x
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
¨
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
New
York
|
11-1806155
|
(State
or other jurisdiction of
|
(I.R.S.
Employer
|
incorporation
or organization)
|
Identification
Number)
|
50
Marcus Drive, Melville, New York
|
11747
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Large accelerated filer x
|
Accelerated filer ¨
|
Non-accelerated filer ¨ (do not check if a smaller reporting company)
|
Smaller reporting company ¨
|
Page
|
||||
Part
I.
|
Financial
Information
|
|||
Item
1.
|
Financial
Statements
|
|||
Consolidated Statements of
Operations
|
3
|
|||
Consolidated Balance
Sheets
|
4
|
|||
Consolidated Statements of Cash
Flows
|
5
|
|||
Notes to Consolidated Financial
Statements
|
6
|
|||
Item
2.
|
Management's
Discussion and Analysis of Financial Condition and Results of
Operations
|
23
|
||
Item
3.
|
Quantitative
and Qualitative Disclosures about Market Risk
|
30
|
||
Item
4.
|
Controls
and Procedures
|
32
|
||
Part
II.
|
Other
Information
|
|||
Item
1A.
|
Risk
Factors
|
33
|
||
Item
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
33
|
||
Item
6.
|
Exhibits
|
34
|
||
Signature
|
35
|
Quarter Ended
|
||||||||
April 3,
2010
|
April 4,
2009
|
|||||||
Sales
|
$
|
4,235,366
|
$
|
3,417,428
|
||||
Costs
and expenses:
|
||||||||
Cost
of sales
|
3,697,433
|
2,986,432
|
||||||
Selling,
general and administrative expenses
|
366,749
|
329,114
|
||||||
Depreciation
and amortization
|
18,477
|
16,627
|
||||||
Restructuring,
integration, and other charges
|
7,437
|
24,018
|
||||||
4,090,096
|
3,356,191
|
|||||||
Operating
income
|
145,270
|
61,237
|
||||||
Equity
in earnings of affiliated companies
|
1,148
|
323
|
||||||
Interest
and other financing expense, net
|
19,086
|
23,035
|
||||||
Income
before income taxes
|
127,332
|
38,525
|
||||||
Provision
for income taxes
|
40,291
|
11,789
|
||||||
Consolidated
net income
|
87,041
|
26,736
|
||||||
Noncontrolling
interests
|
(5
|
)
|
(5
|
)
|
||||
Net
income attributable to shareholders
|
$
|
87,046
|
$
|
26,741
|
||||
Net
income per share:
|
||||||||
Basic
|
$
|
.72
|
$
|
.22
|
||||
Diluted
|
$
|
.71
|
$
|
.22
|
||||
Average
number of shares outstanding:
|
||||||||
Basic
|
120,223
|
119,570
|
||||||
Diluted
|
121,906
|
120,133
|
April 3,
2010
|
December 31,
2009
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ | 810,051 | $ | 1,137,007 | ||||
Accounts
receivable, net
|
3,081,692 | 3,136,141 | ||||||
Inventories
|
1,476,648 | 1,397,668 | ||||||
Other
current assets
|
182,836 | 168,812 | ||||||
Total
current assets
|
5,551,227 | 5,839,628 | ||||||
Property,
plant and equipment, at cost:
|
||||||||
Land
|
23,494 | 23,584 | ||||||
Buildings
and improvements
|
133,264 | 137,539 | ||||||
Machinery
and equipment
|
794,509 | 779,105 | ||||||
951,267 | 940,228 | |||||||
Less:
Accumulated depreciation and amortization
|
(484,801 | ) | (479,522 | ) | ||||
Property,
plant and equipment, net
|
466,466 | 460,706 | ||||||
Investments
in affiliated companies
|
54,298 | 53,010 | ||||||
Cost
in excess of net assets of companies acquired
|
915,555 | 926,296 | ||||||
Other
assets
|
466,986 | 482,726 | ||||||
Total
assets
|
$ | 7,454,532 | $ | 7,762,366 | ||||
LIABILITIES
AND EQUITY
|
||||||||
Current
liabilities:
|
||||||||
Accounts
payable
|
$ | 2,460,494 | $ | 2,763,237 | ||||
Accrued
expenses
|
425,853 | 445,914 | ||||||
Short-term
borrowings, including current portion of long-term debt
|
129,159 | 123,095 | ||||||
Total
current liabilities
|
3,015,506 | 3,332,246 | ||||||
Long-term
debt
|
1,262,840 | 1,276,138 | ||||||
Other
liabilities
|
234,290 | 236,685 | ||||||
Equity:
|
||||||||
Shareholders'
equity:
|
||||||||
Common
stock, par value $1:
|
||||||||
Authorized
– 160,000 shares in 2010 and 2009
|
||||||||
Issued
– 125,337 and 125,287 shares in 2010 and 2009,
respectively
|
125,337 | 125,287 | ||||||
Capital
in excess of par value
|
1,040,958 | 1,056,704 | ||||||
Treasury
stock (4,931 and 5,459 shares in 2010 and 2009, respectively), at
cost
|
(160,824 | ) | (179,152 | ) | ||||
Retained
earnings
|
1,781,563 | 1,694,517 | ||||||
Foreign
currency translation adjustment
|
164,705 | 229,019 | ||||||
Other
|
(9,843 | ) | (9,415 | ) | ||||
Total
shareholders' equity
|
2,941,896 | 2,916,960 | ||||||
Noncontrolling
interests
|
- | 337 | ||||||
Total
equity
|
2,941,896 | 2,917,297 | ||||||
Total
liabilities and equity
|
$ | 7,454,532 | $ | 7,762,366 |
Quarter Ended
|
||||||||
April 3,
2010
|
April 4,
2009
|
|||||||
Cash
flows from operating activities:
|
||||||||
Consolidated
net income
|
$
|
87,041
|
$
|
26,736
|
||||
Adjustments
to reconcile consolidated net income to net cash provided by (used for)
operations:
|
||||||||
Depreciation
and amortization
|
18,477
|
16,627
|
||||||
Amortization
of stock-based compensation
|
8,467
|
5,357
|
||||||
Amortization
of deferred financing costs and discount on notes
|
558
|
547
|
||||||
Equity
in earnings of affiliated companies
|
(1,148
|
)
|
(323
|
)
|
||||
Deferred
income taxes
|
15,091
|
10,508
|
||||||
Restructuring,
integration, and other charges
|
5,545
|
16,069
|
||||||
Excess
tax benefits from stock-based compensation arrangements
|
(1,762
|
)
|
2,158
|
|||||
Change
in assets and liabilities, net of effects of acquired
businesses:
|
||||||||
Accounts
receivable
|
8,094
|
603,992
|
||||||
Inventories
|
(99,247
|
)
|
161,195
|
|||||
Accounts
payable
|
(272,909
|
)
|
(448,384
|
)
|
||||
Accrued
expenses
|
(26,951
|
)
|
(145,855
|
)
|
||||
Other
|
(23,473
|
)
|
(17,976
|
)
|
||||
Net
cash provided by (used for) operating activities
|
(282,217
|
)
|
230,651
|
|||||
Cash
flows from investing activities:
|
||||||||
Acquisition
of property, plant and equipment
|
(27,514
|
)
|
(36,812
|
)
|
||||
Cash
consideration paid for acquired businesses
|
(3,060
|
)
|
-
|
|||||
Proceeds
from sale of facilities
|
6,806
|
-
|
||||||
Other
|
-
|
(89
|
)
|
|||||
Net
cash used for investing activities
|
(23,768
|
)
|
(36,901
|
)
|
||||
Cash
flows from financing activities:
|
||||||||
Change
in short-term borrowings
|
14,160
|
(12,322
|
)
|
|||||
Repayment
of long-term bank borrowings
|
-
|
(29,400
|
)
|
|||||
Proceeds
from long-term bank borrowings
|
-
|
29,400
|
||||||
Proceeds
from exercise of stock options
|
1,579
|
554
|
||||||
Excess
tax benefits from stock-based compensation arrangements
|
1,762
|
(2,158
|
)
|
|||||
Repurchases
of common stock
|
(6,185
|
)
|
(2,073
|
)
|
||||
Net
cash provided by (used for) financing activities
|
11,316
|
(15,999
|
)
|
|||||
Effect
of exchange rate changes on cash
|
(32,287
|
)
|
(10,518
|
)
|
||||
Net
increase (decrease) in cash and cash equivalents
|
(326,956
|
)
|
167,233
|
|||||
Cash
and cash equivalents at beginning of period
|
1,137,007
|
451,272
|
||||||
Cash
and cash equivalents at end of period
|
$
|
810,051
|
$
|
618,505
|
Quarter Ended
April 4, 2009
|
||||||||
As Reported
|
Pro Forma
|
|||||||
Sales
|
$ | 3,417,428 | $ | 3,468,935 | ||||
Net
income attributable to shareholders
|
26,741 | 30,245 | ||||||
Net
income per share:
|
||||||||
Basic
|
$ | .22 | $ | .25 | ||||
Diluted
|
$ | .22 | $ | .25 |
Global
Components
|
Global ECS
|
Total
|
||||||||||
December
31, 2009
|
$ | 473,421 | $ | 452,875 | $ | 926,296 | ||||||
Foreign
currency translation
|
(5 | ) | (10,736 | ) | (10,741 | ) | ||||||
April
3, 2010
|
$ | 473,416 | $ | 442,139 | $ | 915,555 |
April 3,
2010
|
December 31,
2009
|
|||||||
Marubun/Arrow
|
$ | 38,588 | $ | 37,649 | ||||
Altech
Industries
|
15,710 | 15,361 | ||||||
$ | 54,298 | $ | 53,010 |
Quarter Ended
|
||||||||
April 3,
2010
|
April 4,
2009
|
|||||||
Marubun/Arrow
|
$ | 915 | $ | 113 | ||||
Altech
Industries
|
233 | 221 | ||||||
Other
|
- | (11 | ) | |||||
$ | 1,148 | $ | 323 |
April 3,
2010
|
December 31,
2009
|
|||||||
Accounts
receivable
|
$ | 3,118,697 | $ | 3,175,815 | ||||
Allowances
for doubtful accounts
|
(37,005 | ) | (39,674 | ) | ||||
Accounts
receivable, net
|
$ | 3,081,692 | $ | 3,136,141 |
April 3,
2010
|
December 31,
2009
|
|||||||
9.15%
senior notes, due 2010
|
$ | 69,544 | $ | 69,544 | ||||
Cross-currency
swap, due 2010
|
27,917 | 41,943 | ||||||
Interest
rate swaps designated as fair value hedges
|
1,405 | 2,036 | ||||||
Short-term
borrowings in various countries
|
30,293 | 9,572 | ||||||
$ | 129,159 | $ | 123,095 |
April 3,
2010
|
December 31,
2009
|
|||||||
Bank
term loan, due 2012
|
$ | 200,000 | $ | 200,000 | ||||
6.875%
senior notes, due 2013
|
349,783 | 349,765 | ||||||
6.875%
senior debentures, due 2018
|
198,293 | 198,241 | ||||||
6.00%
notes, due 2020
|
299,911 | 299,909 | ||||||
7.5%
senior debentures, due 2027
|
197,645 | 197,610 | ||||||
Cross-currency
swap, due 2011
|
6,177 | 12,497 | ||||||
Interest
rate swaps designated as fair value hedges
|
10,086 | 9,556 | ||||||
Other
obligations with various interest rates and due dates
|
945 | 8,560 | ||||||
$ | 1,262,840 | $ | 1,276,138 |
April 3,
2010
|
December 31,
2009
|
|||||||
9.15%
senior notes, due 2010
|
$ | 72,000 | $ | 73,000 | ||||
6.875%
senior notes, due 2013
|
385,000 | 378,000 | ||||||
6.875%
senior debentures, due 2018
|
214,000 | 214,000 | ||||||
6.00%
notes, due 2020
|
303,000 | 300,000 | ||||||
7.5%
senior debentures, due 2027
|
208,000 | 208,000 |
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.
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Cash
equivalents
|
$ | - | $ | 566,701 | $ | - | $ | 566,701 | ||||||||
Available-for-sale
securities
|
55,301 | - | - | 55,301 | ||||||||||||
Interest
rate swaps
|
- | 11,491 | - | 11,491 | ||||||||||||
Cross-currency
swaps
|
- | (34,094 | ) | - | (34,094 | ) | ||||||||||
$ | 55,301 | $ | 544,098 | $ | - | $ | 599,399 |
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Cash
equivalents
|
$ | - | $ | 744,125 | $ | - | $ | 744,125 | ||||||||
Available-for-sale
securities
|
56,464 | - | - | 56,464 | ||||||||||||
Interest
rate swaps
|
- | 11,592 | - | 11,592 | ||||||||||||
Cross-currency
swaps
|
- | (54,440 | ) | - | (54,440 | ) | ||||||||||
$ | 56,464 | $ | 701,277 | $ | - | $ | 757,741 |
April 3, 2010
|
December 31, 2009
|
|||||||||||||||
Marubun
|
WPG
|
Marubun
|
WPG
|
|||||||||||||
Cost
basis
|
$ | 10,016 | $ | 10,798 | $ | 10,016 | $ | 10,798 | ||||||||
Unrealized
holding gain
|
4,148 | 30,339 | 4,408 | 31,242 | ||||||||||||
Fair
value
|
$ | 14,164 | $ | 41,137 | $ | 14,424 | $ | 42,040 |
Asset/(Liability) Derivatives
|
||||||||||
Balance Sheet
Location
|
Fair Value
|
|||||||||
April 3,
2010
|
December 31,
2009
|
|||||||||
Derivative
instruments designated as hedges:
|
||||||||||
Interest
rate swaps designated as fair value hedges
|
Prepaid
expenses
|
$ | 1,405 | $ | 2,036 | |||||
Interest
rate swaps designated as fair value hedges
|
Other
assets
|
10,086 | 9,556 | |||||||
Cross-currency
swaps designated as net investment hedges
|
Short-term
borrowings
|
(27,917 | ) | (41,943 | ) | |||||
Cross-currency
swaps designated as net investment hedges
|
Long-term
debt
|
(6,177 | ) | (12,497 | ) | |||||
Foreign
exchange contracts designated as cash flow hedges
|
Prepaid
expenses
|
118 | 406 | |||||||
Foreign
exchange contracts designated as cash flow hedges
|
Accrued
expenses
|
(235 | ) | (272 | ) | |||||
Total
derivative instruments designated as hedging instruments
|
(22,720 | ) | (42,714 | ) | ||||||
Derivative
instruments not designated as hedges:
|
||||||||||
Foreign
exchange contracts
|
Prepaid
expenses
|
1,582 | 2,362 | |||||||
Foreign
exchange contracts
|
Accrued
expenses
|
(2,910 | ) | (1,952 | ) | |||||
Total
derivative instruments not designated as hedging
instruments
|
(1,328 | ) | 410 | |||||||
Total
|
$ | (24,048 | ) | $ | (42,304 | ) |
Gain/(Loss)
Recognized in Income
|
||||||||
Quarter Ended
|
||||||||
April 3,
2010
|
April 4,
2009
|
|||||||
Fair
value hedges:
|
||||||||
Interest
rate swaps (a)
|
$ | - | $ | - | ||||
Total
|
$ | - | $ | - | ||||
Derivative
instruments not designated as hedges:
|
||||||||
Foreign
exchange contracts (b)
|
$ | 2,029 | $ | (3,934 | ) | |||
Total
|
$ | 2,029 | $ | (3,934 | ) |
Quarter Ended April 3, 2010
|
||||||||||||
Effective Portion
|
Ineffective
Portion
|
|||||||||||
Gain/(Loss)
Recognized in
Other
Comprehensive
Income
|
Gain/(Loss)
Reclassified
into Income
|
Gain/(Loss)
Recognized in
Income
|
||||||||||
Cash
Flow Hedges:
|
||||||||||||
Foreign
exchange contracts (d)
|
$
|
(154
|
)
|
$
|
(92
|
)
|
$
|
-
|
||||
Total
|
$
|
(154
|
)
|
$
|
(92
|
)
|
$
|
-
|
||||
Net
Investment Hedges:
|
||||||||||||
Cross-currency
swaps (c)
|
$
|
20,346
|
$
|
-
|
$
|
86
|
||||||
Total
|
$
|
20,346
|
$
|
-
|
$
|
86
|
Quarter Ended April 4, 2009
|
||||||||||||
Effective Portion
|
Ineffective
Portion
|
|||||||||||
Gain/(Loss)
Recognized in
Other
Comprehensive
Income
|
Gain/(Loss)
Reclassified
into Income
|
Gain/(Loss)
Recognized in
Income
|
||||||||||
Cash
Flow Hedges:
|
||||||||||||
Interest
rate swaps (c)
|
$
|
743
|
$
|
-
|
$
|
-
|
||||||
Foreign
exchange contracts (d)
|
(1,359
|
)
|
(49
|
)
|
-
|
|||||||
Total
|
$
|
(616
|
)
|
$
|
(49
|
)
|
$
|
-
|
||||
Net
Investment Hedges:
|
||||||||||||
Cross-currency
swaps (c)
|
$
|
11,966
|
$
|
-
|
$
|
(84
|
)
|
|||||
Total
|
$
|
11,966
|
$
|
-
|
$
|
(84
|
)
|
(a)
|
The
amount of gain/(loss) recognized in income on derivatives is recorded in
"Interest and other financing expense, net" in the accompanying
consolidated statements of
operations.
|
(b)
|
The
amount of gain/(loss) recognized in income on derivatives is recorded in
"Cost of sales" in the accompanying consolidated statements of
operations.
|
(c)
|
Both
the effective and ineffective portions of any gain/(loss) reclassified or
recognized in income is recorded in "Interest and other financing expense,
net" in the accompanying consolidated statements of
operations.
|
(d)
|
Both
the effective and ineffective portions of any gain/(loss) reclassified or
recognized in income is recorded in "Cost of sales" in the accompanying
consolidated statements of
operations.
|
Quarter Ended
|
||||||||
April 3,
2010
|
April 4,
2009
|
|||||||
Restructuring
charges – 2010 actions
|
$ | 5,189 | $ | 23,472 | ||||
Restructuring
and integration charges – 2009 and prior actions
|
2,149 | 546 | ||||||
Acquisition-related
expenses
|
99 | - | ||||||
$ | 7,437 | $ | 24,018 |
Personnel
Costs
|
Facilities
|
Other
|
Total
|
||||||||||||
Restructuring
charge
|
$
|
4,844
|
$
|
201
|
$
|
144
|
$
|
5,189
|
|||||||
Payments
|
(2,613
|
)
|
(114
|
)
|
-
|
(2,727
|
)
|
||||||||
Non-cash
usage
|
-
|
-
|
(144
|
)
|
(144
|
)
|
|||||||||
Foreign
currency translation
|
108
|
12
|
-
|
120
|
|||||||||||
April
3, 2010
|
$
|
2,339
|
$
|
99
|
$
|
-
|
$
|
2,438
|
Personnel
Costs
|
Facilities
|
Other
|
Total
|
|||||||||||||
December
31, 2009
|
$ | 25,380 | $ | 6,287 | $ | 224 | $ | 31,891 | ||||||||
Restructuring
charge
|
1,450 | 146 | - | 1,596 | ||||||||||||
Payments
|
(16,552 | ) | (722 | ) | - | (17,274 | ) | |||||||||
Foreign
currency translation
|
(1,031 | ) | (364 | ) | (10 | ) | (1,405 | ) | ||||||||
April
3, 2010
|
$ | 9,247 | $ | 5,347 | $ | 214 | $ | 14,808 |
Personnel
Costs
|
Facilities
|
Other
|
Total
|
|||||||||||||
December
31, 2009
|
$ | 1,728 | $ | 6,676 | $ | 1,822 | $ | 10,226 | ||||||||
Restructuring
and integration charges
|
15 | 556 | (18 | ) | 553 | |||||||||||
Payments
|
(508 | ) | (672 | ) | - | (1,180 | ) | |||||||||
Non-cash
usage
|
- | (582 | ) | - | (582 | ) | ||||||||||
Foreign
currency translation
|
(12 | ) | (271 | ) | (12 | ) | (295 | ) | ||||||||
April
3, 2010
|
$ | 1,223 | $ | 5,707 | $ | 1,792 | $ | 8,722 |
·
|
The
accruals for personnel costs of $12,809 to cover the termination of
personnel are primarily expected to be spent within one year.
|
·
|
The
accruals for facilities totaling $11,153 relate to vacated leased
properties that have scheduled payments of $4,364 in 2010, $2,835 in 2011,
$1,589 in 2012, $1,270 in 2013, $614 in 2014, and $481
thereafter.
|
·
|
Other
accruals of $2,006 are expected to be utilized over several
years.
|
Quarter Ended
|
||||||||
April 3,
2010
|
April 4,
2009
|
|||||||
Net
income attributable to shareholders
|
$ | 87,046 | $ | 26,741 | ||||
Weighted
average shares outstanding - basic
|
120,223 | 119,570 | ||||||
Net
effect of various dilutive stock-based compensation awards
|
1,683 | 563 | ||||||
Weighted
average shares outstanding - diluted
|
121,906 | 120,133 | ||||||
Net
income per share:
|
||||||||
Basic
|
$ | .72 | $ | .22 | ||||
Diluted
(a)
|
$ | .71 | $ | .22 |
(a)
|
Stock-based
compensation awards for the issuance of 2,776 and 3,967 shares for the
first quarters of 2010 and 2009, respectively, were excluded from the
computation of net income per share on a diluted basis as their effect was
anti-dilutive.
|
Quarter Ended
|
||||||||
April 3,
2010
|
April 4,
2009
|
|||||||
Consolidated
net income
|
$ | 87,041 | $ | 26,736 | ||||
Foreign
currency translation adjustments (a)
|
(64,314 | ) | (40,142 | ) | ||||
Other
(b)
|
(428 | ) | 1,456 | |||||
Comprehensive
income (loss)
|
22,299 | (11,950 | ) | |||||
Comprehensive
income (loss) attributable to noncontrolling interests
|
- | (3 | ) | |||||
Comprehensive
income (loss) attributable to shareholders
|
$ | 22,299 | $ | (11,947 | ) |
(a)
|
Except
for unrealized gains or losses resulting from the company's cross-currency
swaps, foreign currency translation adjustments were not tax effected as
investments in international affiliates are deemed to be
permanent.
|
(b)
|
Other
includes unrealized gains or losses on securities, unrealized gains or
losses on interest rate swaps designated as cash flow hedges, and other
employee benefit plan items. Each of these items is net of
related taxes.
|
Quarter Ended
|
||||||||
April 3,
2010
|
April 4,
2009
|
|||||||
Components
of net periodic benefit costs:
|
||||||||
Service
cost
|
$ | 411 | $ | 442 | ||||
Interest
cost
|
2,248 | 2,244 | ||||||
Expected
return on plan assets
|
(1,498 | ) | (1,266 | ) | ||||
Amortization
of unrecognized net loss
|
967 | 876 | ||||||
Amortization
of prior service cost
|
20 | 137 | ||||||
Amortization
of transition obligation
|
7 | 103 | ||||||
Net
periodic benefit costs
|
$ | 2,155 | $ | 2,536 |
Quarter
Ended
|
||||||||
April
3,
2010
|
April
4,
2009
|
|||||||
Sales:
|
||||||||
Global
components
|
$ | 3,128,022 | $ | 2,345,012 | ||||
Global
ECS
|
1,107,344 | 1,072,416 | ||||||
Consolidated
|
$ | 4,235,366 | $ | 3,417,428 | ||||
Operating
income (loss):
|
||||||||
Global
components
|
$ | 154,108 | $ | 76,098 | ||||
Global
ECS
|
23,913 | 32,026 | ||||||
Corporate
(a)
|
(32,751 | ) | (46,887 | ) | ||||
Consolidated
|
$ | 145,270 | $ | 61,237 |
(a)
|
Includes
restructuring, integration, and other charges of $7,437 and $24,018 for
the first quarters of 2010 and 2009,
respectively.
|
April
3,
|
December
31,
|
|||||||
2010
|
2009
|
|||||||
Global
components
|
$ | 4,840,555 | $ | 4,512,141 | ||||
Global
ECS
|
1,765,831 | 2,258,803 | ||||||
Corporate
|
848,146 | 991,422 | ||||||
Consolidated
|
$ | 7,454,532 | $ | 7,762,366 |
Quarter
Ended
|
||||||||
April
3,
2010
|
April
4,
2009
|
|||||||
Americas
(b)
|
$ | 1,891,756 | $ | 1,582,173 | ||||
EMEA
|
1,317,354 | 1,094,603 | ||||||
Asia/Pacific
|
1,026,256 | 740,652 | ||||||
Consolidated
|
$ | 4,235,366 | $ | 3,417,428 |
(b)
|
Includes
sales related to the United States of $1,681,573 and $1,423,665 for the
first quarters of 2010 and 2009,
respectively.
|
April
3,
2010
|
December
31,
2009
|
|||||||
Americas
(c)
|
$ | 392,819 | $ | 381,827 | ||||
EMEA
|
56,815 | 61,960 | ||||||
Asia/Pacific
|
16,832 | 16,919 | ||||||
Consolidated
|
$ | 466,466 | $ | 460,706 |
(c)
|
Includes
net property, plant and equipment related to the United States of $391,553
and $380,576 at April 3, 2010 and December 31, 2009,
respectively.
|
|
·
|
restructuring,
integration, and other charges of $7.4 million ($5.5 million net of
related taxes) in 2010 and $24.0 million ($16.1 million net of related
taxes) in 2009.
|
Quarter
Ended
|
||||||||||||
April
3,
2010
|
April
4,
2009
|
%
Change
|
||||||||||
Global
components
|
$ | 3,128 | $ | 2,345 | 33.4 | % | ||||||
Global
ECS
|
1,107 | 1,072 | 3.3 | % | ||||||||
Consolidated
|
$ | 4,235 | $ | 3,417 | 23.9 | % |
Month
|
Total
Number
of
Shares
Purchased
|
Average
Price
Paid
per
Share
|
Total
Number
of Shares
Purchased
as
Part
of Publicly
Announced
Program
|
Approximate
Dollar
Value of
Shares
that
May Yet
be
Purchased
Under
the
Program
|
||||||||||||
January
1 through 31, 2010
|
338 | $ | 29.61 | - | - | |||||||||||
February
1 through 28, 2010
|
200,407 | 28.17 | - | - | ||||||||||||
March
1 through April 3, 2010
|
18,296 | 28.94 | - | 100,000,000 | ||||||||||||
Total
|
219,041 | - |
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.
|
ARROW ELECTRONICS, INC.
|
||
Date: May 3, 2010
|
By:
|
/s/
Paul J. Reilly
|
Paul J. Reilly
|