2016 Q2 Form 10-Q Financial Statement

#000165003016000017 Filed on May 03, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q1
Revenue $5.474B $5.002B
YoY Change -6.1% -1.57%
Cost Of Revenue $4.725B $4.317B
YoY Change -6.64% -1.4%
Gross Profit $748.9M $685.3M
YoY Change -2.56% -2.63%
Gross Profit Margin 13.68% 13.7%
Selling, General & Admin $505.8M $454.5M
YoY Change 0.21% -4.89%
% of Gross Profit 67.54% 66.32%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $40.93M $37.16M
YoY Change 2.97% 1.62%
% of Gross Profit 5.47% 5.42%
Operating Expenses $505.8M $454.5M
YoY Change 0.21% -4.89%
Operating Profit $181.4M $177.4M
YoY Change -12.36% -0.17%
Interest Expense -$35.90M -$26.70M
YoY Change 1.13% 1.52%
% of Operating Profit -19.79% -15.05%
Other Income/Expense, Net $0.00 $0.00
YoY Change
Pretax Income $147.6M $147.0M
YoY Change -14.48% -1.7%
Income Tax $41.05M $40.87M
% Of Pretax Income 27.81% 27.81%
Net Earnings $106.2M $106.1M
YoY Change -14.28% -0.99%
Net Earnings / Revenue 1.94% 2.12%
Basic Earnings Per Share $1.16 $1.11
Diluted Earnings Per Share $1.14 $1.09
COMMON SHARES
Basic Shares Outstanding 91.51M shares 95.92M shares
Diluted Shares Outstanding 92.79M shares 97.13M shares

Balance Sheet

Concept 2016 Q2 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $395.0M $305.0M
YoY Change -1.25% 18.22%
Cash & Equivalents $394.7M $305.3M
Short-Term Investments
Other Short-Term Assets $335.1M $266.4M
YoY Change 11.3% -7.41%
Inventory $2.442B $2.255B
Prepaid Expenses
Receivables $5.256B $4.874B
Other Receivables $0.00 $0.00
Total Short-Term Assets $8.428B $7.701B
YoY Change 1.5% 2.87%
LONG-TERM ASSETS
Property, Plant & Equipment $725.3M $642.6M
YoY Change 8.02% 0.17%
Goodwill $2.437B $2.102B
YoY Change 4.08% 0.88%
Intangibles $383.5M $341.6M
YoY Change -9.72% -20.65%
Long-Term Investments $74.55M $72.60M
YoY Change 2.44% 6.2%
Other Assets $304.8M $284.2M
YoY Change 2.21% -11.72%
Total Long-Term Assets $3.925B $3.443B
YoY Change 3.06% -2.9%
TOTAL ASSETS
Total Short-Term Assets $8.428B $7.701B
Total Long-Term Assets $3.925B $3.443B
Total Assets $12.35B $11.14B
YoY Change 1.99% 1.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.207B $3.627B
YoY Change 0.85% -0.01%
Accrued Expenses $668.0M $646.6M
YoY Change -7.12% -0.99%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $46.00M $14.00M
YoY Change -47.13% -12.5%
Total Short-Term Liabilities $4.921B $4.287B
YoY Change -1.13% -0.22%
LONG-TERM LIABILITIES
Long-Term Debt $2.649B $2.457B
YoY Change 4.11% 14.63%
Other Long-Term Liabilities $408.8M $382.2M
YoY Change -0.37% 4.12%
Total Long-Term Liabilities $3.058B $2.839B
YoY Change 3.49% 13.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.921B $4.287B
Total Long-Term Liabilities $3.058B $2.839B
Total Liabilities $7.979B $7.126B
YoY Change 0.59% 4.69%
SHAREHOLDERS EQUITY
Retained Earnings $4.781B $4.283B
YoY Change 8.49% 13.13%
Common Stock $1.208B $1.197B
YoY Change -0.15% 1.32%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.455B $1.206B
YoY Change 13.52% 25.25%
Treasury Stock Shares 33.80M shares 29.75M shares
Shareholders Equity $4.319B $4.013B
YoY Change
Total Liabilities & Shareholders Equity $12.35B $11.14B
YoY Change 1.99% 1.01%

Cashflow Statement

Concept 2016 Q2 2015 Q1
OPERATING ACTIVITIES
Net Income $106.2M $106.1M
YoY Change -14.28% -0.99%
Depreciation, Depletion And Amortization $40.93M $37.16M
YoY Change 2.97% 1.62%
Cash From Operating Activities -$33.64M -$241.6M
YoY Change -107.3% -294.78%
INVESTING ACTIVITIES
Capital Expenditures $49.26M $31.15M
YoY Change -231.01% -5.15%
Acquisitions $46.49M $133.1M
YoY Change 120.99%
Other Investing Activities $0.00 -$2.008M
YoY Change -100.0%
Cash From Investing Activities -$95.75M -$162.2M
YoY Change -74.49% 74.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $18.68M $78.56M
YoY Change -11.23%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $250.7M $323.4M
YoY Change 13093.37% -303.58%
NET CHANGE
Cash From Operating Activities -$33.64M -$241.6M
Cash From Investing Activities -$95.75M -$162.2M
Cash From Financing Activities $250.7M $323.4M
Net Change In Cash $121.3M -$80.47M
YoY Change 38.45% -37.06%
FREE CASH FLOW
Cash From Operating Activities -$33.64M -$241.6M
Capital Expenditures $49.26M $31.15M
Free Cash Flow -$82.90M -$272.7M
YoY Change -116.63% -399.08%

Facts In Submission

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CY2016Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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CY2015Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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CY2015Q1 us-gaap Payments For Repurchase Of Common Stock
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CY2015Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2016Q2 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2015Q1 us-gaap Proceeds From Issuance Of Long Term Debt
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CY2016Q2 us-gaap Proceeds From Issuance Of Long Term Debt
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CY2015Q1 us-gaap Proceeds From Payments For Other Financing Activities
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-3000000 USD
CY2015Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
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CY2016Q2 us-gaap Proceeds From Repayments Of Lines Of Credit
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265000000 USD
CY2015Q1 us-gaap Proceeds From Repayments Of Short Term Debt
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CY2016Q2 us-gaap Proceeds From Repayments Of Short Term Debt
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470000 USD
CY2015Q1 us-gaap Proceeds From Stock Options Exercised
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CY2015Q1 us-gaap Profit Loss
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CY2015Q4 us-gaap Property Plant And Equipment Gross
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1435673000 USD
CY2016Q2 us-gaap Property Plant And Equipment Gross
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CY2016Q2 us-gaap Property Plant And Equipment Net
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CY2016Q2 us-gaap Recovery Of Direct Costs
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37000000 USD
CY2015Q1 us-gaap Restructuring Charges
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CY2016Q2 us-gaap Restructuring Charges
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20788000 USD
CY2016Q2 us-gaap Restructuring Reserve
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CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
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CY2015Q1 us-gaap Sales Revenue Net
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CY2016Q2 us-gaap Sales Revenue Net
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CY2015Q1 us-gaap Selling General And Administrative Expense
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454530000 USD
CY2016Q2 us-gaap Selling General And Administrative Expense
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CY2015Q1 us-gaap Share Based Compensation
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CY2016Q2 us-gaap Share Based Compensation
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CY2015Q4 us-gaap Short Term Debt Weighted Average Interest Rate
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0.033
CY2015Q3 us-gaap Stock Repurchase Program Authorized Amount1
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CY2015Q4 us-gaap Stockholders Equity
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CY2016Q2 us-gaap Stockholders Equity
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CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2016Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2015Q4 us-gaap Treasury Stock Shares
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CY2016Q2 us-gaap Treasury Stock Shares
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CY2016Q2 us-gaap Treasury Stock Shares Acquired
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CY2015Q4 us-gaap Treasury Stock Value
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CY2016Q2 us-gaap Treasury Stock Value
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1454687000 USD
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82718000 USD
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2501000 USD
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
91514000 shares
CY2016Q2 arw Equity In Earnings Of Affiliated Companies
EquityInEarningsOfAffiliatedCompanies
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The equity in earnings of affiliated companies consists of the following:</font></div><div style="line-height:120%;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;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="9" rowspan="1"></td></tr><tr><td style="width:70%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Quarter&#160;Ended</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">April&#160;2, <br clear="none"/>2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">March&#160;28, <br clear="none"/>2015</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Marubun/Arrow</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><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;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,664</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,144</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Altech Industries</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><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;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">201</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><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;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">131</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><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;border-bottom:1px solid #000000;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(9</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><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;border-bottom:1px solid #000000;background-color:#ccffcc;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">38</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#ccffcc;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><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;" rowspan="1" colspan="1"><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:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,856</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,313</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>
CY2016Q2 us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying consolidated financial statements of Arrow Electronics, Inc. (the "company") were prepared in accordance with accounting principles generally accepted in the United States and reflect all adjustments of a normal recurring nature, which are, in the opinion of management, necessary for a fair presentation of the consolidated financial position and results of operations at and for the periods presented.&#160; The consolidated results of operations for the interim periods are not necessarily indicative of results for the full year.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">These consolidated financial statements do not include all of the information or notes necessary for a complete presentation and, accordingly, should be read in conjunction with the company's audited consolidated financial statements and accompanying notes for the year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;">, as filed in the company's Annual Report on Form 10-K.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;"></font></div></div>
CY2016Q2 us-gaap Comparability Of Prior Year Financial Data
ComparabilityOfPriorYearFinancialData
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior period amounts were reclassified to conform to the current period presentation.</font></div></div>
CY2016Q2 us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The company operates on a quarterly calendar that closes on the Saturday closest to the end of the calendar quarter, except for the</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">third quarter of 2015, which closed on September 26, 2015.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

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