XML 25 R13.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Debt | 9 Months Ended
--- | ---
Oct. 01, 2016
Debt Disclosure [Abstract] |
Debt [Text Block] | Debt At October 1, 2016 and December 31, 2015, short-term borrowings of $77,348 and $44,024, respectively, were primarily utilized to support the working capital requirements. The weighted-average interest rate on these borrowings was 2.23% and 3.30% at October 1, 2016 and December 31, 2015, respectively. Long-term debt consists of the following:
|  | October 1, 2016 |  | December 31, 2015
Revolving credit facility |  | $ | — |  |  | $ | 72,000 |
Asset securitization program |  | 467,000 |  |  | 75,000 |
6.875% senior debentures, due 2018 |  | 199,233 |  |  | 198,886 |
3.00% notes, due 2018 |  | 298,807 |  |  | 298,197 |
6.00% notes, due 2020 |  | 299,121 |  |  | 298,932 |
5.125% notes, due 2021 |  | 248,774 |  |  | 248,566 |
3.50% notes, due 2022 |  | 345,595 |  |  | 345,061 |
4.50% notes, due 2023 |  | 296,531 |  |  | 296,194 |
4.00% notes, due 2025 |  | 344,490 |  |  | 344,092 |
7.50% senior debentures, due 2027 |  | 198,477 |  |  | 198,366 |
Interest rate swaps designated as fair value hedges |  | 1,373 |  |  | 711 |
Other obligations with various interest rates and due dates |  | 5,450 |  |  | 4,570 |
|  | $ | 2,704,851 |  |  | $ | 2,380,575 |
The 7.50% senior debentures are not redeemable prior to their maturity. The 6.875% senior debentures, 3.00% notes, 6.00% notes, 5.125% notes, 3.50% notes, 4.50% notes, and 4.00% notes may be called at the option of the company subject to "make whole" clauses. The estimated fair market value, using quoted market prices, is as follows:
|  | October 1, 2016 |  | December 31, 2015
6.875% senior debentures, due 2018 |  | $ | 214,000 |  |  | $ | 218,000 |
3.00% notes, due 2018 |  | 304,500 |  |  | 303,000 |
6.00% notes, due 2020 |  | 331,500 |  |  | 330,000 |
5.125% notes, due 2021 |  | 271,500 |  |  | 267,500 |
3.50% notes, due 2022 |  | 358,000 |  |  | 343,000 |
4.50% notes, due 2023 |  | 319,500 |  |  | 309,000 |
4.00% notes, due 2025 |  | 359,500 |  |  | 336,000 |
7.50% senior debentures, due 2027 |  | 247,000 |  |  | 238,000 |
The carrying amount of the company's short-term borrowings in various countries, revolving credit facility, asset securitization program, and other obligations approximate their fair value. The company has a $1,500,000 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 October 1, 2016), which is based on the company's credit ratings, or an effective interest rate of 1.72% at October 1, 2016. The facility fee, which is based on the company's credit ratings, was .20% at October 1, 2016. There were no outstanding borrowings under the revolving credit facility at October 1, 2016. The company had $72,000 in outstanding borrowings under the revolving credit facility at December 31, 2015. The company has an asset securitization program collateralized by accounts receivable of certain of its subsidiaries. In September 2016, the company amended its asset securitization program and, among other things, increased its borrowing capacity from $900,000 to $910,000 and extended its term to mature in September 2019. The asset securitization program is conducted through Arrow Electronics Funding Corporation ("AFC"), a wholly-owned, bankruptcy remote subsidiary. The asset securitization program does not qualify for true sale treatment. Accordingly, the accounts receivable and related debt obligation remain on the company's consolidated balance sheets. Interest on borrowings is calculated using a base rate or a commercial paper rate plus a spread (.40% at October 1, 2016), which is based on the company's credit ratings, or an effective interest rate of 1.07% at October 1, 2016. The facility fee is .40%. At October 1, 2016 and December 31, 2015, the company had $467,000 and $75,000, respectively, in outstanding borrowings under the asset securitization program, which was included in "Long-term debt" in the company's consolidated balance sheets. Total collateralized accounts receivable of approximately $1,631,581 and $1,871,831, 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 October 1, 2016 and is currently not aware of any events that would cause non-compliance with any covenants in the future. During February 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 February 2015, the company redeemed $250,000 principal amount of its 3.375% notes due November 2015. The related loss on the redemption for 2015 was $2,943 and was recognized as a loss on prepayment of debt, which was included in "Other expense, net" in the company's consolidated statements of operations. The company has a $100,000 uncommitted line of credit. There were no outstanding borrowings under the uncommitted line of credit at October 1, 2016 and December 31, 2015. Interest and other financing expense, net, includes interest and dividend income of $1,874 and $5,264 for the third quarter and first nine months of 2016, respectively. Interest and other financing expense, net, includes interest and dividend income of $1,299 and $3,761 for the third quarter and first nine months of 2015, 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 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration