1,017,426 | $ | 2,069,209 | |||||||||
Acquisitions | 90,864 | 14 | 90,878 | ||||||||||||
Foreign currency translation adjustment | (4,556 | ) | (53,339 | ) | (57,895 | ) | |||||||||
Balance as of March 28, 2015 (a) | $ | 1,138,091 | $ | 964,101 | $ | 2,102,192 | |||||||||
(a) | The total carrying value of cost in excess of net assets of companies acquired for all periods in the table above is reflected net of $1,018,780 of accumulated impairment charges, of which $716,925 was recorded in the global components business segment and $301,855 was recorded in the global ECS business segment. | ||||||||||||||
Intangible assets, net, are comprised of the following as of March 28, 2015: | |||||||||||||||
Weighted-Average Life | Gross Carrying Amount | Accumulated Amortization | Net | ||||||||||||
Trade names | indefinite | $ | 101,000 | $ | — | $ | 101,000 | ||||||||
Customer relationships | 10 years | 411,160 | (178,098 | ) | 233,062 | ||||||||||
Developed technology | 5 years | 13,223 | (5,970 | ) | 7,253 | ||||||||||
Other intangible assets | (b) | 1,143 | (871 | ) | 272 | ||||||||||
$ | 526,526 | $ | (184,939 | ) | $ | 341,587 | |||||||||
Intangible assets, net, are comprised of the following as of December 31, 2014: | |||||||||||||||
Weighted-Average Life | Gross Carrying Amount | Accumulated Amortization | Net | ||||||||||||
Trade names | indefinite | $ | 101,000 | $ | — | $ | 101,000 | ||||||||
Customer relationships | 10 years | 402,036 | (171,071 | ) | 230,965 | ||||||||||
Developed technology | 5 years | 8,806 | (5,444 | ) | 3,362 | ||||||||||
Other intangible assets | (b) | 1,719 | (1,335 | ) | 384 | ||||||||||
$ | 513,561 | $ | (177,850 | ) | $ | 335,711 | |||||||||
(b) | Consists of non-competition agreements with useful lives ranging from two to three years. | ||||||||||||||
During the first quarters of 2015 and 2014, the company recorded amortization expense related to identifiable intangible assets of $11,107 ($9,029 net of related taxes or $.09 per share on both a basic and diluted basis) and $10,947 ($8,907 net of related taxes or $.09 per share on both a basic and diluted basis), respectively. |
Investments_in_Affiliated_Comp
Investments in Affiliated Companies | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
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 a 50% interest in Arrow Altech Holdings (Pty.) Ltd. ("Altech Industries"), a joint venture with Allied Technologies Limited. As a result of one of the company's 2015 acquisitions, the company acquired a 50% interest in two immaterial joint ventures which are included in "Other" in the tables below. These investments are accounted for using the equity method. | |||||||||
The following table presents the company's investment in the following joint ventures: | |||||||||
March 28, | December 31, | ||||||||
2015 | 2014 | ||||||||
Marubun/Arrow | $ | 59,796 | $ | 58,617 | |||||
Altech Industries | 10,242 | 10,507 | |||||||
Other | 2,565 | — | |||||||
$ | 72,603 | $ | 69,124 | ||||||
The equity in earnings of affiliated companies consists of the following: | |||||||||
Quarter Ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Marubun/Arrow | $ | 1,144 | $ | 1,148 | |||||
Altech Industries | 131 | 269 | |||||||
Other | 38 | — | |||||||
$ | 1,313 | $ | 1,417 | ||||||
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 March 28, 2015, the company's pro-rata share of this debt was approximately $400. The company believes that there is sufficient equity in each of the joint ventures to meet their obligations. |
Accounts_Receivable
Accounts Receivable | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Receivables [Abstract] | |||||||||
Accounts Receivable [Text Block] | Accounts Receivable | ||||||||
Accounts receivable, net, consists of the following: | |||||||||
March 28, | December 31, | ||||||||
2015 | 2014 | ||||||||
Accounts receivable | $ | 4,926,471 | $ | 6,103,038 | |||||
Allowances for doubtful accounts | (51,987 | ) | (59,188 | ) | |||||
Accounts receivable, net | $ | 4,874,484 | $ | 6,043,850 | |||||
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. |
Debt
Debt | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt [Text Block] | Debt | ||||||||
At March 28, 2015 and December 31, 2014, short-term borrowings of $13,642 and $13,454, respectively, were primarily utilized to support the working capital requirements of certain international operations. The weighted-average interest rates on these borrowings at March 28, 2015 and December 31, 2014 were 2.4% and 3.8%, respectively. | |||||||||
Long-term debt consists of the following: | |||||||||
March 28, | December 31, | ||||||||
2015 | 2014 | ||||||||
Revolving credit facility | $ | 151,600 | $ | — | |||||
Asset securitization program | 75,000 | 275,000 | |||||||
3.375% notes, due 2015 | — | 251,955 | |||||||
6.875% senior debentures, due 2018 | 198,540 | 198,424 | |||||||
3.00% notes, due 2018 | 297,603 | 297,408 | |||||||
6.00% notes, due 2020 | 298,744 | 298,680 | |||||||
5.125% notes, due 2021 | 248,357 | 248,287 | |||||||
3.50% notes, due 2022 | 344,547 | — | |||||||
4.50% notes, due 2023 | 295,870 | 295,765 | |||||||
4.00% notes, due 2025 | 343,710 | — | |||||||
7.50% senior debentures, due 2027 | 198,256 | 198,219 | |||||||
Interest rate swaps designated as fair value hedges | 1,353 | 378 | |||||||
Other obligations with various interest rates and due dates | 2,995 | 3,782 | |||||||
$ | 2,456,575 | $ | 2,067,898 | ||||||
The 7.50% senior debentures are not redeemable prior to their maturity. The 3.375% notes, 6.875% senior debentures, 3.00% notes, 6.00% notes, 5.125% notes, 3.50% notes, 4.50% notes, and 4.00% notes may be called at the option of the company subject to "make whole" clauses. | |||||||||
The estimated fair market value, using quoted market prices, is as follows: | |||||||||
March 28, | December 31, | ||||||||
2015 | 2014 | ||||||||
3.375% notes, due 2015 | $ | — | $ | 255,000 | |||||
6.875% senior debentures, due 2018 | 228,000 | 232,000 | |||||||
3.00% notes, due 2018 | 309,000 | 309,000 | |||||||
6.00% notes, due 2020 | 339,000 | 339,000 | |||||||
5.125% notes, due 2021 | 277,500 | 277,500 | |||||||
3.50% notes, due 2022 | 350,000 | — | |||||||
4.50% notes, due 2023 | 318,000 | 321,000 | |||||||
4.00% notes, due 2025 | 350,000 | — | |||||||
7.50% senior debentures, due 2027 | 246,000 | 254,000 | |||||||
The carrying amount of the company's short-term borrowings in various countries, revolving credit facility, asset securitization program, and other obligations approximate their fair value. | |||||||||
The company has a $1,500,000 revolving credit facility, maturing in December 2018. This facility may be used by the company for general corporate purposes including working capital in the ordinary course of business, letters of credit, repayment, prepayment or purchase of long-term indebtedness and acquisitions, and as support for the company's commercial paper program, as applicable. Interest on borrowings under the revolving credit facility is calculated using a base rate or a euro currency rate plus a spread (1.30% at March 28, 2015), which is based on the company's credit ratings, or an effective interest rate of 1.47% at March 28, 2015. The facility fee is .20%. At March 28, 2015, the company had $151,600 in outstanding borrowings under the revolving credit facility. There were no outstanding borrowings under the revolving credit facility at December 31, 2014. | |||||||||
The company has an asset securitization program collateralized by accounts receivable of certain of its subsidiaries. The company may borrow up to $900,000 under the asset securitization program, which matures in March 2017. The asset securitization program is conducted through Arrow Electronics Funding Corporation ("AFC"), a wholly-owned, bankruptcy remote subsidiary. The asset securitization program does not qualify for sale treatment. Accordingly, the accounts receivable and related debt obligation remain on the company's consolidated balance sheets. Interest on borrowings is calculated using a base rate or a commercial paper rate plus a spread (.40% at March 28, 2015), which is based on the company's credit ratings, or an effective interest rate of .57% at March 28, 2015. The facility fee is .40%. | |||||||||
At March 28, 2015 and December 31, 2014, the company had $75,000 and $275,000, respectively, in outstanding borrowings under the asset securitization program, which was included in "Long-term debt" in the company's consolidated balance sheets, and total collateralized accounts receivable of approximately $1,529,577 and $2,060,589, 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 March 28, 2015 and is currently not aware of any events that would cause non-compliance with any covenants in the future. | |||||||||
During the first quarter of 2015, the company completed the sale of $350,000 principal amount of 3.50% notes due in 2022 and $350,000 principal amount of 4.00% notes due in 2025. The net proceeds of the offering of $688,162 were used to refinance the company's 3.375% notes due November 2015 and for general corporate purposes. | |||||||||
During the first quarter of 2015, the company redeemed $250,000 principal amount of its 3.375% notes due November 2015. The related loss on the redemption for the first quarter of 2015 aggregated $2,943 ($1,808 net of related taxes or $.02 per share on both a basic and diluted basis) and was recognized as a loss on prepayment of debt which was included in "Other" in the company's consolidated statements of operations. | |||||||||
During 2014, the company entered into an agreement for an uncommitted line of credit. Under this agreement, the company may borrow up to a total of $100,000. There were no outstanding borrowings under the uncommitted line of credit at March 28, 2015 and December 31, 2014. | |||||||||
Interest and other financing expense, net, includes interest and dividend income of $972 and $779 for the first quarters of 2015 and 2014, respectively. |
Financial_Instruments_Measured
Financial Instruments Measured at Fair Value | 3 Months Ended | ||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Financial Instruments Measured At Fair Value [Text Block] | Financial Instruments Measured at Fair Value | ||||||||||||||||
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The company utilizes a fair value hierarchy, which maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. The fair value hierarchy has three levels of inputs that may be used to measure fair value: | |||||||||||||||||
Level 1 | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | ||||||||||||||||
Level 2 | Quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. | ||||||||||||||||
Level 3 | Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable. | ||||||||||||||||
The following table presents assets (liabilities) measured at fair value on a recurring basis at March 28, 2015: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Available-for-sale securities | $ | 38,946 | $ | — | $ | — | $ | 38,946 | |||||||||
Interest rate swaps | — | 1,353 | — | 1,353 | |||||||||||||
Foreign exchange contracts | — | 588 | — | 588 | |||||||||||||
Contingent consideration | — | — | (3,361 | ) | (3,361 | ) | |||||||||||
$ | 38,946 | $ | 1,941 | $ | (3,361 | ) | $ | 37,526 | |||||||||
The following table presents assets (liabilities) measured at fair value on a recurring basis at December 31, 2014: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Cash equivalents | $ | 99,000 | $ | — | $ | — | $ | 99,000 | |||||||||
Available-for-sale securities | 38,109 | — | — | 38,109 | |||||||||||||
Interest rate swaps | — | 378 | — | 378 | |||||||||||||
Foreign exchange contracts | — | 694 | — | 694 | |||||||||||||
Contingent consideration | — | — | (6,202 | ) | (6,202 | ) | |||||||||||
$ | 137,109 | $ | 1,072 | $ | (6,202 | ) | $ | 131,979 | |||||||||
The following table summarizes the Level 3 activity for the first quarter of 2015: | |||||||||||||||||
Balance as of December 31, 2014 | $ | (6,202 | ) | ||||||||||||||
Fair value of initial contingent consideration | — | ||||||||||||||||
Change in fair value of contingent consideration included in earnings | (325 | ) | |||||||||||||||
Payment of contingent consideration (a) | 3,000 | ||||||||||||||||
Foreign currency translation adjustment | 166 | ||||||||||||||||
Balance as of March 28, 2015 | $ | (3,361 | ) | ||||||||||||||
(a) | Contingent consideration payment relates to an acquisition completed prior to 2015. | ||||||||||||||||
The change in the fair value of contingent consideration is included in "Restructuring, integration, and other charges," in the company's consolidated statements of operations. | |||||||||||||||||
During the first quarters of 2015 and 2014, there were no transfers of assets (liabilities) measured at fair value between the three levels of the fair value hierarchy. | |||||||||||||||||
Available-For-Sale Securities | |||||||||||||||||
The company has an 8.4% equity ownership interest in Marubun Corporation ("Marubun") and a portfolio of mutual funds with quoted market prices, all of which are accounted for as available-for-sale securities. | |||||||||||||||||
The fair value of the company's available-for-sale securities at March 28, 2015 is as follows: | |||||||||||||||||
Marubun | Mutual Funds | ||||||||||||||||
Cost basis | $ | 10,016 | $ | 16,868 | |||||||||||||
Unrealized holding gain | 5,544 | 6,518 | |||||||||||||||
Fair value | $ | 15,560 | $ | 23,386 | |||||||||||||
The fair value of the company's available-for-sale securities at December 31, 2014 is as follows: | |||||||||||||||||
Marubun | Mutual Funds | ||||||||||||||||
Cost basis | $ | 10,016 | $ | 16,233 | |||||||||||||
Unrealized holding gain | 6,174 | 5,686 | |||||||||||||||
Fair value | $ | 16,190 | $ | 21,919 | |||||||||||||
The fair value of these investments are included in "Other assets" in the company's consolidated balance sheets, and the related unrealized holding gains or losses are included in "Accumulated other comprehensive income" in the shareholders' equity section in the company's consolidated balance sheets. | |||||||||||||||||
Derivative Instruments | |||||||||||||||||
The company uses various financial instruments, including derivative instruments, for purposes other than trading. Certain derivative instruments are designated at inception as hedges and measured for effectiveness both at inception and on an ongoing basis. Derivative instruments not designated as hedges are marked-to-market each reporting period with any unrealized gains or losses recognized in earnings. | |||||||||||||||||
Interest Rate Swaps | |||||||||||||||||
The company occasionally enters into interest rate swap transactions that convert certain fixed-rate debt to variable-rate debt or variable-rate debt to fixed-rate debt in order to manage its targeted mix of fixed- and floating-rate debt. The company uses the hypothetical derivative method to assess the effectiveness of its interest rate swaps 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 swap, if any, is recorded in "Interest and other financing expense, net" in the company's consolidated statements of operations. | |||||||||||||||||
In January 2015, the company entered into four seven-year forward-starting interest rate swaps (the "2015 swaps") which locked in an average treasury rate of 1.98% on a total aggregate notional amount of $200,000. These 2015 swaps were designated as cash flow hedges and managed the risk associated with changes in treasury rates and the impact of future interest payments on the anticipated debt issuances to replace the company's 3.375% notes due to mature in November 2015. In February 2015, the company received $896 in connection with the termination of the 2015 swaps upon issuance of the seven-year notes due in 2022. The fair value of the 2015 swaps is recorded in the shareholders' equity section in the company's consolidated balance sheets in "Accumulated other comprehensive income" and will be reclassified into income over the seven-year term of the notes due in 2022. For the 2015 swaps, the company reclassified into income $8 for the first quarter of 2015. | |||||||||||||||||
In April 2014, the company entered into an interest rate swap, with a notional amount of $50,000. The swap modifies the company's interest rate exposure by effectively converting a portion of the fixed 6.00% notes to a floating rate, based on the six-month U.S. dollar LIBOR plus a spread (an effective interest rate of 4.30% at March 28, 2015), through its maturity. The swap is classified as a fair value hedge and had a fair value of $984 at March 28, 2015. | |||||||||||||||||
In April 2014, the company entered into an interest rate swap, with a notional amount of $50,000. The swap modifies the company's interest rate exposure by effectively converting a portion of the fixed 6.875% senior debentures to a floating rate, based on the six-month U.S. dollar LIBOR plus a spread (an effective interest rate of 5.63% at March 28, 2015), through its maturity. The swap is classified as a fair value hedge and had a fair value of $369 at March 28, 2015. | |||||||||||||||||
Foreign Exchange Contracts | |||||||||||||||||
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 March 28, 2015 and December 31, 2014 was $325,464 and $401,048, respectively. | |||||||||||||||||
The fair values of derivative instruments in the company's consolidated balance sheets are as follows: | |||||||||||||||||
Asset (Liability) Derivatives | |||||||||||||||||
Fair Value | |||||||||||||||||
Balance Sheet | March 28, | December 31, | |||||||||||||||
Location | 2015 | 2014 | |||||||||||||||
Derivative instruments designated as hedges: | |||||||||||||||||
Interest rate swaps designated as fair value hedges | Other liabilities | $ | — | $ | (3 | ) | |||||||||||
Interest rate swaps designated as fair value hedges | Other assets | 1,353 | 381 | ||||||||||||||
Foreign exchange contracts designated as cash flow hedges | Other current assets | 4,009 | 960 | ||||||||||||||
Foreign exchange contracts designated as cash flow hedges | Accrued expenses | (769 | ) | (376 | ) | ||||||||||||
Total derivative instruments designated as hedging instruments | 4,593 | 962 | |||||||||||||||
Derivative instruments not designated as hedges: | |||||||||||||||||
Foreign exchange contracts | Other current assets | 877 | 2,404 | ||||||||||||||
Foreign exchange contracts | Accrued expenses | (3,529 | ) | (2,294 | ) | ||||||||||||
Total derivative instruments not designated as hedging instruments | (2,652 | ) | 110 | ||||||||||||||
Total | $ | 1,941 | $ | 1,072 | |||||||||||||
The effect of derivative instruments on the company's consolidated statements of operations is as follows: | |||||||||||||||||
Gain (Loss) Recognized in Income | |||||||||||||||||
Quarter Ended | |||||||||||||||||
March 28, | March 29, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Fair value hedges: | |||||||||||||||||
Interest rate swaps (a) | $ | — | $ | — | |||||||||||||
Total | $ | — | $ | — | |||||||||||||
Derivative instruments not designated as hedges: | |||||||||||||||||
Foreign exchange contracts (b) | $ | 808 | $ | 1,913 | |||||||||||||
Total | $ | 808 | $ | 1,913 | |||||||||||||
Cash Flow Hedges | |||||||||||||||||
Interest Rate Swaps (c) | Foreign Exchange Contracts (d) | ||||||||||||||||
Quarter Ended March 28, 2015 | |||||||||||||||||
Effective portion: | |||||||||||||||||
Gain recognized in other comprehensive income | $ | 827 | $ | 2,682 | |||||||||||||
Loss reclassified into income | $ | (161 | ) | $ | (841 | ) | |||||||||||
Ineffective portion: | |||||||||||||||||
Gain recognized in income | $ | 69 | $ | — | |||||||||||||
Quarter Ended March 29, 2014 | |||||||||||||||||
Effective portion: | |||||||||||||||||
Loss recognized in other comprehensive income | $ | — | $ | (368 | ) | ||||||||||||
Gain (loss) reclassified into income | $ | (161 | ) | $ | 136 | ||||||||||||
Ineffective portion: | |||||||||||||||||
Gain (loss) recognized in income | $ | — | $ | — | |||||||||||||
(a) | The amount of gain (loss) recognized in income on derivatives is recorded in "Interest and other financing expense, net" in the company's consolidated statements of operations. | ||||||||||||||||
(b) | The amount of gain (loss) recognized in income on derivatives is recorded in "Cost of sales" in the company's consolidated statements of operations. | ||||||||||||||||
(c) | Both the effective and ineffective portions of any gain (loss) reclassified or recognized in income are recorded in "Interest and other financing expense, net" in the company's consolidated statements of operations. The gain (loss) amounts reclassified into income relate to the termination of swaps. | ||||||||||||||||
(d) | Both the effective and ineffective portions of any gain (loss) reclassified or recognized in income are recorded in "Cost of sales" in the company's consolidated statements of operations. | ||||||||||||||||
Contingent Consideration | |||||||||||||||||
The company estimates the fair value of contingent consideration as the present value of the expected contingent payments, determined using the weighted probability of the possible payments. The company reassesses the fair value of the contingent consideration on a quarterly basis. At March 28, 2015, contingent consideration of $3,361 was included in "Accrued Expenses" in the company's consolidated balance sheet in connection with three acquisitions prior to 2015. There was no contingent consideration recorded in connection with the 2015 acquisitions. For the acquisitions completed prior to 2015, payment of a portion of the respective purchase price is contingent upon the achievement of certain operating results, with a remaining maximum possible payout of $8,400 in 2016. A twenty percent increase or decrease in projected operating performance over the remaining performance period would not result in a material change in the fair value of the contingent consideration recorded as of March 28, 2015. | |||||||||||||||||
Other | |||||||||||||||||
Cash equivalents consist of overnight time deposits with quality financial institutions. These financial institutions are located in many different geographical regions, and the company's policy is designed to limit exposure with any one institution. As part of its cash and risk management processes, the company performs periodic evaluations of the relative credit standing of these financial institutions. | |||||||||||||||||
The carrying amount of cash and cash equivalents, accounts receivable, net, and accounts payable approximate their fair value due to the short maturities of these financial instruments. |
Restructuring_Integration_and_
Restructuring, Integration, and Other Charges | 3 Months Ended | ||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||
Restructuring Charges [Abstract] | |||||||||||||||||
Restructuring, Integration and Other Charges [Text Block] | Restructuring, Integration, and Other Charges | ||||||||||||||||
During the first quarters of 2015 and 2014, the company recorded restructuring, integration, and other charges of $16,196 ($12,569 net of related taxes or $.13 per share on both a basic and diluted basis) and $11,614 ($8,020 net of related taxes or $.08 per share on both a basic and diluted basis), respectively. | |||||||||||||||||
The following table presents the components of the restructuring, integration, and other charges: | |||||||||||||||||
Quarter Ended | |||||||||||||||||
March 28, | March 29, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Restructuring and integration charge - current period actions | $ | 9,310 | $ | 10,169 | |||||||||||||
Restructuring and integration charges - actions taken in prior periods | 410 | 162 | |||||||||||||||
Acquisition-related expenses | 6,476 | 1,283 | |||||||||||||||
$ | 16,196 | $ | 11,614 | ||||||||||||||
2015 Restructuring and Integration Charge | |||||||||||||||||
The following table presents the components of the 2015 restructuring and integration charge of $9,310 and activity in the related restructuring and integration accrual for the first quarter of 2015: | |||||||||||||||||
Personnel | Facilities Costs | Other | Total | ||||||||||||||
Costs | |||||||||||||||||
Restructuring and integration charge | $ | 7,844 | $ | 664 | $ | 802 | $ | 9,310 | |||||||||
Payments | (2,034 | ) | (217 | ) | (29 | ) | (2,280 | ) | |||||||||
Non-cash usage | — | — | (607 | ) | (607 | ) | |||||||||||
Foreign currency translation | (46 | ) | — | (26 | ) | (72 | ) | ||||||||||
Balance as of March 28, 2015 | $ | 5,764 | $ | 447 | $ | 140 | $ | 6,351 | |||||||||
The restructuring and integration charge of $9,310 for the first quarter of 2015 includes personnel costs of $7,844, facilities costs of $664, and other costs of $802. These restructuring initiatives are due to the company's continued efforts to lower cost and drive operational efficiency. Integration costs are primarily related to the integration of acquired businesses within the company's pre-existing business and the consolidation of certain operations. | |||||||||||||||||
2014 Restructuring and Integration Charge | |||||||||||||||||
The following table presents the activity in the restructuring and integration accrual for the first quarter of 2015 related to the 2014 restructuring and integration: | |||||||||||||||||
Personnel | Facilities Costs | Other | Total | ||||||||||||||
Costs | |||||||||||||||||
Balance as of December 31, 2014 | $ | 8,622 | $ | 2,479 | $ | 1,247 | $ | 12,348 | |||||||||
Restructuring and integration charge | 245 | 10 | 302 | 557 | |||||||||||||
Payments | (3,460 | ) | (646 | ) | (327 | ) | (4,433 | ) | |||||||||
Non-cash usage | — | — | (409 | ) | (409 | ) | |||||||||||
Foreign currency translation | (589 | ) | (97 | ) | — | (686 | ) | ||||||||||
Balance as of March 28, 2015 | $ | 4,818 | $ | 1,746 | $ | 813 | $ | 7,377 | |||||||||
Restructuring and Integration Accruals Related to Actions Taken Prior to 2014 | |||||||||||||||||
The following table presents the activity in the restructuring and integration accruals for the first quarter of 2015 related to restructuring and integration actions taken prior to 2014: | |||||||||||||||||
Personnel | Facilities Costs | Other | Total | ||||||||||||||
Costs | |||||||||||||||||
Balance as of December 31, 2014 | $ | 2,519 | $ | 3,025 | $ | 91 | $ | 5,635 | |||||||||
Restructuring and integration charges (credits) | (368 | ) | 221 | — | (147 | ) | |||||||||||
Payments | (804 | ) | (955 | ) | (5 | ) | (1,764 | ) | |||||||||
Non-cash usage | — | (51 | ) | — | (51 | ) | |||||||||||
Foreign currency translation | (163 | ) | 13 | (9 | ) | (159 | ) | ||||||||||
Balance as of March 28, 2015 | $ | 1,184 | $ | 2,253 | $ | 77 | $ | 3,514 | |||||||||
Restructuring and Integration Accrual Summary | |||||||||||||||||
In summary, the restructuring and integration accruals aggregate $17,242 at March 28, 2015, all of which are expected to be spent in cash, and are expected to be utilized as follows: | |||||||||||||||||
• | The accruals for personnel costs totaling $11,766 relate to the termination of personnel and are primarily expected to be spent within one year. | ||||||||||||||||
• | The accruals for facilities totaling $4,446 relate to vacated leased properties that have scheduled payments of $3,086 in 2015, $1,034 in 2016, $134 in 2017, and $192 in 2018. | ||||||||||||||||
• | Other accruals of $1,030 are expected to be spent within one year. | ||||||||||||||||
Acquisition-Related Expenses | |||||||||||||||||
Included in restructuring, integration, and other charges for the first quarter of 2015 are acquisition-related expenses of $6,476 consisting of charges related to contingent consideration for acquisitions completed in prior years which were conditional upon the financial performance of the acquired companies and the continued employment of the selling shareholders, as well as professional fees directly related to recent acquisition activity. | |||||||||||||||||
Included in restructuring, integration, and other charges for the first quarter of 2014 are acquisition-related expenses of $1,283, primarily consisting of professional fees directly related to recent acquisition activity. |
Net_Income_per_Share
Net Income per Share | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Net Income per Share [Text Block] | Net Income per Share | ||||||||
The following table presents the computation of net income per share on a basic and diluted basis (shares in thousands): | |||||||||
Quarter Ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Net income attributable to shareholders | $ | 106,058 | $ | 107,120 | |||||
Weighted-average shares outstanding - basic | 95,920 | 99,948 | |||||||
Net effect of various dilutive stock-based compensation awards | 1,205 | 1,451 | |||||||
Weighted-average shares outstanding - diluted | 97,125 | 101,399 | |||||||
Net income per share: | |||||||||
Basic | $ | 1.11 | $ | 1.07 | |||||
Diluted (a) | $ | 1.09 | $ | 1.06 | |||||
(a) | Stock-based compensation awards for the issuance of 711 and 492 shares for the first quarters of 2015 and 2014, respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive. |
Shareholders_Equity
Shareholders' Equity | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Stockholders' Equity Note Disclosure [Text Block] | Shareholders' Equity | ||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||
The following table presents the changes in accumulated other comprehensive income (loss): | |||||||||
Quarter Ended | |||||||||
March 28, 2015 | March 29, 2014 | ||||||||
Foreign Currency Translation Adjustment: | |||||||||
Other comprehensive loss before reclassifications (a) | $ | (199,228 | ) | $ | (10,371 | ) | |||
Amounts reclassified into income | 841 | (136 | ) | ||||||
Unrealized Gain on Investment Securities, Net: | |||||||||
Other comprehensive income before reclassifications | 124 | 596 | |||||||
Amounts reclassified into income | — | — | |||||||
Unrealized Gain on Interest Rate Swaps Designated as Cash Flow Hedges, Net: | |||||||||
Other comprehensive income before reclassifications | 896 | — | |||||||
Amounts reclassified into income | 27 | 99 | |||||||
Employee Benefit Plan Items, Net: | |||||||||
Other comprehensive income before reclassifications | 34 | 36 | |||||||
Amounts reclassified into income | 808 | 517 | |||||||
Net change in accumulated other comprehensive loss | $ | (196,498 | ) | $ | (9,259 | ) | |||
(a) | Includes intra-entity foreign currency transactions that are of a long-term investment nature of $45,263 and $6,397 for the first quarters of 2015 and 2014, respectively. | ||||||||
Share-Repurchase Programs | |||||||||
During 2014, the company's Board of Directors (the "Board") approved the repurchase of up to $400,000 ($200,000 in May and December, respectively) of the company's common stock through a share-repurchase program. As of March 28, 2015, the company repurchased 3,651,708 shares under these programs with a market value of $202,903 at the dates of repurchase, of which 1,064,019 shares with a market value of $64,147 were repurchased during the first quarter of 2015. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 28, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies [Text Block] | Contingencies |
Environmental Matters | |
In connection with the purchase of Wyle Electronics ("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. During 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. | |
As successor-in-interest to Wyle, the company is the beneficiary of various Wyle insurance policies that covered liabilities arising out of operations at Norco and Huntsville. To date, the company has recovered approximately $37,000 from certain insurance carriers relating to environmental clean-up matters at the Norco site. The company is considering the best way to pursue its potential claims against insurers regarding liabilities arising out of operations at Huntsville. The resolution of these matters will likely take several years. The company has not recorded a receivable for any potential future insurance recoveries related to the Norco and Huntsville environmental matters, as the realization of the claims for recovery are not deemed probable at this time. | |
The company believes the settlement amount together with potential recoveries from various insurance policies covering environmental remediation and related litigation will be sufficient to cover any potential future costs related to the Wyle acquisition; however, it is possible unexpected costs beyond those anticipated could occur. | |
Environmental Matters - Huntsville | |
In February 2015, the company and the Alabama Department of Environmental Management ("ADEM") finalized and executed a consent decree in connection with the Huntsville, Alabama site. Characterization of the extent of contaminated soil and groundwater continues at the site. Under the direction of the ADEM, approximately $4,000 was spent to date. The pace of the ongoing remedial investigations, project management, and regulatory oversight is likely to increase and though the complete scope of the activities is not yet known, the company currently estimates additional investigative and related expenditures at the site of approximately $500 to $750. The nature and scope of both feasibility studies and subsequent remediation at the site has not yet been determined, but assuming the outcome includes source control and certain other measures, the cost is estimated to be between $3,000 and $4,000. | |
Despite the amount of work undertaken and planned to date, the company is unable to estimate any potential costs in addition to those discussed above because the complete scope of the work is not yet known, and, accordingly, the associated costs have yet to be determined. | |
Environmental Matters - Norco | |
In October 2003, the company entered into a consent decree with Wyle Laboratories and the California Department of Toxic Substance Control (the "DTSC") in connection with the Norco site. In April 2005, a Remedial Investigation Work Plan was approved by DTSC that provided for site-wide characterization of known and potential environmental issues. Investigations performed in connection with this work plan and a series of subsequent technical memoranda continued until the filing of a final Remedial Investigation Report early in 2008. Work is under way pertaining to the remediation of contaminated groundwater at certain areas on the Norco site and of soil gas in a limited area immediately adjacent to the site. In 2008, a hydraulic containment system was installed to capture and treat groundwater before it moves into the adjacent offsite area. In September 2013, the DTSC approved the final Remedial Action Plan ("RAP") and work is currently progressing under the RAP. The approval of the RAP includes the potential for additional remediation action after the five year review of the hydraulic containment system if the review finds that contaminants have not been sufficiently reduced in the offsite area. | |
Approximately $47,000 was spent to date on remediation, project management, regulatory oversight, and investigative and feasibility study activities. The company currently estimates that these activities will give rise to an additional $16,800 to $24,500. Project management and regulatory oversight include costs incurred by project consultants for project management and costs billed by DTSC to provide regulatory oversight. | |
Despite the amount of work undertaken and planned to date, the company is unable to estimate any potential costs in addition to those discussed above because the complete scope of the work under the RAP is not yet known, and, accordingly, the associated costs have yet to be determined. | |
Tekelec Matter | |
In 2000, the company purchased Tekelec Europe SA ("Tekelec") from Tekelec Airtronic SA and certain other selling shareholders. Subsequent to the closing of the acquisition, Tekelec received a product liability claim in the amount of €11,333. The product liability claim was the subject of a French legal proceeding started by the claimant in 2002, under which separate determinations were made as to whether the products that are subject to the claim were defective and the amount of damages sustained by the purchaser. The manufacturer of the products also participated in this proceeding. The claimant commenced legal proceedings against Tekelec and its insurers to recover damages in the amount of €3,742 and expenses of €312 plus interest. In May 2012, the French court ruled in favor of Tekelec and dismissed the plaintiff's claims. In January 2015, the Court of Appeals confirmed the French court's ruling; however, the ruling remains subject to a final appeal by the plaintiff. The company believes that any amount in addition to the amount accrued by the company would not materially adversely impact the company's consolidated financial position, liquidity, or results of operations. | |
Antitrust Investigation | |
On January 21, 2014, the company received a Civil Investigative Demand in connection with an investigation by the Federal Trade Commission ("FTC") relating generally to the use of a database program (the “database program”) that has operated for more than ten years under the auspices of the Global Technology Distribution Council ("GTDC"), a trade group of which the company is a member. Under the database program, certain members of the GTDC who participate in the program provide sales data to a third party independent contractor chosen by the GTDC. The data is aggregated by the third party and the aggregated data is made available to the program participants. The company understands that other members participating in the database program have received similar Civil Investigative Demands. | |
In April 2014, the company responded to the Civil Investigative Demand. The Civil Investigative Demand merely sought information, and no proceedings have been instituted against any person. The company continues to believe that there has not been any conduct by the company or its employees that would be actionable under the antitrust laws in connection with its participation in the database program. At this time, it is not possible to predict the potential impact, if any, of the Civil Investigative Demand or whether any actions may be instituted by the FTC against any person. | |
Other | |
From time to time, in the normal course of business, the company may become liable with respect to other pending and threatened litigation, environmental, regulatory, labor, product, and tax matters. While such matters are subject to inherent uncertainties, it is not currently anticipated that any such matters will materially impact the company's consolidated financial position, liquidity, or results of operations. |
Segment_and_Geographic_Informa
Segment and Geographic Information | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Segment and Geographic Information [Text Block] | Segment and Geographic Information | ||||||||
The company is a global provider of products, services, and solutions to industrial and commercial users of electronic components and enterprise computing solutions. The company distributes electronic components to original equipment manufacturers and contract manufacturers through its global components business segment and provides enterprise computing solutions to value-added resellers through its global ECS business segment. As a result of the company's philosophy of maximizing operating efficiencies through the centralization of certain functions, selected fixed assets and related depreciation, as well as borrowings, are not directly attributable to the individual operating segments and are included in the corporate business segment. | |||||||||
Sales and operating income (loss), by segment, are as follows: | |||||||||
Quarter Ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Sales: | |||||||||
Global components | $ | 3,346,763 | $ | 3,421,181 | |||||
Global ECS | 1,655,622 | 1,660,859 | |||||||
Consolidated | $ | 5,002,385 | $ | 5,082,040 | |||||
Operating income (loss): | |||||||||
Global components | $ | 164,895 | $ | 161,146 | |||||
Global ECS | 67,517 | 64,158 | |||||||
Corporate (a) | (54,978 | ) | (47,564 | ) | |||||
Consolidated | $ | 177,434 | $ | 177,740 | |||||
(a) | Includes restructuring, integration, and other charges of $16,196 and $11,614 for the first quarters of 2015 and 2014, respectively. | ||||||||
Total assets, by segment, are as follows: | |||||||||
March 28, | December 31, | ||||||||
2015 | 2014 | ||||||||
Global components | $ | 7,007,652 | $ | 6,952,342 | |||||
Global ECS | 3,525,367 | 4,761,628 | |||||||
Corporate | 611,469 | 721,331 | |||||||
Consolidated | $ | 11,144,488 | $ | 12,435,301 | |||||
Sales, by geographic area, are as follows: | |||||||||
Quarter Ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Americas (b) | $ | 2,462,189 | $ | 2,397,432 | |||||
EMEA (c) | 1,504,924 | 1,653,912 | |||||||
Asia/Pacific | 1,035,272 | 1,030,696 | |||||||
Consolidated | $ | 5,002,385 | $ | 5,082,040 | |||||
(b) | Includes sales related to the United States of $2,250,422 and $2,174,665 for the first quarters of 2015 and 2014, respectively. | ||||||||
(c) | Defined as Europe, the Middle East, and Africa. | ||||||||
Net property, plant, and equipment, by geographic area, is as follows: | |||||||||
March 28, | December 31, | ||||||||
2015 | 2014 | ||||||||
Americas (d) | $ | 542,660 | $ | 537,967 | |||||
EMEA | 78,296 | 76,487 | |||||||
Asia/Pacific | 21,676 | 21,845 | |||||||
Consolidated | $ | 642,632 | $ | 636,299 | |||||
(d) | Includes net property, plant, and equipment related to the United States of $540,789 and $535,397 at March 28, 2015 and December 31, 2014, respectively. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies (Policies) | 3 Months Ended | |
Mar. 28, 2015 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Basis of Accounting Policy | The accompanying consolidated financial statements of Arrow Electronics, Inc. (the "company") were prepared in accordance with accounting principles generally accepted in the United States and reflect all adjustments of a normal recurring nature, which are, in the opinion of management, necessary for a fair presentation of the consolidated financial position and results of operations at and for the periods presented. The consolidated results of operations for the interim periods are not necessarily indicative of results for the full year. | |
These consolidated financial statements do not include all of the information or notes necessary for a complete presentation and, accordingly, should be read in conjunction with the company's audited consolidated financial statements and accompanying notes for the year ended December 31, 2014, as filed in the company's Annual Report on Form 10-K. | ||
Fiscal Period Policy | The company operates on a quarterly reporting calendar that closes on the Saturday closest to the end of the calendar quarter. | |
Comparability of Prior Year Financial Data Policy | Certain prior period amounts were reclassified to conform to the current period presentation. | |
Goodwill and Intangible Assets Policy | Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. The company tests goodwill and other indefinite-lived intangible assets for impairment annually as of the first day of the fourth quarter, or more frequently if indicators of potential impairment exist. | |
Allowance for Doubtful Accounts Policy | The company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The allowances for doubtful accounts are determined using a combination of factors, including the length of time the receivables are outstanding, the current business environment, and historical experience. | |
Fair Value of Debt Policy | The carrying amount of the company's short-term borrowings in various countries, revolving credit facility, asset securitization program, and other obligations approximate their fair value. | |
Fair Value of Financial Instruments Policy | Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The company utilizes a fair value hierarchy, which maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. The fair value hierarchy has three levels of inputs that may be used to measure fair value: | |
Level 1 | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | |
Level 2 | Quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. | |
Level 3 | Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable. |
Cost_in_Excess_of_Net_Assets_o1
Cost in Excess of Net Assets of Companies Acquired (Tables) | 3 Months Ended | ||||||||||||||
Mar. 28, 2015 | |||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||
Schedule of Goodwill [Text Block] | Cost in excess of net assets of companies acquired, allocated to the company's business segments, is as follows: | ||||||||||||||
Global | Global ECS | Total | |||||||||||||
Components | |||||||||||||||
Balance as of December 31, 2014 (a) | $ | 1,051,783 | $ | 1,017,426 | $ | 2,069,209 | |||||||||
Acquisitions | 90,864 | 14 | 90,878 | ||||||||||||
Foreign currency translation adjustment | (4,556 | ) | (53,339 | ) | (57,895 | ) | |||||||||
Balance as of March 28, 2015 (a) | $ | 1,138,091 | $ | 964,101 | $ | 2,102,192 | |||||||||
(a) | The total carrying value of cost in excess of net assets of companies acquired for all periods in the table above is reflected net of $1,018,780 of accumulated impairment charges, of which $716,925 was recorded in the global components business segment and $301,855 was recorded in the global ECS business segment. | ||||||||||||||
Intangible Assets Disclosure [Text Block] | Intangible assets, net, are comprised of the following as of March 28, 2015: | ||||||||||||||
Weighted-Average Life | Gross Carrying Amount | Accumulated Amortization | Net | ||||||||||||
Trade names | indefinite | $ | 101,000 | $ | — | $ | 101,000 | ||||||||
Customer relationships | 10 years | 411,160 | (178,098 | ) | 233,062 | ||||||||||
Developed technology | 5 years | 13,223 | (5,970 | ) | 7,253 | ||||||||||
Other intangible assets | (b) | 1,143 | (871 | ) | 272 | ||||||||||
$ | 526,526 | $ | (184,939 | ) | $ | 341,587 | |||||||||
Intangible assets, net, are comprised of the following as of December 31, 2014: | |||||||||||||||
Weighted-Average Life | Gross Carrying Amount | Accumulated Amortization | Net | ||||||||||||
Trade names | indefinite | $ | 101,000 | $ | — | $ | 101,000 | ||||||||
Customer relationships | 10 years | 402,036 | (171,071 | ) | 230,965 | ||||||||||
Developed technology | 5 years | 8,806 | (5,444 | ) | 3,362 | ||||||||||
Other intangible assets | (b) | 1,719 | (1,335 | ) | 384 | ||||||||||
$ | 513,561 | $ | (177,850 | ) | $ | 335,711 | |||||||||
(b) | Consists of non-competition agreements with useful lives ranging from two to three years. |
Investments_in_Affiliated_Comp1
Investments in Affiliated Companies (Tables) | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
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: | ||||||||
March 28, | December 31, | ||||||||
2015 | 2014 | ||||||||
Marubun/Arrow | $ | 59,796 | $ | 58,617 | |||||
Altech Industries | 10,242 | 10,507 | |||||||
Other | 2,565 | — | |||||||
$ | 72,603 | $ | 69,124 | ||||||
Equity in Earnings of Affiliated Companies [Text Block] | The equity in earnings of affiliated companies consists of the following: | ||||||||
Quarter Ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Marubun/Arrow | $ | 1,144 | $ | 1,148 | |||||
Altech Industries | 131 | 269 | |||||||
Other | 38 | — | |||||||
$ | 1,313 | $ | 1,417 | ||||||
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Receivables [Abstract] | |||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Text Block] | Accounts receivable, net, consists of the following: | ||||||||
March 28, | December 31, | ||||||||
2015 | 2014 | ||||||||
Accounts receivable | $ | 4,926,471 | $ | 6,103,038 | |||||
Allowances for doubtful accounts | (51,987 | ) | (59,188 | ) | |||||
Accounts receivable, net | $ | 4,874,484 | $ | 6,043,850 | |||||
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of Long-term Debt Instruments [Text Block] | Long-term debt consists of the following: | ||||||||
March 28, | December 31, | ||||||||
2015 | 2014 | ||||||||
Revolving credit facility | $ | 151,600 | $ | — | |||||
Asset securitization program | 75,000 | 275,000 | |||||||
3.375% notes, due 2015 | — | 251,955 | |||||||
6.875% senior debentures, due 2018 | 198,540 | 198,424 | |||||||
3.00% notes, due 2018 | 297,603 | 297,408 | |||||||
6.00% notes, due 2020 | 298,744 | 298,680 | |||||||
5.125% notes, due 2021 | 248,357 | 248,287 | |||||||
3.50% notes, due 2022 | 344,547 | — | |||||||
4.50% notes, due 2023 | 295,870 | 295,765 | |||||||
4.00% notes, due 2025 | 343,710 | — | |||||||
7.50% senior debentures, due 2027 | 198,256 | 198,219 | |||||||
Interest rate swaps designated as fair value hedges | 1,353 | 378 | |||||||
Other obligations with various interest rates and due dates | 2,995 | 3,782 | |||||||
$ | 2,456,575 | $ | 2,067,898 | ||||||
Schedule of Fair Value of Debt [Text Block] | The estimated fair market value, using quoted market prices, is as follows: | ||||||||
March 28, | December 31, | ||||||||
2015 | 2014 | ||||||||
3.375% notes, due 2015 | $ | — | $ | 255,000 | |||||
6.875% senior debentures, due 2018 | 228,000 | 232,000 | |||||||
3.00% notes, due 2018 | 309,000 | 309,000 | |||||||
6.00% notes, due 2020 | 339,000 | 339,000 | |||||||
5.125% notes, due 2021 | 277,500 | 277,500 | |||||||
3.50% notes, due 2022 | 350,000 | — | |||||||
4.50% notes, due 2023 | 318,000 | 321,000 | |||||||
4.00% notes, due 2025 | 350,000 | — | |||||||
7.50% senior debentures, due 2027 | 246,000 | 254,000 | |||||||
Financial_Instruments_Measured1
Financial Instruments Measured at Fair Value (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis Table [Text Block] | The following table presents assets (liabilities) measured at fair value on a recurring basis at March 28, 2015: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Available-for-sale securities | $ | 38,946 | $ | — | $ | — | $ | 38,946 | |||||||||
Interest rate swaps | — | 1,353 | — | 1,353 | |||||||||||||
Foreign exchange contracts | — | 588 | — | 588 | |||||||||||||
Contingent consideration | — | — | (3,361 | ) | (3,361 | ) | |||||||||||
$ | 38,946 | $ | 1,941 | $ | (3,361 | ) | $ | 37,526 | |||||||||
The following table presents assets (liabilities) measured at fair value on a recurring basis at December 31, 2014: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Cash equivalents | $ | 99,000 | $ | — | $ | — | $ | 99,000 | |||||||||
Available-for-sale securities | 38,109 | — | — | 38,109 | |||||||||||||
Interest rate swaps | — | 378 | — | 378 | |||||||||||||
Foreign exchange contracts | — | 694 | — | 694 | |||||||||||||
Contingent consideration | — | — | (6,202 | ) | (6,202 | ) | |||||||||||
$ | 137,109 | $ | 1,072 | $ | (6,202 | ) | $ | 131,979 | |||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table summarizes the Level 3 activity for the first quarter of 2015: | ||||||||||||||||
Balance as of December 31, 2014 | $ | (6,202 | ) | ||||||||||||||
Fair value of initial contingent consideration | — | ||||||||||||||||
Change in fair value of contingent consideration included in earnings | (325 | ) | |||||||||||||||
Payment of contingent consideration (a) | 3,000 | ||||||||||||||||
Foreign currency translation adjustment | 166 | ||||||||||||||||
Balance as of March 28, 2015 | $ | (3,361 | ) | ||||||||||||||
(a) | Contingent consideration payment relates to an acquisition completed prior to 2015. | ||||||||||||||||
Available-for-sale Securities [Text Block] | The fair value of the company's available-for-sale securities at March 28, 2015 is as follows: | ||||||||||||||||
Marubun | Mutual Funds | ||||||||||||||||
Cost basis | $ | 10,016 | $ | 16,868 | |||||||||||||
Unrealized holding gain | 5,544 | 6,518 | |||||||||||||||
Fair value | $ | 15,560 | $ | 23,386 | |||||||||||||
The fair value of the company's available-for-sale securities at December 31, 2014 is as follows: | |||||||||||||||||
Marubun | Mutual Funds | ||||||||||||||||
Cost basis | $ | 10,016 | $ | 16,233 | |||||||||||||
Unrealized holding gain | 6,174 | 5,686 | |||||||||||||||
Fair value | $ | 16,190 | $ | 21,919 | |||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Text Block] | The fair values of derivative instruments in the company's consolidated balance sheets are as follows: | ||||||||||||||||
Asset (Liability) Derivatives | |||||||||||||||||
Fair Value | |||||||||||||||||
Balance Sheet | March 28, | December 31, | |||||||||||||||
Location | 2015 | 2014 | |||||||||||||||
Derivative instruments designated as hedges: | |||||||||||||||||
Interest rate swaps designated as fair value hedges | Other liabilities | $ | — | $ | (3 | ) | |||||||||||
Interest rate swaps designated as fair value hedges | Other assets | 1,353 | 381 | ||||||||||||||
Foreign exchange contracts designated as cash flow hedges | Other current assets | 4,009 | 960 | ||||||||||||||
Foreign exchange contracts designated as cash flow hedges | Accrued expenses | (769 | ) | (376 | ) | ||||||||||||
Total derivative instruments designated as hedging instruments | 4,593 | 962 | |||||||||||||||
Derivative instruments not designated as hedges: | |||||||||||||||||
Foreign exchange contracts | Other current assets | 877 | 2,404 | ||||||||||||||
Foreign exchange contracts | Accrued expenses | (3,529 | ) | (2,294 | ) | ||||||||||||
Total derivative instruments not designated as hedging instruments | (2,652 | ) | 110 | ||||||||||||||
Total | $ | 1,941 | $ | 1,072 | |||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Text Block] | The effect of derivative instruments on the company's consolidated statements of operations is as follows: | ||||||||||||||||
Gain (Loss) Recognized in Income | |||||||||||||||||
Quarter Ended | |||||||||||||||||
March 28, | March 29, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Fair value hedges: | |||||||||||||||||
Interest rate swaps (a) | $ | — | $ | — | |||||||||||||
Total | $ | — | $ | — | |||||||||||||
Derivative instruments not designated as hedges: | |||||||||||||||||
Foreign exchange contracts (b) | $ | 808 | $ | 1,913 | |||||||||||||
Total | $ | 808 | $ | 1,913 | |||||||||||||
Cash Flow Hedges | |||||||||||||||||
Interest Rate Swaps (c) | Foreign Exchange Contracts (d) | ||||||||||||||||
Quarter Ended March 28, 2015 | |||||||||||||||||
Effective portion: | |||||||||||||||||
Gain recognized in other comprehensive income | $ | 827 | $ | 2,682 | |||||||||||||
Loss reclassified into income | $ | (161 | ) | $ | (841 | ) | |||||||||||
Ineffective portion: | |||||||||||||||||
Gain recognized in income | $ | 69 | $ | — | |||||||||||||
Quarter Ended March 29, 2014 | |||||||||||||||||
Effective portion: | |||||||||||||||||
Loss recognized in other comprehensive income | $ | — | $ | (368 | ) | ||||||||||||
Gain (loss) reclassified into income | $ | (161 | ) | $ | 136 | ||||||||||||
Ineffective portion: | |||||||||||||||||
Gain (loss) recognized in income | $ | — | $ | — | |||||||||||||
(a) | The amount of gain (loss) recognized in income on derivatives is recorded in "Interest and other financing expense, net" in the company's consolidated statements of operations. | ||||||||||||||||
(b) | The amount of gain (loss) recognized in income on derivatives is recorded in "Cost of sales" in the company's consolidated statements of operations. | ||||||||||||||||
(c) | Both the effective and ineffective portions of any gain (loss) reclassified or recognized in income are recorded in "Interest and other financing expense, net" in the company's consolidated statements of operations. The gain (loss) amounts reclassified into income relate to the termination of swaps. | ||||||||||||||||
(d) | Both the effective and ineffective portions of any gain (loss) reclassified or recognized in income are recorded in "Cost of sales" in the company's consolidated statements of operations. |
Restructuring_Integration_and_1
Restructuring, Integration, and Other Charges (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||
Restructuring Charges [Abstract] | |||||||||||||||||
Schedule of Restructuring and Related Costs [Text Block] | The following table presents the components of the restructuring, integration, and other charges: | ||||||||||||||||
Quarter Ended | |||||||||||||||||
March 28, | March 29, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Restructuring and integration charge - current period actions | $ | 9,310 | $ | 10,169 | |||||||||||||
Restructuring and integration charges - actions taken in prior periods | 410 | 162 | |||||||||||||||
Acquisition-related expenses | 6,476 | 1,283 | |||||||||||||||
$ | 16,196 | $ | 11,614 | ||||||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | 2015 Restructuring and Integration Charge | ||||||||||||||||
The following table presents the components of the 2015 restructuring and integration charge of $9,310 and activity in the related restructuring and integration accrual for the first quarter of 2015: | |||||||||||||||||
Personnel | Facilities Costs | Other | Total | ||||||||||||||
Costs | |||||||||||||||||
Restructuring and integration charge | $ | 7,844 | $ | 664 | $ | 802 | $ | 9,310 | |||||||||
Payments | (2,034 | ) | (217 | ) | (29 | ) | (2,280 | ) | |||||||||
Non-cash usage | — | — | (607 | ) | (607 | ) | |||||||||||
Foreign currency translation | (46 | ) | — | (26 | ) | (72 | ) | ||||||||||
Balance as of March 28, 2015 | $ | 5,764 | $ | 447 | $ | 140 | $ | 6,351 | |||||||||
The restructuring and integration charge of $9,310 for the first quarter of 2015 includes personnel costs of $7,844, facilities costs of $664, and other costs of $802. These restructuring initiatives are due to the company's continued efforts to lower cost and drive operational efficiency. Integration costs are primarily related to the integration of acquired businesses within the company's pre-existing business and the consolidation of certain operations. | |||||||||||||||||
2014 Restructuring and Integration Charge | |||||||||||||||||
The following table presents the activity in the restructuring and integration accrual for the first quarter of 2015 related to the 2014 restructuring and integration: | |||||||||||||||||
Personnel | Facilities Costs | Other | Total | ||||||||||||||
Costs | |||||||||||||||||
Balance as of December 31, 2014 | $ | 8,622 | $ | 2,479 | $ | 1,247 | $ | 12,348 | |||||||||
Restructuring and integration charge | 245 | 10 | 302 | 557 | |||||||||||||
Payments | (3,460 | ) | (646 | ) | (327 | ) | (4,433 | ) | |||||||||
Non-cash usage | — | — | (409 | ) | (409 | ) | |||||||||||
Foreign currency translation | (589 | ) | (97 | ) | — | (686 | ) | ||||||||||
Balance as of March 28, 2015 | $ | 4,818 | $ | 1,746 | $ | 813 | $ | 7,377 | |||||||||
Restructuring and Integration Accruals Related to Actions Taken Prior to 2014 | |||||||||||||||||
The following table presents the activity in the restructuring and integration accruals for the first quarter of 2015 related to restructuring and integration actions taken prior to 2014: | |||||||||||||||||
Personnel | Facilities Costs | Other | Total | ||||||||||||||
Costs | |||||||||||||||||
Balance as of December 31, 2014 | $ | 2,519 | $ | 3,025 | $ | 91 | $ | 5,635 | |||||||||
Restructuring and integration charges (credits) | (368 | ) | 221 | — | (147 | ) | |||||||||||
Payments | (804 | ) | (955 | ) | (5 | ) | (1,764 | ) | |||||||||
Non-cash usage | — | (51 | ) | — | (51 | ) | |||||||||||
Foreign currency translation | (163 | ) | 13 | (9 | ) | (159 | ) | ||||||||||
Balance as of March 28, 2015 | $ | 1,184 | $ | 2,253 | $ | 77 | $ | 3,514 | |||||||||
Net_Income_per_Share_Tables
Net Income per Share (Tables) | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table presents the computation of net income per share on a basic and diluted basis (shares in thousands): | ||||||||
Quarter Ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Net income attributable to shareholders | $ | 106,058 | $ | 107,120 | |||||
Weighted-average shares outstanding - basic | 95,920 | 99,948 | |||||||
Net effect of various dilutive stock-based compensation awards | 1,205 | 1,451 | |||||||
Weighted-average shares outstanding - diluted | 97,125 | 101,399 | |||||||
Net income per share: | |||||||||
Basic | $ | 1.11 | $ | 1.07 | |||||
Diluted (a) | $ | 1.09 | $ | 1.06 | |||||
(a) | Stock-based compensation awards for the issuance of 711 and 492 shares for the first quarters of 2015 and 2014, respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive. |
Shareholders_Equity_Components
Shareholders' Equity Components of Other Comprehensive Income (Tables) | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Changes in Components of Accumulated Other Comprehensive Income [Abstract] | |||||||||
Components of Accumulated Other Comprehensive Income [Table Text Block] | The following table presents the changes in accumulated other comprehensive income (loss): | ||||||||
Quarter Ended | |||||||||
March 28, 2015 | March 29, 2014 | ||||||||
Foreign Currency Translation Adjustment: | |||||||||
Other comprehensive loss before reclassifications (a) | $ | (199,228 | ) | $ | (10,371 | ) | |||
Amounts reclassified into income | 841 | (136 | ) | ||||||
Unrealized Gain on Investment Securities, Net: | |||||||||
Other comprehensive income before reclassifications | 124 | 596 | |||||||
Amounts reclassified into income | — | — | |||||||
Unrealized Gain on Interest Rate Swaps Designated as Cash Flow Hedges, Net: | |||||||||
Other comprehensive income before reclassifications | 896 | — | |||||||
Amounts reclassified into income | 27 | 99 | |||||||
Employee Benefit Plan Items, Net: | |||||||||
Other comprehensive income before reclassifications | 34 | 36 | |||||||
Amounts reclassified into income | 808 | 517 | |||||||
Net change in accumulated other comprehensive loss | $ | (196,498 | ) | $ | (9,259 | ) | |||
(a) | Includes intra-entity foreign currency transactions that are of a long-term investment nature of $45,263 and $6,397 for the first quarters of 2015 and 2014, respectively. |
Segment_and_Geographic_Informa1
Segment and Geographic Information (Tables) | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Schedule of Segment Reporting Information, by Segment [Text Block] | Sales and operating income (loss), by segment, are as follows: | ||||||||
Quarter Ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Sales: | |||||||||
Global components | $ | 3,346,763 | $ | 3,421,181 | |||||
Global ECS | 1,655,622 | 1,660,859 | |||||||
Consolidated | $ | 5,002,385 | $ | 5,082,040 | |||||
Operating income (loss): | |||||||||
Global components | $ | 164,895 | $ | 161,146 | |||||
Global ECS | 67,517 | 64,158 | |||||||
Corporate (a) | (54,978 | ) | (47,564 | ) | |||||
Consolidated | $ | 177,434 | $ | 177,740 | |||||
(a) | Includes restructuring, integration, and other charges of $16,196 and $11,614 for the first quarters of 2015 and 2014, respectively. | ||||||||
Reconciliation of Assets from Segment to Consolidated [Text Block] | Total assets, by segment, are as follows: | ||||||||
March 28, | December 31, | ||||||||
2015 | 2014 | ||||||||
Global components | $ | 7,007,652 | $ | 6,952,342 | |||||
Global ECS | 3,525,367 | 4,761,628 | |||||||
Corporate | 611,469 | 721,331 | |||||||
Consolidated | $ | 11,144,488 | $ | 12,435,301 | |||||
Schedule Of Revenues From External Customers And Long Lived Assets By Geographical Areas Table [Text Block] | Sales, by geographic area, are as follows: | ||||||||
Quarter Ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Americas (b) | $ | 2,462,189 | $ | 2,397,432 | |||||
EMEA (c) | 1,504,924 | 1,653,912 | |||||||
Asia/Pacific | 1,035,272 | 1,030,696 | |||||||
Consolidated | $ | 5,002,385 | $ | 5,082,040 | |||||
(b) | Includes sales related to the United States of $2,250,422 and $2,174,665 for the first quarters of 2015 and 2014, respectively. | ||||||||
(c) | Defined as Europe, the Middle East, and Africa. | ||||||||
Net property, plant, and equipment, by geographic area, is as follows: | |||||||||
March 28, | December 31, | ||||||||
2015 | 2014 | ||||||||
Americas (d) | $ | 542,660 | $ | 537,967 | |||||
EMEA | 78,296 | 76,487 | |||||||
Asia/Pacific | 21,676 | 21,845 | |||||||
Consolidated | $ | 642,632 | $ | 636,299 | |||||
(d) | Includes net property, plant, and equipment related to the United States of $540,789 and $535,397 at March 28, 2015 and December 31, 2014, respectively. |
Acquisitions_Details
Acquisitions (Details) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Dec. 31, 2014 | Jun. 27, 2015 | Jun. 27, 2015 | Jun. 27, 2015 |
USD ($) | USD ($) | Series of Individually Immaterial Business Acquisitions [Member] | Series of Individually Immaterial Business Acquisitions [Member] | 2015 Acquisitions [Member] | Data Modul AG [Member] | Data Modul AG [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | |||
Acquisitions | Acquisitions | Acquisitions | |||||
Business Acquisition [Line Items] | |||||||
Payments to Acquire Businesses, Gross | $409,000 | $55,000 | € 51,800 | ||||
Business Combination, Contingent Consideration, Liability | 5,853 | ||||||
Number of Businesses Acquired | 3 | 5 | 2 | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 53.70% | 53.70% | |||||
Payments to Acquire Businesses, Net of Cash Acquired | 133,089 | 60,224 | 133,089 | 162,881 | |||
Business Combination, Other Amounts Withheld | $210 |
Cost_in_Excess_of_Net_Assets_o2
Cost in Excess of Net Assets of Companies Acquired - Goodwill (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | |
Goodwill [Roll Forward] | ||
31-Dec-14 | $2,069,209 | [1] |
Acquisitions | 90,878 | |
Foreign currency translation adjustment | -57,895 | |
28-Mar-15 | 2,102,192 | [1] |
Goodwill, Impaired, Accumulated Impairment Loss | 1,018,780 | |
Global Components [Member] | ||
Goodwill [Roll Forward] | ||
31-Dec-14 | 1,051,783 | [1] |
Acquisitions | 90,864 | |
Foreign currency translation adjustment | -4,556 | |
28-Mar-15 | 1,138,091 | [1] |
Goodwill, Impaired, Accumulated Impairment Loss | 716,925 | |
Global ECS [Member] | ||
Goodwill [Roll Forward] | ||
31-Dec-14 | 1,017,426 | [1] |
Acquisitions | 14 | |
Foreign currency translation adjustment | -53,339 | |
28-Mar-15 | 964,101 | [1] |
Goodwill, Impaired, Accumulated Impairment Loss | $301,855 | |
[1] | The total carrying value of cost in excess of net assets of companies acquired for all periods in the table above is reflected net of $1,018,780 of accumulated impairment charges, of which $716,925 was recorded in the global components business segment and $301,855 was recorded in the global ECS business segment. |
Cost_in_Excess_of_Net_Assets_o3
Cost in Excess of Net Assets of Companies Acquired - Intangibles (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Dec. 31, 2014 | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | $526,526 | $513,561 | |||
Accumulated Amortization | -184,939 | -177,850 | |||
Net | 341,587 | 335,711 | |||
Amortization of Intangible Assets | 11,107 | 10,947 | |||
Amortization of intangible assets, net of tax | 9,029 | 8,907 | |||
Amortization of intangible assets, per share basic | $0.09 | $0.09 | |||
Amortization of intangible assets, per share diluted | $0.09 | $0.09 | |||
Customer Relationships [Member] | |||||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Weighted-Average Life | 10 years | 10 years | |||
Gross Carrying Amount | 411,160 | 402,036 | |||
Accumulated Amortization | -178,098 | -171,071 | |||
Net | 233,062 | 230,965 | |||
Developed Technology [Member] | |||||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Weighted-Average Life | 5 years | 5 years | |||
Gross Carrying Amount | 13,223 | 8,806 | |||
Accumulated Amortization | -5,970 | -5,444 | |||
Net | 7,253 | 3,362 | |||
Other Intangible Assets [Member] | |||||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 1,143 | [1] | 1,719 | [1] | |
Accumulated Amortization | -871 | [1] | -1,335 | [1] | |
Net | 272 | [1] | 384 | [1] | |
Trade Names [Member] | |||||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 101,000 | 101,000 | |||
Accumulated Amortization | 0 | 0 | |||
Net | $101,000 | $101,000 | |||
Minimum [Member] | Other Intangible Assets [Member] | |||||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Useful Life | 2 years | ||||
Maximum [Member] | Other Intangible Assets [Member] | |||||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Useful Life | 3 years | ||||
[1] | Consists of non-competition agreements with useful lives ranging from two to three years. |
Investments_in_Affiliated_Comp2
Investments in Affiliated Companies (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Dec. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | |||
Investments in affiliated companies | $72,603 | $69,124 | |
Equity in earnings of affiliated companies | 1,313 | 1,417 | |
Equity Method Investment Pro Rata Share Of Debt Obligations Of Joint Venture | 400 | ||
Marubun/Arrow [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Investments in affiliated companies | 59,796 | 58,617 | |
Equity in earnings of affiliated companies | 1,144 | 1,148 | |
Altech Industries [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Investments in affiliated companies | 10,242 | 10,507 | |
Equity in earnings of affiliated companies | 131 | 269 | |
Other joint ventures [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Investments in affiliated companies | 2,565 | 0 | |
Equity in earnings of affiliated companies | $38 | $0 |
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | Mar. 28, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ||
Accounts receivable | $4,926,471 | $6,103,038 |
Allowances for doubtful accounts | -51,987 | -59,188 |
Accounts receivable, net | $4,874,484 | $6,043,850 |
Debt_ST_Debt_Details
Debt - ST Debt (Details) (USD $) | Mar. 28, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Short-term Debt [Line Items] | ||
Debt, Current | $13,642 | $13,454 |
Short-term Debt, Weighted Average Interest Rate | 2.40% | 3.80% |
Short-term borrowings in various countries [Member] | ||
Short-term Debt [Line Items] | ||
Debt, Current | $13,642 | $13,454 |
Debt_LT_Debt_Details
Debt - LT Debt (Details) (USD $) | 3 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||
Long-term debt | $2,456,575 | $2,067,898 | |
Redemption of Notes, Principal Amount | 250,000 | ||
Net proceeds from note offering | 688,162 | 0 | |
Loss on prepayment of debt | 2,943 | ||
Loss on prepayment of debt, net of tax | 1,808 | ||
Loss on prepayment of debt, net of tax per share on a basic basis | $0.02 | ||
Loss on prepayment of debt, net of tax per share on a diluted basis | $0.02 | ||
Accounts receivable, net | 4,874,484 | 6,043,850 | |
Investment Income, Interest and Dividend | 972 | 779 | |
Revolving Credit Facility due in 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 151,600 | 0 | |
Debt Instrument, Basis Spread on Variable Rate | 1.30% | ||
Debt Instrument, Interest Rate, Effective Percentage | 1.47% | ||
Line of Credit Facility, Commitment Fee Percentage | 0.20% | ||
Line of Credit Facility, Maximum Borrowing Capacity | 1,500,000 | ||
Asset securitization program [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 75,000 | 275,000 | |
Debt Instrument, Interest Rate, Effective Percentage | 0.57% | ||
Asset Securitization Program Maximum Capacity | 900,000 | ||
Asset Securitization Program Interest Rate Spread At End of Period | 0.40% | ||
Asset Securitization Program Facility Fee | 0.40% | ||
Accounts receivable, net | 1,529,577 | 2,060,589 | |
3.375% notes, due 2015 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 0 | 251,955 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.38% | ||
Debt Instrument, Fair Value | 0 | 255,000 | |
Senior Debentures Due in 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 198,540 | 198,424 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.88% | ||
Debt Instrument, Fair Value | 228,000 | 232,000 | |
3.00% notes, due 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 297,603 | 297,408 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | ||
Debt Instrument, Fair Value | 309,000 | 309,000 | |
6.00% notes, due 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 298,744 | 298,680 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||
Debt Instrument, Fair Value | 339,000 | 339,000 | |
5.125% notes, due 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 248,357 | 248,287 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.13% | ||
Debt Instrument, Fair Value | 277,500 | 277,500 | |
3.50% notes, due in 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 344,547 | 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | ||
Debt Instrument, Fair Value | 350,000 | 0 | |
4.50% notes, due 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 295,870 | 295,765 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | ||
Debt Instrument, Fair Value | 318,000 | 321,000 | |
4.00% notes, due in 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 343,710 | 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ||
Debt Instrument, Fair Value | 350,000 | 0 | |
7.5% senior debentures, due 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 198,256 | 198,219 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | ||
Debt Instrument, Fair Value | 246,000 | 254,000 | |
Interest rate swaps designated as fair value hedges [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 1,353 | 378 | |
Other obligations with various interest rates and due dates [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 2,995 | 3,782 | |
Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $100,000 |
Financial_Instruments_Measured2
Financial Instruments Measured at Fair Value - Fair Value Hierarchy (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Mar. 28, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $99,000 | |
Available-for-sale securities | 38,946 | 38,109 |
Interest rate swaps | 1,353 | 378 |
Foreign exchange contracts | 588 | 694 |
Contingent consideration | -3,361 | -6,202 |
Total Fair Value Assets And Liabilities Measured On Recurring Basis | 37,526 | 131,979 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 99,000 | |
Available-for-sale securities | 38,946 | 38,109 |
Interest rate swaps | 0 | 0 |
Foreign exchange contracts | 0 | 0 |
Contingent consideration | 0 | 0 |
Total Fair Value Assets And Liabilities Measured On Recurring Basis | 38,946 | 137,109 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Available-for-sale securities | 0 | 0 |
Interest rate swaps | 1,353 | 378 |
Foreign exchange contracts | 588 | 694 |
Contingent consideration | 0 | 0 |
Total Fair Value Assets And Liabilities Measured On Recurring Basis | 1,941 | 1,072 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Available-for-sale securities | 0 | 0 |
Interest rate swaps | 0 | 0 |
Foreign exchange contracts | 0 | 0 |
Contingent consideration | -3,361 | -6,202 |
Total Fair Value Assets And Liabilities Measured On Recurring Basis | ($3,361) | ($6,202) |
Financial_Instruments_Measured3
Financial Instruments Measured at Fair Value - Unobservable Inputs Reconciliation (Details) (Fair Value, Inputs, Level 3 [Member], Fair Value, Measurements, Recurring [Member], Contingent Consideration [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Contingent Consideration [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance as of December 31, 2014 | ($6,202) | |
Fair value of initial contingent consideration | 0 | |
Change in fair value of contingent consideration included in earnings | -325 | |
Payment of contingent consideration | 3,000 | [1] |
Foreign currency translation adjustment | 166 | |
Balance as of March 28, 2015 | ($3,361) | |
[1] | Contingent consideration payment relates to an acquisition completed prior to 2015. |
Financial_Instruments_Measured4
Financial Instruments Measured at Fair Value - AFS (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Dec. 31, 2014 |
Marubun [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available For Sale Investment Ownership Percentage | 8.40% | |
Cost basis | $10,016 | $10,016 |
Unrealized holding gain | 5,544 | 6,174 |
Fair value | 15,560 | 16,190 |
Mutual Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost basis | 16,868 | 16,233 |
Unrealized holding gain | 6,518 | 5,686 |
Fair value | $23,386 | $21,919 |
Financial_Instruments_Measured5
Financial Instruments Measured at Fair Value - Derivatives (Details) (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Dec. 31, 2014 | ||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount | $325,464 | $401,048 | |||
Derivative, Fair Value, Net | 1,941 | 1,072 | |||
Designated as Hedging Instrument [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Fair Value, Net | 4,593 | 962 | |||
Not Designated as Hedging Instrument [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Fair Value, Net | -2,652 | 110 | |||
3.375% notes, due 2015 [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.38% | ||||
Notes Due in 2020 [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||||
Senior Debentures Due in 2018 [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.88% | ||||
Interest Rate Swaps Converting Notes Due in 2015 [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount | 200,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.98% | ||||
Cash received upon termination of 2015 swaps | 896 | ||||
Derivative Instrument Gain (Loss) Reclassified into Income, Net | 8 | ||||
Interest rate swaps designated as fair value hedges [Member] | Notes Due in 2020 [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount | 50,000 | ||||
Derivative, Fair Value, Net | 984 | ||||
Debt Instrument, Interest Rate, Effective Percentage | 4.30% | ||||
Interest rate swaps designated as fair value hedges [Member] | Senior Debentures Due in 2018 [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount | 50,000 | ||||
Derivative, Fair Value, Net | 369 | ||||
Debt Instrument, Interest Rate, Effective Percentage | 5.63% | ||||
Interest Rate Swap [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 0 | [1] | 0 | [1] | |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 0 | [1] | 0 | [1] | |
Foreign Exchange Contract [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 808 | [2] | 1,913 | [2] | |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 808 | [2] | 1,913 | [2] | |
Foreign Exchange Contract [Member] | Other Current Assets [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Fair Value, Net | 877 | 2,404 | |||
Foreign Exchange Contract [Member] | Accrued Liabilities [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Fair Value, Net | -3,529 | -2,294 | |||
Interest rate swaps designated as fair value hedges [Member] | Interest Rate Swap [Member] | Other Liabilities [Member] | Designated as Hedging Instrument [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Fair Value, Net | 0 | -3 | |||
Interest rate swaps designated as fair value hedges [Member] | Interest Rate Swap [Member] | Other Assets [Member] | Designated as Hedging Instrument [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Fair Value, Net | 1,353 | 381 | |||
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net | 827 | [3] | 0 | [3] | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -161 | [3] | -161 | [3] | |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 69 | [3] | 0 | [3] | |
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net | 2,682 | [4] | -368 | [4] | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -841 | [4] | 136 | [4] | |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | [4] | 0 | [4] | |
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | Other Current Assets [Member] | Designated as Hedging Instrument [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Fair Value, Net | 4,009 | 960 | |||
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | Accrued Liabilities [Member] | Designated as Hedging Instrument [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Fair Value, Net | -769 | -376 | |||
Contingent Consideration [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Fair Value Measurement Contingent Consideration-Current | 3,361 | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $8,400 | ||||
[1] | The amount of gain (loss) recognized in income on derivatives is recorded in "Interest and other financing expense, net" in the company's consolidated statements of operations. | ||||
[2] | The amount of gain (loss) recognized in income on derivatives is recorded in "Cost of sales" in the company's consolidated statements of operations. | ||||
[3] | Both the effective and ineffective portions of any gain (loss) reclassified or recognized in income are recorded in "Interest and other financing expense, net" in the company's consolidated statements of operations. | ||||
[4] | Both the effective and ineffective portions of any gain (loss) reclassified or recognized in income are recorded in "Cost of sales" in the company's consolidated statements of operations. |
Restructuring_Integration_and_2
Restructuring, Integration, and Other Charges (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring, integration, and other charges | $16,196 | $11,614 |
Restructuring, integration, and other charges, net | 12,569 | 8,020 |
Restructuring Charges Net of Tax Per Share Basic | $0.13 | $0.08 |
Restructuring Charges Net of Tax Per Share Diluted | $0.13 | $0.08 |
Restructuring Charges 2015 Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring, integration, and other charges | 9,310 | |
Restructuring Charges 2015 Plan [Member] | Employee Severance [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring, integration, and other charges | 7,844 | |
Restructuring Charges 2015 Plan [Member] | Facility Closing [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring, integration, and other charges | 664 | |
Restructuring Charges 2015 Plan [Member] | Other Restructuring [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring, integration, and other charges | 802 | |
Restructuring Charges 2014 Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring, integration, and other charges | 557 | 10,169 |
Restructuring Charges 2014 Plan [Member] | Employee Severance [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring, integration, and other charges | 245 | |
Restructuring Charges 2014 Plan [Member] | Facility Closing [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring, integration, and other charges | 10 | |
Restructuring Charges 2014 Plan [Member] | Other Restructuring [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring, integration, and other charges | 302 | |
Restructuring Charges From Prior to 2014 [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring, integration, and other charges | -147 | |
Restructuring Charges From Prior to 2014 [Member] | Employee Severance [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring, integration, and other charges | -368 | |
Restructuring Charges From Prior to 2014 [Member] | Facility Closing [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring, integration, and other charges | 221 | |
Restructuring Charges From Prior to 2014 [Member] | Other Restructuring [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring, integration, and other charges | 0 | |
Restructuring Charges From Prior Periods [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring, integration, and other charges | 410 | 162 |
Restructuring Charges From Acquisitions [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring, integration, and other charges | $6,476 | $1,283 |
Restructuring_Integration_and_3
Restructuring, Integration, and Other Charges - Accrual (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Restructuring Reserve [Roll Forward] | ||
Restructuring, integration, and other charges | $16,196 | $11,614 |
Restructuring Reserve | 17,242 | |
Employee Severance [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 11,766 | |
Number of Years for the Personnel Accrual to Be Spent | 1 | |
Facility Closing [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 4,446 | |
Restructuring Reserve Scheduled Lease Payments Current Year | 3,086 | |
Restructuring Reserve Scheduled Lease Payments Year One | 1,034 | |
Restructuring Reserve Scheduled Lease Payments Year Two | 134 | |
Restructuring Reserve Scheduled Lease Payments Year Three | 192 | |
Other Restructuring [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 1,030 | |
Number of Years for the Other Accrual to Be Spent | 1 | |
Restructuring Charges 2015 Plan [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring, integration, and other charges | 9,310 | |
Payments for Restructuring | -2,280 | |
Restructuring Reserve, Settled without Cash | -607 | |
Restructuring Reserve, Translation Adjustment | -72 | |
Restructuring Reserve | 6,351 | |
Restructuring Charges 2015 Plan [Member] | Employee Severance [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring, integration, and other charges | 7,844 | |
Payments for Restructuring | -2,034 | |
Restructuring Reserve, Settled without Cash | 0 | |
Restructuring Reserve, Translation Adjustment | -46 | |
Restructuring Reserve | 5,764 | |
Restructuring Charges 2015 Plan [Member] | Facility Closing [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring, integration, and other charges | 664 | |
Payments for Restructuring | -217 | |
Restructuring Reserve, Settled without Cash | 0 | |
Restructuring Reserve, Translation Adjustment | 0 | |
Restructuring Reserve | 447 | |
Restructuring Charges 2015 Plan [Member] | Other Restructuring [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring, integration, and other charges | 802 | |
Payments for Restructuring | -29 | |
Restructuring Reserve, Settled without Cash | -607 | |
Restructuring Reserve, Translation Adjustment | -26 | |
Restructuring Reserve | 140 | |
Restructuring Charges 2014 Plan [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 12,348 | |
Restructuring, integration, and other charges | 557 | 10,169 |
Payments for Restructuring | -4,433 | |
Restructuring Reserve, Settled without Cash | -409 | |
Restructuring Reserve, Translation Adjustment | -686 | |
Restructuring Reserve | 7,377 | |
Restructuring Charges 2014 Plan [Member] | Employee Severance [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 8,622 | |
Restructuring, integration, and other charges | 245 | |
Payments for Restructuring | -3,460 | |
Restructuring Reserve, Settled without Cash | 0 | |
Restructuring Reserve, Translation Adjustment | -589 | |
Restructuring Reserve | 4,818 | |
Restructuring Charges 2014 Plan [Member] | Facility Closing [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 2,479 | |
Restructuring, integration, and other charges | 10 | |
Payments for Restructuring | -646 | |
Restructuring Reserve, Settled without Cash | 0 | |
Restructuring Reserve, Translation Adjustment | -97 | |
Restructuring Reserve | 1,746 | |
Restructuring Charges 2014 Plan [Member] | Other Restructuring [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 1,247 | |
Restructuring, integration, and other charges | 302 | |
Payments for Restructuring | -327 | |
Restructuring Reserve, Settled without Cash | -409 | |
Restructuring Reserve, Translation Adjustment | 0 | |
Restructuring Reserve | 813 | |
Restructuring Charges From Prior to 2014 [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 5,635 | |
Restructuring, integration, and other charges | -147 | |
Payments for Restructuring | -1,764 | |
Restructuring Reserve, Settled without Cash | -51 | |
Restructuring Reserve, Translation Adjustment | -159 | |
Restructuring Reserve | 3,514 | |
Restructuring Charges From Prior to 2014 [Member] | Employee Severance [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 2,519 | |
Restructuring, integration, and other charges | -368 | |
Payments for Restructuring | -804 | |
Restructuring Reserve, Settled without Cash | 0 | |
Restructuring Reserve, Translation Adjustment | -163 | |
Restructuring Reserve | 1,184 | |
Restructuring Charges From Prior to 2014 [Member] | Facility Closing [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 3,025 | |
Restructuring, integration, and other charges | 221 | |
Payments for Restructuring | -955 | |
Restructuring Reserve, Settled without Cash | -51 | |
Restructuring Reserve, Translation Adjustment | 13 | |
Restructuring Reserve | 2,253 | |
Restructuring Charges From Prior to 2014 [Member] | Other Restructuring [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 91 | |
Restructuring, integration, and other charges | 0 | |
Payments for Restructuring | -5 | |
Restructuring Reserve, Settled without Cash | 0 | |
Restructuring Reserve, Translation Adjustment | -9 | |
Restructuring Reserve | $77 |
Net_Income_per_Share_Details
Net Income per Share (Details) (USD $) | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | ||
Earnings Per Share, Diluted [Line Items] | ||||
Net income attributable to shareholders | $106,058 | $107,120 | ||
Weighted average shares outstanding - basic | 95,920 | 99,948 | ||
Net effect of various dilutive stock-based compensation awards | 1,205 | 1,451 | ||
Weighted average shares outstanding - diluted | 97,125 | 101,399 | ||
Net income per share: | ||||
Basic | $1.11 | $1.07 | ||
Diluted | $1.09 | [1] | $1.06 | [1] |
Stock Compensation Plan [Member] | ||||
Net income per share: | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 711 | 492 | ||
[1] | Stock-based compensation awards for the issuance of 711 and 492 shares for the first quarters of 2015 and 2014, respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive. |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 3 Months Ended | 11 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Dec. 12, 2014 | 31-May-14 | 21-May-14 | ||
Changes In Components Of OCI [Line Items] | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment | ($198,387) | ($10,507) | ||||||
Other Comprehensive Income (Loss) Unrealized gain (loss) on investment securities, net | 124 | 596 | ||||||
Other Comprehensive Income (Loss), Unrealized Gain on Derivatives Arising During Period, Net | 923 | 99 | ||||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | -842 | -553 | ||||||
Net change in accumulated other comprehensive income (loss) | -196,498 | -9,259 | ||||||
Stock Repurchase Program, Authorized Amount | 200,000 | 200,000 | 400,000 | |||||
Treasury Stock, Shares, Acquired | 1,064,019 | 3,651,708 | ||||||
Treasury Stock, Value, Acquired, Cost Method | 64,147 | 202,903 | ||||||
Other comprehensive income before reclassifications [Member] | ||||||||
Changes In Components Of OCI [Line Items] | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment | -199,228 | [1] | -10,371 | [1] | ||||
Other Comprehensive Income (Loss) Unrealized gain (loss) on investment securities, net | 124 | 596 | ||||||
Other Comprehensive Income (Loss), Unrealized Gain on Derivatives Arising During Period, Net | 896 | 0 | ||||||
Other Comprehensive Income (loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (loss) Recognized in Net Periodic Benefit Cost, After Tax | 34 | 36 | ||||||
Other comprehensive income before reclassifications [Member] | Intra-entity foreign currency transactions [Member] | ||||||||
Changes In Components Of OCI [Line Items] | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment | 45,263 | 6,397 | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
Changes In Components Of OCI [Line Items] | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment | 841 | -136 | ||||||
Other Comprehensive Income (Loss) Unrealized gain (loss) on investment securities, net | 0 | 0 | ||||||
Other Comprehensive Income (Loss), Unrealized Gain on Derivatives Arising During Period, Net | 27 | 99 | ||||||
Other Comprehensive Income (loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (loss) Recognized in Net Periodic Benefit Cost, After Tax | $808 | $517 | ||||||
[1] | Includes intra-entity foreign currency transactions that are of a long-term investment nature of $45,263 and $6,397 for the first quarters of 2015 and 2014, respectively. |
Contingencies_Details
Contingencies (Details) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Dec. 31, 2012 | Mar. 28, 2015 | Mar. 28, 2015 | Mar. 28, 2015 | Mar. 28, 2015 |
USD ($) | USD ($) | Huntsville Site [Member] | Huntsville Site [Member] | Norco Site [Member] | Tekelec Matter [Member] | |
USD ($) | Investigation Report [Member] | Remediation, Project Management, Regulatory Oversight, and Investigative and Feasability Studies [Member] | EUR (€) | |||
USD ($) | USD ($) | |||||
Site Contingency [Line Items] | ||||||
Litigation Settlement, Gross | $110,000 | |||||
Environmental Costs Recovered | 37,000 | |||||
Environmental Remediation Expense To Date | 4,000 | 47,000 | ||||
Additional Expected Project Expenditures Low Estimate | 3,000 | 500 | 16,800 | |||
Additional Expected Project Expenditures High Estimate | 4,000 | 750 | 24,500 | |||
Loss Contingency, Range of Possible Loss, Maximum | 11,333 | |||||
Loss Contingency Damages Sought Value | 3,742 | |||||
Loss Contingency, Expenses Sought, Value | € 312 |
Segment_and_Geographic_Informa2
Segment and Geographic Information (Details) (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Dec. 31, 2014 | ||
Sales: | |||||
Sales | $5,002,385 | $5,082,040 | |||
Operating income (loss): | |||||
Operating income (loss) | 177,434 | 177,740 | |||
Restructuring, integration, and other charges | 16,196 | 11,614 | |||
Assets | 11,144,488 | 12,435,301 | |||
Global Components [Member] | |||||
Sales: | |||||
Sales | 3,346,763 | 3,421,181 | |||
Operating income (loss): | |||||
Operating income (loss) | 164,895 | 161,146 | |||
Assets | 7,007,652 | 6,952,342 | |||
Global ECS [Member] | |||||
Sales: | |||||
Sales | 1,655,622 | 1,660,859 | |||
Operating income (loss): | |||||
Operating income (loss) | 67,517 | 64,158 | |||
Assets | 3,525,367 | 4,761,628 | |||
Corporate Segment [Member] | |||||
Operating income (loss): | |||||
Operating income (loss) | -54,978 | [1] | -47,564 | [1] | |
Assets | $611,469 | $721,331 | |||
[1] | Includes restructuring, integration, and other charges of $16,196 and $11,614 for the first quarters of 2015 and 2014, respectively. |
Segment_and_Geographic_Informa3
Segment and Geographic Information - Geographic Sales & PP&E (Details) (USD $) | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Dec. 31, 2014 | |||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||
Sales | $5,002,385 | $5,082,040 | ||||
Property, plant, and equipment, net | 642,632 | 636,299 | ||||
Americas [Member] | ||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||
Sales | 2,462,189 | [1] | 2,397,432 | [1] | ||
Property, plant, and equipment, net | 542,660 | [2] | 537,967 | [2] | ||
EMEA [Member] | ||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||
Sales | 1,504,924 | 1,653,912 | ||||
Property, plant, and equipment, net | 78,296 | 76,487 | ||||
Asia Pacific [Member] | ||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||
Sales | 1,035,272 | 1,030,696 | ||||
Property, plant, and equipment, net | 21,676 | 21,845 | ||||
United States [Member] | ||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||
Sales | 2,250,422 | 2,174,665 | ||||
Property, plant, and equipment, net | $540,789 | $535,397 | ||||
[1] | Includes sales related to the United States of $2,250,422 and $2,174,665 for the first quarters of 2015 and 2014, respectively. | |||||
[2] | Includes net property, plant, and equipment related to the United States of $540,789 and $535,397 at MarchB 28, 2015 and DecemberB 31, 2014, respectively. |