10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 30, 2019

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from            to           

Commission file number 1-4482

ARROW ELECTRONICS INC

(Exact name of registrant as specified in its charter)

New York	11-1806155
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification Number)
9201 East Dry Creek Road, Centennial, Colorado	80112
(Address of principal executive offices)	(Zip Code)

(303) 824-4000

(Registrant's telephone number, including area code)

No Changes

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x   No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes x   No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act:

Large accelerated filer x	Accelerated filer o
Non-accelerated filer o	Smaller reporting company o
	Emerging growth company o

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. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o   No x

There were 84,721,190 shares of Common Stock outstanding as of April 29, 2019.

ARROW ELECTRONICS, INC.

INDEX

Part I.	Financial Information
	Item 1.	Financial Statements
		Consolidated Statements of Operations	3
		Consolidated Statements of Comprehensive Income	4
		Consolidated Balance Sheets	5
		Consolidated Statements of Cash Flows	6
		Consolidated Statements of Equity	7
		Notes to Consolidated Financial Statements	8
	Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	25
	Item 3.	Quantitative and Qualitative Disclosures about Market Risk	33
	Item 4.	Controls and Procedures	33
Part II.	Other Information
	Item 1A.	Risk Factors	34
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	34
	Item 6.	Exhibits	35
Signature			36

2

PART I.  FINANCIAL INFORMATION

Item 1.     Financial Statements

ARROW ELECTRONICS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands except per share data)

(Unaudited)

	Quarter Ended
	March 30, 2019			March 31, 2018
Sales	$	7,155,991		$	6,875,613
Cost of sales	6,294,303			6,006,669
Gross profit	861,688			868,944
Operating expenses:
Selling, general, and administrative expenses	556,076			562,969
Depreciation and amortization	47,526			47,247
Loss on disposition of businesses, net	866			1,562
Restructuring, integration, and other charges	11,660			21,171
	616,128			632,949
Operating income	245,560			235,995
Equity in losses of affiliated companies	(1,467		)	(673		)
Gain (loss) on investments, net	5,348			(2,452		)
Employee benefit plan expense	1,139			1,231
Interest and other financing expense, net	51,981			45,179
Income before income taxes	196,321			186,460
Provision for income taxes	53,907			46,590
Consolidated net income	142,414			139,870
Noncontrolling interests	1,679			776
Net income attributable to shareholders	$	140,735		$	139,094
Net income per share:
Basic	$	1.65		$	1.58
Diluted	$	1.63		$	1.56
Weighted-average shares outstanding:
Basic	85,400			87,955
Diluted	86,319			89,035

See accompanying notes.

3

ARROW ELECTRONICS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

(Unaudited)

	Quarter Ended
	March 30, 2019		March 31, 2018
Consolidated net income	$	142,414	$	139,870
Other comprehensive income:
Foreign currency translation adjustment and other	4,442		44,969
Unrealized gain on foreign exchange contracts designated as net investment hedges, net of taxes	5,533		—
Unrealized gain on interest rate swaps designated as cash flow hedges, net of taxes	240		228
Employee benefit plan items, net of taxes	319		282
Other comprehensive income	10,534		45,479
Comprehensive income	152,948		185,349
Less: Comprehensive income attributable to noncontrolling interests	1,031		523
Comprehensive income attributable to shareholders	$	151,917	$	184,826

See accompanying notes.

4

ARROW ELECTRONICS, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands except par value)

(Unaudited)

	March 30, 2019			December 31, 2018
ASSETS
Current assets:
Cash and cash equivalents	$	351,899		$	509,327
Accounts receivable, net	7,902,516			8,945,463
Inventories	3,734,905			3,878,678
Other current assets	264,564			274,832
Total current assets	12,253,884			13,608,300
Property, plant, and equipment, at cost:
Land	7,845			7,882
Buildings and improvements	157,326			158,712
Machinery and equipment	1,428,758			1,425,933
	1,593,929			1,592,527
Less: Accumulated depreciation and amortization	(774,325		)	(767,827		)
Property, plant, and equipment, net	819,604			824,700
Investments in affiliated companies	85,296			83,693
Intangible assets, net	369,291			372,644
Goodwill	2,632,451			2,624,690
Other assets	670,226			270,418
Total assets	$	16,830,752		$	17,784,445
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	6,034,457		$	7,631,879
Accrued expenses	860,982			912,292
Short-term borrowings, including current portion of long-term debt	138,686			246,257
Total current liabilities	7,034,125			8,790,428
Long-term debt	3,575,891			3,239,115
Other liabilities	719,326			378,536
Commitments and contingencies (Note N)
Equity:
Shareholders' equity:
Common stock, par value $1:
Authorized - 160,000 shares in both 2019 and 2018, respectively
Issued - 125,424 shares in both 2019 and 2018, respectively	125,424			125,424
Capital in excess of par value	1,128,757			1,135,934
Treasury stock (40,251 and 40,233 shares in 2019 and 2018, respectively), at cost	(1,992,981		)	(1,972,254		)
Retained earnings	6,476,070			6,335,335
Accumulated other comprehensive loss	(288,267		)	(299,449		)
Total shareholders' equity	5,449,003			5,324,990
Noncontrolling interests	52,407			51,376
Total equity	5,501,410			5,376,366
Total liabilities and equity	$	16,830,752		$	17,784,445

See accompanying notes.

5

ARROW ELECTRONICS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

	Three Months Ended
	March 30, 2019			March 31, 2018
Cash flows from operating activities:
Consolidated net income	$	142,414		$	139,870
Adjustments to reconcile consolidated net income to net cash used for operations:
Depreciation and amortization	47,526			47,247
Amortization of stock-based compensation	19,090			13,043
Equity in losses of affiliated companies	1,467			673
Deferred income taxes	6,968			(2,818		)
(Gain) loss on investments, net	(5,348		)	2,452
Other	5,575			3,465
Change in assets and liabilities, net of effects of acquired and disposed businesses:
Accounts receivable	949,989			789,843
Inventories	134,402			(260,620		)
Accounts payable	(1,540,008		)	(691,818		)
Accrued expenses	(50,292		)	(22,087		)
Other assets and liabilities	(40,782		)	(94,327		)
Net cash used for operating activities	(328,999		)	(75,077		)
Cash flows from investing activities:
Cash consideration paid for acquired businesses, net of cash acquired	—			(331,467		)
Proceeds from disposition of businesses	—			34,291
Acquisition of property, plant, and equipment	(33,815		)	(34,735		)
Other	2,940			(4,500		)
Net cash used for investing activities	(30,875		)	(336,411		)
Cash flows from financing activities:
Change in short-term and other borrowings	(107,244		)	(18,387		)
Proceeds from long-term bank borrowings, net	335,023			601,386
Redemption of notes	—			(300,000		)
Proceeds from exercise of stock options	6,931			4,997
Repurchases of common stock	(53,925		)	(52,513		)
Net cash provided by financing activities	180,785			235,483
Effect of exchange rate changes on cash	21,661			(5,434		)
Net decrease in cash and cash equivalents	(157,428		)	(181,439		)
Cash and cash equivalents at beginning of period	509,327			730,083
Cash and cash equivalents at end of period	$	351,899		$	548,644

See accompanying notes.

6

ARROW ELECTRONICS, INC.

CONSOLIDATED STATEMENTS OF EQUITY

(In thousands)

(Unaudited)

	Common Stock at Par Value		Capital in Excess of Par Value			Treasury Stock			Retained Earnings		Accumulated Other Comprehensive Income (Loss)			Noncontrolling Interests			Total
Balance at December 31, 2018	$	125,424	$	1,135,934		$	(1,972,254	)	$	6,335,335	$	(299,449	)	$	51,376		$	5,376,366
Consolidated net income	—		—			—			140,735		—			1,679			142,414
Other comprehensive income (loss)	—		—			—			—		11,182			(648		)	10,534
Amortization of stock-based compensation	—		19,090			—			—		—			—			19,090
Shares issued for stock-based compensation awards	—		(26,267		)	33,198			—		—			—			6,931
Repurchases of common stock	—		—			(53,925		)	—		—			—			(53,925		)
Balance at March 30, 2019	$	125,424	$	1,128,757		$	(1,992,981	)	$	6,476,070	$	(288,267	)	$	52,407		$	5,501,410

	Common Stock at Par Value		Capital in Excess of Par Value			Treasury Stock			Retained Earnings		Accumulated Other Comprehensive Income (Loss)			Noncontrolling Interests			Total
Balance at December 31, 2017	$	125,424	$	1,114,167		$	(1,762,239	)	$	5,596,786	$	(124,883	)	$	48,685		$	4,997,940
Effect of new accounting principles	—		—			—			22,354		(22,354		)	—			—
Consolidated net income	—		—			—			139,094		—			776			139,870
Other comprehensive income (loss)	—		—			—			—		45,732			(255		)	45,477
Amortization of stock-based compensation	—		13,043			—			—		—			—			13,043
Shares issued for stock-based compensation awards	—		(22,102		)	27,099			—		—			—			4,997
Repurchases of common stock	—		—			(52,513		)	—		—			—			(52,513		)
Balance at March 31, 2018	$	125,424	$	1,105,108		$	(1,787,653	)	$	5,758,234	$	(101,505	)	$	49,206		$	5,148,814

See accompanying notes.

7

ARROW ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands except per share data)

(Unaudited)

Note A – Basis of Presentation

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.  The consolidated results of operations for the interim periods are not necessarily indicative of results for the full year.

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 December 31, 2018, as filed in the company's Annual Report on Form 10-K.

Quarter End

The company operates on a quarterly calendar that closes on the Saturday closest to the end of the calendar quarter.

Reclassification

Certain prior period amounts were reclassified to conform to the current period presentation. These reclassifications did not have a material impact on previously reported amounts.

Note B – Impact of Recently Issued Accounting Standards

In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2018-15, Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (a consensus of the FASB Emerging Issues Task Force) ("ASU No. 2018-15"). ASU No. 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop internal-use software. ASU No. 2018-15 is effective for the company in the first quarter of 2020, with early adoption permitted, and is to be applied either retrospectively or prospectively. The company is currently evaluating the potential effects of adopting the provisions of ASU No. 2018-15. The adoption is not expected to be material to the consolidated financial statements.

In August 2017, the FASB issued Accounting Standards Update No. 2017-12, Derivatives and Hedging (Topic 815) ("ASU No. 2017-12"). ASU No. 2017-12 simplifies certain aspects of hedge accounting and results in a more accurate portrayal of the economics of an entity’s risk management activities in its financial statements. On January 1, 2019, the company adopted the provisions of ASU No. 2017-12 on a modified retrospective basis. The adoption of the provisions of ASU No. 2017-12 did not materially impact the company's consolidated financial position or results of operations.

In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments - Credit Losses (Topic 326) ("ASU No. 2016-13"). ASU No. 2016-13 revises the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. In November 2018, the FASB issued ASU No. 2018-19,  Codification Improvements to Topic 326, Financial Instruments-Credit Losses, and in April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. These ASU's provide supplemental guidance and clarification to ASU No. 2016-13 and must be adopted concurrently with the adoption of ASU No. 2016-13, cumulatively referred to as “Topic 326.” Topic 326 is effective for the company in the first quarter of 2020, with early adoption permitted, and is to be applied using a modified retrospective approach. The company is currently evaluating the potential effects of adopting the provisions of Topic 326.

In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) ("ASU No. 2016-02"). ASU No. 2016-02 requires the entity to recognize the assets and liabilities for the rights and obligations created by leased assets. Leases will be classified as either finance or operating, with classification affecting expense recognition in the income statement. In July 2018 the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases, and ASU No. 2018-11, Leases (Topic 842) Targeted Improvements. In March 2019, the FASB issued ASU No. 2019-01 Codification Improvements to Topic 842, Leases.

8

ARROW ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands except per share data)

(Unaudited)

These ASU's provide supplemental adoption guidance and clarification to ASU No. 2016-02, and must be adopted concurrently with the adoption of ASU No. 2016-02, cumulatively referred to as “Topic 842”.

On January 1, 2019, the company adopted Topic 842 applying the optional transition method, which allows an entity to apply the new standard at the adoption date with a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption. In addition, the company elected a package of practical expedients and the short-term lease exception outlined in Topic 842. The company also implemented internal controls and key systems to enable the preparation of financial information on adoption. As a result of adopting Topic 842, the company recognized assets and liabilities for the rights and obligations created by operating leases, refer to Note L.

Note C – Significant Accounting Policies

Except for the changes below, no material changes have been made to the company's significant accounting policies disclosed in Note 1, Summary of Significant Accounting Policies, in its Annual Report on Form 10-K, filed on February 7, 2019, for the year ended December 31, 2018.

Leases

The company determines if a contract contains a lease at inception based on whether it conveys the right to control the use of an identified asset. Substantially all of the company's leases are classified as operating leases. The company has determined that operating lease right-of-use assets will be recorded to "Other assets" and lease liabilities will be recorded to "Other liabilities" and "Accrued expenses" in the consolidated balance sheets. Lease expense will be recorded to "Selling, general, and administrative expenses" in the consolidated statements of operations. Operating lease payments will be recorded to "Operating cash flows" in the consolidated statements of cash flows.

Operating lease right-of-use assets and lease liabilities are recognized based on the net present value of future minimum lease payments over the lease term starting on the commencement date. The company generally is not able to determine the rate implicit in its leases and, as such, will apply an incremental borrowing rate based on the company’s cost of borrowing for the relevant terms of each lease. Lease expense for minimum lease payments are recognized on a straight-line basis over the lease term. Lease terms may include an option to extend or terminate a lease if it is reasonably certain that the company will exercise such options. The company has elected the practical expedient to not separate lease components from non-lease components, and also has elected not to record a right-of-use asset or lease liability for leases which, at inception, have a term of twelve months or less. Variable lease payments are recognized in the period in which the obligation for those payments is incurred.

Note D – Acquisitions

2018 Acquisitions

In 2018, the company acquired eInfochips for a purchase price of $327,628, which included $14,769 of cash acquired. eInfochips services customers at every phase of technology deployment, including custom hardware and software, and new Internet of Things based business models. eInfochips is recorded in the company's global components business segment.

9

ARROW ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands except per share data)

(Unaudited)

The following table summarizes the allocation of the net consideration paid to the fair value of the assets acquired and liabilities assumed for the eInfochips acquisition:

Accounts receivable, net	$	13,670
Inventories	1,512
Property, plant, and equipment	3,485
Other assets	46,488
Identifiable intangible assets	128,000
Goodwill	197,126
Accounts payable	(520		)
Accrued expenses	(33,836		)
Deferred tax liability	(41,474		)
Other liabilities	(1,592		)
Cash consideration paid, net of cash acquired	$	312,859

In connection with the eInfochips acquisition, the company allocated $109,000 and $19,000 to customer relationships and trade name with a life of 15 years and 10 years, respectively.

The goodwill related to the eInfochips acquisition represents the expected synergies from combining operations and was recorded in the company's global components business segment and is not tax deductible.

During 2018, the company completed one additional acquisition with a purchase price of approximately $18,704, net of cash acquired. The impact of this acquisition was not material to the company's consolidated financial position or results of operations.

Note E – Goodwill and Intangible Assets

Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. The company tests goodwill and other indefinite-lived intangible assets for impairment annually as of the first day of the fourth quarter, or more frequently if indicators of potential impairment exist.

Goodwill of companies acquired, allocated to the company's business segments, is as follows:

	Global Components		Global ECS			Total
Balance as of December 31, 2018 (a)	$	1,437,501	$	1,187,189		$	2,624,690
Dispositions and related adjustments	—		(1,386		)	(1,386		)
Foreign currency translation adjustment	15,869		(6,722		)	9,147
Balance as of March 30, 2019 (a)	$	1,453,370	$	1,179,081		$	2,632,451

(a) The total carrying value of goodwill as of March 30, 2019 and December 31, 2018 in the table above is reflected net of $1,018,780 of accumulated impairment charges, of which $716,925 was recorded in the global components business segment and $301,855 was recorded in the global enterprise computing solutions ("ECS") business segment.

10

ARROW ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands except per share data)

(Unaudited)

Intangible assets, net, are comprised of the following as of March 30, 2019:

	Weighted-Average Life	Gross Carrying Amount		Accumulated Amortization			Net
Non-amortizable trade names	indefinite	$	101,000	$	—		$	101,000
Customer relationships	11 years	482,084		(232,649		)	249,435
Developed technology	5 years	6,340		(4,596		)	1,744
Amortizable trade name	9 years	21,407		(4,295		)	17,112
		$	610,831	$	(241,540	)	$	369,291

Intangible assets, net, are comprised of the following as of December 31, 2018:

	Weighted-Average Life	Gross Carrying Amount		Accumulated Amortization			Net
Non-amortizable trade names	indefinite	$	101,000	$	—		$	101,000
Customer relationships	11 years	475,050		(221,822		)	253,228
Developed technology	5 years	6,340		(4,311		)	2,029
Amortizable trade name	9 years	19,940		(3,553		)	16,387
		$	602,330	$	(229,686	)	$	372,644

During the first quarter of 2019 and 2018, the company recorded amortization expense related to identifiable intangible assets of $11,930 and $13,520, respectively.

Note F – Investments in Affiliated Companies

The company owns a 50% interest in several joint ventures with Marubun Corporation (collectively "Marubun/Arrow") and several interests ranging from 19% to 50% in other joint ventures and equity method investments.  These investments are accounted for using the equity method.

The following table presents the company's investment in affiliated companies:

	March 30, 2019		December 31, 2018
Marubun/Arrow	$	75,107	$	73,253
Other	10,189		10,440
	$	85,296	$	83,693

The equity in earnings (losses) of affiliated companies consists of the following:

	Quarter Ended
	March 30, 2019			March 31, 2018
Marubun/Arrow	$	1,226		$	1,091
Other	(2,693		)	(1,764		)
	$	(1,467	)	$	(673	)

Under the terms of various joint venture agreements, the company is required to pay its pro-rata share of the third party debt of the joint ventures in the event that the joint ventures are unable to meet their obligations. At March 30, 2019, the company's pro-rata share of this debt was approximately $6,100. At December 31, 2018, the company's pro-rata share of this debt was approximately $2,860. The company believes there is sufficient equity in each of the joint ventures to meet the obligations. 

11

ARROW ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands except per share data)

(Unaudited)

Note G – Accounts Receivable

Accounts receivable, net, consists of the following:

	March 30, 2019			December 31, 2018
Accounts receivable	$	7,962,977		$	9,021,051
Allowances for doubtful accounts	(60,461		)	(75,588		)
	$	7,902,516		$	8,945,463

The company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments.  The allowances for doubtful accounts are determined using a combination of factors, including the length of time the receivables are outstanding, the current business environment, and historical experience. The company also has notes receivables with certain customers, which are included in "Accounts receivable, net" in the company's consolidated balance sheets.

Note H – Debt

Short-term borrowings, including current portion of long-term debt, consists of the following:

	March 30, 2019		December 31, 2018
Borrowings on lines of credit	$	—	$	180,000
Commercial paper	74,836		—
Other short-term borrowings	63,850		66,257
	$	138,686	$	246,257

Other short-term borrowings are primarily utilized to support working capital requirements. The weighted-average interest rate on these borrowings was 2.96% and 2.49% at March 30, 2019 and December 31, 2018, respectively.

The company has $200,000 in uncommitted lines of credit. There were no outstanding borrowings under the uncommitted lines of credit at March 30, 2019. There were $180,000 of outstanding borrowings under the uncommitted lines of credit at December 31, 2018. These borrowings were provided on a short-term basis and the maturity is agreed upon between the company and the lender. The lines had a weighted average effective interest rate of 3.49% and 3.39% at March 30, 2019 and December 31, 2018, respectively.

The company has a commercial paper program and the maximum aggregate balance of commercial paper outstanding may not exceed the borrowing capacity of $1,200,000. The company had $74,836 in outstanding borrowings under this program at March 30, 2019 and no outstanding borrowings at December 31, 2018. The program had a weighted average effective interest rate of 2.98% and 2.93% at March 30, 2019 and December 31, 2018, respectively.

12

ARROW ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands except per share data)

(Unaudited)

Long-term debt consists of the following:

	March 30, 2019		December 31, 2018
Revolving credit facility	$	55,000	$	—
Asset securitization program	1,090,000		810,000
6.00% notes, due 2020	209,191		209,147
5.125% notes, due 2021	130,582		130,546
3.50% notes, due 2022	347,485		347,288
4.50% notes, due 2023	297,751		297,622
3.25% notes, due 2024	494,327		494,091
4.00% notes, due 2025	345,911		345,762
7.50% senior debentures, due 2027	109,796		109,776
3.875% notes, due 2028	494,231		494,095
Other obligations with various interest rates and due dates	1,617		788
	$	3,575,891	$	3,239,115

The 7.50% senior debentures are not redeemable prior to their maturity.  All other notes may be called at the option of the company subject to "make whole" clauses.

The estimated fair market value, using quoted market prices, is as follows:

	March 30, 2019	December 31, 2018
6.00% notes, due 2020	214,500	214,500
5.125% notes, due 2021	135,500	134,500
3.50% notes, due 2022	353,000	345,000
4.50% notes, due 2023	311,500	303,500
3.25% notes, due 2024	484,500	467,000
4.00% notes, due 2025	351,000	340,500
7.50% senior debentures, due 2027	130,000	128,000
3.875% notes, due 2028	484,000	458,500

The carrying amount of the company's short-term borrowings in various countries, revolving credit facility, asset securitization program, commercial paper, and other obligations approximate their fair value.

The company has a $2,000,000 revolving credit facility maturing in December 2023. This facility may be used by the company for general corporate purposes including working capital in the ordinary course of business, letters of credit, repayment, prepayment or purchase of long-term indebtedness, acquisitions, and as support for the company's commercial paper program, as applicable. Interest on borrowings under the revolving credit facility is calculated using a base rate or a Eurocurrency rate plus a spread (1.18% at March 30, 2019), which is based on the company's credit ratings, or an effective interest rate of 3.56% at March 30, 2019. The facility fee, which is based on the company's credit ratings, was .20% of the total borrowing capacity at March 30, 2019. The company had $55,000 in outstanding borrowings under the revolving credit facility at March 30, 2019. The company had no outstanding borrowings under the revolving credit facility at December 31, 2018.

The company has an asset securitization program collateralized by accounts receivable of certain of its subsidiaries. The company may borrow up to $1,200,000 under the asset securitization program, which matures in June 2021. The asset securitization program is conducted through Arrow Electronics Funding Corporation ("AFC"), a wholly-owned, bankruptcy remote subsidiary. The asset securitization program does not qualify for true sale treatment. Accordingly, the accounts receivable and related debt obligation remain on the company's consolidated balance sheets. Interest on borrowings is calculated using a base rate plus a spread (.40% at March 30, 2019), or an effective interest rate of 2.94% at March 30, 2019. The facility fee is .40% of the total borrowing capacity.

13

ARROW ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands except per share data)

(Unaudited)

At March 30, 2019 and December 31, 2018, the company had $1,090,000 and $810,000, respectively, in outstanding borrowings under the asset securitization program, which was included in "Long-term debt" in the company's consolidated balance sheets. Total collateralized accounts receivable of approximately $2,436,800 and $2,754,400, respectively, were held by AFC and were included in "Accounts receivable, net" in the company's consolidated balance sheets. Any accounts receivable held by AFC would likely not be available to other creditors of the company in the event of bankruptcy or insolvency proceedings before repayment of any outstanding borrowings under the asset securitization program.

Both the revolving credit facility and asset securitization program include terms and conditions that limit the incurrence of additional borrowings and require that certain financial ratios be maintained at designated levels. The company was in compliance with all covenants as of March 30, 2019 and is currently not aware of any events that would cause non-compliance with any covenants in the future.  

During 2018, the company redeemed $300,000 principal amount of its 3.00% notes due March 2018.

In the normal course of business, certain of the company’s subsidiaries have agreements to sell, without recourse, selected trade receivables to financial institutions. The company does not retain financial or legal interests in these receivables, and, accordingly they are accounted for as sales of the related receivables and the receivables are removed from the company’s consolidated balance sheets. Financing costs related to these transactions were not material and are included in "Interest and other financing expense, net" in the company’s consolidated statements of operations.

Interest and other financing expense, net, includes interest and dividend income of $14,045 and $9,255 for the first quarter of 2019 and 2018, respectively.

14

ARROW ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands except per share data)

(Unaudited)

Note I – Financial Instruments Measured at Fair Value

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.  The company utilizes a fair value hierarchy, which maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value.  The fair value hierarchy has three levels of inputs that may be used to measure fair value:

Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

Level 2 Quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability.

Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable.

The following table presents assets (liabilities) measured at fair value on a recurring basis at March 30, 2019:

	Balance Sheet Location	Level 1		Level 2			Level 3		Total
Cash equivalents (a)	Cash and cash equivalents/ other assets	$	21,738	$	—		$	—	$	21,738
Equity investments (b)	Other assets	42,753		—			—		42,753
Interest rate swaps	Other liabilities	—		(557		)	—		(557		)
Foreign exchange contracts	Other current assets	—		12,925			—		12,925
Foreign exchange contracts	Accrued expenses	—		(998		)	—		(998		)
		$	64,491	$	11,370		$	—	$	75,861

The following table presents assets (liabilities) measured at fair value on a recurring basis at December 31, 2018:

	Balance Sheet Location	Level 1		Level 2			Level 3		Total
Cash equivalents (a)	Cash and cash equivalents/ other assets	$	22,883	$	—		$	—	$	22,883
Equity investments (b)	Other assets	38,045		—			—		38,045
Interest rate swaps	Other liabilities	—		(589		)	—		(589		)
Foreign exchange contracts	Other current assets	—		4,163			—		4,163
Foreign exchange contracts	Accrued expenses	—		(2,384		)	—		(2,384		)
		$	60,928	$	1,190		$	—	$	62,118

(a) Cash equivalents include highly liquid investments with an original maturity of less than three months.

(b) The company has an 8.4% equity ownership interest in Marubun Corporation and a portfolio of mutual funds with quoted market prices. The company recorded an unrealized gain of $1,824 and an unrealized loss of $2,579 for the first quarter of 2019 and 2018, respectively, on equity securities held at the end of each quarter.

Assets and liabilities that are measured at fair value on a nonrecurring basis relate primarily to goodwill and identifiable intangible assets (see Note D and E). The company tests these assets for impairment if indicators of potential impairment exist or at least annually if indefinite lived.

Derivative Instruments

The company uses various financial instruments, including derivative instruments, for purposes other than trading. Certain derivative instruments are designated at inception as hedges and measured for effectiveness both at inception and on an ongoing basis. Derivative instruments not designated as hedges are marked-to-market each reporting period with any unrealized gains or losses recognized in earnings.

15

ARROW ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands except per share data)

(Unaudited)

Interest Rate Swaps

The company occasionally enters into interest rate swap transactions that convert certain fixed-rate debt to variable-rate debt or variable-rate debt to fixed-rate debt in order to manage its targeted mix of fixed- and floating-rate debt. The company uses the hypothetical derivative method to assess the effectiveness of its interest rate swaps designated as fair value hedges on a quarterly basis. The change in the fair value of interest rate swaps designated as fair value hedges is recorded as a change to the carrying value of the related hedged debt, and the change in fair value of interest rate swaps designated as cash flow hedges is recorded in the shareholders' equity section in the company's consolidated balance sheets in "Accumulated other comprehensive income." As of March 30, 2019 and December 31, 2018, all outstanding interest rate swaps were designated as fair value hedges.

The terms of our outstanding interest rate swap contracts at March 30, 2019 are as follows:

Maturity Date	Notional Amount	Interest rate due from counterparty	Interest rate due to counterparty
April 2020	50,000	6.000%	6 mo. USD LIBOR + 3.896%

Foreign Exchange Contracts

The company’s foreign currency exposure relates primarily to international transactions where the currency collected from customers can be different from the currency used to purchase the product. The company’s transactions in its foreign operations are denominated primarily in the following currencies: Euro, British Pound, Indian Rupee, Canadian Dollar, and Chinese Renminbi. The company enters into foreign exchange forward, option, or swap contracts (collectively, the "foreign exchange contracts") to mitigate the impact of changes in foreign currency exchange rates related to these transactions.  These contracts are executed to facilitate the hedging of foreign currency exposures resulting from inventory purchases and sales and generally have terms of no more than six months. Gains or losses on these contracts are deferred and recognized when the underlying future purchase or sale is recognized or when the corresponding asset or liability is revalued. The company does not enter into foreign exchange contracts for trading purposes. The risk of loss on a foreign exchange contract is the risk of nonperformance by the counterparties, which the company minimizes by limiting its counterparties to major financial institutions. The fair value of the foreign exchange contracts are estimated using market quotes. The notional amount of the foreign exchange contracts at March 30, 2019 and December 31, 2018 was $867,361 and $607,747, respectively.

Gains and losses related to non-designated foreign currency exchange contracts are recorded in "Cost of sales" in the company's consolidated statements of operations. Gains and losses related to foreign currency exchange contracts designated as cash flow hedges are recorded in "Cost of sales," "Selling, general, and administrative expenses," and "Interest and other financing expense, net" based upon the nature of the underlying hedged transaction, in the company's consolidated statements of operations and were not material for the first quarter of 2019 and 2018.

During the first quarter of 2019, the company entered into a series of foreign exchange contracts to sell Euro and buy United States Dollars, with various maturity dates as noted in the table below.

Maturity Date	Notional Amount
March 2023	EUR 50,000
September 2024	EUR 50,000
April 2025	EUR 100,000
January 2028	EUR 100,000
Total	EUR 300,000

The contracts above have been designated as a net investment hedge which is in place to hedge a portion of the company's net investment in subsidiaries with euro-denominated net assets. The change in the fair value of derivatives designated as net investment hedges will be recorded in "foreign currency translation adjustment" ("CTA") within "Accumulated other comprehensive loss" in the company's consolidated balance sheets. Amounts excluded from the assessment of hedge effectiveness will be included in "Interest and other financing expense, net" in the company's consolidated statements of operations.

16

ARROW ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands except per share data)

(Unaudited)

The gains (losses) recorded in CTA within other comprehensive income (loss) related to net investment hedges was $6,592 for the three months ended March 30, 2019, net of taxes. For the three months ended March 30, 2019, gains of $1,406 for outstanding net investment hedges were reclassified from CTA to "Interest and other financing expense, net" in the company's consolidated statements of operations.

The effects of derivative instruments on the company's consolidated statements of operations and other comprehensive income are as follows:

	Quarter Ended
	March 30, 2019			March 31, 2018
Gain (Loss) Recognized in Income
Foreign exchange contracts	$	3,489		$	(5,742	)
Interest rate swaps	(319		)	(303		)
Total	$	3,170		$	(6,045	)
Gain (Loss) Recognized in Other Comprehensive Income before reclassifications, net of tax
Foreign exchange contracts	$	5,953		$	(1,078	)

Other

The carrying amount of cash and cash equivalents, accounts receivable, net, and accounts payable approximate their fair value due to the short maturities of these financial instruments.

Note J – Restructuring, Integration, and Other Charges

Restructuring initiatives are due to the company's continued efforts to lower cost and drive operational efficiency. Integration costs are primarily related to the integration of acquired businesses within the company's pre-existing business and the consolidation of certain operations. The following table presents the components of the restructuring, integration, and other charges:

	Quarter Ended
	March 30, 2019			March 31, 2018
Restructuring and integration charges - current period actions	$	3,007		$	11,432
Restructuring and integration charges - actions taken in prior periods	(61		)	1,349
Other charges	8,714			8,390
	$	11,660		$	21,171

Restructuring and Integration Accrual Summary

The restructuring and integration accrual was $10,802 and $25,829 at March 30, 2019 and December 31, 2018, respectively. A transition adjustment of $9,968 was recorded on January 1, 2019 to reclassify restructuring and integration accruals for facilities costs by adjusting the related lease right-of-use assets recorded upon adoption of ASU No. 2016-02, Topic 842. During the three months ended, March 30, 2019, the company made $6,735 of payments related to restructuring and integration accruals. Substantially all amounts accrued at March 30, 2019 relate to the termination of personnel and are expected to be spent in cash within one year.

17

ARROW ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands except per share data)

(Unaudited)

Other Charges

Included in restructuring, integration, and other charges for the first quarter of 2019 are other expenses of $8,714. The following items were included in other charges and credits recorded to restructuring, integration, and other charges for the three months ended March 30, 2019:

• acquisition-related charges for the first quarter of $1,022 related to professional and other fees directly related to recent acquisition activity as well as contingent consideration for acquisitions completed in prior years.

• $5,559 in charges related to relocation and other centralization efforts to maximize operating efficiencies.

Included in restructuring, integration, and other charges for the first quarter of 2018 are other expenses of $8,390. The following items represent other charges and credits recorded to restructuring, integration, and other charges for the three months ended March 31, 2018:

• acquisition related charges for the first quarter of $6,154 related to professional and other fees directly related to recent acquisition activity as well as contingent consideration for acquisitions completed in prior years.

Note K – Net Income per Share

The following table presents the computation of net income per share on a basic and diluted basis (shares in thousands):

	Quarter Ended
	March 30, 2019		March 31, 2018
Net income attributable to shareholders	$	140,735	$	139,094
Weighted-average shares outstanding - basic	85,400		87,955
Net effect of various dilutive stock-based compensation awards	919		1,080
Weighted-average shares outstanding - diluted	86,319		89,035
Net income per share:
Basic	$	1.65	$	1.58
Diluted (a)	$	1.63	$	1.56

(a) Stock-based compensation awards for the issuance of 903 and 415 shares for the first quarter of 2019 and 2018, respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive.

18

ARROW ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands except per share data)

(Unaudited)

Note L - Lease Commitments

The company leases certain office, distribution, and other property under non-cancelable operating leases expiring at various dates through 2033. Substantially all leases are classified as operating leases. During the first quarter of 2019, the company recorded operating lease cost of $26,726.

The following amounts were recorded in the consolidated balance sheets at March 30, 2019:

	March 30, 2019
Operating Leases
Right-of-use asset	$	349,077
Lease liability - current	68,603
Lease liability - non-current	302,283
Total operating lease liabilities	$	370,886

Maturities of operating lease liabilities at March 30, 2019 were as follows:

	March 30, 2019
2019	$	75,827
2020	76,035
2021	59,166
2022	46,851
2023	37,177
Thereafter	160,022
Total lease payments	455,078
Less imputed interest	(84,192		)
Total	$	370,886

Other information pertaining to leases consists of the following:

	March 30, 2019
Supplemental Cash Flow Information
Cash paid for amounts included in the measurement of operating lease liabilities:	$	37,513
Right-of-use assets obtained in exchange for operating lease obligations:	35,573
Operating Lease Term and Discount Rate
Weighted average remaining lease term in years	8
Weighted average discount rate	5.2		%

19

ARROW ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands except per share data)

(Unaudited)

Note M – Shareholders' Equity

Accumulated Other Comprehensive Income (Loss)

The following table presents the changes in Accumulated other comprehensive income (loss), excluding noncontrolling interests:

	Quarter Ended
	March 30, 2019			March 31, 2018
Foreign Currency Translation Adjustment and Other:
Other comprehensive income before reclassifications (a)	$	5,276		$	46,400
Amounts reclassified into income	(186		)	(1,178		)
Unrealized Gain (Loss) on Foreign Exchange Contracts Designated as Net Investment Hedges, Net:
Other comprehensive income before reclassifications	6,592			—
Amounts reclassified into income	(1,059		)	—
Unrealized Gain (Loss) on Interest Rate Swaps Designated as Cash Flow Hedges, Net:
Amounts reclassified into income	240			228
Employee Benefit Plan Items, Net:
Amounts reclassified into income	319			282
Other:
Retained earnings adjustment (b)	—			(22,354		)
Net change in Accumulated other comprehensive income (loss)	$	11,182		$	23,378

(a) Includes intra-entity foreign currency transactions that are of a long-term investment nature of $9,859 and $(11,924) for the first quarter of 2019 and 2018, respectively.

(b) Amounts relate to unrealized gains and losses on investments and stranded tax effects reclassified from "Accumulated other comprehensive income" to "Retained earnings" in accordance with ASU No. 2018-02 and ASU No. 2016-01.

Share-Repurchase Program

The following table shows the company's Board of Directors (the "Board") approved share-repurchase programs as of March 30, 2019:

Month of Board Approval	Dollar Value Approved for Repurchase		Dollar Value of Shares Repurchased		Approximate Dollar Value of Shares that May Yet be Purchased Under the Program
December 2016	$	400,000	$	311,395	$	88,605
December 2018	600,000		—		600,000
Total	$	1,000,000	$	311,395	$	688,605

20

ARROW ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands except per share data)

(Unaudited)

Note N – Contingencies

Environmental Matters

In connection with the purchase of Wyle in August 2000, the company acquired certain of the then outstanding obligations of Wyle, including Wyle's indemnification obligations to the purchasers of its Wyle Laboratories division for environmental clean-up costs associated with any then existing contamination or violation of environmental regulations. Under the terms of the company's purchase of Wyle from the sellers, the sellers agreed to indemnify the company for certain costs associated with the Wyle environmental obligations, among other things. In 2012, the company entered into a settlement agreement with the sellers pursuant to which the sellers paid $110,000 and the company released the sellers from their indemnification obligation. As part of the settlement agreement, the company accepted responsibility for any potential subsequent costs incurred related to the Wyle matters. The company is aware of two Wyle Laboratories facilities (in Huntsville, Alabama and Norco, California) at which contaminated groundwater was identified and will require environmental remediation. In addition, the company was named as a defendant in several lawsuits related to the Norco facility and a third site in El Segundo, California which have now been settled to the satisfaction of the parties.

The company expects these environmental liabilities to be resolved over an extended period of time. Costs are recorded for environmental matters when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Accruals for environmental liabilities are adjusted periodically as facts and circumstances change, assessment and remediation efforts progress, or as additional technical or legal information becomes available. Environmental liabilities are difficult to assess and estimate due to various unknown factors such as the timing and extent of remediation, improvements in remediation technologies, and the extent to which environmental laws and regulations may change in the future. Accordingly, the company cannot presently fully estimate the ultimate potential costs related to these sites until such time as a substantial portion of the investigation at the sites is completed and remedial action plans are developed and, in some instances, implemented. To the extent that future environmental costs exceed amounts currently accrued by the company, net income would be adversely impacted and such impact could be material.

Accruals for environmental liabilities are included in "Accrued expenses" and "Other liabilities" in the company's consolidated balance sheets. The company has determined that there is no amount within the environmental liability range that is a better estimate than any other amount, and therefore has recorded the accruals at the minimum amount of the ranges.

As successor-in-interest to Wyle, the company is the beneficiary of various Wyle insurance policies that covered liabilities arising out of operations at Norco and Huntsville. To date, the company has recovered approximately $37,000 from certain insurance carriers relating to environmental clean-up matters at the Norco site. The company is considering the best way to pursue its potential claims against insurers regarding liabilities arising out of operations at Huntsville. The resolution of these matters will likely take several years. The company has not recorded a receivable for any potential future insurance recoveries related to the Norco and Huntsville environmental matters, as the realization of the claims for recovery are not deemed probable at this time.

Environmental Matters - Huntsville

In February 2015, the company and the Alabama Department of Environmental Management ("ADEM") finalized and executed a consent decree in connection with the Huntsville, Alabama site. Characterization of the extent of contaminated soil and groundwater is complete and has been approved by ADEM. Approximately $6,300 was spent to date and the company currently anticipates no additional investigative and related expenditures. The nature and scope of subsequent remediation at the site has not yet been determined, but assuming the outcome includes source control and certain other measures, the cost is estimated to be between $4,100 and $10,000.

Despite the amount of work undertaken and planned to date, the company is unable to estimate any potential costs in addition to those discussed above because the complete scope of the work is not yet known, and, accordingly, the associated costs have yet to be determined.

21

ARROW ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands except per share data)

(Unaudited)

Environmental Matters - Norco

In October 2003, the company entered into a consent decree with Wyle Laboratories and the California Department of Toxic Substance Control (the "DTSC") in connection with the Norco site. In April 2005, a Remedial Investigation Work Plan was approved by DTSC that provided for site-wide characterization of known and potential environmental issues. Investigations performed in connection with this work plan and a series of subsequent technical memoranda continued until the filing of a final Remedial Investigation Report early in 2008. Work is under way pertaining to the remediation of contaminated groundwater at certain areas on the Norco site and of soil gas in a limited area immediately adjacent to the site. In 2008, a hydraulic containment system ("HCS") was installed to capture and treat groundwater before it moves into the adjacent offsite area. In September 2013, the DTSC approved the final Remedial Action Plan ("RAP") and work is currently progressing under the RAP. The approved RAP included the potential for additional remedial action after the five year review of the HCS if the review found that contaminants were not sufficiently reduced in the offsite area. The HCS five year review submitted to DTSC in December 2016 identified significant reductions in contaminants offsite except in a key area identified in the RAP. This exception triggered the need for additional offsite remediation that began in 2018.

Approximately $71,100 was spent to date on remediation, project management, regulatory oversight, and investigative and feasibility study activities. The company currently estimates that these activities will give rise to an additional $10,800 to $21,500. Project management and regulatory oversight include costs incurred by project consultants for project management and costs billed by DTSC to provide regulatory oversight.

Despite the amount of work undertaken and planned to date, the company is unable to estimate any potential costs in addition to those discussed above because the complete scope of the work under the RAP is not yet known, and, accordingly, the associated costs have yet to be determined.

Other

From time to time, in the normal course of business, the company may become liable with respect to other pending and threatened litigation, environmental, regulatory, labor, product, and tax matters. While such matters are subject to inherent uncertainties, it is not currently anticipated that any such matters will materially impact the company's consolidated financial position, liquidity, or results of operations.

22

ARROW ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands except per share data)

(Unaudited)

Note O – Segment and Geographic Information

The company is a global provider of products, services, and solutions to industrial and commercial users of electronic components and enterprise computing solutions.  The company distributes electronic components to original equipment manufacturers and contract manufacturers through its global components business segment and provides enterprise computing solutions to value-added resellers and managed service providers through its global ECS business segment.  As a result of the company's philosophy of maximizing operating efficiencies through the centralization of certain functions, selected fixed assets and related depreciation, as well as borrowings, are not directly attributable to the individual operating segments and are included in the corporate business segment.

Sales, by segment by geographic area, are as follows:

	Quarter Ended
	March 30, 2019		March 31, 2018
Components:
Americas	$	1,907,029	$	1,796,698
EMEA (a)	1,503,366		1,478,386
Asia/Pacific	1,781,532		1,654,848
Global components	$	5,191,927	$	4,929,932
ECS:
Americas	$	1,200,907	$	1,195,411
EMEA (a)	763,157		750,270
Global ECS	$	1,964,064	$	1,945,681
Consolidated (b)	$	7,155,991	$	6,875,613

(a) Defined as Europe, the Middle East, and Africa.

(b) Includes sales related to the United States of $2,782,035 and $2,649,668 for the first quarter of 2019 and 2018, respectively.

Operating income (loss), by segment, are as follows:

	Quarter Ended
	March 30, 2019			March 31, 2018
Operating income (loss):
Global components	$	234,532		$	229,546
Global ECS	86,718			83,806
Corporate (c)	(75,690		)	(77,357		)
Consolidated	$	245,560		$	235,995

(c) Includes restructuring, integration, and other charges of $11,660 and $21,171 for the first quarter of 2019 and 2018, respectively. Also included in the first quarter of 2019 and 2018 was a net loss on the disposition of businesses of $866 and $1,562, respectively.

23

ARROW ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands except per share data)

(Unaudited)

Total assets, by segment, is as follows:

	March 30, 2019		December 31, 2018
Global components	$	11,479,107	$	11,425,579
Global ECS	4,567,305		5,632,102
Corporate	784,340		726,764
Consolidated	$	16,830,752	$	17,784,445

Net property, plant, and equipment, by geographic area, is as follows:

	March 30, 2019		December 31, 2018
Americas (d)	$	659,608	$	673,228
EMEA	119,105		110,996
Asia/Pacific	40,891		40,476
Consolidated	$	819,604	$	824,700

(d) Includes net property, plant, and equipment related to the United States of $656,736 and $670,201 at March 30, 2019 and December 31, 2018, respectively.

24

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Overview

Arrow Electronics, Inc. (the "company") is a global provider of products, services, and solutions to industrial and commercial users of electronic components and enterprise computing solutions. The company has one of the world’s broadest portfolios of product offerings available from leading electronic components and enterprise computing solutions suppliers, coupled with a range of services, solutions, and tools that help industrial and commercial customers introduce innovative products, reduce their time to market, and enhance their overall competitiveness. The company has two business segments, the global components business segment and the global enterprise computing solutions ("ECS") business segment. The company distributes electronic components to original equipment manufacturers ("OEMs") and contract manufacturers ("CMs") through its global components business segment and provides enterprise computing solutions to value-added resellers ("VARs") and managed service providers ("MSPs") through its global ECS business segment. For the first quarter of 2019, approximately 73% of the company's sales were from the global components business segment and approximately 27% of the company's sales were from the global ECS business segment.

The company's financial objectives are to grow sales faster than the market, increase the markets served, grow profits faster than sales, and increase return on invested capital. To achieve its objectives, the company seeks to capture significant opportunities to grow across products, markets, and geographies. To supplement its organic growth strategy, the company continually evaluates strategic acquisitions to broaden its product and value-added service offerings, increase its market penetration, and expand its geographic reach.

Executive Summary

Consolidated sales for the first quarter of 2019 increased by 4.1% compared with the year-earlier period. The increase for the first quarter of 2019 was driven by a increase in the global components business segment sales of 5.3% and a increase in the global ECS business segment sales of 0.9%. Adjusted for the change in foreign currencies and dispositions consolidated sales increased 7.6% for the first quarter of 2019 compared with the year-earlier period.

Net income attributable to shareholders increased to $140.7 million in the first quarter of 2019 compared to $139.1 million in the year-earlier period. The following items impacted the comparability of the company's results:

• restructuring, integration, and other charges of $11.7 million in 2019 and $21.2 million in 2018;

• identifiable intangible asset amortization of $11.9 million in 2019 and $13.5 million in 2018;

• net gain on investments of $5.3 million in 2019 and net loss on investments of $2.5 million in 2018;

• loss on disposition of businesses, net, of $0.9 million in 2019 and $1.6 million in 2018; and

• Impact of U.S. tax reform of $3.5 million in 2019.

Excluding the aforementioned items, net income attributable to shareholders for the first quarter of 2019 decreased to $158.5 million compared with $167.7 million in the year-earlier period.

Certain Non-GAAP Financial Information

In addition to disclosing financial results that are determined in accordance with accounting principles generally accepted in the United States ("GAAP"), the company also discloses certain non-GAAP financial information, including:

• Sales, income, or expense items as adjusted for the impact of changes in foreign currencies (referred to as "impact of changes in foreign currencies") by re-translating prior period results at current period foreign exchange rates and the impact of dispositions by adjusting the company's operating results for businesses disposed, as if the dispositions had occurred at the beginning of the earliest period presented (referred to as "impact of dispositions");

• Operating income as adjusted to exclude identifiable intangible asset amortization, restructuring, integration, and other charges, and loss on disposition of businesses, net; and

• Net income attributable to shareholders as adjusted to exclude identifiable intangible asset amortization, restructuring, integration, and other charges, loss on disposition of businesses, net, gain (loss) on investments, net, and the impact of U.S. tax reform.

Management believes that providing this additional information is useful to the reader to better assess and understand the company's operating performance, especially when comparing results with previous periods, primarily because management typically monitors the business adjusted for these items in addition to GAAP results. However, analysis of results on a non-GAAP basis should be used as a complement to, and in conjunction with, data presented in accordance with GAAP.

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Sales

Substantially all of the company's sales are made on an order-by-order basis, rather than through long-term sales contracts.  As such, the nature of the company's business does not provide for the visibility of material forward-looking information from its customers and suppliers beyond a few months. Following is an analysis of net sales by reportable segment (in millions):

	Quarter Ended
	March 30, 2019			March 31, 2018			%  Change
Consolidated sales, as reported	$	7,156		$	6,876		4.1	%
Impact of changes in foreign currencies	—			(197		)
Impact of dispositions	(11		)	(41		)
Consolidated sales, as adjusted	$	7,145		$	6,638		7.6	%
Global components sales, as reported	$	5,192		$	4,930		5.3	%
Impact of changes in foreign currencies	—			(130		)
Global components sales, as adjusted	$	5,192		$	4,800		8.2	%
Global ECS sales, as reported	$	1,964		$	1,946		0.9	%
Impact of changes in foreign currencies	—			(67		)
Impact of dispositions	(11		)	(41		)
Global ECS sales, as adjusted	$	1,953		$	1,838		6.3	%

Consolidated sales for the first quarter of 2019 increased by $280.4 million, or 4.1% compared with the year-earlier period. The increase for the first quarter of 2019 was driven by an increase in global components business segment sales of $262.0 million, or 5.3%, and a increase in global ECS business segment sales of $18.4 million, or 0.9%. Adjusted for the impact of changes in foreign currencies and dispositions, consolidated sales increased 7.6% for the first quarter of 2019 compared with the year-earlier period.

In the global components business segment, sales for the first quarter of 2019 increased $262.0 million, or 5.3% compared with the year-earlier period, with the growth spread across all three regions. The increase during the first quarter of 2019 is attributable to suppliers awarding additional business to the company and demand growth for lower cost commodity parts. Adjusted for the impact of changes in foreign currencies, the company's global components business segment sales increased by 8.2% for the first quarter of 2019 compared with the year-earlier period.

In the global ECS business segment, sales for the first quarter of 2019 increased $18.4 million, or 0.9% compared with the year-earlier period. The increase during the first quarter of 2019 is primarily attributable to demand growth in servers, infrastructure software, storage, and security. Adjusted for the impact of changes in foreign currencies and dispositions, the company's global ECS business segment sales increased 6.3% for the first quarter of 2019 compared with year-earlier period.

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Gross Profit

Following is an analysis of gross profit (in millions):

	Quarter Ended
	March 30, 2019			March 31, 2018			% Change
Consolidated gross profit, as reported	$	862		$	869		(0.8	)%
Impact of changes in foreign currencies	—			(29		)
Impact of dispositions	(1		)	(7		)
Consolidated gross profit, as adjusted*	$	861		$	832		3.4	%
Consolidated gross profit as a percentage of sales, as reported	12.0		%	12.6		%	(60) bps
Consolidated gross profit as a percentage of sales, as adjusted	12.0		%	12.5		%	(50) bps

* The sum of the components for gross profit as reported and as adjusted may not agree to totals, as presented, due to rounding.

The company recorded gross profit of $861.7 million in the first quarter of 2019 compared with $868.9 million in the year-earlier period. Adjusted for the impact of changes in foreign currencies and dispositions, gross profit increased 3.4% in the first quarter of 2019 compared with the year-earlier period. Gross profit margins in the first quarter of 2019 decreased by approximately 60 bps compared with the year-earlier period primarily due to unfavorable product mix.

Selling, General, and Administrative Expenses and Depreciation and Amortization

Following is an analysis of operating expenses (in millions):

	Quarter Ended
	March 30, 2019			March 31, 2018			%  Change
Selling, general, and administrative expenses, as reported	$	556		$	563		(1.2	)%
Depreciation and amortization, as reported	48			47			0.6	%
Operating expenses, as reported	$	604		$	610		(1.1	)%
Impact of changes in foreign currencies	—			(19		)
Impact of dispositions	(1		)	(8		)
Operating expenses, as adjusted	$	603		$	583		3.4	%
Operating expenses as a percentage of sales, as reported	8.4		%	8.9		%	(50) bps
Operating expenses as a percentage of sales, as adjusted	8.4		%	8.8		%	(40) bps

Selling, general, and administrative expenses decreased by $6.9 million, or 1.2% in the first quarter of 2019 on a sales increase of 4.1% compared with the year-earlier period. Selling, general, and administrative expenses as a percentage of sales were 7.8% for the first quarter of 2019 compared with 8.2% in the year-earlier period.

Depreciation and amortization expense as a percentage of operating expenses was 7.9% for the first quarter of 2019 compared with 7.7% in the year-earlier period. Included in depreciation and amortization expense is identifiable intangible asset amortization of $11.9 million for the first quarter of 2019 compared to $13.5 million in the year-earlier period. Adjusted for the impact of changes in foreign currencies and dispositions, operating expenses increased 3.4% for the first quarter of 2019 compared with the year-earlier period.

Restructuring, Integration, and Other Charges

Restructuring initiatives relate to the company's continued efforts to lower cost and drive operational efficiency.  Integration costs are primarily related to the integration of acquired businesses within the company's pre-existing business and the consolidation of certain operations.

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2019 Charges

The company recorded restructuring, integration, and other charges of $11.7 million for the first quarter of 2019, which includes $3.0 million related to initiatives taken by the company during 2019 to improve operating efficiencies, $1.0 million of acquisition-related expenses, and $5.6 million in charges related to relocation and other centralization efforts to maximize operating efficiencies. The restructuring and integration charge of $3.0 million for the first quarter of 2019 relates primarily to the termination of personnel.

2018 Charges

The company recorded restructuring, integration, and other charges of $21.2 million for the first quarter of 2018, which includes $11.4 million related to initiatives taken by the company during 2018 to improve operating efficiencies and acquisition-related expenses of $6.2 million. The restructuring and integration charge of $11.4 million for the first quarter of 2018 includes personnel costs of $4.5 million, facilities costs of $6.8 million, and other costs of $0.1 million.

As of March 30, 2019, the company does not anticipate there will be any material adjustments relating to the aforementioned restructuring and integration plans. Refer to Note J, "Restructuring, Integration, and Other Charges," of the Notes to the Consolidated Financial Statements for further discussion of the company's restructuring and integration activities.

Operating Income

Following is an analysis of operating income (in millions):

	Quarter Ended
	March 30, 2019			March 31, 2018			%  Change
Consolidated operating income, as reported	$	246		$	236		4.1	%
Identifiable intangible asset amortization	12			14
Restructuring, integration, and other charges	12			21
Loss on disposition of businesses, net	1			2
Consolidated operating income, as adjusted*	$	270		$	272		(0.8	)%
Consolidated operating income as a percentage of sales, as reported	3.4		%	3.4		%	flat
Consolidated operating income, as adjusted, as a percentage of sales, as reported	3.8		%	4.0		%	(20) bps

* The sum of the components for consolidated operating income, as adjusted, may not agree to totals, as presented, due to rounding.

The company recorded operating income of $245.6 million, or 3.4% of sales in the first quarter of 2019 compared with operating income of $236.0 million, or 3.4% of sales in the year-earlier period. Excluding identifiable intangible asset amortization, restructuring, integration, and other charges, and loss on disposition of businesses, net, operating income, as adjusted, was $270.0 million, or 3.8% of sales in the first quarter of 2019 compared with operating income, as adjusted, of $272.2 million, or 4.0% of sales in the year-earlier period. Operating income, as adjusted, decreased 0.8% for the first quarter of 2019 compared with the year-earlier period, on a sales increase of 4.1% compared with the year-earlier period. Operating income, as adjusted as a percentage of sales, decreased 20 bps for the first quarter of 2019 compared with the year-earlier period.

Operating income growth was in line with sales growth for the first quarter of 2019 compared with the year-earlier period, due to the company's ability to efficiently manage operating costs. Operating margin decreases from both the global components and global ECS businesses were partially offset by lower spending from corporate.

Gain (Loss) on Investments, Net

During the first quarter of 2019 and 2018, the company recorded a gain of $5.3 million and a loss of $2.5 million related to changes in fair value of certain investments, respectively.

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Interest and Other Financing Expense, Net

The company recorded net interest and other financing expense of $52.0 million for the first quarter of 2019 compared with $45.2 million in the year-earlier period. The increase for the first quarter of 2019 was primarily due to higher average debt outstanding and an increase in variable interest rates.

Income Tax

Income taxes for the interim periods presented have been included in the accompanying consolidated financial statements on the basis of an estimated annual effective tax rate. The determination of the consolidated provision for income taxes requires management to make certain judgments and estimates. Changes in the estimated level of annual pre-tax earnings, tax laws, and changes resulting from tax audits can affect the overall effective income tax rate, which impacts the level of income tax expense and net income. Judgments and estimates related to the company’s projections and assumptions are inherently uncertain; therefore, actual results could differ from projections.

For the first quarter of 2019, the company recorded a provision for income taxes of $53.9 million and an effective tax rate of 27.5%. The company's provision for income taxes and effective tax rate for the first quarter of 2019 were impacted by the previously discussed restructuring, integration, and other charges, identifiable intangible asset amortization, loss on disposition of businesses, the impact of U.S. tax reform, and gain on investments. Excluding the impact of the aforementioned items, the company's effective tax rate for the first quarter of 2019 was 25.6%.

For the first quarter of 2018, the company recorded a provision for income taxes of $46.6 million and an effective tax rate of 25.0%. The company's provision for income taxes and effective tax rate for the first quarter of 2018 were impacted by the previously discussed restructuring, integration, and other charges, identifiable intangible asset amortization, loss on disposition of businesses, and loss on investments. Excluding the impact of the aforementioned items, the company's effective tax rate for the first quarter of 2018 was 25.1%.

The company’s effective tax rate deviates from the statutory U.S. federal income tax rate mainly due to the mix of foreign taxing jurisdictions in which the company operates and where its foreign subsidiaries generate taxable income. The increase in the effective tax rate from 25.0% for the first quarter of 2018 to 27.5% for the first quarter of 2019 is primarily driven by the change in mix of the tax jurisdictions where taxable income is generated, discrete items, and changes in the U.S. tax rules.

Net Income Attributable to Shareholders

Following is an analysis of net income attributable to shareholders (in millions):

	Quarter Ended
	March 30, 2019			March 31, 2018
Net income attributable to shareholders, as reported	$	141		$	139
Identifiable intangible asset amortization*	12			13
Restructuring, integration, and other charges	12			21
Loss on disposition of businesses, net	1			2
(Gain) loss on investments, net	(5		)	2
Tax effect of adjustments above	(5		)	(10		)
Impact of U.S. tax reform	4			—
Net income attributable to shareholders, as adjusted **	$	158		$	168

* Identifiable intangible asset amortization does not include amortization related to the noncontrolling interest.

** The sum of the components for net income attributable to shareholders, as adjusted, may not agree to totals, as presented, due to rounding.

The company recorded net income attributable to shareholders of $140.7 million in the first quarter of 2019 compared with $139.1 million in the year-earlier period. Net income attributable to shareholders, as adjusted, was $158.5 million for the first quarter of 2019 compared with $167.7 million in the year-earlier period.

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Liquidity and Capital Resources

At March 30, 2019 and December 31, 2018, the company had cash and cash equivalents of $351.9 million and $509.3 million, respectively, of which $336.2 million and $394.4 million, respectively, were held outside the United States. Liquidity is affected by many factors, some of which are based on normal ongoing operations of the company's business and some of which arise from fluctuations related to global economics and markets. Cash balances are generated and held in many locations throughout the world. It is the company's current intent to permanently reinvest these funds outside the United States and its current plans do not demonstrate a need to repatriate them to fund its United States operations. If these funds were needed for the company's operations in the United States, the company would be required to pay withholding and other taxes related to distribution of these funds. Additionally, local government regulations may restrict the company's ability to move cash balances to meet cash needs under certain circumstances. The company currently does not expect such regulations and restrictions to impact its ability to make acquisitions or to conduct operations throughout the global organization.

During the first quarter of 2019, the net amount of cash used for the company's operating activities was $329.0 million, the net amount of cash used for investing activities was $30.9 million, and the net amount of cash provided by financing activities was $180.8 million.  The effect of exchange rate changes on cash was an increase of $21.7 million.

During the first quarter of 2018, the net amount of cash used for the company's operating activities was $75.1 million, the net amount of cash used for investing activities was $336.4 million, and the net amount of cash provided by financing activities was $235.5 million.  The effect of exchange rate changes on cash was a decrease of $5.4 million.

Cash Flows from Operating Activities

The company maintains a significant investment in accounts receivable and inventories.  As a percentage of total assets, accounts receivable and inventories were approximately 69.1% at March 30, 2019 and 72.1% at December 31, 2018.

The net amount of cash used for the company's operating activities during the first quarter of 2019 was $329.0 million and was primarily due to the timing of inventory purchases early in the quarter coupled with lower demand levels and slower payments by customers later in the quarter.

The net amount of cash used for the company's operating activities during the first quarter of 2018 was $75.1 million and was primarily due to an increase in working capital to support the increase in sales, offset, in part, by an increase in earnings from operations adjusted for non-cash items.

Working capital as a percentage of sales, which the company defines as accounts receivable, net, plus inventory, net, less accounts payable, divided by annualized sales, was 19.6% in the first quarter of 2019 compared with 17.6% in the first quarter of 2018.

Cash Flows from Investing Activities

The net amount of cash used for investing activities during the first quarter of 2019 was $30.9 million. The uses of cash from investing activities included $33.8 million for capital expenditures. Capital expenditures for the first quarter of 2019 are related to investments in internally developed software and website functionality related to the digital business.

The net amount of cash used for investing activities during the first quarter of 2018 was $336.4 million. The uses of cash from investing activities included $331.5 million for cash consideration paid for acquired businesses and $34.7 million for capital expenditures. The sources of cash from investing activities included $34.3 million of proceeds from the sale of businesses. Included in capital expenditures for the first quarter of 2018 was $7.4 million related to the company's ERP system. The company completed the implementation of its new ERP system during Q1 2018.

Cash Flows from Financing Activities

The net amount of cash provided by financing activities during the first quarter of 2019 was $180.8 million. The uses of cash from financing activities included $107.2 million of net payments from short-term borrowings and $53.9 million of repurchases of common stock. The sources of cash from financing activities during the first quarter of 2019 were $335.0 million of net proceeds from long-term bank borrowings and $6.9 million of proceeds from the exercise of stock options.

The net amount of cash provided by financing activities during the first quarter of 2018 was $235.5 million. The uses of cash from financing activities included $300.0 million of payments for the redemption of notes, $52.5 million of repurchases of common stock, and $18.4 million of net payments from short-term borrowings. The sources of cash from financing activities during the first quarter

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of 2018 were $601.4 million of proceeds from long-term bank borrowings and $5.0 million of proceeds from the exercise of stock options.

During March 2018, the company redeemed $300.0 million principal amount of the its 3.00% notes due March 2018.

The company has a $2.0 billion revolving credit facility maturing in December 2023. This facility may be used by the company for general corporate purposes including working capital in the ordinary course of business, letters of credit, repayment, prepayment or purchase of long-term indebtedness, acquisitions, and as support for the company's commercial paper program, as applicable. Interest on borrowings under the revolving credit facility is calculated using a base rate or a Eurocurrency rate plus a spread (1.18% at March 30, 2019), which is based on the company's credit ratings, or an effective interest rate of 3.56% at March 30, 2019. The facility fee, which is based on the company's credit ratings, was .20% of the total borrowing capacity at March 30, 2019. The company had $55.0 million in outstanding borrowings under the revolving credit facility at March 30, 2019. There were no outstanding borrowings under the revolving credit facility at December 31, 2018. During the first quarter of 2019 and 2018, the average daily balance outstanding under the revolving credit facility was $43.0 million and $69.4 million, respectively.

The company has a commercial paper program and the maximum aggregate balance of commercial paper outstanding may not exceed the borrowing capacity of $1.2 billion. The company had $74.8 million in outstanding borrowings under this program at March 30, 2019 and no outstanding borrowings under this program at December 31, 2018. During the first quarter of 2019 and 2018, the average daily balance outstanding under the commercial paper program was $836.0 million and $664.8 million, respectively. The program had a weighted average effective interest rate of 2.98% at March 30, 2019.

The company has an asset securitization program collateralized by accounts receivable of certain of its subsidiaries, which matures June 2021. The company may borrow up to $1.2 billion under the asset securitization program. The asset securitization program is conducted through Arrow Electronics Funding Corporation ("AFC"), a wholly-owned, bankruptcy remote subsidiary. The asset securitization program does not qualify for true sale treatment. Accordingly, the accounts receivable and related debt obligation remain on the company's consolidated balance sheets. Interest on borrowings is calculated using a base rate plus a spread (.40% at March 30, 2019), or an effective interest rate of 2.94% at March 30, 2019. The facility fee is .40% of the total borrowing capacity. The company had $1.1 billion and $810.0 million in outstanding borrowings under the asset securitization program at March 30, 2019 and December 31, 2018, respectively.  During the first quarter of 2019 and 2018, the average daily balance outstanding under the asset securitization program was $1.1 billion and $794.7 million, respectively.

Both the revolving credit facility and asset securitization program include terms and conditions that limit the incurrence of additional borrowings and require that certain financial ratios be maintained at designated levels. The company was in compliance with all covenants as of March 30, 2019 and is currently not aware of any events that would cause non-compliance with any covenants in the future.

The company has $200.0 million in uncommitted lines of credit. There were no outstanding borrowings and $180.0 million of outstanding borrowings under the uncommitted lines of credit at March 30, 2019 and December 31, 2018, respectively. These borrowings were provided on a short-term basis and the maturity is agreed upon between the company and the lender. The lines had a weighted average effective interest rate of 3.49% at March 30, 2019. During the first quarter of 2019 and 2018, the average daily balance outstanding under the uncommitted lines of credit was $9.7 million and $13.6 million, respectively.

In the normal course of business, certain of the company’s subsidiaries have agreements to sell, without recourse, selected trade receivables to financial institutions. The company does not retain financial or legal interests in these receivables, and, accordingly, they are accounted for as sales of the related receivables and the receivables are removed from the company’s consolidated balance sheets. Financing costs related to these transactions were not material and are included in "Interest and other financing expense, net" in the company’s consolidated statements of operations.

Management believes that the company's current cash availability, its current borrowing capacity under its revolving credit facility and asset securitization program, and its expected ability to generate future operating cash flows are sufficient to meet its projected cash flow needs for the foreseeable future. The company also may issue debt or equity securities in the future and management believes the company will have adequate access to the capital markets, if needed. The company continually evaluates its liquidity requirements and would seek to amend its existing borrowing capacity or access the financial markets as deemed necessary.

Contractual Obligations

The company has contractual obligations for short-term and long-term debt, interest on short-term and long-term debt, capital leases, operating leases, purchase obligations, and certain other long-term liabilities that were summarized in a table of Contractual

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Obligations in the company's Annual Report on Form 10-K for the year ended December 31, 2018. Since December 31, 2018, there were no material changes to the contractual obligations of the company outside the ordinary course of the company’s business.

Share-Repurchase Programs

The following table shows the company's Board approved share-repurchase programs as of March 30, 2019 (in thousands):

Month of Board Approval	Dollar Value Approved for Repurchase		Dollar Value of Shares Repurchased		Approximate Dollar Value of Shares that May Yet be Purchased Under the Program
December 2016	$	400,000	$	311,395	$	88,605
December 2018	600,000		—		600,000
Total	$	1,000,000	$	311,395	$	688,605

Off-Balance Sheet Arrangements

The company has no off-balance sheet financing or unconsolidated special purpose entities.

Critical Accounting Policies and Estimates

The company's consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States.  The preparation of these financial statements requires the company to make significant estimates and judgments that affect the reported amounts of assets, liabilities, revenues, and expenses and related disclosure of contingent assets and liabilities.  The company evaluates its estimates on an ongoing basis.  The company bases its estimates on historical experience and on various other assumptions that are believed reasonable under the circumstances; the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.  Actual results may differ from these estimates under different assumptions or conditions.

There were no significant changes during the first quarter of 2019 to the items disclosed as Critical Accounting Policies and Estimates in Management's Discussion and Analysis of Financial Condition and Results of Operations in the company's Annual Report on Form 10-K for the year ended December 31, 2018 (See Note B and C).

Impact of Recently Issued Accounting Standards

See Note B and Note C of the Notes to Consolidated Financial Statements for a full description of recent accounting pronouncements, including the anticipated dates of adoption and the effects on the company's consolidated financial position and results of operations.

Information Relating to Forward-Looking Statements

This report includes forward-looking statements that 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, changes in product supply, pricing and customer demand, competition, other vagaries in the global components and global ECS 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, and the company’s ability to generate additional cash flow.  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 "expects," "anticipates," "intends," "plans," "may," "will," "believes," "seeks," "estimates," 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 undertakes no obligation to update publicly or revise any of the forward-looking statements. 

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

There were no material changes in market risk for changes in foreign currency exchange rates and interest rates from the information provided in Item 7A – Quantitative and Qualitative Disclosures About Market Risk in the company's Annual Report on Form 10-K for the year ended December 31, 2018.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

The company’s management, under the supervision and with the participation of the company’s Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of the design and operation of the company’s disclosure controls and procedures as of March 30, 2019 (the "Evaluation"). Based upon the Evaluation, the company’s Chief Executive Officer and Chief Financial Officer concluded that the company’s disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934) are effective.

Changes in Internal Control over Financial Reporting

There were no changes in the company's internal control over financial reporting during the company's most recent fiscal quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting.

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PART II.  OTHER INFORMATION

Item 1A. Risk Factors

There were no material changes to the company's risk factors as discussed in Item 1A - Risk Factors in the company's Annual Report on Form 10-K for the year ended December 31, 2018.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The following table shows the share-repurchase activity for the quarter ended March 30, 2019:

Month	Total Number of Shares Purchased (a)	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Program (b)	Approximate Dollar Value of Shares that May Yet be Purchased Under the Programs
January 1 through January 26, 2019	235,276	$	72.25	235,276	$	711,613
January 27 through February 23, 2019	339,126	80.84		170,749	697,966
February 24 through March 30, 2019	118,308	80.39		116,373	688,605
Total	692,710			522,398

(a) Includes share repurchases under the Share-Repurchase Program and those associated with shares withheld from employees for stock-based awards, as permitted by the Omnibus Incentive Plan, in order to satisfy the required tax withholding obligations.

(b) The difference between the "total number of shares purchased" and the "total number of shares purchased as part of publicly announced program" for the quarter ended March 30, 2019 is 170,312 shares, which relate to shares withheld from employees for stock-based awards, as permitted by the Omnibus Incentive Plan, in order to satisfy the required tax withholding obligations.  The purchase of these shares were not made pursuant to any publicly announced repurchase plan.

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Item 6. Exhibits

Exhibit Number	Exhibit
31(i)	Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31(ii)	Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32(i)	Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32(ii)	Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
10(a)	Form of Performance Stock Unit Award Agreement under the Arrow Electronics, Inc. 2004 Omnibus Incentive Plan (as amended through February 17, 2015).
10(b)	Form of Restricted Stock Unit Award Agreement under the Arrow Electronics, Inc. 2004 Omnibus Incentive Plan (as amended through February 17, 2015).
101.SCH	XBRL Taxonomy Extension Schema Document.
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB	XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Documents.
101.DEF	XBRL Taxonomy Definition Linkbase Document.

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SIGNATURE

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 thereunto duly authorized.

		ARROW ELECTRONICS, INC.
Date:	May 2, 2019	By:	/s/ Chris D. Stansbury
			Chris D. Stansbury
			Senior Vice President and Chief Financial Officer

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EX-10.A

Exhibit 10(a)

Arrow Electronics, Inc.
Performance Stock Unit Award Agreement

Executive Committee

THIS PERFORMANCE STOCK UNIT AWARD AGREEMENT (the “Agreement”), effective GRANT DATE (the “Grant Date”), contains the terms of the grant of Performance Stock Units by Arrow Electronics, Inc., a New York Corporation (the “Company” or “Arrow”), to PARTICIPANT NAME (the “Grantee” or “you”) under the Arrow Electronics, Inc. 2004 Omnibus Incentive Plan (the “Plan”). Capitalized terms used and not defined in this Agreement have the meanings given to them in the Plan. The parties agree as follows:

1.General Grant Information. You have received the following grant of Performance Stock Units:

Target Number of Performance Stock Units: SHARES GRANTED The number of Performance Stock Units, if any, that ultimately vest will be determined based on the attainment of the Performance Measures in accordance with the tables below and subject to the limitations set forth in this Agreement.

Date of Grant: GRANT DATE

Start of Performance Cycle: START DATE

End of Performance Cycle: END DATE

Performance Measures:

Performance Stock Units Eligible for Vesting: The Performance Stock Units shall become eligible for vesting only if the Company attains the Performance Measure set forth below. If the Committee fails to certify whether the Performance Measure was satisfied or determines that the Performance Measure has not been met, the Performance Stock Units shall be forfeited in their entirety effective as of immediately prior to the first anniversary of the Grant Date and there will be no payment of Shares to you related to such Performance Stock Units. The number of Performance Stock Units that are determined to be eligible for vesting will be based on the actual results achieved by Arrow through the Performance Cycle as determined by the Compensation Committee of Arrow’s Board of Directors (the “Committee”). The maximum number of Performance Stock Units that may vest is equal to 185% of the Target Number of Performance Stock Units and the number of Performance Stock Units that vest may be less than the Target Number of Performance Stock Units, down to zero, with a 15% cut-in.

1    

Performance Measure: The maximum number of Performance Stock Units shall be eligible to vest if the Company attains for the fiscal year in which the Grant Date occurs Net Income, as determined in accordance with U.S. Generally Accepted Accounting Principles, greater than zero dollars. Immediately following the end of the fiscal year in with the Grant Date occurs, but prior to the first anniversary of the Grant Date, the Committee shall certify whether or not the Performance Measure has been met.

Other Performance Measures: The Committee has the authority to apply negative discretion to reduce or eliminate the number of Performance Stock Units eligible to vest upon attainment of the Performance Measure. In determining whether to apply negative discretion, the Committee may consider attainment of the combination of the following two Performance Measures, as well as their assessment of performance against key strategic peers and other extraordinary circumstances:

1. Arrow 3-year Earnings per Share (EPS) % growth ranked against 3-year EPS % growth of 7 peer companies (60% weight). The comparison of 2021 EPS vs. 2018 EPS will determine a payout percentage according to the following grid:

Rank	Payout %
1	175%
2	140%
3	120%
4	110%
5	95%
6	65%
7	25%
8	0%

2. Arrow’s three-year average Return on Invested Capital (ROIC) versus Arrow’s Weighted Average Cost of Capital (WACC) (40% Weight). This element will be calculated based on the threshold, target and maximums approved by the Committee and as listed below, with linear pro-ration for performance between these levels:

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	Calculated ROIC less WACC
Threshold (50% payout)	0%
Target (100% payout)	1.5%
Maximum (200% payout)	3.0%

The adjusted payout percentage will be applied to Grantee’s Target Number of Performance Stock Units to determine the number of Performance Stock Units that are eligible to vest.

The Committee reserves the right to adjust the number of Performance Stock Units that are eligible to vest up or down based on its evaluation of Arrow’s performance against key strategic peers.

2.Vesting. As soon as reasonably practicable after the close of the Performance Cycle, the Committee shall determine the level of attainment of the Performance Measures and, based on such determination, the number of Performance Stock Units eligible for vesting shall be calculated. The Committee’s determination shall be conclusive and binding on the Participant and the Company. The number of Performance Stock Units that the Committee determines are eligible to vest shall vest on the date that the Performance Stock Units are settled in accordance with Section 3 hereof, provided Grantee remains employed by Arrow (or one of its Subsidiaries or Affiliates) through that date unless otherwise provided in Section 4 below.

3.Settlement of Award. Within 30 days of the Committee’s determination of Performance Stock Units that are eligible to vest as contemplated under Section 2 hereof, Arrow will issue to you one Share for each vested Performance Stock Unit , as determined in accordance with Sections 1 and 2 above and subject to this Section 3 and Section 4 below. The foregoing notwithstanding, Performance Stock Units shall in no event be settled later than March 15th of the calendar year after the last day of the Performance Cycle. Any fractional Shares will be rounded to the nearest whole Share.

4.Eligibility for Earned Performance Stock Units. Except for the specific situations addressed below (in this Section 4), you must be employed by Arrow (or one of its Subsidiaries or Affiliates) on the date of delivery of the Shares to vest in Performance Stock Units or be eligible for any payment under this Agreement.

Retirement. Upon your Retirement from Arrow prior to the date the Performance Stock Units are contemplated to be settled under Section 3 hereof, a number of Performance Stock Units shall vest based on the actual attainment of the Performance Measures in accordance with Sections 1 and 2 hereof and shall be settled at the time provided under Section 3 hereof (without regard to whether you are employed on the date of settlement), provided that you do not engage or become interested in any Competing Business prior to the settlement date (whether as an owner, partner, director, employee, consultant or otherwise), in which case the Performance Stock Units will be forfeited and no payment or delivery of Shares will be made therefor.

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Death or Disability. Upon your termination of employment from Arrow by reason of death or Disability prior to the end of the Performance Cycle, the Target Number of Performance Stock Units will vest and will be settled within 30 days after your death or your becoming disabled. Upon your termination of employment by reason of death or Disability after the end of the Performance Cycle, a number of Performance Stock Units will vest based on the actual attainment of the Performance Measures in accordance with Sections 1 and 2 hereof and will be settled at the time provided under Section 3 hereof.

Change of Control. Upon the termination of your employment by Arrow without Cause, or by you for Good Reason, in either case occurring within two (2) years after a Change of Control of Arrow prior to the settlement date under Section 3, a number of Performance Stock Units will vest based on the actual attainment of the Performance Measures as determined in accordance with Sections 1 and 2 hereof and be settled within 30 days after such termination or, if earlier, the time the Performance Stock Units are settled in accordance with Section 3 hereof; provided, however, that if the Committee has not yet determined the attainment level of the Performance Measures at the time of your termination of employment, a number of Performance Stock Units equal to the Target Number of Performance Stock Units will vest and be settled within 30 days after such termination or on the settlement date contemplated under Section 3 hereof if such date is earlier.

Vesting following Certain Terminations. Upon your termination of employment from Arrow under circumstances in which you are receiving severance payments from Arrow in the form of salary continuation, any Performance Stock Units that are unvested as of the date of your termination will continue to be eligible to vest at the same time provided under Section 2 hereof to the extent they are scheduled to vest during the period you are receiving severance payments, provided you do not engage or become interested in any Competing Business at any time prior to the vesting date (whether as an owner, partner, director, employee, consultant or otherwise), in which case any unvested portion of the Performance Stock Unit will be forfeited and no payment or delivery of Shares will be made therefor.

Other Terminations. If your employment ends for any reason (other than described in this Section 4) before the settlement of this Award, this Award will be forfeited and there will be no payment or delivery of Shares to you related to such forfeited Performance Stock Units.

The terms “Cause,” “Change of Control,” “Competing Business,” “Disability,” “Good Reason,” and “Retirement,” as used in this Agreement are defined in Section 13 below.

5.Rights of Shareholder.Grantee shall not be entitled to any voting rights or other rights or privileges of ownership of Shares with respect to the Performance Stock Units unless and until the Committee has determined the number of Shares earned under this Agreement, and such earned Shares are actually delivered to Grantee pursuant to the Agreement.

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6.Dividends. In the event that dividends are paid, Grantee will be credited as of the date each such dividend is paid with additional Performance Stock Units having a value equal to the aggregate amount of the dividend that would have been paid with respect to Grantee’s Target Number of Performance Stock Units if they had been actual Shares, based on the Fair Market Value (as defined in the Plan) of a Share on the applicable dividend payment date. Such additional Performance Stock Units shall also be credited with additional Performance Stock Units as dividends are paid thereafter, and shall be subject to the same restrictions and conditions as the Performance Stock Unit with respect to which they were credited.

7.Transferability. Except as otherwise determined by the Committee, Performance Stock Units granted under this Agreement are not transferable by Grantee, whether voluntarily or involuntarily, by operation of law or otherwise, during the Restriction Period, except as provided in the Plan. Any assignment, pledge, transfer or other disposition, voluntary or involuntary, of the Performance Stock Units made, or attachment, execution, garnishment, or lien issued against or placed upon the Performance Stock Units, shall be void.

8.Administration. This Agreement and the rights of Grantee hereunder are subject to all the terms and conditions of the Plan, as the same may be amended from time to time, as well as to such rules and regulations as the Committee may adopt for administration of the Plan. It is expressly understood that the Committee is authorized to administer, construe, and make all determinations necessary or appropriate to the administration of the Plan and this Agreement, all of which shall be binding upon Grantee. Any inconsistency between this Agreement and the Plan shall be resolved in favor of the Plan. You can only accept and receive the Award by indicating your acceptance of the terms and conditions set forth in this Agreement. By accepting this Agreement, you accept and agree to all of its terms. If you do not accept this Agreement your Award will be forfeited.

9.Arrow Electronics Anti-Hedging Policy. You are required to comply with the Arrow Electronics Anti-Hedging Policy with respect to transactions in Shares acquired under the Plan.

10.Personal Data. You hereby explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of your personal data as described in this Agreement and any other Performance Stock Unit grant materials by and among, as applicable, your employer (the “Employer”), the Company and its Subsidiaries or Affiliates for the exclusive purpose of implementing, administering and managing your participation in the Plan.

You understand that the Company and the Employer may hold certain personal information about you, including, but not limited to, your name, home address and telephone number, date of birth, social insurance number or other identification number (e.g., resident registration number), salary, nationality, job title, any stock or directorships held in the Company, details of all Performance Stock Units or any other entitlement to stock awarded, canceled, exercised, vested, unvested or outstanding in your favor (“Data”), for the exclusive purpose of implementing, administering and managing the Plan.

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You understand that Data will be transferred to any third parties assisting the Company with the implementation, administration and management of the Plan. You understand that the recipients of the Data may be located in the United States or elsewhere, and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than your country. You understand that if you reside outside the United States, you may request a list with the names and addresses of any potential recipients of the Data by contacting your local human resources representative. You authorize the Company, its Subsidiaries and Affiliates, the Employer and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing your participation in the Plan. You understand that Data will be held only as long as is necessary to implement, administer and manage your participation in the Plan including any requisite transfer of such Data as may be required to a broker or other third party with whom you may elect to deposit any Shares acquired upon vesting of the Performance Stock Units. You understand that if you reside outside the United States, you may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consent herein, in any case without cost, by contacting in writing your local human resources representative. Further, you understand that you are providing the consent herein on a purely voluntary basis. If you do not consent, or if you later seek to revoke your consent, your employment status or service with the Employer will not be adversely affected; the only consequence of refusing or withdrawing your consent is that the Company would not be able to grant you Performance Stock Units or other awards or administer or maintain such awards. Therefore, you understand that refusing or withdrawing your consent may affect your ability to participate in the Plan. For more information on the consequences of your refusal to consent or withdrawal of consent, you understand that you may contact your local human resources representative.

11.Nature of Grant. By participating in the Plan, you acknowledge, understand and agree that: (a) the Plan is established voluntarily by the Company, it is discretionary in nature and may be modified, amended, suspended or terminated by the Company at any time, to the extent permitted by the Plan; (b) the grant of the Performance Stock Units is voluntary and occasional and does not create any contractual or other right to receive future grants, or benefits in lieu of Performance Stock Units, even if Performance Stock Units have been granted in the past; (c) all decisions with respect to future grants of Performance Stock Units, if any, will be at the sole discretion of the Company; (d) the Performance Stock Unit grant and your participation in the Plan shall not create a right to employment or be interpreted as forming an employment or service contract with the Company, the Employer or any Subsidiary or Affiliate and shall not interfere with the ability of the Company, the Employer or any Subsidiary or Affiliate, as applicable, to terminate your employment or service relationship (if any); (e) you are voluntarily participating in the Plan; (f) the Performance Stock Units are not intended to replace any pension rights or compensation; (g) the Performance Stock Units, the underlying Shares and the income and value of same are not part of normal or expected compensation for purposes of

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calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments; (h) the future value of the underlying Shares is unknown, indeterminable and cannot be predicted with certainty; (i) no claim or entitlement to compensation or damages shall arise from forfeiture of the Performance Stock Units resulting from the termination of your employment or other service relationship (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where you are employed or the terms of your employment agreement, if any), and in consideration of the grant of the Performance Stock Units to which you are otherwise not entitled, you irrevocably agree never to institute any such claim against the Company, any of its Subsidiaries or Affiliates or the Employer, waive your ability, if any, to bring any such claim, and release the Company, its Subsidiaries and Affiliates and the Employer from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, you shall be deemed irrevocably to have agreed not to pursue such claim and agree to execute any and all documents necessary to request dismissal or withdrawal of such claim; (j) unless otherwise agreed with the Company in writing, the Performance Stock Units, the underlying Shares and the income and value of same are not granted as consideration for, or in connection with, any service you may provide as a director of a Subsidiary or Affiliate; (k) for purposes of the Performance Stock Units, your employment or other service relationship will be considered terminated as of the date you are no longer actively providing services to the Company or one of its Subsidiaries or Affiliates (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where you are employed or the terms of your employment agreement, if any), and unless otherwise expressly provided in Section 4 of this Agreement or determined by the Company, your right to vest in the Performance Stock Units under this Agreement, if any, will terminate as of such date and will not be extended by any notice period (e.g., your period of service would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where you are employed or the terms of your employment agreement, if any); the Committee shall have the exclusive discretion to determine when you are no longer actively providing services for purposes of the Performance Stock Unit grant (including whether you may still be considered to be providing services while on an approved leave of absence); and (l) the following provisions apply only if you are providing services outside the United States: (A) the Performance Stock Units, the underlying Shares, and the income and value of same are not part of normal or expected compensation or salary for any purpose; and (B) neither the Company, the Employer nor any Subsidiary or Affiliate shall be liable for any foreign exchange rate fluctuation between your local currency and the U.S. dollar that may affect the value of the Performance Stock Units or of any amount due to you pursuant to the settlement of the Performance Stock Units or the subsequent sale of any Shares acquired upon settlement.

12.No Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding your participation in the Plan, or your acquisition or sale of the underlying Shares. You should consult with your own personal tax, legal and financial advisors regarding your participation in the Plan before taking any action related to the Plan.

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13.Definitions. For purposes of this Agreement, the following terms will have the meanings set forth below:

“Cause” means that the Committee, in its sole discretion, determined that you: (i) intentionally failed to perform your duties for Arrow and that failure continues after you receive written warning concerning your failure to perform (this does not mean a mere failure to attain financial goals); (ii) engaged in illegal conduct or gross misconduct which is significantly and demonstrably injurious to Arrow; or (iii) violated any provision of Arrow’s Worldwide Code of Business Conduct and Ethics or of any other written agreement you may have with Arrow.

“Competing Business” means any business, which, directly or indirectly, provides the same or substantially similar products or services as those provided by the organization, business units or groups for which you worked or had responsibility during your tenure at Arrow or any of its Subsidiaries or Affiliates.

“Committee” means the Compensation Committee of Arrow’s Board of Directors or a designated subcommittee thereof.

“Change of Control” means the occurrence of either of the following events: (a) any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the Company possessing 30 percent or more of the total voting power of the stock of the Company, or (b) a majority of the members of the Company’s Board of Directors is replaced during a 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Company’s Board of Directors before the date of the appointment or election.

“Disability” means due to illness, injury or a physical or medically recognized mental condition, (i) you are unable to perform your duties and responsibilities with reasonable accommodation for 120 consecutive calendar days, or 180 calendar days during any twelve-month period, as determined by a physician agreed to by the Company and you, or (ii) you are considered disabled for purposes of receiving/qualifying for long-term disability benefits under any group long-term disability insurance plan or policy offered by Company or one of its Subsidiaries or Affiliates in which you participate.

“Good Reason” means the occurrence of any of the following changes to your employment, provided that Arrow does not rescind such changes within thirty days following your written request: (i) a material adverse diminution in your duties and responsibilities; (ii) your base salary is materially reduced, other than in connection with a region-wide or company-wide pay cut/furlough program; or (iii) a material change in the geographic location of your principal place of business of more than fifty (50) miles from your current location. For the avoidance of doubt, a mere change in title and/or reporting relationship shall not be grounds for a claim of “Good Reason.” You will have “Good Reason” to terminate your employment only if such action is taken during the two year period following a Change of Control.

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“Retirement” means your retirement under a retirement plan of Arrow, or one of its Subsidiaries or Affiliates, at or after your normal retirement age or, with the written consent of the Committee, at an early retirement date.

14.Tax Withholding. You acknowledge that, regardless of any action taken by the Company or, if different, the Employer, the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to your participation in the Plan and legally applicable to you (“Tax-Related Items”) is and remains your responsibility and may exceed the amount actually withheld by the Company or the Employer. You further acknowledge that the Company and/or the Employer (a) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Performance Stock Units, including, but not limited to, the grant, vesting or settlement of the Performance Stock Units, the subsequent sale of Shares acquired pursuant to such settlement and the receipt of any dividends and/or any dividend equivalents; and (b) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the Performance Stock Units to reduce or eliminate your liability for Tax-Related Items or achieve any particular tax result. Further, if you are subject to Tax-Related Items in more than one jurisdiction the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

Prior to any relevant taxable or tax withholding event, as applicable, you agree to make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items. In this regard, you authorize the Company and/or the Employer, or their respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following: (a) withholding from your wages or other cash compensation paid to you by the Company and/or the Employer; or (b) withholding from proceeds of the sale of Shares acquired upon settlement of the Performance Stock Units either through a voluntary sale or through a mandatory sale arranged by the Company (on your behalf pursuant to this authorization without further consent); or (c) withholding in Shares to be issued upon settlement of the Performance Stock Units.

Depending on the withholding method, the Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding rates or other applicable withholding rates, including maximum applicable rates. If the maximum rate is used, any over-withheld amount will be refunded to you in cash by the Company or Employer (with no entitlement to the Share equivalent) or if not refunded, you may seek a refund from the local tax authorities. If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, you are deemed to have been issued the full number of Shares subject to the vested Performance Stock Units, notwithstanding that a number of the Shares are held back solely for the purpose of paying the Tax-Related Items.

Finally, you agree to pay to the Company or the Employer, any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of your participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the Shares or the

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proceeds of the sale of Shares, if you fail to comply with your obligations in connection with the Tax-Related Items.

Notwithstanding anything in this Section 14 to the contrary, to avoid a prohibited acceleration under Section 409A of the Code, if Shares subject to the Performance Stock Units will be withheld (or sold on your behalf) to satisfy any Tax-Related Items arising prior to the date of settlement of the Performance Stock Units for any portion of the Performance Stock Units that is considered nonqualified deferred compensation subject to Section 409A of the Code, then the number of Shares withheld (or sold on your behalf) shall not exceed the number of Shares that equals the liability for Tax-Related Items.

15.Section 409A Compliance. The following provisions shall apply if Grantee is a U.S. Taxpayer.

Notwithstanding the foregoing provisions of this Agreement, no Shares or amounts payable hereunder in connection with a termination of your employment that are subject to Section 409A of the Code as deferred compensation (and do not qualify for the “short term deferral” or any other exemption under applicable U.S. Treasury Regulations) and that are payable upon a termination of your employment (“Separation Payments”) shall be paid unless the termination constitutes a “separation from service,” within the meaning of Section 409A of the Code. In addition, if you are a “specified employee,” within the meaning of Section 409A of the Code, at the time of a separation from service, any Separation Payments payable in connection with a separation from service shall instead be paid on the first business day following the earlier to occur of (a) the expiration of the six (6)-month period following your separation from service or (b) your death, if necessary to comply with Section 409A of the Code.

The Performance Stock Units are intended to be exempt from or compliant with Section 409A of the Code and the U.S. Treasury Regulations relating thereto so as not to subject Grantee to the payment of additional taxes and interest under Section 409A of the Code or other adverse tax consequences. In furtherance of this intent, the provisions of this Agreement will be interpreted, operated, and administered in a manner consistent with these intentions. The Committee may modify the terms of this Agreement, the Plan or both, without the consent of Grantee, in the manner that the Committee may determine to be necessary or advisable in order to comply with Section 409A of the Code or to mitigate any additional tax, interest and/or penalties or other adverse tax consequences that may apply under Section 409A of the Code if compliance is not practical. This Section 15 does not create an obligation on the part of the Company to modify the terms of this Agreement or the Plan and does not guarantee that the Performance Stock Units or the delivery of Shares upon vesting/settlement of the Performance Stock Units will not be subject to taxes, interest and penalties or any other adverse tax consequences under Section 409A of the Code. In no event whatsoever shall Arrow or any of its Subsidiaries or Affiliates be liable to any party for any additional tax, interest or penalties that may be imposed on Grantee by Section 409A of the Code or any damages for failing to comply with Section 409A of the Code or for any action taken by the Committee.

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16.Governing Law and Venue. The Performance Stock Unit grant and the provisions of this Agreement are governed by, and subject to, the laws of the State of New York, without regard to the conflict of law provisions, as provided in the Plan.

For purposes of litigating any dispute that arises under this grant or the Agreement, the parties hereby submit to and consent to the exclusive jurisdiction of the State of New York, agree that such litigation shall be conducted in the courts of New York County, or the federal courts for the United States for the Southern District of New York, where this grant is made and/or to be performed.

17.Foreign Asset/Account, Exchange Control and Tax Reporting. You may be subject to foreign asset/account, exchange control and/or tax reporting requirements as a result of the acquisition, holding and/or transfer of Shares or cash (including dividends, dividend equivalents and the proceeds arising from the sale of Shares) derived from your participation in the Plan, to and/or from a brokerage/bank account or legal entity located outside your country. The applicable laws of your country may require that you report such accounts, assets, the balances therein, the value thereof and/or the transactions related thereto to the applicable authorities in such country. You acknowledge that you are responsible for ensuring compliance with any applicable foreign asset/account, exchange control and tax reporting requirements and should consult your personal legal advisor on this matter.

18.Insider Trading Restrictions/Market Abuse Laws. You acknowledge that, depending on your country, you may be subject to insider trading restrictions and/or market abuse laws, which may affect your ability to acquire or sell Shares or rights to Shares under the Plan during such times as you are considered to have “inside information” regarding the Company (as defined by the laws in your country). Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy. You acknowledge that it is your responsibility to comply with any applicable restrictions, and you should speak to your personal advisor on this matter.

19.Electronic Delivery and Acceptance. The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means. You hereby consent to receive such documents by electronic delivery and agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.

20.Language. If you have received this Agreement or any other document related to this Agreement translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.

21.Severability. The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.

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22.Waiver. You acknowledge that a waiver by the Company of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach of this Agreement.

23.Appendix. Notwithstanding any provisions in the Agreement, the Performance Stock Units shall be subject to the additional terms and conditions set forth in any appendix to this Agreement (the “Appendix”) for your country. Moreover, if you relocate to one of the countries included in the Appendix, the special terms and conditions for such country will apply to you, to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. The Appendix constitutes part of the Agreement.

24.Imposition of Other Requirements. The Company reserves the right to impose other requirements on your participation in the Plan, on the Performance Stock Units and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require you to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

The parties have entered into this Agreement as of the date first written above by signing where indicated below.

Arrow Electronics, Inc.

By: /s/ Gregory Tarpinian

Gregory Tarpinian

SVP and General Counsel

PARTICIPANT NAME

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EX-10.B

Exhibit 10(b)

Arrow Electronics, Inc.
Restricted Stock Unit Award Agreement

Executive Committee

Grantee:    PARTICIPANT NAME

Grant Date:    GRANT DATE

Number of Restricted
Stock Units:     SHARES GRANTED

THIS RESTRICTED STOCK UNIT AWARD AGREEMENT (the “Agreement”) dated as of GRANT DATE is between Arrow Electronics, Inc., a New York corporation (the “Company” or “Arrow”), and PARTICIPANT NAME (the “Grantee” or “you”). In consideration of mutual promises and covenants made in this Agreement and the mutual benefits to be derived from this Agreement, the Company and Grantee agree as follows:

Subject to the provisions of this Agreement and the provisions of the Arrow Electronics, Inc. 2004 Omnibus Incentive Plan (the “Plan”), the Company hereby grants to Grantee the number of restricted stock units shown above (the “Restricted Stock Units”) as of GRANT DATE (the “Grant Date”). Capitalized terms used and not defined in this Agreement have the meanings given to them in the Plan.

1.Vesting Generally. Subject to the provisions of Sections 2 through 5 of this Agreement, twenty-five percent (25%) of the Restricted Stock Units will vest and become non-forfeitable on each of the first four anniversaries of the Grant Date, but only if Grantee remains employed by Arrow (or one of its Subsidiaries or Affiliates) on the applicable anniversary. Except as provided in Section 5 of this Agreement, within thirty days after Restricted Stock Units vest, each vested Restricted Stock Unit shall be settled by delivery of one Share. Any fractional Restricted Stock Units shall be rounded to the nearest whole number. Delivery of Shares within the applicable grace periods permitted by Section 409A of the Code shall be deemed made on the scheduled payment date.

2.Grant Conditioned Upon Performance. Your grant of Restricted Stock Units is conditioned upon Arrow meeting certain performance criteria established by the Compensation Committee of Arrow’s Board of Directors (the “Committee”). The Committee has determined that your Award will be conditioned upon the Company having Net Income, as determined in accordance with U. S. General Accounting Principles, greater than zero dollars during the fiscal year in which the Grant Date occurs. Immediately following the end of the fiscal year in which the Grant Date occurs, but prior to the first anniversary of the Grant Date, the Committee will certify whether or not the performance measure has been met. If the Committee fails to certify whether the performance measure was satisfied or determines that the performance measure has not been met, your Restricted Stock Units will be forfeited in its entirety effective as of immediately prior to the first anniversary of the grant Date and there will be no payment or delivery of Shares to you related to such forfeited Restricted Stock Units.

3.Vesting following Retirement. Upon your Retirement from Arrow, any unvested portion of the Restricted Stock Units will continue to vest under the same schedule as set forth under Section 1 hereof; provided that you do not engage or become interested in any Competing Business during such remaining vesting period (whether as an owner, partner, director, employee, consultant or otherwise), in which case any unvested portion of the Restricted Stock Unit will be forfeited and no payment or delivery of Shares will be made therefor.

4.Vesting following Certain Terminations. Upon your termination of employment from Arrow under circumstances in which you are receiving severance payments from Arrow in the form of salary continuation, any Restricted Stock Units that are unvested as of the date of your termination will continue to vest under the same schedule as set forth under Section 1 hereof to the extent they are scheduled to vest during the period you are receiving severance payments, provided that you do not engage or become interested in any Competing Business during such remaining vesting period (whether as an owner, partner, director, employee, consultant or otherwise), in which case any unvested portion of the Restricted Stock Units will be forfeited and no payment or delivery of Shares will be made therefor.

5.Death or Disability. Upon your termination of employment from Arrow by reason of death or Disability, any unvested part of the Restricted Stock Units will vest immediately.

6.Termination of Employment following a Change of Control. Any unvested portion of the Restricted Stock Units that have been substituted or replaced with an equivalent award by the successor will vest immediately upon the termination of your employment by Arrow without Cause, or by you for Good Reason, in either such case occurring within two (2) years after a Change of Control of Arrow (an “Involuntary Termination”).

If your employment ends for any reason (other than as described in Section 3 through 5 above) before your Restricted Stock Units fully vest, the unvested portion of the Restricted Stock Units will be forfeited and there will be no payment or delivery of Shares to you related to such forfeited Restricted Stock Units.

The terms “Cause,” “Change of Control,” “Competing Business,” “Disability,” “Good Reason,” and “Retirement,” as used in this Agreement are defined in Section 16below.

7.Restriction Period. For any Restricted Stock Unit, the “Restriction Period” begins on the Grant Date and ends on the date on which that Restricted Stock Unit vests.

8.Rights of Shareholder. Grantee shall not be entitled to any voting rights or other rights or privileges of ownership of Shares with respect to the Restricted Stock Units unless and until Shares are actually delivered to Grantee pursuant to this Agreement.

9.Dividends. In the event that dividends are paid, Grantee will be credited as of the date each such dividend is paid with additional Restricted Stock Units having a value equal to the aggregate amount of the dividend that would have been paid with respect to Grantee’s Restricted Stock Units if they had been actual Shares, based on the Fair Market Value (as defined in the Plan) of a Share on the applicable dividend payment date. Such additional Restricted Stock Units shall also be credited with additional Restricted Stock Units as dividends are paid thereafter, and shall be subject to the same restrictions and conditions as the Restricted Stock Unit with respect to which they were credited.

10.Transferability. Except as otherwise determined by the Committee, Restricted Stock Units granted under this Agreement are not transferable by Grantee, whether voluntarily or involuntarily, by operation of law or otherwise, during the Restriction Period, except as provided in the Plan. Any assignment, pledge, transfer or other disposition, voluntary or involuntary, of the Restricted Stock Units made, or attachment, execution, garnishment, or lien issued against or placed upon the Restricted Stock Units, shall be void.

11.Administration. This Agreement and the rights of Grantee hereunder are subject to all the terms and conditions of the Plan, as the same may be amended from time to time, as well as to such rules and regulations as the Committee may adopt for administration of the Plan. It is expressly understood that the Committee is authorized to administer, construe, and make all determinations necessary or appropriate to the administration of the Plan and this Agreement, all of which shall be binding upon Grantee. Any inconsistency between this Agreement and the Plan shall be resolved in favor of the Plan. You can only accept and receive the award by indicating your acceptance of the terms and conditions set forth in this Agreement. By accepting this Agreement, you accept and agree to all of its terms. If you do not accept this Agreement your award will be forfeited.

12.Arrow Electronics Anti-Hedging Policy. You are required to comply with the Arrow Electronics Anti-Hedging Policy with respect to transactions in Shares acquired under the Plan.

13.Personal Data. You hereby explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of your personal data as described in this Agreement and any other Restricted Stock Unit grant materials by and among, as applicable, your employer (the “Employer”), the Company and its Subsidiaries or Affiliates for the exclusive purpose of implementing, administering and managing your participation in the Plan.

You understand that the Company and the Employer may hold certain personal information about you, including, but not limited to, your name, home address and telephone number, date of birth, social insurance number or other identification number (e.g., resident registration number), salary, nationality, job title, any stock or directorships held in the Company, details of all Restricted Stock Units or any other entitlement to stock awarded, canceled, exercised, vested, unvested or outstanding in your favor (“Data”), for the exclusive purpose of implementing, administering and managing the Plan.

You understand that Data will be transferred to any third parties assisting the Company with the implementation, administration and management of the Plan. You understand that the recipients of the Data may be located in the United States or elsewhere, and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than your country. You understand that if you reside outside the United States, you may request a list with the names and addresses of any potential recipients of the Data by contacting your local human resources representative. You authorize the Company, its Subsidiaries and Affiliates, the Employer and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing your participation in the Plan. You understand that Data will be held only as long as is necessary to implement, administer and manage your

participation in the Planincluding any requisite transfer of such Data as may be required to a broker or other third party with whom you may elect to deposit any Shares acquired upon vesting of the Restricted Stock Units. You understand that if you reside outside the United States, you may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consent herein, in any case without cost, by contacting in writing your local human resources representative. Further, you understand that you are providing the consent herein on a purely voluntary basis. If you do not consent, or if you later seek to revoke your consent, your employment status or service with the Employer will not be adversely affected; the only consequence of refusing or withdrawing your consent is that the Company would not be able to grant you Restricted Stock Units or other awards or administer or maintain such awards. Therefore, you understand that refusing or withdrawing your consent may affect your ability to participate in the Plan. For more information on the consequences of your refusal to consent or withdrawal of consent, you understand that you may contact your local human resources representative.

14.Nature of Grant. By participating in the Plan, you acknowledge, understand and agree that: (a) the Plan is established voluntarily by the Company, it is discretionary in nature and may be modified, amended, suspended or terminated by the Company at any time, to the extent permitted by the Plan; (b) the grant of the Restricted Stock Units is voluntary and occasional and does not create any contractual or other right to receive future grants or benefits in lieu of Restricted Stock Units, even if Restricted Stock Units have been granted in the past; (c) all decisions with respect to future grants of Restricted Stock Units, if any, will be at the sole discretion of the Company; (d) the Restricted Stock Unit grant and your participation in the Plan shall not create a right to employment or be interpreted as forming an employment or service contract with the Company, the Employer or any Subsidiary or Affiliate and shall not interfere with the ability of the Company, the Employer or any Subsidiary or Affiliate, as applicable, to terminate your employment or service relationship (if any); (e) you are voluntarily participating in the Plan; (f) the Restricted Stock Units are not intended to replace any pension rights or compensation; (g) the Restricted Stock Units, the underlying Shares and the income and value of same are not part of normal or expected compensation for purposes of calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments; (h) the future value of the underlying Shares is unknown, indeterminable and cannot be predicted with certainty; (i) no claim or entitlement to compensation or damages shall arise from forfeiture of the Restricted Stock Units resulting from the termination of your employment or other service relationship (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where you are employed or the terms of your employment agreement, if any), and in consideration of the grant of the Restricted Stock Units to which you are otherwise not entitled, you irrevocably agree never to institute any such claim against the Company, any of its Subsidiaries or Affiliates or the Employer, waive your ability, if any, to bring any such claim, and release the Company, its Subsidiaries and Affiliates and the Employer from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, you shall be deemed irrevocably to have agreed not to pursue such claim and agree to execute any and all documents necessary to request dismissal or withdrawal of such claim; (j) unless otherwise agreed with the Company in writing, the Restricted Stock Units, the underlying Shares and the income and value of same are not granted as consideration for, or in connection with, any service you may provide as a director of a Subsidiary or Affiliate; (k) for purposes of the Restricted Stock Units, your

employment or other service relationship will be considered terminated as of the date you are no longer actively providing services to the Company or one of its Subsidiaries or Affiliates (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where you are employed or the terms of your employment agreement, if any), and unless otherwise expressly provided in Sections 3 through 6 of this Agreement or determined by the Company, your right to vest in the Restricted Stock Units under this Agreement, if any, will terminate as of such date and will not be extended by any notice period (e.g., your period of service would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where you are employed or the terms of your employment agreement, if any); the Committee shall have the exclusive discretion to determine when you are no longer actively providing services for purposes of the Restricted Stock Unit grant (including whether you may still be considered to be providing services while on an approved leave of absence); and (l) the following provisions apply only if you are providing services outside the United States: (A) the Restricted Stock Units, the underlying Shares, and the income and value of same are not part of normal or expected compensation or salary for any purpose; and (B) neither the Company, the Employer nor any Subsidiary or Affiliate shall be liable for any foreign exchange rate fluctuation between your local currency and the U.S. dollar that may affect the value of the Restricted Stock Units or of any amount due to you pursuant to the settlement of the Restricted Stock Units or the subsequent sale of any Shares acquired upon settlement.

15.No Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding your participation in the Plan, or your acquisition or sale of the underlying Shares. You should consult with your own personal tax, legal and financial advisors regarding your participation in the Plan before taking any action related to the Plan.

16.Definitions. For purposes of this Agreement, the following terms will have the meanings set forth below:

“Cause” means that the Committee, in its sole discretion, determined that you: (i) intentionally failed to perform your duties for Arrow and that failure continues after you receive written warning concerning your failure to perform (this does not mean a mere failure to attain financial goals); (ii) engaged in illegal conduct or gross misconduct which is significantly and demonstrably injurious to Arrow; or (iii) violated any provision of Arrow’s Worldwide Code of Business Conduct and Ethics or of any other written agreement you may have with Arrow.

“Competing Business” means any business, which, directly or indirectly, provides the same or substantially similar products or services as those provided by the organization, business units or groups for which you worked or had responsibility during your tenure at Arrow or any of its Subsidiaries or Affiliates.

“Committee” means the Compensation Committee of Arrow’s Board of Directors or a designated subcommittee thereof.

“Change of Control” means the occurrence of either of the following events: (a) any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the Company possessing 30 percent or more of the total voting power of

the stock of the Company, or (b) a majority of the members of the Company’s Board of Directors is replaced during a 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Company’s Board of Directors before the date of the appointment or election, in each case, limited to circumstances that constitute a “change in control event” within the meaning of Treasury Reg. §1.409A-3(i)(5).

“Disability” means Grantee is considered “disabled” within the meaning of Section 409A(a)(2)(C) of the Code and the regulations thereunder, or, with respect to Grantee who is not a U.S. Taxpayer, as may otherwise be determined or construed by the Committee.

“Good Reason” means the occurrence of any of the following changes to your employment, provided that Arrow does not rescind such changes within thirty days following your written request: (i) a material adverse diminution in your duties and responsibilities; (ii) your base salary is materially reduced, other than in connection with a region-wide or company-wide pay cut/furlough program; or (iii) a material change in the geographic location of your principal place of business of more than fifty (50) miles from your current location. For the avoidance of doubt, a mere change in title and/or reporting relationship shall not be grounds for a claim of “Good Reason.” You will have “Good Reason” to terminate your employment only if such action is taken during the two year period following a Change of Control.

“Retirement” means your retirement under a retirement plan of Arrow, or one of its Subsidiaries or Affiliates, at or after your normal retirement age or, with the written consent of the Committee, at an early retirement date.

17.Tax Withholding. You acknowledge that, regardless of any action taken by the Company or, if different, the Employer, the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to your participation in the Plan and legally applicable to you (“Tax-Related Items”) is and remains your responsibility and may exceed the amount actually withheld by the Company or the Employer. You further acknowledge that the Company and/or the Employer (a) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Restricted Stock Units, including, but not limited to, the grant, vesting or settlement of the Restricted Stock Units, the subsequent sale of Shares acquired pursuant to such settlement and the receipt of any dividends and/or any dividend equivalents; and (b) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the Restricted Stock Units to reduce or eliminate your liability for Tax-Related Items or achieve any particular tax result. Further, if you are subject to Tax-Related Items in more than one jurisdiction, the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

Prior to any relevant taxable or tax withholding event, as applicable, you agree to make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items. In this regard, you authorize the Company and/or the Employer, or their respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following: (a) withholding from your wages or other cash compensation paid to you by the Company and/or the Employer; or (b) withholding from proceeds of the sale of Shares acquired upon settlement of the Restricted Stock Units either through a voluntary sale or through a mandatory sale arranged by the Company (on your behalf

pursuant to this authorization without further consent); or (c) withholding in Shares to be issued upon settlement of the Restricted Stock Units.

Depending on the withholding method, the Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding rates or other applicable withholding rates, including maximum applicable rates. If the maximum rate is used, any over-withheld amount will be refunded to you in cash by the Company or Employer (with no entitlement to the Share equivalent) or if not refunded, you may seek a refund from the local tax authorities. If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, you are deemed to have been issued the full number of Shares subject to the vested Restricted Stock Units, notwithstanding that a number of the Shares are held back solely for the purpose of paying the Tax-Related Items.

Finally, you agree to pay to the Company or the Employer, any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of your participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the Shares or the proceeds of the sale of Shares, if you fail to comply with your obligations in connection with the Tax-Related Items.

Notwithstanding anything in this Section 17 to the contrary, to avoid a prohibited acceleration under Section 409A of the Code, if Shares subject to the Restricted Stock Units will be withheld (or sold on your behalf) to satisfy any Tax Related Items arising prior to the date of settlement of the Restricted Stock Units for any portion of the Restricted Stock Units that is considered nonqualified deferred compensation subject to Section 409A of the Code, then the number of Shares withheld (or sold on your behalf) shall not exceed the number of Shares that equals the liability for Tax-Related Items.

18.Section 409A Compliance. The following provisions shall apply if Grantee is a U.S. Taxpayer.

Notwithstanding the foregoing provisions of this Agreement, no Shares or amounts payable hereunder in connection with a termination of your employment that are subject to Section 409A of the Code as deferred compensation (and do not qualify for the “short term deferral” or any other exemption under applicable U.S. Treasury Regulations) and that are payable upon a termination of your employment (“Separation Payments”) shall be paid unless the termination constitutes a “separation from service,” within the meaning of Section 409A of the Code. In addition, if you are a “specified employee,” within the meaning of Section 409A of the Code, at the time of a separation from service, any Separation Payments payable in connection with a separation from service shall instead be paid on the first business day following the earlier to occur of (a) the expiration of the six (6)-month period following your separation from service or (b) your death, if necessary to comply with Section 409A of the Code.

The Restricted Stock Units are intended to be exempt from or compliant with Section 409A of the Code and the U.S. Treasury Regulations relating thereto so as not to subject Grantee to the payment of additional taxes and interest under Section 409A of the Code or other adverse tax consequences. In furtherance of this intent, the provisions of this Agreement will be interpreted, operated, and administered in a manner consistent with these intentions. The Committee may modify the terms of this Agreement, the Plan or both, without the consent of Grantee, in the manner that the Committee may determine to be necessary or advisable in

order to comply with Section 409A of the Code or to mitigate any additional tax, interest and/or penalties or other adverse tax consequences that may apply under Section 409A of the Code if compliance is not practical. This Section 18 does not create an obligation on the part of the Company to modify the terms of this Agreement or the Plan and does not guarantee that the Restricted Stock Units or the delivery of Shares upon vesting/settlement of the Restricted Stock Units will not be subject to taxes, interest and penalties or any other adverse tax consequences under Section 409A of the Code. In no event whatsoever shall Arrow or any of its Subsidiaries or Affiliates be liable to any party for any additional tax, interest or penalties that may be imposed on Grantee by Section 409A of the Code or any damages for failing to comply with Section 409A of the Code or for any action taken by the Committee.

19.Foreign Asset/Account, Exchange Control and Tax Reporting. You may be subject to foreign asset/account, exchange control and/or tax reporting requirements as a result of the acquisition, holding and/or transfer of Shares or cash (including dividends, dividend equivalents and the proceeds arising from the sale of Shares) derived from your participation in the Plan, to and/or from a brokerage/bank account or legal entity located outside your country. The applicable laws of your country may require that you report such accounts, assets, the balances therein, the value thereof and/or the transactions related thereto to the applicable authorities in such country. You acknowledge that you are responsible for ensuring compliance with any applicable foreign asset/account, exchange control and tax reporting requirements and should consult your personal legal advisor on this matter.

20.Insider Trading Restrictions/Market Abuse Laws. You acknowledge that, depending on your country, you may be subject to insider trading restrictions and/or market abuse laws, which may affect your ability to acquire or sell Shares or rights to Shares under the Plan during such times as you are considered to have “inside information” regarding the Company (as defined by the laws in your country). Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy. You acknowledge that it is your responsibility to comply with any applicable restrictions, and you should speak to your personal advisor on this matter.

21.Governing Law and Venue. The Restricted Stock Unit grant and the provisions of this Agreement are governed by, and subject to, the laws of the State of New York, without regard to the conflict of law provisions, as provided in the Plan.

For purposes of litigating any dispute that arises under this grant or the Agreement, the parties hereby submit to and consent to the exclusive jurisdiction of the State of New York, agree that such litigation shall be conducted in the courts of New York County, or the federal courts for the United States for the Southern District of New York, where this grant is made and/or to be performed.

22.Electronic Delivery and Acceptance. The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means. You hereby consent to receive such documents by electronic delivery and agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.

23.Language. If you have received this Agreement or any other document related to this Agreement translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.

24.Severability. The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.

25.Waiver. You acknowledge that a waiver by the Company of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach of this Agreement.

26.Appendix. Notwithstanding any provisions in the Agreement, the Restricted Stock Units shall be subject to the additional terms and conditions set forth in any appendix to this Agreement (the “Appendix”) for your country. Moreover, if you relocate to one of the countries included in the Appendix, the special terms and conditions for such country will apply to you, to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. The Appendix constitutes part of the Agreement.

27.Imposition of Other Requirements. The Company reserves the right to impose other requirements on your participation in the Plan, on the Restricted Stock Units and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require you to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

The parties have entered into this Agreement as of the date first written above by signing where indicated below.

Arrow Electronics, Inc.

By: /s/ Gregory Tarpinian

Gregory Tarpinian

SVP and General Counsel

PARTICIPANT NAME

EX-31.I

Exhibit 31(i)

Arrow Electronics, Inc.

Certification of Chief Executive Officer Pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

I, Michael J. Long, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Arrow Electronics, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors  (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	May 2, 2019	By:	/s/ Michael J. Long
			Michael J. Long
			Chairman, President, and Chief Executive Officer

EX-31.II

Exhibit 31(ii)

Arrow Electronics, Inc.

Certification of Chief Financial Officer Pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

I, Chris D. Stansbury, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Arrow Electronics, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors  (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	May 2, 2019	By:	/s/ Chris D. Stansbury
			Chris D. Stansbury
			Senior Vice President and Chief Financial Officer

EX-32.I

Exhibit 32(i)

Arrow Electronics, Inc.

Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant

to Section 906 of the Sarbanes-Oxley Act of 2002 (“Section 906”)

In connection with the Quarterly Report on Form 10-Q of Arrow Electronics, Inc. (the "company") for the quarter ended March 30, 2019 (the "Report"), I, Michael J. Long, Chairman, President, and Chief Executive Officer of the company, certify, pursuant to the requirements of Section 906, that, to the best of my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the company.

Date:	May 2, 2019	By:	/s/ Michael J. Long
			Michael J. Long
			Chairman, President, and Chief Executive
			Officer

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the company and will be retained by the company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.II

Exhibit 32(ii)

Arrow Electronics, Inc.

Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002 (“Section 906”)

In connection with the Quarterly Report on Form 10-Q of Arrow Electronics, Inc. (the "company") for the quarter ended March 30, 2019 (the "Report"), I, Chris D. Stansbury, Senior Vice President and Chief Financial Officer of the company, certify, pursuant to the requirements of Section 906, that, to the best of my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the company.

Date:	May 2, 2019	By:	/s/ Chris D. Stansbury
			Chris D. Stansbury
			Senior Vice President and Chief Financial Officer

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the company and will be retained by the company and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Document and Entity Information Document - shares	3 Months Ended
	Mar. 30, 2019	Apr. 29, 2019
DEI [Abstract]
Document Type	10-Q
Document Period End Date	Mar. 30, 2019
Entity Registrant Name	ARROW ELECTRONICS INC
Entity Current Reporting Status	Yes
Amendment Flag	false
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		84,721,190
Entity Central Index Key	0000007536
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1

XML

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 30, 2019	Mar. 31, 2018
Sales	[1]	$ 7,155,991	$ 6,875,613
Cost of sales		6,294,303	6,006,669
Gross profit		861,688	868,944
Operating expenses:
Selling, general, and administrative expenses		556,076	562,969
Depreciation and amortization		47,526	47,247
Loss on disposition of businesses, net		866	1,562
Restructuring, integration, and other charges		11,660	21,171
Total operating expenses		616,128	632,949
Operating income		245,560	235,995
Equity in losses of affiliated companies		(1,467)	(673)
Gain (loss) on investments, net		5,348	(2,452)
Employee benefit plan expense		1,139	1,231
Interest and other financing expense, net		51,981	45,179
Income before income taxes		196,321	186,460
Provision for income taxes		53,907	46,590
Consolidated net income		142,414	139,870
Noncontrolling interests		1,679	776
Net income attributable to shareholders		$ 140,735	$ 139,094
Net income per share:
Basic		$ 1.65	$ 1.58
Diluted	[2]	$ 1.63	$ 1.56
Weighted-average shares outstanding:
Basic		85,400	87,955
Diluted		86,319	89,035

[1] Includes sales related to the United States of $2,782,035 and $2,649,668 for the first quarter of 2019 and 2018, respectively.

[2] Stock-based compensation awards for the issuance of 903 and 415 shares for the first quarter of 2019 and 2018, respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive.

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2019	Mar. 31, 2018
Consolidated net income	$ 142,414	$ 139,870
Other comprehensive income:
Foreign currency translation adjustment and other	4,442	44,969
Unrealized gain on foreign exchange contracts designated as net investment hedges, net of taxes	5,533	0
Unrealized gain on interest rate swaps designated as cash flow hedges, net of taxes	240	228
Employee benefit plan items, net of taxes	319	282
Other comprehensive income	10,534	45,479
Comprehensive income	152,948	185,349
Less: Comprehensive income attributable to noncontrolling interests	1,031	523
Comprehensive income attributable to shareholders	$ 151,917	$ 184,826

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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Mar. 30, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents		$ 351,899	$ 509,327
Accounts receivable, net		7,902,516	8,945,463
Inventories		3,734,905	3,878,678
Other current assets		264,564	274,832
Total current assets		12,253,884	13,608,300
Property, plant, and equipment, at cost:
Land		7,845	7,882
Buildings and improvements		157,326	158,712
Machinery and equipment		1,428,758	1,425,933
Property, plant, and equipment, gross		1,593,929	1,592,527
Less: Accumulated depreciation and amortization		(774,325)	(767,827)
Property, plant, and equipment, net		819,604	824,700
Investments in affiliated companies		85,296	83,693
Intangible assets, net		369,291	372,644
Goodwill	[1]	2,632,451	2,624,690
Other assets		670,226	270,418
Total assets		16,830,752	17,784,445
LIABILITIES AND EQUITY
Accounts payable		6,034,457	7,631,879
Accrued expenses		860,982	912,292
Short-term borrowings, including current portion of long-term debt		138,686	246,257
Total current liabilities		7,034,125	8,790,428
Long-term debt		3,575,891	3,239,115
Other liabilities		719,326	378,536
Equity:
Issued - 125,424 shares in both 2019 and 2018, respectively		125,424	125,424
Capital in excess of par value		1,128,757	1,135,934
Treasury stock (40,251 and 40,233 shares in 2019 and 2018, respectively), at cost		(1,992,981)	(1,972,254)
Retained earnings		6,476,070	6,335,335
Accumulated other comprehensive loss		(288,267)	(299,449)
Total shareholders' equity		5,449,003	5,324,990
Noncontrolling interests		52,407	51,376
Total equity		5,501,410	5,376,366
Total liabilities and equity		$ 16,830,752	$ 17,784,445

[1] The total carrying value of goodwill as of March 30, 2019 and December 31, 2018 in the table above is reflected net of $1,018,780 of accumulated impairment charges, of which $716,925 was recorded in the global components business segment and $301,855 was recorded in the global enterprise computing solutions ("ECS") business segment.

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CONSOLIDATED BALANCE SHEETS Parenthetical - $ / shares shares in Thousands	Mar. 30, 2019	Dec. 31, 2018
Common Stock, Par or Stated Value Per Share	$ 1.00	$ 1.00
Common Stock, Shares Authorized	160,000	160,000
Common Stock, Shares, Issued	125,424	125,424
Treasury Stock, Shares	40,251	40,233

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2019	Mar. 31, 2018
Cash flows from operating activities:
Consolidated net income	$ 142,414	$ 139,870
Adjustments to reconcile consolidated net income to net cash used for operations:
Depreciation and amortization	47,526	47,247
Amortization of stock-based compensation	19,090	13,043
Equity in losses of affiliated companies	1,467	673
Deferred income taxes	6,968	(2,818)
(Gain) loss on investments, net	(5,348)	2,452
Other	5,575	3,465
Change in assets and liabilities, net of effects of acquired and disposed businesses:
Accounts receivable	949,989	789,843
Inventories	134,402	(260,620)
Accounts payable	(1,540,008)	(691,818)
Accrued expenses	(50,292)	(22,087)
Other assets and liabilities	(40,782)	(94,327)
Net cash used for operating activities	(328,999)	(75,077)
Cash flows from investing activities:
Cash consideration paid for acquired businesses, net of cash acquired	0	(331,467)
Proceeds from disposition of businesses	0	34,291
Acquisition of property, plant, and equipment	(33,815)	(34,735)
Other	2,940	(4,500)
Net cash used for investing activities	(30,875)	(336,411)
Cash flows from financing activities:
Change in short-term and other borrowings	(107,244)	(18,387)
Proceeds from long-term bank borrowings, net	335,023	601,386
Redemption of notes	0	(300,000)
Proceeds from exercise of stock options	6,931	4,997
Repurchases of common stock	(53,925)	(52,513)
Net cash provided by financing activities	180,785	235,483
Effect of exchange rate changes on cash	21,661	(5,434)
Net decrease in cash and cash equivalents	(157,428)	(181,439)
Cash and cash equivalents at beginning of period	509,327	730,083
Cash and cash equivalents at end of period	$ 351,899	$ 548,644

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CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Common Stock at Par Value	Capital in Excess of Par Value	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest	Stockholders' Equity, Total [Member]
Balance at Dec. 31, 2017	$ 4,997,940	$ 125,424	$ 1,114,167	$ (1,762,239)	$ 5,596,786	$ (124,883)	$ 48,685
Effect of new accounting principles	0	0	0	0	22,354	(22,354)	0
Consolidated net income	139,870	0	0	0	139,094	0	776
Other comprehensive income (loss)	45,479	0	0	0	0	45,732	(255)	$ 45,477
Amortization of stock-based compensation	13,043	0	13,043	0	0	0	0
Shares issued for stock-based compensation awards	4,997	0	(22,102)	27,099	0	0	0
Repurchases of common stock	(52,513)	0	0	(52,513)	0	0	0
Balance at Mar. 31, 2018	5,148,814	125,424	1,105,108	(1,787,653)	5,758,234	(101,505)	49,206
Balance at Dec. 31, 2018	5,376,366	125,424	1,135,934	(1,972,254)	6,335,335	(299,449)	51,376
Consolidated net income	142,414	0	0	0	140,735	0	1,679
Other comprehensive income (loss)	10,534	0	0	0	0	11,182	(648)
Amortization of stock-based compensation	19,090	0	19,090	0	0	0	0
Shares issued for stock-based compensation awards	6,931	0	(26,267)	33,198	0	0	0
Repurchases of common stock	(53,925)	0	0	(53,925)	0	0	0
Balance at Mar. 30, 2019	$ 5,501,410	$ 125,424	$ 1,128,757	$ (1,992,981)	$ 6,476,070	$ (288,267)	$ 52,407

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Basis of Presentation

3 Months Ended

Mar. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

Basis of Presentation

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.  The consolidated results of operations for the interim periods are not necessarily indicative of results for the full year.

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 December 31, 2018, as filed in the company's Annual Report on Form 10-K.

Quarter End

The company operates on a quarterly calendar that closes on the Saturday closest to the end of the calendar quarter.

Reclassification

Certain prior period amounts were reclassified to conform to the current period presentation. These reclassifications did not have a material impact on previously reported amounts.

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Impact of Recently Issued Accounting Standards

3 Months Ended

Mar. 30, 2019

Accounting Policies [Abstract]

Basis of Presentation and Significant Accounting Policies [Text Block]

Impact of Recently Issued Accounting Standards

In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2018-15, Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (a consensus of the FASB Emerging Issues Task Force) ("ASU No. 2018-15"). ASU No. 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop internal-use software. ASU No. 2018-15 is effective for the company in the first quarter of 2020, with early adoption permitted, and is to be applied either retrospectively or prospectively. The company is currently evaluating the potential effects of adopting the provisions of ASU No. 2018-15. The adoption is not expected to be material to the consolidated financial statements.

In August 2017, the FASB issued Accounting Standards Update No. 2017-12, Derivatives and Hedging (Topic 815) ("ASU No. 2017-12"). ASU No. 2017-12 simplifies certain aspects of hedge accounting and results in a more accurate portrayal of the economics of an entity’s risk management activities in its financial statements. On January 1, 2019, the company adopted the provisions of ASU No. 2017-12 on a modified retrospective basis. The adoption of the provisions of ASU No. 2017-12 did not materially impact the company's consolidated financial position or results of operations.

In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments - Credit Losses (Topic 326) ("ASU No. 2016-13"). ASU No. 2016-13 revises the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. In November 2018, the FASB issued ASU No. 2018-19,  Codification Improvements to Topic 326, Financial Instruments-Credit Losses, and in April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. These ASU's provide supplemental guidance and clarification to ASU No. 2016-13 and must be adopted concurrently with the adoption of ASU No. 2016-13, cumulatively referred to as “Topic 326.” Topic 326 is effective for the company in the first quarter of 2020, with early adoption permitted, and is to be applied using a modified retrospective approach. The company is currently evaluating the potential effects of adopting the provisions of Topic 326.

In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) ("ASU No. 2016-02"). ASU No. 2016-02 requires the entity to recognize the assets and liabilities for the rights and obligations created by leased assets. Leases will be classified as either finance or operating, with classification affecting expense recognition in the income statement. In July 2018 the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases, and ASU No. 2018-11, Leases (Topic 842) Targeted Improvements. In March 2019, the FASB issued ASU No. 2019-01 Codification Improvements to Topic 842, Leases.

These ASU's provide supplemental adoption guidance and clarification to ASU No. 2016-02, and must be adopted concurrently with the adoption of ASU No. 2016-02, cumulatively referred to as “Topic 842”.

On January 1, 2019, the company adopted Topic 842 applying the optional transition method, which allows an entity to apply the new standard at the adoption date with a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption. In addition, the company elected a package of practical expedients and the short-term lease exception outlined in Topic 842. The company also implemented internal controls and key systems to enable the preparation of financial information on adoption. As a result of adopting Topic 842, the company recognized assets and liabilities for the rights and obligations created by operating leases, refer to Note L.

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Significant Accounting Policies

3 Months Ended

Mar. 30, 2019

Significant Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

Significant Accounting Policies

Except for the changes below, no material changes have been made to the company's significant accounting policies disclosed in Note 1, Summary of Significant Accounting Policies, in its Annual Report on Form 10-K, filed on February 7, 2019, for the year ended December 31, 2018.

Leases

The company determines if a contract contains a lease at inception based on whether it conveys the right to control the use of an identified asset. Substantially all of the company's leases are classified as operating leases. The company has determined that operating lease right-of-use assets will be recorded to "Other assets" and lease liabilities will be recorded to "Other liabilities" and "Accrued expenses" in the consolidated balance sheets. Lease expense will be recorded to "Selling, general, and administrative expenses" in the consolidated statements of operations. Operating lease payments will be recorded to "Operating cash flows" in the consolidated statements of cash flows.

Operating lease right-of-use assets and lease liabilities are recognized based on the net present value of future minimum lease payments over the lease term starting on the commencement date. The company generally is not able to determine the rate implicit in its leases and, as such, will apply an incremental borrowing rate based on the company’s cost of borrowing for the relevant terms of each lease. Lease expense for minimum lease payments are recognized on a straight-line basis over the lease term. Lease terms may include an option to extend or terminate a lease if it is reasonably certain that the company will exercise such options. The company has elected the practical expedient to not separate lease components from non-lease components, and also has elected not to record a right-of-use asset or lease liability for leases which, at inception, have a term of twelve months or less. Variable lease payments are recognized in the period in which the obligation for those payments is incurred.

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Acquisitions

3 Months Ended

Mar. 30, 2019

Business Combinations [Abstract]

Acquisitions [Text Block]

Acquisitions

2018 Acquisitions

In 2018, the company acquired eInfochips for a purchase price of $327,628, which included $14,769 of cash acquired. eInfochips services customers at every phase of technology deployment, including custom hardware and software, and new Internet of Things based business models. eInfochips is recorded in the company's global components business segment.

The following table summarizes the allocation of the net consideration paid to the fair value of the assets acquired and liabilities assumed for the eInfochips acquisition:

Accounts receivable, net	$	13,670
Inventories	1,512
Property, plant, and equipment	3,485
Other assets	46,488
Identifiable intangible assets	128,000
Goodwill	197,126
Accounts payable	(520		)
Accrued expenses	(33,836		)
Deferred tax liability	(41,474		)
Other liabilities	(1,592		)
Cash consideration paid, net of cash acquired	$	312,859

In connection with the eInfochips acquisition, the company allocated $109,000 and $19,000 to customer relationships and trade name with a life of 15 years and 10 years, respectively.

The goodwill related to the eInfochips acquisition represents the expected synergies from combining operations and was recorded in the company's global components business segment and is not tax deductible.

During 2018, the company completed one additional acquisition with a purchase price of approximately $18,704, net of cash acquired. The impact of this acquisition was not material to the company's consolidated financial position or results of operations.

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Goodwill and Intangible Assets

3 Months Ended

Mar. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Goodwill and Intangible Assets

Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. The company tests goodwill and other indefinite-lived intangible assets for impairment annually as of the first day of the fourth quarter, or more frequently if indicators of potential impairment exist.

Goodwill of companies acquired, allocated to the company's business segments, is as follows:

	Global Components		Global ECS			Total
Balance as of December 31, 2018 (a)	$	1,437,501	$	1,187,189		$	2,624,690
Dispositions and related adjustments	—		(1,386		)	(1,386		)
Foreign currency translation adjustment	15,869		(6,722		)	9,147
Balance as of March 30, 2019 (a)	$	1,453,370	$	1,179,081		$	2,632,451

(a) The total carrying value of goodwill as of March 30, 2019 and December 31, 2018 in the table above is reflected net of $1,018,780 of accumulated impairment charges, of which $716,925 was recorded in the global components business segment and $301,855 was recorded in the global enterprise computing solutions ("ECS") business segment.

Intangible assets, net, are comprised of the following as of March 30, 2019:

	Weighted-Average Life	Gross Carrying Amount		Accumulated Amortization			Net
Non-amortizable trade names	indefinite	$	101,000	$	—		$	101,000
Customer relationships	11 years	482,084		(232,649		)	249,435
Developed technology	5 years	6,340		(4,596		)	1,744
Amortizable trade name	9 years	21,407		(4,295		)	17,112
		$	610,831	$	(241,540	)	$	369,291

Intangible assets, net, are comprised of the following as of December 31, 2018:

	Weighted-Average Life	Gross Carrying Amount		Accumulated Amortization			Net
Non-amortizable trade names	indefinite	$	101,000	$	—		$	101,000
Customer relationships	11 years	475,050		(221,822		)	253,228
Developed technology	5 years	6,340		(4,311		)	2,029
Amortizable trade name	9 years	19,940		(3,553		)	16,387
		$	602,330	$	(229,686	)	$	372,644

During the first quarter of 2019 and 2018, the company recorded amortization expense related to identifiable intangible assets of $11,930 and $13,520, respectively.

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Investments in Affiliated Companies

3 Months Ended

Mar. 30, 2019

Equity Method Investments and Joint Ventures [Abstract]

Investments in Affiliated Companies [Text Block]

Investments in Affiliated Companies

The company owns a 50% interest in several joint ventures with Marubun Corporation (collectively "Marubun/Arrow") and several interests ranging from 19% to 50% in other joint ventures and equity method investments.  These investments are accounted for using the equity method.

The following table presents the company's investment in affiliated companies:

	March 30, 2019		December 31, 2018
Marubun/Arrow	$	75,107	$	73,253
Other	10,189		10,440
	$	85,296	$	83,693

The equity in earnings (losses) of affiliated companies consists of the following:

	Quarter Ended
	March 30, 2019			March 31, 2018
Marubun/Arrow	$	1,226		$	1,091
Other	(2,693		)	(1,764		)
	$	(1,467	)	$	(673	)

Under the terms of various joint venture agreements, the company is required to pay its pro-rata share of the third party debt of the joint ventures in the event that the joint ventures are unable to meet their obligations. At March 30, 2019, the company's pro-rata share of this debt was approximately $6,100. At December 31, 2018, the company's pro-rata share of this debt was approximately $2,860. The company believes there is sufficient equity in each of the joint ventures to meet the obligations.

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Accounts Receivable

3 Months Ended

Mar. 30, 2019

Receivables [Abstract]

Accounts Receivable [Text Block]

Accounts Receivable

Accounts receivable, net, consists of the following:

	March 30, 2019			December 31, 2018
Accounts receivable	$	7,962,977		$	9,021,051
Allowances for doubtful accounts	(60,461		)	(75,588		)
	$	7,902,516		$	8,945,463

The company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments.  The allowances for doubtful accounts are determined using a combination of factors, including the length of time the receivables are outstanding, the current business environment, and historical experience. The company also has notes receivables with certain customers, which are included in "Accounts receivable, net" in the company's consolidated balance sheets.

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Debt

3 Months Ended

Mar. 30, 2019

Debt Disclosure [Abstract]

Debt [Text Block]

Debt

Short-term borrowings, including current portion of long-term debt, consists of the following:

	March 30, 2019		December 31, 2018
Borrowings on lines of credit	$	—	$	180,000
Commercial paper	74,836		—
Other short-term borrowings	63,850		66,257
	$	138,686	$	246,257

Other short-term borrowings are primarily utilized to support working capital requirements. The weighted-average interest rate on these borrowings was 2.96% and 2.49% at March 30, 2019 and December 31, 2018, respectively.

The company has $200,000 in uncommitted lines of credit. There were no outstanding borrowings under the uncommitted lines of credit at March 30, 2019. There were $180,000 of outstanding borrowings under the uncommitted lines of credit at December 31, 2018. These borrowings were provided on a short-term basis and the maturity is agreed upon between the company and the lender. The lines had a weighted average effective interest rate of 3.49% and 3.39% at March 30, 2019 and December 31, 2018, respectively.

The company has a commercial paper program and the maximum aggregate balance of commercial paper outstanding may not exceed the borrowing capacity of $1,200,000. The company had $74,836 in outstanding borrowings under this program at March 30, 2019 and no outstanding borrowings at December 31, 2018. The program had a weighted average effective interest rate of 2.98% and 2.93% at March 30, 2019 and December 31, 2018, respectively.

Long-term debt consists of the following:

	March 30, 2019		December 31, 2018
Revolving credit facility	$	55,000	$	—
Asset securitization program	1,090,000		810,000
6.00% notes, due 2020	209,191		209,147
5.125% notes, due 2021	130,582		130,546
3.50% notes, due 2022	347,485		347,288
4.50% notes, due 2023	297,751		297,622
3.25% notes, due 2024	494,327		494,091
4.00% notes, due 2025	345,911		345,762
7.50% senior debentures, due 2027	109,796		109,776
3.875% notes, due 2028	494,231		494,095
Other obligations with various interest rates and due dates	1,617		788
	$	3,575,891	$	3,239,115

The 7.50% senior debentures are not redeemable prior to their maturity.  All other notes may be called at the option of the company subject to "make whole" clauses.

The estimated fair market value, using quoted market prices, is as follows:

	March 30, 2019	December 31, 2018
6.00% notes, due 2020	214,500	214,500
5.125% notes, due 2021	135,500	134,500
3.50% notes, due 2022	353,000	345,000
4.50% notes, due 2023	311,500	303,500
3.25% notes, due 2024	484,500	467,000
4.00% notes, due 2025	351,000	340,500
7.50% senior debentures, due 2027	130,000	128,000
3.875% notes, due 2028	484,000	458,500

The carrying amount of the company's short-term borrowings in various countries, revolving credit facility, asset securitization program, commercial paper, and other obligations approximate their fair value.

The company has a $2,000,000 revolving credit facility maturing in December 2023. This facility may be used by the company for general corporate purposes including working capital in the ordinary course of business, letters of credit, repayment, prepayment or purchase of long-term indebtedness, acquisitions, and as support for the company's commercial paper program, as applicable. Interest on borrowings under the revolving credit facility is calculated using a base rate or a Eurocurrency rate plus a spread (1.18% at March 30, 2019), which is based on the company's credit ratings, or an effective interest rate of 3.56% at March 30, 2019. The facility fee, which is based on the company's credit ratings, was .20% of the total borrowing capacity at March 30, 2019. The company had $55,000 in outstanding borrowings under the revolving credit facility at March 30, 2019. The company had no outstanding borrowings under the revolving credit facility at December 31, 2018.

The company has an asset securitization program collateralized by accounts receivable of certain of its subsidiaries. The company may borrow up to $1,200,000 under the asset securitization program, which matures in June 2021. The asset securitization program is conducted through Arrow Electronics Funding Corporation ("AFC"), a wholly-owned, bankruptcy remote subsidiary. The asset securitization program does not qualify for true sale treatment. Accordingly, the accounts receivable and related debt obligation remain on the company's consolidated balance sheets. Interest on borrowings is calculated using a base rate plus a spread (.40% at March 30, 2019), or an effective interest rate of 2.94% at March 30, 2019. The facility fee is .40% of the total borrowing capacity.

At March 30, 2019 and December 31, 2018, the company had $1,090,000 and $810,000, respectively, in outstanding borrowings under the asset securitization program, which was included in "Long-term debt" in the company's consolidated balance sheets. Total collateralized accounts receivable of approximately $2,436,800 and $2,754,400, respectively, were held by AFC and were included in "Accounts receivable, net" in the company's consolidated balance sheets. Any accounts receivable held by AFC would likely not be available to other creditors of the company in the event of bankruptcy or insolvency proceedings before repayment of any outstanding borrowings under the asset securitization program.

Both the revolving credit facility and asset securitization program include terms and conditions that limit the incurrence of additional borrowings and require that certain financial ratios be maintained at designated levels. The company was in compliance with all covenants as of March 30, 2019 and is currently not aware of any events that would cause non-compliance with any covenants in the future.  

During 2018, the company redeemed $300,000 principal amount of its 3.00% notes due March 2018.

In the normal course of business, certain of the company’s subsidiaries have agreements to sell, without recourse, selected trade receivables to financial institutions. The company does not retain financial or legal interests in these receivables, and, accordingly they are accounted for as sales of the related receivables and the receivables are removed from the company’s consolidated balance sheets. Financing costs related to these transactions were not material and are included in "Interest and other financing expense, net" in the company’s consolidated statements of operations.

Interest and other financing expense, net, includes interest and dividend income of $14,045 and $9,255 for the first quarter of 2019 and 2018, respectively.

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Financial Instruments Measured at Fair Value

3 Months Ended

Mar. 30, 2019

Fair Value Disclosures [Abstract]

Financial Instruments Measured At Fair Value [Text Block]

Financial Instruments Measured at Fair Value
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.  The company utilizes a fair value hierarchy, which maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value.  The fair value hierarchy has three levels of inputs that may be used to measure fair value:

Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

Level 2 Quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability.

Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable.

The following table presents assets (liabilities) measured at fair value on a recurring basis at March 30, 2019:

	Balance Sheet Location	Level 1		Level 2			Level 3		Total
Cash equivalents (a)	Cash and cash equivalents/ other assets	$	21,738	$	—		$	—	$	21,738
Equity investments (b)	Other assets	42,753		—			—		42,753
Interest rate swaps	Other liabilities	—		(557		)	—		(557		)
Foreign exchange contracts	Other current assets	—		12,925			—		12,925
Foreign exchange contracts	Accrued expenses	—		(998		)	—		(998		)
		$	64,491	$	11,370		$	—	$	75,861

The following table presents assets (liabilities) measured at fair value on a recurring basis at December 31, 2018:

	Balance Sheet Location	Level 1		Level 2			Level 3		Total
Cash equivalents (a)	Cash and cash equivalents/ other assets	$	22,883	$	—		$	—	$	22,883
Equity investments (b)	Other assets	38,045		—			—		38,045
Interest rate swaps	Other liabilities	—		(589		)	—		(589		)
Foreign exchange contracts	Other current assets	—		4,163			—		4,163
Foreign exchange contracts	Accrued expenses	—		(2,384		)	—		(2,384		)
		$	60,928	$	1,190		$	—	$	62,118

(a) Cash equivalents include highly liquid investments with an original maturity of less than three months.

(b) The company has an 8.4% equity ownership interest in Marubun Corporation and a portfolio of mutual funds with quoted market prices. The company recorded an unrealized gain of $1,824 and an unrealized loss of $2,579 for the first quarter of 2019 and 2018, respectively, on equity securities held at the end of each quarter.

Assets and liabilities that are measured at fair value on a nonrecurring basis relate primarily to goodwill and identifiable intangible assets (see Note D and E). The company tests these assets for impairment if indicators of potential impairment exist or at least annually if indefinite lived.Derivative Instruments

The company uses various financial instruments, including derivative instruments, for purposes other than trading. Certain derivative instruments are designated at inception as hedges and measured for effectiveness both at inception and on an ongoing basis. Derivative instruments not designated as hedges are marked-to-market each reporting period with any unrealized gains or losses recognized in earnings.

Interest Rate Swaps

The company occasionally enters into interest rate swap transactions that convert certain fixed-rate debt to variable-rate debt or variable-rate debt to fixed-rate debt in order to manage its targeted mix of fixed- and floating-rate debt. The company uses the hypothetical derivative method to assess the effectiveness of its interest rate swaps designated as fair value hedges on a quarterly basis. The change in the fair value of interest rate swaps designated as fair value hedges is recorded as a change to the carrying value of the related hedged debt, and the change in fair value of interest rate swaps designated as cash flow hedges is recorded in the shareholders' equity section in the company's consolidated balance sheets in "Accumulated other comprehensive income." As of March 30, 2019 and December 31, 2018, all outstanding interest rate swaps were designated as fair value hedges.

The terms of our outstanding interest rate swap contracts at March 30, 2019 are as follows:

Maturity Date	Notional Amount	Interest rate due from counterparty	Interest rate due to counterparty
April 2020	50,000	6.000%	6 mo. USD LIBOR + 3.896%

Foreign Exchange Contracts

The company’s foreign currency exposure relates primarily to international transactions where the currency collected from customers can be different from the currency used to purchase the product. The company’s transactions in its foreign operations are denominated primarily in the following currencies: Euro, British Pound, Indian Rupee, Canadian Dollar, and Chinese Renminbi. The company enters into foreign exchange forward, option, or swap contracts (collectively, the "foreign exchange contracts") to mitigate the impact of changes in foreign currency exchange rates related to these transactions.  These contracts are executed to facilitate the hedging of foreign currency exposures resulting from inventory purchases and sales and generally have terms of no more than six months. Gains or losses on these contracts are deferred and recognized when the underlying future purchase or sale is recognized or when the corresponding asset or liability is revalued. The company does not enter into foreign exchange contracts for trading purposes. The risk of loss on a foreign exchange contract is the risk of nonperformance by the counterparties, which the company minimizes by limiting its counterparties to major financial institutions. The fair value of the foreign exchange contracts are estimated using market quotes. The notional amount of the foreign exchange contracts at March 30, 2019 and December 31, 2018 was $867,361 and $607,747, respectively.

Gains and losses related to non-designated foreign currency exchange contracts are recorded in "Cost of sales" in the company's consolidated statements of operations. Gains and losses related to foreign currency exchange contracts designated as cash flow hedges are recorded in "Cost of sales," "Selling, general, and administrative expenses," and "Interest and other financing expense, net" based upon the nature of the underlying hedged transaction, in the company's consolidated statements of operations and were not material for the first quarter of 2019 and 2018.

During the first quarter of 2019, the company entered into a series of foreign exchange contracts to sell Euro and buy United States Dollars, with various maturity dates as noted in the table below.

Maturity Date	Notional Amount
March 2023	EUR 50,000
September 2024	EUR 50,000
April 2025	EUR 100,000
January 2028	EUR 100,000
Total	EUR 300,000

The contracts above have been designated as a net investment hedge which is in place to hedge a portion of the company's net investment in subsidiaries with euro-denominated net assets. The change in the fair value of derivatives designated as net investment hedges will be recorded in "foreign currency translation adjustment" ("CTA") within "Accumulated other comprehensive loss" in the company's consolidated balance sheets. Amounts excluded from the assessment of hedge effectiveness will be included in "Interest and other financing expense, net" in the company's consolidated statements of operations.

The gains (losses) recorded in CTA within other comprehensive income (loss) related to net investment hedges was $6,592 for the three months ended March 30, 2019, net of taxes. For the three months ended March 30, 2019, gains of $1,406 for outstanding net investment hedges were reclassified from CTA to "Interest and other financing expense, net" in the company's consolidated statements of operations.

The effects of derivative instruments on the company's consolidated statements of operations and other comprehensive income are as follows:

	Quarter Ended
	March 30, 2019			March 31, 2018
Gain (Loss) Recognized in Income
Foreign exchange contracts	$	3,489		$	(5,742	)
Interest rate swaps	(319		)	(303		)
Total	$	3,170		$	(6,045	)
Gain (Loss) Recognized in Other Comprehensive Income before reclassifications, net of tax
Foreign exchange contracts	$	5,953		$	(1,078	)

OtherThe carrying amount of cash and cash equivalents, accounts receivable, net, and accounts payable approximate their fair value due to the short maturities of these financial instruments.

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Restructuring, Integration, and Other Charges

3 Months Ended

Mar. 30, 2019

Restructuring Charges [Abstract]

Restructuring, Integration and Other Charges [Text Block]

Restructuring, Integration, and Other Charges

Restructuring initiatives are due to the company's continued efforts to lower cost and drive operational efficiency. Integration costs are primarily related to the integration of acquired businesses within the company's pre-existing business and the consolidation of certain operations. The following table presents the components of the restructuring, integration, and other charges:

	Quarter Ended
	March 30, 2019			March 31, 2018
Restructuring and integration charges - current period actions	$	3,007		$	11,432
Restructuring and integration charges - actions taken in prior periods	(61		)	1,349
Other charges	8,714			8,390
	$	11,660		$	21,171

Restructuring and Integration Accrual Summary

The restructuring and integration accrual was $10,802 and $25,829 at March 30, 2019 and December 31, 2018, respectively. A transition adjustment of $9,968 was recorded on January 1, 2019 to reclassify restructuring and integration accruals for facilities costs by adjusting the related lease right-of-use assets recorded upon adoption of ASU No. 2016-02, Topic 842. During the three months ended, March 30, 2019, the company made $6,735 of payments related to restructuring and integration accruals. Substantially all amounts accrued at March 30, 2019 relate to the termination of personnel and are expected to be spent in cash within one year.

Other Charges

Included in restructuring, integration, and other charges for the first quarter of 2019 are other expenses of $8,714. The following items were included in other charges and credits recorded to restructuring, integration, and other charges for the three months ended March 30, 2019:

• acquisition-related charges for the first quarter of $1,022 related to professional and other fees directly related to recent acquisition activity as well as contingent consideration for acquisitions completed in prior years.

• $5,559 in charges related to relocation and other centralization efforts to maximize operating efficiencies.

Included in restructuring, integration, and other charges for the first quarter of 2018 are other expenses of $8,390. The following items represent other charges and credits recorded to restructuring, integration, and other charges for the three months ended March 31, 2018:

•

acquisition related charges for the first quarter of $6,154 related to professional and other fees directly related to recent acquisition activity as well as contingent consideration for acquisitions completed in prior years.

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Net Income per Share

3 Months Ended

Mar. 30, 2019

Earnings Per Share [Abstract]

Net Income per Share [Text Block]

Net Income per Share

The following table presents the computation of net income per share on a basic and diluted basis (shares in thousands):

	Quarter Ended
	March 30, 2019		March 31, 2018
Net income attributable to shareholders	$	140,735	$	139,094
Weighted-average shares outstanding - basic	85,400		87,955
Net effect of various dilutive stock-based compensation awards	919		1,080
Weighted-average shares outstanding - diluted	86,319		89,035
Net income per share:
Basic	$	1.65	$	1.58
Diluted (a)	$	1.63	$	1.56

(a)

Stock-based compensation awards for the issuance of 903 and 415 shares for the first quarter of 2019 and 2018, respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive.

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Lease Commitments

3 Months Ended

Mar. 30, 2019

Leases [Abstract]

Lease Commitments

Lease Commitments

The company leases certain office, distribution, and other property under non-cancelable operating leases expiring at various dates through 2033. Substantially all leases are classified as operating leases. During the first quarter of 2019, the company recorded operating lease cost of $26,726.

The following amounts were recorded in the consolidated balance sheets at March 30, 2019:

	March 30, 2019
Operating Leases
Right-of-use asset	$	349,077
Lease liability - current	68,603
Lease liability - non-current	302,283
Total operating lease liabilities	$	370,886

Maturities of operating lease liabilities at March 30, 2019 were as follows:

	March 30, 2019
2019	$	75,827
2020	76,035
2021	59,166
2022	46,851
2023	37,177
Thereafter	160,022
Total lease payments	455,078
Less imputed interest	(84,192		)
Total	$	370,886

Other information pertaining to leases consists of the following:

	March 30, 2019
Supplemental Cash Flow Information
Cash paid for amounts included in the measurement of operating lease liabilities:	$	37,513
Right-of-use assets obtained in exchange for operating lease obligations:	35,573
Operating Lease Term and Discount Rate
Weighted average remaining lease term in years	8
Weighted average discount rate	5.2		%

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Shareholders' Equity

3 Months Ended

Mar. 30, 2019

Accumulated Other Comprehensive Income (Loss) [Line Items]

Stockholders' Equity Note Disclosure [Text Block]

Shareholders' Equity

Accumulated Other Comprehensive Income (Loss)

The following table presents the changes in Accumulated other comprehensive income (loss), excluding noncontrolling interests:

	Quarter Ended
	March 30, 2019			March 31, 2018
Foreign Currency Translation Adjustment and Other:
Other comprehensive income before reclassifications (a)	$	5,276		$	46,400
Amounts reclassified into income	(186		)	(1,178		)
Unrealized Gain (Loss) on Foreign Exchange Contracts Designated as Net Investment Hedges, Net:
Other comprehensive income before reclassifications	6,592			—
Amounts reclassified into income	(1,059		)	—
Unrealized Gain (Loss) on Interest Rate Swaps Designated as Cash Flow Hedges, Net:
Amounts reclassified into income	240			228
Employee Benefit Plan Items, Net:
Amounts reclassified into income	319			282
Other:
Retained earnings adjustment (b)	—			(22,354		)
Net change in Accumulated other comprehensive income (loss)	$	11,182		$	23,378

(a) Includes intra-entity foreign currency transactions that are of a long-term investment nature of $9,859 and $(11,924) for the first quarter of 2019 and 2018, respectively.

(b) Amounts relate to unrealized gains and losses on investments and stranded tax effects reclassified from "Accumulated other comprehensive income" to "Retained earnings" in accordance with ASU No. 2018-02 and ASU No. 2016-01.

Share-Repurchase Program

The following table shows the company's Board of Directors (the "Board") approved share-repurchase programs as of March 30, 2019:

Month of Board Approval	Dollar Value Approved for Repurchase		Dollar Value of Shares Repurchased		Approximate Dollar Value of Shares that May Yet be Purchased Under the Program
December 2016	$	400,000	$	311,395	$	88,605
December 2018	600,000		—		600,000
Total	$	1,000,000	$	311,395	$	688,605

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Contingencies

3 Months Ended

Mar. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Contingencies [Text Block]

Contingencies

Environmental Matters

In connection with the purchase of Wyle in August 2000, the company acquired certain of the then outstanding obligations of Wyle, including Wyle's indemnification obligations to the purchasers of its Wyle Laboratories division for environmental clean-up costs associated with any then existing contamination or violation of environmental regulations. Under the terms of the company's purchase of Wyle from the sellers, the sellers agreed to indemnify the company for certain costs associated with the Wyle environmental obligations, among other things. In 2012, the company entered into a settlement agreement with the sellers pursuant to which the sellers paid $110,000 and the company released the sellers from their indemnification obligation. As part of the settlement agreement, the company accepted responsibility for any potential subsequent costs incurred related to the Wyle matters. The company is aware of two Wyle Laboratories facilities (in Huntsville, Alabama and Norco, California) at which contaminated groundwater was identified and will require environmental remediation. In addition, the company was named as a defendant in several lawsuits related to the Norco facility and a third site in El Segundo, California which have now been settled to the satisfaction of the parties.

The company expects these environmental liabilities to be resolved over an extended period of time. Costs are recorded for environmental matters when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Accruals for environmental liabilities are adjusted periodically as facts and circumstances change, assessment and remediation efforts progress, or as additional technical or legal information becomes available. Environmental liabilities are difficult to assess and estimate due to various unknown factors such as the timing and extent of remediation, improvements in remediation technologies, and the extent to which environmental laws and regulations may change in the future. Accordingly, the company cannot presently fully estimate the ultimate potential costs related to these sites until such time as a substantial portion of the investigation at the sites is completed and remedial action plans are developed and, in some instances, implemented. To the extent that future environmental costs exceed amounts currently accrued by the company, net income would be adversely impacted and such impact could be material.

Accruals for environmental liabilities are included in "Accrued expenses" and "Other liabilities" in the company's consolidated balance sheets. The company has determined that there is no amount within the environmental liability range that is a better estimate than any other amount, and therefore has recorded the accruals at the minimum amount of the ranges.

As successor-in-interest to Wyle, the company is the beneficiary of various Wyle insurance policies that covered liabilities arising out of operations at Norco and Huntsville. To date, the company has recovered approximately $37,000 from certain insurance carriers relating to environmental clean-up matters at the Norco site. The company is considering the best way to pursue its potential claims against insurers regarding liabilities arising out of operations at Huntsville. The resolution of these matters will likely take several years. The company has not recorded a receivable for any potential future insurance recoveries related to the Norco and Huntsville environmental matters, as the realization of the claims for recovery are not deemed probable at this time.

Environmental Matters - Huntsville

In February 2015, the company and the Alabama Department of Environmental Management ("ADEM") finalized and executed a consent decree in connection with the Huntsville, Alabama site. Characterization of the extent of contaminated soil and groundwater is complete and has been approved by ADEM. Approximately $6,300 was spent to date and the company currently anticipates no additional investigative and related expenditures. The nature and scope of subsequent remediation at the site has not yet been determined, but assuming the outcome includes source control and certain other measures, the cost is estimated to be between $4,100 and $10,000.

Despite the amount of work undertaken and planned to date, the company is unable to estimate any potential costs in addition to those discussed above because the complete scope of the work is not yet known, and, accordingly, the associated costs have yet to be determined.

Environmental Matters - Norco

In October 2003, the company entered into a consent decree with Wyle Laboratories and the California Department of Toxic Substance Control (the "DTSC") in connection with the Norco site. In April 2005, a Remedial Investigation Work Plan was approved by DTSC that provided for site-wide characterization of known and potential environmental issues. Investigations performed in connection with this work plan and a series of subsequent technical memoranda continued until the filing of a final Remedial Investigation Report early in 2008. Work is under way pertaining to the remediation of contaminated groundwater at certain areas on the Norco site and of soil gas in a limited area immediately adjacent to the site. In 2008, a hydraulic containment system ("HCS") was installed to capture and treat groundwater before it moves into the adjacent offsite area. In September 2013, the DTSC approved the final Remedial Action Plan ("RAP") and work is currently progressing under the RAP. The approved RAP included the potential for additional remedial action after the five year review of the HCS if the review found that contaminants were not sufficiently reduced in the offsite area. The HCS five year review submitted to DTSC in December 2016 identified significant reductions in contaminants offsite except in a key area identified in the RAP. This exception triggered the need for additional offsite remediation that began in 2018.

Approximately $71,100 was spent to date on remediation, project management, regulatory oversight, and investigative and feasibility study activities. The company currently estimates that these activities will give rise to an additional $10,800 to $21,500. Project management and regulatory oversight include costs incurred by project consultants for project management and costs billed by DTSC to provide regulatory oversight.

Despite the amount of work undertaken and planned to date, the company is unable to estimate any potential costs in addition to those discussed above because the complete scope of the work under the RAP is not yet known, and, accordingly, the associated costs have yet to be determined.

Other

From time to time, in the normal course of business, the company may become liable with respect to other pending and threatened litigation, environmental, regulatory, labor, product, and tax matters. While such matters are subject to inherent uncertainties, it is not currently anticipated that any such matters will materially impact the company's consolidated financial position, liquidity, or results of operations.

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Segment and Geographic Information

3 Months Ended

Mar. 30, 2019

Segment Reporting [Abstract]

Segment and Geographic Information [Text Block]

Segment and Geographic Information

The company is a global provider of products, services, and solutions to industrial and commercial users of electronic components and enterprise computing solutions.  The company distributes electronic components to original equipment manufacturers and contract manufacturers through its global components business segment and provides enterprise computing solutions to value-added resellers and managed service providers through its global ECS business segment.  As a result of the company's philosophy of maximizing operating efficiencies through the centralization of certain functions, selected fixed assets and related depreciation, as well as borrowings, are not directly attributable to the individual operating segments and are included in the corporate business segment.

Sales, by segment by geographic area, are as follows:

	Quarter Ended
	March 30, 2019		March 31, 2018
Components:
Americas	$	1,907,029	$	1,796,698
EMEA (a)	1,503,366		1,478,386
Asia/Pacific	1,781,532		1,654,848
Global components	$	5,191,927	$	4,929,932
ECS:
Americas	$	1,200,907	$	1,195,411
EMEA (a)	763,157		750,270
Global ECS	$	1,964,064	$	1,945,681
Consolidated (b)	$	7,155,991	$	6,875,613

(a) Defined as Europe, the Middle East, and Africa.

(b) Includes sales related to the United States of $2,782,035 and $2,649,668 for the first quarter of 2019 and 2018, respectively.

Operating income (loss), by segment, are as follows:

	Quarter Ended
	March 30, 2019			March 31, 2018
Operating income (loss):
Global components	$	234,532		$	229,546
Global ECS	86,718			83,806
Corporate (c)	(75,690		)	(77,357		)
Consolidated	$	245,560		$	235,995

(c) Includes restructuring, integration, and other charges of $11,660 and $21,171 for the first quarter of 2019 and 2018, respectively. Also included in the first quarter of 2019 and 2018 was a net loss on the disposition of businesses of $866 and $1,562, respectively.

Total assets, by segment, is as follows:

	March 30, 2019		December 31, 2018
Global components	$	11,479,107	$	11,425,579
Global ECS	4,567,305		5,632,102
Corporate	784,340		726,764
Consolidated	$	16,830,752	$	17,784,445

Net property, plant, and equipment, by geographic area, is as follows:

	March 30, 2019		December 31, 2018
Americas (d)	$	659,608	$	673,228
EMEA	119,105		110,996
Asia/Pacific	40,891		40,476
Consolidated	$	819,604	$	824,700

(d)

Includes net property, plant, and equipment related to the United States of $656,736 and $670,201 at March 30, 2019 and December 31, 2018, respectively.

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Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Accounting Policy

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.  The consolidated results of operations for the interim periods are not necessarily indicative of results for the full year.

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 December 31, 2018, as filed in the company's Annual Report on Form 10-K.

Fiscal Period Policy

The company operates on a quarterly calendar that closes on the Saturday closest to the end of the calendar quarter.

Goodwill and Intangible Assets Policy

Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. The company tests goodwill and other indefinite-lived intangible assets for impairment annually as of the first day of the fourth quarter, or more frequently if indicators of potential impairment exist.

Allowance for Doubtful Accounts Policy

The company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments.  The allowances for doubtful accounts are determined using a combination of factors, including the length of time the receivables are outstanding, the current business environment, and historical experience. The company also has notes receivables with certain customers, which are included in "Accounts receivable, net" in the company's consolidated balance sheets.

Fair Value of Debt Policy

The carrying amount of the company's short-term borrowings in various countries, revolving credit facility, asset securitization program, commercial paper, and other obligations approximate their fair value.

Fair Value of Financial Instruments Policy

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.  The company utilizes a fair value hierarchy, which maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value.  The fair value hierarchy has three levels of inputs that may be used to measure fair value:

Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

Level 2 Quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability.

Level 3

Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable.

Leases of Lessee Disclosure

The company determines if a contract contains a lease at inception based on whether it conveys the right to control the use of an identified asset. Substantially all of the company's leases are classified as operating leases. The company has determined that operating lease right-of-use assets will be recorded to "Other assets" and lease liabilities will be recorded to "Other liabilities" and "Accrued expenses" in the consolidated balance sheets. Lease expense will be recorded to "Selling, general, and administrative expenses" in the consolidated statements of operations. Operating lease payments will be recorded to "Operating cash flows" in the consolidated statements of cash flows. Operating lease right-of-use assets and lease liabilities are recognized based on the net present value of future minimum lease payments over the lease term starting on the commencement date. The company generally is not able to determine the rate implicit in its leases and, as such, will apply an incremental borrowing rate based on the company’s cost of borrowing for the relevant terms of each lease. Lease expense for minimum lease payments are recognized on a straight-line basis over the lease term. Lease terms may include an option to extend or terminate a lease if it is reasonably certain that the company will exercise such options. The company has elected the practical expedient to not separate lease components from non-lease components, and also has elected not to record a right-of-use asset or lease liability for leases which, at inception, have a term of twelve months or less. Variable lease payments are recognized in the period in which the obligation for those payments is incurred.

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Acquisitions (Tables)

3 Months Ended

Mar. 30, 2019

e-Infochips [Member]

Business Acquisition [Line Items]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The following table summarizes the allocation of the net consideration paid to the fair value of the assets acquired and liabilities assumed for the eInfochips acquisition:

Accounts receivable, net	$	13,670
Inventories	1,512
Property, plant, and equipment	3,485
Other assets	46,488
Identifiable intangible assets	128,000
Goodwill	197,126
Accounts payable	(520		)
Accrued expenses	(33,836		)
Deferred tax liability	(41,474		)
Other liabilities	(1,592		)
Cash consideration paid, net of cash acquired	$	312,859

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Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill [Text Block]

Goodwill of companies acquired, allocated to the company's business segments, is as follows:

	Global Components		Global ECS			Total
Balance as of December 31, 2018 (a)	$	1,437,501	$	1,187,189		$	2,624,690
Dispositions and related adjustments	—		(1,386		)	(1,386		)
Foreign currency translation adjustment	15,869		(6,722		)	9,147
Balance as of March 30, 2019 (a)	$	1,453,370	$	1,179,081		$	2,632,451

(a)

The total carrying value of goodwill as of March 30, 2019 and December 31, 2018 in the table above is reflected net of $1,018,780 of accumulated impairment charges, of which $716,925 was recorded in the global components business segment and $301,855 was recorded in the global enterprise computing solutions ("ECS") business segment.

Intangible Assets Disclosure [Text Block]

Intangible assets, net, are comprised of the following as of March 30, 2019:

	Weighted-Average Life	Gross Carrying Amount		Accumulated Amortization			Net
Non-amortizable trade names	indefinite	$	101,000	$	—		$	101,000
Customer relationships	11 years	482,084		(232,649		)	249,435
Developed technology	5 years	6,340		(4,596		)	1,744
Amortizable trade name	9 years	21,407		(4,295		)	17,112
		$	610,831	$	(241,540	)	$	369,291

Intangible assets, net, are comprised of the following as of December 31, 2018:

	Weighted-Average Life	Gross Carrying Amount		Accumulated Amortization			Net
Non-amortizable trade names	indefinite	$	101,000	$	—		$	101,000
Customer relationships	11 years	475,050		(221,822		)	253,228
Developed technology	5 years	6,340		(4,311		)	2,029
Amortizable trade name	9 years	19,940		(3,553		)	16,387
		$	602,330	$	(229,686	)	$	372,644

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Investments in Affiliated Companies (Tables)

3 Months Ended

Mar. 30, 2019

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments [Text Block]

The following table presents the company's investment in affiliated companies:

	March 30, 2019		December 31, 2018
Marubun/Arrow	$	75,107	$	73,253
Other	10,189		10,440
	$	85,296	$	83,693

Equity in Earnings of Affiliated Companies [Text Block]

The equity in earnings (losses) of affiliated companies consists of the following:

	Quarter Ended
	March 30, 2019			March 31, 2018
Marubun/Arrow	$	1,226		$	1,091
Other	(2,693		)	(1,764		)
	$	(1,467	)	$	(673	)

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Accounts Receivable (Tables)

3 Months Ended

Mar. 30, 2019

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable [Text Block]

Accounts receivable, net, consists of the following:

	March 30, 2019			December 31, 2018
Accounts receivable	$	7,962,977		$	9,021,051
Allowances for doubtful accounts	(60,461		)	(75,588		)
	$	7,902,516		$	8,945,463

The company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments.  The allowances for doubtful accounts are determined using a combination of factors, including the length of time the receivables are outstanding, the current business environment, and historical experience. The company also has notes receivables with certain customers, which are included in "Accounts receivable, net" in the company's consolidated balance sheets.

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ST Debt (Tables)

3 Months Ended

Mar. 30, 2019

ST Debt [Abstract]

Schedule of Short-term Debt [Table Text Block]

Short-term borrowings, including current portion of long-term debt, consists of the following:

	March 30, 2019		December 31, 2018
Borrowings on lines of credit	$	—	$	180,000
Commercial paper	74,836		—
Other short-term borrowings	63,850		66,257
	$	138,686	$	246,257

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LT Debt (Tables)

3 Months Ended

Mar. 30, 2019

Schedule of Long-term Debt Instruments [Abstract]

Schedule of Long-term Debt Instruments [Table Text Block]

Long-term debt consists of the following:

	March 30, 2019		December 31, 2018
Revolving credit facility	$	55,000	$	—
Asset securitization program	1,090,000		810,000
6.00% notes, due 2020	209,191		209,147
5.125% notes, due 2021	130,582		130,546
3.50% notes, due 2022	347,485		347,288
4.50% notes, due 2023	297,751		297,622
3.25% notes, due 2024	494,327		494,091
4.00% notes, due 2025	345,911		345,762
7.50% senior debentures, due 2027	109,796		109,776
3.875% notes, due 2028	494,231		494,095
Other obligations with various interest rates and due dates	1,617		788
	$	3,575,891	$	3,239,115

Schedule of Fair Value of Debt [Text Block]

The estimated fair market value, using quoted market prices, is as follows:

	March 30, 2019	December 31, 2018
6.00% notes, due 2020	214,500	214,500
5.125% notes, due 2021	135,500	134,500
3.50% notes, due 2022	353,000	345,000
4.50% notes, due 2023	311,500	303,500
3.25% notes, due 2024	484,500	467,000
4.00% notes, due 2025	351,000	340,500
7.50% senior debentures, due 2027	130,000	128,000
3.875% notes, due 2028	484,000	458,500

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Financial Instruments Measured at Fair Value (Tables)

3 Months Ended

Mar. 30, 2019

Fair Value Disclosures

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis Table [Text Block]

The following table presents assets (liabilities) measured at fair value on a recurring basis at March 30, 2019:

	Balance Sheet Location	Level 1		Level 2			Level 3		Total
Cash equivalents (a)	Cash and cash equivalents/ other assets	$	21,738	$	—		$	—	$	21,738
Equity investments (b)	Other assets	42,753		—			—		42,753
Interest rate swaps	Other liabilities	—		(557		)	—		(557		)
Foreign exchange contracts	Other current assets	—		12,925			—		12,925
Foreign exchange contracts	Accrued expenses	—		(998		)	—		(998		)
		$	64,491	$	11,370		$	—	$	75,861

The following table presents assets (liabilities) measured at fair value on a recurring basis at December 31, 2018:

	Balance Sheet Location	Level 1		Level 2			Level 3		Total
Cash equivalents (a)	Cash and cash equivalents/ other assets	$	22,883	$	—		$	—	$	22,883
Equity investments (b)	Other assets	38,045		—			—		38,045
Interest rate swaps	Other liabilities	—		(589		)	—		(589		)
Foreign exchange contracts	Other current assets	—		4,163			—		4,163
Foreign exchange contracts	Accrued expenses	—		(2,384		)	—		(2,384		)
		$	60,928	$	1,190		$	—	$	62,118

(a) Cash equivalents include highly liquid investments with an original maturity of less than three months.

(b)

The company has an 8.4% equity ownership interest in Marubun Corporation and a portfolio of mutual funds with quoted market prices. The company recorded an unrealized gain of $1,824 and an unrealized loss of $2,579 for the first quarter of 2019 and 2018, respectively, on equity securities held at the end of each quarter.

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Text Block]

The effects of derivative instruments on the company's consolidated statements of operations and other comprehensive income are as follows:

	Quarter Ended
	March 30, 2019			March 31, 2018
Gain (Loss) Recognized in Income
Foreign exchange contracts	$	3,489		$	(5,742	)
Interest rate swaps	(319		)	(303		)
Total	$	3,170		$	(6,045	)
Gain (Loss) Recognized in Other Comprehensive Income before reclassifications, net of tax
Foreign exchange contracts	$	5,953		$	(1,078	)

Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member]

Fair Value Disclosures

Description of Derivative Hedging Instruments

During the first quarter of 2019, the company entered into a series of foreign exchange contracts to sell Euro and buy United States Dollars, with various maturity dates as noted in the table below.

Maturity Date	Notional Amount
March 2023	EUR 50,000
September 2024	EUR 50,000
April 2025	EUR 100,000
January 2028	EUR 100,000
Total	EUR 300,000

Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]

Fair Value Disclosures

Description of Derivative Hedging Instruments

The terms of our outstanding interest rate swap contracts at March 30, 2019 are as follows:

Maturity Date	Notional Amount	Interest rate due from counterparty	Interest rate due to counterparty
April 2020	50,000	6.000%	6 mo. USD LIBOR + 3.896%

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Restructuring, Integration, and Other Charges (Tables)

3 Months Ended

Mar. 30, 2019

Restructuring Charges [Abstract]

Schedule of Restructuring and Related Costs [Text Block]

The following table presents the components of the restructuring, integration, and other charges:

	Quarter Ended
	March 30, 2019			March 31, 2018
Restructuring and integration charges - current period actions	$	3,007		$	11,432
Restructuring and integration charges - actions taken in prior periods	(61		)	1,349
Other charges	8,714			8,390
	$	11,660		$	21,171

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Net Income per Share (Tables)

3 Months Ended

Mar. 30, 2019

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

The following table presents the computation of net income per share on a basic and diluted basis (shares in thousands):

	Quarter Ended
	March 30, 2019		March 31, 2018
Net income attributable to shareholders	$	140,735	$	139,094
Weighted-average shares outstanding - basic	85,400		87,955
Net effect of various dilutive stock-based compensation awards	919		1,080
Weighted-average shares outstanding - diluted	86,319		89,035
Net income per share:
Basic	$	1.65	$	1.58
Diluted (a)	$	1.63	$	1.56

(a)

Stock-based compensation awards for the issuance of 903 and 415 shares for the first quarter of 2019 and 2018, respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive.

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Lease Commitments (Tables)

3 Months Ended

Mar. 30, 2019

Leases Commitments [Abstract]

Schedule of supplemental balance sheet information related to leases [Table Text Block]

The following amounts were recorded in the consolidated balance sheets at March 30, 2019:

	March 30, 2019
Operating Leases
Right-of-use asset	$	349,077
Lease liability - current	68,603
Lease liability - non-current	302,283
Total operating lease liabilities	$	370,886

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

Maturities of operating lease liabilities at March 30, 2019 were as follows:

	March 30, 2019
2019	$	75,827
2020	76,035
2021	59,166
2022	46,851
2023	37,177
Thereafter	160,022
Total lease payments	455,078
Less imputed interest	(84,192		)
Total	$	370,886

Supplemental Cash Flow and Operating Lease Information [Table Text Block]

Other information pertaining to leases consists of the following:

	March 30, 2019
Supplemental Cash Flow Information
Cash paid for amounts included in the measurement of operating lease liabilities:	$	37,513
Right-of-use assets obtained in exchange for operating lease obligations:	35,573
Operating Lease Term and Discount Rate
Weighted average remaining lease term in years	8
Weighted average discount rate	5.2		%

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Shareholders' Equity Components of Other Comprehensive Income (Tables)

3 Months Ended

Mar. 30, 2019

Changes in Components of Accumulated Other Comprehensive Income [Abstract]

Components of Accumulated Other Comprehensive Income [Table Text Block]

The following table presents the changes in Accumulated other comprehensive income (loss), excluding noncontrolling interests:

	Quarter Ended
	March 30, 2019			March 31, 2018
Foreign Currency Translation Adjustment and Other:
Other comprehensive income before reclassifications (a)	$	5,276		$	46,400
Amounts reclassified into income	(186		)	(1,178		)
Unrealized Gain (Loss) on Foreign Exchange Contracts Designated as Net Investment Hedges, Net:
Other comprehensive income before reclassifications	6,592			—
Amounts reclassified into income	(1,059		)	—
Unrealized Gain (Loss) on Interest Rate Swaps Designated as Cash Flow Hedges, Net:
Amounts reclassified into income	240			228
Employee Benefit Plan Items, Net:
Amounts reclassified into income	319			282
Other:
Retained earnings adjustment (b)	—			(22,354		)
Net change in Accumulated other comprehensive income (loss)	$	11,182		$	23,378

(a) Includes intra-entity foreign currency transactions that are of a long-term investment nature of $9,859 and $(11,924) for the first quarter of 2019 and 2018, respectively.

(b) Amounts relate to unrealized gains and losses on investments and stranded tax effects reclassified from "Accumulated other comprehensive income" to "Retained earnings" in accordance with ASU No. 2018-02 and ASU No. 2016-01.

Share-Repurchase Programs [Table Text Block]

The following table shows the company's Board of Directors (the "Board") approved share-repurchase programs as of March 30, 2019:

Month of Board Approval	Dollar Value Approved for Repurchase		Dollar Value of Shares Repurchased		Approximate Dollar Value of Shares that May Yet be Purchased Under the Program
December 2016	$	400,000	$	311,395	$	88,605
December 2018	600,000		—		600,000
Total	$	1,000,000	$	311,395	$	688,605

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Segment and Geographic Information (Tables)

3 Months Ended

Mar. 30, 2019

Segment Reporting Information [Line Items]

Schedule of Segment Reporting Information, by Segment [Text Block]

Sales, by segment by geographic area, are as follows:

	Quarter Ended
	March 30, 2019		March 31, 2018
Components:
Americas	$	1,907,029	$	1,796,698
EMEA (a)	1,503,366		1,478,386
Asia/Pacific	1,781,532		1,654,848
Global components	$	5,191,927	$	4,929,932
ECS:
Americas	$	1,200,907	$	1,195,411
EMEA (a)	763,157		750,270
Global ECS	$	1,964,064	$	1,945,681
Consolidated (b)	$	7,155,991	$	6,875,613

(a) Defined as Europe, the Middle East, and Africa.

(b) Includes sales related to the United States of $2,782,035 and $2,649,668 for the first quarter of 2019 and 2018, respectively.

Operating income (loss), by segment, are as follows:

	Quarter Ended
	March 30, 2019			March 31, 2018
Operating income (loss):
Global components	$	234,532		$	229,546
Global ECS	86,718			83,806
Corporate (c)	(75,690		)	(77,357		)
Consolidated	$	245,560		$	235,995

(c)

Includes restructuring, integration, and other charges of $11,660 and $21,171 for the first quarter of 2019 and 2018, respectively. Also included in the first quarter of 2019 and 2018 was a net loss on the disposition of businesses of $866 and $1,562, respectively.

Reconciliation of Assets from Segment to Consolidated [Text Block]

Total assets, by segment, is as follows:

	March 30, 2019		December 31, 2018
Global components	$	11,479,107	$	11,425,579
Global ECS	4,567,305		5,632,102
Corporate	784,340		726,764
Consolidated	$	16,830,752	$	17,784,445

Disclosure on Geographic Areas, Long-Lived Assets

Net property, plant, and equipment, by geographic area, is as follows:

	March 30, 2019		December 31, 2018
Americas (d)	$	659,608	$	673,228
EMEA	119,105		110,996
Asia/Pacific	40,891		40,476
Consolidated	$	819,604	$	824,700

(d)

Includes net property, plant, and equipment related to the United States of $656,736 and $670,201 at March 30, 2019 and December 31, 2018, respectively.

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Acquisitions (Details) $ / shares in Units, $ in Thousands		3 Months Ended		12 Months Ended
		Mar. 30, 2019 USD ($) $ / shares	Mar. 31, 2018 USD ($) Acquisitions $ / shares	Dec. 31, 2018 USD ($)
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired		$ 0	$ 331,467
Net income attributable to shareholders		$ 140,735	$ 139,094
Basic | $ / shares		$ 1.65	$ 1.58
Diluted | $ / shares	[1]	$ 1.63	$ 1.56
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	[2]	$ 2,632,451		$ 2,624,690
Customer Relationships [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		11 years	11 years
Other Intangible Assets [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		9 years	9 years
e-Infochips [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross				327,628
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables				13,670
Payments to Acquire Businesses, Net of Cash Acquired				312,859
Cash Acquired from Acquisition				14,769
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory				1,512
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment				3,485
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other				46,488
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, identifiable intangible assets				128,000
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net				197,126
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable				(520)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Accrued Expenses				(33,836)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities				(41,474)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other				(1,592)
e-Infochips [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, identifiable intangible assets				109,000
Finite-Lived Intangible Assets, Useful Life			15 years
e-Infochips [Member] | Trade Names [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, identifiable intangible assets				19,000
Finite-Lived Intangible Assets, Useful Life			10 years
Series of Individually Immaterial Business Acquisitions [Member]
Business Acquisition [Line Items]
Number of Businesses Acquired | Acquisitions			1
Payments to Acquire Businesses, Net of Cash Acquired				$ 18,704

[1] Stock-based compensation awards for the issuance of 903 and 415 shares for the first quarter of 2019 and 2018, respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive.

[2] The total carrying value of goodwill as of March 30, 2019 and December 31, 2018 in the table above is reflected net of $1,018,780 of accumulated impairment charges, of which $716,925 was recorded in the global components business segment and $301,855 was recorded in the global enterprise computing solutions ("ECS") business segment.

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Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 30, 2019 USD ($)
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 2,624,690	[1]
Dispositions and related adjustments	(1,386)
Foreign currency translation adjustment	9,147
Goodwill, Ending Balance	2,632,451	[1]
Goodwill, Impaired, Accumulated Impairment Loss	1,018,780
Global Components [Member]
Goodwill [Roll Forward]
Goodwill, Beginning Balance	1,437,501	[1]
Dispositions and related adjustments	0
Foreign currency translation adjustment	15,869
Goodwill, Ending Balance	1,453,370	[1]
Goodwill, Impaired, Accumulated Impairment Loss	716,925
Global ECS [Member]
Goodwill [Roll Forward]
Goodwill, Beginning Balance	1,187,189	[1]
Dispositions and related adjustments	(1,386)
Foreign currency translation adjustment	(6,722)
Goodwill, Ending Balance	1,179,081	[1]
Goodwill, Impaired, Accumulated Impairment Loss	$ 301,855

[1] The total carrying value of goodwill as of March 30, 2019 and December 31, 2018 in the table above is reflected net of $1,018,780 of accumulated impairment charges, of which $716,925 was recorded in the global components business segment and $301,855 was recorded in the global enterprise computing solutions ("ECS") business segment.

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Goodwill - Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2019	Mar. 31, 2018	Dec. 31, 2018
Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 610,831		$ 602,330
Accumulated Amortization	(241,540)		(229,686)
Net	369,291		372,644
Amortization of Intangible Assets	$ 11,930	$ 13,520
Customer Relationships [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Weighted-Average Life	11 years	11 years
Gross Carrying Amount	$ 482,084		475,050
Accumulated Amortization	(232,649)		(221,822)
Net	$ 249,435		253,228
Developed Technology [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Weighted-Average Life	5 years	5 years
Gross Carrying Amount	$ 6,340		6,340
Accumulated Amortization	(4,596)		(4,311)
Net	$ 1,744		2,029
Amortizable Trade Name [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Weighted-Average Life	9 years	9 years
Gross Carrying Amount	$ 21,407		19,940
Accumulated Amortization	(4,295)		(3,553)
Net	17,112		16,387
Trade Names [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	101,000		101,000
Accumulated Amortization	0		0
Net	$ 101,000		$ 101,000

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Investments in Affiliated Companies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2019	Mar. 31, 2018	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Investments in affiliated companies	$ 85,296		$ 83,693
Equity in earnings (losses) of affiliated companies	(1,467)	$ (673)
Equity Method Investment Pro Rata Share of Debt Obligations of Joint Venture	6,100		2,860
Marubun Arrow [Member]
Schedule of Equity Method Investments [Line Items]
Investments in affiliated companies	75,107		73,253
Equity in earnings (losses) of affiliated companies	$ 1,226	1,091
Equity Method Investment, Ownership Percentage	50.00%
Other joint ventures [Member]
Schedule of Equity Method Investments [Line Items]
Investments in affiliated companies	$ 10,189		$ 10,440
Equity in earnings (losses) of affiliated companies	$ (2,693)	$ (1,764)
Equity Method Investment, Ownership Percentage, Maximum	50.00%
Equity Method Investment, Ownership Percentage, Minimum	19.00%

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Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 30, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 7,962,977	$ 9,021,051
Allowances for doubtful accounts	(60,461)	(75,588)
Accounts receivable, net	$ 7,902,516	$ 8,945,463

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Debt - ST Debt (Details) - USD ($) $ in Thousands	Mar. 30, 2019	Dec. 31, 2018
Short-term Debt [Line Items]
Debt, Current	$ 138,686	$ 246,257
Line of Credit [Member]
Short-term Debt [Line Items]
Debt, Current	0	$ 180,000
Line of Credit Facility, Maximum Borrowing Capacity	$ 200,000
Short-term Debt, Weighted Average Interest Rate, at Point in Time	3.49%	3.39%
Commercial Paper [Member]
Short-term Debt [Line Items]
Debt, Current	$ 74,836	$ 0
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,200,000
Short-term Debt, Weighted Average Interest Rate, at Point in Time	2.98%	2.93%
Short-term borrowings in various countries [Member]
Short-term Debt [Line Items]
Debt, Current	$ 63,850	$ 66,257
Short-term Debt, Weighted Average Interest Rate, at Point in Time	2.96%	2.49%
3.00% notes, due 2018 [Member]
Short-term Debt [Line Items]
Debt Instrument, Face Amount	$ 300,000
Debt Instrument, Interest Rate, Stated Percentage	3.00%

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Debt - LT Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2019	Mar. 31, 2018	Dec. 31, 2018
Debt Instrument [Line Items]
Long-term debt	$ 3,575,891		$ 3,239,115
Accounts receivable, net	7,902,516		8,945,463
Investment Income, Interest and Dividend	14,045	$ 9,255
Revolving Credit Facility due in 2021 [Member]
Debt Instrument [Line Items]
Long-term debt	55,000		0
Maximum Borrowing Capacity	$ 2,000,000
Debt Instrument, Interest Rate, Effective Percentage	3.56%
Debt Instrument, Basis Spread on Variable Rate	1.18%
Line of Credit Facility, Commitment Fee Percentage	0.20%
Asset securitization program [Member]
Debt Instrument [Line Items]
Long-term debt	$ 1,090,000		810,000
Maximum Borrowing Capacity	$ 1,200,000
Debt Instrument, Interest Rate, Effective Percentage	2.94%
Debt Instrument, Basis Spread on Variable Rate	0.40%
Line of Credit Facility, Commitment Fee Percentage	0.40%
Accounts receivable, net	$ 2,436,800		2,754,400
6.00% notes, due 2020 [Member]
Debt Instrument [Line Items]
Long-term debt	209,191		209,147
Debt Instrument, Fair Value Disclosure	$ 214,500		214,500
Debt Instrument, Interest Rate, Stated Percentage	6.00%
5.125% notes, due 2021 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 130,582		130,546
Debt Instrument, Fair Value Disclosure	$ 135,500		134,500
Debt Instrument, Interest Rate, Stated Percentage	5.125%
3.50% notes, due 2022 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 347,485		347,288
Debt Instrument, Fair Value Disclosure	$ 353,000		345,000
Debt Instrument, Interest Rate, Stated Percentage	3.50%
4.50% notes, due 2023 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 297,751		297,622
Debt Instrument, Fair Value Disclosure	$ 311,500		303,500
Debt Instrument, Interest Rate, Stated Percentage	4.50%
3.25% notes, due 2024 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 494,327		494,091
Debt Instrument, Fair Value Disclosure	$ 484,500		467,000
Debt Instrument, Interest Rate, Stated Percentage	3.25%
4.00% notes, due 2025 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 345,911		345,762
Debt Instrument, Fair Value Disclosure	$ 351,000		340,500
Debt Instrument, Interest Rate, Stated Percentage	4.00%
7.5% senior debentures, due 2027 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 109,796		109,776
Debt Instrument, Fair Value Disclosure	$ 130,000		128,000
Debt Instrument, Interest Rate, Stated Percentage	7.50%
3.875% notes, due 2028 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 494,231		494,095
Debt Instrument, Fair Value Disclosure	$ 484,000		458,500
Debt Instrument, Interest Rate, Stated Percentage	3.875%
Other obligations with various interest rates and due dates [Member]
Debt Instrument [Line Items]
Other Notes Payable, Noncurrent	$ 1,617		$ 788

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Financial Instruments Measured at Fair Value - Fair Value Hierarchy (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized Gain on Securities		$ 1,824
Unrealized Loss on Securities		2,579
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents		21,738	$ 22,883
Equity investments		42,753	38,045
Interest rate swaps- liability		(557)	(589)
Foreign exchange contracts - asset		12,925	4,163
Foreign exchange contracts - liability		(998)	(2,384)
Total Fair Value Assets And Liabilities Measured On Recurring Basis		75,861	62,118
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents	[1]	21,738	22,883
Equity investments	[2]	42,753	38,045
Interest rate swaps- liability		0	0
Foreign exchange contracts - asset		0	0
Foreign exchange contracts - liability		0	0
Total Fair Value Assets And Liabilities Measured On Recurring Basis		64,491	60,928
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents		0	0
Equity investments		0	0
Interest rate swaps- liability		(557)	(589)
Foreign exchange contracts - asset		12,925	4,163
Foreign exchange contracts - liability		(998)	(2,384)
Total Fair Value Assets And Liabilities Measured On Recurring Basis		11,370	1,190
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents		0	0
Equity investments		0	0
Interest rate swaps- liability		0	0
Foreign exchange contracts - asset		0	0
Foreign exchange contracts - liability		0	0
Total Fair Value Assets And Liabilities Measured On Recurring Basis		$ 0	$ 0
Marubun [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment Ownership Percentage		8.40%

[1] Cash equivalents include highly liquid investments with an original maturity of less than three months.

[2] The company has an 8.4% equity ownership interest in Marubun Corporation and a portfolio of mutual funds with quoted market prices. The company recorded an unrealized gain of $1,824 and an unrealized loss of $2,579 for the first quarter of 2019 and 2018, respectively, on equity securities held at the end of each quarter.

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Financial Instruments Measured at Fair Value - Derivatives (Details) € in Thousands, $ in Thousands	3 Months Ended
	Mar. 30, 2019 USD ($)	Mar. 31, 2018 USD ($)	Mar. 30, 2019 EUR (€) Rate	Mar. 30, 2019 USD ($) Rate	Dec. 31, 2018 USD ($)
Derivatives, Fair Value [Line Items]
Notional Amount of Derivative Contracts				$ 867,361	$ 607,747
Derivative Instruments, Gain (Loss) Recognized in Income, Net	$ 3,170	$ (6,045)
Interest rate swaps designated as fair value hedges [Member] | Notes Due in 2020 [Member]
Derivatives, Fair Value [Line Items]
Debt Instrument, Description of Variable Rate Basis	6 mo. USD LIBOR +
Notional Amount of Derivative Contracts				$ 50,000
Derivative, Fixed Interest Rate			6.00%	6.00%
Derivative, Variable Interest Rate | Rate			3.896%	3.896%
Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Net	$ (319)	(303)
Foreign Exchange Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Net	3,489	(5,742)
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net	5,953	$ (1,078)
Net Investment Hedging [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net	6,592
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax	$ 1,406
Maturity March 2023 [Member] | Foreign Exchange Forward [Member]
Derivatives, Fair Value [Line Items]
Notional Amount of Derivative Contracts | €			€ 50,000
Maturity September 2024 [Member] | Foreign Exchange Forward [Member]
Derivatives, Fair Value [Line Items]
Notional Amount of Derivative Contracts | €			50,000
Maturity April 2025 [Member] | Foreign Exchange Forward [Member]
Derivatives, Fair Value [Line Items]
Notional Amount of Derivative Contracts | €			100,000
Maturity January 2028 [Member] | Foreign Exchange Forward [Member]
Derivatives, Fair Value [Line Items]
Notional Amount of Derivative Contracts | €			100,000
All Maturities [Member] | Foreign Exchange Forward [Member]
Derivatives, Fair Value [Line Items]
Notional Amount of Derivative Contracts | €			€ 300,000

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Restructuring, Integration, and Other Charges (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2019	Mar. 31, 2018
Restructuring Cost and Reserve [Line Items]
Restructuring, integration, and other charges	$ 11,660	$ 21,171
Other charges	8,714	8,390
Acquisition-related charges	1,022	6,154
Relocation and other centralization charges	5,559
Restructuring Charges From Current Period [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and integration charges	3,007	11,432
Restructuring Charges From Prior Periods [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and integration charges	$ (61)	$ 1,349

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Restructuring, Integration, and Other Charges - Accrual (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2019	Mar. 31, 2018
Restructuring Reserve [Roll Forward]
Restructuring Reserve	$ 25,829
Restructuring Reserve, Accrual Transition Adjustment	(9,968)
Payments for restructuring and integration	(6,735)
Restructuring Reserve	$ 10,802
Number of Years for the Accrual to Be Spent	1 year
Restructuring Charges From Current Period [Member]
Restructuring Reserve [Roll Forward]
Restructuring and integration charges	$ 3,007	$ 11,432
Restructuring Charges From Prior Periods [Member]
Restructuring Reserve [Roll Forward]
Restructuring and integration charges	$ (61)	$ 1,349

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Net Income per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 30, 2019	Mar. 31, 2018
Earnings Per Share, Diluted [Line Items]
Net income attributable to shareholders		$ 140,735	$ 139,094
Weighted-average shares outstanding - basic		85,400	87,955
Net effect of various dilutive stock-based compensation awards		919	1,080
Weighted-average shares outstanding - diluted		86,319	89,035
Net income per share:
Basic		$ 1.65	$ 1.58
Diluted	[1]	$ 1.63	$ 1.56
Stock Compensation Plan [Member]
Net income per share:
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		903	415

[1] Stock-based compensation awards for the issuance of 903 and 415 shares for the first quarter of 2019 and 2018, respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive.

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Lease Costs (Details) $ in Thousands	3 Months Ended
	Mar. 30, 2019 USD ($)
Lease, Cost [Abstract]
Lease Expiration Date	Mar. 31, 2033
Operating Lease, Cost	$ 26,726
Cash paid for amounts included in the measurement of operating lease liabilities	37,513
Right-of-use assets obtained in exchange for operating lease obligations	$ 35,573
Weighted average remaining lease term in years	8 years
Weighted average discount rate	5.20%

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Operating leases (Details) $ in Thousands	Mar. 30, 2019 USD ($)
Leases Commitments [Abstract]
Right of use asset	$ 349,077
Lease Liability - Current	68,603
Lease Liability - Non-Current	302,283
Total operating lease liabilities	$ 370,886

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Maturities of operating lease liabilities (Details) $ in Thousands	Mar. 30, 2019 USD ($)
Leases [Abstract]
2019	$ 75,827
2020	76,035
2021	59,166
2022	46,851
2023	37,177
Thereafter	160,022
Total Lease Payments	455,078
Less imputed interest	(84,192)
Total	$ 370,886

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Shareholders' Equity (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 30, 2019	Mar. 31, 2018
Changes In Components Of OCI [Line Items]
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment and Other		$ 4,442	$ 44,969
Derivatives used in Net Investment Hedge, Net of Tax, Period Increase (Decrease)		5,533	0
Other Comprehensive Income, Unrealized Gain on Derivatives Arising During Period, Net		240	228
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax		(319)	(282)
Cumulative Effect on Retained Earnings, Net of Tax			0
Net change in Accumulated other comprehensive income (loss)		11,182	23,378
Other comprehensive income before reclassifications [Member]
Changes In Components Of OCI [Line Items]
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment and Other	[1]	5,276	46,400
Derivatives used in Net Investment Hedge, Net of Tax, Period Increase (Decrease)		6,592	0
Other comprehensive income before reclassifications [Member] | Intra-entity foreign currency transactions [Member]
Changes In Components Of OCI [Line Items]
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment and Other		9,859	(11,924)
Reclassification out of Accumulated Other Comprehensive Income [Member]
Changes In Components Of OCI [Line Items]
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment and Other		(186)	(1,178)
Derivatives used in Net Investment Hedge, Net of Tax, Period Increase (Decrease)		(1,059)	0
Other Comprehensive Income, Unrealized Gain on Derivatives Arising During Period, Net		240	228
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax		319	282
Cumulative impact of newly adopted accounting standard updates [Member]
Changes In Components Of OCI [Line Items]
Cumulative Effect on Retained Earnings, Net of Tax	[2]	$ 0	$ (22,354)

[1] Includes intra-entity foreign currency transactions that are of a long-term investment nature of $9,859 and $(11,924) for the first quarter of 2019 and 2018, respectively.

[2] Amounts relate to unrealized gains and losses on investments and stranded tax effects reclassified from "Accumulated other comprehensive income" to "Retained earnings" in accordance with ASU No. 2018-02 and ASU No. 2016-01.

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Shareholders' Equity Share-Repurchase Programs (Details) $ in Thousands	Mar. 30, 2019 USD ($)
Share-Repurchase Programs [Line Items]
Stock Repurchase Program, Authorized Amount	$ 1,000,000
Stock Repurchase Program, Dollar Value of Shares Repurchased	311,395
Stock Repurchase Program, Remaining Authorized Repurchase Amount	688,605
Shares Approved December 2016 [Member]
Share-Repurchase Programs [Line Items]
Stock Repurchase Program, Authorized Amount	400,000
Stock Repurchase Program, Dollar Value of Shares Repurchased	311,395
Stock Repurchase Program, Remaining Authorized Repurchase Amount	88,605
Shares Approved December 2018 [Member]
Share-Repurchase Programs [Line Items]
Stock Repurchase Program, Authorized Amount	600,000
Stock Repurchase Program, Dollar Value of Shares Repurchased	0
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 600,000

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Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2019	Mar. 31, 2012
Site Contingency [Line Items]
Litigation Settlement, Amount		$ 110,000
Environmental Costs Recovered	$ 37,000
Huntsville Site [Member]
Site Contingency [Line Items]
Environmental Remediation Expense To Date	6,300
Additional Expected Project Expenditures Low Estimate	4,100
Additional Expected Project Expenditures High Estimate	10,000
Norco Site [Member] | Remediation, Project Management, Regulatory Oversight, and Investigative and Feasability Studies [Member]
Site Contingency [Line Items]
Environmental Remediation Expense To Date	71,100
Additional Expected Project Expenditures Low Estimate	10,800
Additional Expected Project Expenditures High Estimate	$ 21,500

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Segment and Geographic Information (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 30, 2019	Mar. 31, 2018	Dec. 31, 2018
Sales:
Sales	[1]	$ 7,155,991	$ 6,875,613
Operating income (loss):
Operating income		245,560	235,995
Restructuring, integration, and other charges		11,660	21,171
Loss on disposition of businesses, net		866	1,562
Assets		16,830,752		$ 17,784,445
Global Components [Member]
Sales:
Sales		5,191,927	4,929,932
Operating income (loss):
Operating income		234,532	229,546
Assets		11,479,107		11,425,579
Global ECS [Member]
Sales:
Sales		1,964,064	1,945,681
Operating income (loss):
Operating income		86,718	83,806
Assets		4,567,305		5,632,102
Corporate Segment [Member]
Operating income (loss):
Operating income	[2]	(75,690)	$ (77,357)
Assets		$ 784,340		$ 726,764

[1] Includes sales related to the United States of $2,782,035 and $2,649,668 for the first quarter of 2019 and 2018, respectively.

[2] Includes restructuring, integration, and other charges of $11,660 and $21,171 for the first quarter of 2019 and 2018, respectively. Also included in the first quarter of 2019 and 2018 was a net loss on the disposition of businesses of $866 and $1,562, respectively.

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Segment and Geographic Information - Geographic Sales & PP&E (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 30, 2019	Mar. 31, 2018	Dec. 31, 2018
Revenues From External Customers And Long Lived Assets [Line Items]
Sales	[1]	$ 7,155,991	$ 6,875,613
Property, plant, and equipment, net		819,604		$ 824,700
Americas [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Property, plant, and equipment, net	[2]	659,608		673,228
EMEA [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Property, plant, and equipment, net		119,105		110,996
Asia Pacific [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Property, plant, and equipment, net		40,891		40,476
United States [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Sales		2,782,035	2,649,668
Property, plant, and equipment, net		656,736		$ 670,201
Global Components [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Sales		5,191,927	4,929,932
Global Components [Member] | Americas [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Sales		1,907,029	1,796,698
Global Components [Member] | EMEA [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Sales	[3]	1,503,366	1,478,386
Global Components [Member] | Asia Pacific [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Sales		1,781,532	1,654,848
Global ECS [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Sales		1,964,064	1,945,681
Global ECS [Member] | Americas [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Sales		1,200,907	1,195,411
Global ECS [Member] | EMEA [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Sales	[3]	$ 763,157	$ 750,270

[1] Includes sales related to the United States of $2,782,035 and $2,649,668 for the first quarter of 2019 and 2018, respectively.

[2] Includes net property, plant, and equipment related to the United States of $656,736 and $670,201 at March 30, 2019 and December 31, 2018, respectively.

[3] Defined as Europe, the Middle East, and Africa.