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Debt
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Debt [Text Block] Debt
Short-term borrowings, including the current portion of long-term debt, consists of the following at December 31:
(thousands)20222021
3.50% notes, due April 2022
$— $349,779 
4.50% notes, due March 2023
299,895 — 
Commercial paper173,407 — 
Uncommitted lines of credit78,000 — 
Other short-term borrowings38,581 32,840 
 $589,883 $382,619 
Other short-term borrowings are primarily utilized to support working capital requirements. The weighted-average interest rate on these borrowings was 1.98% and 1.41% at December 31, 2022 and 2021, respectively.

The company has $200.0 million in uncommitted lines of credit. There were $78.0 million in outstanding borrowings under the uncommitted lines of credit at December 31, 2022. The company had no outstanding borrowings under the uncommitted lines of credit at December 31, 2021. These borrowings were provided on a short-term basis and the maturity is agreed upon between the company and the lender. The uncommitted lines of credit had an effective interest rate of 5.22% and 1.50% at December 31, 2022 and 2021, 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. Amounts outstanding under the commercial paper program are backstopped by available commitments under the company’s revolving credit facility. There were $173.4 million in outstanding borrowings under the commercial paper program at December 31, 2022. The company had no outstanding borrowings under this program as of December 31, 2021. The commercial paper program had an effective interest rate of 5.15% and 0.29% at December 31, 2022 and 2021, respectively.

Long-term debt consists of the following at December 31:
(thousands)20222021
North American asset securitization program$1,235,000 $— 
4.50% notes, due 2023
— 299,283 
3.25% notes, due 2024
498,122 497,060 
4.00% notes, due 2025
348,344 347,657 
7.50% senior debentures, due 2027
110,103 110,021 
3.875% notes, due 2028
496,448 495,823 
2.95% notes, due 2032
494,522 494,022 
Other obligations with various interest rates and due dates425 577 
 $3,182,964 $2,244,443 

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 of long-term debt at December 31, using quoted market prices, is as follows:
(thousands)20222021
4.50% notes, due 2023
$— $309,000 
3.25% notes, due 2024
481,500 522,000 
4.00% notes, due 2025
338,000 374,000 
7.50% senior debentures, due 2027
116,500 136,000 
3.875% notes, due 2028
456,000 542,500 
2.95% notes, due 2032
395,500 504,500 
The carrying amount of the company’s other short-term borrowings, 4.50% notes due in 2023, North American asset securitization program, commercial paper, uncommitted lines of credit, and other obligations approximate their fair value.

The company has a $2.0 billion revolving credit facility maturing in September 2026. The 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 (1.08% at December 31, 2022), which is based on the company's credit ratings, or a weighted-average effective interest rate of 4.79% at December 31, 2022. The facility fee, which is based on the company's credit ratings, was 0.175% of the total borrowing capacity at December 31, 2022. The company had no outstanding borrowings under the revolving credit facility at December 31, 2022 and 2021.

The company has a North American asset securitization program collateralized by accounts receivable of certain of its subsidiaries. In September 2022, the company amended its asset securitization program to increase its borrowing capacity from $1.25 billion to $1.5 billion and extended its maturity to September 2025, among other things. The program is conducted through Arrow Electronics Funding Corporation (“AFC”), a wholly-owned, bankruptcy remote subsidiary. The North American asset securitization program does not qualify for 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 (0.40% at December 31, 2022), plus a credit spread adjustment of 0.10% or an effective interest rate of 4.86% at December 31, 2022. The facility fee is 0.40% of the total borrowing capacity.

The company had $1.2 billion in outstanding borrowings under the North American asset securitization program at December 31, 2022, which was included in "Long-term debt" in the company's consolidated balance sheets. There were no outstanding borrowings under the North American asset securitization program at December 31, 2021. Total collateralized accounts receivable of approximately $3.1 billion and $2.7 billion were held by AFC and were included in “Accounts receivable, net” in the company's consolidated balance sheets at December 31, 2022 and 2021, respectively. 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 of the company before repayment of any outstanding borrowings under the North American asset securitization program.

Both the revolving credit facility and North American 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. As of December 31, 2022, the company was in compliance with all such financial covenants.

During February 2022, the company repaid $350.0 million principal amount of its 3.50% notes due April 2022.

During December 2021, the company completed the sale of $500.0 million principal amount of 2.95% notes due in February 2032. The net proceeds of the offering of $495.1 million were used to repay the $350.0 million principal amount of its 3.50% notes due April 2022 and for general corporate purposes.

During March 2021, the company repaid $130.9 million principal amount of its 5.125% notes due March 2021.

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.

Annual payments of borrowings during each of the years 2023 through 2027 are $589.9 million, $498.4 million, $1.6 billion, $0.0 million, and $110.1 million, respectively, and $991.0 million for all years thereafter.

Interest and other financing expense, net, includes interest and dividend income of $33.7 million, $14.7 million, and $22.6 million in 2022, 2021, and 2020, respectively. Interest paid, net of interest and dividend income, amounted to $175.6 million, $113.1 million, and $138.3 million in 2022, 2021, and 2020, respectively.