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Debt | 9 Months Ended
--- | ---
Sep. 30, 2017
Debt Disclosure [Abstract] |
Debt [Text Block] | Debt Short-term borrowings, including current portion of long-term debt, consists of the following:
|  | September 30, 2017 |  | December 31, 2016
3.00% notes, due 2018 |  | $ | 299,643 |  |  | $ | — |
Other short-term borrowings |  | 80,565 |  |  | 93,827 |
|  | $ | 380,208 |  |  | $ | 93,827 |
Other short-term borrowings are primarily utilized to support working capital requirements. The weighted-average interest rate on these borrowings was 2.7% and 2.4% at September 30, 2017 and December 31, 2016, respectively. Long-term debt consists of the following:
|  | September 30, 2017 |  | December 31, 2016
Revolving credit facility |  | $ | 96,200 |  |  | $ | — |
Asset securitization program |  | 255,000 |  |  | 460,000 |
6.875% senior debentures, due 2018 |  | — |  |  | 199,348 |
3.00% notes, due 2018 |  | — |  |  | 299,013 |
6.00% notes, due 2020 |  | 208,928 |  |  | 299,183 |
5.125% notes, due 2021 |  | 130,364 |  |  | 248,843 |
3.50% notes, due 2022 |  | 346,330 |  |  | 345,776 |
4.50% notes, due 2023 |  | 297,001 |  |  | 296,646 |
3.25% notes, due 2024 |  | 492,846 |  |  | — |
4.00% notes, due 2025 |  | 345,040 |  |  | 344,625 |
7.50% senior debentures, due 2027 |  | 109,673 |  |  | 198,514 |
3.875% notes, due 2028 |  | 493,449 |  |  | — |
Interest rate swaps designated as fair value hedges |  | 180 |  |  | 152 |
Other obligations with various interest rates and due dates |  | 27,949 |  |  | 4,234 |
|  | $ | 2,802,960 |  |  | $ | 2,696,334 |
The 7.50% senior debentures are not redeemable prior to their maturity. The 3.00% notes, 6.00% notes, 5.125% notes, 3.50% notes, 4.50% notes, 3.25% notes, 4.00% notes, and 3.875% notes, 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 30, 2017 |  | December 31, 2016
6.875% senior debentures, due 2018 |  | $ | — |  |  | $ | 212,500 |
3.00% notes, due 2018 |  | 301,500 |  |  | 303,500 |
6.00% notes, due 2020 |  | 226,500 |  |  | 325,500 |
5.125% notes, due 2021 |  | 140,500 |  |  | 265,500 |
3.50% notes, due 2022 |  | 358,000 |  |  | 349,500 |
4.50% notes, due 2023 |  | 318,500 |  |  | 305,500 |
3.25% notes, due 2024 |  | 494,000 |  |  | — |
4.00% notes, due 2025 |  | 357,500 |  |  | 345,000 |
7.50% senior debentures, due 2027 |  | 136,500 |  |  | 238,000 |
3.875% notes, due 2028 |  | 499,000 |  |  | — |
The carrying amount of the company's short-term borrowings in various countries, revolving credit facility, asset securitization program, commercial paper, and other obligations approximate their fair value. The company has a $1,800,000 revolving credit facility maturing in December 2021. 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, 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 (1.18% at September 30, 2017), which is based on the company's credit ratings, or an effective interest rate of 2.36% at September 30, 2017. The facility fee, which is based on the company's credit ratings, was .20% at September 30, 2017. The company had $96,200 in outstanding borrowings under the revolving credit facility at September 30, 2017. The company had no outstanding borrowings under the revolving credit facility at December 31, 2016. The company has a commercial paper program and the maximum aggregate balance of commercial paper outstanding may not exceed the borrowing capacity of $1,200,000. The company had no outstanding borrowings under this program at September 30, 2017 and December 31, 2016. The program had an effective interest rate of 1.74% for the third quarter of 2017. The company has an asset securitization program collateralized by accounts receivable of certain of its subsidiaries. The company may borrow up to $910,000 under the asset securitization program, which matures 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 September 30, 2017), which is based on the company's credit ratings, or an effective interest rate of 1.73% at September 30, 2017. The facility fee is .40%. At September 30, 2017 and December 31, 2016, the company had $255,000 and $460,000, respectively, in outstanding borrowings under the asset securitization program, which was included in "Long-term debt" in the company's consolidated balance sheets. Total collateralized accounts receivable of approximately $2,187,751 and $2,045,464, 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 September 30, 2017 and is currently not aware of any events that would cause non-compliance with any covenants in the future. The company has a $100,000 uncommitted line of credit. The company had no outstanding borrowings under the uncommitted line of credit at September 30, 2017 and December 31, 2016. During June 2017, the company completed the sale of $500,000 principal amount of 3.875% notes due in 2028. The net proceeds of the offering of $494,625 were used to redeem the company's 6.875% senior debenture due June 2018 and refinance a portion of the company’s 6.00% notes due April 2020, 5.125% notes due March 2021, and 7.50% notes due January 2027. The company recorded a loss on extinguishment of debt of $59,545 in the first nine months of 2017. During September 2017, the company completed the sale of $500,000 principal amount of 3.25% notes due in 2024. The net proceeds of the offering of $493,810 are expected to be used to redeem the company's debt obligations and for general corporate purposes. Interest and other financing expense, net, includes interest and dividend income of $8,121 and $23,487 for the third quarter and first nine months of 2017, respectively. Interest and other financing expense, net, includes interest and dividend income of $5,040 and $13,626 for the third quarter and first nine months of 2016, 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 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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