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 28, 2015

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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post 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, or a smaller reporting company.  See the definitions of "large accelerated filer," "accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act:

Large accelerated filer x	Accelerated filer o
Non-accelerated filer o  (do not check if a smaller reporting company)	Smaller reporting company 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 95,683,444 shares of Common Stock outstanding as of April 27, 2015.

ARROW ELECTRONICS, INC.

INDEX

			Page
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
		Notes to Consolidated Financial Statements	7
	Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	24
	Item 3.	Quantitative and Qualitative Disclosures about Market Risk	32
	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 28, 2015		March 29, 2014
Sales	$	5,002,385	$	5,082,040
Costs and expenses:
Cost of sales	4,317,063		4,378,212
Selling, general, and administrative expenses	454,530		477,903
Depreciation and amortization	37,162		36,571
Restructuring, integration, and other charges	16,196		11,614
	4,824,951		4,904,300
Operating income	177,434		177,740
Equity in earnings of affiliated companies	1,313		1,417
Interest and other financing expense, net	30,854		29,637
Other	935		—
Income before income taxes	146,958		149,520
Provision for income taxes	40,867		42,328
Consolidated net income	106,091		107,192
Noncontrolling interests	33		72
Net income attributable to shareholders	$	106,058	$	107,120
Net income per share:
Basic	$	1.11	$	1.07
Diluted	$	1.09	$	1.06
Weighted-average shares outstanding:
Basic	95,920		99,948
Diluted	97,125		101,399

See accompanying notes.

3

ARROW ELECTRONICS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

(Unaudited)

	Quarter Ended
	March 28, 2015			March 29, 2014
Consolidated net income	$	106,091		$	107,192
Other comprehensive income:
Foreign currency translation adjustment	(198,387		)	(10,507		)
Unrealized gain on investment securities, net	124			596
Unrealized gain on interest rate swaps designated as cash flow hedges, net	923			99
Employee benefit plan items, net	842			553
Other comprehensive loss	(196,498		)	(9,259		)
Comprehensive income (loss)	(90,407		)	97,933
Less: Comprehensive income attributable to noncontrolling interests	33			73
Comprehensive income (loss) attributable to shareholders	$	(90,440	)	$	97,860

See accompanying notes.

4

ARROW ELECTRONICS, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands except par value)

	March 28, 2015			December 31, 2014
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	305,293		$	400,355
Accounts receivable, net	4,874,484			6,043,850
Inventories	2,255,167			2,335,257
Other current assets	266,362			253,145
Total current assets	7,701,306			9,032,607
Property, plant, and equipment, at cost:
Land	23,539			23,770
Buildings and improvements	148,144			144,530
Machinery and equipment	1,156,984			1,146,045
	1,328,667			1,314,345
Less: Accumulated depreciation and amortization	(686,035		)	(678,046		)
Property, plant, and equipment, net	642,632			636,299
Investments in affiliated companies	72,603			69,124
Intangible assets, net	341,587			335,711
Cost in excess of net assets of companies acquired	2,102,192			2,069,209
Other assets	284,168			292,351
Total assets	$	11,144,488		$	12,435,301
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	3,627,252		$	5,027,103
Accrued expenses	646,559			797,464
Short-term borrowings, including current portion of long-term debt	13,642			13,454
Total current liabilities	4,287,453			5,838,021
Long-term debt	2,456,575			2,067,898
Other liabilities	382,171			370,471
Equity:
Shareholders' equity:
Common stock, par value $1:
Authorized - 160,000 shares in both 2015 and 2014
Issued - 125,424 shares in both 2015 and 2014, respectively	125,424			125,424
Capital in excess of par value	1,071,893			1,086,082
Treasury stock (29,753 and 29,529 shares in 2015 and 2014, respectively), at cost	(1,205,699		)	(1,169,673		)
Retained earnings	4,282,812			4,176,754
Accumulated other comprehensive loss	(261,115		)	(64,617		)
Total shareholders' equity	4,013,315			4,153,970
Noncontrolling interests	4,974			4,941
Total equity	4,018,289			4,158,911
Total liabilities and equity	$	11,144,488		$	12,435,301

See accompanying notes.

5

ARROW ELECTRONICS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

	Quarter Ended
	March 28, 2015			March 29, 2014
Cash flows from operating activities:
Consolidated net income	$	106,091		$	107,192
Adjustments to reconcile consolidated net income to net cash provided by (used for)operations:
Depreciation and amortization	37,162			36,571
Amortization of stock-based compensation	9,920			9,796
Equity in earnings of affiliated companies	(1,313		)	(1,417		)
Deferred income taxes	12,391			10,641
Restructuring, integration, and other charges	12,569			8,020
Excess tax benefits from stock-based compensation arrangements	(5,657		)	(5,862		)
Other	1,730			1,492
Change in assets and liabilities, net of effects of acquired businesses:
Accounts receivable	935,271			904,719
Inventories	48,574			72,001
Accounts payable	(1,279,437		)	(859,288		)
Accrued expenses	(121,725		)	(127,226		)
Other assets and liabilities	2,828			(32,602		)
Net cash provided by (used for) operating activities	(241,596		)	124,037
Cash flows from investing activities:
Cash consideration paid for acquired businesses	(133,089		)	(60,224		)
Acquisition of property, plant, and equipment	(31,150		)	(32,843		)
Other	2,008			—
Net cash used for investing activities	(162,231		)	(93,067		)
Cash flows from financing activities:
Change in short-term and other borrowings	1,234			(7,338		)
Repayment of long-term bank borrowings, net	(48,400		)	(85,000		)
Net proceeds from note offering	688,162			—
Redemption of notes	(254,313		)	—
Proceeds from exercise of stock options	12,576			16,142
Excess tax benefits from stock-based compensation arrangements	5,657			5,862
Repurchases of common stock	(78,561		)	(88,501		)
Other	(3,000		)	—
Net cash provided by (used for) financing activities	323,355			(158,835		)
Effect of exchange rate changes on cash	(14,590		)	(4,454		)
Net decrease in cash and cash equivalents	(95,062		)	(132,319		)
Cash and cash equivalents at beginning of period	400,355			390,602
Cash and cash equivalents at end of period	$	305,293		$	258,283

See accompanying notes.

6

ARROW ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIALSTATEMENTS

(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, 2014, as filed in the company's Annual Report on Form 10-K.

Quarter End

The company operates on a quarterly reporting 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.

Note B – Impact of Recently Issued Accounting Standards

In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30) ("ASU No. 2015-03"). ASU No. 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the corresponding debt liability. ASU No. 2015-03 is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted, and is to be applied on a retrospective basis. Effective January 1, 2015, the company adopted the provisions of ASU No. 2015-03. The adoption of the provisions of ASU No. 2015-03 did not materially impact the company's consolidated financial position or results of operations.  Prior period amounts were reclassified to conform to the current period presentation.

In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU No. 2014-09"). ASU No. 2014-09 supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. Additionally, ASU No. 2014-09 supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition-Construction-Type and Production-Type Contracts. Under ASU No. 2014-09, an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU No. 2014-09 also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts. This includes significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU No. 2014-09 is effective for interim and annual periods beginning after December 15, 2016, with early application prohibited. ASU No. 2014-09 allows for either full retrospective or modified retrospective adoption. The company is evaluating the transition method that will be elected and the potential effects of adopting the provisions of ASU No. 2014-09.

Note C – Acquisitions

The company accounts for acquisitions using the acquisition method of accounting. The results of operations of acquisitions are included in the company's consolidated results from their respective dates of acquisition. The company allocates the purchase price of each acquisition to the tangible assets, liabilities, and identifiable intangible assets acquired based on their estimated fair values. In certain circumstances, a portion of purchase price may be contingent upon the achievement of certain operating results. The fair values assigned to identifiable intangible assets acquired and contingent consideration were determined primarily by using an income approach which was based on assumptions and estimates made by management. Significant assumptions utilized in the income approach were based on company specific information and projections, which are not observable in the market and are thus considered Level 3 measurements by authoritative guidance (see Note H). The excess of the purchase price over the fair value of the identified assets and liabilities has been recorded as goodwill. Any change in the estimated fair value of the net assets prior to the finalization of the allocation for acquisitions could change the amount of the purchase price allocable to goodwill. The

7

ARROW ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands except per share data)

(Unaudited)

company is not aware of any information that indicates the final purchase price allocations will differ materially from the preliminary estimates.

Recently Announced/Completed Acquisitions

During the first quarter of 2015, the company completed three acquisitions for $133,089, net of cash acquired. The impact of these acquisitions was not material, individually or in the aggregate, to the company's consolidated financial position or results of operations. The pro forma impact of the 2015 acquisitions on the consolidated results of operations of the company for the first quarters of 2015 and 2014 as though these acquisitions occurred on January 1, 2014 was also not material.

The company has, or expects to, close the following two acquisitions in the second quarter:

• immixGroup, Inc. -- A value-added provider supporting value-added resellers, solution providers, service providers, and other public sector channel partners with specialized resources to accelerate their government sales. immixGroup, Inc. has operations in North America.

• ATM Electronic Corp. -- A leading electronic component provider with operations in the Asia Pacific region.

Total consideration for the two acquisitions is expected to total approximately $409,000.

In addition to the two acquisitions above, on April 16, 2015, the company acquired 53.7% of the common shares of Data Modul AG for approximately €51,800 (approximately $55,000). Data Modul AG is a supplier of flat screens and value-added services for industrial, telecommunication, automotive and medical markets. Data Modul AG has operations in Europe, the Middle East, Asia, and North America.

2014 Acquisitions

During 2014, the company completed five acquisitions. The aggregate consideration paid for these acquisitions was $162,881, net of cash acquired, and included $5,853 of contingent consideration and $210 of other amounts withheld. The impact of these acquisitions was not material, individually or in the aggregate, to the company's consolidated financial position or results of operations. The pro forma impact of the 2014 acquisitions on the consolidated results of operations of the company for the first quarter of 2014 as though these acquisitions occurred on January 1, 2014 was also not material.

Note D – Cost in Excess of Net Assets of Companies Acquired and Intangible Assets, Net

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.

Cost in excess of net assets of companies acquired, allocated to the company's business segments, is as follows:

	Global Components			Global ECS			Total
Balance as of December 31, 2014 (a)	$	1,051,783		$	1,017,426		$	2,069,209
Acquisitions	90,864			14			90,878
Foreign currency translation adjustment	(4,556		)	(53,339		)	(57,895		)
Balance as of March 28, 2015 (a)	$	1,138,091		$	964,101		$	2,102,192

(a) The total carrying value of cost in excess of net assets of companies acquired for all periods 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 ECS business segment.

8

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 28, 2015:

	Weighted-Average Life	Gross Carrying Amount		Accumulated Amortization			Net
Trade names	indefinite	$	101,000	$	—		$	101,000
Customer relationships	10 years	411,160		(178,098		)	233,062
Developed technology	5 years	13,223		(5,970		)	7,253
Other intangible assets	(b)	1,143		(871		)	272
		$	526,526	$	(184,939	)	$	341,587

Intangible assets, net, are comprised of the following as of December 31, 2014:

	Weighted-Average Life	Gross Carrying Amount		Accumulated Amortization			Net
Trade names	indefinite	$	101,000	$	—		$	101,000
Customer relationships	10 years	402,036		(171,071		)	230,965
Developed technology	5 years	8,806		(5,444		)	3,362
Other intangible assets	(b)	1,719		(1,335		)	384
		$	513,561	$	(177,850	)	$	335,711

(b) Consists of non-competition agreements with useful lives ranging from two to three years.

During the first quarters of 2015 and 2014, the company recorded amortization expense related to identifiable intangible assets of $11,107 ($9,029 net of related taxes or $.09 per share on both a basic and diluted basis) and $10,947 ($8,907 net of related taxes or $.09 per share on both a basic and diluted basis), respectively.

Note E – Investments in Affiliated Companies

The company owns a 50% interest in several joint ventures with Marubun Corporation (collectively "Marubun/Arrow") and a 50% interest in Arrow Altech Holdings (Pty.) Ltd. ("Altech Industries"), a joint venture with Allied Technologies Limited. As a result of one of the company's 2015 acquisitions, the company acquired a 50% interest in two immaterial joint ventures which are included in "Other" in the tables below. These investments are accounted for using the equity method.

The following table presents the company's investment in the following joint ventures:

	March 28, 2015		December 31, 2014
Marubun/Arrow	$	59,796	$	58,617
Altech Industries	10,242		10,507
Other	2,565		—
	$	72,603	$	69,124

9

ARROW ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands except per share data)

(Unaudited)

The equity in earnings of affiliated companies consists of the following:

	Quarter Ended
	March 28, 2015		March 29, 2014
Marubun/Arrow	$	1,144	$	1,148
Altech Industries	131		269
Other	38		—
	$	1,313	$	1,417

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 28, 2015, the company's pro-rata share of this debt was approximately $400. The company believes that there is sufficient equity in each of the joint ventures to meet their obligations.

Note F – Accounts Receivable

Accounts receivable, net, consists of the following:

	March 28, 2015			December 31, 2014
Accounts receivable	$	4,926,471		$	6,103,038
Allowances for doubtful accounts	(51,987		)	(59,188		)
Accounts receivable, net	$	4,874,484		$	6,043,850

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.

10

ARROW ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands except per share data)

(Unaudited)

Note G – Debt

At March 28, 2015 and December 31, 2014, short-term borrowings of $13,642 and $13,454, respectively, were primarily utilized to support the working capital requirements of certain international operations. The weighted-average interest rates on these borrowings at March 28, 2015 and December 31, 2014 were 2.4% and 3.8%, respectively.

Long-term debt consists of the following:

	March 28, 2015		December 31, 2014
Revolving credit facility	$	151,600	$	—
Asset securitization program	75,000		275,000
3.375% notes, due 2015	—		251,955
6.875% senior debentures, due 2018	198,540		198,424
3.00% notes, due 2018	297,603		297,408
6.00% notes, due 2020	298,744		298,680
5.125% notes, due 2021	248,357		248,287
3.50% notes, due 2022	344,547		—
4.50% notes, due 2023	295,870		295,765
4.00% notes, due 2025	343,710		—
7.50% senior debentures, due 2027	198,256		198,219
Interest rate swaps designated as fair value hedges	1,353		378
Other obligations with various interest rates and due dates	2,995		3,782
	$	2,456,575	$	2,067,898

The 7.50% senior debentures are not redeemable prior to their maturity.  The 3.375% notes, 6.875% senior debentures, 3.00% notes, 6.00% notes, 5.125% notes, 3.50% notes, 4.50% notes, and 4.00% 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 28, 2015		December 31, 2014
3.375% notes, due 2015	$	—	$	255,000
6.875% senior debentures, due 2018	228,000		232,000
3.00% notes, due 2018	309,000		309,000
6.00% notes, due 2020	339,000		339,000
5.125% notes, due 2021	277,500		277,500
3.50% notes, due 2022	350,000		—
4.50% notes, due 2023	318,000		321,000
4.00% notes, due 2025	350,000		—
7.50% senior debentures, due 2027	246,000		254,000

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 $1,500,000 revolving credit facility, maturing in December 2018. 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 (1.30% at March 28, 2015), which is based on the company's credit ratings, or an effective interest rate of 1.47% at March 28,

11

ARROW ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands except per share data)

(Unaudited)

2015. The facility fee is .20%.  AtMarch 28, 2015, the company had$151,600in outstanding borrowings under the revolving credit facility. There were no outstanding borrowings under the revolving credit facility at December 31, 2014.

The company has an asset securitization program collateralized by accounts receivable of certain of its subsidiaries. The company may borrow up to $900,000 under the asset securitization program, which matures in March 2017. 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 (.40% at March 28, 2015), which is based on the company's credit ratings, or an effective interest rate of .57% at March 28, 2015.  The facility fee is .40%.

At March 28, 2015 and December 31, 2014, the company had $75,000 and $275,000, 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 $1,529,577 and $2,060,589, 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 28, 2015 and is currently not aware of any events that would cause non-compliance with any covenants in the future.  

During the first quarter of 2015, the company completed the sale of $350,000 principal amount of 3.50% notes due in 2022 and $350,000 principal amount of 4.00% notes due in 2025. The net proceeds of the offering of $688,162 were used to refinance the company's 3.375% notes due November 2015 and for general corporate purposes.

During the first quarter of 2015, the company redeemed $250,000 principal amount of its 3.375% notes due November 2015. The related loss on the redemption for the first quarter of 2015 aggregated $2,943 ($1,808 net of related taxes or $.02 per share on both a basic and diluted basis) and was recognized as a loss on prepayment of debt which was included in "Other" in the company's consolidated statements of operations.

During 2014, the company entered into an agreement for an uncommitted line of credit. Under this agreement, the company may borrow up to a total of $100,000. There were no outstanding borrowings under the uncommitted line of credit at March 28, 2015 and December 31, 2014.

Interest and other financing expense, net, includes interest and dividend income of $972 and $779 for the first quarters of 2015 and 2014, respectively.

Note H – 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.

12

ARROW ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands except per share data)

(Unaudited)

The following table presents assets (liabilities) measured at fair value on a recurring basis at March 28, 2015:

	Level 1		Level 2		Level 3			Total
Available-for-sale securities	$	38,946	$	—	$	—		$	38,946
Interest rate swaps	—		1,353		—			1,353
Foreign exchange contracts	—		588		—			588
Contingent consideration	—		—		(3,361		)	(3,361		)
	$	38,946	$	1,941	$	(3,361	)	$	37,526

The following table presents assets (liabilities) measured at fair value on a recurring basis at December 31, 2014:

	Level 1		Level 2		Level 3			Total
Cash equivalents	$	99,000	$	—	$	—		$	99,000
Available-for-sale securities	38,109		—		—			38,109
Interest rate swaps	—		378		—			378
Foreign exchange contracts	—		694		—			694
Contingent consideration	—		—		(6,202		)	(6,202		)
	$	137,109	$	1,072	$	(6,202	)	$	131,979

The following table summarizes the Level 3 activity for the first quarter of 2015:

Balance as of December 31, 2014	$	(6,202	)
Fair value of initial contingent consideration	—
Change in fair value of contingent consideration included in earnings	(325		)
Payment of contingent consideration (a)	3,000
Foreign currency translation adjustment	166
Balance as of March 28, 2015	$	(3,361	)

(a) Contingent consideration payment relates to an acquisition completed prior to 2015.

The change in the fair value of contingent consideration is included in "Restructuring, integration, and other charges," in the company's consolidated statements of operations.

During the first quarters of 2015 and 2014, there were no transfers of assets (liabilities) measured at fair value between the three levels of the fair value hierarchy.

Available-For-Sale Securities

The company has an 8.4% equity ownership interest in Marubun Corporation ("Marubun") and a portfolio of mutual funds with quoted market prices, all of which are accounted for as available-for-sale securities.

The fair value of the company's available-for-sale securities at March 28, 2015 is as follows:

	Marubun		Mutual Funds
Cost basis	$	10,016	$	16,868
Unrealized holding gain	5,544		6,518
Fair value	$	15,560	$	23,386

13

ARROW ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands except per share data)

(Unaudited)

The fair value of the company's available-for-sale securities at December 31, 2014 is as follows:

	Marubun		Mutual Funds
Cost basis	$	10,016	$	16,233
Unrealized holding gain	6,174		5,686
Fair value	$	16,190	$	21,919

The fair value of these investments are included in "Other assets" in the company's consolidated balance sheets, and the related unrealized holding gains or losses are included in "Accumulated other comprehensive income" in the shareholders' equity section in the company's consolidated balance sheets.

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 on a quarterly basis. The effective portion of 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 effective portion of 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."  The ineffective portion of the interest rate swap, if any, is recorded in "Interest and other financing expense, net" in the company's consolidated statements of operations.

In January 2015, the company entered into four seven-year forward-starting interest rate swaps (the "2015 swaps") which locked in an average treasury rate of 1.98% on a total aggregate notional amount of $200,000. These 2015 swaps were designated as cash flow hedges and managed the risk associated with changes in treasury rates and the impact of future interest payments on the anticipated debt issuances to replace the company's 3.375% notes due to mature in November 2015. In February 2015, the company received $896 in connection with the termination of the 2015 swaps upon issuance of the seven-year notes due in 2022. The fair value of the 2015 swaps is recorded in the shareholders' equity section in the company's consolidated balance sheets in "Accumulated other comprehensive income" and will be reclassified into income over the seven-year term of the notes due in 2022. For the 2015 swaps, the company reclassified into income $8 for the first quarter of 2015.

In April 2014, the company entered into an interest rate swap, with a notional amount of $50,000. The swap modifies the company's interest rate exposure by effectively converting a portion of the fixed 6.00% notes to a floating rate, based on the six-month U.S. dollar LIBOR plus a spread (an effective interest rate of 4.30% at March 28, 2015), through its maturity. The swap is classified as a fair value hedge and had a fair value of $984 at March 28, 2015.

In April 2014, the company entered into an interest rate swap, with a notional amount of $50,000. The swap modifies the company's interest rate exposure by effectively converting a portion of the fixed 6.875% senior debentures to a floating rate, based on the six-month U.S. dollar LIBOR plus a spread (an effective interest rate of 5.63% at March 28, 2015), through its maturity. The swap is classified as a fair value hedge and had a fair value of $369 at March 28, 2015.

Foreign Exchange Contracts

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.  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

14

ARROW ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands except per share data)

(Unaudited)

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 28, 2015 and December 31, 2014 was $325,464 and $401,048, respectively.

The fair values of derivative instruments in the company's consolidated balance sheets are as follows:

	Asset (Liability) Derivatives
		Fair Value
	Balance Sheet Location	March 28, 2015			December 31, 2014
Derivative instruments designated as hedges:
Interest rate swaps designated as fair value hedges	Other liabilities	$	—		$	(3	)
Interest rate swaps designated as fair value hedges	Other assets	1,353			381
Foreign exchange contracts designated as cash flow hedges	Other current assets	4,009			960
Foreign exchange contracts designated as cash flow hedges	Accrued expenses	(769		)	(376		)
Total derivative instruments designated as hedging instruments		4,593			962
Derivative instruments not designated as hedges:
Foreign exchange contracts	Other current assets	877			2,404
Foreign exchange contracts	Accrued expenses	(3,529		)	(2,294		)
Total derivative instruments not designated as hedging instruments		(2,652		)	110
Total		$	1,941		$	1,072

The effect of derivative instruments on the company's consolidated statements of operations is as follows:

	Gain (Loss) Recognized in Income
	Quarter Ended
	March 28, 2015		March 29, 2014
Fair value hedges:
Interest rate swaps (a)	$	—	$	—
Total	$	—	$	—
Derivative instruments not designated as hedges:
Foreign exchange contracts (b)	$	808	$	1,913
Total	$	808	$	1,913

15

ARROW ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands except per share data)

(Unaudited)

	Cash Flow Hedges
	Interest Rate Swaps (c)			Foreign Exchange Contracts (d)
Quarter Ended March 28, 2015
Effective portion:
Gain recognized in other comprehensive income	$	827		$	2,682
Loss reclassified into income	$	(161	)	$	(841	)
Ineffective portion:
Gain recognized in income	$	69		$	—
Quarter Ended March 29, 2014
Effective portion:
Loss recognized in other comprehensive income	$	—		$	(368	)
Gain (loss) reclassified into income	$	(161	)	$	136
Ineffective portion:
Gain (loss) recognized in income	$	—		$	—

(a) The amount of gain (loss) recognized in income on derivatives is recorded in "Interest and other financing expense, net" in the company's consolidated statements of operations.

(b) The amount of gain (loss) recognized in income on derivatives is recorded in "Cost of sales" in the company's consolidated statements of operations.

(c) Both the effective and ineffective portions of any gain (loss) reclassified or recognized in income are recorded in "Interest and other financing expense, net" in the company's consolidated statements of operations. The gain (loss) amounts reclassified into income relate to the termination of swaps.

(d) Both the effective and ineffective portions of any gain (loss) reclassified or recognized in income are recorded in "Cost of sales" in the company's consolidated statements of operations.

Contingent Consideration

The company estimates the fair value of contingent consideration as the present value of the expected contingent payments, determined using the weighted probability of the possible payments. The company reassesses the fair value of the contingent consideration on a quarterly basis. At March 28, 2015, contingent consideration of $3,361 was included in "Accrued Expenses" in the company's consolidated balance sheet in connection with three acquisitions prior to 2015. There was no contingent consideration recorded in connection with the 2015 acquisitions. For the acquisitions completed prior to 2015, payment of a portion of the respective purchase price is contingent upon the achievement of certain operating results, with a remaining maximum possible payout of $8,400 in 2016. A twenty percent increase or decrease in projected operating performance over the remaining performance period would not result in a material change in the fair value of the contingent consideration recorded as of March 28, 2015.

Other

Cash equivalents consist of overnight time deposits with quality financial institutions. These financial institutions are located in many different geographical regions, and the company's policy is designed to limit exposure with any one institution. As part of its cash and risk management processes, the company performs periodic evaluations of the relative credit standing of these financial institutions.

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.

16

ARROW ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands except per share data)

(Unaudited)

Note I – Restructuring, Integration, and Other Charges

During the first quarters of 2015 and 2014, the company recorded restructuring, integration, and other charges of $16,196 ($12,569 net of related taxes or $.13 per share on both a basic and diluted basis) and $11,614 ($8,020 net of related taxes or $.08 per share on both a basic and diluted basis), respectively.

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

	Quarter Ended
	March 28, 2015		March 29, 2014
Restructuring and integration charge - current period actions	$	9,310	$	10,169
Restructuring and integration charges - actions taken in prior periods	410		162
Acquisition-related expenses	6,476		1,283
	$	16,196	$	11,614

2015 Restructuring and Integration Charge

The following table presents the components of the 2015 restructuring and integration charge of $9,310 and activity in the related restructuring and integration accrual for the first quarter of 2015:

	Personnel Costs			Facilities Costs			Other			Total
Restructuring and integration charge	$	7,844		$	664		$	802		$	9,310
Payments	(2,034		)	(217		)	(29		)	(2,280		)
Non-cash usage	—			—			(607		)	(607		)
Foreign currency translation	(46		)	—			(26		)	(72		)
Balance as of March 28, 2015	$	5,764		$	447		$	140		$	6,351

The restructuring and integration charge of $9,310 for the first quarter of 2015 includes personnel costs of $7,844, facilities costs of $664, and other costs of $802. These 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.

2014 Restructuring and Integration Charge

The following table presents the activity in the restructuring and integration accrual for the first quarter of 2015 related to the 2014 restructuring and integration:

	Personnel  Costs			Facilities Costs			Other			Total
Balance as of December 31, 2014	$	8,622		$	2,479		$	1,247		$	12,348
Restructuring and integration charge	245			10			302			557
Payments	(3,460		)	(646		)	(327		)	(4,433		)
Non-cash usage	—			—			(409		)	(409		)
Foreign currency translation	(589		)	(97		)	—			(686		)
Balance as of March 28, 2015	$	4,818		$	1,746		$	813		$	7,377

17

ARROW ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands except per share data)

(Unaudited)

Restructuring and Integration Accruals Related to Actions Taken Prior to 2014

The following table presents the activity in the restructuring and integration accruals for the first quarter of 2015 related to restructuring and integration actions taken prior to 2014:

	Personnel Costs			Facilities Costs			Other			Total
Balance as of December 31, 2014	$	2,519		$	3,025		$	91		$	5,635
Restructuring and integration charges (credits)	(368		)	221			—			(147		)
Payments	(804		)	(955		)	(5		)	(1,764		)
Non-cash usage	—			(51		)	—			(51		)
Foreign currency translation	(163		)	13			(9		)	(159		)
Balance as of March 28, 2015	$	1,184		$	2,253		$	77		$	3,514

Restructuring and Integration Accrual Summary

In summary, the restructuring and integration accruals aggregate $17,242 at March 28, 2015, all of which are expected to be spent in cash, and are expected to be utilized as follows:

• The accruals for personnel costs totaling $11,766 relate to the termination of personnel and are primarily expected to be spent within one year.

• The accruals for facilities totaling $4,446 relate to vacated leased properties that have scheduled payments of $3,086 in 2015, $1,034 in 2016, $134 in 2017, and $192 in 2018.

• Other accruals of $1,030 are expected to be spent within one year.

Acquisition-Related Expenses

Included in restructuring, integration, and other charges for the first quarter of 2015 are acquisition-related expenses of $6,476 consisting of charges related to contingent consideration for acquisitions completed in prior years which were conditional upon the financial performance of the acquired companies and the continued employment of the selling shareholders, as well as professional fees directly related to recent acquisition activity.

Included in restructuring, integration, and other charges for the first quarter of 2014 are acquisition-related expenses of $1,283, primarily consisting of professional fees directly related to recent acquisition activity.

Note J – 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 28, 2015		March 29, 2014
Net income attributable to shareholders	$	106,058	$	107,120
Weighted-average shares outstanding - basic	95,920		99,948
Net effect of various dilutive stock-based compensation awards	1,205		1,451
Weighted-average shares outstanding - diluted	97,125		101,399
Net income per share:
Basic	$	1.11	$	1.07
Diluted (a)	$	1.09	$	1.06

18

ARROW ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands except per share data)

(Unaudited)

(a) Stock-based compensation awards for the issuance of 711 and 492 shares for the first quarters of 2015 and 2014, respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive.

Note K – Shareholders' Equity

Accumulated Other Comprehensive Income (Loss)

The following table presents the changes in accumulated other comprehensive income (loss):

	Quarter Ended
	March 28, 2015			March 29, 2014
Foreign Currency Translation Adjustment:
Other comprehensive loss before reclassifications (a)	$	(199,228	)	$	(10,371	)
Amounts reclassified into income	841			(136		)
Unrealized Gain on Investment Securities, Net:
Other comprehensive income before reclassifications	124			596
Amounts reclassified into income	—			—
Unrealized Gain on Interest Rate Swaps Designated as Cash Flow Hedges, Net:
Other comprehensive income before reclassifications	896			—
Amounts reclassified into income	27			99
Employee Benefit Plan Items, Net:
Other comprehensive income before reclassifications	34			36
Amounts reclassified into income	808			517
Net change in accumulated other comprehensive loss	$	(196,498	)	$	(9,259	)

(a) Includes intra-entity foreign currency transactions that are of a long-term investment nature of $45,263 and $6,397 for the first quarters of 2015 and 2014, respectively.

Share-Repurchase Programs

During 2014, the company's Board of Directors (the "Board") approved the repurchase of up to $400,000 ($200,000 in May and December, respectively) of the company's common stock through a share-repurchase program. As of March 28, 2015, the company repurchased 3,651,708 shares under these programs with a market value of $202,903 at the dates of repurchase, of which 1,064,019 shares with a market value of $64,147 were repurchased during the first quarter of 2015.

Note L – Contingencies

Environmental Matters

In connection with the purchase of Wyle Electronics ("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. During 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.

19

ARROW ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands except per share data)

(Unaudited)

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.

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.

The company believes the settlement amount together with potential recoveries from various insurance policies covering environmental remediation and related litigation will be sufficient to cover any potential future costs related to the Wyle acquisition; however, it is possible unexpected costs beyond those anticipated could occur.

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 continues at the site. Under the direction of the ADEM, approximately $4,000 was spent to date. The pace of the ongoing remedial investigations, project management, and regulatory oversight is likely to increase and though the complete scope of the activities is not yet known, the company currently estimates additional investigative and related expenditures at the site of approximately $500 to $750. The nature and scope of both feasibility studies and 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 $3,000 and $4,000.

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 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 approval of the RAP includes the potential for additional remediation action after the five year review of the hydraulic containment system if the review finds that contaminants have not been sufficiently reduced in the offsite area.

Approximately $47,000 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 $16,800 to $24,500.

20

ARROW ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands except per share data)

(Unaudited)

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.

Tekelec Matter

In 2000, the company purchased Tekelec Europe SA ("Tekelec") from Tekelec Airtronic SA and certain other selling shareholders. Subsequent to the closing of the acquisition, Tekelec received a product liability claim in the amount of €11,333. The product liability claim was the subject of a French legal proceeding started by the claimant in 2002, under which separate determinations were made as to whether the products that are subject to the claim were defective and the amount of damages sustained by the purchaser. The manufacturer of the products also participated in this proceeding. The claimant commenced legal proceedings against Tekelec and its insurers to recover damages in the amount of €3,742 and expenses of €312 plus interest. In May 2012, the French court ruled in favor of Tekelec and dismissed the plaintiff's claims. In January 2015, the Court of Appeals confirmed the French court's ruling; however, the ruling remains subject to a final appeal by the plaintiff. The company believes that any amount in addition to the amount accrued by the company would not materially adversely impact the company's consolidated financial position, liquidity, or results of operations.

Antitrust Investigation

On January 21, 2014, the company received a Civil Investigative Demand in connection with an investigation by the Federal Trade Commission ("FTC") relating generally to the use of a database program (the “database program”) that has operated for more than ten years under the auspices of the Global Technology Distribution Council ("GTDC"), a trade group of which the company is a member. Under the database program, certain members of the GTDC who participate in the program provide sales data to a third party independent contractor chosen by the GTDC. The data is aggregated by the third party and the aggregated data is made available to the program participants. The company understands that other members participating in the database program have received similar Civil Investigative Demands.

In April 2014, the company responded to the Civil Investigative Demand. The Civil Investigative Demand merely sought information, and no proceedings have been instituted against any person. The company continues to believe that there has not been any conduct by the company or its employees that would be actionable under the antitrust laws in connection with its participation in the database program. At this time, it is not possible to predict the potential impact, if any, of the Civil Investigative Demand or whether any actions may be instituted by the FTC against any person.

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.

21

ARROW ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands except per share data)

(Unaudited)

Note M – 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 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 and operating income (loss), by segment, are as follows:

	Quarter Ended
	March 28, 2015			March 29, 2014
Sales:
Global components	$	3,346,763		$	3,421,181
Global ECS	1,655,622			1,660,859
Consolidated	$	5,002,385		$	5,082,040
Operating income (loss):
Global components	$	164,895		$	161,146
Global ECS	67,517			64,158
Corporate (a)	(54,978		)	(47,564		)
Consolidated	$	177,434		$	177,740

(a) Includes restructuring, integration, and other charges of $16,196 and $11,614 for the first quarters of 2015 and 2014, respectively.

Total assets, by segment, are as follows:

	March 28, 2015		December 31, 2014
Global components	$	7,007,652	$	6,952,342
Global ECS	3,525,367		4,761,628
Corporate	611,469		721,331
Consolidated	$	11,144,488	$	12,435,301

Sales, by geographic area, are as follows:

	Quarter Ended
	March 28, 2015		March 29, 2014
Americas (b)	$	2,462,189	$	2,397,432
EMEA (c)	1,504,924		1,653,912
Asia/Pacific	1,035,272		1,030,696
Consolidated	$	5,002,385	$	5,082,040

(b) Includes sales related to the United States of $2,250,422 and $2,174,665 for the first quarters of 2015 and 2014, respectively.

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

22

ARROW ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands except per share data)

(Unaudited)

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

	March 28, 2015		December 31, 2014
Americas (d)	$	542,660	$	537,967
EMEA	78,296		76,487
Asia/Pacific	21,676		21,845
Consolidated	$	642,632	$	636,299

(d) Includes net property, plant, and equipment related to the United States of $540,789 and $535,397 at March 28, 2015 and December 31, 2014, respectively.

23

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 provides one of the broadest product offerings in the electronic components and enterprise computing solutions industries and a wide range of value-added services to help 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 provides electronic components to original equipment manufacturers and contract manufacturers through its global components business segment and provides enterprise computing solutions to value-added resellers through its global ECS business segment.  For the first quarter of 2015, approximately 67% of the company's sales were from the global components business segment, and approximately 33% 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/or expand its geographic reach.

The company has, or expects to, close the following two acquisitions in the second quarter:

• immixGroup, Inc. -- A value-added provider supporting value-added resellers, solution providers, service providers, and other public sector channel partners with specialized resources to accelerate their government sales. immixGroup, Inc. has operations in North America.

• ATM Electronic Corp. -- A leading electronic component provider with operations in the Asia Pacific region.

Total consideration for the two acquisitions is expected to total approximately $409.0 million.

In addition to the two acquisitions above, on April 16, 2015, the company acquired 53.7% of the common shares of Data Modul AG for approximately €51.8 million (approximately $55.0 million). Data Modul AG is a supplier of flat screens and value-added services for industrial, telecommunication, automotive and medical markets. Data Modul AG has operations in Europe, the Middle East, Asia, and North America.

During the first quarter of 2015, the company completed three acquisitions. During 2014, the company completed five acquisitions. Refer to Note C, "Acquisitions," of the Notes to the Consolidated Financial Statements for further discussion of the company's recent acquisition activity.

Executive Summary

Consolidated sales for the first quarter of 2015decreased by 1.6%, compared with the year-earlier period.Adjusted for changes in foreign currencies and acquisitions, consolidated sales increased3.4%for the first quarter of 2015, compared with the year-earlier period.

Net income attributable to shareholders decreased to $106.1 million in the first quarter of 2015, compared with net income attributable to shareholders of $107.1 million in the year-earlier period.  The following items impacted the comparability of the company's results for the first quarters of 2015 and 2014:

• restructuring, integration, and other charges of $16.2 million ($12.6 million net of related taxes) in 2015 and $11.6 million ($8.0 million net of related taxes) in 2014;

• a loss on prepayment of debt of $2.9 million ($1.8 million net of related taxes) in 2015; and

• a gain on sale of investment of $2.0 million ($1.7 million net of related taxes) in 2015.

Excluding the aforementioned items, net income attributable to shareholders for the first quarter of 2015increased compared to the year-earlier period.

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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") and the impact of acquisitions by adjusting the company's prior periods to include the operating results of businesses acquired, including the amortization expense related to acquired intangible assets, as if the acquisitions had occurred at the beginning of the earliest period presented (referred to as "impact of acquisitions");

• Operating income as adjusted to exclude identifiable intangible asset amortization and restructuring, integration, and other charges; and

• Net income attributable to shareholders as adjusted to exclude identifiable intangible asset amortization, restructuring, integration, and other charges, loss on prepayment of debt, and gain on sale of investment.

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.

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 28, 2015		March 29, 2014			%  Change
Consolidated sales, as reported	$	5,002	$	5,082		(1.6	)%
Impact of changes in foreign currencies	—		(322		)
Impact of acquisitions	10		86
Consolidated sales, as adjusted	$	5,012	$	4,846		3.4	%
Global components sales, as reported	$	3,346	$	3,421		(2.2	)%
Impact of changes in foreign currencies	—		(183		)
Impact of acquisitions	10		59
Global components sales, as adjusted	$	3,356	$	3,297		1.8	%
Global ECS sales, as reported	$	1,656	$	1,661		flat
Impact of changes in foreign currencies	—		(138		)
Impact of acquisitions	—		26
Global ECS sales, as adjusted	$	1,656	$	1,549		6.9	%

Consolidated sales for the first quarter of 2015decreased by $79.7 million, or 1.6%, compared with the year-earlier period. Adjusted for changes in foreign currencies and acquisitions, consolidated sales increased3.4%for the first quarter of 2015, compared with the year-earlier period, primarily due to increased sales in the global ECS business segment.

In the global components business segment, sales for the first quarter of 2015decreased2.2%, compared with the year-earlier period, primarily due to the impact of a stronger U.S. dollar on the translation of the company's international financial statements. Adjusted for the impact of changes in foreign currencies and acquisitions, the company's global components business segment sales increased by 1.8% for the first quarter of 2015, compared with the year-earlier period, primarily due to increased demand in the EMEA (Europe, Middle East, and Africa) region.

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In the global ECS business segment, sales for the first quarter of 2015 remained flat, compared with the year-earlier period. Adjusted for the impact of changes in foreign currencies and acquisitions, the company's global ECS business segment sales increased by 6.9% for the first quarter of 2015, compared with the year-earlier period, due to increased demand for products and services worldwide.

Gross Profit

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

	Quarter Ended
	March 28, 2015			March 29, 2014			% Change
Consolidated gross profit, as reported	$	685		$	704		(2.6	)%
Impact of changes in foreign currencies	—			(49		)
Impact of acquisitions	3			22
Consolidated gross profit, as adjusted	$	688		$	677		1.7	%
Consolidated gross profit as a percentage of sales, as reported	13.7		%	13.8		%	(10	)	bps
Consolidated gross profit as a percentage of sales, as adjusted	13.7		%	14.0		%	(30	)	bps

The company recorded gross profit of $685.3 million in the first quarter of 2015, compared with $703.8 million in the year-earlier period.  The decrease in gross profit was primarily due to the aforementioned 1.6%decrease in sales during the first quarter of 2015. Gross profit margins for the first quarter of 2015decreased approximately 10 basis points, compared with the year-earlier period. Adjusted for the impact of changes in foreign currencies and acquisitions, the company's consolidated gross profit margins decreased approximately 30 basis points in the first quarter of 2015, compared with the year-earlier period. This decrease is primarily due to increased competitive pricing pressure in the global ECS business segment as compared with the year-earlier period.

Selling, General, and Administrative Expenses and Depreciation and Amortization

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

	Quarter Ended
	March 28, 2015		March 29, 2014			%  Change
Selling, general, and administrative expenses, as reported	$	455	$	478		(4.9	)%
Depreciation and amortization, as reported	37		37			1.6	%
Operating expenses, as reported	492		515			(4.4	)%
Impact of changes in foreign currencies	—		(39		)
Impact of acquisitions	2		14
Operating expenses, as adjusted	$	494	$	490		flat

Selling, general, and administrative expenses decreased by $23.4 million, or 4.9%, in the first quarter of 2015 on a sales decrease of 1.6%, compared with the year-earlier period. Selling, general, and administrative expenses as a percentage of sales was 9.1% and 9.4% for the first quarters ended 2015 and 2014, respectively.

Adjusted for the impact of changes in foreign currencies and acquisitions, operating expenses remained flat for the first quarter of 2015 compared with the year-earlier period.

Restructuring, Integration, and Other Charges

2015 Charges

The company recorded restructuring, integration, and other charges of $16.2 million ($12.6 million net of related taxes or $.13 per share on both a basic and diluted basis) for the first quarter of 2015. Included in the restructuring, integration, and other charges for the first quarter of 2015 is a restructuring and integration charge of $9.3 million related to initiatives taken by the company to improve operating efficiencies. Also included in the restructuring, integration, and other charges for the first quarter of 2015 are charges of $.4 million related to restructuring and integration actions taken in prior periods and acquisition-related expenses of $6.5 million.

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The restructuring and integration charge of $9.3 million for the first quarter of 2015 includes personnel costs of $7.8 million, facilities costs of $.7 million, and other costs of $.8 million. These 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.

2014 Charges

The company recorded restructuring, integration, and other charges of $11.6 million ($8.0 million net of related taxes or $.08 per share on both a basic and diluted basis) for the first quarter of 2014. Included in the restructuring, integration, and other charges for the first quarter of 2014 is a restructuring and integration charge of $10.2 million related to initiatives taken by the company to improve operating efficiencies. Also included in the restructuring, integration, and other charges for the first quarter of 2014 are charges of $.2 million related to restructuring and integration actions taken in prior periods and acquisition-related expenses of $1.3 million.

The restructuring and integration charge of $10.2 million for the first quarter of 2014 includes personnel costs of $8.3 million, facilities costs of $1.5 million, and other costs of $.4 million. These 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.

As of March 28, 2015, the company does not anticipate there will be any material adjustments relating to the aforementioned restructuring and integration plans. Refer to Note I, "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 28, 2015			March 29, 2014
Consolidated operating income, as reported	$	177		$	178
Identifiable intangible asset amortization	11			11
Restructuring, integration, and other charges	16			12
Consolidated operating income, as adjusted*	$	205		$	200
Consolidated operating income, as reported as a percentage of sales, as reported	3.5		%	3.5		%
Consolidated operating income, as adjusted as a percentage of sales, as reported	4.1		%	3.9		%

* 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 $177.4 million, or 3.5% of sales, in the first quarter of 2015, compared with operating income of $177.7 million, or 3.5% of sales, in the year-earlier period. Excluding identifiable intangible asset amortization and restructuring, integration, and other charges, operating income, as adjusted was $204.7 million, or 4.1% of sales in the first quarter of 2015, compared with operating income, as adjusted of $200.3 million, or 3.9% of sales in the year-earlier period.

Interest and Other Financing Expense, Net

Net interest and other financing expense increased by 4.1%, to $30.9 million, for the first quarter of 2015 compared with $29.6 million in the year-earlier period primarily due to higher average debt outstanding. The company incurred $.4 million of additional interest during the first quarter of 2015 related to the 3.375% notes which were redeemed by the company subsequent to the completion of the new note offering.

Other

During the first quarter of 2015, the company recorded a loss on prepayment of debt of $2.9 million ($1.8 million net of related taxes or $.02 per share on both a basic and diluted basis), related to the redemption of $250.0 million principal amount of its 3.375% notes due November 2015.

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During the first quarter of 2015, the company recorded a gain on sale of investment of $2.0 million ($1.7 million net of related taxes or $.02 per share on both a basic and diluted basis).

Income Taxes

The company recorded a provision for income taxes of $40.9 million (an effective tax rate of 27.8%) for the first quarter of 2015. The company's provision for income taxes and effective tax rate for the first quarter of 2015 were impacted by the previously discussed restructuring, integration, and other charges, loss on prepayment of debt, and gain on sale of investment. Excluding the impact of the aforementioned items, the company's effective tax rate for the first quarter of 2015 was 27.6%.  

The company recorded a provision for income taxes of $42.3 million (an effective tax rate of 28.3%) for the first quarter of 2014.  The company's provision for income taxes and effective tax rate for the first quarter of 2014 were impacted by the previously discussed restructuring, integration, and other charges. Excluding the impact of the aforementioned items, the company's effective tax rate for the first quarter of 2014 was 28.5%.

The company's provision for income taxes and effective tax rate are impacted by, among other factors, the statutory tax rates in the countries in which it operates and the related level of income generated by these operations.

Net Income Attributable to Shareholders

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

	Quarter Ended
	March 28, 2015			March 29, 2014
Net income attributable to shareholders, as reported	$	106		$	107
Identifiable intangible asset amortization	9			9
Restructuring, integration, and other charges	13			8
Loss on prepayment of debt	2			—
Gain on sale of investment	(2		)	—
Net income attributable to shareholders, as adjusted*	$	128		$	124

* 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 $106.1 million in the first quarter of 2015, compared with net income attributable to shareholders of $107.1 million in the year-earlier period. Net income attributable to shareholders, as adjusted was $127.8 million for the first quarter of 2015, compared with $124.0 million in the year-earlier period.

Liquidity and Capital Resources

At March 28, 2015 and December 31, 2014, the company had cash and cash equivalents of $305.3 million and $400.4 million, respectively, of which $253.2 million and $300.9 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, it would be required to record and pay significant United States income taxes to repatriate 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 pay vendors and conduct operations throughout the global organization.

During the first quarter of 2015, the net amount of cash used for the company's operating activities was $241.6 million, the net amount of cash used for investing activities was $162.2 million, and the net amount of cash provided by financing activities was $323.4 million.  The effect of exchange rate changes on cash was a decrease of $14.6 million.

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During the first quarter of 2014, the net amount of cash provided by the company's operating activities was $124.0 million, the net amount of cash used for investing activities was $93.1 million, and the net amount of cash used for financing activities was $158.8 million.  The effect of exchange rate changes on cash was a decrease of $4.5 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 64.0% at March 28, 2015 and 67.4% at December 31, 2014.

The net amount of cash used for the company's operating activities during the first quarter of 2015 was $241.6 million and was primarily due to an increase in working capital, offset, in part, by earnings from operations, adjusted for non-cash items.

The net amount of cash provided by the company's operating activities during the first quarter of 2014 was $124.0 million and was primarily due to earnings from operations, adjusted for non-cash items.

Working capital as a percentage of sales was 17.5% in the first quarter of 2015 compared with 16.3% in the first quarter of 2014.

Cash Flows from Investing Activities

The net amount of cash used for investing activities during the first quarter of 2015 was $162.2 million, reflecting $133.1 million of cash consideration paid, net of cash acquired, for acquired businesses and $31.2 million for capital expenditures. The source of cash from investing activities during the first quarter of 2015 was $2.0 million related to the sale of investment. Included in capital expenditures for the first quarter of 2015 is $10.9 million related to the company's global enterprise resource planning ("ERP") initiative.

During the first quarter of 2015, the company completed three acquisitions. The aggregate consideration paid for these acquisitions was $133.1 million, net of cash acquired.

The net amount of cash used for investing activities during the first quarter of 2014 was $93.1 million, reflecting $60.2 million of cash consideration paid, net of cash acquired, for acquired businesses and $32.8 million for capital expenditures. Included in capital expenditures for the first quarter of 2014 is $15.7 million related to the company's global ERP initiative.

During the first quarter of 2014, the company completed one acquisition. The aggregate consideration paid for this acquisition was $60.2 million, net of cash acquired, contingent consideration, and other amounts withheld.

Cash Flows from Financing Activities

The net amount of cash provided by financing activities during the first quarter of 2015 was $323.4 million. The uses of cash from financing activities included $254.3 million of redemption of notes, $78.6 million of repurchases of common stock, $48.4 million of net repayments of long-term bank borrowings, and other contingent consideration payments of $3.0 million. The sources of cash from financing activities during the first quarter of 2015 were $688.2 million of net proceeds from a note offering, $18.2 million of proceeds from the exercise of stock options and other benefits related to stock-based compensation arrangements, and a $1.2 million increase in short-term and other borrowings.

The net amount of cash used for financing activities during the first quarter of 2014 was $158.8 million. The uses of cash from financing activities included $88.5 million of repurchases of common stock, $85.0 million of net repayments of long-term bank borrowings, and a $7.3 million decrease in short-term and other borrowings. The sources of cash from financing activities during the first quarter of 2014 were $22.0 million proceeds from the exercise of stock options and other benefits related to stock-based compensation arrangements.

During the first quarter of 2015, the company completed the sale of $350.0 million principal amount of 3.50% notes due in 2022 and $350.0 million principal amount of 4.00% notes due in 2025. The net proceeds of the offering of $688.2 million were used to refinance the company's 3.375% notes due November 2015 and for general corporate purposes.

During the first quarter of 2015, the company redeemed $250.0 million principal amount of its 3.375% notes due November 2015. The related loss on the redemption for the first quarter of 2015 aggregated $2.9 million ($1.8 million net of related taxes or $.02 per share on both a basic and diluted basis) and was recognized as a loss on prepayment of debt in the company's consolidated statements of operations.

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The company has a $1.50 billion revolving credit facility, maturing in December 2018. 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 (1.30% at March 28, 2015), which is based on the company's credit ratings, or an effective interest rate of 1.47% at March 28, 2015. The facility fee is .20%.  AtMarch 28, 2015, the company had$151.6 millionin outstanding borrowings under the revolving credit facility. There were no outstanding borrowings under the revolving credit facility at December 31, 2014. During the first quarters of 2015 and 2014, the average daily balance outstanding under the revolving credit facility was $340.4 million and $485.2 million, respectively.

The company has an asset securitization program collateralized by accounts receivable of certain of its subsidiaries. The company may borrow up to $900.0 million under the asset securitization program, which matures in March 2017. 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 (.40% at March 28, 2015), which is based on the company's credit ratings, or an effective interest rate of .57% at March 28, 2015.  The facility fee is .40%. The company had $75.0 million and $275.0 million in outstanding borrowings under the asset securitization program at March 28, 2015 and December 31, 2014, respectively.  During the first quarters of 2015 and 2014, the average daily balance outstanding under the asset securitization program was $410.6 million and $306.8 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 28, 2015 and is currently not aware of any events that would cause non-compliance with any covenants in the future.

During 2014, the company entered into an agreement for an uncommitted line of credit. Under this agreement, the company may borrow up to a total of $100.0 million. There were no outstanding borrowings under the uncommitted line of credit at March 28, 2015 and December 31, 2014.

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.

The company filed a shelf registration statement with the Securities and Exchange Commission in October 2012 registering debt securities, preferred stock, common stock, and warrants of Arrow Electronics, Inc. that may be issued by the company from time to time. As set forth in the shelf registration statement, the net proceeds from the sale of the offered securities may be used by the company for general corporate purposes, including repayment of borrowings, working capital, capital expenditures, acquisitions, and stock repurchases, or for such other purposes as may be specified in the applicable prospectus supplement.

Management believes that the company's current cash availability, its current borrowing capacity under its revolving credit facility, and asset securitization program, its expected ability to generate future operating cash flows, and the company's access to capital markets are sufficient to meet its projected cash flow needs for the foreseeable future. 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 Obligations in the company's Annual Report on Form 10-K for the year ended December 31, 2014.  Since December 31, 2014, there were no material changes to the contractual obligations of the company, outside the ordinary course of the company’s business, except as follows:

• During the first quarter of 2015, the company completed the sale of $350.0 million principal amount of 3.50% notes due in 2022 and $350.0 million principal amount of 4.00% notes due in 2025.

• During the first quarter of 2015, the company redeemed $250.0 million principal amount of its 3.375% notes due November 2015.

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Share-Repurchase Programs

During 2014, the company's Board of Directors (the "Board") approved the repurchase of up to $400 million ($200 million in May and December, respectively) of the company's common stock through a share-repurchase program. As of March 28, 2015, the company repurchased 3,651,708 shares under these programs with a market value of $202.9 million at the dates of repurchase, of which 1,064,019 shares with a market value of $64.1 million were repurchased during the first quarter of 2015.

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 2015 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, 2014.

Impact of Recently Issued Accounting Standards

See Note B 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, the company's implementation of its new enterprise resource planning system, 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, 2014, except as follows:

Foreign Currency Exchange Rate Risk

The notional amount of the foreign exchange contracts at March 28, 2015 and December 31, 2014 was $325.5 million and $401.0 million, respectively. The fair values of foreign exchange contracts, which are nominal, are estimated using market quotes.  The translation of the financial statements of the non-United States operations is impacted by fluctuations in foreign currency exchange rates. The change in consolidated sales and operating income was impacted by the translation of the company's international financial statements into U.S. dollars. For the first quarter of 2015, the translation of the company's international financial statements into U.S. dollars resulted in a decrease in sales and operating income of $322.1 million and $10.3 million, respectively, compared with the year-earlier period. Sales and operating income would decrease by approximately $149.2 million and $6.0 million, respectively, if average foreign exchange rates declined by 10% against the U.S. dollar in the first quarter of 2015.  These amounts were determined by considering the impact of a hypothetical foreign exchange rate on the sales and operating income of the company's international operations.

Interest Rate Risk

At March 28, 2015, approximately 86% of the company's debt was subject to fixed rates, and 14% of its debt was subject to floating rates.  A one percentage point change in average interest rates would not materially impact net interest and other financing expense for the first quarter of 2015. This was determined by considering the impact of a hypothetical interest rate on the company's average floating rate on investments and outstanding debt.  This analysis does not consider the effect of the level of overall economic activity that could exist.  In the event of a change in the level of economic activity, which may adversely impact interest rates, the company could likely take actions to further mitigate any potential negative exposure to the change.  However, due to the uncertainty of the specific actions that might be taken and their possible effects, the sensitivity analysis assumes no changes in the company's financial structure.

In January 2015, the company entered into four seven-year forward-starting interest rate swaps (the "2015 swaps") which locked in an average treasury rate of 1.98% on a total aggregate notional amount of $200.0 million. These 2015 swaps were designated as cash flow hedges and managed the risk associated with changes in treasury rates and the impact of future interest payments on the anticipated debt issuances to replace the company's 3.375% notes due to mature in November 2015. In February 2015, the company received $.9 million in connection with the termination of the 2015 swaps upon issuance of the seven-year notes due in 2022. The fair value of the 2015 swaps is recorded in the shareholders' equity section in the company's consolidated balance sheets in "Accumulated other comprehensive income" and will be reclassified into income over the seven-year term of the notes due in 2022. For the 2015 swaps, the company reclassified into income $.01 million for the first quarter of 2015.

In April 2014, the company entered into an interest rate swap, with a notional amount of $50.0 million. The swap modifies the company's interest rate exposure by effectively converting a portion of the fixed 6.00% notes to a floating rate, based on the six-month U.S. dollar LIBOR plus a spread (an effective interest rate of 4.3% at March 28, 2015), through its maturity. The swap is classified as a fair value hedge and had a fair value of $1.0 million at March 28, 2015.

In April 2014, the company entered into an interest rate swap, with a notional amount of $50.0 million. The swap modifies the company's interest rate exposure by effectively converting a portion of the fixed 6.875% senior debentures to a floating rate, based on the six-month U.S. dollar LIBOR plus a spread (an effective interest rate of 5.6% at March 28, 2015), through its maturity. The swap is classified as a fair value hedge and had a fair value of $.4 million at March 28, 2015.

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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 28, 2015 (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 was no change in the company's internal control over financial reporting that occurred during the company's most recent fiscal quarter that has materially affected, or is 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, 2014.

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

During 2014, the company's Board approved the repurchase of up to $400 million ($200 million in May and December, respectively) of the company's common stock through a share-repurchase program.

The following table shows the share-repurchase activity for the quarter ended March 28, 2015:

Month	Total Number of Shares Purchased (a)	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Programs (b)	Approximate Dollar Value of Shares that May Yet be Purchased Under the Programs
January 1 through January 31, 2015	257,914	$	54.85	257,914	$	247,096,356
February 1 through February 28, 2015	1,036,037	62.17		806,105	197,096,404
March 1 through March 28, 2015	—	—		—	197,096,404
Total	1,293,951			1,064,019

(a) Includes share repurchases under the Share-Repurchase Programs 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 programs" for the quarter ended March 28, 2015 is 229,932 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.

34

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)	Amendment No. 25, to the Transfer and Administration Agreement, dated as of March 9, 2015, to the Transfer and Administration Agreement dated as of March 21, 2001.
101.INS	XBRL Instance Document.
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.

35

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:	April 30, 2015	By:	/s/ Paul J. Reilly
			Paul J. Reilly
			Executive Vice President, Finance and Operations, and Chief Financial Officer

36

EX-10.A

Exhibit 10(a)

AMENDMENT NO. 25 TO TRANSFER AND ADMINISTRATION AGREEMENT

AMENDMENT NO. 25 TO TRANSFER AND ADMINISTRATION AGREEMENT, dated as of March 9, 2015 (this “Amendment”), to that certain Transfer and Administration Agreement dated as of March 21, 2001, as amended by Amendment No. 1 to Transfer and Administration Agreement dated as of November 30, 2001, Amendment No. 2 to Transfer and Administration Agreement dated as of December 14, 2001, Amendment No. 3 to Transfer and Administration Agreement dated as of March 20, 2002, Amendment No. 4 to Transfer and Administration Agreement dated as of March 29, 2002, Amendment No. 5 to Transfer and Administration Agreement dated as of May 22, 2002, Amendment No. 6 and Limited Waiver to Transfer and Administration Agreement dated as of September 27, 2002, Amendment No. 7 to Transfer and Administration Agreement dated as of February 19, 2003, Amendment No. 8 to Transfer and Administration Agreement dated as of April 14, 2003, Amendment No. 9 to Transfer and Administration Agreement dated as of August 13, 2003, Amendment No. 10 to Transfer and Administration Agreement dated as of February 18, 2004, Amendment No. 11 to Transfer and Administration Agreement dated as of August 13, 2004, Amendment No. 12 to Transfer and Administration Agreement dated as of February 14, 2005, Amendment No. 13 to Transfer and Administration Agreement dated as of February 13, 2006, Amendment No. 14 to Transfer and Administration Agreement dated as of October 31, 2006, Amendment No. 15 to Transfer and Administration Agreement dated as of February 12, 2007, Amendment No. 16 to Transfer and Administration Agreement dated as of March 27, 2007, Amendment No. 17 to Transfer and Administration Agreement dated as of March 26, 2010, Amendment No. 18 to Transfer and Administration Agreement dated as of December 15, 2010, Amendment No. 19 to Transfer and Administration Agreement dated as of February 14, 2011, Amendment No. 20 to Transfer and Administration Agreement dated as of December 7, 2011, Amendment No. 21 to Transfer and Administration Agreement dated as of March 30, 2012, Amendment No. 22 to Transfer and Administration Agreement dated as of August 29, 2012, Amendment No. 23 to Transfer and Administration Agreement dated as of July 29, 2013 and Amendment No. 24 to Transfer and Administration Agreement dated as of March 24, 2014 (as so amended and in effect, the “TAA”), by and among Arrow Electronics Funding Corporation, a Delaware corporation (the “SPV”), Arrow Electronics, Inc., a New York corporation, individually (“Arrow”) and as the initial Master Servicer, the several commercial paper conduits identified on Schedule A to the TAA and their respective permitted successors and assigns (the “Conduit Investors”; each individually, a “Conduit Investor”), the agent bank set forth opposite the name of each Conduit Investor on such Schedule A and its permitted successors and assigns (each a “Funding Agent”) with respect to such Conduit Investor, Bank of America, National Association, a national banking association, as the administrative agent for the Investors (the “Administrative Agent”), and the financial institutions from time to time parties thereto as Alternate Investors. Capitalized terms used and not otherwise defined herein have the meanings assigned to such terms in the TAA.

PRELIMINARY STATEMENTS:

WHEREAS, the SPV, Arrow, the Conduit Investors, the Funding Agents, the Alternate Investors and the Administrative Agent have entered into the TAA;

WHEREAS, the SPV and Arrow have requested that the Conduit Investors, the Funding Agents, the Alternate Investors and the Administrative Agent agree to make certain changes and amendments to the TAA;

WHEREAS, subject to the terms and conditions set forth herein, the Conduit Investors, the Alternate Investors, the Funding Agents and the Administrative Agent are willing to make such changes and amendments to the TAA.

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

SECTION 1.Amendments to the TAA. On and as of the Effective Date (as defined below):

Section 1.1.    The definition of “Receivable” appearing in Section 1.1 of the TAA is hereby amended and restated in its entirety to read as follows:

“Receivable” means any indebtedness and other obligations owed by any Obligor to an Originator (without giving effect to any transfer under the First Tier Agreement or any Originator Sale Agreement) under a Contract or any right of the SPV to payment from or on behalf of an Obligor, whether constituting an account, chattel paper, instrument or general intangible, (i) arising in connection with the sale or lease of goods or the rendering of services in the ordinary course of business by such Originator, and includes the obligation to pay any finance charges, fees and other charges with respect thereto, (ii) denominated in Dollars and payable only in the United States, and (iii) the Obligor of which is a U.S. Obligor or a Permitted Foreign Obligor, is not an Affiliate or employee of any Originator, and is not an Official Body. Notwithstanding the foregoing, the following indebtedness and obligations shall not constitute “Receivables” for purposes of this Agreement: (a) receivables identified on the systems of an Originator, comprising (1) “CDW Corporation,” account number 1160302; (2) “Agilysys, Inc.,” account number 1206231; (3) “Forsythe Solutions Group, Inc.,” account number 1206234; (4) “ABF Data Systems, Inc,” account number 1206237; (5) “Vicom Computer Services, Inc.,” account number 1206240 and account number 1210151-E; (6) “International Integrated Solutions, Ltd.,” account number 1206243 and account number 1210064-E; (7) “ONX USA LLC,” account number 1206245; (8) “Lighthouse Computer Services, Inc.,” account number 1206246; (9) “PERFICIENT, INC.,” account number 1208313; (10) “Cincinnati Bell Inc” account number 1231052; (11) “Daymark Solutions Inc” account number 1231053 and account number 1231054-E; (12) “Rosetta Marketing Group” account number 1231055 and account number

2

1231058-E; (13) “Prolifics Inc” account number 1231059 and account number 1231061-E; (14) “Continental Resources Inc.” account number 1231069 and account number 1231094-E; (15) “Teogas DBA Advanced Systems Group” account number 1231078 and account number 1231079-E; (16) “Mapsys Inc” account number 1231085 and account number 1231086-E; (17) “S1 IT Solutions Inc” account number 1231088; (18) “Pomeroy IT Solutions” account number 1231097 and account number 1231099-E; (19) “Data Blue LLC” account number 1231116 and account number 1231117-E; (20) “Huber & Associates Inc” account number 1231101; (21) “Sycomp A Technology Company” account number 1231125 and account number 1231126-E; (22) “Infosystems Inc” account number 1231120 and account number 1231122-E; (23) “TSG Server and Storage” account number 1231114 and account number 1231115-E; (24) “Corus Consulting LLC / DBA Corus360” account number 1231104; and (25) “Onx Enterprise Solutions Ltd” account number 1231980 and account number 1231982-E; and (b) receivables identified by Arrow in a written notice to the Administrative Agent as receivables which are to be subject to the Agreement for the Purchase and Sale of Accounts Receivable dated as of September 24, 2013 between Arrow ECS and IBM Credit LLC (or other similar agreement replacing or supplementing such agreement) and with respect to which the Administrative Agent (acting in its sole discretion), Arrow, the SPV and Arrow ECS have executed a partial release of such receivables as is customary amongst the parties.

Section 1.2.    Section 4.1(q) is hereby amended and restated in its entirety to read as follows:

(q)    Not an Investment Company. It is not, and is not controlled by, an “investment company” within the meaning of the Investment Company Act of 1940, or is exempt from all provisions of such act.  The SPV is excluded from the definition of “investment company” pursuant to Section 3(c)(5) of the Investment Company Act of 1940, among other possible exclusions or exemptions.

SECTION 2.Representations and Warranties of the SPV and Arrow. To induce the Conduit Investors, Alternate Investors, the Funding Agents and the Administrative Agent to enter into this Amendment, the SPV and Arrow each makes the following representations and warranties (which representations and warranties shall survive the execution and delivery of this Amendment) as of the date hereof and, after giving effect to the amendments set forth herein as of the Effective Date:

Section 2.1.Authority. The SPV and Arrow each has the requisite corporate power, authority and legal right to execute and deliver this Amendment and to perform its obligations hereunder and under the Transaction Documents, including the TAA (as modified hereby). The execution, delivery and performance by the SPV and Arrow of this Amendment and their performance of the Transaction Documents, including the TAA (as modified hereby), have been duly approved by all necessary corporate action and no other corporate proceedings are necessary to consummate such transactions.

3

Section 2.2.Enforceability. This Amendment has been duly executed and delivered by the SPV and Arrow. This Amendment is the legal, valid and binding obligation of the SPV and Arrow, enforceable against the SPV and Arrow in accordance with its terms, subject to applicable bankruptcy, insolvency, moratorium or other similar laws affecting the rights of creditors generally and the application of general principles of equity (regardless of whether considered in a proceeding at law or in equity). The making and delivery of this Amendment and the performance of the TAA, as amended by this Amendment, do not violate any provision of law or any regulation (except to the extent that the violation thereof could not, in the aggregate, be expected to have a Material Adverse Effect or a material adverse effect on the condition (financial or otherwise), business or properties of Arrow and the other Originators, taken as a whole), or its charter or by-laws, or result in the breach of or constitute a default under or require any consent under any indenture or other agreement or instrument to which it is a party or by which it or any of its properties may be bound or affected.

Section 2.3.Representations and Warranties. The representations and warranties contained in the Transaction Documents are true and correct on and as of the date hereof and the Effective Date, as applicable, as though made on and as of such date after giving effect to this Amendment, except for representations and warranties made by the SPV or Arrow expressly stated to relate to an earlier date, in which case such representations and warranties are true and correct as of such earlier date.

Section 2.4.No Termination Event. After giving effect to this Amendment, no event has occurred and is continuing that constitutes a Termination Event or a Potential Termination Event.

SECTION 3.Conditions Precedent: Amendment. This Amendment shall become effective, as of the date hereof, on the date (the “Effective Date”) on which the Administrative Agent shall have received counterparts of this Amendment, duly executed by each of the parties hereto.

SECTION 4.Fees and Expenses. Each Funding Agent upon giving affect to this Amendment shall have received for the benefit of itself and its Investors payment in full of such fees and reimbursement of such expenses as may be due and payable by the SPV to such Funding Agent and Investor in connection with this Amendment.

SECTION 5.Payment of Fees and Expenses. The SPV agrees to pay all fees and expenses (including attorney’s fees and expenses) as may be due and payable by the SPV to the Administrative Agent pursuant to Section 9.4 of the TAA in connection with this Amendment.    

SECTION 6.References to and Effect on the Transaction Documents.

Section 6.1.    Except as specifically amended and modified hereby, each Transaction Document is and shall continue to be in full force and effect and is hereby in all respects ratified and confirmed.

4

Section 6.2.    The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any Investor, Funding Agent or the Administrative Agent under any Transaction Document, nor constitute a waiver, amendment or modification of any provision of any Transaction Document, except as expressly provided in Section 1 hereof.

Section 6.3.    This Amendment contains the final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof superseding all prior oral or written understandings.

Section 6.4.    Each reference in the TAA to “this Agreement”, “hereunder”, “hereof” or words of like import, and each reference in any other Transaction Document to “the Transfer and Administration Agreement”, “thereunder”, “thereof” or words of like import, referring to the Agreement, shall mean and be a reference to the Agreement as amended hereby.

SECTION 7.Execution in Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment by telefacsimile, electronic mail, portable document format (PDF) or similar means shall be effective as delivery of a manually executed counterpart of this Amendment.

SECTION 8.GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

SECTION 9.WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AMONG ANY OF THEM ARISING OUT OF, CONNECTED WITH, RELATING TO OR INCIDENTAL TO THE RELATIONSHIP BETWEEN THEM IN CONNECTION WITH THIS AMENDMENT OR ANY OTHER TRANSACTION DOCUMENT.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

5

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first above written.

ARROW ELECTRONICS FUNDING CORPORATION,

as SPV

By: /s/ Jason Monaco    

Name: Jason Monaco    

Title: VP and Treasurer    

ARROW ELECTRONICS, INC.,

individually and as Master Servicer

By: /s/ Jason Monaco    

Name: Jason Monaco    

Title: VP and Treasurer    

Signature Page to

Amendment No. 25 to

Arrow Electronics

Transfer and Administration Agreement

BANK OF AMERICA, NATIONAL ASSOCIATION,

as a Funding Agent, as Administrative Agent, and as an

Alternate Investor

By: /s/ Brendan Liam Feeney    

Name: Brendan Liam Feeney    

Title: Director    

Signature Page to

Amendment No. 25 to

Arrow Electronics

Transfer and Administration Agreement

LIBERTY STREET FUNDING LLC,

as a Conduit Investor

By: /s/ Jill A. Russo    

Name: Jill A. Russo    

Title: Vice President    

THE BANK OF NOVA SCOTIA,

as a Funding Agent and as an Alternate Investor

By: /s/ Eugene Dempsey    

Name: Eugene Dempsey    

Title: Director    

Signature Page to

Amendment No. 25 to

Arrow Electronics

Transfer and Administration Agreement

GOTHAM FUNDING CORPORATION,

as a Conduit Investor

By: /s/ David V. DeAngelis    

Name: David V. DeAngelis    

Title: Vice President    

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW

YORK BRANCH,

as a Funding Agent

By: /s/ Christopher Pohl    

Name: Christopher Pohl    

Title: Managing Director    

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH,

as an Alternate Investor

By: /s/ Matthew Antioco    

Name: Matthew Antioco    

Title: Vice President    

Signature Page to

Amendment No. 25 to

Arrow Electronics

Transfer and Administration Agreement

WELLS FARGO BANK, N.A., as a Funding Agent and as an Alternate Investor

By: /s/ William P. Rutkowski    

Name: William P. Rutkowski    

Title: Vice President    

Signature Page to

Amendment No. 25 to

Arrow Electronics

Transfer and Administration Agreement

REGENCY ASSETS LIMITED, as Conduit Investor

By: /s/ Conor Blake    

Name: Conor Blake    

Title: Director    

HSBC SECURITIES (USA) INC., as Funding Agent

By: /s/ Thomas Carroll    

Name: Thomas Carroll    

Title: Director    

HSBC BANK USA N.A., as Alternate Investor

By: /s/ David Wagstaff    

Name: David Wagstaff    

Title: Managing Director    

Signature Page to

Amendment No. 25 to

Arrow Electronics

Transfer and Administration Agreement

WORKING CAPITAL MANAGEMENT CO., L.P., as Conduit Investor

By: /s/ Takashi Watanabe    

Name: Takashi Watanabe    

Title: Attorney-In-Fact    

MIZUHO CORPORATE BANK, LTD., as Funding Agent and Alternate Investor

By: /s/ Bertram H. Tang    

Name: Bertram H. Tang    

Title: Authorized Signatory    

MANHATTAN ASSET FUNDING COMPANY, LLC, as Conduit Investor

By: MAF Receivables Corp., as Sole Member

By: /s/ Lori Gebron    

Name: Lori Gebron    

Title: Vice President    

SUMITOMO MITSUI BANKING CORPORATION, as Alternate Investor

By: /s/ David W. Kee    

Name: David W. Kee    

Title: Managing Director    

SMBC NIKKO SECURITIES AMERICA, INC., as Funding Agent

By: /s/ Yukimi Konno    

Name: Yukimi Konno    

Title: Executive Director    

STARBIRD FUNDING CORPORATION, as Conduit Investor

By: /s/ David V. DeAngelis    

Name: David V. DeAngelis    

Title: Vice President    

Signature Page to

Amendment No. 25 to

Arrow Electronics

Transfer and Administration Agreement

BNP PARIBAS, acting through its New York branch, as Funding Agent and Alternate Investor

By: /s/ Mary Dierdorff    

Name: Mary Dierdorff    

Title: Managing Director    

BNP PARIBAS, acting through its New York branch, as Funding Agent and Alternate Investor

By: /s/ Khoi-Anh Berger-Luong    

Name: Khoi-Anh Berger-Luong    

Title: Managing Director    

Signature Page to

Amendment No. 25 to

Arrow Electronics

Transfer and Administration Agreement

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:	April 30, 2015	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, Paul J. Reilly, 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:	April 30, 2015	By:	/s/ Paul J. Reilly
			Paul J. Reilly
			Executive Vice President, Finance and Operations,
			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 28, 2015 (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:	April 30, 2015	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 28, 2015 (the "Report"), I, Paul J. Reilly, Executive Vice President, Finance and Operations, 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:	April 30, 2015	By:	/s/ Paul J. Reilly
			Paul J. Reilly
			Executive Vice President, Finance and
			Operations, 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

Financial Instruments Measured at Fair Value - AFS (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 28, 2015	Dec. 31, 2014
Marubun [Member]
Schedule of Available-for-sale Securities [Line Items]
Available For Sale Investment Ownership Percentage	8.40%
Cost basis	$ 10,016	$ 10,016
Unrealized holding gain	5,544	6,174
Fair value	15,560	16,190
Mutual Funds [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost basis	16,868	16,233
Unrealized holding gain	6,518	5,686
Fair value	$ 23,386	$ 21,919

XML

Segment and Geographic Information (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 28, 2015		Mar. 29, 2014		Dec. 31, 2014
Sales:
Sales	$ 5,002,385		$ 5,082,040
Operating income (loss):
Operating income (loss)	177,434		177,740
Restructuring, integration, and other charges	16,196		11,614
Assets	11,144,488				12,435,301
Global Components [Member]
Sales:
Sales	3,346,763		3,421,181
Operating income (loss):
Operating income (loss)	164,895		161,146
Assets	7,007,652				6,952,342
Global ECS [Member]
Sales:
Sales	1,655,622		1,660,859
Operating income (loss):
Operating income (loss)	67,517		64,158
Assets	3,525,367				4,761,628
Corporate Segment [Member]
Operating income (loss):
Operating income (loss)	(54,978)	[1]	(47,564)	[1]
Assets	$ 611,469				$ 721,331

[1] Includes restructuring, integration, and other charges of $16,196 and $11,614 for the first quarters of 2015 and 2014, respectively.

XML

Investments in Affiliated Companies (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 28, 2015	Mar. 29, 2014	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Investments in affiliated companies	$ 72,603		$ 69,124
Equity in earnings of affiliated companies	1,313	1,417
Equity Method Investment Pro Rata Share Of Debt Obligations Of Joint Venture	400
Marubun/Arrow [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50.00%
Investments in affiliated companies	59,796		58,617
Equity in earnings of affiliated companies	1,144	1,148
Altech Industries [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50.00%
Investments in affiliated companies	10,242		10,507
Equity in earnings of affiliated companies	131	269
Other joint ventures [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50.00%
Investments in affiliated companies	2,565		0
Equity in earnings of affiliated companies	$ 38	$ 0

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Financial Instruments Measured at Fair Value (Tables)

3 Months Ended

Mar. 28, 2015

Fair Value Disclosures [Abstract]

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 28, 2015:

	Level 1		Level 2		Level 3			Total
Available-for-sale securities	$	38,946	$	—	$	—		$	38,946
Interest rate swaps	—		1,353		—			1,353
Foreign exchange contracts	—		588		—			588
Contingent consideration	—		—		(3,361		)	(3,361		)
	$	38,946	$	1,941	$	(3,361	)	$	37,526

The following table presents assets (liabilities) measured at fair value on a recurring basis at December 31, 2014:

	Level 1		Level 2		Level 3			Total
Cash equivalents	$	99,000	$	—	$	—		$	99,000
Available-for-sale securities	38,109		—		—			38,109
Interest rate swaps	—		378		—			378
Foreign exchange contracts	—		694		—			694
Contingent consideration	—		—		(6,202		)	(6,202		)
	$	137,109	$	1,072	$	(6,202	)	$	131,979

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following table summarizes the Level 3 activity for the first quarter of 2015:

Balance as of December 31, 2014	$	(6,202	)
Fair value of initial contingent consideration	—
Change in fair value of contingent consideration included in earnings	(325		)
Payment of contingent consideration (a)	3,000
Foreign currency translation adjustment	166
Balance as of March 28, 2015	$	(3,361	)

(a) Contingent consideration payment relates to an acquisition completed prior to 2015.

Available-for-sale Securities [Text Block]

The fair value of the company's available-for-sale securities at March 28, 2015 is as follows:

	Marubun		Mutual Funds
Cost basis	$	10,016	$	16,868
Unrealized holding gain	5,544		6,518
Fair value	$	15,560	$	23,386

The fair value of the company's available-for-sale securities at December 31, 2014 is as follows:

	Marubun		Mutual Funds
Cost basis	$	10,016	$	16,233
Unrealized holding gain	6,174		5,686
Fair value	$	16,190	$	21,919

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Text Block]

The fair values of derivative instruments in the company's consolidated balance sheets are as follows:

	Asset (Liability) Derivatives
		Fair Value
	Balance Sheet Location	March 28, 2015			December 31, 2014
Derivative instruments designated as hedges:
Interest rate swaps designated as fair value hedges	Other liabilities	$	—		$	(3	)
Interest rate swaps designated as fair value hedges	Other assets	1,353			381
Foreign exchange contracts designated as cash flow hedges	Other current assets	4,009			960
Foreign exchange contracts designated as cash flow hedges	Accrued expenses	(769		)	(376		)
Total derivative instruments designated as hedging instruments		4,593			962
Derivative instruments not designated as hedges:
Foreign exchange contracts	Other current assets	877			2,404
Foreign exchange contracts	Accrued expenses	(3,529		)	(2,294		)
Total derivative instruments not designated as hedging instruments		(2,652		)	110
Total		$	1,941		$	1,072

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

The effect of derivative instruments on the company's consolidated statements of operations is as follows:

	Gain (Loss) Recognized in Income
	Quarter Ended
	March 28, 2015		March 29, 2014
Fair value hedges:
Interest rate swaps (a)	$	—	$	—
Total	$	—	$	—
Derivative instruments not designated as hedges:
Foreign exchange contracts (b)	$	808	$	1,913
Total	$	808	$	1,913

	Cash Flow Hedges
	Interest Rate Swaps (c)			Foreign Exchange Contracts (d)
Quarter Ended March 28, 2015
Effective portion:
Gain recognized in other comprehensive income	$	827		$	2,682
Loss reclassified into income	$	(161	)	$	(841	)
Ineffective portion:
Gain recognized in income	$	69		$	—
Quarter Ended March 29, 2014
Effective portion:
Loss recognized in other comprehensive income	$	—		$	(368	)
Gain (loss) reclassified into income	$	(161	)	$	136
Ineffective portion:
Gain (loss) recognized in income	$	—		$	—

(a) The amount of gain (loss) recognized in income on derivatives is recorded in "Interest and other financing expense, net" in the company's consolidated statements of operations.

(b) The amount of gain (loss) recognized in income on derivatives is recorded in "Cost of sales" in the company's consolidated statements of operations.

(c) Both the effective and ineffective portions of any gain (loss) reclassified or recognized in income are recorded in "Interest and other financing expense, net" in the company's consolidated statements of operations. The gain (loss) amounts reclassified into income relate to the termination of swaps.

(d) Both the effective and ineffective portions of any gain (loss) reclassified or recognized in income are recorded in "Cost of sales" in the company's consolidated statements of operations.

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Restructuring, Integration, and Other Charges - Accrual (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 28, 2015	Mar. 29, 2014
Restructuring Reserve [Roll Forward]
Restructuring, integration, and other charges	$ 16,196	$ 11,614
Restructuring Reserve	17,242
Employee Severance [Member]
Restructuring Reserve [Roll Forward]
Restructuring Reserve	11,766
Number of Years for the Personnel Accrual to Be Spent	1
Facility Closing [Member]
Restructuring Reserve [Roll Forward]
Restructuring Reserve	4,446
Restructuring Reserve Scheduled Lease Payments Current Year	3,086
Restructuring Reserve Scheduled Lease Payments Year One	1,034
Restructuring Reserve Scheduled Lease Payments Year Two	134
Restructuring Reserve Scheduled Lease Payments Year Three	192
Other Restructuring [Member]
Restructuring Reserve [Roll Forward]
Restructuring Reserve	1,030
Number of Years for the Other Accrual to Be Spent	1
Restructuring Charges 2015 Plan [Member]
Restructuring Reserve [Roll Forward]
Restructuring, integration, and other charges	9,310
Payments for Restructuring	(2,280)
Restructuring Reserve, Settled without Cash	(607)
Restructuring Reserve, Translation Adjustment	(72)
Restructuring Reserve	6,351
Restructuring Charges 2015 Plan [Member] | Employee Severance [Member]
Restructuring Reserve [Roll Forward]
Restructuring, integration, and other charges	7,844
Payments for Restructuring	(2,034)
Restructuring Reserve, Settled without Cash	0
Restructuring Reserve, Translation Adjustment	(46)
Restructuring Reserve	5,764
Restructuring Charges 2015 Plan [Member] | Facility Closing [Member]
Restructuring Reserve [Roll Forward]
Restructuring, integration, and other charges	664
Payments for Restructuring	(217)
Restructuring Reserve, Settled without Cash	0
Restructuring Reserve, Translation Adjustment	0
Restructuring Reserve	447
Restructuring Charges 2015 Plan [Member] | Other Restructuring [Member]
Restructuring Reserve [Roll Forward]
Restructuring, integration, and other charges	802
Payments for Restructuring	(29)
Restructuring Reserve, Settled without Cash	(607)
Restructuring Reserve, Translation Adjustment	(26)
Restructuring Reserve	140
Restructuring Charges 2014 Plan [Member]
Restructuring Reserve [Roll Forward]
Restructuring Reserve	12,348
Restructuring, integration, and other charges	557	10,169
Payments for Restructuring	(4,433)
Restructuring Reserve, Settled without Cash	(409)
Restructuring Reserve, Translation Adjustment	(686)
Restructuring Reserve	7,377
Restructuring Charges 2014 Plan [Member] | Employee Severance [Member]
Restructuring Reserve [Roll Forward]
Restructuring Reserve	8,622
Restructuring, integration, and other charges	245
Payments for Restructuring	(3,460)
Restructuring Reserve, Settled without Cash	0
Restructuring Reserve, Translation Adjustment	(589)
Restructuring Reserve	4,818
Restructuring Charges 2014 Plan [Member] | Facility Closing [Member]
Restructuring Reserve [Roll Forward]
Restructuring Reserve	2,479
Restructuring, integration, and other charges	10
Payments for Restructuring	(646)
Restructuring Reserve, Settled without Cash	0
Restructuring Reserve, Translation Adjustment	(97)
Restructuring Reserve	1,746
Restructuring Charges 2014 Plan [Member] | Other Restructuring [Member]
Restructuring Reserve [Roll Forward]
Restructuring Reserve	1,247
Restructuring, integration, and other charges	302
Payments for Restructuring	(327)
Restructuring Reserve, Settled without Cash	(409)
Restructuring Reserve, Translation Adjustment	0
Restructuring Reserve	813
Restructuring Charges From Prior to 2014 [Member]
Restructuring Reserve [Roll Forward]
Restructuring Reserve	5,635
Restructuring, integration, and other charges	(147)
Payments for Restructuring	(1,764)
Restructuring Reserve, Settled without Cash	(51)
Restructuring Reserve, Translation Adjustment	(159)
Restructuring Reserve	3,514
Restructuring Charges From Prior to 2014 [Member] | Employee Severance [Member]
Restructuring Reserve [Roll Forward]
Restructuring Reserve	2,519
Restructuring, integration, and other charges	(368)
Payments for Restructuring	(804)
Restructuring Reserve, Settled without Cash	0
Restructuring Reserve, Translation Adjustment	(163)
Restructuring Reserve	1,184
Restructuring Charges From Prior to 2014 [Member] | Facility Closing [Member]
Restructuring Reserve [Roll Forward]
Restructuring Reserve	3,025
Restructuring, integration, and other charges	221
Payments for Restructuring	(955)
Restructuring Reserve, Settled without Cash	(51)
Restructuring Reserve, Translation Adjustment	13
Restructuring Reserve	2,253
Restructuring Charges From Prior to 2014 [Member] | Other Restructuring [Member]
Restructuring Reserve [Roll Forward]
Restructuring Reserve	91
Restructuring, integration, and other charges	0
Payments for Restructuring	(5)
Restructuring Reserve, Settled without Cash	0
Restructuring Reserve, Translation Adjustment	(9)
Restructuring Reserve	$ 77

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Financial Instruments Measured at Fair Value - Fair Value Hierarchy (Details) (Fair Value, Measurements, Recurring [Member], USD $) In Thousands, unless otherwise specified	Mar. 28, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		$ 99,000
Available-for-sale securities	38,946	38,109
Interest rate swaps	1,353	378
Foreign exchange contracts	588	694
Contingent consideration	(3,361)	(6,202)
Total Fair Value Assets And Liabilities Measured On Recurring Basis	37,526	131,979
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		99,000
Available-for-sale securities	38,946	38,109
Interest rate swaps	0	0
Foreign exchange contracts	0	0
Contingent consideration	0	0
Total Fair Value Assets And Liabilities Measured On Recurring Basis	38,946	137,109
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		0
Available-for-sale securities	0	0
Interest rate swaps	1,353	378
Foreign exchange contracts	588	694
Contingent consideration	0	0
Total Fair Value Assets And Liabilities Measured On Recurring Basis	1,941	1,072
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		0
Available-for-sale securities	0	0
Interest rate swaps	0	0
Foreign exchange contracts	0	0
Contingent consideration	(3,361)	(6,202)
Total Fair Value Assets And Liabilities Measured On Recurring Basis	$ (3,361)	$ (6,202)

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Segment and Geographic Information - Geographic Sales & PP&E (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 28, 2015		Mar. 29, 2014		Dec. 31, 2014
Revenues From External Customers And Long Lived Assets [Line Items]
Sales	$ 5,002,385		$ 5,082,040
Property, plant, and equipment, net	642,632				636,299
Americas [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Sales	2,462,189	[1]	2,397,432	[1]
Property, plant, and equipment, net	542,660	[2]			537,967	[2]
EMEA [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Sales	1,504,924		1,653,912
Property, plant, and equipment, net	78,296				76,487
Asia Pacific [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Sales	1,035,272		1,030,696
Property, plant, and equipment, net	21,676				21,845
United States [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Sales	2,250,422		2,174,665
Property, plant, and equipment, net	$ 540,789				$ 535,397

[1] Includes sales related to the United States of $2,250,422 and $2,174,665 for the first quarters of 2015 and 2014, respectively.

[2] Includes net property, plant, and equipment related to the United States of $540,789 and $535,397 at March 28, 2015 and December 31, 2014, respectively.

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Acquisitions

3 Months Ended

Mar. 28, 2015

Business Combinations [Abstract]

Acquisitions [Text Block]

Acquisitions

The company accounts for acquisitions using the acquisition method of accounting. The results of operations of acquisitions are included in the company's consolidated results from their respective dates of acquisition. The company allocates the purchase price of each acquisition to the tangible assets, liabilities, and identifiable intangible assets acquired based on their estimated fair values. In certain circumstances, a portion of purchase price may be contingent upon the achievement of certain operating results. The fair values assigned to identifiable intangible assets acquired and contingent consideration were determined primarily by using an income approach which was based on assumptions and estimates made by management. Significant assumptions utilized in the income approach were based on company specific information and projections, which are not observable in the market and are thus considered Level 3 measurements by authoritative guidance (see Note H). The excess of the purchase price over the fair value of the identified assets and liabilities has been recorded as goodwill. Any change in the estimated fair value of the net assets prior to the finalization of the allocation for acquisitions could change the amount of the purchase price allocable to goodwill. The company is not aware of any information that indicates the final purchase price allocations will differ materially from the preliminary estimates.

Recently Announced/Completed Acquisitions

During the first quarter of 2015, the company completed three acquisitions for $133,089, net of cash acquired. The impact of these acquisitions was not material, individually or in the aggregate, to the company's consolidated financial position or results of operations. The pro forma impact of the 2015 acquisitions on the consolidated results of operations of the company for the first quarters of 2015 and 2014 as though these acquisitions occurred on January 1, 2014 was also not material.

The company has, or expects to, close the following two acquisitions in the second quarter:

• immixGroup, Inc. -- A value-added provider supporting value-added resellers, solution providers, service providers, and other public sector channel partners with specialized resources to accelerate their government sales. immixGroup, Inc. has operations in North America.

• ATM Electronic Corp. -- A leading electronic component provider with operations in the Asia Pacific region.

Total consideration for the two acquisitions is expected to total approximately $409,000.

In addition to the two acquisitions above, on April 16, 2015, the company acquired 53.7% of the common shares of Data Modul AG for approximately €51,800 (approximately $55,000). Data Modul AG is a supplier of flat screens and value-added services for industrial, telecommunication, automotive and medical markets. Data Modul AG has operations in Europe, the Middle East, Asia, and North America.

2014 Acquisitions

During 2014, the company completed five acquisitions. The aggregate consideration paid for these acquisitions was $162,881, net of cash acquired, and included $5,853 of contingent consideration and $210 of other amounts withheld. The impact of these acquisitions was not material, individually or in the aggregate, to the company's consolidated financial position or results of operations. The pro forma impact of the 2014 acquisitions on the consolidated results of operations of the company for the first quarter of 2014 as though these acquisitions occurred on January 1, 2014 was also not material.

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Net Income per Share (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 28, 2015		Mar. 29, 2014
Earnings Per Share, Diluted [Line Items]
Net income attributable to shareholders	$ 106,058		$ 107,120
Weighted average shares outstanding - basic	95,920		99,948
Net effect of various dilutive stock-based compensation awards	1,205		1,451
Weighted average shares outstanding - diluted	97,125		101,399
Net income per share:
Basic	$ 1.11		$ 1.07
Diluted	$ 1.09	[1]	$ 1.06	[1]
Stock Compensation Plan [Member]
Net income per share:
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	711		492

[1] Stock-based compensation awards for the issuance of 711 and 492 shares for the first quarters of 2015 and 2014, 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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Segment and Geographic Information (Tables)

3 Months Ended

Mar. 28, 2015

Segment Reporting [Abstract]

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

Sales and operating income (loss), by segment, are as follows:

	Quarter Ended
	March 28, 2015			March 29, 2014
Sales:
Global components	$	3,346,763		$	3,421,181
Global ECS	1,655,622			1,660,859
Consolidated	$	5,002,385		$	5,082,040
Operating income (loss):
Global components	$	164,895		$	161,146
Global ECS	67,517			64,158
Corporate (a)	(54,978		)	(47,564		)
Consolidated	$	177,434		$	177,740

(a) Includes restructuring, integration, and other charges of $16,196 and $11,614 for the first quarters of 2015 and 2014, respectively.

Reconciliation of Assets from Segment to Consolidated [Text Block]

Total assets, by segment, are as follows:

	March 28, 2015		December 31, 2014
Global components	$	7,007,652	$	6,952,342
Global ECS	3,525,367		4,761,628
Corporate	611,469		721,331
Consolidated	$	11,144,488	$	12,435,301

Schedule Of Revenues From External Customers And Long Lived Assets By Geographical Areas Table [Text Block]

Sales, by geographic area, are as follows:

	Quarter Ended
	March 28, 2015		March 29, 2014
Americas (b)	$	2,462,189	$	2,397,432
EMEA (c)	1,504,924		1,653,912
Asia/Pacific	1,035,272		1,030,696
Consolidated	$	5,002,385	$	5,082,040

(b) Includes sales related to the United States of $2,250,422 and $2,174,665 for the first quarters of 2015 and 2014, respectively.

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

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

	March 28, 2015		December 31, 2014
Americas (d)	$	542,660	$	537,967
EMEA	78,296		76,487
Asia/Pacific	21,676		21,845
Consolidated	$	642,632	$	636,299

(d) Includes net property, plant, and equipment related to the United States of $540,789 and $535,397 at March 28, 2015 and December 31, 2014, respectively.

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Shareholders' Equity Components of Other Comprehensive Income (Tables)

3 Months Ended

Mar. 28, 2015

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):

	Quarter Ended
	March 28, 2015			March 29, 2014
Foreign Currency Translation Adjustment:
Other comprehensive loss before reclassifications (a)	$	(199,228	)	$	(10,371	)
Amounts reclassified into income	841			(136		)
Unrealized Gain on Investment Securities, Net:
Other comprehensive income before reclassifications	124			596
Amounts reclassified into income	—			—
Unrealized Gain on Interest Rate Swaps Designated as Cash Flow Hedges, Net:
Other comprehensive income before reclassifications	896			—
Amounts reclassified into income	27			99
Employee Benefit Plan Items, Net:
Other comprehensive income before reclassifications	34			36
Amounts reclassified into income	808			517
Net change in accumulated other comprehensive loss	$	(196,498	)	$	(9,259	)

(a) Includes intra-entity foreign currency transactions that are of a long-term investment nature of $45,263 and $6,397 for the first quarters of 2015 and 2014, respectively.

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Shareholders' Equity (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended				11 Months Ended
	Mar. 28, 2015		Mar. 29, 2014		Mar. 28, 2015	Dec. 12, 2014	May 31, 2014	May 21, 2014
Changes In Components Of OCI [Line Items]
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment	$ (198,387)		$ (10,507)
Other Comprehensive Income (Loss) Unrealized gain (loss) on investment securities, net	124		596
Other Comprehensive Income (Loss), Unrealized Gain on Derivatives Arising During Period, Net	923		99
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax	(842)		(553)
Net change in accumulated other comprehensive income (loss)	(196,498)		(9,259)
Stock Repurchase Program, Authorized Amount						200,000	200,000	400,000
Treasury Stock, Shares, Acquired	1,064,019				3,651,708
Treasury Stock, Value, Acquired, Cost Method	64,147				202,903
Other comprehensive income before reclassifications [Member]
Changes In Components Of OCI [Line Items]
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment	(199,228)	[1]	(10,371)	[1]
Other Comprehensive Income (Loss) Unrealized gain (loss) on investment securities, net	124		596
Other Comprehensive Income (Loss), Unrealized Gain on Derivatives Arising During Period, Net	896		0
Other Comprehensive Income (loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (loss) Recognized in Net Periodic Benefit Cost, After Tax	34		36
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	45,263		6,397
Reclassification out of Accumulated Other Comprehensive Income [Member]
Changes In Components Of OCI [Line Items]
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment	841		(136)
Other Comprehensive Income (Loss) Unrealized gain (loss) on investment securities, net	0		0
Other Comprehensive Income (Loss), Unrealized Gain on Derivatives Arising During Period, Net	27		99
Other Comprehensive Income (loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (loss) Recognized in Net Periodic Benefit Cost, After Tax	$ 808		$ 517

[1] Includes intra-entity foreign currency transactions that are of a long-term investment nature of $45,263 and $6,397 for the first quarters of 2015 and 2014, respectively.

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Acquisitions (Details) In Thousands, unless otherwise specified	3 Months Ended			12 Months Ended	3 Months Ended
	Mar. 28, 2015 USD ($)	Mar. 29, 2014 USD ($)	Mar. 28, 2015 Series of Individually Immaterial Business Acquisitions [Member] USD ($) Acquisitions	Dec. 31, 2014 Series of Individually Immaterial Business Acquisitions [Member] USD ($) Acquisitions	Jun. 27, 2015 2015 Acquisitions [Member] USD ($) Acquisitions	Jun. 27, 2015 Data Modul AG [Member] USD ($)	Jun. 27, 2015 Data Modul AG [Member] EUR (€)
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross					$ 409,000	$ 55,000	€ 51,800
Business Combination, Contingent Consideration, Liability				5,853
Number of Businesses Acquired			3	5	2
Business Acquisition, Percentage of Voting Interests Acquired						53.70%	53.70%
Payments to Acquire Businesses, Net of Cash Acquired	133,089	60,224	133,089	162,881
Business Combination, Other Amounts Withheld				$ 210

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Cost in Excess of Net Assets of Companies Acquired - Goodwill (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 28, 2015
Goodwill [Roll Forward]
December 31, 2014	$ 2,069,209	[1]
Acquisitions	90,878
Foreign currency translation adjustment	(57,895)
March 28, 2015	2,102,192	[1]
Goodwill, Impaired, Accumulated Impairment Loss	1,018,780
Global Components [Member]
Goodwill [Roll Forward]
December 31, 2014	1,051,783	[1]
Acquisitions	90,864
Foreign currency translation adjustment	(4,556)
March 28, 2015	1,138,091	[1]
Goodwill, Impaired, Accumulated Impairment Loss	716,925
Global ECS [Member]
Goodwill [Roll Forward]
December 31, 2014	1,017,426	[1]
Acquisitions	14
Foreign currency translation adjustment	(53,339)
March 28, 2015	964,101	[1]
Goodwill, Impaired, Accumulated Impairment Loss	$ 301,855

[1] The total carrying value of cost in excess of net assets of companies acquired for all periods 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 ECS business segment.

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Impact of Recently Issued Accounting Standards

3 Months Ended

Mar. 28, 2015

Accounting Policies [Abstract]

Basis of Presentation and Significant Accounting Policies [Text Block]

Impact of Recently Issued Accounting Standards

In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30) ("ASU No. 2015-03"). ASU No. 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the corresponding debt liability. ASU No. 2015-03 is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted, and is to be applied on a retrospective basis. Effective January 1, 2015, the company adopted the provisions of ASU No. 2015-03. The adoption of the provisions of ASU No. 2015-03 did not materially impact the company's consolidated financial position or results of operations.  Prior period amounts were reclassified to conform to the current period presentation.

In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU No. 2014-09"). ASU No. 2014-09 supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. Additionally, ASU No. 2014-09 supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition-Construction-Type and Production-Type Contracts. Under ASU No. 2014-09, an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU No. 2014-09 also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts. This includes significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU No. 2014-09 is effective for interim and annual periods beginning after December 15, 2016, with early application prohibited. ASU No. 2014-09 allows for either full retrospective or modified retrospective adoption. The company is evaluating the transition method that will be elected and the potential effects of adopting the provisions of ASU No. 2014-09.

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Cost in Excess of Net Assets of Companies Acquired - Intangibles (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended			12 Months Ended
	Mar. 28, 2015		Mar. 29, 2014	Dec. 31, 2014
Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 526,526			$ 513,561
Accumulated Amortization	(184,939)			(177,850)
Net	341,587			335,711
Amortization of Intangible Assets	11,107		10,947
Amortization of intangible assets, net of tax	9,029		8,907
Amortization of intangible assets, per share basic	$ 0.09		$ 0.09
Amortization of intangible assets, per share diluted	$ 0.09		$ 0.09
Customer Relationships [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Weighted-Average Life	10 years			10 years
Gross Carrying Amount	411,160			402,036
Accumulated Amortization	(178,098)			(171,071)
Net	233,062			230,965
Developed Technology [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Weighted-Average Life	5 years			5 years
Gross Carrying Amount	13,223			8,806
Accumulated Amortization	(5,970)			(5,444)
Net	7,253			3,362
Other Intangible Assets [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,143	[1]		1,719	[1]
Accumulated Amortization	(871)	[1]		(1,335)	[1]
Net	272	[1]		384	[1]
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
Minimum [Member] | Other Intangible Assets [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Useful Life	2 years
Maximum [Member] | Other Intangible Assets [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Useful Life	3 years

[1] Consists of non-competition agreements with useful lives ranging from two to three years.

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Financial Instruments Measured at Fair Value - Derivatives (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 28, 2015		Mar. 29, 2014		Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Notional Amount	$ 325,464				$ 401,048
Derivative, Fair Value, Net	1,941				1,072
Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Net	4,593				962
Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Net	(2,652)				110
3.375% notes, due 2015 [Member]
Derivatives, Fair Value [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.375%
Notes Due in 2020 [Member]
Derivatives, Fair Value [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.00%
Senior Debentures Due in 2018 [Member]
Derivatives, Fair Value [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.875%
Interest Rate Swaps Converting Notes Due in 2015 [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	200,000
Debt Instrument, Interest Rate, Stated Percentage	1.98%
Cash received upon termination of 2015 swaps	896
Derivative Instrument Gain (Loss) Reclassified into Income, Net	8
Interest rate swaps designated as fair value hedges [Member] | Notes Due in 2020 [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	50,000
Derivative, Fair Value, Net	984
Debt Instrument, Interest Rate, Effective Percentage	4.30%
Interest rate swaps designated as fair value hedges [Member] | Senior Debentures Due in 2018 [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	50,000
Derivative, Fair Value, Net	369
Debt Instrument, Interest Rate, Effective Percentage	5.63%
Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Net	0	[1]	0	[1]
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Net	0	[1]	0	[1]
Foreign Exchange Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Net	808	[2]	1,913	[2]
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Net	808	[2]	1,913	[2]
Foreign Exchange Contract [Member] | Other Current Assets [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Net	877				2,404
Foreign Exchange Contract [Member] | Accrued Liabilities [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Net	(3,529)				(2,294)
Interest rate swaps designated as fair value hedges [Member] | Interest Rate Swap [Member] | Other Liabilities [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Net	0				(3)
Interest rate swaps designated as fair value hedges [Member] | Interest Rate Swap [Member] | Other Assets [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Net	1,353				381
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net	827	[3]	0	[3]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	(161)	[3]	(161)	[3]
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net	69	[3]	0	[3]
Cash Flow Hedging [Member] | 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	2,682	[4]	(368)	[4]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	(841)	[4]	136	[4]
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net	0	[4]	0	[4]
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | Other Current Assets [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Net	4,009				960
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | Accrued Liabilities [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Net	(769)				(376)
Contingent Consideration [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Derivatives, Fair Value [Line Items]
Fair Value Measurement Contingent Consideration-Current	3,361
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	$ 8,400

[1] The amount of gain (loss) recognized in income on derivatives is recorded in "Interest and other financing expense, net" in the company's consolidated statements of operations.

[2] The amount of gain (loss) recognized in income on derivatives is recorded in "Cost of sales" in the company's consolidated statements of operations.

[3] Both the effective and ineffective portions of any gain (loss) reclassified or recognized in income are recorded in "Interest and other financing expense, net" in the company's consolidated statements of operations.

[4] Both the effective and ineffective portions of any gain (loss) reclassified or recognized in income are recorded in "Cost of sales" in the company's consolidated statements of operations.

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 28, 2015		Mar. 29, 2014
Sales	$ 5,002,385		$ 5,082,040
Costs and expenses:
Cost of sales	4,317,063		4,378,212
Selling, general, and administrative expenses	454,530		477,903
Depreciation and amortization	37,162		36,571
Restructuring, integration, and other charges	16,196		11,614
Total Costs and Expenses	4,824,951		4,904,300
Operating income	177,434		177,740
Equity in earnings of affiliated companies	1,313		1,417
Interest and other financing expense, net	30,854		29,637
Other	935		0
Income before income taxes	146,958		149,520
Provision for income taxes	40,867		42,328
Consolidated net income	106,091		107,192
Noncontrolling interests	33		72
Net income attributable to shareholders	$ 106,058		$ 107,120
Net income per share:
Basic	$ 1.11		$ 1.07
Diluted	$ 1.09	[1]	$ 1.06	[1]
Weighted-average shares outstanding:
Basic	95,920		99,948
Diluted	97,125		101,399

[1] Stock-based compensation awards for the issuance of 711 and 492 shares for the first quarters of 2015 and 2014, 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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Contingencies (Details) In Thousands, unless otherwise specified	3 Months Ended	12 Months Ended	3 Months Ended
	Mar. 28, 2015 USD ($)	Dec. 31, 2012 USD ($)	Mar. 28, 2015 Huntsville Site [Member] USD ($)	Mar. 28, 2015 Huntsville Site [Member] Investigation Report [Member] USD ($)	Mar. 28, 2015 Norco Site [Member] Remediation, Project Management, Regulatory Oversight, and Investigative and Feasability Studies [Member] USD ($)	Mar. 28, 2015 Tekelec Matter [Member] EUR (€)
Site Contingency [Line Items]
Litigation Settlement, Gross		$ 110,000
Environmental Costs Recovered	37,000
Environmental Remediation Expense To Date			4,000		47,000
Additional Expected Project Expenditures Low Estimate			3,000	500	16,800
Additional Expected Project Expenditures High Estimate			4,000	750	24,500
Loss Contingency, Range of Possible Loss, Maximum						11,333
Loss Contingency Damages Sought Value						3,742
Loss Contingency, Expenses Sought, Value						€ 312

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 28, 2015	Mar. 29, 2014
Cash flows from operating activities:
Consolidated net income	$ 106,091	$ 107,192
Adjustments to reconcile consolidated net income to net cash provided by (used for) operations:
Depreciation and amortization	37,162	36,571
Amortization of stock-based compensation	9,920	9,796
Equity in earnings of affiliated companies	(1,313)	(1,417)
Deferred income taxes	12,391	10,641
Restructuring, integration, and other charges	12,569	8,020
Excess tax benefits from stock-based compensation arrangements	(5,657)	(5,862)
Other	1,730	1,492
Change in assets and liabilities, net of effects of acquired businesses:
Accounts receivable	935,271	904,719
Inventories	48,574	72,001
Accounts payable	(1,279,437)	(859,288)
Accrued expenses	(121,725)	(127,226)
Other assets and liabilities	2,828	(32,602)
Net cash provided by (used for) operating activities	(241,596)	124,037
Cash flows from investing activities:
Cash consideration paid for acquired businesses	(133,089)	(60,224)
Acquisition of property, plant, and equipment	(31,150)	(32,843)
Other	2,008	0
Net cash used for investing activities	(162,231)	(93,067)
Cash flows from financing activities:
Change in short-term and other borrowings	1,234	(7,338)
Repayment of long-term bank borrowings, net	(48,400)	(85,000)
Net proceeds from note offering	688,162	0
Redemption of notes	(254,313)	0
Proceeds from exercise of stock options	12,576	16,142
Excess tax benefits from stock-based compensation arrangements	5,657	5,862
Repurchases of common stock	(78,561)	(88,501)
Other	(3,000)	0
Net cash provided by (used for) financing activities	323,355	(158,835)
Effect of exchange rate changes on cash	(14,590)	(4,454)
Net decrease in cash and cash equivalents	(95,062)	(132,319)
Cash and cash equivalents at beginning of period	400,355	390,602
Cash and cash equivalents at end of period	$ 305,293	$ 258,283

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Debt - ST Debt (Details) (USD $) In Thousands, unless otherwise specified	Mar. 28, 2015	Dec. 31, 2014
Short-term Debt [Line Items]
Debt, Current	$ 13,642	$ 13,454
Short-term Debt, Weighted Average Interest Rate	2.40%	3.80%
Short-term borrowings in various countries [Member]
Short-term Debt [Line Items]
Debt, Current	$ 13,642	$ 13,454

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Investments in Affiliated Companies (Tables)

3 Months Ended

Mar. 28, 2015

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments [Text Block]

The following table presents the company's investment in the following joint ventures:

	March 28, 2015		December 31, 2014
Marubun/Arrow	$	59,796	$	58,617
Altech Industries	10,242		10,507
Other	2,565		—
	$	72,603	$	69,124

Equity in Earnings of Affiliated Companies [Text Block]

The equity in earnings of affiliated companies consists of the following:

	Quarter Ended
	March 28, 2015		March 29, 2014
Marubun/Arrow	$	1,144	$	1,148
Altech Industries	131		269
Other	38		—
	$	1,313	$	1,417

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Debt - LT Debt (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 28, 2015	Mar. 29, 2014	Dec. 31, 2014
Debt Instrument [Line Items]
Long-term debt	$ 2,456,575		$ 2,067,898
Redemption of Notes, Principal Amount	250,000
Net proceeds from note offering	688,162	0
Loss on prepayment of debt	2,943
Loss on prepayment of debt, net of tax	1,808
Loss on prepayment of debt, net of tax per share on a basic basis	$ 0.02
Loss on prepayment of debt, net of tax per share on a diluted basis	$ 0.02
Accounts receivable, net	4,874,484		6,043,850
Investment Income, Interest and Dividend	972	779
Revolving Credit Facility due in 2018 [Member]
Debt Instrument [Line Items]
Long-term debt	151,600		0
Debt Instrument, Basis Spread on Variable Rate	1.30%
Debt Instrument, Interest Rate, Effective Percentage	1.47%
Line of Credit Facility, Commitment Fee Percentage	0.20%
Line of Credit Facility, Maximum Borrowing Capacity	1,500,000
Asset securitization program [Member]
Debt Instrument [Line Items]
Long-term debt	75,000		275,000
Debt Instrument, Interest Rate, Effective Percentage	0.57%
Asset Securitization Program Maximum Capacity	900,000
Asset Securitization Program Interest Rate Spread At End of Period	0.40%
Asset Securitization Program Facility Fee	0.40%
Accounts receivable, net	1,529,577		2,060,589
3.375% notes, due 2015 [Member]
Debt Instrument [Line Items]
Long-term debt	0		251,955
Debt Instrument, Interest Rate, Stated Percentage	3.375%
Debt Instrument, Fair Value	0		255,000
Senior Debentures Due in 2018 [Member]
Debt Instrument [Line Items]
Long-term debt	198,540		198,424
Debt Instrument, Interest Rate, Stated Percentage	6.875%
Debt Instrument, Fair Value	228,000		232,000
3.00% notes, due 2018 [Member]
Debt Instrument [Line Items]
Long-term debt	297,603		297,408
Debt Instrument, Interest Rate, Stated Percentage	3.00%
Debt Instrument, Fair Value	309,000		309,000
6.00% notes, due 2020 [Member]
Debt Instrument [Line Items]
Long-term debt	298,744		298,680
Debt Instrument, Interest Rate, Stated Percentage	6.00%
Debt Instrument, Fair Value	339,000		339,000
5.125% notes, due 2021 [Member]
Debt Instrument [Line Items]
Long-term debt	248,357		248,287
Debt Instrument, Interest Rate, Stated Percentage	5.125%
Debt Instrument, Fair Value	277,500		277,500
3.50% notes, due in 2022 [Member]
Debt Instrument [Line Items]
Long-term debt	344,547		0
Debt Instrument, Interest Rate, Stated Percentage	3.50%
Debt Instrument, Fair Value	350,000		0
4.50% notes, due 2023 [Member]
Debt Instrument [Line Items]
Long-term debt	295,870		295,765
Debt Instrument, Interest Rate, Stated Percentage	4.50%
Debt Instrument, Fair Value	318,000		321,000
4.00% notes, due in 2025 [Member]
Debt Instrument [Line Items]
Long-term debt	343,710		0
Debt Instrument, Interest Rate, Stated Percentage	4.00%
Debt Instrument, Fair Value	350,000		0
7.5% senior debentures, due 2027 [Member]
Debt Instrument [Line Items]
Long-term debt	198,256		198,219
Debt Instrument, Interest Rate, Stated Percentage	7.50%
Debt Instrument, Fair Value	246,000		254,000
Interest rate swaps designated as fair value hedges [Member]
Debt Instrument [Line Items]
Long-term debt	1,353		378
Other obligations with various interest rates and due dates [Member]
Debt Instrument [Line Items]
Long-term debt	2,995		3,782
Line of Credit [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 100,000

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Debt (Tables)

3 Months Ended

Mar. 28, 2015

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments [Text Block]

Long-term debt consists of the following:

	March 28, 2015		December 31, 2014
Revolving credit facility	$	151,600	$	—
Asset securitization program	75,000		275,000
3.375% notes, due 2015	—		251,955
6.875% senior debentures, due 2018	198,540		198,424
3.00% notes, due 2018	297,603		297,408
6.00% notes, due 2020	298,744		298,680
5.125% notes, due 2021	248,357		248,287
3.50% notes, due 2022	344,547		—
4.50% notes, due 2023	295,870		295,765
4.00% notes, due 2025	343,710		—
7.50% senior debentures, due 2027	198,256		198,219
Interest rate swaps designated as fair value hedges	1,353		378
Other obligations with various interest rates and due dates	2,995		3,782
	$	2,456,575	$	2,067,898

Schedule of Fair Value of Debt [Text Block]

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

	March 28, 2015		December 31, 2014
3.375% notes, due 2015	$	—	$	255,000
6.875% senior debentures, due 2018	228,000		232,000
3.00% notes, due 2018	309,000		309,000
6.00% notes, due 2020	339,000		339,000
5.125% notes, due 2021	277,500		277,500
3.50% notes, due 2022	350,000		—
4.50% notes, due 2023	318,000		321,000
4.00% notes, due 2025	350,000		—
7.50% senior debentures, due 2027	246,000		254,000

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Basis of Presentation

3 Months Ended

Mar. 28, 2015

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, 2014, as filed in the company's Annual Report on Form 10-K.

Quarter End

The company operates on a quarterly reporting 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.

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 28, 2015	Mar. 29, 2014
Consolidated net income	$ 106,091	$ 107,192
Other comprehensive income:
Foreign currency translation adjustment	(198,387)	(10,507)
Unrealized gain on investment securities, net	124	596
Unrealized gain on interest rate swaps designated as cash flow hedges, net	923	99
Employee benefit plan items, net	842	553
Other comprehensive loss	(196,498)	(9,259)
Comprehensive income (loss)	(90,407)	97,933
Less: Comprehensive income attributable to noncontrolling interests	33	73
Comprehensive income (loss) attributable to shareholders	$ (90,440)	$ 97,860

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Shareholders' Equity

3 Months Ended

Mar. 28, 2015

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):

	Quarter Ended
	March 28, 2015			March 29, 2014
Foreign Currency Translation Adjustment:
Other comprehensive loss before reclassifications (a)	$	(199,228	)	$	(10,371	)
Amounts reclassified into income	841			(136		)
Unrealized Gain on Investment Securities, Net:
Other comprehensive income before reclassifications	124			596
Amounts reclassified into income	—			—
Unrealized Gain on Interest Rate Swaps Designated as Cash Flow Hedges, Net:
Other comprehensive income before reclassifications	896			—
Amounts reclassified into income	27			99
Employee Benefit Plan Items, Net:
Other comprehensive income before reclassifications	34			36
Amounts reclassified into income	808			517
Net change in accumulated other comprehensive loss	$	(196,498	)	$	(9,259	)

(a) Includes intra-entity foreign currency transactions that are of a long-term investment nature of $45,263 and $6,397 for the first quarters of 2015 and 2014, respectively.

Share-Repurchase Programs

During 2014, the company's Board of Directors (the "Board") approved the repurchase of up to $400,000 ($200,000 in May and December, respectively) of the company's common stock through a share-repurchase program. As of March 28, 2015, the company repurchased 3,651,708 shares under these programs with a market value of $202,903 at the dates of repurchase, of which 1,064,019 shares with a market value of $64,147 were repurchased during the first quarter of 2015.

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Document and Entity Information Document	3 Months Ended
	Mar. 28, 2015	Apr. 27, 2015
Document Information [Line Items]
Entity Registrant Name	Arrow Electronics Inc
Entity Central Index Key	0000007536
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 28, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		95,683,444
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

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Contingencies

3 Months Ended

Mar. 28, 2015

Commitments and Contingencies Disclosure [Abstract]

Contingencies [Text Block]

Contingencies

Environmental Matters

In connection with the purchase of Wyle Electronics ("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. During 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.

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.

The company believes the settlement amount together with potential recoveries from various insurance policies covering environmental remediation and related litigation will be sufficient to cover any potential future costs related to the Wyle acquisition; however, it is possible unexpected costs beyond those anticipated could occur.

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 continues at the site. Under the direction of the ADEM, approximately $4,000 was spent to date. The pace of the ongoing remedial investigations, project management, and regulatory oversight is likely to increase and though the complete scope of the activities is not yet known, the company currently estimates additional investigative and related expenditures at the site of approximately $500 to $750. The nature and scope of both feasibility studies and 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 $3,000 and $4,000.

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 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 approval of the RAP includes the potential for additional remediation action after the five year review of the hydraulic containment system if the review finds that contaminants have not been sufficiently reduced in the offsite area.

Approximately $47,000 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 $16,800 to $24,500. 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.

Tekelec Matter

In 2000, the company purchased Tekelec Europe SA ("Tekelec") from Tekelec Airtronic SA and certain other selling shareholders. Subsequent to the closing of the acquisition, Tekelec received a product liability claim in the amount of €11,333. The product liability claim was the subject of a French legal proceeding started by the claimant in 2002, under which separate determinations were made as to whether the products that are subject to the claim were defective and the amount of damages sustained by the purchaser. The manufacturer of the products also participated in this proceeding. The claimant commenced legal proceedings against Tekelec and its insurers to recover damages in the amount of €3,742 and expenses of €312 plus interest. In May 2012, the French court ruled in favor of Tekelec and dismissed the plaintiff's claims. In January 2015, the Court of Appeals confirmed the French court's ruling; however, the ruling remains subject to a final appeal by the plaintiff. The company believes that any amount in addition to the amount accrued by the company would not materially adversely impact the company's consolidated financial position, liquidity, or results of operations.

Antitrust Investigation

On January 21, 2014, the company received a Civil Investigative Demand in connection with an investigation by the Federal Trade Commission ("FTC") relating generally to the use of a database program (the “database program”) that has operated for more than ten years under the auspices of the Global Technology Distribution Council ("GTDC"), a trade group of which the company is a member. Under the database program, certain members of the GTDC who participate in the program provide sales data to a third party independent contractor chosen by the GTDC. The data is aggregated by the third party and the aggregated data is made available to the program participants. The company understands that other members participating in the database program have received similar Civil Investigative Demands.

In April 2014, the company responded to the Civil Investigative Demand. The Civil Investigative Demand merely sought information, and no proceedings have been instituted against any person. The company continues to believe that there has not been any conduct by the company or its employees that would be actionable under the antitrust laws in connection with its participation in the database program. At this time, it is not possible to predict the potential impact, if any, of the Civil Investigative Demand or whether any actions may be instituted by the FTC against any person.

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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CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Mar. 28, 2015		Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 305,293		$ 400,355
Accounts receivable, net	4,874,484		6,043,850
Inventories	2,255,167		2,335,257
Other current assets	266,362		253,145
Total current assets	7,701,306		9,032,607
Property, plant, and equipment, at cost:
Land	23,539		23,770
Buildings and improvements	148,144		144,530
Machinery and equipment	1,156,984		1,146,045
Property, plant, and equipment, gross	1,328,667		1,314,345
Less: Accumulated depreciation and amortization	(686,035)		(678,046)
Property, plant, and equipment, net	642,632		636,299
Investments in affiliated companies	72,603		69,124
Intangible assets, net	341,587		335,711
Cost in excess of net assets of companies acquired	2,102,192	[1]	2,069,209	[1]
Other assets	284,168		292,351
Total assets	11,144,488		12,435,301
LIABILITIES AND EQUITY
Accounts payable	3,627,252		5,027,103
Accrued expenses	646,559		797,464
Short-term borrowings, including current portion of long-term debt	13,642		13,454
Total current liabilities	4,287,453		5,838,021
Long-term debt	2,456,575		2,067,898
Other liabilities	382,171		370,471
Equity:
Issued - 125,424 shares in both 2015 and 2014	125,424		125,424
Capital in excess of par value	1,071,893		1,086,082
Treasury stock (29,753 and 29,529 shares in 2015 and 2014, respectively), at cost	(1,205,699)		(1,169,673)
Retained earnings	4,282,812		4,176,754
Accumulated other comprehensive loss	(261,115)		(64,617)
Total shareholders' equity	4,013,315		4,153,970
Noncontrolling interests	4,974		4,941
Total equity	4,018,289		4,158,911
Total liabilities and equity	$ 11,144,488		$ 12,435,301

[1] The total carrying value of cost in excess of net assets of companies acquired for all periods 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 ECS business segment.

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Accounts Receivable

3 Months Ended

Mar. 28, 2015

Receivables [Abstract]

Accounts Receivable [Text Block]

Accounts Receivable

Accounts receivable, net, consists of the following:

	March 28, 2015			December 31, 2014
Accounts receivable	$	4,926,471		$	6,103,038
Allowances for doubtful accounts	(51,987		)	(59,188		)
Accounts receivable, net	$	4,874,484		$	6,043,850

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.

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Investments in Affiliated Companies

3 Months Ended

Mar. 28, 2015

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 a 50% interest in Arrow Altech Holdings (Pty.) Ltd. ("Altech Industries"), a joint venture with Allied Technologies Limited. As a result of one of the company's 2015 acquisitions, the company acquired a 50% interest in two immaterial joint ventures which are included in "Other" in the tables below. These investments are accounted for using the equity method.

The following table presents the company's investment in the following joint ventures:

	March 28, 2015		December 31, 2014
Marubun/Arrow	$	59,796	$	58,617
Altech Industries	10,242		10,507
Other	2,565		—
	$	72,603	$	69,124

The equity in earnings of affiliated companies consists of the following:

	Quarter Ended
	March 28, 2015		March 29, 2014
Marubun/Arrow	$	1,144	$	1,148
Altech Industries	131		269
Other	38		—
	$	1,313	$	1,417

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 28, 2015, the company's pro-rata share of this debt was approximately $400. The company believes that there is sufficient equity in each of the joint ventures to meet their obligations.

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Accounts Receivable (Tables)

3 Months Ended

Mar. 28, 2015

Receivables [Abstract]

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

Accounts receivable, net, consists of the following:

	March 28, 2015			December 31, 2014
Accounts receivable	$	4,926,471		$	6,103,038
Allowances for doubtful accounts	(51,987		)	(59,188		)
Accounts receivable, net	$	4,874,484		$	6,043,850

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Segment and Geographic Information

3 Months Ended

Mar. 28, 2015

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 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 and operating income (loss), by segment, are as follows:

	Quarter Ended
	March 28, 2015			March 29, 2014
Sales:
Global components	$	3,346,763		$	3,421,181
Global ECS	1,655,622			1,660,859
Consolidated	$	5,002,385		$	5,082,040
Operating income (loss):
Global components	$	164,895		$	161,146
Global ECS	67,517			64,158
Corporate (a)	(54,978		)	(47,564		)
Consolidated	$	177,434		$	177,740

(a) Includes restructuring, integration, and other charges of $16,196 and $11,614 for the first quarters of 2015 and 2014, respectively.

Total assets, by segment, are as follows:

	March 28, 2015		December 31, 2014
Global components	$	7,007,652	$	6,952,342
Global ECS	3,525,367		4,761,628
Corporate	611,469		721,331
Consolidated	$	11,144,488	$	12,435,301

Sales, by geographic area, are as follows:

	Quarter Ended
	March 28, 2015		March 29, 2014
Americas (b)	$	2,462,189	$	2,397,432
EMEA (c)	1,504,924		1,653,912
Asia/Pacific	1,035,272		1,030,696
Consolidated	$	5,002,385	$	5,082,040

(b) Includes sales related to the United States of $2,250,422 and $2,174,665 for the first quarters of 2015 and 2014, respectively.

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

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

	March 28, 2015		December 31, 2014
Americas (d)	$	542,660	$	537,967
EMEA	78,296		76,487
Asia/Pacific	21,676		21,845
Consolidated	$	642,632	$	636,299

(d) Includes net property, plant, and equipment related to the United States of $540,789 and $535,397 at March 28, 2015 and December 31, 2014, respectively.

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Restructuring, Integration, and Other Charges

3 Months Ended

Mar. 28, 2015

Restructuring Charges [Abstract]

Restructuring, Integration and Other Charges [Text Block]

Restructuring, Integration, and Other Charges

During the first quarters of 2015 and 2014, the company recorded restructuring, integration, and other charges of $16,196 ($12,569 net of related taxes or $.13 per share on both a basic and diluted basis) and $11,614 ($8,020 net of related taxes or $.08 per share on both a basic and diluted basis), respectively.

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

	Quarter Ended
	March 28, 2015		March 29, 2014
Restructuring and integration charge - current period actions	$	9,310	$	10,169
Restructuring and integration charges - actions taken in prior periods	410		162
Acquisition-related expenses	6,476		1,283
	$	16,196	$	11,614

2015 Restructuring and Integration Charge

The following table presents the components of the 2015 restructuring and integration charge of $9,310 and activity in the related restructuring and integration accrual for the first quarter of 2015:

	Personnel Costs			Facilities Costs			Other			Total
Restructuring and integration charge	$	7,844		$	664		$	802		$	9,310
Payments	(2,034		)	(217		)	(29		)	(2,280		)
Non-cash usage	—			—			(607		)	(607		)
Foreign currency translation	(46		)	—			(26		)	(72		)
Balance as of March 28, 2015	$	5,764		$	447		$	140		$	6,351

The restructuring and integration charge of $9,310 for the first quarter of 2015 includes personnel costs of $7,844, facilities costs of $664, and other costs of $802. These 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.

2014 Restructuring and Integration Charge

The following table presents the activity in the restructuring and integration accrual for the first quarter of 2015 related to the 2014 restructuring and integration:

	Personnel  Costs			Facilities Costs			Other			Total
Balance as of December 31, 2014	$	8,622		$	2,479		$	1,247		$	12,348
Restructuring and integration charge	245			10			302			557
Payments	(3,460		)	(646		)	(327		)	(4,433		)
Non-cash usage	—			—			(409		)	(409		)
Foreign currency translation	(589		)	(97		)	—			(686		)
Balance as of March 28, 2015	$	4,818		$	1,746		$	813		$	7,377

Restructuring and Integration Accruals Related to Actions Taken Prior to 2014

The following table presents the activity in the restructuring and integration accruals for the first quarter of 2015 related to restructuring and integration actions taken prior to 2014:

	Personnel Costs			Facilities Costs			Other			Total
Balance as of December 31, 2014	$	2,519		$	3,025		$	91		$	5,635
Restructuring and integration charges (credits)	(368		)	221			—			(147		)
Payments	(804		)	(955		)	(5		)	(1,764		)
Non-cash usage	—			(51		)	—			(51		)
Foreign currency translation	(163		)	13			(9		)	(159		)
Balance as of March 28, 2015	$	1,184		$	2,253		$	77		$	3,514

Restructuring and Integration Accrual Summary

In summary, the restructuring and integration accruals aggregate $17,242 at March 28, 2015, all of which are expected to be spent in cash, and are expected to be utilized as follows:

• The accruals for personnel costs totaling $11,766 relate to the termination of personnel and are primarily expected to be spent within one year.

• The accruals for facilities totaling $4,446 relate to vacated leased properties that have scheduled payments of $3,086 in 2015, $1,034 in 2016, $134 in 2017, and $192 in 2018.

• Other accruals of $1,030 are expected to be spent within one year.

Acquisition-Related Expenses

Included in restructuring, integration, and other charges for the first quarter of 2015 are acquisition-related expenses of $6,476 consisting of charges related to contingent consideration for acquisitions completed in prior years which were conditional upon the financial performance of the acquired companies and the continued employment of the selling shareholders, as well as professional fees directly related to recent acquisition activity.

Included in restructuring, integration, and other charges for the first quarter of 2014 are acquisition-related expenses of $1,283, primarily consisting of professional fees directly related to recent acquisition activity.

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Debt

3 Months Ended

Mar. 28, 2015

Debt Disclosure [Abstract]

Debt [Text Block]

Debt

At March 28, 2015 and December 31, 2014, short-term borrowings of $13,642 and $13,454, respectively, were primarily utilized to support the working capital requirements of certain international operations. The weighted-average interest rates on these borrowings at March 28, 2015 and December 31, 2014 were 2.4% and 3.8%, respectively.

Long-term debt consists of the following:

	March 28, 2015		December 31, 2014
Revolving credit facility	$	151,600	$	—
Asset securitization program	75,000		275,000
3.375% notes, due 2015	—		251,955
6.875% senior debentures, due 2018	198,540		198,424
3.00% notes, due 2018	297,603		297,408
6.00% notes, due 2020	298,744		298,680
5.125% notes, due 2021	248,357		248,287
3.50% notes, due 2022	344,547		—
4.50% notes, due 2023	295,870		295,765
4.00% notes, due 2025	343,710		—
7.50% senior debentures, due 2027	198,256		198,219
Interest rate swaps designated as fair value hedges	1,353		378
Other obligations with various interest rates and due dates	2,995		3,782
	$	2,456,575	$	2,067,898

The 7.50% senior debentures are not redeemable prior to their maturity.  The 3.375% notes, 6.875% senior debentures, 3.00% notes, 6.00% notes, 5.125% notes, 3.50% notes, 4.50% notes, and 4.00% 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 28, 2015		December 31, 2014
3.375% notes, due 2015	$	—	$	255,000
6.875% senior debentures, due 2018	228,000		232,000
3.00% notes, due 2018	309,000		309,000
6.00% notes, due 2020	339,000		339,000
5.125% notes, due 2021	277,500		277,500
3.50% notes, due 2022	350,000		—
4.50% notes, due 2023	318,000		321,000
4.00% notes, due 2025	350,000		—
7.50% senior debentures, due 2027	246,000		254,000

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 $1,500,000 revolving credit facility, maturing in December 2018. 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 (1.30% at March 28, 2015), which is based on the company's credit ratings, or an effective interest rate of 1.47% at March 28, 2015. The facility fee is .20%.  AtMarch 28, 2015, the company had$151,600in outstanding borrowings under the revolving credit facility. There were no outstanding borrowings under the revolving credit facility at December 31, 2014.

The company has an asset securitization program collateralized by accounts receivable of certain of its subsidiaries. The company may borrow up to $900,000 under the asset securitization program, which matures in March 2017. 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 (.40% at March 28, 2015), which is based on the company's credit ratings, or an effective interest rate of .57% at March 28, 2015.  The facility fee is .40%.

At March 28, 2015 and December 31, 2014, the company had $75,000 and $275,000, 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 $1,529,577 and $2,060,589, 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 28, 2015 and is currently not aware of any events that would cause non-compliance with any covenants in the future.  

During the first quarter of 2015, the company completed the sale of $350,000 principal amount of 3.50% notes due in 2022 and $350,000 principal amount of 4.00% notes due in 2025. The net proceeds of the offering of $688,162 were used to refinance the company's 3.375% notes due November 2015 and for general corporate purposes.

During the first quarter of 2015, the company redeemed $250,000 principal amount of its 3.375% notes due November 2015. The related loss on the redemption for the first quarter of 2015 aggregated $2,943 ($1,808 net of related taxes or $.02 per share on both a basic and diluted basis) and was recognized as a loss on prepayment of debt which was included in "Other" in the company's consolidated statements of operations.

During 2014, the company entered into an agreement for an uncommitted line of credit. Under this agreement, the company may borrow up to a total of $100,000. There were no outstanding borrowings under the uncommitted line of credit at March 28, 2015 and December 31, 2014.

Interest and other financing expense, net, includes interest and dividend income of $972 and $779 for the first quarters of 2015 and 2014, respectively.

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Financial Instruments Measured at Fair Value

3 Months Ended

Mar. 28, 2015

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 28, 2015:

	Level 1		Level 2		Level 3			Total
Available-for-sale securities	$	38,946	$	—	$	—		$	38,946
Interest rate swaps	—		1,353		—			1,353
Foreign exchange contracts	—		588		—			588
Contingent consideration	—		—		(3,361		)	(3,361		)
	$	38,946	$	1,941	$	(3,361	)	$	37,526

The following table presents assets (liabilities) measured at fair value on a recurring basis at December 31, 2014:

	Level 1		Level 2		Level 3			Total
Cash equivalents	$	99,000	$	—	$	—		$	99,000
Available-for-sale securities	38,109		—		—			38,109
Interest rate swaps	—		378		—			378
Foreign exchange contracts	—		694		—			694
Contingent consideration	—		—		(6,202		)	(6,202		)
	$	137,109	$	1,072	$	(6,202	)	$	131,979

The following table summarizes the Level 3 activity for the first quarter of 2015:

Balance as of December 31, 2014	$	(6,202	)
Fair value of initial contingent consideration	—
Change in fair value of contingent consideration included in earnings	(325		)
Payment of contingent consideration (a)	3,000
Foreign currency translation adjustment	166
Balance as of March 28, 2015	$	(3,361	)

(a) Contingent consideration payment relates to an acquisition completed prior to 2015.

The change in the fair value of contingent consideration is included in "Restructuring, integration, and other charges," in the company's consolidated statements of operations.

During the first quarters of 2015 and 2014, there were no transfers of assets (liabilities) measured at fair value between the three levels of the fair value hierarchy.

Available-For-Sale Securities

The company has an 8.4% equity ownership interest in Marubun Corporation ("Marubun") and a portfolio of mutual funds with quoted market prices, all of which are accounted for as available-for-sale securities.

The fair value of the company's available-for-sale securities at March 28, 2015 is as follows:

	Marubun		Mutual Funds
Cost basis	$	10,016	$	16,868
Unrealized holding gain	5,544		6,518
Fair value	$	15,560	$	23,386

The fair value of the company's available-for-sale securities at December 31, 2014 is as follows:

	Marubun		Mutual Funds
Cost basis	$	10,016	$	16,233
Unrealized holding gain	6,174		5,686
Fair value	$	16,190	$	21,919

The fair value of these investments are included in "Other assets" in the company's consolidated balance sheets, and the related unrealized holding gains or losses are included in "Accumulated other comprehensive income" in the shareholders' equity section in the company's consolidated balance sheets.

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 on a quarterly basis. The effective portion of 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 effective portion of 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."  The ineffective portion of the interest rate swap, if any, is recorded in "Interest and other financing expense, net" in the company's consolidated statements of operations.

In January 2015, the company entered into four seven-year forward-starting interest rate swaps (the "2015 swaps") which locked in an average treasury rate of 1.98% on a total aggregate notional amount of $200,000. These 2015 swaps were designated as cash flow hedges and managed the risk associated with changes in treasury rates and the impact of future interest payments on the anticipated debt issuances to replace the company's 3.375% notes due to mature in November 2015. In February 2015, the company received $896 in connection with the termination of the 2015 swaps upon issuance of the seven-year notes due in 2022. The fair value of the 2015 swaps is recorded in the shareholders' equity section in the company's consolidated balance sheets in "Accumulated other comprehensive income" and will be reclassified into income over the seven-year term of the notes due in 2022. For the 2015 swaps, the company reclassified into income $8 for the first quarter of 2015.

In April 2014, the company entered into an interest rate swap, with a notional amount of $50,000. The swap modifies the company's interest rate exposure by effectively converting a portion of the fixed 6.00% notes to a floating rate, based on the six-month U.S. dollar LIBOR plus a spread (an effective interest rate of 4.30% at March 28, 2015), through its maturity. The swap is classified as a fair value hedge and had a fair value of $984 at March 28, 2015.

In April 2014, the company entered into an interest rate swap, with a notional amount of $50,000. The swap modifies the company's interest rate exposure by effectively converting a portion of the fixed 6.875% senior debentures to a floating rate, based on the six-month U.S. dollar LIBOR plus a spread (an effective interest rate of 5.63% at March 28, 2015), through its maturity. The swap is classified as a fair value hedge and had a fair value of $369 at March 28, 2015.

Foreign Exchange Contracts

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.  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 28, 2015 and December 31, 2014 was $325,464 and $401,048, respectively.

The fair values of derivative instruments in the company's consolidated balance sheets are as follows:

	Asset (Liability) Derivatives
		Fair Value
	Balance Sheet Location	March 28, 2015			December 31, 2014
Derivative instruments designated as hedges:
Interest rate swaps designated as fair value hedges	Other liabilities	$	—		$	(3	)
Interest rate swaps designated as fair value hedges	Other assets	1,353			381
Foreign exchange contracts designated as cash flow hedges	Other current assets	4,009			960
Foreign exchange contracts designated as cash flow hedges	Accrued expenses	(769		)	(376		)
Total derivative instruments designated as hedging instruments		4,593			962
Derivative instruments not designated as hedges:
Foreign exchange contracts	Other current assets	877			2,404
Foreign exchange contracts	Accrued expenses	(3,529		)	(2,294		)
Total derivative instruments not designated as hedging instruments		(2,652		)	110
Total		$	1,941		$	1,072

The effect of derivative instruments on the company's consolidated statements of operations is as follows:

	Gain (Loss) Recognized in Income
	Quarter Ended
	March 28, 2015		March 29, 2014
Fair value hedges:
Interest rate swaps (a)	$	—	$	—
Total	$	—	$	—
Derivative instruments not designated as hedges:
Foreign exchange contracts (b)	$	808	$	1,913
Total	$	808	$	1,913

	Cash Flow Hedges
	Interest Rate Swaps (c)			Foreign Exchange Contracts (d)
Quarter Ended March 28, 2015
Effective portion:
Gain recognized in other comprehensive income	$	827		$	2,682
Loss reclassified into income	$	(161	)	$	(841	)
Ineffective portion:
Gain recognized in income	$	69		$	—
Quarter Ended March 29, 2014
Effective portion:
Loss recognized in other comprehensive income	$	—		$	(368	)
Gain (loss) reclassified into income	$	(161	)	$	136
Ineffective portion:
Gain (loss) recognized in income	$	—		$	—

(a) The amount of gain (loss) recognized in income on derivatives is recorded in "Interest and other financing expense, net" in the company's consolidated statements of operations.

(b) The amount of gain (loss) recognized in income on derivatives is recorded in "Cost of sales" in the company's consolidated statements of operations.

(c) Both the effective and ineffective portions of any gain (loss) reclassified or recognized in income are recorded in "Interest and other financing expense, net" in the company's consolidated statements of operations. The gain (loss) amounts reclassified into income relate to the termination of swaps.

(d) Both the effective and ineffective portions of any gain (loss) reclassified or recognized in income are recorded in "Cost of sales" in the company's consolidated statements of operations.

Contingent Consideration

The company estimates the fair value of contingent consideration as the present value of the expected contingent payments, determined using the weighted probability of the possible payments. The company reassesses the fair value of the contingent consideration on a quarterly basis. At March 28, 2015, contingent consideration of $3,361 was included in "Accrued Expenses" in the company's consolidated balance sheet in connection with three acquisitions prior to 2015. There was no contingent consideration recorded in connection with the 2015 acquisitions. For the acquisitions completed prior to 2015, payment of a portion of the respective purchase price is contingent upon the achievement of certain operating results, with a remaining maximum possible payout of $8,400 in 2016. A twenty percent increase or decrease in projected operating performance over the remaining performance period would not result in a material change in the fair value of the contingent consideration recorded as of March 28, 2015.

Other

Cash equivalents consist of overnight time deposits with quality financial institutions. These financial institutions are located in many different geographical regions, and the company's policy is designed to limit exposure with any one institution. As part of its cash and risk management processes, the company performs periodic evaluations of the relative credit standing of these financial institutions.

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.

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Net Income per Share

3 Months Ended

Mar. 28, 2015

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 28, 2015		March 29, 2014
Net income attributable to shareholders	$	106,058	$	107,120
Weighted-average shares outstanding - basic	95,920		99,948
Net effect of various dilutive stock-based compensation awards	1,205		1,451
Weighted-average shares outstanding - diluted	97,125		101,399
Net income per share:
Basic	$	1.11	$	1.07
Diluted (a)	$	1.09	$	1.06

(a) Stock-based compensation awards for the issuance of 711 and 492 shares for the first quarters of 2015 and 2014, 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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Accounts Receivable (Details) (USD $) In Thousands, unless otherwise specified	Mar. 28, 2015	Dec. 31, 2014
Receivables [Abstract]
Accounts receivable	$ 4,926,471	$ 6,103,038
Allowances for doubtful accounts	(51,987)	(59,188)
Accounts receivable, net	$ 4,874,484	$ 6,043,850

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Cost in Excess of Net Assets of Companies Acquired (Tables)

3 Months Ended

Mar. 28, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill [Text Block]

Cost in excess of net assets of companies acquired, allocated to the company's business segments, is as follows:

	Global Components			Global ECS			Total
Balance as of December 31, 2014 (a)	$	1,051,783		$	1,017,426		$	2,069,209
Acquisitions	90,864			14			90,878
Foreign currency translation adjustment	(4,556		)	(53,339		)	(57,895		)
Balance as of March 28, 2015 (a)	$	1,138,091		$	964,101		$	2,102,192

(a) The total carrying value of cost in excess of net assets of companies acquired for all periods 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 ECS business segment.

Intangible Assets Disclosure [Text Block]

Intangible assets, net, are comprised of the following as of March 28, 2015:

	Weighted-Average Life	Gross Carrying Amount		Accumulated Amortization			Net
Trade names	indefinite	$	101,000	$	—		$	101,000
Customer relationships	10 years	411,160		(178,098		)	233,062
Developed technology	5 years	13,223		(5,970		)	7,253
Other intangible assets	(b)	1,143		(871		)	272
		$	526,526	$	(184,939	)	$	341,587

Intangible assets, net, are comprised of the following as of December 31, 2014:

	Weighted-Average Life	Gross Carrying Amount		Accumulated Amortization			Net
Trade names	indefinite	$	101,000	$	—		$	101,000
Customer relationships	10 years	402,036		(171,071		)	230,965
Developed technology	5 years	8,806		(5,444		)	3,362
Other intangible assets	(b)	1,719		(1,335		)	384
		$	513,561	$	(177,850	)	$	335,711

(b) Consists of non-competition agreements with useful lives ranging from two to three years.

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Restructuring, Integration, and Other Charges (Tables)

3 Months Ended

Mar. 28, 2015

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 28, 2015		March 29, 2014
Restructuring and integration charge - current period actions	$	9,310	$	10,169
Restructuring and integration charges - actions taken in prior periods	410		162
Acquisition-related expenses	6,476		1,283
	$	16,196	$	11,614

Schedule of Restructuring Reserve by Type of Cost [Table Text Block]

2015 Restructuring and Integration Charge

The following table presents the components of the 2015 restructuring and integration charge of $9,310 and activity in the related restructuring and integration accrual for the first quarter of 2015:

	Personnel Costs			Facilities Costs			Other			Total
Restructuring and integration charge	$	7,844		$	664		$	802		$	9,310
Payments	(2,034		)	(217		)	(29		)	(2,280		)
Non-cash usage	—			—			(607		)	(607		)
Foreign currency translation	(46		)	—			(26		)	(72		)
Balance as of March 28, 2015	$	5,764		$	447		$	140		$	6,351

The restructuring and integration charge of $9,310 for the first quarter of 2015 includes personnel costs of $7,844, facilities costs of $664, and other costs of $802. These 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.

2014 Restructuring and Integration Charge

The following table presents the activity in the restructuring and integration accrual for the first quarter of 2015 related to the 2014 restructuring and integration:

	Personnel  Costs			Facilities Costs			Other			Total
Balance as of December 31, 2014	$	8,622		$	2,479		$	1,247		$	12,348
Restructuring and integration charge	245			10			302			557
Payments	(3,460		)	(646		)	(327		)	(4,433		)
Non-cash usage	—			—			(409		)	(409		)
Foreign currency translation	(589		)	(97		)	—			(686		)
Balance as of March 28, 2015	$	4,818		$	1,746		$	813		$	7,377

Restructuring and Integration Accruals Related to Actions Taken Prior to 2014

The following table presents the activity in the restructuring and integration accruals for the first quarter of 2015 related to restructuring and integration actions taken prior to 2014:

	Personnel Costs			Facilities Costs			Other			Total
Balance as of December 31, 2014	$	2,519		$	3,025		$	91		$	5,635
Restructuring and integration charges (credits)	(368		)	221			—			(147		)
Payments	(804		)	(955		)	(5		)	(1,764		)
Non-cash usage	—			(51		)	—			(51		)
Foreign currency translation	(163		)	13			(9		)	(159		)
Balance as of March 28, 2015	$	1,184		$	2,253		$	77		$	3,514

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Restructuring, Integration, and Other Charges (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 28, 2015	Mar. 29, 2014
Restructuring Cost and Reserve [Line Items]
Restructuring, integration, and other charges	$ 16,196	$ 11,614
Restructuring, integration, and other charges, net	12,569	8,020
Restructuring Charges Net of Tax Per Share Basic	$ 0.13	$ 0.08
Restructuring Charges Net of Tax Per Share Diluted	$ 0.13	$ 0.08
Restructuring Charges 2015 Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring, integration, and other charges	9,310
Restructuring Charges 2015 Plan [Member] | Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring, integration, and other charges	7,844
Restructuring Charges 2015 Plan [Member] | Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring, integration, and other charges	664
Restructuring Charges 2015 Plan [Member] | Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring, integration, and other charges	802
Restructuring Charges 2014 Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring, integration, and other charges	557	10,169
Restructuring Charges 2014 Plan [Member] | Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring, integration, and other charges	245
Restructuring Charges 2014 Plan [Member] | Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring, integration, and other charges	10
Restructuring Charges 2014 Plan [Member] | Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring, integration, and other charges	302
Restructuring Charges From Prior to 2014 [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring, integration, and other charges	(147)
Restructuring Charges From Prior to 2014 [Member] | Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring, integration, and other charges	(368)
Restructuring Charges From Prior to 2014 [Member] | Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring, integration, and other charges	221
Restructuring Charges From Prior to 2014 [Member] | Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring, integration, and other charges	0
Restructuring Charges From Prior Periods [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring, integration, and other charges	410	162
Restructuring Charges From Acquisitions [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring, integration, and other charges	$ 6,476	$ 1,283

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CONSOLIDATED BALANCE SHEETS Parenthetical (USD $) In Thousands, except Per Share data, unless otherwise specified	Mar. 28, 2015	Dec. 31, 2014
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	29,753	29,529

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Cost in Excess of Net Assets of Companies Acquired

3 Months Ended

Mar. 28, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Cost in Excess of Net Assets of Companies Acquired and Intangible Assets, Net

Cost in Excess of Net Assets of Companies Acquired and Intangible Assets, Net

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.

Cost in excess of net assets of companies acquired, allocated to the company's business segments, is as follows:

	Global Components			Global ECS			Total
Balance as of December 31, 2014 (a)	$	1,051,783		$	1,017,426		$	2,069,209
Acquisitions	90,864			14			90,878
Foreign currency translation adjustment	(4,556		)	(53,339		)	(57,895		)
Balance as of March 28, 2015 (a)	$	1,138,091		$	964,101		$	2,102,192

(a) The total carrying value of cost in excess of net assets of companies acquired for all periods 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 ECS business segment.

Intangible assets, net, are comprised of the following as of March 28, 2015:

	Weighted-Average Life	Gross Carrying Amount		Accumulated Amortization			Net
Trade names	indefinite	$	101,000	$	—		$	101,000
Customer relationships	10 years	411,160		(178,098		)	233,062
Developed technology	5 years	13,223		(5,970		)	7,253
Other intangible assets	(b)	1,143		(871		)	272
		$	526,526	$	(184,939	)	$	341,587

Intangible assets, net, are comprised of the following as of December 31, 2014:

	Weighted-Average Life	Gross Carrying Amount		Accumulated Amortization			Net
Trade names	indefinite	$	101,000	$	—		$	101,000
Customer relationships	10 years	402,036		(171,071		)	230,965
Developed technology	5 years	8,806		(5,444		)	3,362
Other intangible assets	(b)	1,719		(1,335		)	384
		$	513,561	$	(177,850	)	$	335,711

(b) Consists of non-competition agreements with useful lives ranging from two to three years.

During the first quarters of 2015 and 2014, the company recorded amortization expense related to identifiable intangible assets of $11,107 ($9,029 net of related taxes or $.09 per share on both a basic and diluted basis) and $10,947 ($8,907 net of related taxes or $.09 per share on both a basic and diluted basis), respectively.

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Net Income per Share (Tables)

3 Months Ended

Mar. 28, 2015

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 28, 2015		March 29, 2014
Net income attributable to shareholders	$	106,058	$	107,120
Weighted-average shares outstanding - basic	95,920		99,948
Net effect of various dilutive stock-based compensation awards	1,205		1,451
Weighted-average shares outstanding - diluted	97,125		101,399
Net income per share:
Basic	$	1.11	$	1.07
Diluted (a)	$	1.09	$	1.06

(a) Stock-based compensation awards for the issuance of 711 and 492 shares for the first quarters of 2015 and 2014, 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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Financial Instruments Measured at Fair Value - Unobservable Inputs Reconciliation (Details) (Fair Value, Inputs, Level 3 [Member], Fair Value, Measurements, Recurring [Member], Contingent Consideration [Member], USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 28, 2015
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Contingent Consideration [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of December 31, 2014	$ (6,202)
Fair value of initial contingent consideration	0
Change in fair value of contingent consideration included in earnings	(325)
Payment of contingent consideration	3,000	[1]
Foreign currency translation adjustment	166
Balance as of March 28, 2015	$ (3,361)

[1] Contingent consideration payment relates to an acquisition completed prior to 2015.

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Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 28, 2015

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, 2014, as filed in the company's Annual Report on Form 10-K.

Fiscal Period Policy

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

Comparability of Prior Year Financial Data Policy

Certain prior period amounts were reclassified to conform to the current period presentation.

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.

Fair Value of Debt Policy

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.

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.