XML 52 R13.htm IDEA: XBRL DOCUMENT
v3.2.0.727

Debt | 6 Months Ended
--- | ---
Jun. 27, 2015
Debt Disclosure [Abstract] |
Debt [Text Block] | Debt At June 27, 2015 and December 31, 2014, short-term borrowings of $86,806 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 June 27, 2015 and December 31, 2014 were 1.4% and 3.8%, respectively. Long-term debt consists of the following:
|  | June 27, 2015 |  | December 31, 2014
Revolving credit facility |  | $ | 19,400 |  |  | $ | — |
Asset securitization program |  | 290,000 |  |  | 275,000 |
3.375% notes, due 2015 |  | — |  |  | 251,955 |
6.875% senior debentures, due 2018 |  | 198,655 |  |  | 198,424 |
3.00% notes, due 2018 |  | 297,799 |  |  | 297,408 |
6.00% notes, due 2020 |  | 298,807 |  |  | 298,680 |
5.125% notes, due 2021 |  | 248,427 |  |  | 248,287 |
3.50% notes, due 2022 |  | 344,714 |  |  | — |
4.50% notes, due 2023 |  | 295,976 |  |  | 295,765 |
4.00% notes, due 2025 |  | 343,833 |  |  | — |
7.50% senior debentures, due 2027 |  | 198,292 |  |  | 198,219 |
Interest rate swaps designated as fair value hedges |  | 551 |  |  | 378 |
Other obligations with various interest rates and due dates |  | 7,934 |  |  | 3,782 |
|  | $ | 2,544,388 |  |  | $ | 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:
|  | June 27, 2015 |  | December 31, 2014
3.375% notes, due 2015 |  | $ | — |  |  | $ | 255,000 |
6.875% senior debentures, due 2018 |  | 224,000 |  |  | 232,000 |
3.00% notes, due 2018 |  | 306,000 |  |  | 309,000 |
6.00% notes, due 2020 |  | 333,000 |  |  | 339,000 |
5.125% notes, due 2021 |  | 265,000 |  |  | 277,500 |
3.50% notes, due 2022 |  | 343,000 |  |  | — |
4.50% notes, due 2023 |  | 300,000 |  |  | 321,000 |
4.00% notes, due 2025 |  | 343,000 |  |  | — |
7.50% senior debentures, due 2027 |  | 236,000 |  |  | 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 June 27, 2015), which is based on the company's credit ratings, or an effective interest rate of 1.42% at June 27, 2015. The facility fee is .20%. At June 27, 2015, the company had $19,400 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 June 27, 2015), which is based on the company's credit ratings, or an effective interest rate of .63% at June 27, 2015. The facility fee is .40%. At June 27, 2015 and December 31, 2014, the company had $290,000 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 $1,534,198 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 June 27, 2015 and is currently not aware of any events that would cause non-compliance with any covenants in the future. During the first six months 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 six months 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 six months 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 June 27, 2015 and December 31, 2014. Interest and other financing expense, net, includes interest and dividend income of $1,489 and $2,462 for the second quarter and first six months of 2015 and $750 and $1,529 for the second quarter and first six months of 2014, respectively.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 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 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration