Debt

At March 31, 2012 and December 31, 2011, short-term borrowings of $30,554 and $33,843, respectively, were primarily utilized to support the working capital requirements of certain international operations. The weighted average interest rates on these borrowings at March 31, 2012 and December 31, 2011 were 3.8% and 3.6%, respectively.

Long-term debt consists of the following:



	March 31, 2012		December 31, 2011
Revolving credit facility	$	233,700	$	74,000
Asset securitization program	450,000		280,000
6.875% senior notes, due 2013	340,299		341,937
3.375% notes, due 2015	259,779		260,461
6.875% senior debentures, due 2018	198,712		198,660
6.00% notes, due 2020	299,929		299,927
5.125% notes, due 2021	249,297		249,278
7.5% senior debentures, due 2027	197,925		197,890
Other obligations with various interest rates and due dates	20,822		25,670
	$	2,250,463	$	1,927,823

The 7.5% senior debentures are not redeemable prior to their maturity. The 6.875% senior notes, 3.375% notes, 6.875% senior debentures, 6.00% notes, and 5.125% 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 31, 2012		December 31, 2011
6.875% senior notes, due 2013	$	352,000	$	352,000
3.375% notes, due 2015	257,500		250,000
6.875% senior debentures, due 2018	236,000		216,000
6.00% notes, due 2020	324,000		315,000
5.125% notes, due 2021	255,000		247,500
7.5% senior debentures, due 2027	220,000		244,000

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

The company has a $1,200,000 revolving credit facility, maturing in August 2016. 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 and 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 euro currency rate plus a spread based on the company's credit ratings (1.275% at March 31, 2012). The facility fee related to the revolving credit facility is .225%. The company had outstanding borrowings under the revolving credit facility of $233,700 and $74,000 at March 31, 2012 and December 31, 2011, respectively.

The company has a $775,000 asset securitization program collateralized by accounts receivable of certain of its United States subsidiaries, maturing in December 2014. 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 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 or a commercial paper rate plus a spread, which is based on the company's credit ratings (.40% at March 31, 2012). The facility fee is .40%.

At March 31, 2012 and December 31, 2011, the company had $450,000 and $280,000, respectively, in outstanding borrowings under the asset securitization program, which was included in "Long-term debt" in the company's consolidated balance sheets, and total collateralized accounts receivable of approximately $1,370,130 and $1,562,613, 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, limit the company's ability to pay cash dividends or repurchase stock, and require that certain financial ratios be maintained at designated levels. The company was in compliance with all covenants as of March 31, 2012 and is currently not aware of any events that would cause non-compliance with any covenants in the future.

Interest and other financing expense, net, includes interest income of $585 and $1,368 for the first quarters of 2012 and 2011, respectively.