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Debt | 9 Months Ended
--- | ---
Sep. 27, 2014
Debt Disclosure [Abstract] |
Debt [Text Block] | Debt At September 27, 2014 and December 31, 2013, short-term borrowings of $17,473 and $23,878, were primarily utilized to support the working capital requirements of certain international operations. The weighted average interest rate on these borrowings at September 27, 2014 and December 31, 2013 were 3.6% and 4.5%, respectively. Long-term debt consists of the following:
|  | September 27, 2014 |  | December 31, 2013
Revolving credit facility |  | $ | 49,800 |  |  | $ | — |
Asset securitization program |  | 360,000 |  |  | 420,000 |
3.375% notes, due 2015 |  | 252,957 |  |  | 255,004 |
6.875% senior debentures, due 2018 |  | 199,235 |  |  | 199,078 |
3.00% notes, due 2018 |  | 298,914 |  |  | 298,691 |
6.00% notes, due 2020 |  | 299,951 |  |  | 299,945 |
5.125% notes, due 2021 |  | 249,494 |  |  | 249,435 |
4.50% notes, due 2023 |  | 297,913 |  |  | 297,767 |
7.50% senior debentures, due 2027 |  | 198,275 |  |  | 198,170 |
Interest rate swaps designated as fair value hedges |  | (579 | ) |  | — |
Other obligations with various interest rates and due dates |  | 5,077 |  |  | 8,042 |
|  | $ | 2,211,037 |  |  | $ | 2,226,132 |
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, and 4.50% 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:
|  | September 27, 2014 |  | December 31, 2013
3.375% notes, due 2015 |  | $ | 255,000 |  |  | $ | 260,000 |
6.875% senior debentures, due 2018 |  | 228,000 |  |  | 228,000 |
3.00% notes, due 2018 |  | 309,000 |  |  | 300,000 |
6.00% notes, due 2020 |  | 339,000 |  |  | 330,000 |
5.125% notes, due 2021 |  | 270,000 |  |  | 260,000 |
4.50% notes, due 2023 |  | 309,000 |  |  | 291,000 |
7.50% senior debentures, due 2027 |  | 242,000 |  |  | 232,000 |
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 September 27, 2014), which is based on the company's credit ratings, or an effective interest rate of 1.40% at September 27, 2014. The facility fee is .20%. At September 27, 2014, the company had $49,800 in outstanding borrowings under the revolving credit facility. There were no outstanding borrowings under the revolving credit facility at December 31, 2013. The company has an asset securitization program collateralized by accounts receivable of certain of its subsidiaries. In March 2014, the company amended its asset securitization program and, among other things, increased its borrowing capacity from $775,000 to $900,000 and extended its term to mature 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 September 27, 2014), which is based on the company's credit ratings, or an effective interest rate of .62% at September 27, 2014. The facility fee is .40%. At September 27, 2014 and December 31, 2013, the company had $360,000 and $420,000, 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 $1,543,118 and $1,867,552, 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, limit the company's ability to pay cash dividends or repurchase stock, and require that certain financial ratios be maintained at designated levels. The company was in compliance with all covenants as of September 27, 2014 and is currently not aware of any events that would cause non-compliance with any covenants in the future. In April 2014, the company entered into an agreement for an uncommitted line of credit. In September 2014, the company amended its uncommitted line of credit to increase its borrowing capacity from $70,000 to $100,000. There were no outstanding borrowings under the uncommitted line of credit at September 27, 2014. During the first nine months of 2013, the company completed the sale of $300,000 principal amount of 3.00% notes due in 2018 and $300,000 principal amount of 4.50% notes due in 2023. The net proceeds of the offering of $591,156 were used to refinance the company's 6.875% senior notes due July 2013 and for general corporate purposes. During the first nine months of 2013, the company redeemed $332,107 principal amount of its 6.875% senior notes due July 2013. The related loss on the redemption for the first nine months of 2013 aggregated $4,277 ($2,627 net of related taxes or $.03 per share on both a basic and diluted basis) and was recognized as a loss on prepayment of debt in the company's consolidated statements of operations. Interest and other financing expense, net, includes interest and dividend income of $2,369 and $3,898 for the third quarter and first nine months of 2014 and $3,272 and $4,392 for the third quarter and first nine months of 2013, respectively.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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