<SEC-DOCUMENT>0001733391-19-000012.txt : 20190715
<SEC-HEADER>0001733391-19-000012.hdr.sgml : 20190715
<ACCEPTANCE-DATETIME>20190715160622
ACCESSION NUMBER:		0001733391-19-000012
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20190715
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Cost Associated with Exit or Disposal Activities
ITEM INFORMATION:		Material Impairments
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190715
DATE AS OF CHANGE:		20190715

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARROW ELECTRONICS INC
		CENTRAL INDEX KEY:			0000007536
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-ELECTRONIC PARTS & EQUIPMENT, NEC [5065]
		IRS NUMBER:				111806155
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-04482
		FILM NUMBER:		19955270

	BUSINESS ADDRESS:	
		STREET 1:		9201 EAST DRY CREEK ROAD
		CITY:			CENTENNIAL
		STATE:			CO
		ZIP:			80112
		BUSINESS PHONE:		303-824-4000

	MAIL ADDRESS:	
		STREET 1:		9201 EAST DRY CREEK ROAD
		CITY:			CENTENNIAL
		STATE:			CO
		ZIP:			80112
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>july20198-k.htm
<DESCRIPTION>8-K
<TEXT>
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<div><a name="sD086B2E178695C17942835C448E90736"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:center;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">UNITED STATES</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">WASHINGTON, DC 20549</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">FORM 8-K</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">CURRENT REPORT</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Date of Report (Date of earliest event reported): </font><font style="font-family:inherit;font-size:10pt;">July&#160;11, 2019</font><font style="font-family:inherit;font-size:10pt;">&#32;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">ARROW ELECTRONICS INC</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Exact Name of Registrant as Specified in Charter)</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:91.40625%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:33%;"></td><td style="width:34%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">NEW YORK</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">1-4482</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">11-1806155</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(State or Other Jurisdiction</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Commission</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(IRS Employer</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">of Incorporation)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">File Number)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Identification No.)</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">9201 EAST DRY CREEK ROAD, CENTENNIAL, COLORADO&#160;&#160;80112</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Address of Principal Executive Offices)</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Registrant's telephone number, including area code: </font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">(303) 824-4000</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Not Applicable</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Former Name or Former Address, if Changed Since Last Report)</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:4%;"></td><td style="width:96%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[ ]</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Written communications pursuant to Rule 425 under the Securities Act (17&#160;CFR&#160;230.425)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160; </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160; </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[ ]</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17&#160;CFR&#160;240.14a-12)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160; </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160; </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[ ]</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17&#160;CFR&#160;240.14d-2(b))</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160; </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160; </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[ ]</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17&#160;CFR&#160;240.13e-4(c))</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Securities registered pursuant to Section 12(b) of the 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style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Trading Symbol(s)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Name of the exchange on which registered</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Common Stock, $1 par value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">ARW</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">New York Stock Exchange</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font><font style="font-family:inherit;font-size:10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</font></div><div style="line-height:120%;text-align:justify;text-indent:144px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Emerging growth company     </font><font style="font-family:Wingdings;font-size:10pt;">o</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    </font><font style="font-family:Wingdings;font-size:10pt;">o</font></div><div style="line-height:120%;text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160; </font></div><div style="line-height:120%;"><hr></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:8pt;">&#160; </font><font style="font-family:inherit;font-size:10pt;">ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On </font><font style="font-family:inherit;font-size:10pt;">July&#160;15, 2019</font><font style="font-family:inherit;font-size:10pt;">, Arrow Electronics, Inc. (the &#8220;Company&#8221;) issued a press release to investors revising its guidance for its second fiscal quarter ending </font><font style="font-family:inherit;font-size:10pt;">June&#160;29, 2019</font><font style="font-family:inherit;font-size:10pt;">. A copy of the press release is attached hereto as Exhibit (99.1).</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The information set forth in Item 2.02 of this Form 8-K (including Exhibit 99.1) shall not be deemed &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:8pt;">&#160; </font><font style="font-family:inherit;font-size:10pt;">ITEM 2.05 COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The information set forth in Item 2.06, Material Impairments, is hereby incorporated into this Item 2.05 by reference.</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:8pt;">&#160; </font><font style="font-family:inherit;font-size:10pt;">ITEM 2.06 MATERIAL IMPAIRMENTS</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On </font><font style="font-family:inherit;font-size:10pt;">July&#160;11, 2019</font><font style="font-family:inherit;font-size:10pt;">, the Company elected to initiate actions to close the Company&#8217;s personal computer and mobility asset disposition business, whose past results have been included as part of the global components business, in the United States and most other countries in which this business operates. The Company initiated the process of making its employees aware of the decision beginning on </font><font style="font-family:inherit;font-size:10pt;">July&#160;15, 2019</font><font style="font-family:inherit;font-size:10pt;">. The Company is also proposing to close this business in Sweden, Belgium, and the United Kingdom but will start the consultative process with employees&#8217; representatives.</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As a result of winding down the personal computer and mobility asset disposition business, the Company expects to incur charges of approximately </font><font style="font-family:inherit;font-size:10pt;">$115 million</font><font style="font-family:inherit;font-size:10pt;">. These charges will be incurred primarily in the </font><font style="font-family:inherit;font-size:10pt;">second</font><font style="font-family:inherit;font-size:10pt;">&#32;quarter of its fiscal year </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;">, with the remaining amounts being incurred throughout the second half of </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;">&#32;and first half of 2020. The charges include an estimated </font><font style="font-family:inherit;font-size:10pt;">$75 million</font><font style="font-family:inherit;font-size:10pt;">&#32;non-cash impairment of certain long-lived and intangible assets and an estimated </font><font style="font-family:inherit;font-size:10pt;">$40 million</font><font style="font-family:inherit;font-size:10pt;">&#32;future cash expenditures primarily related to personnel and other exit and disposal costs. The Company expects that operations will cease and the remaining wind down of the personal computer and mobility asset disposition business will be substantially complete by the end of </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In addition, based in part on the Company's downward revision of forecasted future earnings disclosed in Item 2.02 of this filing and the decision to wind down the Company's personal computer and mobility asset disposition business, the Company conducted an interim goodwill impairment analysis related to the Americas components and Asia-Pacific components reporting units. As a result of the impairment analysis, the Company expects to record a non-cash goodwill impairment charge of approximately </font><font style="font-family:inherit;font-size:10pt;">$570 million</font><font style="font-family:inherit;font-size:10pt;">&#32;in the </font><font style="font-family:inherit;font-size:10pt;">second</font><font style="font-family:inherit;font-size:10pt;">&#32;quarter of its fiscal year </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;">. The company is in the process of finalizing the impairment analysis and expects to provide a completed analysis in the form 10-Q filing for the second quarter of 2019.  Additionally, the company expects to record a non-cash trade name impairment charge of </font><font style="font-family:inherit;font-size:10pt;">$46 million</font><font style="font-family:inherit;font-size:10pt;">&#32;in connection with an initiative to further integrate two global components businesses.</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has also initiated separate and distinct actions to reduce its annual operating expenses, which are expected to generate approximately </font><font style="font-family:inherit;font-size:10pt;">$130 million</font><font style="font-family:inherit;font-size:10pt;">&#32;in annualized cost savings. Substantially all of these actions will the completed by the end of 2019. The Company expects to recognize approximately </font><font style="font-family:inherit;font-size:10pt;">$45 million</font><font style="font-family:inherit;font-size:10pt;">&#32;in cash severance costs as well as approximately </font><font style="font-family:inherit;font-size:10pt;">$4 million</font><font style="font-family:inherit;font-size:10pt;">&#32;in other non-cash asset impairments and approximately </font><font style="font-family:inherit;font-size:10pt;">$10 million</font><font style="font-family:inherit;font-size:10pt;">&#32;in cash contract termination costs. Substantially all of the severance, assets impairments, and termination costs are expected to be recognized in the third quarter of 2019.</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The company expects to record a non-cash charge of $20 million in the second quarter of 2019 related to a subset of inventory held by its digital business within global components.&#160;The company has made the decision to narrow its digital inventory offerings.&#160;The company will dispose of its existing inventory of these products and does not expect to fully realize their carrying values.</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The company expects to record a non-cash charge of $16 million in the second quarter of 2019 related to the receivables and inventory of its financing solutions business within global components.&#160;This business provided financing in the form of notes to start-ups as a strategy to capture new business opportunities. The company has </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">decided that it will no longer provide notes to its components customers.&#160;The company expects that this decision will adversely impact the ability of the customers to repay their notes and trade receivables.&#160;Accordingly, the company has recorded reserves on the receivables and on customer specific inventory for which the company has no alternative use.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Information Relating to Forward-Looking Statements</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">This Current Report on Form 8-K includes &#8220;forward-looking statements&#8221; within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which could cause actual results or facts to differ materially from such statements for a variety of reasons, including, but not limited to: industry conditions, the company&#8217;s implementation of its new enterprise resource planning system, changes in product supply, pricing and customer demand, competition, other vagaries in the global components and global enterprise computing solutions markets, changes in relationships with key suppliers, increased profit margin pressure, the effects of additional actions taken to become more efficient or lower costs, risks related to the integration of acquired businesses, changes in legal and regulatory matters, the company&#8217;s ability to generate additional cash flow, uncertainty regarding the impact of the company&#8217;s discontinued operations at its personal computer and mobility asset disposition business and uncertainty regarding the company&#8217;s ability to achieve expected cost savings under its cost reduction program and the impact of the cost reduction program on the company&#8217;s business and operations.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Forward-looking statements are those statements which are not statements of historical fact. These forward-looking statements can be identified by forward-looking words such as &#8220;could,&#8221; &#8220;should,&#8221; &#8220;expects,&#8221; &#8220;anticipates,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;believes,&#8221; &#8220;seeks,&#8221; &#8220;estimates,&#8221; the negative thereof or other variations thereon and similar expressions. Shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company has based these forward-looking statements on its current expectations, assumptions, estimates and projections and undertakes no obligation to update publicly or revise any of the forward-looking statements.</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For a further discussion of factors to consider in connection with these forward-looking statements, investors should refer to Item 1A Risk Factors of the company&#8217;s Annual Report on Form 10-K for the year ended Dec. 31, 2018.</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;EXHIBITS</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">99.1 Earnings press release dated </font><font style="font-family:inherit;font-size:10pt;">July&#160;15, 2019</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">SIGNATURES</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="5"></td></tr><tr><td style="width:5%;"></td><td style="width:17%;"></td><td style="width:23%;"></td><td style="width:7%;"></td><td style="width:48%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160; </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">ARROW ELECTRONICS, INC.</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160; </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160; </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160; </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Date:&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Times_New_Roman;font-size:10pt;">July 15, 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">By:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">/s/ Lily Hughes</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160; </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Name:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Lily Hughes</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160; </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Title:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Senior Vice President, Chief Legal Officer and Corporate Secretary</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">EXHIBIT INDEX</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:7%;"></td><td style="width:93%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Exhibit</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Description</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160; </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160; </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">99.1</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="july2019pressreleaseexhibi.htm"><font style="font-family:inherit;font-size:10pt;">Press release issued by Arrow Electronics, Inc., dated July 15, 2019.</font></a></div></td></tr></table></div></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
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<TYPE>EX-99.1
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<DESCRIPTION>EXHIBIT 99.1
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<div><a name="s9A539A4821775ECE8019D84F62A8885B"></a></div><div><div style="line-height:120%;text-align:center;font-size:45pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:99.609375%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:33%;"></td><td style="width:33%;"></td><td style="width:34%;"></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">ARROW ELECTRONICS, INC.</font></div><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">9201 E. DRY CREEK ROAD</font></div><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">CENTENNIAL, CO 80112</font></div><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">303-824-4000</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:45pt;"><font style="font-family:Arial;font-size:45pt;color:#828282;font-weight:bold;">NEWS</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Exhibit 99.1</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Arrow Electronics Provides Business Update</font></div><div style="line-height:174%;padding-bottom:4px;padding-top:4px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">-- Reports Selected Preliminary Second Quarter 2019 Financial Results --</font></div><div style="line-height:174%;padding-bottom:4px;padding-top:4px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">-- Initiates $130 Million Operating Expense Reduction Program --</font></div><div style="line-height:174%;padding-bottom:4px;padding-top:4px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">-- Announces Planned Wind-Down of Personal Computer and Mobility Asset Disposition Business --</font></div><div style="line-height:174%;padding-bottom:4px;padding-top:4px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">-- Conference Call Today at 5:00 PM ET --</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">CENTENNIAL, Colo.--(BUSINESS WIRE)-</font><font style="font-family:inherit;font-size:9pt;">July&#160;15, 2019</font><font style="font-family:inherit;font-size:9pt;">--Arrow Electronics, Inc. (NYSE:ARW) today reported selected preliminary results for its second fiscal quarter ending June&#160;29, 2019, and announced a planned wind-down of the company&#8217;s personal computer and mobility asset disposition business. The company expects to provide full second-quarter results, and guidance for the third quarter of 2019 on August 1, 2019.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8220;While we are disappointed that our anticipated results for the second quarter are lower than we had initially expected due to deteriorating demand conditions in the global components business, we remain confident in our long-term strategy and our ability to generate strong cash flow,&#8221; said Michael J. Long, chairman, president and chief executive officer. &#8220;Arrow Electronics has built a resilient business model comprising a broad portfolio of technology solutions. As we look to the rest of 2019 and beyond, we are taking decisive actions to preserve profits while maintaining our engineering and value-added capabilities to continue to guide innovation forward.&#8221;</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">The company expects to report total second quarter 2019 sales of approximately </font><font style="font-family:inherit;font-size:9pt;">$7.30 billion</font><font style="font-family:inherit;font-size:9pt;">, with global components sales of approximately </font><font style="font-family:inherit;font-size:9pt;">$5.25 billion</font><font style="font-family:inherit;font-size:9pt;">, and global enterprise computing solutions sales of approximately </font><font style="font-family:inherit;font-size:9pt;">$2.05 billion</font><font style="font-family:inherit;font-size:9pt;">. Earnings (Loss) per share on a diluted basis are expected to be in the range of $(6.35) to $(6.23), and earnings (loss) per share on a diluted basis, excluding certain items</font><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">1</sup></font><font style="font-family:inherit;font-size:9pt;">, are expected to be in the range of </font><font style="font-family:inherit;font-size:9pt;">$1.50</font><font style="font-family:inherit;font-size:9pt;">&#32;to </font><font style="font-family:inherit;font-size:9pt;">$1.62</font><font style="font-family:inherit;font-size:9pt;">&#32;per share. Revised second-quarter expectations exclude approximately </font><font style="font-family:inherit;font-size:9pt;">$78 million</font><font style="font-family:inherit;font-size:9pt;">&#32;of sales and </font><font style="font-family:inherit;font-size:9pt;">$78 million</font><font style="font-family:inherit;font-size:9pt;">&#32;of after-tax losses from the personal computer and mobility asset disposition business. The net amount of cash provided by operating activities during the second quarter of 2019 is expected to be approximately </font><font style="font-family:inherit;font-size:9pt;">$400 million</font><font style="font-family:inherit;font-size:9pt;">. Cash used for the repurchase of approximately 2.1 million shares in the quarter totaled approximately </font><font style="font-family:inherit;font-size:9pt;">$150 million</font><font style="font-family:inherit;font-size:9pt;">.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;text-decoration:underline;">PLANNED WIND-DOWN OF PERSONAL COMPUTER AND MOBILITY ASSET DISPOSITION BUSINESS</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Arrow Electronics today announced that it elected to initiate actions to close its personal computer and mobility asset disposition business, whose past results have been included as part of the global components business, in the United States and most other countries in which this business operates. The company initiated the process of making its employees aware of the decision beginning on July 15, 2019. The company is also proposing to close this business in Sweden, Belgium and the United Kingdom but will start the consultative process with employees' representatives. </font></div><div style="line-height:120%;text-align:justify;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8220;After careful market analysis indicating that business dynamics have changed since we entered this market, we have decided to wind down operations at our personal computer and mobility asset disposition business,&#8221; said Mr. Long. &#8220;This will allow us to continue to focus on our cross-enterprise strategy to enable next-generation technologies such as artificial intelligence, industrial automation, smart cities and vehicles.&#8221;</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">As a result of winding down the personal computer and mobility asset disposition business, the company expects to incur charges of approximately </font><font style="font-family:inherit;font-size:9pt;">$115 million</font><font style="font-family:inherit;font-size:9pt;">. These charges will be incurred primarily in the second quarter of fiscal year 2019, with the remaining amounts being incurred throughout the second half of 2019 and first half of 2020. The charges include an estimated </font><font style="font-family:inherit;font-size:9pt;">$75 million</font><font style="font-family:inherit;font-size:9pt;">&#32;non-cash impairment of certain long-lived and intangible assets and an estimated </font><font style="font-family:inherit;font-size:9pt;">$40 million</font><font style="font-family:inherit;font-size:9pt;">&#32;future cash expenditure primarily related to personnel and other exit and disposal costs. The company expects that operations will cease and the remaining wind down of the personal computer and mobility asset disposition business will be substantially complete by the end of 2019.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;text-decoration:underline;">OPERATING EXPENSE REDUCTION PROGRAM</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Arrow Electronics has also initiated separate and distinct actions to reduce its annual operating expenses, which are expected to generate approximately </font><font style="font-family:inherit;font-size:9pt;">$130 million</font><font style="font-family:inherit;font-size:9pt;">&#32;in annualized cost savings. Substantially all of the cost actions will be completed by the end of 2019. The company expects to recognize approximately </font><font style="font-family:inherit;font-size:9pt;">$45 million</font><font style="font-family:inherit;font-size:9pt;">&#32;in costs related to cash severance as well as approximately </font><font style="font-family:inherit;font-size:9pt;">$4 million</font><font style="font-family:inherit;font-size:9pt;">&#32;in other non-cash asset impairments and approximately </font><font style="font-family:inherit;font-size:9pt;">$10 million</font><font style="font-family:inherit;font-size:9pt;">&#32;in cash contract termination costs. Substantially all of the severance, assets impairments, and termination costs are expected to be recognized in the third quarter of 2019.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">1</sup></font><font style="font-family:inherit;font-size:8pt;font-style:italic;">&#32;A reconciliation of non-GAAP net income per diluted share, as adjusted, to GAAP net income per diluted share is presented in the reconciliation table included herein.</font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:99.609375%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:33%;"></td><td style="width:33%;"></td><td style="width:34%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div><img src="arrowlogoa08.jpg" alt="arrowlogoa08.jpg" style="height:12px;width:55px;"></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><br></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8220;Our cost reduction program reflects our thoughtful approach to improving efficiency while continuing to deliver the high levels of engineering and supply chain services our customers expect,&#8221; said Chris Stansbury, senior vice president and chief financial officer. &#8220;We are laser-focused on improving profit performance and capitalizing on the opportunities created by the convergence of information technology with operational technology.&#8221;</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;text-decoration:underline;">GOODWILL AND INTANGIBLES IMPAIRMENT CHARGE</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">In addition, based in part on the decision to wind down the company's personal computer and mobility asset disposition business and its revised second quarter earnings expectations, the company conducted an interim goodwill impairment analysis related to the Americas components and Asia-Pacific components reporting units, and expects to record a non-cash goodwill impairment charge of approximately </font><font style="font-family:inherit;font-size:9pt;">$570 million</font><font style="font-family:inherit;font-size:9pt;">&#32;in the second quarter of 2019. The company is in the process of finalizing the impairment analysis and expects to provide a completed analysis in the form 10-Q filing for the second quarter of 2019. Additionally, the company expects to record a non-cash trade name impairment charge of </font><font style="font-family:inherit;font-size:9pt;">$46 million</font><font style="font-family:inherit;font-size:9pt;">&#32;in connection with an initiative to further integrate two global components businesses.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;text-decoration:underline;">OTHER ACTIONS</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">The company expects to record non-cash charges of $36 million related to certain receivables and inventory in its global components business.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;text-decoration:underline;">CONFERENCE CALL</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">The company will be hosting a conference call to discuss the preliminary results and the wind-down today, July 15, at 5:00 PM ET.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">The live conference call is accessible by telephone at 1-877-791-0231 (toll-free) or 1-647-689-6624 for participants outside the United States and Canada. The conference ID is 7868437. The conference call will also be available via webcast. To access the live webcast, visit investor.arrow.com.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;text-decoration:underline;">Information Relating to Forward-Looking Statements</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">This press release includes &#8220;forward-looking statements&#8221; within the meaning of the Private Securities Litigation Reform Act of 1995.  Such forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which could cause actual results or facts to differ materially from such statements for a variety of reasons, including, but not limited to: industry conditions, the company&#8217;s implementation of its new enterprise resource planning system, changes in product supply, pricing and customer demand, competition, other vagaries in the global components and global enterprise computing solutions markets, changes in relationships with key suppliers, increased profit margin pressure, the effects of additional actions taken to become more efficient or lower costs, risks related to the integration of acquired businesses, changes in legal and regulatory matters, the company&#8217;s ability to generate additional cash flow, uncertainty regarding the impact of the company&#8217;s discontinued operations at its personal computer and mobility asset disposition business and uncertainty regarding the company&#8217;s ability to achieve expected cost savings under its cost reduction program and the impact of the cost reduction program on the company&#8217;s business and operations.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Forward-looking statements are those statements which are not statements of historical fact. These forward-looking statements can be identified by forward-looking words such as &#8220;could,&#8221; &#8220;should,&#8221; &#8220;expects,&#8221; &#8220;anticipates,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;believes,&#8221; &#8220;seeks,&#8221; &#8220;estimates,&#8221; the negative thereof or other variations thereon and similar expressions. Shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company has based these forward-looking statements on its current expectations, assumptions, estimates and projections and undertakes no obligation to update publicly or revise any of the forward-looking statements.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">For a further discussion of factors to consider in connection with these forward-looking statements, investors should refer to Item 1A Risk Factors of the company&#8217;s Annual Report on Form 10-K for the year ended Dec. 31, 2018.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;text-decoration:underline;">Certain Non-GAAP Financial Information</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">In addition to disclosing financial results that are determined in accordance with accounting principles generally accepted in the United States (&#8220;GAAP&#8221;), the company also provides certain non-GAAP financial information relating to earnings per share on a diluted basis. Net income per basic and diluted share are adjusted to exclude identifiable intangible amortization, restructuring, integration, and other charges, and certain charges, credits, gains, and losses that the company believes impact the comparability of its results of operations. These charges, credits, gains, and losses arise out of the company&#8217;s efficiency enhancement initiatives, acquisitions/dispositions (including intangible assets amortization expense), and financing activities. A reconciliation of the company&#8217;s non-GAAP financial information to GAAP is set forth in the table below.</font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:99.609375%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:33%;"></td><td style="width:33%;"></td><td style="width:34%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div><img src="arrowlogoa08.jpg" alt="arrowlogoa08.jpg" style="height:12px;width:55px;"></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><br></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:96.68615984405457%;border-collapse:collapse;text-align:left;"><tr><td colspan="4"></td></tr><tr><td style="width:82%;"></td><td style="width:16%;"></td><td style="width:1%;"></td><td style="width:1%;"></td></tr><tr><td colspan="4" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">ARROW ELECTRONICS, INC.</font></div></td></tr><tr><td colspan="4" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">NON-GAAP EARNINGS PER SHARE RECONCILIATION</font></div></td></tr><tr><td colspan="4" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(In thousands except per share data)</font></div></td></tr><tr><td colspan="4" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(Unaudited)</font></div></td></tr><tr><td colspan="4" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="4" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:center;font-size:8pt;"><font style="font-family:Times_New_Roman;font-size:8pt;">Three months ended June 29, 2019</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font 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business because management considers these items referred to above to be outside the company&#8217;s core operating results. This non-GAAP financial information is among the primary indicators management uses as a basis for evaluating the company&#8217;s financial and operating performance. In addition, the company&#8217;s Board of Directors may use this non-GAAP financial information in evaluating management performance and setting management compensation.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">The presentation of this additional non-GAAP financial information is not meant to be considered in isolation or as a substitute for, or alternative to earnings per share on a diluted basis determined in accordance with GAAP. 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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
