ARROW ELECTRONICS, INC., 10-K filed on 2/11/2025
Annual Report
v3.25.0.1
Document and Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2024
Feb. 04, 2025
Jun. 28, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Document Transition Report false    
Entity File Number 1-4482    
Entity Registrant Name ARROW ELECTRONICS, INC.    
Entity Incorporation, State or Country Code NY    
Entity Tax Identification Number 11-1806155    
Entity Address, Address Line One 9151 East Panorama Circle    
Entity Address, City or Town Centennial    
Entity Address, State or Province CO    
Entity Address, Postal Zip Code 80112    
City Area Code 303    
Local Phone Number 824-4000    
Title of 12(b) Security Common Stock, $1 par value    
Trading Symbol ARW    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document financial statement error correction false    
Entity Shell Company false    
Entity Public Float     $ 6,372,985,825
Entity Common Stock, Shares Outstanding   52,172,303  
Entity Central Index Key 0000007536    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
Documents Incorporated by Reference The definitive proxy statement related to the registrant’s 2025 Annual Meeting of Shareholders, is incorporated by reference in Part III to the extent described therein. The definitive proxy statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of December 31, 2024    
v3.25.0.1
Audit Information
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Name Ernst & Young LLP
Auditor Location Denver, Colorado
Auditor Firm ID 42
v3.25.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CONSOLIDATED STATEMENTS OF OPERATIONS      
Sales $ 27,923,324 $ 33,107,120 $ 37,124,422
Cost of sales 24,630,916 28,958,102 32,287,797
Gross profit 3,292,408 4,149,018 4,836,625
Operating expenses:      
Selling, general, and administrative 2,217,940 2,412,822 2,567,008
Depreciation and amortization 162,994 181,116 187,382
Restructuring, integration and other 142,917 83,916 13,741
Total operating expenses 2,523,851 2,677,854 2,768,131
Operating income 768,557 1,471,164 2,068,494
Equity in earnings of affiliated companies 1,368 6,407 7,664
(Loss) gain on investments, net (4,830) 19,284 (2,857)
Loss on extinguishment of debt (1,657) 0 0
Employee benefit plan expense, net (4,285) (3,777) (3,503)
Interest and other financing expense, net (269,834) (328,724) (185,648)
Income before income taxes 489,319 1,164,354 1,884,150
Provision for income taxes 95,812 254,991 448,992
Consolidated net income 393,507 909,363 1,435,158
Noncontrolling interests 1,433 5,858 8,274
Net income attributable to shareholders $ 392,074 $ 903,505 $ 1,426,884
Net income per share:      
Basic (in dollars per share) $ 7.36 $ 16.03 $ 22.01
Diluted (in dollars per share) $ 7.29 $ 15.84 $ 21.80
Weighted-average shares outstanding:      
Basic (in shares) 53,282 56,359 64,838
Diluted (in shares) 53,797 57,035 65,453
v3.25.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)      
Consolidated net income $ 393,507 $ 909,363 $ 1,435,158
Other comprehensive income (loss):      
Foreign currency translation adjustment and other, net of taxes (225,564) 74,800 (231,464)
Gain (loss) on foreign exchange contracts designated as net investment hedges, net of taxes 7,859 (7,952) 8,779
(Loss) gain on interest rate swaps designated as cash flow hedges, net of taxes (1,137) 2,783 28,664
Employee benefit plan items, net of taxes 4,854 (1,277) 18,724
Other comprehensive income (loss) (213,988) 68,354 (175,297)
Comprehensive income 179,519 977,717 1,259,861
Less: Comprehensive (loss) income attributable to noncontrolling interests (1,325) 6,989 6,582
Comprehensive income attributable to shareholders $ 180,844 $ 970,728 $ 1,253,279
v3.25.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
ASSETS    
Cash and cash equivalents $ 188,807 $ 218,053
Accounts receivable, net 13,030,991 12,238,073
Inventories 4,709,706 5,187,225
Other current assets 471,909 684,126
Total current assets 18,401,413 18,327,477
Property, plant, and equipment, at cost:    
Land 5,691 5,691
Buildings and improvements 194,061 195,579
Machinery and equipment 1,623,228 1,632,606
Property, plant, and equipment, gross 1,822,980 1,833,876
Less: Accumulated depreciation and amortization (1,353,720) (1,303,136)
Property, plant, and equipment, net 469,260 530,740
Investments in affiliated companies 57,299 62,741
Intangible assets, net 96,706 127,440
Goodwill 2,055,295 2,050,426
Other assets 677,734 627,344
Total assets 21,757,707 21,726,168
LIABILITIES AND EQUITY    
Accounts payable 11,047,470 10,070,015
Accrued expenses 1,238,714 1,463,915
Short-term borrowings, including current portion of long-term debt 349,978 1,653,954
Total current liabilities 12,636,162 13,187,884
Long-term debt 2,773,783 2,153,553
Other liabilities 516,234 507,424
Contingencies (Note 15)
Equity:    
Common stock, par value $1: Authorized - 160,000 shares in both 2024 and 2023 Issued - 55,592 and 57,691 shares in 2024 and 2023, respectively 55,592 57,691
Capital in excess of par value 562,080 553,340
Treasury stock (3,420 and 3,880 shares in 2024 and 2023, respectively), at cost (328,078) (297,745)
Retained earnings 5,980,826 5,790,217
Accumulated other comprehensive loss (509,269) (298,039)
Total shareholders' equity 5,761,151 5,805,464
Noncontrolling interests 70,377 71,843
Total equity 5,831,528 5,877,307
Total liabilities and equity $ 21,757,707 $ 21,726,168
v3.25.0.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
shares in Thousands
Dec. 31, 2024
Dec. 31, 2023
CONSOLIDATED BALANCE SHEETS    
Common stock, par value $ 1 $ 1
Common stock, shares authorized 160,000 160,000
Common stock, shares issued 55,592 57,691
Treasury stock, shares 3,420 3,880
v3.25.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Consolidated net income $ 393,507 $ 909,363 $ 1,435,158
Adjustments to reconcile consolidated net income to net cash provided by (used for) operations:      
Depreciation and amortization 162,994 181,116 187,382
Amortization of stock-based compensation 34,631 41,569 42,930
Equity in earnings of affiliated companies (1,368) (6,407) (7,664)
Deferred income taxes (99,866) (93,980) (13,050)
Loss on extinguishment of debt 1,657 0 0
Loss (gain) on investments, net 5,260 (12,466) 2,857
Other 5,328 22,590 3,612
Change in assets and liabilities, net of effects of acquired businesses:      
Accounts receivable, net (1,013,091) 189,425 (1,430,400)
Inventories 421,063 139,313 (1,165,785)
Accounts payable 1,092,488 (457,382) 945,819
Accrued expenses (140,871) 38,601 102,193
Other assets and liabilities 268,681 (246,293) (136,129)
Net cash provided by (used for) operating activities 1,130,413 705,449 (33,077)
Cash flows from investing activities:      
Acquisition of property, plant, and equipment (92,703) (83,285) (78,836)
Proceeds from sale of property, plant, and equipment 5,157 0 0
Cash consideration paid for acquired businesses, net of cash acquired (34,834) 0 0
Proceeds from collections of notes receivable 0 237 21,125
Proceeds from settlement of net investment hedge 10,635 10,725 0
Other 17,303 0 0
Net cash used for investing activities (94,442) (72,323) (57,711)
Cash flows from financing activities:      
Change in short-term and other borrowings (1,155,909) 866,012 258,816
Proceeds from (repayments of) long-term bank borrowings, net 470,347 (1,031,881) 1,233,250
Redemption of notes (1,000,000) (300,000) (350,000)
Net proceeds from note offering 989,564 496,268 0
Proceeds from exercise of stock options 5,354 17,010 17,340
Repurchases of common stock (265,142) (770,200) (1,049,487)
Settlement of forward-starting interest rate swap 0 56,711 0
Other (1,041) (142) (137)
Net cash (used for) provided by financing activities (956,827) (666,222) 109,782
Effect of exchange rate changes on cash (108,390) 74,234 (64,273)
Net (decrease) increase in cash and cash equivalents (29,246) 41,138 (45,279)
Cash and cash equivalents at beginning of year 218,053 176,915 222,194
Cash and cash equivalents at end of year $ 188,807 $ 218,053 $ 176,915
v3.25.0.1
CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Thousands
Common Stock at Par Value
Capital in Excess of Par Value
Treasury Stock
Retained Earnings
Accumulated Other Comprehensive Loss
Noncontrolling Interests
Total
Balance at Dec. 31, 2021 $ 125,424 $ 1,189,845 $ (3,629,265) $ 7,787,948 $ (191,657) $ 58,551 $ 5,340,846
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Consolidated net income 0 0 0 1,426,884 0 8,274 1,435,158
Other comprehensive income (loss) 0 0 0 0 (173,605) (1,692) (175,297)
Amortization of stock-based compensation 0 42,930 0 0 0 0 42,930
Shares issued for stock-based compensation awards 0 (24,067) 41,407 0 0 0 17,340
Repurchases of common stock 0 0 (1,049,487) 0 0 0 (1,049,487)
Distributions 0 0 0 0 0 (137) (137)
Balance at Dec. 31, 2022 125,424 1,208,708 (4,637,345) 9,214,832 (365,262) 64,996 5,611,353
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Consolidated net income 0 0 0 903,505 0 5,858 909,363
Other comprehensive income (loss) 0 0 0 0 67,223 1,131 68,354
Amortization of stock-based compensation 0 41,569 0 0 0 0 41,569
Shares issued for stock-based compensation awards 0 (38,536) 55,546 0 0 0 17,010
Repurchases of common stock 0 0 (770,200) 0 0 0 (770,200)
Retirement of treasury stock (67,733) (658,401) 5,054,254 (4,328,120) 0 0 0
Distributions 0 0 0 0 0 (142) (142)
Balance at Dec. 31, 2023 57,691 553,340 (297,745) 5,790,217 (298,039) 71,843 5,877,307
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Consolidated net income 0 0 0 392,074 0 1,433 393,507
Other comprehensive income (loss) 0 0 0 0 (211,230) (2,758) (213,988)
Amortization of stock-based compensation 0 34,631 0 0 0 0 34,631
Shares issued for stock-based compensation awards 375 (993) 5,972 0 0 0 5,354
Repurchases of common stock 0 0 (265,142) 0 0 0 (265,142)
Retirement of treasury stock (2,474) (24,898) 228,837 (201,465) 0 0 0
Distributions 0 0 0 0 0 (141) (141)
Balance at Dec. 31, 2024 $ 55,592 $ 562,080 $ (328,078) $ 5,980,826 $ (509,269) $ 70,377 $ 5,831,528
v3.25.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Summary of Significant Accounting Policies  
Summary of Significant Accounting Policies

1. Summary of Significant Accounting Policies

Principles of Consolidation

The consolidated financial statements of Arrow Electronics, Inc. (the “company” or “Arrow”) include the accounts of the company, its majority-owned subsidiaries, and Arrow EMEA Funding Corp B.V. (see Note 4). All significant intercompany transactions are eliminated.

Use of Estimates

The preparation of financial statements in conformity with GAAP in the United States requires the company to make significant estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Cash and Cash Equivalents

Cash equivalents consist of highly liquid investments, which are readily convertible into cash, with original maturities of three months or less.

Trade Accounts Receivable

Trade accounts receivable are reported at amortized cost, net of the allowance for credit losses in the consolidated balance sheets. The allowance for credit losses is a valuation account that is deducted from the receivables’ amortized cost basis to present the net amount expected to be collected. Receivables are written off against the allowance when management believes the receivable balance is confirmed to be uncollectible.

Management estimates the allowance for credit losses using relevant available information about expected credit losses and an age-based reserve model. Inputs to the model include information about historical credit losses, customer credit ratings, past events, current conditions, and reasonable and supportable forecasts. Adjustments to historical loss information are made for differences in current receivable-specific risk characteristics such as changes in the economic and industry environment, or other relevant factors.

Expected credit losses are estimated on a collective (pool) basis, when similar risk characteristics exist, based on customer credit ratings, which include both externally acquired as well as internally determined credit ratings. Receivables that do not share risk characteristics are evaluated on an individual basis.

Inventories

Inventories are stated at the lower of cost or net realizable value. Cost is determined on a moving average cost basis, which approximates the first-in, first-out method. Substantially all inventories represent finished goods held for sale.

Property, Plant, and Equipment

Property, plant, and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The estimated useful lives for depreciation of buildings is generally 20 to 30 years, and the estimated useful lives of machinery and equipment is generally 3 to 10 years. Leasehold improvements are amortized over the shorter of the term of the related lease or the life of the improvement. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying value of a specific asset or asset group may not be recoverable. The company assesses the recoverability of long-lived assets with definite lives at the asset group

level. Asset groups are determined based upon the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. If the carrying value of an asset group cannot be recovered from estimated future cash flows, undiscounted and without interest, the fair value of the asset is calculated using the present value of estimated net future cash flows. If the fair value is less than the carrying amount of the asset, a loss is recognized for the difference, subject to the limitation of individual asset fair values within the group.

Software Development Costs

The company capitalizes certain internal and external costs incurred to acquire or create internal-use software. Capitalized software costs are amortized on a straight-line basis over the estimated useful life of the software, which is generally 3 to 12 years. At December 31, 2024 and 2023, the company had unamortized software development costs of $195.0 million and $242.4 million, respectively, which are included in “Machinery and equipment” in the company’s consolidated balance sheets.

Identifiable Intangible Assets

Amortization of definite-lived intangible assets is computed using the straight-line method over the estimated useful lives of the assets. Identifiable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable.

Investments

Investments are accounted for using the equity method if the investment provides the company the ability to exercise significant influence, but not control, over an investee. Significant influence is generally deemed to exist if the company has an ownership interest in the voting stock of the investee between 20% and 50%, although other factors, such as representation on the investee’s Board of Directors, are considered in determining whether the equity method is appropriate. The company records its investments in equity method investees meeting these characteristics as “Equity in earnings of affiliated companies” in the company’s consolidated statements of operations and “Investments in affiliated companies” in the company’s consolidated balance sheets.

Equity investments for which the company does not possess the ability to exercise significant influence are measured at fair value using quoted market prices, and are included in “Other assets” in the company’s consolidated balance sheets. Changes in fair value are recorded in “(Loss) gain on investments, net” in the company’s consolidated statements of operations.

The company records equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes.

Goodwill

Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. The company tests goodwill for impairment annually as of the first day of the fourth quarter and/or when an event occurs or circumstances change such that it is more likely than not that an impairment may exist. Examples of such events and circumstances that the company would consider include the following:

●macroeconomic conditions such as deterioration in general economic conditions, limitations on accessing capital, fluctuations in foreign exchange rates, or other developments in equity and credit markets;
●industry and market considerations such as a deterioration in the environment in which the company operates, an increased competitive environment, a decline in market-dependent multiples or metrics (considered in both absolute terms and relative to peers), a change in the market for the company’s products or services, or a regulatory or political development;
●cost factors such as increases in inventory, labor, or other costs that have a negative effect on earnings and cash flows;
●overall financial performance such as negative or declining cash flows or a decline in actual or planned revenue or earnings compared with actual and projected results of relevant prior periods;
●other relevant entity-specific events such as changes in management, key personnel, strategy, or customers, contemplation of bankruptcy, or litigation;
●events affecting a reporting unit such as a change in the composition or carrying amount of its net assets, a more likely than not expectation of selling or disposing all, or a portion, of a reporting unit, the testing for recoverability of a significant asset group within a reporting unit, or recognition of a goodwill impairment loss in the financial statements of a subsidiary that is a component of a reporting unit; and
●a sustained decrease in share price (considered in both absolute terms and relative to peers).

Goodwill is tested at a level of reporting referred to as the reporting unit. Below is a list of the company’s reporting units and the respective allocation of goodwill:

​

​

​

​

​

​

    

​

(thousands)

​

2024

Americas Components

​

$

563,135

EMEA Components

​

 

115,651

Asia/Pacific Components (a)

​

​

—

eInfochips

​

​

223,659

​

​

​

​

Americas ECS

​

​

776,765

EMEA ECS

​

​

376,085

Consolidated

​

$

2,055,295

(a) Within the global components reportable segment, the Asia/Pacific reporting unit’s goodwill was previously fully impaired.

The company performs a quantitative goodwill impairment test annually and this test is used to both identify and measure impairment by comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit is less than its fair value, no impairment exists. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit.

The company estimates the fair value of a reporting unit using the income approach. For the purposes of the income approach, fair value is determined based on the present value of estimated future cash flows, discounted at an appropriate risk-adjusted rate. The assumptions included in the income approach include forecasted revenues, gross profit margins, operating income margins, working capital, perpetual growth rates, income tax rates, and long-term discount rates, among others, all of which require significant judgments by management. Actual results may differ from those assumed in the company’s forecasts. The company also reconciles its discounted cash flow analysis to its current market capitalization allowing for a reasonable control premium. As of the first day of the fourth quarters of 2024, 2023, and 2022, the company’s annual impairment testing did not indicate impairment at any of the company’s reporting units.

As of the date of the company’s 2024 annual impairment test, the fair value of all reporting units exceeded their carrying values by more than 38%. Discount rates are one of the more significant assumptions used in the income approach. If the company increased the discount rates used by 100 basis points, the fair value of all reporting units would still exceed their carrying values by more than 24%.

A decline in general economic conditions or global equity valuations could impact the judgments and assumptions about the fair value of the company’s businesses, and the company could be required to record an impairment charge in the future, which could impact the company’s consolidated balance sheets, as well as the company’s consolidated statements of operations. If the company was required to recognize an impairment charge in the future, the charge would not impact the company’s consolidated cash flows, current liquidity, capital resources, and covenants under its existing revolving credit facility, North American asset securitization program, other outstanding borrowings, and EMEA asset securitization program.

Leases

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

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

Foreign Currency Translation and Remeasurement

The assets and liabilities of international operations are translated at the exchange rates in effect at the balance sheet date. Revenue and expense accounts are translated at the monthly average exchange rates. Adjustments arising from the translation of the foreign currency financial statements of the company’s international operations are reported as a component of “Accumulated other comprehensive loss” in the company’s consolidated balance sheets.

For foreign currency remeasurement from each local currency into the appropriate functional currency, monetary assets and liabilities are remeasured to functional currencies using current exchange rates in effect at the balance sheet date. Gains or losses from these remeasurements were not significant and have been included in the company’s consolidated statements of operations. Non-monetary assets and liabilities are recorded at historical exchange rates. Transactions denominated in currencies other than the applicable functional currency are converted to the functional currency at the exchange rate on the transaction date.

Income Taxes

Income taxes are accounted for under the liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of differences between the tax bases of assets and liabilities and their financial reporting amounts using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

The carrying value of the company’s deferred tax assets is dependent upon the company’s ability to generate sufficient future taxable income in certain tax jurisdictions. Should the company determine that it is more likely than not that some portion or all of its deferred tax assets will not be realized, a valuation allowance to reduce the deferred tax assets is established in the period such determination is made. The assessment of the need for a valuation allowance requires judgment on the part of management with respect to the benefits that could be realized from future taxable income, as well as other positive and negative factors.

It is also the company’s policy to provide for uncertain tax positions and the related interest and penalties based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. To the extent the company prevails in matters for which a liability for an unrecognized tax benefit is established, or is required to pay amounts in excess of the liability, or when other facts and circumstances change, the company’s effective tax rate in a given financial statement period may be materially affected.

Net Income Per Share

Basic net income per share is computed by dividing net income attributable to shareholders by the weighted-average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. The dilutive effect of equity awards is calculated using the treasury stock method.

Treasury Stock

The company’s stock repurchase program provides an opportunity for the company to repurchase shares at the discretion of the company’s senior executives, based on various factors. The company recognizes treasury stock based on the amount paid to repurchase its shares. Direct costs incurred to acquire treasury stock, including excise taxes, are added to the cost of the treasury stock. Upon the retirement of treasury shares, the cost of repurchased and retired treasury shares in excess of the par value is allocated between additional paid-in capital and retained earnings. All retired shares are classified as authorized but unissued and do not reduce the total number of authorized shares. When treasury shares are reissued, if the issuance price is higher than the average price paid to acquire the shares (the “average cost”), the gain on reissuance is credited to additional paid-in-capital. If the issuance price is lower than the average cost, the loss on reissuance is first charged against any previous gains recorded to additional paid-in-capital from treasury stock, with the remaining balance charged to retained earnings.

Comprehensive Income

Comprehensive income consists of consolidated net income, foreign currency translation adjustment, gains or losses on post-retirement benefit plans, gains or losses on foreign exchange contracts designated as net investment hedges, and gains and losses on interest rate swaps designated as cash flow hedges. Gains or losses on interest rate swaps, and foreign exchange contracts are net of any reclassification adjustments for realized gains or losses included in consolidated net income. Amounts related to net investment hedges that are excluded from the assessment of hedge effectiveness are amortized to “Interest and other financing expense, net” on a straight-line basis over the life of the hedging instrument. Foreign currency translation adjustments included in comprehensive income which are deemed permanent investments in international affiliates were not tax effected. All other comprehensive income items are net of related income taxes.

Stock-Based Compensation

The company records share-based payment awards exchanged for employee services at fair value on the date of grant and expenses the awards in the consolidated statements of operations over the requisite employee service period. Stock-based compensation expense includes an estimate for forfeitures. Stock-based compensation expense related to awards with a market or performance condition which cliff vest, and stock-based compensation awards with service conditions only are recognized over the vesting period on a straight-line basis. Stock-based compensation expense related to awards with graded vesting and performance conditions is recognized using the graded vesting method.

Segment Reporting

Operating segments are defined as components of an enterprise for which separate financial information is available that is evaluated regularly by the CODM in deciding how to allocate resources and in assessing performance. The company’s operations are classified into two reportable segments: global components and global ECS (see Note 16).

Revenue Recognition

The company recognizes revenue as control of products is transferred to customers, which generally happens at the point of shipment, or when the service has occurred. The company allows its customers to return product for exchange or credit in limited circumstances. The company also provides volume rebates and other discounts to certain customers which are considered a variable consideration. A provision for customer rebates and other discounts is recorded as a reduction of revenue at the time of sale based on an evaluation of the contract terms and historical experience. Sales are recorded net of discounts, rebates, and returns, which historically have not been material. Tariffs are included in sales as the company

has enforceable rights to additional consideration to cover the cost of tariffs. Other taxes imposed by governmental authorities on the company’s revenue producing activities with customers, such as sales taxes and value-added taxes, are excluded from net sales.

Products sold by the company are generally delivered via shipment from the company's facilities, drop shipment directly from the vendor, or by electronic delivery of keys for software products. The company is the principal in transactions when it is principally responsible for fulfilling the order, which includes negotiating pricing, payment to the supplier, establishing payment terms with the customer, product returns, and has risk of loss if the customer does not make payment. Sales, where the company is the principal in the transaction, are reported on the gross amount billed to a customer less discounts, rebates, and returns (referred to as “sales recognized on a gross basis”).

​

The company has contracts with certain customers where the company’s performance obligation is to arrange for the products or services to be provided by another party. The company is the agent in these arrangements, which pertains to the sale of supplier-provided service contracts to customers or delivery of product for which the company does not assume the risks and rewards of ownership as part of logistics services rendered to customers. Sales, where the company is the agent, are reported as the amount billed to the customer net of the cost of the sale (referred to as “sales recognized on a net basis”).

​

Within the company’s global ECS reportable segment, in certain periods, changes in the mix of sales of IT solutions impact the proportion of the company’s revenue that is recorded on a net basis compared to a gross basis. These changes increase or decrease sales during a period without a corresponding change in gross profit. This is driven by the company’s responsibilities in the sale of various IT solutions, which is based on terms and conditions in place with its partners.

​

No single customer accounted for more than 2% of the company’s 2024 consolidated sales. No single supplier accounted for more than 8% of the company’s consolidated sales in 2024. The company believes that many of the products it sells are available from other sources at competitive prices. However, certain parts of the company’s business, such as the company’s global ECS business, rely on a limited number of suppliers with the strategy of providing focused support, extensive product knowledge, and customized service to suppliers, MSPs, and VARs. Most of the company’s purchases from suppliers are pursuant to distributor agreements, which are typically non-exclusive and cancelable by either party at any time or on short notice.

Shipping and Handling Costs

The company reports shipping and handling costs, primarily related to outbound freight, in the consolidated statements of operations as a component of “Selling, general, and administrative” or “Cost of sales”, depending on the nature of the transaction.

Vendor Programs

The company participates in supplier programs that provide for price protection, product rebates, marketing/promotional allowances, and other incentives. The consideration received under these programs is recorded in the consolidated statements of operations as an adjustment to “Cost of sales” or “Selling, general, and administrative”, according to the nature of the activity and terms of the vendor program. Incentives are accrued as they are earned based on sales of qualifying products or as services are provided in accordance with the terms of the related program.

Impact of Recently Issued Accounting Standards

In November 2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires entities to disaggregate expense items in the notes to the financial statements and requires disclosure of specified information related to purchases of inventory, employee compensation, depreciation, and intangible asset amortization. The amendments in this ASU are effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Companies have the option to apply the guidance either on a retrospective or prospective basis, and early adoption is permitted. The company is currently evaluating the impact of the ASU on its

condensed consolidated financial statements and related disclosures. In January 2025, the FASB issued ASU No. 2025-01, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This ASU amends the effective date of ASU No. 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption of ASU No. 2024-03 is permitted.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Upon adoption of this ASU, the company will disclose specific new categories in its income tax rate reconciliation and provide additional information for reconciling items above a quantitative threshold. The company will also disclose the amount of income taxes paid disaggregated by federal, state, and foreign taxes, and also disaggregated by individual jurisdictions in which income taxes paid were above a threshold. The company expects these amendments will first be applied in the company’s annual report on form 10-K for the fiscal year ending December 31, 2025, on a prospective basis.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Upon adoption of this ASU, the company has disclosed significant segment expenses, the title and position of the CODM, and an explanation of how the reported measure of segment profit or loss is used by the CODM to assess segment performance and make resource allocation decisions. Effective December 31, 2024, the company adopted the provisions of this ASU on a retrospective basis. Refer to Note 16.

v3.25.0.1
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets  
Goodwill and Intangible Assets

2. Goodwill and Intangible Assets

Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. The company tests goodwill and other indefinite-lived intangible assets for impairment annually as of the first day of the fourth quarter, or more frequently if indicators of potential impairment exist. As of the first day of the fourth quarters of 2024, 2023, and 2022, the company’s annual impairment testing did not result in any additional impairment of goodwill of companies acquired.

Goodwill of companies acquired, allocated to the company’s reportable segments, is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

    

Global 

    

​

    

​

(thousands)

​

Components

​

Global ECS

​

Total

Balance as of December 31, 2022 (a)

​

$

873,003

​

$

1,154,623

​

$

2,027,626

Foreign currency translation adjustment

​

 

2,191

​

 

20,609

​

 

22,800

Balance as of December 31, 2023 (a)

​

$

875,194

​

$

1,175,232

​

$

2,050,426

Acquisitions

​

 

35,870

​

 

—

​

 

35,870

Foreign currency translation adjustment

​

 

(8,619)

​

 

(22,382)

​

 

(31,001)

Balance as of December 31, 2024 (a)

​

$

902,445

​

$

1,152,850

​

$

2,055,295

(a)The total carrying value of goodwill as of December 31, 2024, 2023, and 2022 in the table above is reflected net of $1.6 billion of accumulated impairment charges, of which $1.3 billion was recorded in the global components reportable segment and $301.9 million was recorded in the global ECS reportable segment.

Intangible assets, net, are comprised of the following as of December 31, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

    

Gross 

    

​

    

​

​

​

Carrying 

​

Accumulated 

​

​

(thousands)

​

Amount

​

Amortization

​

Net

Customer relationships

​

$

215,366

​

$

(133,927)

​

$

81,439

Amortizable trade name

​

 

74,001

​

 

(58,734)

​

 

15,267

​

​

$

289,367

​

$

(192,661)

​

$

96,706

​

Intangible assets, net, are comprised of the following as of December 31, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

    

Gross 

    

​

    

​

​

​

Carrying 

​

Accumulated 

​

​

(thousands)

​

Amount

​

Amortization

​

Net

Customer relationships

​

$

258,337

​

$

(156,141)

​

$

102,196

Amortizable trade name

​

 

73,811

​

 

(48,567)

​

 

25,244

​

​

$

332,148

​

$

(204,708)

​

$

127,440

​

Amortization expense related to identifiable intangible assets was $29.5 million, $31.2 million, and $34.7 million for the years ended December 31, 2024, 2023, and 2022, respectively. Amortization expense for each of the years 2025 through 2029 is estimated to be approximately $20.2 million, $19.5 million, $18.9 million, $11.2 million, and $7.3 million, respectively.
v3.25.0.1
Investments in Affiliated Companies
 12 Months Ended
Dec. 31, 2024
Investments in Affiliated Companies  
Investments in Affiliated Companies

3. Investments in Affiliated Companies

The company owns a 50% interest in two joint ventures with Marubun Corporation (collectively “Marubun/Arrow”) and a 50% interest in one other joint venture. These investments are accounted for using the equity method.

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

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

Marubun/Arrow

​

$

43,851

​

$

50,779

Other

​

 

13,448

​

 

11,962

​

​

$

57,299

​

$

62,741

​

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

​

​

​

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

    

2022

Marubun/Arrow

​

$

(463)

​

$

4,452

​

$

6,289

Other

​

 

1,831

​

 

1,955

​

 

1,375

​

​

$

1,368

​

$

6,407

​

$

7,664

​

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. There were no outstanding borrowings under the third-party debt agreements of the joint ventures as of December 31, 2024 and 2023.
v3.25.0.1
Accounts Receivable
 12 Months Ended
Dec. 31, 2024
Accounts Receivable  
Accounts Receivable

4. Accounts Receivable

Accounts receivable, net, consists of the following at December 31:

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

Accounts receivable

​

$

13,147,436

​

$

12,384,553

Allowance for credit losses

​

 

(116,445)

​

 

(146,480)

Accounts receivable, net

​

$

13,030,991

​

$

12,238,073

​

The following table is a rollforward for the company’s allowance for credit losses at December 31:

​

​

​

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

 

2022

Balance at beginning of period

​

$

146,480

​

$

93,397

​

$

75,901

Charged to income

​

 

751

​

 

71,984

​

 

34,590

Translation Adjustments

​

 

(2,411)

​

 

690

​

 

(1,476)

Write-offs

​

 

(28,375)

​

 

(19,591)

​

 

(15,618)

Balance at end of period

​

$

116,445

​

$

146,480

​

$

93,397

​

The company monitors the current credit condition of its customers and other available information about expected credit losses in estimating its allowance for credit losses. The changes in allowance for credit losses taken in 2024 as compared to 2023, relates primarily to charges of $25.4 million recorded during 2023 relating to one customer within the global ECS reportable segment, of which $20.0 million was subsequently reversed upon recovery during 2024. As of December 31, 2024, the company has not experienced significant changes in customers’ payment trends or significant deterioration in customers’ credit risk.

EMEA Asset Securitization

The company has an EMEA asset securitization program under which it continuously sells its interest in designated pools of trade accounts receivable of certain of its subsidiaries in the EMEA region at a discount, to a special purpose entity, which in turn sells certain of the receivables to unaffiliated financial institutions and conduits administered by such unaffiliated financial institutions (“unaffiliated financial institutions”) on a monthly basis. The company may sell up to €600.0 million under the EMEA asset securitization program, which matures in December 2027, subject to extension in accordance with its terms. During the fourth quarter of 2024, the company extended the program’s maturity to 2027 and amended the program to correct an administrative error and regain compliance with certain operational covenants. In February 2024 the company amended provisions in the EMEA asset securitization program to update certain financial ratios. The program is conducted through Arrow EMEA Funding Corp B.V., an entity structured to be bankruptcy remote. The company is deemed the primary beneficiary of Arrow EMEA Funding Corp B.V. as the company has both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive the benefits that could potentially be significant to the entity from the transfer of the trade accounts receivable into the special purpose entity. Accordingly, Arrow EMEA Funding Corp B.V. is included in the company’s consolidated financial statements.

Sales of accounts receivable to unaffiliated financial institutions under the EMEA asset securitization program for the years ended December 31:

​

​

​

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

​

2022

EMEA asset securitization, sales of accounts receivables

​

$

1,892,516

​

$

3,160,247

​

$

2,524,276

​

Receivables sold to unaffiliated financial institutions under the program are excluded from “Accounts receivable, net” on the company’s consolidated balance sheets and cash receipts are reflected as cash provided by operating activities on the consolidated statements of cash flows. The purchase price is paid in cash when the receivables are sold. Certain unsold receivables held on Arrow EMEA Funding Corp B.V. are pledged as collateral to unaffiliated financial institutions. These unsold receivables are included in “Accounts receivable, net” in the company’s consolidated balance sheets.

The company continues servicing the receivables which were sold and in exchange receives a servicing fee under the program. The company does not record a servicing asset or liability on the company’s consolidated balance sheets as the company estimates that the fee it receives to service these receivables approximates the fair market compensation to provide the servicing activities.

Other amounts related to the EMEA asset securitization program as of December 31:

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

Receivables sold to unaffiliated financial institutions that were uncollected

​

$

339,669

​

$

529,266

Collateralized accounts receivable held by Arrow EMEA funding Corp B.V.

​

 

528,975

​

 

805,788

​

Any accounts receivable held by Arrow EMEA Funding Corp B.V. would likely not be available to other creditors of the company in the event of bankruptcy or insolvency proceedings if there are outstanding balances under the EMEA asset securitization program. The assets of the special purpose entity cannot be used by the company for general corporate purposes. Additionally, the financial obligations of Arrow EMEA Funding Corp B.V. to the unaffiliated financial

institutions under the program are limited to the assets it owns and there is no recourse to Arrow Electronics, Inc. for receivables that are uncollectible as a result of an account debtor’s insolvency or inability to pay.

The EMEA asset securitization program includes terms and conditions that limit the incurrence of additional borrowings and require that certain financial ratios be maintained at designated levels. As of December 31, 2024, the company was in compliance with all such financial covenants.

Factoring

In the normal course of business, certain of the company’s subsidiaries have factoring agreements to sell, with limited or no recourse, selected trade accounts receivable to financial institutions, and accounts for these transactions as sales of the related receivables. The receivables are excluded from “Accounts receivable, net” on the company’s consolidated balance sheets and cash receipts are reflected as “Cash provided by operating activities” on the consolidated statements of cash flows. The company typically does not retain financial or legal interests in these receivables. Factoring fees for the sales of accounts receivable are included in “Interest and other financing expense, net” in the consolidated statements of operations. The company continues servicing the receivables which were sold.

Sales of trade accounts receivable under the company’s factoring programs for the years ended December 31:

​

​

​

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

​

2022

Sales of accounts receivables under the factoring programs

​

$

928,279

​

$

1,618,726

​

$

1,612,909

​

Other amounts under the company’s factoring programs as of December 31:

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

Receivables sold under the factoring programs that were uncollected

​

$

182,432

​

$

375,940

​
v3.25.0.1
Supplier Finance Programs
 12 Months Ended
Dec. 31, 2024
Supplier Finance Programs  
Supplier Finance Programs

5. Supplier Finance Programs

At the request of certain of the company’s suppliers, the company has entered into agreements (“supplier finance programs”) with third-party finance providers, which facilitate the participating suppliers’ ability to sell their receivables from the company to the third-party financial institutions, at the sole discretion of the suppliers. For agreeing to participate in these programs, the company seeks to secure improved standard payment terms with its suppliers. The company is not involved in negotiating terms of the arrangements between its suppliers and the financial institutions and has no economic interest in a supplier’s decision to enter into these agreements, or sell receivables from the company. The company’s rights and obligations to its suppliers, including amounts due, are not impacted by suppliers' decisions to sell amounts under the arrangements. However, the company agrees to make all payments to the third-party financial institutions, and the company’s right to offset balances due from suppliers against payment obligations is restricted by the agreements for those payment obligations that have been sold by suppliers. These obligations are included in “Accounts payable” on the company’s consolidated balance sheets and all activity related to the obligations is presented within operating activities on the consolidated statements of cash flows.

The following table is a roll forward of the company’s outstanding obligations under its supplier finance programs:

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

Obligations outstanding at the beginning of the year

​

$

1,113,479

​

$

1,568,787

Invoices added during the year

​

 

4,576,839

​

 

4,388,317

Invoices paid during the year

​

​

(4,420,646)

​

​

(4,843,625)

Obligations outstanding at the end of the year

​

$

1,269,672

​

$

1,113,479

​
v3.25.0.1
Debt
 12 Months Ended
Dec. 31, 2024
Debt  
Debt

6. Debt

Short-term borrowings, including the current portion of long-term debt, consist of the following at December 31:

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

3.25% notes, due September 2024

​

$

—

​

$

499,224

4.00% notes, due April 2025

​

​

349,808

​

​

—

Commercial paper

​

 

—

​

 

1,121,882

Other short-term borrowings

​

 

170

​

 

32,848

​

​

$

349,978

​

$

1,653,954

​

​

The company has $500.0 million in uncommitted lines of credit. There were no outstanding borrowings under the uncommitted lines of credit at December 31, 2024 and 2023. These borrowings were provided on a short-term basis and their maturity is agreed upon between the company and the lender. The uncommitted lines of credit had a weighted-average effective interest rate of 5.18% and 5.83% at December 31, 2024 and 2023, respectively.

The company has a commercial paper program and the maximum aggregate balance of commercial paper outstanding may not exceed the borrowing capacity of $1.2 billion. Amounts outstanding under the commercial paper program are backstopped by available commitments under the company’s revolving credit facility. The company had no outstanding borrowings under this program at December 31, 2024 and $1.1 billion in outstanding borrowings at December 31, 2023. The commercial paper program had a weighted-average effective interest rate of 5.21% and 5.90% at December 31, 2024 and 2023, respectively.

Long-term debt consists of the following at December 31:

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

Revolving credit facility

​

$

30,000

​

$

—

North American asset securitization program

​

​

633,000

​

​

198,000

4.00% notes, due 2025

​

 

—

​

 

349,061

6.125% notes, due 2026

​

 

—

​

 

497,661

7.50% senior debentures, due 2027

​

 

110,266

​

 

110,184

3.875% notes, due 2028

​

 

497,775

​

 

497,098

5.15% notes, due 2029

​

 

495,209

​

 

—

2.95% notes, due 2032

​

 

495,576

​

 

495,039

5.875% notes, due 2034

​

​

494,986

​

​

—

Other obligations with various interest rates and due dates

​

 

16,971

​

 

6,510

​

​

$

2,773,783

​

$

2,153,553

​

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

​

The estimated fair market value of long-term debt at December 31, using quoted market prices, is as follows:

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

4.00% notes, due 2025

​

$

—

​

$

343,500

6.125% notes, due 2026

​

​

—

​

​

502,000

7.50% senior debentures, due 2027

​

 

115,000

​

 

117,000

3.875% notes, due 2028

​

 

481,500

​

 

475,000

5.15% notes, due 2029

​

 

498,000

​

 

—

2.95% notes, due 2032

​

​

426,000

​

​

425,000

5.875% notes, due 2034

​

 

502,500

​

 

—

​

The carrying amount of the company’s other short-term borrowings, 4.00% notes due in 2025, revolving credit facility, North American asset securitization program, commercial paper, and other obligations approximate their fair value.

The company has a $2.0 billion revolving credit facility maturing in September 2026. The facility may be used by the company for general corporate purposes including working capital in the ordinary course of business, letters of credit, repayment, prepayment or purchase of long-term indebtedness, acquisitions, and as support for the company’s commercial paper program, as applicable. Interest on borrowings under the revolving credit facility is calculated using a base rate or SOFR, plus a spread (1.08% at December 31, 2024), which is based on the company’s credit ratings, plus a credit spread adjustment of 0.10% or an effective interest rate of 5.48% at December 31, 2024. The facility fee, which is based on the company’s credit ratings, was 0.175% of the total borrowing capacity at December 31, 2024. The company had $30.0 million in outstanding borrowings under the revolving credit facility at December 31, 2024 and no outstanding borrowings under the revolving credit facility at December 31, 2023.

The company has a North American asset securitization program collateralized by accounts receivable of certain of its subsidiaries. The company may borrow up to $1.5 billion under the program which matures in September 2027. The program is conducted through AFC, a wholly-owned, bankruptcy remote subsidiary. The North American asset securitization program does not qualify for sale treatment. Accordingly, the accounts receivable and related debt obligation remain on the company’s consolidated balance sheets. Interest on borrowings is calculated using a base rate plus a spread (0.40% at December 31, 2024), plus a credit spread adjustment of 0.10% or an effective interest rate of 4.83% at December 31, 2024. The facility fee is 0.40% of the total borrowing capacity.

The company had $633.0 million and $198.0 million in outstanding borrowings under the North American asset securitization program at December 31, 2024 and 2023, respectively, which was included in “Long-term debt” in the company’s consolidated balance sheets. Total collateralized accounts receivable of approximately $3.0 billion and $2.7 billion were held by AFC and were included in “Accounts receivable, net” on the company’s consolidated balance sheets at December 31, 2024 and 2023, respectively. Any accounts receivable held by AFC would likely not be available to other creditors of the company in the event of bankruptcy or insolvency proceedings of the company before repayment of any outstanding borrowings under the North American asset securitization program.

Both the revolving credit facility and North American asset securitization program include terms and conditions that limit the incurrence of additional borrowings and require that certain financial ratios be maintained at designated levels. As of December 31, 2024, the company was in compliance with all such financial covenants.

During the third quarter of 2024, the company completed the sale of $500.0 million principal amount of 5.15% notes, due 2029. The net proceeds of the offering of $494.9 million were used for general corporate purposes and to repay the $500.0 million principal amount of its 3.25% notes, due September 2024, which were redeemed at maturity.

During the second quarter of 2024, the company completed the sale of $500.0 million principal amount of 5.875% notes, due 2034. The net proceeds of the offering of $494.7 million were used for general corporate purposes and to repay the $500.0 million principal amount of its 6.125% notes, due 2026, which were redeemed in April 2024.

Annual payments of borrowings during each of the years 2025 through 2029 are $350.1 million, $39.8 million, $747.3 million, $503.4 million, and $500.0 million, respectively, and $1.0 billion for all years thereafter.

Interest and other financing expense, net, includes interest and dividend income of $54.5 million, $66.4 million, and $33.7 million in 2024, 2023, and 2022, respectively. Interest paid, net of interest and dividend income, amounted to $199.0 million, $274.1 million, and $175.6 million in 2024, 2023, and 2022, respectively.
v3.25.0.1
Financial Instruments Measured at Fair Value
 12 Months Ended
Dec. 31, 2024
Financial Instruments Measured at Fair Value  
Financial Instruments Measured at Fair Value

7. 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 December 31, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(thousands)

    

Balance Sheet Location

    

Level 1

    

Level 2

    

Level 3

    

Total

Cash equivalents (a)

 

​

Cash and cash equivalents

​

$

10,751

​

$

—

​

$

—

​

$

10,751

Equity investments (b)

 

​

Other assets

​

 

42,907

​

 

—

​

 

—

​

 

42,907

Foreign exchange contracts designated as net investment hedges

 

​

Other assets / other current assets

​

 

—

​

 

53,679

​

 

—

​

 

53,679

​

​

​

​

​

$

53,658

​

$

53,679

​

$

—

​

$

107,337

​

The following table presents assets measured at fair value on a recurring basis at December 31, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(thousands)

    

​

Balance Sheet Location

    

Level 1

    

Level 2

    

Level 3

    

Total

Cash equivalents (a)

 

​

Cash and cash equivalents

​

$

8,729

​

$

—

​

$

—

​

$

8,729

Equity investments (b)

 

​

Other assets

​

 

57,625

​

 

—

​

 

—

​

 

57,625

Interest rate swaps designated as fair value hedge

 

​

Other liabilities

​

 

—

​

 

(454)

​

 

—

​

 

(454)

Foreign exchange contracts designated as net investment hedges

 

​

Other assets / other current assets

​

 

—

​

 

47,245

​

 

—

​

 

47,245

​

​

​

​

​

$

66,354

​

$

46,791

​

$

—

​

$

113,145

(a)Cash equivalents include highly liquid investments with an original maturity of less than three months.
(b)The company has an approximately 9.0% equity ownership interest in Marubun Corporation and a portfolio of mutual funds with quoted market prices. During 2024, 2023, and 2022, the company recorded unrealized gains (losses) of $(12.0) million, $9.7 million, and $(5.8) million, respectively, on equity securities held at the end of each year.

​

Assets and liabilities that are measured at fair value on a nonrecurring basis relate primarily to goodwill, and identifiable intangible assets (see Note 2). The company tests these assets for impairment if indicators of potential impairment exist or at least annually if indefinite-lived.

Derivative Instruments

The company uses various financial instruments, including derivative instruments, for purposes other than trading. Certain derivative instruments are designated at inception as hedges and assessed for effectiveness both at inception and on an ongoing basis. Derivative instruments not designated as hedges are carried at fair value on the consolidated balance sheets with changes in fair value recognized in earnings.

Interest Rate Swaps

The company manages the risk of variability in interest rates of future expected debt issuances by entering into various forward-starting interest rate swaps, designated as cash flow hedges. Changes in fair value of interest rate swaps designated as cash flow hedges are recorded in the shareholders’ equity section in the company’s consolidated balance sheets in “Accumulated other comprehensive loss” and will be reclassified into income over the life of the anticipated debt issuance or in the period the hedged forecasted cash flows are deemed no longer probable to occur. Reclassified gains and losses are recorded within the line item “Interest and other financing expense, net” in the consolidated statements of operations.

The fair value of interest rate swaps are estimated using a discounted cash flow analysis on the expected cash flows of each derivative using observable inputs including interest rate curves and credit spreads.

In June 2023, the company terminated its outstanding forward-starting interest rate swaps and received a cash payment of $56.7 million, which is reported in the “Cash flows from financing activities” section of the consolidated statements of cash flows. In April 2024, the forecasted bond issuance occurred, and the $56.7 million gain will be amortized to “Interest and other financing expense, net” in the company’s consolidated statement of operations over the 10-year life of the bond.

The company occasionally enters into interest rate swap transactions, designated as fair value hedges, that convert certain fixed-rate debt to variable-rate debt in order to manage its targeted mix of fixed- and floating-rate debt. For qualifying interest rate fair value hedges, gains or losses on derivatives are included in “Interest and other financing expense, net” in the consolidated statements of operations. The change in fair value of the hedged item attributable to the risk being hedged is reported as an adjustment to its carrying value and is also included in “Interest and other financing expense, net.”

​

At December 31, 2023, the company had one outstanding interest rate swap designated as a fair value hedge of its 6.125% notes due in March 2026, the terms of which were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

    

​

    

Notional Amount

    

Weighted-Average 

    

Interest Rate due to

Trade Date

​

Maturity Date

​

(thousands)

​

Interest Rate

​

Counterparty

February 2023

​

March 2026

​

$

500,000

​

6.125%

​

SOFR+0.508%

​

In March 2024, the counterparty cancelled the swap and the company de-designated the fair value hedging relationship.

​

Foreign Exchange Contracts

The company’s foreign currency exposure relates primarily to international transactions where the currency collected from customers can be different from the currency used to purchase the product. The company’s primary exposures to such transactions are denominated primarily in the following currencies: Euro and Indian Rupee. The company enters into foreign exchange forward, option, or swap contracts (collectively, the “foreign exchange contracts”) to facilitate the hedging of foreign currency exposures resulting from inventory purchases and sales and mitigate the impact of changes in foreign currency exchange rates related to these transactions. Foreign exchange contracts generally have terms of no more than six months. 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 is estimated using foreign currency spot rates and forward rates quotes by third-party financial institutions. The notional amount of the foreign exchange contracts inclusive of foreign exchange contracts designated as a net investment hedge at December 31, 2024 and 2023 was $1.1 billion and $1.0 billion, respectively.

Gains and losses related to non-designated foreign currency exchange contracts are recorded in “Cost of sales” on the company’s consolidated statements of operations. Gains and losses related to foreign currency exchange contracts designated as cash flow hedges are recorded in “Cost of sales,” “Selling, general, and administrative,” and “Interest and other financing expense, net” based upon the nature of the underlying hedged transaction, on the company’s consolidated statements of operations. 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, and were not material to the financial statements for the periods presented.

The following foreign exchange contracts were designated as net investment hedges, hedging a portion of the company's net investments in subsidiaries with Euro-denominated net assets for the years ended December 31:

​

​

​

​

​

​

​

​

​

​

Notional Amount (thousands)

Maturity Date

​

2024

​

2023

September 2024

​

EUR

-

 

EUR

50,000

April 2025

​

EUR

100,000

 

EUR

100,000

January 2028

​

EUR

100,000

 

EUR

100,000

Total

​

EUR

200,000

 

EUR

250,000

​

The change in the fair value of derivatives designated as net investment hedges are recorded in CTA within “Accumulated other comprehensive loss” on the company’s consolidated balance sheets. Amounts excluded from the assessment of hedge effectiveness are included in “Interest and other financing expense, net” on the company’s consolidated statements of operations.

During the third quarter of 2024, a foreign exchange contract designated as a net investment hedge matured and the company received $10.6 million, which is reported in the “Cash flows from investing activities” section of the consolidated statements of cash flows.

During the first quarter of 2023, a foreign exchange contract designated as a net investment hedge matured and the company received $10.7 million, which is reported in the “Cash flows from investing activities” section of the consolidated statements of cash flows.

​

The effects of derivative instruments on the company’s consolidated statements of operations and other comprehensive income are as follows for the years ended December 31:

​

​

​

​

​

​

​

​

​

​

​

​

​

(thousands)

    

Income Statement Line

    

2024

    

2023

    

2022

Gain (Loss) Recognized in Income (Loss)

 

  

 

​

  

 

​

  

 

​

  

Foreign exchange contracts, net investment hedge (a)

 

Interest Expense

​

$

6,747

​

$

7,460

​

$

8,805

Interest rate swaps, cash flow hedge

 

Interest Expense

​

 

593

​

 

(2,889)

​

 

(3,586)

Interest rate swap, fair value hedge (b)

 

Interest Expense

​

 

454

​

 

(454)

​

 

—

Total

 

  

​

$

7,794

​

$

4,117

​

$

5,219

Gain (Loss) Recognized in Other Comprehensive Income (Loss) before reclassifications, net of tax

 

  

​

 

  

​

 

  

​

 

  

Foreign exchange contracts, net investment hedge (c)

 

  

​

$

12,996

​

$

(2,276)

​

$

15,474

Interest rate swaps, cash flow hedge

 

  

​

 

(685)

​

 

585

​

 

25,937

Total

 

  

​

$

12,311

​

$

(1,691)

​

$

41,411

(a)Represents derivative amounts excluded from the assessment of effectiveness for the net investment hedges reclassified from CTA to “Interest and other financing expense, net.”
(b)The cumulative amount of fair value hedging adjustments to the carrying value of hedged debt instruments totaled a loss of $0.4 million during 2024, and a loss of $5.8 thousand during 2023, respectively. During the first quarter of 2024, the fair value hedge was terminated.
(c)Includes derivative gains (losses) excluded from the assessment of effectiveness for the net investment hedges and recognized in other comprehensive income, net of tax, of $(4.0) million, $(1.8) million, and $1.8 million for 2024, 2023, and 2022, respectively, which were excluded from the assessment of effectiveness for the net investment hedges and recognized in other comprehensive income (loss), net of tax.

Other

The carrying amount of “Cash and cash equivalents”, “Accounts receivable, net”, and “Accounts payable” approximate their fair value due to the short maturities of these financial instruments.
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Taxes  
Income Taxes

8. Income Taxes

The provision for income taxes for the years ended December 31 consists of the following:

​

​

​

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

    

2022

Current:

 

​

  

 

​

  

 

​

  

Federal

​

$

(8,586)

​

$

33,832

​

$

139,730

State

​

 

3,352

​

 

16,108

​

 

29,117

International

​

 

200,912

​

 

299,031

​

 

293,195

​

​

$

195,678

​

$

348,971

​

$

462,042

Deferred:

​

 

  

​

 

  

​

 

  

Federal

​

$

(50,305)

​

$

(59,342)

​

$

(39,658)

State

​

 

(8,348)

​

 

(11,960)

​

 

(5,613)

International

​

 

(41,213)

​

 

(22,678)

​

 

32,221

​

​

 

(99,866)

​

 

(93,980)

​

 

(13,050)

​

​

$

95,812

​

$

254,991

​

$

448,992

​

The principal causes of the difference between the U.S. federal statutory tax rate of 21% and effective income tax rates for the years ended December 31 are as follows:

​

​

​

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

    

2022

United States

​

$

(234,972)

​

$

(38,848)

​

$

517,642

International

​

 

724,291

​

 

1,203,202

​

 

1,366,508

Income before income taxes

​

$

489,319

​

$

1,164,354

​

$

1,884,150

​

​

​

​

​

​

​

​

​

​

Provision at statutory tax rate

​

$

102,757

​

$

244,514

​

$

395,672

State taxes, net of federal benefit

​

 

(3,279)

​

 

2,379

​

 

18,675

International effective tax rate differential

​

 

8,958

​

 

27,993

​

 

26,210

Change in valuation allowance

​

 

333

​

 

(7,755)

​

 

(6,378)

Other non-deductible expenses

​

 

(585)

​

 

2,993

​

 

7,441

Changes in tax accruals

​

 

(9,419)

​

 

1,153

​

 

5,993

Tax credits

​

 

(10,786)

​

 

(7,666)

​

 

980

U.S. tax (benefit) on foreign earnings

​

​

6,801

​

​

(10,075)

​

​

3,879

Other

​

 

1,032

​

 

1,455

​

 

(3,480)

Provision for income taxes

​

$

95,812

​

$

254,991

​

$

448,992

​

The company is subject to taxation of GILTI on foreign subsidiaries and a tax provision to deduct a portion of FDII of U.S. corporations. GILTI tax expense, accounted for as a current period cost, net of FDII benefit, resulted in a net tax expense (benefit) of $4.7 million, $23.0 million, and $(7.4) million during 2024, 2023, and 2022, respectively.

At December 31, 2024, a short-term tax payable of $6.9 million was recorded in the consolidated balance sheets for a one-time transition tax on the foreign subsidiaries’ accumulated unremitted earnings related to the 2017 U.S. Tax Cuts and Jobs Act.

At December 31, 2024, the company had a liability for unrecognized tax positions of $64.0 million. The timing of the resolution of these uncertain tax positions is dependent on the tax authorities’ income tax examination processes. Material changes are not expected; however, it is possible that the amount of unrecognized tax benefits with respect to uncertain tax positions could increase or decrease during 2025. Currently, the company is unable to make a reasonable estimate of when cash settlement would occur and how it would impact the effective tax rate.

A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31 is as follows:

​

​

​

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

    

2022

Balance at beginning of year

​

$

82,808

​

$

75,666

​

$

71,422

Additions based on tax positions taken during a prior period

​

 

4,537

​

 

7,466

​

 

6,760

Reductions based on tax positions taken during a prior period

​

 

(20,245)

​

 

(4,448)

​

 

(3,007)

Additions based on tax positions taken during the current period

​

 

7,943

​

 

5,505

​

 

3,526

Reductions related to settlement of tax matters

​

 

(11,090)

​

 

—

​

 

(2,271)

Reductions related to a lapse of applicable statute of limitations

​

 

—

​

 

(1,381)

​

 

(764)

Balance at end of year

​

$

63,953

​

$

82,808

​

$

75,666

​

Interest costs related to unrecognized tax benefits are classified as a component of “Interest and other financing expense, net” in the company’s consolidated statements of operations. In 2024, 2023, and 2022, the company recognized $5.9 million, $4.0 million, and $4.4 million, respectively, of interest expense related to unrecognized tax benefits. At December 31, 2024 and 2023, the company had accrued a liability of $23.5 million and $17.5 million, respectively, for interest related to unrecognized tax benefits.

In many cases the company’s uncertain tax positions are related to tax years that remain subject to examination by tax authorities. The following describes the open tax years, by major tax jurisdiction, as of December 31, 2024:

​

​

​

​

​

United States - Federal

    

​

2016 - present

United States - States

 

​

2015 - present

Germany (a)

 

​

2020 - present

China and Hong Kong

 

​

2017 - present

Italy (a)

 

​

2013 - present

Netherlands

 

​

2018 - present

Sweden

 

​

2019 - present

Taiwan

 

​

2018 - present

United Kingdom

 

​

2020 - present

(a)Includes federal as well as local jurisdictions.

Deferred income taxes are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the consolidated balance sheets. These temporary differences result in taxable or deductible amounts in future years.

Deferred tax assets and liabilities consist of the following at December 31:

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

Deferred tax assets:

 

​

  

 

​

  

Net operating loss carryforwards

​

$

16,567

​

$

17,987

Inventory adjustments

​

 

110,370

​

 

68,542

Allowance for credit losses

​

 

20,475

​

 

27,637

Accrued expenses

​

 

86,964

​

 

73,251

Interest carryforward

​

 

21,923

​

 

4,170

Stock-based compensation awards

​

 

5,490

​

 

5,692

Lease liability

​

 

65,718

​

 

68,605

Research and experimentation costs (a)

​

 

73,971

​

 

59,277

Other

​

 

992

​

 

3,332

​

​

 

402,470

​

 

328,493

Valuation allowance

​

 

(16,165)

​

 

(15,832)

Total deferred tax assets

​

$

386,305

​

$

312,661

​

​

​

​

​

​

​

Deferred tax liabilities:

​

 

  

​

 

  

Goodwill

​

$

(157,786)

​

$

(152,551)

Depreciation

​

 

(42,540)

​

 

(58,419)

Lease right-of-use assets

​

 

(61,685)

​

 

(64,937)

Other comprehensive income items

​

 

(15,615)

​

 

(13,204)

Total deferred tax liabilities

​

$

(277,626)

​

$

(289,111)

Total net deferred tax assets

​

$

108,679

​

$

23,550

(a)At December 31, 2024, and 2023, the company recorded deferred tax asset of $74.0 million and $59.3 million related to capitalized U.S. based research and experimental (“R&E”) costs, pursuant to the U.S. Internal Revenue Code Section 174, as amended by the 2017 U.S. Tax Cuts and Jobs Act.

At December 31, 2024, the company had international tax loss carryforwards of approximately $30.3 million, of which $7.0 million have expiration dates ranging from 2025 to 2044, and the remaining $23.3 million have no expiration date. Deferred tax assets related to these international tax loss carryforwards were $7.8 million with a corresponding valuation allowance of $2.6 million. At December 31, 2024, the company had a valuation allowance of $0.1 million related to other deferred tax assets.

At December 31, 2024, the company had deferred tax assets of approximately $8.7 million with a corresponding valuation allowance of $6.4 million, related to U.S. state net operating loss carryforwards. Valuation allowances are needed when deferred tax assets may not be realized due to the uncertainty of the timing and the ability of the company to generate sufficient future taxable income in certain tax jurisdictions.

At December 31, 2024, the company had approximately $5.4 billion in undistributed foreign earnings which it deems to be indefinitely reinvested, and approximately $2.0 billion in undistributed foreign earnings which it deems to be not permanently reinvested. The company recognizes that if it reverses its indefinite reinvestment assertion on $5.4 billion of foreign earnings, it may be subject to additional foreign taxes and U.S. state income taxes.

​

Income taxes paid, net of income taxes refunded, amounted to $230.5 million, $538.4 million, and $384.4 million in 2024, 2023, and 2022, respectively.
v3.25.0.1
Restructuring, Integration, and Other
 12 Months Ended
Dec. 31, 2024
Restructuring, Integration, and Other  
Restructuring, Integration, and Other

9. Restructuring, Integration, and Other

The following table presents the components of the restructuring, integration, and other charges for the years ended December 31:

​

​

​

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

    

2022

Restructuring, integration and related costs

​

​

​

​

​

​

​

​

​

Operating Expense Efficiency Plan costs (a)

​

$

10,279

​

$

—

​

$

—

Other plans

​

​

3,848

​

​

8,877

​

​

6,994

Other expenses

​

​

​

​

​

​

​

​

​

Operating expense reduction costs not related to restructuring initiatives (b)

​

84,510

​

​

19,077

​

​

(370)

Increases to environmental remediation liabilities (c)

​

​

756

​

​

23,336

​

​

2,544

Early lease termination costs

​

​

6,814

​

​

29,400

​

​

3,162

Consulting costs (d)

​

​

25,306

​

​

—

​

​

—

Other charges

​

 

11,404

​

 

3,226

​

 

1,411

​

​

$

142,917

​

$

83,916

​

$

13,741

(a)See details related to the Operating Expense Efficiency Plan discussed below.
(b)These costs are primarily related to the termination of personnel. As of December 31, 2024, the accrued liabilities related to these costs totaled $6.6 million and substantially all accrued amounts are expected to be spent in cash within one year.
(c)Refer to Note 15 for further discussion of environmental liabilities.
(d)Consulting costs are related to operating expense reduction costs not related to the restructuring initiative.

Operating Expense Efficiency Plan

On October 31, 2024, in response to evolving business needs and as part of an initiative to optimize operating expenses, the company announced a multi-year restructuring plan (the “Operating Expense Efficiency Plan” or “the Plan”). The Plan is designed to improve operational efficiency through the following measures: (i) reorganizing and consolidating certain areas of the company’s operations to centralize functions and streamline resources, with a focus on more cost-efficient regions; (ii) enhancing warehouse and logistics operations; (iii) investing in information technology to support automation and process improvements; (iv) consolidating the company’s global real estate footprint; (v) reducing third-party spending; and (vi) winding down certain non-core businesses that are not aligned with the company’s strategic objectives. The company expects to substantially complete the Plan by the end of fiscal year 2026, subject to, among other things, local legal and consultation requirements.

​

Under the Plan, the company expects to incur pre-tax restructuring charges of approximately $185.0 million, consisting of approximately $110.0 million of employee severance and other personnel cash expenditures; approximately $50.0 million of non-cash asset impairments, accelerated depreciation and inventory write-downs related to the wind-down of certain business operations; and approximately $25.0 million of other related cash expenditures. As a result of the company’s philosophy of maximizing operating efficiencies through the centralization of certain functions, restructuring, integration, and related costs are included in the corporate line item for management and segment reporting as they are not attributable to the individual reportable segments.

​

The following table presents the costs related to the Operating Expense Efficiency Plan:

​

​

​

​

​

​

​

​

​

​

​

(thousands)

    

Income Statement line

    

Year Ended December 31, 2024

    

Total Cost Incurred to Date

Employee severance and benefit costs

​

​

Restructuring, integration, and other

​

$

1,348

​

$

1,348

Inventory write-downs  

​

​

Cost of sales

​

​

50,344

​

​

50,344

Asset impairments

​

​

Restructuring, integration, and other

​

​

1,416

​

​

1,416

Other costs (a)

​

​

Restructuring, integration, and other

​

​

7,515

​

​

7,515

​

​

​

​

​

$

60,623

​

$

60,623

(a)Other costs consist primarily of consulting and other professional fees and lease terminations.

The following table presents the activity in the restructuring and integration accruals related to the Operating Expense Efficiency Plan:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(thousands)

    

Employee severance and benefit costs

    

Inventory write-downs and asset impairments

    

Other costs

    

Total

Balance at December 31, 2023

​

$

-

​

$

-

​

$

-

​

$

-

Restructuring related charges

​

​

1,348

​

​

51,760

​

​

7,515

​

​

60,623

Asset write-offs and other non-cash activity

​

​

-

​

​

(51,760)

​

​

(177)

​

​

(51,937)

Cash payments

​

​

(964)

​

​

-

​

​

(7,136)

​

​

(8,100)

Balance at December 31, 2024

​

$

384

​

$

-

​

$

202

​

$

586

​

Substantially all amounts accrued at December 31, 2024 related to the Operating Expense Efficiency Plan are expected to be paid in cash within one year.
v3.25.0.1
Shareholders' Equity
 12 Months Ended
Dec. 31, 2024
Shareholders' Equity  
Shareholders' Equity

10. Shareholders’ Equity

Accumulated Other Comprehensive Loss

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

    

Gain

    

Gain

    

​

​

    

​

​

​

​

​

​

​

(Loss) on Foreign

​

(Loss) on

​

​

​

​

​

​

​

​

Foreign

​

Exchange

​

Interest Rate

​

​

​

​

​

​

​

​

Currency

​

Contracts

​

Swaps

​

​

​

​

​

​

​

​

Translation

​

Designated as

​

Designated as

​

Employee

​

​

​

​

​

Adjustment and

​

Net Investment

​

Cash Flow

​

Benefit Plan

​

​

​

(thousands)

​

Other, Net

​

Hedges, Net

​

Hedges, Net

​

Items, Net

​

Total

Balance as of December 31, 2022

​

$

(422,711)

​

$

20,111

​

$

27,855

​

$

9,483

​

$

(365,262)

Other comprehensive income (loss) before reclassifications (a)

​

 

72,949

​

 

(2,276)

​

 

585

​

 

(1,011)

​

 

70,247

Amounts reclassified into income

​

 

720

​

 

(5,676)

​

 

2,198

​

 

(266)

​

 

(3,024)

Net change in accumulated other comprehensive income (loss) for the year ended December 31, 2023

​

 

73,669

​

 

(7,952)

​

 

2,783

​

 

(1,277)

​

 

67,223

Balance as of December 31, 2023

​

 

(349,042)

​

 

12,159

​

 

30,638

​

 

8,206

​

 

(298,039)

Other comprehensive income (loss) before reclassifications (a)

​

 

(222,489)

​

 

12,996

​

 

(685)

​

 

5,027

​

 

(205,151)

Amounts reclassified into income

​

 

(317)

​

 

(5,137)

​

 

(452)

​

 

(173)

​

 

(6,079)

Net change in accumulated other comprehensive income (loss) for the year ended December 31, 2024

​

 

(222,806)

​

 

7,859

​

 

(1,137)

​

 

4,854

​

 

(211,230)

Balance as of December 31, 2024

​

$

(571,848)

​

$

20,018

​

$

29,501

​

$

13,060

​

$

(509,269)

(a)Foreign currency translation adjustment includes intra-entity foreign currency transactions that are of a long-term investment nature of $(52.9) million and $21.2 million for 2024 and 2023, respectively.

Common Stock Outstanding Activity

The following table sets forth the activity in the number of shares outstanding:

​

​

​

​

​

​

​

​

​

    

​

    

​

    

Common

​

​

Common

​

Treasury

​

Stock

(thousands)

​

Stock Issued

​

Stock

​

Outstanding

Common stock outstanding at December 31, 2021

 

125,424

 

57,358

 

68,066

Shares issued for stock-based compensation awards

 

—

 

(525)

 

525

Repurchases of common stock

 

—

 

9,342

 

(9,342)

Common stock outstanding at December 31, 2022

 

125,424

 

66,175

 

59,249

Shares issued for stock-based compensation awards

 

—

 

(653)

 

653

Repurchases of common stock

 

—

 

6,091

 

(6,091)

Retirement of treasury stock

​

(67,733)

​

(67,733)

​

—

Common stock outstanding at December 31, 2023

 

57,691

 

3,880

 

53,811

Shares issued for stock-based compensation awards

 

375

 

(75)

 

450

Repurchases of common stock

 

—

 

2,089

 

(2,089)

Retirement of treasury stock

​

(2,474)

​

(2,474)

​

—

Common stock outstanding at December 31, 2024

 

55,592

 

3,420

 

52,172

​

During the year ended December 31, 2024, the company retired 2.5 million shares of treasury stock with a cost of $228.8 million. During the year ended December 31, 2023, the company retired 67.7 million shares of treasury stock with a cost of $5.1 billion. The company has 2.0 million authorized shares of serial preferred stock with a par value of one dollar. There were no shares of serial preferred stock outstanding at December 31, 2024 and 2023.

Share-Repurchase Programs

The following table shows the company’s share-repurchase programs as of December 31, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

    

​

    

​

    

Approximate

​

​

​

​

​

​

Dollar Value of

​

​

Dollar Value

​

Dollar Value of

​

Shares that May

​

​

Approved for

​

Shares

​

Yet be Purchased

Share-Repurchase Details by Month of Board Approval (thousands)

​

Repurchase

​

Repurchased

​

Under the Program

September 2022

​

$

600,000

​

$

600,000

​

$

—

January 2023

​

​

1,000,000

​

​

675,937

​

​

324,063

Total

​

$

1,600,000

​

$

1,275,937

​

$

324,063

​

The company repurchased 2.0 million shares and 6.1 million shares of common stock for $250.0 million and $745.9 million, in 2024 and 2023, respectively, under the share-repurchase program excluding excise taxes. During 2024, the company accrued $2.1 million of excise tax, which is recorded within “Treasury stock” on the company’s consolidated balance sheets and reduces the share-repurchase authorization, as the excise tax is a part of the overall cost of acquiring treasury shares. As of December 31, 2024, approximately $324.1 million remained available for repurchase under the share-repurchase program. The company’s share-repurchase program does not have an expiration date.
v3.25.0.1
Net Income Per Share
 12 Months Ended
Dec. 31, 2024
Net Income Per Share  
Net Income Per Share

11. Net Income Per Share

Basic net income per share is computed by dividing net income attributable to shareholders by the weighted-average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock.  The dilutive effect of equity awards is calculated using the treasury stock method.

The following table presents the computation of net income per share on a basic and diluted basis for the years ended December 31:

​

​

​

​

​

​

​

​

​

​

​

(thousands except per share data)

    

2024

    

2023

    

2022

Net income attributable to shareholders

​

$

392,074

​

$

903,505

​

$

1,426,884

Weighted-average shares outstanding - basic

​

 

53,282

​

 

56,359

​

 

64,838

Net effect of various dilutive stock-based compensation awards

​

 

515

​

 

676

​

 

615

Weighted-average shares outstanding - diluted

​

 

53,797

​

 

57,035

​

 

65,453

Net income per share:

​

 

  

​

 

  

​

 

  

Basic

​

$

7.36

​

$

16.03

​

$

22.01

Diluted (a)

​

$

7.29

​

$

15.84

​

$

21.80

​

​

​

​

​

​

​

​

​

​

(a) Equity awards excluded from diluted net income per share as their effect would have been anti-dilutive

​

​

16

​

​

32

​

​

53

​
v3.25.0.1
Employee Stock Plans
 12 Months Ended
Dec. 31, 2024
Employee Stock Plans  
Employee Stock Plans

12. Employee Stock Plans

Omnibus Plan

The company maintains the Omnibus Plan, which provides an array of equity alternatives available to the company when designing compensation incentives. The Omnibus Plan permits the grant of cash-based awards, non-qualified stock options, ISOs, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units, covered employee annual incentive awards, and other stock-based awards. The Compensation Committee determines the vesting requirements, termination provision, and the terms of the award for any awards under the Omnibus Plan when such awards are issued.

Under the terms of the Omnibus Plan, a maximum of 24.0 million shares of common stock may be awarded. There were 4.4 million shares and 5.0 million shares available for grant under the Omnibus Plan as of December 31, 2024, and 2023, respectively. Generally, shares are counted against the authorization only to the extent that they are issued. Restricted stock, restricted stock units, performance shares, and performance units count against the authorization at a rate of 1.69 to 1.

The company records share-based payment awards exchanged for employee services at fair value on the date of grant and expenses the awards in the consolidated statements of operations on a straight-line basis over the requisite employee service period. Stock-based compensation expense includes an estimate for forfeitures. The company recorded, as a component of “Selling, general, and administrative expenses,” amortization of stock-based compensation of $34.6 million, $41.6 million, and $42.9 million in 2024, 2023, and 2022, respectively. The actual tax benefit realized from share-based payment awards during 2024, 2023, and 2022 was $5.6 million, $8.9 million, and $5.9 million, respectively.

Stock Options

Under the Omnibus Plan, the company may grant both ISOs and non-qualified stock options. ISOs may only be granted to employees of the company, its subsidiaries, and its affiliates. The exercise price for options cannot be less than the fair market value of Arrow’s common stock on the date of grant. Options generally vest in equal installments over a four-year period. Options currently outstanding have contractual terms of ten years. The company has not granted non-qualified stock options or ISOs since 2020 and does not intend to grant them in the future.

The following information relates to the stock option activity for the year ended December 31, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

    

​

​

    

Weighted-

    

​

​

​

​

​

​

Weighted-

​

Average

​

Aggregate

​

​

​

​

Average

​

Remaining

​

Intrinsic

​

​

​

​

Exercise

​

Contractual

​

Value

​

​

Shares

​

Price

​

Life

​

(thousands)

Outstanding at December 31, 2023

 

322,252

​

$

76.73

 

  

 

​

  

Exercised

 

(71,187)

​

 

76.63

 

  

 

​

  

Forfeited

 

(1,520)

​

 

79.22

 

  

 

​

  

Outstanding at December 31, 2024

 

249,545

​

 

76.75

 

42 months

​

$

9,076

Exercisable at December 31, 2024

 

249,090

​

$

76.74

 

42 months

​

$

9,061

​

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the company’s closing stock price on the last trading day of 2024 and the exercise price, multiplied by the number of in-the-money options) received by the option holders had all option holders exercised their options on December 31, 2024. This amount changes based on the market value of the company’s stock.

The total intrinsic value of options exercised during 2024, 2023, and 2022 was $3.3 million, $12.5 million, and $10.0 million, respectively.

Cash received from option exercises during 2024, 2023, and 2022 was $5.4 million, $17.0 million, and $17.3 million, respectively, and is included within the financing activities section in the company’s consolidated statements of cash flows.

Performance Awards

The Compensation Committee, subject to the terms and conditions of the Omnibus Plan, may grant performance share and/or performance unit awards (collectively “performance awards”). The grant date fair value of a performance award is the fair market value of the company’s common stock on the date of grant. Such awards will be earned only if performance goals over performance periods established by or under the direction of the Compensation Committee are met. The performance goals and periods may vary from participant-to-participant, group-to-group, and time-to-time. The performance awards will be delivered in common stock at the end of the service period based on the company’s actual performance compared to the target metric and may be from 0% to 185% of the initial award. Compensation expense is recognized using the graded vesting method over the three-year service period and is adjusted each period based on the current estimate of performance compared to the target metric.

Restricted Stock

Subject to the terms and conditions of the Omnibus Plan, the Compensation Committee may grant shares of restricted stock and/or restricted stock units. The grant date fair value of a restricted stock unit is the fair market value of the company’s common stock on the date of grant. Restricted stock units are similar to restricted stock except that no shares are actually awarded to the participant on the date of grant. Shares of restricted stock and/or restricted stock units awarded under the Omnibus Plan may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated until the end of the applicable period of restriction established by the Compensation Committee and specified in the award agreement (and in the case of restricted stock units until the date of delivery or other payment). Compensation expense is recognized on a straight-line basis as shares become free of forfeiture restrictions (i.e. vest) generally over a four-year period.

Non-Employee Director Awards

The company’s Board sets the amounts and types of equity awards that are granted to all non-employee directors on a periodic, nondiscriminatory basis pursuant to the Omnibus Plan, as well as any additional amounts, if any, to be awarded, also on a periodic, nondiscriminatory basis, based on each of the following: the number of committees of the Board on which a non-employee director serves, service of a non-employee director as the chair of a Committee of the Board, service

of a non-employee director as Chairman of the Board or Lead Independent Director, or the first selection or appointment of an individual to the Board as a non-employee director. Currently, non-employee directors receive annual awards of restricted stock units valued at $0.2 million with an additional amount for the non-employee director serving as board chair. The restricted stock units have a vesting period of around one-year and non-employee directors may elect to settle such awards (i) on the first anniversary of the grant date or (ii) following such director’s separation from service provided that they continuously served on the Board from the grant date through the vesting date. All restricted stock units are settled in common stock one to one.

Unless a non-employee director gives notice setting forth a different percentage, 50% of each director’s annual retainer fee is deferred and converted into units based on the fair market value of the company’s stock as of the date it was payable and paid upon separation of service from the Board.

Summary of Non-Vested Shares

The following information summarizes the changes in non-vested performance shares, performance units, restricted stock, and restricted stock units for 2024:

​

​

​

​

​

​

​

​

    

​

    

Weighted-

​

​

​

​

Average Grant

​

​

Shares

​

Date Fair Value

Non-vested shares at December 31, 2023

 

820,220

​

$

117.84

Granted

 

401,602

​

 

115.73

Vested

 

(337,945)

​

 

109.77

Forfeited

 

(43,178)

​

 

122.68

Non-vested shares at December 31, 2024

 

840,699

​

$

119.83

​

The total fair value of shares vested during 2024, 2023, and 2022 was $39.5 million, $57.0 million, and $47.3 million, respectively.

As of December 31, 2024, there was $31.8 million of total unrecognized compensation cost related to non-vested shares and stock options which is expected to be recognized over a weighted-average period of 2.2 years.
v3.25.0.1
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2024
Employee Benefit Plans  
Employee Benefit Plans

13. Employee Benefit Plans

The company maintains an unfunded Arrow SERP under which the company will pay supplemental pension benefits to certain employees upon retirement. As of December 31, 2024, there were 10 current and 26 former corporate officers participating in this plan. The Board determines those employees who are eligible to participate in the Arrow SERP.

The Arrow SERP, as amended, provides for the pension benefits to be based on a percentage of average final compensation, based on years of participation in the Arrow SERP. The Arrow SERP permits early retirement, with payments at a reduced rate, based on age and years of service subject to a minimum retirement age of 55.

The company uses a December 31 measurement date for the Arrow SERP benefit plan. Pension information for the years ended December 31 is as follows:

​

​

​

​

​

​

​

​

​

​

​

Arrow SERP

 

(thousands)

    

2024

    

2023

 

Accumulated benefit obligation

​

$

74,530

​

$

77,737

​

Changes in projected benefit obligation:

​

 

  

​

 

  

​

Projected benefit obligation at beginning of year

​

 

88,084

​

 

84,148

​

Service cost

​

 

3,193

​

 

3,250

​

Interest cost

​

 

4,081

​

 

4,082

​

Actuarial (gain) loss

​

 

(6,602)

​

 

1,328

​

Benefits paid

​

 

(5,724)

​

 

(4,724)

​

Projected benefit obligation at end of year

​

 

83,032

​

 

88,084

​

Funded status

​

$

(83,032)

​

$

(88,084)

​

Amounts recognized in the company's consolidated balance sheets:

​

 

  

​

 

  

​

Current liabilities

​

$

(6,168)

​

$

(6,186)

​

Noncurrent liabilities

​

 

(76,864)

​

 

(81,898)

​

Net liability at end of year

​

$

(83,032)

​

$

(88,084)

​

Components of net periodic pension cost:

​

 

  

​

 

  

​

Service cost

​

$

3,193

​

$

3,250

​

Interest cost

​

 

4,081

​

 

4,082

​

Amortization of prior service cost

​

​

337

​

​

336

​

Amortization of net loss

​

 

(164)

​

 

(668)

​

Net periodic pension cost

​

$

7,447

​

$

7,000

​

Weighted-average assumptions used to determine benefit obligation:

​

 

  

​

 

  

​

Discount rate

​

 

5.50

%  

 

4.80

%

Rate of compensation increase

​

 

5.00

%  

 

5.00

%

Expected return on plan assets

​

 

N/A

​

 

N/A

​

Weighted-average assumptions used to determine net periodic pension cost:

​

 

  

​

 

  

​

Discount rate

​

 

4.80

%  

 

5.00

%

Rate of compensation increase

​

 

5.00

%  

 

5.00

%

Expected return on plan assets

​

 

N/A

​

 

N/A

​

​

The amounts reported for net periodic pension cost and the respective benefit obligation amounts are dependent upon the actuarial assumptions used. The company reviews historical trends, future expectations, current market conditions, and external data to determine the assumptions. The discount rate represents the market rate for a high-quality corporate bond. The rate of compensation increase is determined by the company, based upon its long-term plans for such increases. The actuarial assumptions used to determine the net periodic pension cost are based upon the prior year’s assumptions used to determine the benefit obligation.

Benefit payments are expected to be paid as follows:

​

​

​

​

​

(thousands)

    

Arrow SERP

2025

​

$

6,168

2026

​

 

6,318

2027

​

 

6,183

2028

​

 

6,201

2029

​

 

6,792

2030 - 2034

​

 

36,382

​

As of December 31, 2024, the company had designated $115.7 million in assets to cover the ongoing costs of SERP payouts for both current and former executives. These assets were comprised primarily of life insurance policies and mutual fund investments, and $114.4 million of these investments were held in a rabbi trust. Contributions to the rabbi trust are irrevocable by the company. In the event of bankruptcy by the company, the assets held by the rabbi trust are subject to claims made by the company’s creditors.

Other Comprehensive Income Items

The following table presents the other comprehensive income items for the years ended December 31:

​

​

​

​

​

​

​

​

​

​

​

(thousands)

    

2024

​

2023

​

2022

Actuarial (loss) gains, net of tax

​

$

5,027

​

$

(1,011)

​

$

19,548

Reclassification of actuarial loss (gain), net of tax (a)

​

 

(125)

​

​

(508)

​

​

590

Prior service (costs), net of tax

​

​

—

​

​

—

​

​

(2,304)

Reclassification of prior service costs, net of tax

​

​

256

​

​

256

​

​

—

​

Accumulated other comprehensive income (loss) at December 31, 2024 and 2023 includes unrecognized actuarial gains, net of related taxes, of $12.2 million and $7.3 million, respectively, that have not yet been recognized in net periodic pension cost. Accumulated other comprehensive income (loss) at December 31, 2024 and 2023 includes prior service (costs), net of related taxes, of $(1.8) million and $(2.0) million, respectively, that have not yet been recognized in net periodic pension cost.

Defined Contribution Plans

The company has defined contribution plans for eligible employees, which qualify under Section 401(k) of the Internal Revenue Code. The company’s contribution to the plans, which are based on a specified percentage of employee contributions, amounted to $20.1 million, $21.2 million, and $20.3 million in 2024, 2023, and 2022, respectively. Certain international subsidiaries maintain separate defined contribution plans for their employees and made contributions thereunder, which amounted to $22.4 million, $22.6 million, and $22.1 million in 2024, 2023, and 2022, respectively.

v3.25.0.1
Lease Commitments
 12 Months Ended
Dec. 31, 2024
Lease Commitments  
Lease Commitments

14. Lease Commitments

The company leases certain offices, distribution centers, and other property under non-cancellable operating leases expiring at various dates through 2036. Substantially all leases are classified as operating leases. The company recorded operating lease costs of $98.0 million, $93.4 million, and $92.0 million in 2024, 2023, and 2022, respectively.

The following amounts were recorded in the consolidated balance sheets at December 31:

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

Operating Leases

 

​

  

 

​

  

Right-of-use asset

​

$

251,129

​

$

269,524

​

​

​

​

​

​

​

Lease liability - current

​

$

68,941

​

$

74,232

Lease liability - non-current

​

 

198,466

​

 

210,110

Total operating lease liabilities

​

$

267,407

​

$

284,342

​

Maturities of operating lease liabilities at December 31 were as follows:

​

​

​

​

​

(thousands)

    

2024

2025

​

$

77,607

2026

​

 

63,279

2027

​

 

53,911

2028

​

 

43,888

2029

​

 

23,085

Thereafter

​

 

39,252

Total lease payments

​

 

301,022

Less: imputed interest

​

 

(33,615)

Total

​

$

267,407

​

Other information pertaining to leases consists of the following for the year ended December 31:

​

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

 

Supplemental Cash Flow Information

 

​

  

 

​

  

​

Cash paid for amounts included in the measurement of operating lease liabilities

​

$

94,829

​

$

91,797

​

Right-of-use assets obtained in exchange for operating lease obligations

​

 

62,583

​

 

74,356

​

​

​

​

​

​

​

​

​

Operating Lease Term and Discount Rate

​

 

  

​

 

  

​

Weighted-average remaining lease term in years

​

 

5 years

​

 

5 years

​

Weighted-average discount rate

​

 

5.4%

​

 

4.6%

​

​
v3.25.0.1
Contingencies
 12 Months Ended
Dec. 31, 2024
Contingencies  
Contingencies

15. Contingencies

Environmental Matters

The Company has accrued liabilities of $24.7 million for ongoing environmental remediation efforts at sites in Huntsville, Alabama (the “Huntsville site”) and Norco, California (the “Norco site”) at which contaminated soil and groundwater was identified. The contamination related to activities of certain subsidiaries which ended prior to 2000. Remediation efforts began in 2015 and 2003 at the Huntsville site and Norco site, respectively, and are progressing under action plans monitored by local environmental agencies.

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. Environmental liabilities are included in “Accrued expenses” and “Other liabilities” on the company’s consolidated balance sheets. The company has determined that there is no amount within the environmental liability ranges discussed below, that is a better estimate than any other amount, and therefore has recorded the accruals at the minimum amount of the ranges. The liabilities were estimated based on current costs and are not discounted. Environmental costs related to these matters include remediation, project management, regulatory oversight, and investigative and feasibility study activities.

To date, the company has spent approximately $9.1 million and $86.5 million related to environmental costs at the Huntsville site and the Norco site, respectively. The subsequent environmental costs at the Huntsville site are estimated to be between $5.3 million and $17.0 million and at the Norco site they are estimated to be between $19.4 million and $35.5 million.

The company expects the liabilities associated with such ongoing remediation to be resolved over an extended period of time with current estimates extending beyond 2040. The 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, the efficacy and long-term costs of remediation, improvements in remediation technologies, orders by administrative agencies, and the extent to which environmental laws and regulations may change in the future. Accordingly, the company cannot presently estimate the ultimate potential costs related to either of the two sites.

During 2023, the company recorded charges of $23.3 million related to increases in the environmental liabilities for the Huntsville and Norco sites. These costs are included in “Restructuring, integration, and other” on the company’s consolidated statements of operations.

To date, the company has recovered approximately $47.3 million from certain insurance carriers relating to environmental clean-up matters at these sites and continues to pursue additional recoveries from one insurer related solely to the Huntsville site. The company has not recorded a receivable for any potential future insurance recoveries.

It is reasonably possible that the company will need to adjust the liabilities noted above to reflect the effects of new or additional information, to the extent that such information impacts the costs, timing, or duration of the required actions.

Future changes in estimates of the costs, timing, or duration of the required actions could have a material adverse effect on the company’s consolidated financial position, results of operations, or cash flows.

Other

During 2023, the company received $62.2 million in settlement benefits in connection with claims filed against certain manufacturers of aluminum, tantalum, and film capacitors who allegedly colluded to fix the price of capacitors from 2001 through 2014. These amounts were recorded as a reduction to “Selling, general, and administrative” in the company’s consolidated statements of operations.

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.
v3.25.0.1
Segment and Geographic Information
 12 Months Ended
Dec. 31, 2024
Segment and Geographic Information  
Segment and Geographic Information

16. 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 organizes its operations by geographic region and global business lines. The company’s operating segments reflect the way the chief executive officer, who is the CODM as defined in ASC 280, Segment Reporting, reviews financial information, makes operating decisions and assesses business performance. In identifying operating segments, the company also considers its annual budgeting and forecasting process, management reporting structure, the basis on which management compensation is determined, information presented to the Board of Directors and similarities such as the nature of products, the level of shared products, technology and other resources, and customer base. The company concluded that identifying operating segments by major geographic region within each of the company’s major businesses was consistent with the objectives of ASC 280 and it has aggregated geographic operating segments within the global components reportable segment and the global ECS reportable segment based on similar characteristics including long-term financial performance, the nature of services provided, internal process for delivering those services, and types of customers.

​

The company’s global components reportable segment is enabled by a comprehensive range of value-added capabilities and services, markets, and distributes electronic components to OEMs and EMS providers. The company’s global ECS reportable segment is a leading value-added provider of comprehensive computing solutions and services. The global ECS portfolio of computing solutions includes datacenter, cloud, security, and analytics solutions. Global ECS brings broad market access, extensive supplier relationships, scale, and resources to help its VARs and MSPs meet the needs of their end-users.

​

The CODM evaluates the performance of both reportable segments based on operating income. Sales, net gross profit, and operating expenses are also monitored closely. This information is used to monitor operating margins, measure segment profitability, allocate resources, and make budgeting and forecasting decisions about the reportable segments. The CODM also uses these measures to monitor trends in year over year performance comparisons, sequential quarter performance comparisons, and to compare actual results to forecasts. More disaggregated information about operating expense is generally only reviewed by the CODM on a consolidated basis.

​

As a result of the company’s philosophy of maximizing operating efficiencies through the centralization of certain functions, operating income for the reportable segments excludes unallocated corporate overhead costs, depreciation on corporate fixed assets, and restructuring, integration, and other costs, as they are not attributable to the individual reportable segments and are included in the corporate line item.

​

​

​

​

​

​

​

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

​

​

​

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

    

2022

Sales:

 

​

  

 

​

  

 

​

  

Components:

 

​

  

 

​

  

 

​

  

Americas

​

$

6,411,701

​

$

7,954,713

​

$

9,592,547

EMEA

​

 

5,648,107

​

 

8,074,894

​

​

7,627,974

Asia/Pacific

​

 

7,923,459

​

 

9,390,292

​

​

11,567,482

Global components

​

$

19,983,267

​

$

25,419,899

​

$

28,788,003

​

​

​

​

​

​

​

​

​

​

ECS:

​

 

  

​

 

  

​

​

  

Americas

​

$

4,067,160

​

$

4,160,298

​

$

4,847,027

EMEA

​

 

3,872,897

​

 

3,526,923

​

​

3,489,392

Global ECS

​

$

7,940,057

​

$

7,687,221

​

$

8,336,419

Consolidated

​

$

27,923,324

​

$

33,107,120

​

$

37,124,422

​

Sales by country are as follows:

​

​

​

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

    

2022

Sales:

 

​

  

 

​

  

 

​

  

China and Hong Kong

​

$

4,033,744

​

$

4,858,871

​

$

6,339,883

Germany

​

 

3,007,517

​

 

4,341,837

​

 

4,715,806

Other

​

 

11,114,613

​

 

12,737,852

​

 

12,901,063

Total foreign

​

$

18,155,874

​

$

21,938,560

​

$

23,956,752

United States

​

 

9,767,450

​

 

11,168,560

​

 

13,167,670

Total

​

$

27,923,324

​

$

33,107,120

​

$

37,124,422

​

The company operates in more than 85 countries worldwide. Sales to unaffiliated customers are based on the company location that maintains the customer relationship and transacts the external sale.

​

Results of operations by reportable segment are as follows for the years ended December 31:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

(thousands)

​

Global Components

​

Global ECS

​

Corporate

​

Consolidated

​

Sales

​

$

19,983,267

​

$

7,940,057

​

$

-

​

$

27,923,324

​

Cost of sales

​

​

17,650,909

​

​

6,980,007

​

​

-

​

​

24,630,916

​

Gross profit

​

​

2,332,358

​

​

960,050

​

​

-

​

​

3,292,408

​

Gross profit margin

​

​

11.7

%

​

12.1

%

​

-

​

​

11.8

%

Operating expenses (a)

​

​

1,591,085

​

​

549,975

​

​

382,791

​

​

2,523,851

​

Operating income (loss) (b) (c) (d)

​

$

741,273

​

$

410,075

​

$

(382,791)

​

$

768,557

​

Operating income margin

​

​

3.7

%

​

5.2

%

​

-

​

​

2.8

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2023

​

(thousands)

​

Global Components

​

Global ECS

​

Corporate

​

Consolidated

​

Sales

​

$

25,419,899

​

$

7,687,221

​

$

-

​

$

33,107,120

​

Cost of sales

​

​

22,220,779

​

​

6,737,323

​

​

-

​

​

28,958,102

​

Gross profit

​

​

3,199,120

​

​

949,898

​

​

-

​

​

4,149,018

​

Gross profit margin

​

​

12.6

%

​

12.4

%

​

-

​

​

12.5

%

Operating expenses (a)

​

​

1,739,954

​

​

582,894

​

​

355,006

​

​

2,677,854

​

Operating income (loss) (b) (c) (d)

​

$

1,459,166

​

$

367,004

​

$

(355,006)

​

$

1,471,164

​

Operating income margin

​

​

5.7

%

​

4.8

%

​

-

​

​

4.4

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2022

​

(thousands)

​

Global Components

​

Global ECS

​

Corporate

​

Consolidated

​

Sales

​

$

28,788,003

​

$

8,336,419

​

$

-

​

$

37,124,422

​

Cost of sales

​

​

24,883,076

​

​

7,404,721

​

​

-

​

​

32,287,797

​

Gross profit

​

​

3,904,927

​

​

931,698

​

​

-

​

​

4,836,625

​

Gross profit margin

​

​

13.6

%

​

11.2

%

​

-

​

​

13.0

%

Operating expenses (a)

​

​

1,943,802

​

​

523,179

​

​

301,150

​

​

2,768,131

​

Operating income (loss) (d)

​

$

1,961,125

​

$

408,519

​

$

(301,150)

​

$

2,068,494

​

Operating income margin

​

​

6.8

%

​

4.9

%

​

-

​

​

5.6

%

​

(a)Segment operating expenses include employee related expenses, depreciation and amortization, allowance for credit losses, and other segment expenses.
(b)Global components operating income includes charges of $60.6 million in inventory write downs related to the wind down of businesses in 2024. Global components operating income includes $62.2 million in settlement benefits recorded as a reduction to operating expense for 2023. Refer to Note 15.
(c)In 2023, global ECS operating income includes charges of $25.4 million to increase the allowance for credit losses related to one customer. During 2024, global ECS operating income includes a reversal of charges of $20.0 million for aged receivables that were collected, related to the same customer.
(d)Corporate operating loss for the years 2024, 2023, and 2022 includes restructuring, integration, and other charges of $142.9 million, $83.9 million, and $13.7 million, respectively. Refer to Note 9.

​

Total assets, by reportable segment, at December 31 are as follows:

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

Total assets:

 

​

  

 

​

  

Global components

​

$

14,765,931

​

$

15,129,190

Global ECS

​

 

6,518,723

​

 

6,051,459

Corporate

​

 

473,053

​

 

545,519

Consolidated

​

$

21,757,707

​

$

21,726,168

​

Long-lived assets by country are as follows:

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

Long-lived assets:

 

​

  

 

​

  

Netherlands

​

$

78,120

​

$

89,199

France

​

​

86,268

​

​

87,861

Other

​

 

223,903

​

 

258,264

Total foreign

​

$

388,291

​

$

435,324

United States

​

 

332,098

​

 

364,940

Total

​

$

720,389

​

$

800,264

​
v3.25.0.1
VALUATION AND QUALIFYING ACCOUNTS
 12 Months Ended
Dec. 31, 2024
VALUATION AND QUALIFYING ACCOUNTS  
VALUATION AND QUALIFYING ACCOUNTS

ARROW ELECTRONICS, INC.

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Balance at

    

​

​

    

​

​

    

​

​

    

​

​

​

​

Beginning of

​

Charged to

​

​

​

​

​

​

​

Balance at

Allowance for credit losses (thousands)

​

Year

​

Income

​

Other (a)

​

Write-down

​

End of Year

Year ended December 31, 2024

​

$

146,480

​

$

751

​

$

(2,411)

​

$

28,375

​

$

116,445

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31, 2023

​

$

93,397

​

$

71,984

​

$

690

​

$

19,591

​

$

146,480

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31, 2022

​

$

75,901

​

$

34,590

​

$

(1,476)

​

$

15,618

​

$

93,397

(a)“Other” primarily includes the effect of fluctuations in foreign currencies and the allowance for credit losses of the businesses acquired and disposed of by the company.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net Income (Loss) $ 392,074 $ 903,505 $ 1,426,884
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Rule 10b5-1 Arrangement Modified false
Non Rule 10b5-1 Arrangement Modified false
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management Strategy And Governance [Abstract]  
Cybersecurity Risk Management Processes For Assessing Identifying And Managing Threats [Text Block]

Risk Management and Strategy

​

The company maintains a multi-layered approach to cybersecurity risk management which leverages technology and human oversight. The company uses active and passive methods designed to continuously monitor information systems and assess, identify, and manage potential vulnerabilities and threats. This digital-security management process is integrated into the company’s broader enterprise risk management framework.

​

The company utilizes active monitoring techniques (e.g., penetration testing), designed to leverage multiple sources of threat intelligence and vulnerability scanning complemented by endpoint protection and network systems. The company has a rapid-response protocol designed to investigate system alerts of potential cybersecurity threats, and the company’s incident response plan provides a structured approach to inter-departmental assessment, mitigation, and resolution of cybersecurity threats. The company conducts regular tabletop exercises to test and fortify the controls of its cybersecurity incident response program.

​

The company maintains strategic relationships with third-party cybersecurity experts and coordinates with various law-enforcement partners, each of whom may be engaged to provide additional investigative and remediation support. The company’s senior security leadership conducts periodic, in-depth reviews with the company’s enterprise risk management team and internal and external auditors to evaluate the effectiveness of the company’s cybersecurity systems, controls, and management processes.

​

The company conducts a security assessment for potential suppliers and service providers, which includes detailed interviews, questionnaires, and cyber-risk scoring. This process extends beyond initial engagement, with ongoing monitoring to identify emerging security risks or changes in suppliers’ risk profiles.

​

The company describes whether and how risks from identified cybersecurity threats have materially affected or are reasonably likely to materially affect the company under the heading “Cybersecurity incidents may hurt the company’s business, damage its reputation, increase its costs, and cause losses,” included as part of the company’s risk factor disclosures in Item 1A of this Annual Report on Form 10-K. To date, the company is not aware of any cybersecurity threats or incidents that have materially affected, or are reasonably likely to materially affect, the company, including its financial condition, results of operations, or business strategies.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]

The company maintains a multi-layered approach to cybersecurity risk management which leverages technology and human oversight. The company uses active and passive methods designed to continuously monitor information systems and assess, identify, and manage potential vulnerabilities and threats. This digital-security management process is integrated into the company’s broader enterprise risk management framework.

​

The company utilizes active monitoring techniques (e.g., penetration testing), designed to leverage multiple sources of threat intelligence and vulnerability scanning complemented by endpoint protection and network systems. The company has a rapid-response protocol designed to investigate system alerts of potential cybersecurity threats, and the company’s incident response plan provides a structured approach to inter-departmental assessment, mitigation, and resolution of cybersecurity threats. The company conducts regular tabletop exercises to test and fortify the controls of its cybersecurity incident response program.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight And Identification Processes [Flag] true
Cybersecurity Risk Materially Affected Or Reasonably Likely To Materially Affect Registrant [Flag] false
Cybersecurity Risk Board Of Directors Oversight [Text Block]

Governance

​

The Board of Directors of the company (the “Board”), primarily through its Audit Committee, oversees the company’s cybersecurity program. The company’s CIO and CSO regularly report to the Audit Committee on the current state of the company’s cybersecurity program (including the current threat landscape, cybersecurity risks, and any significant incidents). The Audit Committee may provide updates to the Board on the substance of these reports and any recommendations for enhancements that the Audit Committee deems appropriate.

​

The CIO and CSO receive regular reports from the company’s cybersecurity department, both historical and real-time, about the company’s global cybersecurity status. The company believes this approach enables the CIO and CSO to monitor the company's global security status and to identify and assess potential threats. The company has established written policies and procedures to ensure that cybersecurity incidents are immediately investigated, addressed through the coordination of various internal departments, and publicly reported (to the extent required by applicable law). The company’s security organization assesses the severity and priority of incidents on a rolling basis, with escalations of

cybersecurity incidents provided to the management team. If management determines a cybersecurity incident is material, the company’s incident response plan and its disclosure controls and procedures set forth the process for any required disclosures and require management to promptly inform the Board.

​

Under the direction of the CIO, the CSO is responsible for global cybersecurity and business continuity, which includes security architecture, security operations, incident response, IT risk and compliance, physical security, fraud and security awareness and training. The CSO has over 20 years of security experience and holds a degree in IT and cybersecurity, along with maintaining certifications in risk, information security, data privacy, legal investigations, and audit, among other disciplines. The other members of the company’s security organization also have extensive cybersecurity, business, and technology experience and all hold certifications in their area of expertise.
Cybersecurity Risk Board Committee Or Subcommittee Responsible For Oversight [Text Block] Audit Committee
Cybersecurity Risk Process For Informing Board Committee Or Subcommittee Responsible For Oversight [Text Block]

The Board of Directors of the company (the “Board”), primarily through its Audit Committee, oversees the company’s cybersecurity program. The company’s CIO and CSO regularly report to the Audit Committee on the current state of the company’s cybersecurity program (including the current threat landscape, cybersecurity risks, and any significant incidents). The Audit Committee may provide updates to the Board on the substance of these reports and any recommendations for enhancements that the Audit Committee deems appropriate.
Cybersecurity Risk Role Of Management [Text Block] The company’s CIO and CSO regularly report to the Audit Committee on the current state of the company’s cybersecurity program (including the current threat landscape, cybersecurity risks, and any significant incidents). The Audit Committee may provide updates to the Board on the substance of these reports and any recommendations for enhancements that the Audit Committee deems appropriate.
Cybersecurity Risk Management Positions Or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions Or Committees Responsible [Text Block] The company’s CIO and CSO
Cybersecurity Risk Management Expertise Of Management Responsible [Text Block]

Under the direction of the CIO, the CSO is responsible for global cybersecurity and business continuity, which includes security architecture, security operations, incident response, IT risk and compliance, physical security, fraud and security awareness and training. The CSO has over 20 years of security experience and holds a degree in IT and cybersecurity, along with maintaining certifications in risk, information security, data privacy, legal investigations, and audit, among other disciplines. The other members of the company’s security organization also have extensive cybersecurity, business, and technology experience and all hold certifications in their area of expertise.
Cybersecurity Risk Process For Informing Management Or Committees Responsible [Text Block]

The CIO and CSO receive regular reports from the company’s cybersecurity department, both historical and real-time, about the company’s global cybersecurity status. The company believes this approach enables the CIO and CSO to monitor the company's global security status and to identify and assess potential threats. The company has established written policies and procedures to ensure that cybersecurity incidents are immediately investigated, addressed through the coordination of various internal departments, and publicly reported (to the extent required by applicable law). The company’s security organization assesses the severity and priority of incidents on a rolling basis, with escalations of

cybersecurity incidents provided to the management team. If management determines a cybersecurity incident is material, the company’s incident response plan and its disclosure controls and procedures set forth the process for any required disclosures and require management to promptly inform the Board.
Cybersecurity Risk Management Positions Or Committees Responsible Report To Board [Flag] true
v3.25.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Summary of Significant Accounting Policies  
Principles of Consolidation

Principles of Consolidation

The consolidated financial statements of Arrow Electronics, Inc. (the “company” or “Arrow”) include the accounts of the company, its majority-owned subsidiaries, and Arrow EMEA Funding Corp B.V. (see Note 4). All significant intercompany transactions are eliminated.
Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with GAAP in the United States requires the company to make significant estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Cash and Cash Equivalents

Cash and Cash Equivalents

Cash equivalents consist of highly liquid investments, which are readily convertible into cash, with original maturities of three months or less.
Trade Accounts Receivable

Trade Accounts Receivable

Trade accounts receivable are reported at amortized cost, net of the allowance for credit losses in the consolidated balance sheets. The allowance for credit losses is a valuation account that is deducted from the receivables’ amortized cost basis to present the net amount expected to be collected. Receivables are written off against the allowance when management believes the receivable balance is confirmed to be uncollectible.

Management estimates the allowance for credit losses using relevant available information about expected credit losses and an age-based reserve model. Inputs to the model include information about historical credit losses, customer credit ratings, past events, current conditions, and reasonable and supportable forecasts. Adjustments to historical loss information are made for differences in current receivable-specific risk characteristics such as changes in the economic and industry environment, or other relevant factors.

Expected credit losses are estimated on a collective (pool) basis, when similar risk characteristics exist, based on customer credit ratings, which include both externally acquired as well as internally determined credit ratings. Receivables that do not share risk characteristics are evaluated on an individual basis.
Inventories

Inventories

Inventories are stated at the lower of cost or net realizable value. Cost is determined on a moving average cost basis, which approximates the first-in, first-out method. Substantially all inventories represent finished goods held for sale.
Property, Plant, and Equipment

Property, Plant, and Equipment

Property, plant, and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The estimated useful lives for depreciation of buildings is generally 20 to 30 years, and the estimated useful lives of machinery and equipment is generally 3 to 10 years. Leasehold improvements are amortized over the shorter of the term of the related lease or the life of the improvement. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying value of a specific asset or asset group may not be recoverable. The company assesses the recoverability of long-lived assets with definite lives at the asset group

level. Asset groups are determined based upon the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. If the carrying value of an asset group cannot be recovered from estimated future cash flows, undiscounted and without interest, the fair value of the asset is calculated using the present value of estimated net future cash flows. If the fair value is less than the carrying amount of the asset, a loss is recognized for the difference, subject to the limitation of individual asset fair values within the group.
Software Development Costs

Software Development Costs

The company capitalizes certain internal and external costs incurred to acquire or create internal-use software. Capitalized software costs are amortized on a straight-line basis over the estimated useful life of the software, which is generally 3 to 12 years. At December 31, 2024 and 2023, the company had unamortized software development costs of $195.0 million and $242.4 million, respectively, which are included in “Machinery and equipment” in the company’s consolidated balance sheets.
Identifiable Intangible Assets

Identifiable Intangible Assets

Amortization of definite-lived intangible assets is computed using the straight-line method over the estimated useful lives of the assets. Identifiable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable.
Investments

Investments

Investments are accounted for using the equity method if the investment provides the company the ability to exercise significant influence, but not control, over an investee. Significant influence is generally deemed to exist if the company has an ownership interest in the voting stock of the investee between 20% and 50%, although other factors, such as representation on the investee’s Board of Directors, are considered in determining whether the equity method is appropriate. The company records its investments in equity method investees meeting these characteristics as “Equity in earnings of affiliated companies” in the company’s consolidated statements of operations and “Investments in affiliated companies” in the company’s consolidated balance sheets.

Equity investments for which the company does not possess the ability to exercise significant influence are measured at fair value using quoted market prices, and are included in “Other assets” in the company’s consolidated balance sheets. Changes in fair value are recorded in “(Loss) gain on investments, net” in the company’s consolidated statements of operations.

The company records equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes.
Goodwill

Goodwill

Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. The company tests goodwill for impairment annually as of the first day of the fourth quarter and/or when an event occurs or circumstances change such that it is more likely than not that an impairment may exist. Examples of such events and circumstances that the company would consider include the following:

●macroeconomic conditions such as deterioration in general economic conditions, limitations on accessing capital, fluctuations in foreign exchange rates, or other developments in equity and credit markets;
●industry and market considerations such as a deterioration in the environment in which the company operates, an increased competitive environment, a decline in market-dependent multiples or metrics (considered in both absolute terms and relative to peers), a change in the market for the company’s products or services, or a regulatory or political development;
●cost factors such as increases in inventory, labor, or other costs that have a negative effect on earnings and cash flows;
●overall financial performance such as negative or declining cash flows or a decline in actual or planned revenue or earnings compared with actual and projected results of relevant prior periods;
●other relevant entity-specific events such as changes in management, key personnel, strategy, or customers, contemplation of bankruptcy, or litigation;
●events affecting a reporting unit such as a change in the composition or carrying amount of its net assets, a more likely than not expectation of selling or disposing all, or a portion, of a reporting unit, the testing for recoverability of a significant asset group within a reporting unit, or recognition of a goodwill impairment loss in the financial statements of a subsidiary that is a component of a reporting unit; and
●a sustained decrease in share price (considered in both absolute terms and relative to peers).

Goodwill is tested at a level of reporting referred to as the reporting unit. Below is a list of the company’s reporting units and the respective allocation of goodwill:

​

​

​

​

​

​

    

​

(thousands)

​

2024

Americas Components

​

$

563,135

EMEA Components

​

 

115,651

Asia/Pacific Components (a)

​

​

—

eInfochips

​

​

223,659

​

​

​

​

Americas ECS

​

​

776,765

EMEA ECS

​

​

376,085

Consolidated

​

$

2,055,295

(a) Within the global components reportable segment, the Asia/Pacific reporting unit’s goodwill was previously fully impaired.

The company performs a quantitative goodwill impairment test annually and this test is used to both identify and measure impairment by comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit is less than its fair value, no impairment exists. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit.

The company estimates the fair value of a reporting unit using the income approach. For the purposes of the income approach, fair value is determined based on the present value of estimated future cash flows, discounted at an appropriate risk-adjusted rate. The assumptions included in the income approach include forecasted revenues, gross profit margins, operating income margins, working capital, perpetual growth rates, income tax rates, and long-term discount rates, among others, all of which require significant judgments by management. Actual results may differ from those assumed in the company’s forecasts. The company also reconciles its discounted cash flow analysis to its current market capitalization allowing for a reasonable control premium. As of the first day of the fourth quarters of 2024, 2023, and 2022, the company’s annual impairment testing did not indicate impairment at any of the company’s reporting units.

As of the date of the company’s 2024 annual impairment test, the fair value of all reporting units exceeded their carrying values by more than 38%. Discount rates are one of the more significant assumptions used in the income approach. If the company increased the discount rates used by 100 basis points, the fair value of all reporting units would still exceed their carrying values by more than 24%.

A decline in general economic conditions or global equity valuations could impact the judgments and assumptions about the fair value of the company’s businesses, and the company could be required to record an impairment charge in the future, which could impact the company’s consolidated balance sheets, as well as the company’s consolidated statements of operations. If the company was required to recognize an impairment charge in the future, the charge would not impact the company’s consolidated cash flows, current liquidity, capital resources, and covenants under its existing revolving credit facility, North American asset securitization program, other outstanding borrowings, and EMEA asset securitization program.
Leases

Leases

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

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

Foreign Currency Translation and Remeasurement

The assets and liabilities of international operations are translated at the exchange rates in effect at the balance sheet date. Revenue and expense accounts are translated at the monthly average exchange rates. Adjustments arising from the translation of the foreign currency financial statements of the company’s international operations are reported as a component of “Accumulated other comprehensive loss” in the company’s consolidated balance sheets.

For foreign currency remeasurement from each local currency into the appropriate functional currency, monetary assets and liabilities are remeasured to functional currencies using current exchange rates in effect at the balance sheet date. Gains or losses from these remeasurements were not significant and have been included in the company’s consolidated statements of operations. Non-monetary assets and liabilities are recorded at historical exchange rates. Transactions denominated in currencies other than the applicable functional currency are converted to the functional currency at the exchange rate on the transaction date.
Income Taxes

Income Taxes

Income taxes are accounted for under the liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of differences between the tax bases of assets and liabilities and their financial reporting amounts using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

The carrying value of the company’s deferred tax assets is dependent upon the company’s ability to generate sufficient future taxable income in certain tax jurisdictions. Should the company determine that it is more likely than not that some portion or all of its deferred tax assets will not be realized, a valuation allowance to reduce the deferred tax assets is established in the period such determination is made. The assessment of the need for a valuation allowance requires judgment on the part of management with respect to the benefits that could be realized from future taxable income, as well as other positive and negative factors.

It is also the company’s policy to provide for uncertain tax positions and the related interest and penalties based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. To the extent the company prevails in matters for which a liability for an unrecognized tax benefit is established, or is required to pay amounts in excess of the liability, or when other facts and circumstances change, the company’s effective tax rate in a given financial statement period may be materially affected.
Net Income Per Share

Net Income Per Share

Basic net income per share is computed by dividing net income attributable to shareholders by the weighted-average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. The dilutive effect of equity awards is calculated using the treasury stock method.
Treasury Stock

Treasury Stock

The company’s stock repurchase program provides an opportunity for the company to repurchase shares at the discretion of the company’s senior executives, based on various factors. The company recognizes treasury stock based on the amount paid to repurchase its shares. Direct costs incurred to acquire treasury stock, including excise taxes, are added to the cost of the treasury stock. Upon the retirement of treasury shares, the cost of repurchased and retired treasury shares in excess of the par value is allocated between additional paid-in capital and retained earnings. All retired shares are classified as authorized but unissued and do not reduce the total number of authorized shares. When treasury shares are reissued, if the issuance price is higher than the average price paid to acquire the shares (the “average cost”), the gain on reissuance is credited to additional paid-in-capital. If the issuance price is lower than the average cost, the loss on reissuance is first charged against any previous gains recorded to additional paid-in-capital from treasury stock, with the remaining balance charged to retained earnings.
Comprehensive Income

Comprehensive Income

Comprehensive income consists of consolidated net income, foreign currency translation adjustment, gains or losses on post-retirement benefit plans, gains or losses on foreign exchange contracts designated as net investment hedges, and gains and losses on interest rate swaps designated as cash flow hedges. Gains or losses on interest rate swaps, and foreign exchange contracts are net of any reclassification adjustments for realized gains or losses included in consolidated net income. Amounts related to net investment hedges that are excluded from the assessment of hedge effectiveness are amortized to “Interest and other financing expense, net” on a straight-line basis over the life of the hedging instrument. Foreign currency translation adjustments included in comprehensive income which are deemed permanent investments in international affiliates were not tax effected. All other comprehensive income items are net of related income taxes.
Stock-Based Compensation

Stock-Based Compensation

The company records share-based payment awards exchanged for employee services at fair value on the date of grant and expenses the awards in the consolidated statements of operations over the requisite employee service period. Stock-based compensation expense includes an estimate for forfeitures. Stock-based compensation expense related to awards with a market or performance condition which cliff vest, and stock-based compensation awards with service conditions only are recognized over the vesting period on a straight-line basis. Stock-based compensation expense related to awards with graded vesting and performance conditions is recognized using the graded vesting method.
Segment Reporting

Segment Reporting

Operating segments are defined as components of an enterprise for which separate financial information is available that is evaluated regularly by the CODM in deciding how to allocate resources and in assessing performance. The company’s operations are classified into two reportable segments: global components and global ECS (see Note 16).
Revenue Recognition

Revenue Recognition

The company recognizes revenue as control of products is transferred to customers, which generally happens at the point of shipment, or when the service has occurred. The company allows its customers to return product for exchange or credit in limited circumstances. The company also provides volume rebates and other discounts to certain customers which are considered a variable consideration. A provision for customer rebates and other discounts is recorded as a reduction of revenue at the time of sale based on an evaluation of the contract terms and historical experience. Sales are recorded net of discounts, rebates, and returns, which historically have not been material. Tariffs are included in sales as the company

has enforceable rights to additional consideration to cover the cost of tariffs. Other taxes imposed by governmental authorities on the company’s revenue producing activities with customers, such as sales taxes and value-added taxes, are excluded from net sales.

Products sold by the company are generally delivered via shipment from the company's facilities, drop shipment directly from the vendor, or by electronic delivery of keys for software products. The company is the principal in transactions when it is principally responsible for fulfilling the order, which includes negotiating pricing, payment to the supplier, establishing payment terms with the customer, product returns, and has risk of loss if the customer does not make payment. Sales, where the company is the principal in the transaction, are reported on the gross amount billed to a customer less discounts, rebates, and returns (referred to as “sales recognized on a gross basis”).

​

The company has contracts with certain customers where the company’s performance obligation is to arrange for the products or services to be provided by another party. The company is the agent in these arrangements, which pertains to the sale of supplier-provided service contracts to customers or delivery of product for which the company does not assume the risks and rewards of ownership as part of logistics services rendered to customers. Sales, where the company is the agent, are reported as the amount billed to the customer net of the cost of the sale (referred to as “sales recognized on a net basis”).

​

Within the company’s global ECS reportable segment, in certain periods, changes in the mix of sales of IT solutions impact the proportion of the company’s revenue that is recorded on a net basis compared to a gross basis. These changes increase or decrease sales during a period without a corresponding change in gross profit. This is driven by the company’s responsibilities in the sale of various IT solutions, which is based on terms and conditions in place with its partners.

​

No single customer accounted for more than 2% of the company’s 2024 consolidated sales. No single supplier accounted for more than 8% of the company’s consolidated sales in 2024. The company believes that many of the products it sells are available from other sources at competitive prices. However, certain parts of the company’s business, such as the company’s global ECS business, rely on a limited number of suppliers with the strategy of providing focused support, extensive product knowledge, and customized service to suppliers, MSPs, and VARs. Most of the company’s purchases from suppliers are pursuant to distributor agreements, which are typically non-exclusive and cancelable by either party at any time or on short notice.
Shipping and Handling Costs

Shipping and Handling Costs

The company reports shipping and handling costs, primarily related to outbound freight, in the consolidated statements of operations as a component of “Selling, general, and administrative” or “Cost of sales”, depending on the nature of the transaction.
Vendor Programs

Vendor Programs

The company participates in supplier programs that provide for price protection, product rebates, marketing/promotional allowances, and other incentives. The consideration received under these programs is recorded in the consolidated statements of operations as an adjustment to “Cost of sales” or “Selling, general, and administrative”, according to the nature of the activity and terms of the vendor program. Incentives are accrued as they are earned based on sales of qualifying products or as services are provided in accordance with the terms of the related program.
Impact of Recently Issued Accounting Standards

Impact of Recently Issued Accounting Standards

In November 2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires entities to disaggregate expense items in the notes to the financial statements and requires disclosure of specified information related to purchases of inventory, employee compensation, depreciation, and intangible asset amortization. The amendments in this ASU are effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Companies have the option to apply the guidance either on a retrospective or prospective basis, and early adoption is permitted. The company is currently evaluating the impact of the ASU on its

condensed consolidated financial statements and related disclosures. In January 2025, the FASB issued ASU No. 2025-01, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This ASU amends the effective date of ASU No. 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption of ASU No. 2024-03 is permitted.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Upon adoption of this ASU, the company will disclose specific new categories in its income tax rate reconciliation and provide additional information for reconciling items above a quantitative threshold. The company will also disclose the amount of income taxes paid disaggregated by federal, state, and foreign taxes, and also disaggregated by individual jurisdictions in which income taxes paid were above a threshold. The company expects these amendments will first be applied in the company’s annual report on form 10-K for the fiscal year ending December 31, 2025, on a prospective basis.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Upon adoption of this ASU, the company has disclosed significant segment expenses, the title and position of the CODM, and an explanation of how the reported measure of segment profit or loss is used by the CODM to assess segment performance and make resource allocation decisions. Effective December 31, 2024, the company adopted the provisions of this ASU on a retrospective basis. Refer to Note 16.

Fair Value of Debt Policy The carrying amount of the company’s other short-term borrowings, 4.00% notes due in 2025, revolving credit facility, North American asset securitization program, commercial paper, and other obligations approximate their fair value.
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.
v3.25.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Summary of Significant Accounting Policies  
Schedule of goodwill

​

​

​

​

​

​

    

​

(thousands)

​

2024

Americas Components

​

$

563,135

EMEA Components

​

 

115,651

Asia/Pacific Components (a)

​

​

—

eInfochips

​

​

223,659

​

​

​

​

Americas ECS

​

​

776,765

EMEA ECS

​

​

376,085

Consolidated

​

$

2,055,295

(a) Within the global components reportable segment, the Asia/Pacific reporting unit’s goodwill was previously fully impaired.
v3.25.0.1
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets  
Schedule of goodwill of companies acquired

​

​

​

​

​

​

​

​

​

​

​

​

    

Global 

    

​

    

​

(thousands)

​

Components

​

Global ECS

​

Total

Balance as of December 31, 2022 (a)

​

$

873,003

​

$

1,154,623

​

$

2,027,626

Foreign currency translation adjustment

​

 

2,191

​

 

20,609

​

 

22,800

Balance as of December 31, 2023 (a)

​

$

875,194

​

$

1,175,232

​

$

2,050,426

Acquisitions

​

 

35,870

​

 

—

​

 

35,870

Foreign currency translation adjustment

​

 

(8,619)

​

 

(22,382)

​

 

(31,001)

Balance as of December 31, 2024 (a)

​

$

902,445

​

$

1,152,850

​

$

2,055,295

(a)The total carrying value of goodwill as of December 31, 2024, 2023, and 2022 in the table above is reflected net of $1.6 billion of accumulated impairment charges, of which $1.3 billion was recorded in the global components reportable segment and $301.9 million was recorded in the global ECS reportable segment.
Schedule of intangible assets, net

Intangible assets, net, are comprised of the following as of December 31, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

    

Gross 

    

​

    

​

​

​

Carrying 

​

Accumulated 

​

​

(thousands)

​

Amount

​

Amortization

​

Net

Customer relationships

​

$

215,366

​

$

(133,927)

​

$

81,439

Amortizable trade name

​

 

74,001

​

 

(58,734)

​

 

15,267

​

​

$

289,367

​

$

(192,661)

​

$

96,706

​

Intangible assets, net, are comprised of the following as of December 31, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

    

Gross 

    

​

    

​

​

​

Carrying 

​

Accumulated 

​

​

(thousands)

​

Amount

​

Amortization

​

Net

Customer relationships

​

$

258,337

​

$

(156,141)

​

$

102,196

Amortizable trade name

​

 

73,811

​

 

(48,567)

​

 

25,244

​

​

$

332,148

​

$

(204,708)

​

$

127,440
v3.25.0.1
Investments in Affiliated Companies (Tables)
 12 Months Ended
Dec. 31, 2024
Investments in Affiliated Companies  
Schedule of investment in affiliated companies

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

Marubun/Arrow

​

$

43,851

​

$

50,779

Other

​

 

13,448

​

 

11,962

​

​

$

57,299

​

$

62,741
Schedule of equity in earnings of affiliated companies

​

​

​

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

    

2022

Marubun/Arrow

​

$

(463)

​

$

4,452

​

$

6,289

Other

​

 

1,831

​

 

1,955

​

 

1,375

​

​

$

1,368

​

$

6,407

​

$

7,664
v3.25.0.1
Accounts Receivable (Tables)
 12 Months Ended
Dec. 31, 2024
Accounts Receivable  
Schedule of accounts receivable, net

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

Accounts receivable

​

$

13,147,436

​

$

12,384,553

Allowance for credit losses

​

 

(116,445)

​

 

(146,480)

Accounts receivable, net

​

$

13,030,991

​

$

12,238,073
Schedule of changes in the allowance for credit losses

​

​

​

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

 

2022

Balance at beginning of period

​

$

146,480

​

$

93,397

​

$

75,901

Charged to income

​

 

751

​

 

71,984

​

 

34,590

Translation Adjustments

​

 

(2,411)

​

 

690

​

 

(1,476)

Write-offs

​

 

(28,375)

​

 

(19,591)

​

 

(15,618)

Balance at end of period

​

$

116,445

​

$

146,480

​

$

93,397
Schedule of sales of accounts receivable to unaffiliated financial institutions under the EMEA asset securitization program

​

​

​

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

​

2022

EMEA asset securitization, sales of accounts receivables

​

$

1,892,516

​

$

3,160,247

​

$

2,524,276
Schedule of other amounts related to the EMEA asset securitization program

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

Receivables sold to unaffiliated financial institutions that were uncollected

​

$

339,669

​

$

529,266

Collateralized accounts receivable held by Arrow EMEA funding Corp B.V.

​

 

528,975

​

 

805,788
Schedule of sales of trade accounts receivable under factoring programs

​

​

​

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

​

2022

Sales of accounts receivables under the factoring programs

​

$

928,279

​

$

1,618,726

​

$

1,612,909
Schedule of other amounts under factoring programs

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

Receivables sold under the factoring programs that were uncollected

​

$

182,432

​

$

375,940

​
v3.25.0.1
Supplier Finance Programs (Tables)
 12 Months Ended
Dec. 31, 2024
Supplier Finance Programs  
Schedule of information relating to rollforward of the company's outstanding obligations under its supplier finance programs

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

Obligations outstanding at the beginning of the year

​

$

1,113,479

​

$

1,568,787

Invoices added during the year

​

 

4,576,839

​

 

4,388,317

Invoices paid during the year

​

​

(4,420,646)

​

​

(4,843,625)

Obligations outstanding at the end of the year

​

$

1,269,672

​

$

1,113,479

​
v3.25.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt  
Schedule of short-term borrowings, including current portion of long-term debt

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

3.25% notes, due September 2024

​

$

—

​

$

499,224

4.00% notes, due April 2025

​

​

349,808

​

​

—

Commercial paper

​

 

—

​

 

1,121,882

Other short-term borrowings

​

 

170

​

 

32,848

​

​

$

349,978

​

$

1,653,954
Schedule of long-term debt

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

Revolving credit facility

​

$

30,000

​

$

—

North American asset securitization program

​

​

633,000

​

​

198,000

4.00% notes, due 2025

​

 

—

​

 

349,061

6.125% notes, due 2026

​

 

—

​

 

497,661

7.50% senior debentures, due 2027

​

 

110,266

​

 

110,184

3.875% notes, due 2028

​

 

497,775

​

 

497,098

5.15% notes, due 2029

​

 

495,209

​

 

—

2.95% notes, due 2032

​

 

495,576

​

 

495,039

5.875% notes, due 2034

​

​

494,986

​

​

—

Other obligations with various interest rates and due dates

​

 

16,971

​

 

6,510

​

​

$

2,773,783

​

$

2,153,553
Schedule of estimated fair market value of long-term debt, using quoted market prices

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

4.00% notes, due 2025

​

$

—

​

$

343,500

6.125% notes, due 2026

​

​

—

​

​

502,000

7.50% senior debentures, due 2027

​

 

115,000

​

 

117,000

3.875% notes, due 2028

​

 

481,500

​

 

475,000

5.15% notes, due 2029

​

 

498,000

​

 

—

2.95% notes, due 2032

​

​

426,000

​

​

425,000

5.875% notes, due 2034

​

 

502,500

​

 

—
v3.25.0.1
Financial Instruments Measured at Fair Value (Tables)
 12 Months Ended
Dec. 31, 2024
Financial Instruments Measured at Fair Value  
Schedule of assets (liabilities) measured at fair value on a recurring basis

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(thousands)

    

Balance Sheet Location

    

Level 1

    

Level 2

    

Level 3

    

Total

Cash equivalents (a)

 

​

Cash and cash equivalents

​

$

10,751

​

$

—

​

$

—

​

$

10,751

Equity investments (b)

 

​

Other assets

​

 

42,907

​

 

—

​

 

—

​

 

42,907

Foreign exchange contracts designated as net investment hedges

 

​

Other assets / other current assets

​

 

—

​

 

53,679

​

 

—

​

 

53,679

​

​

​

​

​

$

53,658

​

$

53,679

​

$

—

​

$

107,337

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(thousands)

    

​

Balance Sheet Location

    

Level 1

    

Level 2

    

Level 3

    

Total

Cash equivalents (a)

 

​

Cash and cash equivalents

​

$

8,729

​

$

—

​

$

—

​

$

8,729

Equity investments (b)

 

​

Other assets

​

 

57,625

​

 

—

​

 

—

​

 

57,625

Interest rate swaps designated as fair value hedge

 

​

Other liabilities

​

 

—

​

 

(454)

​

 

—

​

 

(454)

Foreign exchange contracts designated as net investment hedges

 

​

Other assets / other current assets

​

 

—

​

 

47,245

​

 

—

​

 

47,245

​

​

​

​

​

$

66,354

​

$

46,791

​

$

—

​

$

113,145

(a)Cash equivalents include highly liquid investments with an original maturity of less than three months.
(b)The company has an approximately 9.0% equity ownership interest in Marubun Corporation and a portfolio of mutual funds with quoted market prices. During 2024, 2023, and 2022, the company recorded unrealized gains (losses) of $(12.0) million, $9.7 million, and $(5.8) million, respectively, on equity securities held at the end of each year.
Schedule of effects of derivative instruments on the company's consolidated statements of operations and other comprehensive income

​

​

​

​

​

​

​

​

​

​

​

​

​

(thousands)

    

Income Statement Line

    

2024

    

2023

    

2022

Gain (Loss) Recognized in Income (Loss)

 

  

 

​

  

 

​

  

 

​

  

Foreign exchange contracts, net investment hedge (a)

 

Interest Expense

​

$

6,747

​

$

7,460

​

$

8,805

Interest rate swaps, cash flow hedge

 

Interest Expense

​

 

593

​

 

(2,889)

​

 

(3,586)

Interest rate swap, fair value hedge (b)

 

Interest Expense

​

 

454

​

 

(454)

​

 

—

Total

 

  

​

$

7,794

​

$

4,117

​

$

5,219

Gain (Loss) Recognized in Other Comprehensive Income (Loss) before reclassifications, net of tax

 

  

​

 

  

​

 

  

​

 

  

Foreign exchange contracts, net investment hedge (c)

 

  

​

$

12,996

​

$

(2,276)

​

$

15,474

Interest rate swaps, cash flow hedge

 

  

​

 

(685)

​

 

585

​

 

25,937

Total

 

  

​

$

12,311

​

$

(1,691)

​

$

41,411

(a)Represents derivative amounts excluded from the assessment of effectiveness for the net investment hedges reclassified from CTA to “Interest and other financing expense, net.”
(b)The cumulative amount of fair value hedging adjustments to the carrying value of hedged debt instruments totaled a loss of $0.4 million during 2024, and a loss of $5.8 thousand during 2023, respectively. During the first quarter of 2024, the fair value hedge was terminated.
(c)Includes derivative gains (losses) excluded from the assessment of effectiveness for the net investment hedges and recognized in other comprehensive income, net of tax, of $(4.0) million, $(1.8) million, and $1.8 million for 2024, 2023, and 2022, respectively, which were excluded from the assessment of effectiveness for the net investment hedges and recognized in other comprehensive income (loss), net of tax.
Interest rate swap | Designated as hedging instrument  
Financial Instruments Measured at Fair Value  
Description of types of hedging instruments used

​

​

​

​

​

​

​

​

​

​

​

​

    

​

    

Notional Amount

    

Weighted-Average 

    

Interest Rate due to

Trade Date

​

Maturity Date

​

(thousands)

​

Interest Rate

​

Counterparty

February 2023

​

March 2026

​

$

500,000

​

6.125%

​

SOFR+0.508%
Foreign exchange contract | Designated as hedging instrument  
Financial Instruments Measured at Fair Value  
Description of types of hedging instruments used

​

​

​

​

​

​

​

​

​

​

Notional Amount (thousands)

Maturity Date

​

2024

​

2023

September 2024

​

EUR

-

 

EUR

50,000

April 2025

​

EUR

100,000

 

EUR

100,000

January 2028

​

EUR

100,000

 

EUR

100,000

Total

​

EUR

200,000

 

EUR

250,000
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Taxes  
Schedule of provision for income taxes

​

​

​

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

    

2022

Current:

 

​

  

 

​

  

 

​

  

Federal

​

$

(8,586)

​

$

33,832

​

$

139,730

State

​

 

3,352

​

 

16,108

​

 

29,117

International

​

 

200,912

​

 

299,031

​

 

293,195

​

​

$

195,678

​

$

348,971

​

$

462,042

Deferred:

​

 

  

​

 

  

​

 

  

Federal

​

$

(50,305)

​

$

(59,342)

​

$

(39,658)

State

​

 

(8,348)

​

 

(11,960)

​

 

(5,613)

International

​

 

(41,213)

​

 

(22,678)

​

 

32,221

​

​

 

(99,866)

​

 

(93,980)

​

 

(13,050)

​

​

$

95,812

​

$

254,991

​

$

448,992
Schedule of effective income tax rate reconciliation

​

​

​

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

    

2022

United States

​

$

(234,972)

​

$

(38,848)

​

$

517,642

International

​

 

724,291

​

 

1,203,202

​

 

1,366,508

Income before income taxes

​

$

489,319

​

$

1,164,354

​

$

1,884,150

​

​

​

​

​

​

​

​

​

​

Provision at statutory tax rate

​

$

102,757

​

$

244,514

​

$

395,672

State taxes, net of federal benefit

​

 

(3,279)

​

 

2,379

​

 

18,675

International effective tax rate differential

​

 

8,958

​

 

27,993

​

 

26,210

Change in valuation allowance

​

 

333

​

 

(7,755)

​

 

(6,378)

Other non-deductible expenses

​

 

(585)

​

 

2,993

​

 

7,441

Changes in tax accruals

​

 

(9,419)

​

 

1,153

​

 

5,993

Tax credits

​

 

(10,786)

​

 

(7,666)

​

 

980

U.S. tax (benefit) on foreign earnings

​

​

6,801

​

​

(10,075)

​

​

3,879

Other

​

 

1,032

​

 

1,455

​

 

(3,480)

Provision for income taxes

​

$

95,812

​

$

254,991

​

$

448,992
Schedule of reconciliation of unrecognized tax benefits

​

​

​

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

    

2022

Balance at beginning of year

​

$

82,808

​

$

75,666

​

$

71,422

Additions based on tax positions taken during a prior period

​

 

4,537

​

 

7,466

​

 

6,760

Reductions based on tax positions taken during a prior period

​

 

(20,245)

​

 

(4,448)

​

 

(3,007)

Additions based on tax positions taken during the current period

​

 

7,943

​

 

5,505

​

 

3,526

Reductions related to settlement of tax matters

​

 

(11,090)

​

 

—

​

 

(2,271)

Reductions related to a lapse of applicable statute of limitations

​

 

—

​

 

(1,381)

​

 

(764)

Balance at end of year

​

$

63,953

​

$

82,808

​

$

75,666
Schedule of open tax years, by major tax jurisdiction

​

​

​

​

​

United States - Federal

    

​

2016 - present

United States - States

 

​

2015 - present

Germany (a)

 

​

2020 - present

China and Hong Kong

 

​

2017 - present

Italy (a)

 

​

2013 - present

Netherlands

 

​

2018 - present

Sweden

 

​

2019 - present

Taiwan

 

​

2018 - present

United Kingdom

 

​

2020 - present

(a)Includes federal as well as local jurisdictions.
Schedule of deferred tax assets and liabilities

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

Deferred tax assets:

 

​

  

 

​

  

Net operating loss carryforwards

​

$

16,567

​

$

17,987

Inventory adjustments

​

 

110,370

​

 

68,542

Allowance for credit losses

​

 

20,475

​

 

27,637

Accrued expenses

​

 

86,964

​

 

73,251

Interest carryforward

​

 

21,923

​

 

4,170

Stock-based compensation awards

​

 

5,490

​

 

5,692

Lease liability

​

 

65,718

​

 

68,605

Research and experimentation costs (a)

​

 

73,971

​

 

59,277

Other

​

 

992

​

 

3,332

​

​

 

402,470

​

 

328,493

Valuation allowance

​

 

(16,165)

​

 

(15,832)

Total deferred tax assets

​

$

386,305

​

$

312,661

​

​

​

​

​

​

​

Deferred tax liabilities:

​

 

  

​

 

  

Goodwill

​

$

(157,786)

​

$

(152,551)

Depreciation

​

 

(42,540)

​

 

(58,419)

Lease right-of-use assets

​

 

(61,685)

​

 

(64,937)

Other comprehensive income items

​

 

(15,615)

​

 

(13,204)

Total deferred tax liabilities

​

$

(277,626)

​

$

(289,111)

Total net deferred tax assets

​

$

108,679

​

$

23,550

(a)At December 31, 2024, and 2023, the company recorded deferred tax asset of $74.0 million and $59.3 million related to capitalized U.S. based research and experimental (“R&E”) costs, pursuant to the U.S. Internal Revenue Code Section 174, as amended by the 2017 U.S. Tax Cuts and Jobs Act.
v3.25.0.1
Restructuring, Integration, and Other (Tables)
 12 Months Ended
Dec. 31, 2024
Restructuring, Integration, and Other  
Schedule of components of the restructuring, integration, and other charges

​

​

​

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

    

2022

Restructuring, integration and related costs

​

​

​

​

​

​

​

​

​

Operating Expense Efficiency Plan costs (a)

​

$

10,279

​

$

—

​

$

—

Other plans

​

​

3,848

​

​

8,877

​

​

6,994

Other expenses

​

​

​

​

​

​

​

​

​

Operating expense reduction costs not related to restructuring initiatives (b)

​

84,510

​

​

19,077

​

​

(370)

Increases to environmental remediation liabilities (c)

​

​

756

​

​

23,336

​

​

2,544

Early lease termination costs

​

​

6,814

​

​

29,400

​

​

3,162

Consulting costs (d)

​

​

25,306

​

​

—

​

​

—

Other charges

​

 

11,404

​

 

3,226

​

 

1,411

​

​

$

142,917

​

$

83,916

​

$

13,741

(a)See details related to the Operating Expense Efficiency Plan discussed below.
(b)These costs are primarily related to the termination of personnel. As of December 31, 2024, the accrued liabilities related to these costs totaled $6.6 million and substantially all accrued amounts are expected to be spent in cash within one year.
(c)Refer to Note 15 for further discussion of environmental liabilities.
(d)Consulting costs are related to operating expense reduction costs not related to the restructuring initiative.
Operating Expense Efficiency Plan costs  
Restructuring, Integration, and Other  
Schedule of components of the restructuring, integration, and other charges

​

​

​

​

​

​

​

​

​

​

​

(thousands)

    

Income Statement line

    

Year Ended December 31, 2024

    

Total Cost Incurred to Date

Employee severance and benefit costs

​

​

Restructuring, integration, and other

​

$

1,348

​

$

1,348

Inventory write-downs  

​

​

Cost of sales

​

​

50,344

​

​

50,344

Asset impairments

​

​

Restructuring, integration, and other

​

​

1,416

​

​

1,416

Other costs (a)

​

​

Restructuring, integration, and other

​

​

7,515

​

​

7,515

​

​

​

​

​

$

60,623

​

$

60,623

(a)Other costs consist primarily of consulting and other professional fees and lease terminations.
Schedule of activity in the restructuring and integration accruals

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(thousands)

    

Employee severance and benefit costs

    

Inventory write-downs and asset impairments

    

Other costs

    

Total

Balance at December 31, 2023

​

$

-

​

$

-

​

$

-

​

$

-

Restructuring related charges

​

​

1,348

​

​

51,760

​

​

7,515

​

​

60,623

Asset write-offs and other non-cash activity

​

​

-

​

​

(51,760)

​

​

(177)

​

​

(51,937)

Cash payments

​

​

(964)

​

​

-

​

​

(7,136)

​

​

(8,100)

Balance at December 31, 2024

​

$

384

​

$

-

​

$

202

​

$

586
v3.25.0.1
Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Shareholders' Equity  
Schedule of changes in accumulated other comprehensive (loss) income, excluding noncontrolling interests

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

    

Gain

    

Gain

    

​

​

    

​

​

​

​

​

​

​

(Loss) on Foreign

​

(Loss) on

​

​

​

​

​

​

​

​

Foreign

​

Exchange

​

Interest Rate

​

​

​

​

​

​

​

​

Currency

​

Contracts

​

Swaps

​

​

​

​

​

​

​

​

Translation

​

Designated as

​

Designated as

​

Employee

​

​

​

​

​

Adjustment and

​

Net Investment

​

Cash Flow

​

Benefit Plan

​

​

​

(thousands)

​

Other, Net

​

Hedges, Net

​

Hedges, Net

​

Items, Net

​

Total

Balance as of December 31, 2022

​

$

(422,711)

​

$

20,111

​

$

27,855

​

$

9,483

​

$

(365,262)

Other comprehensive income (loss) before reclassifications (a)

​

 

72,949

​

 

(2,276)

​

 

585

​

 

(1,011)

​

 

70,247

Amounts reclassified into income

​

 

720

​

 

(5,676)

​

 

2,198

​

 

(266)

​

 

(3,024)

Net change in accumulated other comprehensive income (loss) for the year ended December 31, 2023

​

 

73,669

​

 

(7,952)

​

 

2,783

​

 

(1,277)

​

 

67,223

Balance as of December 31, 2023

​

 

(349,042)

​

 

12,159

​

 

30,638

​

 

8,206

​

 

(298,039)

Other comprehensive income (loss) before reclassifications (a)

​

 

(222,489)

​

 

12,996

​

 

(685)

​

 

5,027

​

 

(205,151)

Amounts reclassified into income

​

 

(317)

​

 

(5,137)

​

 

(452)

​

 

(173)

​

 

(6,079)

Net change in accumulated other comprehensive income (loss) for the year ended December 31, 2024

​

 

(222,806)

​

 

7,859

​

 

(1,137)

​

 

4,854

​

 

(211,230)

Balance as of December 31, 2024

​

$

(571,848)

​

$

20,018

​

$

29,501

​

$

13,060

​

$

(509,269)

(a)Foreign currency translation adjustment includes intra-entity foreign currency transactions that are of a long-term investment nature of $(52.9) million and $21.2 million for 2024 and 2023, respectively.
Schedule of activity in the number of shares outstanding

​

​

​

​

​

​

​

​

​

    

​

    

​

    

Common

​

​

Common

​

Treasury

​

Stock

(thousands)

​

Stock Issued

​

Stock

​

Outstanding

Common stock outstanding at December 31, 2021

 

125,424

 

57,358

 

68,066

Shares issued for stock-based compensation awards

 

—

 

(525)

 

525

Repurchases of common stock

 

—

 

9,342

 

(9,342)

Common stock outstanding at December 31, 2022

 

125,424

 

66,175

 

59,249

Shares issued for stock-based compensation awards

 

—

 

(653)

 

653

Repurchases of common stock

 

—

 

6,091

 

(6,091)

Retirement of treasury stock

​

(67,733)

​

(67,733)

​

—

Common stock outstanding at December 31, 2023

 

57,691

 

3,880

 

53,811

Shares issued for stock-based compensation awards

 

375

 

(75)

 

450

Repurchases of common stock

 

—

 

2,089

 

(2,089)

Retirement of treasury stock

​

(2,474)

​

(2,474)

​

—

Common stock outstanding at December 31, 2024

 

55,592

 

3,420

 

52,172
Schedule of company's share-repurchase program

​

​

​

​

​

​

​

​

​

​

​

​

    

​

    

​

    

Approximate

​

​

​

​

​

​

Dollar Value of

​

​

Dollar Value

​

Dollar Value of

​

Shares that May

​

​

Approved for

​

Shares

​

Yet be Purchased

Share-Repurchase Details by Month of Board Approval (thousands)

​

Repurchase

​

Repurchased

​

Under the Program

September 2022

​

$

600,000

​

$

600,000

​

$

—

January 2023

​

​

1,000,000

​

​

675,937

​

​

324,063

Total

​

$

1,600,000

​

$

1,275,937

​

$

324,063
v3.25.0.1
Net Income Per Share (Tables)
 12 Months Ended
Dec. 31, 2024
Net Income Per Share  
Schedule of computation of net income per share on a basic and diluted basis

​

​

​

​

​

​

​

​

​

​

​

(thousands except per share data)

    

2024

    

2023

    

2022

Net income attributable to shareholders

​

$

392,074

​

$

903,505

​

$

1,426,884

Weighted-average shares outstanding - basic

​

 

53,282

​

 

56,359

​

 

64,838

Net effect of various dilutive stock-based compensation awards

​

 

515

​

 

676

​

 

615

Weighted-average shares outstanding - diluted

​

 

53,797

​

 

57,035

​

 

65,453

Net income per share:

​

 

  

​

 

  

​

 

  

Basic

​

$

7.36

​

$

16.03

​

$

22.01

Diluted (a)

​

$

7.29

​

$

15.84

​

$

21.80

​

​

​

​

​

​

​

​

​

​

(a) Equity awards excluded from diluted net income per share as their effect would have been anti-dilutive

​

​

16

​

​

32

​

​

53

​
v3.25.0.1
Employee Stock Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Employee Stock Plans  
Schedule of information relates to the stock option activity

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

    

​

​

    

Weighted-

    

​

​

​

​

​

​

Weighted-

​

Average

​

Aggregate

​

​

​

​

Average

​

Remaining

​

Intrinsic

​

​

​

​

Exercise

​

Contractual

​

Value

​

​

Shares

​

Price

​

Life

​

(thousands)

Outstanding at December 31, 2023

 

322,252

​

$

76.73

 

  

 

​

  

Exercised

 

(71,187)

​

 

76.63

 

  

 

​

  

Forfeited

 

(1,520)

​

 

79.22

 

  

 

​

  

Outstanding at December 31, 2024

 

249,545

​

 

76.75

 

42 months

​

$

9,076

Exercisable at December 31, 2024

 

249,090

​

$

76.74

 

42 months

​

$

9,061
Schedule of information summarizes the changes in non-vested performance shares, performance units, restricted stock, and restricted stock units

​

​

​

​

​

​

​

​

    

​

    

Weighted-

​

​

​

​

Average Grant

​

​

Shares

​

Date Fair Value

Non-vested shares at December 31, 2023

 

820,220

​

$

117.84

Granted

 

401,602

​

 

115.73

Vested

 

(337,945)

​

 

109.77

Forfeited

 

(43,178)

​

 

122.68

Non-vested shares at December 31, 2024

 

840,699

​

$

119.83
v3.25.0.1
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Employee Benefit Plans  
Schedule of pension information

​

​

​

​

​

​

​

​

​

​

​

Arrow SERP

 

(thousands)

    

2024

    

2023

 

Accumulated benefit obligation

​

$

74,530

​

$

77,737

​

Changes in projected benefit obligation:

​

 

  

​

 

  

​

Projected benefit obligation at beginning of year

​

 

88,084

​

 

84,148

​

Service cost

​

 

3,193

​

 

3,250

​

Interest cost

​

 

4,081

​

 

4,082

​

Actuarial (gain) loss

​

 

(6,602)

​

 

1,328

​

Benefits paid

​

 

(5,724)

​

 

(4,724)

​

Projected benefit obligation at end of year

​

 

83,032

​

 

88,084

​

Funded status

​

$

(83,032)

​

$

(88,084)

​

Amounts recognized in the company's consolidated balance sheets:

​

 

  

​

 

  

​

Current liabilities

​

$

(6,168)

​

$

(6,186)

​

Noncurrent liabilities

​

 

(76,864)

​

 

(81,898)

​

Net liability at end of year

​

$

(83,032)

​

$

(88,084)

​

Components of net periodic pension cost:

​

 

  

​

 

  

​

Service cost

​

$

3,193

​

$

3,250

​

Interest cost

​

 

4,081

​

 

4,082

​

Amortization of prior service cost

​

​

337

​

​

336

​

Amortization of net loss

​

 

(164)

​

 

(668)

​

Net periodic pension cost

​

$

7,447

​

$

7,000

​

Weighted-average assumptions used to determine benefit obligation:

​

 

  

​

 

  

​

Discount rate

​

 

5.50

%  

 

4.80

%

Rate of compensation increase

​

 

5.00

%  

 

5.00

%

Expected return on plan assets

​

 

N/A

​

 

N/A

​

Weighted-average assumptions used to determine net periodic pension cost:

​

 

  

​

 

  

​

Discount rate

​

 

4.80

%  

 

5.00

%

Rate of compensation increase

​

 

5.00

%  

 

5.00

%

Expected return on plan assets

​

 

N/A

​

 

N/A

​
Schedule of expected benefit payments

​

​

​

​

​

(thousands)

    

Arrow SERP

2025

​

$

6,168

2026

​

 

6,318

2027

​

 

6,183

2028

​

 

6,201

2029

​

 

6,792

2030 - 2034

​

 

36,382
Schedule of other comprehensive income items

​

​

​

​

​

​

​

​

​

​

​

(thousands)

    

2024

​

2023

​

2022

Actuarial (loss) gains, net of tax

​

$

5,027

​

$

(1,011)

​

$

19,548

Reclassification of actuarial loss (gain), net of tax (a)

​

 

(125)

​

​

(508)

​

​

590

Prior service (costs), net of tax

​

​

—

​

​

—

​

​

(2,304)

Reclassification of prior service costs, net of tax

​

​

256

​

​

256

​

​

—
v3.25.0.1
Lease Commitments (Tables)
 12 Months Ended
Dec. 31, 2024
Lease Commitments  
Schedule of supplemental balance sheet information related to leases

The following amounts were recorded in the consolidated balance sheets at December 31:

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

Operating Leases

 

​

  

 

​

  

Right-of-use asset

​

$

251,129

​

$

269,524

​

​

​

​

​

​

​

Lease liability - current

​

$

68,941

​

$

74,232

Lease liability - non-current

​

 

198,466

​

 

210,110

Total operating lease liabilities

​

$

267,407

​

$

284,342
Schedule of maturities of operating lease liabilities

Maturities of operating lease liabilities at December 31 were as follows:

​

​

​

​

​

(thousands)

    

2024

2025

​

$

77,607

2026

​

 

63,279

2027

​

 

53,911

2028

​

 

43,888

2029

​

 

23,085

Thereafter

​

 

39,252

Total lease payments

​

 

301,022

Less: imputed interest

​

 

(33,615)

Total

​

$

267,407
Schedule of supplemental cash flow and operating lease information

Other information pertaining to leases consists of the following for the year ended December 31:

​

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

 

Supplemental Cash Flow Information

 

​

  

 

​

  

​

Cash paid for amounts included in the measurement of operating lease liabilities

​

$

94,829

​

$

91,797

​

Right-of-use assets obtained in exchange for operating lease obligations

​

 

62,583

​

 

74,356

​

​

​

​

​

​

​

​

​

Operating Lease Term and Discount Rate

​

 

  

​

 

  

​

Weighted-average remaining lease term in years

​

 

5 years

​

 

5 years

​

Weighted-average discount rate

​

 

5.4%

​

 

4.6%

​

​
v3.25.0.1
Segment and Geographic Information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment and Geographic Information  
Schedule of reportable segment

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

​

​

​

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

    

2022

Sales:

 

​

  

 

​

  

 

​

  

Components:

 

​

  

 

​

  

 

​

  

Americas

​

$

6,411,701

​

$

7,954,713

​

$

9,592,547

EMEA

​

 

5,648,107

​

 

8,074,894

​

​

7,627,974

Asia/Pacific

​

 

7,923,459

​

 

9,390,292

​

​

11,567,482

Global components

​

$

19,983,267

​

$

25,419,899

​

$

28,788,003

​

​

​

​

​

​

​

​

​

​

ECS:

​

 

  

​

 

  

​

​

  

Americas

​

$

4,067,160

​

$

4,160,298

​

$

4,847,027

EMEA

​

 

3,872,897

​

 

3,526,923

​

​

3,489,392

Global ECS

​

$

7,940,057

​

$

7,687,221

​

$

8,336,419

Consolidated

​

$

27,923,324

​

$

33,107,120

​

$

37,124,422

​

Sales by country are as follows:

​

​

​

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

    

2022

Sales:

 

​

  

 

​

  

 

​

  

China and Hong Kong

​

$

4,033,744

​

$

4,858,871

​

$

6,339,883

Germany

​

 

3,007,517

​

 

4,341,837

​

 

4,715,806

Other

​

 

11,114,613

​

 

12,737,852

​

 

12,901,063

Total foreign

​

$

18,155,874

​

$

21,938,560

​

$

23,956,752

United States

​

 

9,767,450

​

 

11,168,560

​

 

13,167,670

Total

​

$

27,923,324

​

$

33,107,120

​

$

37,124,422
Schedule of results of operations by reportable segment

Results of operations by reportable segment are as follows for the years ended December 31:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

(thousands)

​

Global Components

​

Global ECS

​

Corporate

​

Consolidated

​

Sales

​

$

19,983,267

​

$

7,940,057

​

$

-

​

$

27,923,324

​

Cost of sales

​

​

17,650,909

​

​

6,980,007

​

​

-

​

​

24,630,916

​

Gross profit

​

​

2,332,358

​

​

960,050

​

​

-

​

​

3,292,408

​

Gross profit margin

​

​

11.7

%

​

12.1

%

​

-

​

​

11.8

%

Operating expenses (a)

​

​

1,591,085

​

​

549,975

​

​

382,791

​

​

2,523,851

​

Operating income (loss) (b) (c) (d)

​

$

741,273

​

$

410,075

​

$

(382,791)

​

$

768,557

​

Operating income margin

​

​

3.7

%

​

5.2

%

​

-

​

​

2.8

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2023

​

(thousands)

​

Global Components

​

Global ECS

​

Corporate

​

Consolidated

​

Sales

​

$

25,419,899

​

$

7,687,221

​

$

-

​

$

33,107,120

​

Cost of sales

​

​

22,220,779

​

​

6,737,323

​

​

-

​

​

28,958,102

​

Gross profit

​

​

3,199,120

​

​

949,898

​

​

-

​

​

4,149,018

​

Gross profit margin

​

​

12.6

%

​

12.4

%

​

-

​

​

12.5

%

Operating expenses (a)

​

​

1,739,954

​

​

582,894

​

​

355,006

​

​

2,677,854

​

Operating income (loss) (b) (c) (d)

​

$

1,459,166

​

$

367,004

​

$

(355,006)

​

$

1,471,164

​

Operating income margin

​

​

5.7

%

​

4.8

%

​

-

​

​

4.4

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2022

​

(thousands)

​

Global Components

​

Global ECS

​

Corporate

​

Consolidated

​

Sales

​

$

28,788,003

​

$

8,336,419

​

$

-

​

$

37,124,422

​

Cost of sales

​

​

24,883,076

​

​

7,404,721

​

​

-

​

​

32,287,797

​

Gross profit

​

​

3,904,927

​

​

931,698

​

​

-

​

​

4,836,625

​

Gross profit margin

​

​

13.6

%

​

11.2

%

​

-

​

​

13.0

%

Operating expenses (a)

​

​

1,943,802

​

​

523,179

​

​

301,150

​

​

2,768,131

​

Operating income (loss) (d)

​

$

1,961,125

​

$

408,519

​

$

(301,150)

​

$

2,068,494

​

Operating income margin

​

​

6.8

%

​

4.9

%

​

-

​

​

5.6

%

​

(a)Segment operating expenses include employee related expenses, depreciation and amortization, allowance for credit losses, and other segment expenses.
(b)Global components operating income includes charges of $60.6 million in inventory write downs related to the wind down of businesses in 2024. Global components operating income includes $62.2 million in settlement benefits recorded as a reduction to operating expense for 2023. Refer to Note 15.
(c)In 2023, global ECS operating income includes charges of $25.4 million to increase the allowance for credit losses related to one customer. During 2024, global ECS operating income includes a reversal of charges of $20.0 million for aged receivables that were collected, related to the same customer.
(d)Corporate operating loss for the years 2024, 2023, and 2022 includes restructuring, integration, and other charges of $142.9 million, $83.9 million, and $13.7 million, respectively. Refer to Note 9.
Schedule of reconciliation of assets from segment to consolidated

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

Total assets:

 

​

  

 

​

  

Global components

​

$

14,765,931

​

$

15,129,190

Global ECS

​

 

6,518,723

​

 

6,051,459

Corporate

​

 

473,053

​

 

545,519

Consolidated

​

$

21,757,707

​

$

21,726,168
Schedule of long-lived assets by geographical areas

​

​

​

​

​

​

​

​

(thousands)

    

2024

    

2023

Long-lived assets:

 

​

  

 

​

  

Netherlands

​

$

78,120

​

$

89,199

France

​

​

86,268

​

​

87,861

Other

​

 

223,903

​

 

258,264

Total foreign

​

$

388,291

​

$

435,324

United States

​

 

332,098

​

 

364,940

Total

​

$

720,389

​

$

800,264

​
v3.25.0.1
Summary of Significant Accounting Policies - Property Plant and Equipment (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Software Development Costs $ 195.0 $ 242.4
Building | Minimum    
Property, Plant and Equipment [Line Items]    
Property, Plant, and Equipment 20 years  
Building | Maximum    
Property, Plant and Equipment [Line Items]    
Property, Plant, and Equipment 30 years  
Machinery and Equipment | Minimum    
Property, Plant and Equipment [Line Items]    
Property, Plant, and Equipment 3 years  
Machinery and Equipment | Maximum    
Property, Plant and Equipment [Line Items]    
Property, Plant, and Equipment 10 years  
Computer Software, Intangible Asset | Minimum    
Property, Plant and Equipment [Line Items]    
Property, Plant, and Equipment 3 years  
Computer Software, Intangible Asset | Maximum    
Property, Plant and Equipment [Line Items]    
Property, Plant, and Equipment 12 years  
v3.25.0.1
Summary of Significant Accounting Policies - Goodwill (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill $ 2,055,295 $ 2,050,426 $ 2,027,626
Global Components      
Goodwill 902,445 875,194 873,003
Global ECS      
Goodwill 1,152,850 $ 1,175,232 $ 1,154,623
Americas | Global Components      
Goodwill 563,135    
Americas | Global ECS      
Goodwill 776,765    
EMEA | Global Components      
Goodwill 115,651    
EMEA | Global ECS      
Goodwill 376,085    
eInfochips | Global Components      
Goodwill $ 223,659    
v3.25.0.1
Summary of Significant Accounting Policies - Significant Accounting Policies (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
segment
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Goodwill and Intangible Assets      
Gain on investments, net $ (4,830) $ 19,284 $ (2,857)
Goodwill $ 2,055,295 2,050,426 2,027,626
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount 38.00%    
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount, Sensitivity Analysis 24.00%    
Number of reportable segments | segment 2    
Global Components      
Goodwill and Intangible Assets      
Goodwill $ 902,445 875,194 873,003
Global ECS      
Goodwill and Intangible Assets      
Goodwill $ 1,152,850 $ 1,175,232 $ 1,154,623
Revenue Benchmark | Customer Concentration Risk | Customer Concentration      
Goodwill and Intangible Assets      
Concentration Risk, Percentage 2.00%    
Revenue Benchmark | Other Supplier Concentration Risk | Supplier 1      
Goodwill and Intangible Assets      
Concentration Risk, Percentage 8.00%    
Americas | Global Components      
Goodwill and Intangible Assets      
Goodwill $ 563,135    
Americas | Global ECS      
Goodwill and Intangible Assets      
Goodwill 776,765    
EMEA | Global Components      
Goodwill and Intangible Assets      
Goodwill 115,651    
EMEA | Global ECS      
Goodwill and Intangible Assets      
Goodwill 376,085    
eInfochips | Global Components      
Goodwill and Intangible Assets      
Goodwill $ 223,659    
v3.25.0.1
Goodwill and Intangible Assets - Goodwill (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill [Roll Forward]      
Goodwill, Beginning balance $ 2,050,426 $ 2,027,626  
Acquisitions 35,870    
Foreign currency translation adjustment (31,001) 22,800  
Goodwill, Ending balance 2,055,295 2,050,426  
Accumulated impairment charges 1,600,000 1,600,000 $ 1,600,000
Global Components      
Goodwill [Roll Forward]      
Goodwill, Beginning balance 875,194 873,003  
Acquisitions 35,870    
Foreign currency translation adjustment (8,619) 2,191  
Goodwill, Ending balance 902,445 875,194  
Accumulated impairment charges 1,300,000 1,300,000 1,300,000
Global ECS      
Goodwill [Roll Forward]      
Goodwill, Beginning balance 1,175,232 1,154,623  
Foreign currency translation adjustment (22,382) 20,609  
Goodwill, Ending balance 1,152,850 1,175,232  
Accumulated impairment charges $ 301,900 $ 301,900 $ 301,900
v3.25.0.1
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill and Intangible Assets      
Gross Carrying Amount $ 289,367 $ 332,148  
Accumulated Amortization (192,661) (204,708)  
Net 96,706 127,440  
Amortization expense, intangible assets 29,500 31,200 $ 34,700
Future Amortization Expense, Year One 20,200    
Future Amortization Expense, Year Two 19,500    
Future Amortization Expense, Year Three 18,900    
Future Amortization Expense, Year Four 11,200    
Future Amortization Expense, Year Five 7,300    
Customer relationships      
Goodwill and Intangible Assets      
Gross Carrying Amount 215,366 258,337  
Accumulated Amortization (133,927) (156,141)  
Net 81,439 102,196  
Amortizable trade name      
Goodwill and Intangible Assets      
Gross Carrying Amount 74,001 73,811  
Accumulated Amortization (58,734) (48,567)  
Net $ 15,267 $ 25,244  
v3.25.0.1
Investments in Affiliated Companies (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Investments in Affiliated Companies      
Investments in affiliated companies $ 57,299 $ 62,741  
Equity in earnings of affiliated companies 1,368 6,407 $ 7,664
Equity method investment, pro rata share of debt obligations of joint venture $ 0 0  
Marubun/Arrow      
Investments in Affiliated Companies      
Equity method investment, ownership percentage 50.00%    
Investments in affiliated companies $ 43,851 50,779  
Equity in earnings of affiliated companies $ (463) 4,452 6,289
Other joint venture      
Investments in Affiliated Companies      
Equity method investment, ownership percentage 50.00%    
Investments in affiliated companies $ 13,448 11,962  
Equity in earnings of affiliated companies $ 1,831 $ 1,955 $ 1,375
v3.25.0.1
Accounts Receivable (Details)
$ in Thousands, € in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2024
EUR (€)
Accounts Receivable        
Accounts receivable $ 13,147,436 $ 12,384,553    
Allowance for credit losses (116,445) (146,480)    
Accounts receivable, net 13,030,991 12,238,073    
Allowance for credit losses        
Balance at beginning of period 146,480 93,397 $ 75,901  
Charged to income 751 71,984 34,590  
Translation Adjustments (2,411) 690 (1,476)  
Write-offs (28,375) (19,591) (15,618)  
Balance at end of period 116,445 146,480 93,397  
EMEA Asset Securitization        
Agreement amount with purchaser to transfer financial assets accounted for as sales | €       € 600.0
EMEA asset securitization, sales of accounts receivables 1,892,516 3,160,247 2,524,276  
Receivables sold to unaffiliated financial institutions that were uncollected 339,669 529,266    
Factoring        
Sales of accounts receivables under the factoring programs 928,279 1,618,726 $ 1,612,909  
Receivables sold under the factoring programs that were uncollected 182,432 375,940    
Variable interest entity, primary beneficiary | Asset pledged as collateral        
EMEA Asset Securitization        
Collateralized accounts receivable held by Arrow EMEA funding Corp B.V. 528,975 805,788    
Global ECS        
Allowance for credit losses        
Charged to income   $ 25,400    
Reversal of allowance $ 20,000      
v3.25.0.1
Supplier Finance Programs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Supplier Finance Programs    
Obligations outstanding at the beginning of the year $ 1,113,479 $ 1,568,787
Invoices added during the year 4,576,839 4,388,317
Invoices paid during the year (4,420,646) (4,843,625)
Obligations outstanding at the end of the year $ 1,269,672 $ 1,113,479
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration] Accounts Payable, Current Accounts Payable, Current
v3.25.0.1
Debt - ST Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Sep. 28, 2024
Dec. 31, 2023
Debt      
Other short-term borrowings $ 170   $ 32,848
Short-term borrowings, including current portion of long-term debt 349,978   1,653,954
3.25% notes, due September 2024      
Debt      
Short-term borrowings, including current portion of long-term debt 0   $ 499,224
Debt instrument, face amount   $ 500,000  
Debt instrument, interest rate, stated percentage   3.25% 3.25%
4.00% notes, due April 2025      
Debt      
Short-term borrowings, including current portion of long-term debt $ 349,808   $ 0
Debt instrument, interest rate, stated percentage 4.00%   4.00%
Lines of credit      
Debt      
Lines of credit facility, maximum borrowing capacity $ 500,000    
Short-term debt, weighted-average interest rate, at point in time 5.18%   5.83%
Line of credit, current $ 0   $ 0
Commercial paper      
Debt      
Lines of credit facility, maximum borrowing capacity 1,200,000    
Short-term borrowings, including current portion of long-term debt 0   1,121,882
Commercial paper $ 0   $ 1,100,000
Short-term debt, weighted-average interest rate, at point in time 5.21%   5.90%
v3.25.0.1
Debt - LT Debt (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Sep. 28, 2024
Jun. 29, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt          
Long-term debt     $ 2,773,783 $ 2,153,553  
Accounts receivable, net     13,030,991 12,238,073  
Long-term debt (including current portion), Maturity          
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months     350,100    
Long-term Debt, Maturities, Repayments of Principal in Year Two     39,800    
Long-term Debt, Maturities, Repayments of Principal in Year Three     747,300    
Long-term Debt, Maturities, Repayments of Principal in Year Four     503,400    
Long-term Debt, Maturities, Repayments of Principal in Year Five     500,000    
Long-term Debt, Maturities, Repayments of Principal after Year Five     1,000,000    
Investment income, interest and dividend     54,500 66,400 $ 33,700
Interest paid, net of interest and dividend income     199,000 274,100 $ 175,600
Revolving Credit Facility          
Debt          
Maximum borrowing capacity     2,000,000    
Long-term debt     $ 30,000 0  
Debt instrument, interest rate, effective percentage     5.48%    
Facility fee     0.175%    
Debt instrument, basis spread on variable rate     0.10%    
Long-term debt (including current portion), Maturity          
Derivative, basis spread on variable rate     1.08%    
North American asset securitization program          
Debt          
Maximum borrowing capacity     $ 1,500,000    
Long-term debt     $ 633,000 198,000  
Debt instrument, interest rate, effective percentage     4.83%    
Facility fee     0.40%    
Debt instrument, basis spread on variable rate     0.10%    
Accounts receivable, net     $ 3,000,000 2,700,000  
Long-term debt (including current portion), Maturity          
Derivative, basis spread on variable rate     0.40%    
4.00% notes, due 2025          
Debt          
Long-term debt     $ 0 349,061  
Debt instrument, fair value     $ 0 $ 343,500  
Debt instrument, interest rate, stated percentage     4.00% 4.00%  
6.125% notes, due 2026          
Debt          
Long-term debt     $ 0 $ 497,661  
Debt instrument, fair value     0 $ 502,000  
Debt instrument, face amount   $ 500,000      
Debt instrument, interest rate, stated percentage   6.125%   6.125%  
7.50% senior debentures, due 2027          
Debt          
Long-term debt     110,266 $ 110,184  
Debt instrument, fair value     $ 115,000 $ 117,000  
Debt instrument, interest rate, stated percentage     7.50% 7.50%  
3.875% notes, due 2028          
Debt          
Long-term debt     $ 497,775 $ 497,098  
Debt instrument, fair value     $ 481,500 $ 475,000  
Debt instrument, interest rate, stated percentage     3.875% 3.875%  
5.15% notes, due in 2029          
Debt          
Long-term debt     $ 495,209 $ 0  
Debt instrument, fair value     $ 498,000 0  
Debt instrument, face amount $ 500,000        
Debt instrument, interest rate, stated percentage 5.15%   5.15%    
Proceeds from offering $ 494,900        
2.95% notes, due 2032          
Debt          
Long-term debt     $ 495,576 495,039  
Debt instrument, fair value     $ 426,000 $ 425,000  
Debt instrument, interest rate, stated percentage     2.95% 2.95%  
5.875% notes, due 2034          
Debt          
Long-term debt     $ 494,986 $ 0  
Debt instrument, fair value     $ 502,500 0  
Debt instrument, face amount   $ 500,000      
Debt instrument, interest rate, stated percentage   5.875% 5.875%    
Proceeds from offering   $ 494,700      
Other obligations with various interest rates and due dates          
Debt          
Long-term debt     $ 16,971 $ 6,510  
v3.25.0.1
Financial Instruments Measured at Fair Value (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Apr. 30, 2024
Jun. 30, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Financial Instruments Measured at Fair Value          
Debt and equity securities, unrealized gain (loss)     $ (12,000) $ 9,700 $ (5,800)
Proceeds from hedge financing activities   $ 56,700      
Marubun          
Financial Instruments Measured at Fair Value          
Equity method investment, ownership percentage     9.00%    
Fair value, measurements, recurring          
Financial Instruments Measured at Fair Value          
Cash equivalents     $ 10,751 8,729  
Equity investments     42,907 57,625  
Interest rate swap designated as fair value hedge       (454)  
Foreign exchange contracts designated as net investment hedges     53,679 47,245  
Total fair value assets and liabilities measured on recurring basis     107,337 113,145  
Fair value, measurements, recurring | Fair value, inputs, level 1          
Financial Instruments Measured at Fair Value          
Cash equivalents     10,751 8,729  
Equity investments     42,907 57,625  
Interest rate swap designated as fair value hedge       0  
Foreign exchange contracts designated as net investment hedges     0 0  
Total fair value assets and liabilities measured on recurring basis     53,658 66,354  
Fair value, measurements, recurring | Fair value, inputs, level 2          
Financial Instruments Measured at Fair Value          
Cash equivalents     0 0  
Equity investments     0 0  
Interest rate swap designated as fair value hedge       (454)  
Foreign exchange contracts designated as net investment hedges     53,679 47,245  
Total fair value assets and liabilities measured on recurring basis     53,679 46,791  
Fair value, measurements, recurring | Fair value, inputs, level 3          
Financial Instruments Measured at Fair Value          
Cash equivalents     0 0  
Equity investments     0 0  
Interest rate swap designated as fair value hedge       0  
Foreign exchange contracts designated as net investment hedges     0 0  
Total fair value assets and liabilities measured on recurring basis     $ 0 $ 0  
Interest rate swap          
Financial Instruments Measured at Fair Value          
Gain loss on sale of derivatives $ 56,700        
Duration of bond (years) 10 years        
v3.25.0.1
Financial Instruments Measured at Fair Value - Derivatives (Details)
€ in Thousands
 3 Months Ended 12 Months Ended
Sep. 28, 2024
USD ($)
Apr. 01, 2023
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2024
EUR (€)
Dec. 31, 2023
EUR (€)
Financial Instruments Measured at Fair Value              
Derivative Instruments, Gain (Loss) Recognized in Income     $ 7,794,000 $ 4,117,000 $ 5,219,000    
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]     Interest Income (Expense), Net Interest Income (Expense), Net Interest Income (Expense), Net    
Derivative Gain (Loss) Recognized in Other Comprehensive Income (Loss) before reclassifications, net of tax     $ 12,311,000 $ (1,691,000) $ 41,411,000    
Proceeds from settlement of net investment hedge $ 10,600,000 $ 10,700,000 10,635,000 10,725,000 0    
Derivative, Notional Amount     1,100,000,000 1,000,000,000.0      
Other comprehensive income (loss), derivative, excluded component, increase (decrease), before adjustments, after tax     (4,000,000.0) (1,800,000) 1,800,000    
Change in unrealized gain (loss) on hedged item in fair value hedge     (400,000) (5,800)      
Foreign exchange forward              
Financial Instruments Measured at Fair Value              
Derivative, Notional Amount     200,000,000 250,000,000      
Net investment hedging | Designated as hedging instrument              
Financial Instruments Measured at Fair Value              
Derivative Instruments, Gain (Loss) Recognized in Income     6,747,000 7,460,000 8,805,000    
Derivative Gain (Loss) Recognized in Other Comprehensive Income (Loss) before reclassifications, net of tax     12,996,000 (2,276,000) 15,474,000    
Cash flow hedging | Designated as hedging instrument | Interest rate swap              
Financial Instruments Measured at Fair Value              
Derivative Instruments, Gain (Loss) Recognized in Income     593,000 (2,889,000) (3,586,000)    
Derivative Gain (Loss) Recognized in Other Comprehensive Income (Loss) before reclassifications, net of tax     (685,000) $ 585,000 25,937,000    
Fair value hedging | Interest rate swap              
Financial Instruments Measured at Fair Value              
Derivative, variable interest rate       0.508%     0.508%
Derivative, average fixed interest rate       6.125%     6.125%
Derivative, Notional Amount       $ 500,000,000      
Fair value hedging | Designated as hedging instrument | Interest rate swap              
Financial Instruments Measured at Fair Value              
Derivative Instruments, Gain (Loss) Recognized in Income     $ 454,000 $ (454,000) $ 0    
Maturity September 2024 | Foreign exchange forward              
Financial Instruments Measured at Fair Value              
Derivative, Notional Amount | €           € 0 € 50,000
Maturity April 2025 | Foreign exchange forward              
Financial Instruments Measured at Fair Value              
Derivative, Notional Amount | €           100,000 100,000
Maturity January 2028 | Foreign exchange forward              
Financial Instruments Measured at Fair Value              
Derivative, Notional Amount | €           € 100,000 € 100,000
v3.25.0.1
Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Contingency [Line Items]        
Effective income tax rate reconciliation, at federal statutory income tax rate 21.00% 21.00% 21.00%  
U.S. tax on foreign earnings $ (6,801) $ 10,075 $ (3,879)  
Taxes payable for the transition tax on foreign unremitted earnings 6,900      
Unrecognized tax benefits 63,953 82,808 75,666 $ 71,422
Unrecognized tax benefits, interest on income taxes expense 5,900 4,000 4,400  
Unrecognized tax benefits, income tax penalties and interest accrued 23,500 17,500    
Deferred tax assets, in process research and development 73,971 59,277    
Tax credit carryforward, deferred tax asset 16,567 17,987    
Undistributed earnings of foreign subsidiaries 5,400,000      
Valuation allowance 100      
Income taxes paid, net 230,500 538,400 384,400  
International        
Income Tax Contingency [Line Items]        
Tax credit carryforward, amount 30,300      
Tax credit carryforward, subject to expiration 7,000      
Tax credit carryforward, no expiration 23,300      
Tax credit carryforward, deferred tax asset 7,800      
Other tax carryforward, valuation allowance 2,600      
U.S. Federal        
Income Tax Contingency [Line Items]        
Tax credit carryforward, deferred tax asset 8,700      
Other tax carryforward, valuation allowance 6,400      
Undistributed Earnings        
Income Tax Contingency [Line Items]        
Undistributed foreign earnings 2,000,000      
Tax Benefit Related To Federal GILTI Tax        
Income Tax Contingency [Line Items]        
U.S. tax on foreign earnings     $ 7,400  
Tax Expense Related To Federal GILTI Tax        
Income Tax Contingency [Line Items]        
U.S. tax on foreign earnings $ (4,700) $ (23,000)    
v3.25.0.1
Income Taxes - Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Taxes      
Current Federal Tax Expense (Benefit) $ (8,586) $ 33,832 $ 139,730
Current State and Local Tax Expense (Benefit) 3,352 16,108 29,117
Current International Tax Expense (Benefit) 200,912 299,031 293,195
Current Income Tax Expense (Benefit) 195,678 348,971 462,042
Deferred Federal Income Tax Expense (Benefit) (50,305) (59,342) (39,658)
Deferred State and Local Income Tax Expense (Benefit) (8,348) (11,960) (5,613)
Deferred International Income Tax Expense (Benefit) (41,213) (22,678) 32,221
Deferred Income Tax Expense (Benefit) (99,866) (93,980) (13,050)
Provision for income taxes $ 95,812 $ 254,991 $ 448,992
v3.25.0.1
Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Taxes      
United States $ (234,972) $ (38,848) $ 517,642
International 724,291 1,203,202 1,366,508
Income before income taxes 489,319 1,164,354 1,884,150
Provision at statutory tax rate 102,757 244,514 395,672
State taxes, net of federal benefit (3,279) 2,379 18,675
International effective tax rate differential 8,958 27,993 26,210
Change in valuation allowance 333 (7,755) (6,378)
Other non-deductible expenses (585) 2,993 7,441
Changes in tax accruals (9,419) 1,153 5,993
Tax credits (10,786) (7,666) 980
U.S. tax (benefit) on foreign earnings 6,801 (10,075) 3,879
Other 1,032 1,455 (3,480)
Provision for income taxes $ 95,812 $ 254,991 $ 448,992
v3.25.0.1
Income Taxes - Unrecognized Tax Benefits Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Unrecognized Tax Benefits Reconciliation      
Balance at beginning of year $ 82,808 $ 75,666 $ 71,422
Additions based on tax positions taken during a prior period 4,537 7,466 6,760
Reductions based on tax positions taken during a prior period (20,245) (4,448) (3,007)
Additions based on tax positions taken during the current period 7,943 5,505 3,526
Reductions related to settlement of tax matters (11,090) 0 (2,271)
Reductions related to a lapse of applicable statute of limitations 0 (1,381) (764)
Balance at end of year $ 63,953 $ 82,808 $ 75,666
v3.25.0.1
Income Taxes - Summary of Open Tax Positions (Details) - Minimum
 12 Months Ended
Dec. 31, 2024
United States Federal  
Income Tax Contingency [Line Items]  
Open Tax Years by Major Tax Jurisdiction 2016
United States State  
Income Tax Contingency [Line Items]  
Open Tax Years by Major Tax Jurisdiction 2015
Germany  
Income Tax Contingency [Line Items]  
Open Tax Years by Major Tax Jurisdiction 2020
China and Hong Kong  
Income Tax Contingency [Line Items]  
Open Tax Years by Major Tax Jurisdiction 2017
Italy  
Income Tax Contingency [Line Items]  
Open Tax Years by Major Tax Jurisdiction 2013
Netherlands  
Income Tax Contingency [Line Items]  
Open Tax Years by Major Tax Jurisdiction 2018
Sweden  
Income Tax Contingency [Line Items]  
Open Tax Years by Major Tax Jurisdiction 2019
Taiwan  
Income Tax Contingency [Line Items]  
Open Tax Years by Major Tax Jurisdiction 2018
United Kingdom  
Income Tax Contingency [Line Items]  
Open Tax Years by Major Tax Jurisdiction 2020
v3.25.0.1
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets:    
Net operating loss carryforwards $ 16,567 $ 17,987
Inventory adjustments 110,370 68,542
Allowance for credit losses 20,475 27,637
Accrued expenses 86,964 73,251
Interest carryforward 21,923 4,170
Stock-based compensation awards 5,490 5,692
Lease liability 65,718 68,605
Research and experimentation costs 73,971 59,277
Other 992 3,332
Deferred tax assets, gross 402,470 328,493
Valuation allowance (16,165) (15,832)
Total deferred tax assets 386,305 312,661
Deferred tax liabilities:    
Goodwill (157,786) (152,551)
Depreciation (42,540) (58,419)
Lease right-of-use assets (61,685) (64,937)
Other comprehensive income items (15,615) (13,204)
Total deferred tax liabilities (277,626) (289,111)
Total net deferred tax assets 108,679 $ 23,550
International    
Deferred tax assets:    
Net operating loss carryforwards 7,800  
U.S. Federal    
Deferred tax assets:    
Net operating loss carryforwards $ 8,700  
v3.25.0.1
Restructuring, Integration, and Other - Components of the Restructuring, Integration, and Other (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restructuring, Integration, and Other      
Restructuring, integration and other $ 142,917 $ 83,916 $ 13,741
Operating expense reduction costs not related to restructuring initiatives 84,510 19,077 (370)
Increases to environmental remediation liabilities 756 23,336 2,544
Early lease termination costs 6,814 29,400 3,162
Consulting costs 25,306    
Other charges 11,404 3,226 1,411
Accrued liabilities related to operating expense reduction initiatives 6,600    
Operating Expense Efficiency Plan costs      
Restructuring, Integration, and Other      
Restructuring, integration and other 10,279 0 0
Accrued liabilities related to operating expense reduction initiatives 586 0 0
Other plans      
Restructuring, Integration, and Other      
Restructuring, integration and other $ 3,848 $ 8,877 $ 6,994
v3.25.0.1
Restructuring, Integration, and Other - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2026
Restructuring, Integration, and Other    
Number of years for the accrual to be spent 1 year  
Operating Expense Efficiency Plan costs    
Restructuring, Integration, and Other    
Number of years for the accrual to be spent 1 year  
Expected pre-tax restructuring charges $ 0.0  
Operating Expense Efficiency Plan costs | Forecast    
Restructuring, Integration, and Other    
Expected pre-tax restructuring charges   $ 185.0
Operating Expense Efficiency Plan costs | Employee severance and other personal cash expenditures    
Restructuring, Integration, and Other    
Expected pre-tax restructuring charges 0.0  
Operating Expense Efficiency Plan costs | Employee severance and other personal cash expenditures | Forecast    
Restructuring, Integration, and Other    
Expected pre-tax restructuring charges   110.0
Operating Expense Efficiency Plan costs | Asset impairments, accelerated depreciation and inventory write-downs    
Restructuring, Integration, and Other    
Expected pre-tax restructuring charges 0.0  
Operating Expense Efficiency Plan costs | Asset impairments, accelerated depreciation and inventory write-downs | Forecast    
Restructuring, Integration, and Other    
Expected pre-tax restructuring charges   50.0
Operating Expense Efficiency Plan costs | Other related cash expenditures    
Restructuring, Integration, and Other    
Expected pre-tax restructuring charges $ 0.0  
Operating Expense Efficiency Plan costs | Other related cash expenditures | Forecast    
Restructuring, Integration, and Other    
Expected pre-tax restructuring charges   $ 25.0
v3.25.0.1
Restructuring, Integration, and Other - Costs related to the Operating Expense Efficiency Plan (Details) - Operating Expense Efficiency Plan costs - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restructuring, Integration, and Other      
Restructuring related charges $ 60,623 $ 0 $ 0
Total Cost Incurred to Date 60,623 0 0
Employee severance and benefit costs      
Restructuring, Integration, and Other      
Restructuring related charges 1,348 0 0
Employee severance and benefit costs | Restructuring, integration, and other      
Restructuring, Integration, and Other      
Restructuring related charges 1,348 0 0
Total Cost Incurred to Date 1,348 0 0
Inventory write-downs | Cost of sales      
Restructuring, Integration, and Other      
Restructuring related charges 50,344 0 0
Total Cost Incurred to Date 50,344 0 0
Asset impairments | Restructuring, integration, and other      
Restructuring, Integration, and Other      
Restructuring related charges 1,416 0 0
Total Cost Incurred to Date 1,416 0 0
Other costs      
Restructuring, Integration, and Other      
Restructuring related charges 7,515 0 0
Other costs | Restructuring, integration, and other      
Restructuring, Integration, and Other      
Restructuring related charges 7,515 0 0
Total Cost Incurred to Date $ 7,515 $ 0 $ 0
v3.25.0.1
Restructuring, Integration, and Other - Activity in the Restructuring and Integration Accruals (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restructuring Reserve [Roll Forward]      
Ending balance $ 6,600    
Operating Expense Efficiency Plan costs      
Restructuring Reserve [Roll Forward]      
Beginning balance 0 $ 0  
Restructuring related charges 60,623 0 $ 0
Asset write-offs and other non-cash activity (51,937)    
Cash payments (8,100)    
Ending balance 586 0 0
Operating Expense Efficiency Plan costs | Employee severance and benefit costs      
Restructuring Reserve [Roll Forward]      
Restructuring related charges 1,348 0 0
Cash payments (964)    
Ending balance 384    
Operating Expense Efficiency Plan costs | Inventory write-downs and asset impairments      
Restructuring Reserve [Roll Forward]      
Restructuring related charges 51,760    
Asset write-offs and other non-cash activity (51,760)    
Operating Expense Efficiency Plan costs | Other costs      
Restructuring Reserve [Roll Forward]      
Restructuring related charges 7,515 $ 0 $ 0
Asset write-offs and other non-cash activity (177)    
Cash payments (7,136)    
Ending balance $ 202    
v3.25.0.1
Shareholders' Equity - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Components of Accumulated Other Comprehensive (Loss) Income [Line Items]      
Accumulated other comprehensive loss $ (509,269) $ (298,039) $ (365,262)
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax (571,848) (349,042) (422,711)
Foreign Currency Translation Adjustment and Other (225,564) 74,800 (231,464)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent (211,230) 67,223  
Foreign Currency Translation Adjustment and Other, Net (222,806) 73,669  
Unrealized Gain on Foreign Exchange Contracts Designated as Net Investment Hedges, Net 7,859 (7,952) 8,779
Unrealized Gain on Interest Rate Swaps Designated as Cash Flow Hedges, Net (1,137) 2,783 28,664
Employee Benefit Plan Items, Net (4,854) 1,277 (18,724)
Other comprehensive income (loss) before reclassifications      
Components of Accumulated Other Comprehensive (Loss) Income [Line Items]      
Foreign Currency Translation Adjustment and Other (222,489) 72,949  
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent (205,151) 70,247  
Unrealized Gain on Foreign Exchange Contracts Designated as Net Investment Hedges, Net 12,996 (2,276)  
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax 5,027 (1,011)  
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax (685) 585  
Gain (Loss) on Foreign Exchange Contracts Designated as Net Investment Hedges, Net      
Components of Accumulated Other Comprehensive (Loss) Income [Line Items]      
Accumulated other comprehensive loss 20,018 12,159 20,111
Unrealized Gain on Foreign Exchange Contracts Designated as Net Investment Hedges, Net 7,859 (7,952)  
Gain Loss On Interest Rate Swaps Designated As Cash Flow Hedges, Net      
Components of Accumulated Other Comprehensive (Loss) Income [Line Items]      
Accumulated other comprehensive loss 29,501 30,638 27,855
Unrealized Gain on Interest Rate Swaps Designated as Cash Flow Hedges, Net (1,137) 2,783  
Amounts reclassified into income      
Components of Accumulated Other Comprehensive (Loss) Income [Line Items]      
Foreign Currency Translation Adjustment and Other (317) 720  
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent (6,079) (3,024)  
Unrealized Gain on Foreign Exchange Contracts Designated as Net Investment Hedges, Net (5,137) (5,676)  
Unrealized Gain on Interest Rate Swaps Designated as Cash Flow Hedges, Net (452)    
Employee Benefit Plan Items, Net (173) (266)  
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net   2,198  
Employee Benefit Plan Items, Net      
Components of Accumulated Other Comprehensive (Loss) Income [Line Items]      
Accumulated other comprehensive loss 13,060 8,206 $ 9,483
Employee Benefit Plan Items, Net 4,854 (1,277)  
Intra-entity foreign currency transactions | Other comprehensive income (loss) before reclassifications      
Components of Accumulated Other Comprehensive (Loss) Income [Line Items]      
Foreign Currency Translation Adjustment and Other $ (52,900) $ 21,200  
v3.25.0.1
Shareholders' Equity - Common Stock Outstanding Activity (Details) - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cost of retirement of treasury shares $ 0 $ 0  
Preferred stock, shares authorized 2,000    
Common Stock Issued      
Common stock outstanding, Beginning balance 57,691 125,424 125,424
Shares issued for stock-based compensation awards 375 0 0
Repurchases of common stock 0 0 0
Retirement of treasury stock (2,474) (67,733)  
Common stock outstanding, Ending balance 55,592 57,691 125,424
Treasury Stock      
Common stock outstanding, Beginning balance 3,880 66,175 57,358
Shares issued for stock-based compensation awards (75) (653) (525)
Repurchases of common stock (2,089) (6,091) (9,342)
Retirement of treasury stock (2,474) (67,733)  
Common stock outstanding, Ending balance 3,420 3,880 66,175
Cost of retirement of treasury shares $ 228,800 $ 5,100,000  
Common Stock Outstanding      
Common stock outstanding, Beginning balance 53,811 59,249 68,066
Shares issued for stock-based compensation awards 450 653 525
Repurchases of common stock (2,089) (6,091) (9,342)
Retirement of treasury stock 0 0  
Common stock outstanding, Ending balance 52,172 53,811 59,249
v3.25.0.1
Shareholders' Equity - Share-Repurchase Programs (Details) - USD ($)
$ in Thousands, shares in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-Repurchase Programs [Line Items]      
Dollar Value Approved for Repurchase $ 1,600,000    
Dollar Value of Shares Repurchased 1,275,937    
Approximate Dollar Value of Shares that May Yet be Purchased Under the Program 324,063    
Payments for repurchase of common stock 265,142 $ 770,200 $ 1,049,487
September 2022      
Share-Repurchase Programs [Line Items]      
Dollar Value Approved for Repurchase 600,000    
Dollar Value of Shares Repurchased 600,000    
Approximate Dollar Value of Shares that May Yet be Purchased Under the Program 0    
January 2023      
Share-Repurchase Programs [Line Items]      
Dollar Value Approved for Repurchase 1,000,000    
Dollar Value of Shares Repurchased 675,937    
Approximate Dollar Value of Shares that May Yet be Purchased Under the Program $ 324,063    
Share repurchase program      
Share-Repurchase Programs [Line Items]      
Stock repurchased during period, shares 2.0 6.1  
Payments for repurchase of common stock $ 250,000 $ 745,900  
Excise tax share repurchases      
Share-Repurchase Programs [Line Items]      
Excise tax on share repurchase $ 2,100    
v3.25.0.1
Net Income Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Net Income Per Share      
Net income attributable to shareholders $ 392,074 $ 903,505 $ 1,426,884
Weighted-average shares outstanding - basic 53,282 56,359 64,838
Net effect of various dilutive stock-based compensation awards 515 676 615
Weighted-average shares outstanding - diluted 53,797 57,035 65,453
Net income per share:      
Basic $ 7.36 $ 16.03 $ 22.01
Diluted (a) $ 7.29 $ 15.84 $ 21.80
(a) Equity awards excluded from diluted net income per share as their effect would have been anti-dilutive 16 32 53
v3.25.0.1
Employee Stock Plans (Details)
$ in Thousands, shares in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
shares
Dec. 31, 2023
USD ($)
shares
Dec. 31, 2022
USD ($)
Employee Stock Plans      
Number of shares authorized | shares 24.0    
Number of shares available for grant | shares 4.4 5.0  
Share-Based Compensation Arrangement by share-based payment award, authorization rate 1.69    
Amortization of stock-based compensation | $ $ 34,631 $ 41,569 $ 42,930
Tax benefits related to stock-based compensation awards | $ $ 5,600 $ 8,900 $ 5,900
Installments over a period 4 years    
Contractual terms 10 years    
v3.25.0.1
Employee Stock Plans - Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Employee Stock Plans      
Outstanding beginning 322,252    
Outstanding, Weighted-Average Exercise Price, beginning $ 76.73    
Exercised (71,187)    
Weighted-Average Exercise Price, Exercised $ 76.63    
Forfeited (1,520)    
Weighted-Average Exercise Price, Forfeited $ 79.22    
Outstanding ending 249,545 322,252  
Outstanding, Weighted-Average Exercise Price, ending $ 76.75 $ 76.73  
Exercisable 249,090    
Weighted-Average Exercise Price, Exercisable $ 76.74    
Outstanding, Weighted-Average Remaining Contractual Life 42 months    
Exercisable, Weighted-Average Remaining Contractual Life 42 months    
Outstanding, Aggregate Intrinsic Value $ 9,076    
Exercisable, Aggregate Intrinsic Value 9,061    
Total intrinsic value of options exercised 3,300 $ 12,500 $ 10,000
Cash received from option exercises $ 5,354 $ 17,010 $ 17,340
Vesting method on service period 3 years    
Non-employee director award $ 200    
Installments over a period 4 years    
Settlement of restricted stock units ratio 1    
Directors' annual retainer fee 50.00%    
Non-Employee      
Employee Stock Plans      
Installments over a period 1 year    
Minimum      
Employee Stock Plans      
Percentage of performance awards deliverable in common stock 0.00%    
Maximum      
Employee Stock Plans      
Percentage of performance awards deliverable in common stock 185.00%    
v3.25.0.1
Employee Stock Plans - Summary of Non-Vested Shares (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Employee Stock Plans      
Non-vested shares balance beginning 820,220    
Weighted-Average Grant Date Fair Value Non-vested shares balance beginning $ 117.84    
Granted 401,602    
Weighted Average Grant Date Fair Value, Granted $ 115.73    
Vested (337,945)    
Weighted Average Grant Date Fair Value, Vested $ 109.77    
Forfeited (43,178)    
Weighted Average Grant Date Fair Value, Forfeited $ 122.68    
Non-vested shares balance ending 840,699 820,220  
Weighted-Average Grant Date Fair Value Non-vested shares balance ending $ 119.83 $ 117.84  
Total fair value of shares vested $ 39.5 $ 57.0 $ 47.3
Total unrecognized compensation cost related to non-vested shares and stock options $ 31.8    
Weighted-average period 2 years 2 months 12 days    
v3.25.0.1
Employee Benefit Plans - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
employee
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Defined Benefit Plan Disclosure [Line Items]      
Actuarial (loss) gains, net of tax $ 5,027 $ (1,011) $ 19,548
Reclassification of actuarial (loss) gain, net of tax (125) (508) 590
Prior service (costs), net of tax     (2,304)
Reclassification of prior service (costs), net of tax 256 256  
Accumulated other comprehensive income (loss) includes unrecognized actuarial gains (losses), net of related taxes 12,200 7,300  
Accumulated other comprehensive income (loss) includes prior service (costs) (1,800) (2,000)  
Defined contribution plan, cost 20,100 21,200 20,300
Supplemental employee retirement plan      
Defined Benefit Plan Disclosure [Line Items]      
Funding in trust 115,700    
Funding in rabbi trust 114,400    
International      
Defined Benefit Plan Disclosure [Line Items]      
Defined contribution plan, cost $ 22,400 $ 22,600 $ 22,100
Former Arrow SERP | Supplemental employee retirement plan      
Defined Benefit Plan Disclosure [Line Items]      
Number of participants | employee 26    
Current Arrow SERP | Supplemental employee retirement plan      
Defined Benefit Plan Disclosure [Line Items]      
Number of participants | employee 10    
v3.25.0.1
Employee Benefit Plans - Pension Information and Benefit Payments (Details) - Supplemental employee retirement plan - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]    
Accumulated benefit obligation $ 74,530 $ 77,737
Projected benefit obligation at beginning of year 88,084 84,148
Service cost 3,193 3,250
Interest cost 4,081 4,082
Actuarial (gain) loss (6,602) 1,328
Benefits paid (5,724) (4,724)
Projected benefit obligation at end of year 83,032 88,084
Funded status (83,032) (88,084)
Current liabilities (6,168) (6,186)
Noncurrent liabilities (76,864) (81,898)
Amortization of prior service cost 337 336
Amortization of net loss (164) (668)
Net periodic pension cost $ 7,447 $ 7,000
Weighted-average assumptions used to determine benefit obligation, Discount rate 5.50% 4.80%
Weighted-average assumptions used to determine benefit obligation, Rate of compensation increase 5.00% 5.00%
Weighted-average assumptions used to determine net periodic pension cost, Discount rate 4.80% 5.00%
Weighted-average assumptions used to determine net periodic pension cost, Rate of compensation increase 5.00% 5.00%
2025 $ 6,168  
2026 6,318  
2027 6,183  
2028 6,201  
2029 6,792  
2030 - 2034 $ 36,382  
v3.25.0.1
Lease Commitments - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Lease Commitments      
Lease expiration date 2036    
Lease cost $ 98.0 $ 93.4 $ 92.0
v3.25.0.1
Lease Commitments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Lease Commitments    
Right-of-use asset $ 251,129 $ 269,524
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Lease liability - current $ 68,941 $ 74,232
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Accrued Liabilities, Current Accrued Liabilities, Current
Lease liability - non-current $ 198,466 $ 210,110
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other liabilities Other liabilities
Total operating lease liabilities $ 267,407 $ 284,342
Operating Lease, Liability, Statement of Financial Position [Extensible List] us-gaap:OtherLiabilities us-gaap:OtherLiabilities
2025 $ 77,607  
2026 63,279  
2027 53,911  
2028 43,888  
2029 23,085  
Thereafter 39,252  
Total lease payments 301,022  
Less: imputed interest (33,615)  
Cash paid for amounts included in the measurement of operating lease liabilities 94,829 $ 91,797
Right-of-use assets obtained in exchange for operating lease obligations $ 62,583 $ 74,356
Weighted-average remaining lease term in years 5 years 5 years
Weighted-average discount rate 5.40% 4.60%
v3.25.0.1
Contingencies (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Contingencies    
Environmental liabilities $ 24.7  
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration] Accrued Liabilities, Current, Other Liabilities, Noncurrent  
Environmental remediation expenses   $ 23.3
Environmental Remediation Expense, before Recovery, Statement of Income or Comprehensive Income [Extensible Enumeration]   Restructuring and Related Cost, Incurred Cost
Recovery of direct costs $ 47.3  
Proceeds from legal settlements   $ 62.2
Huntsville Site    
Contingencies    
Environmental remediation expense to date 9.1  
Project expenditures, low estimate 5.3  
Project expenditures, high estimate 17.0  
Norco Site    
Contingencies    
Environmental remediation expense to date 86.5  
Project expenditures, low estimate 19.4  
Project expenditures, high estimate $ 35.5  
v3.25.0.1
Segment and Geographic Information (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
country
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Sales:      
Sales $ 27,923,324 $ 33,107,120 $ 37,124,422
Number of countries in which entity operates | country 85    
China and Hong Kong      
Sales:      
Sales $ 4,033,744 4,858,871 6,339,883
Germany      
Sales:      
Sales 3,007,517 4,341,837 4,715,806
Other      
Sales:      
Sales 11,114,613 12,737,852 12,901,063
Non-US      
Sales:      
Sales 18,155,874 21,938,560 23,956,752
United States      
Sales:      
Sales 9,767,450 11,168,560 13,167,670
Operating segments      
Sales:      
Sales 27,923,324 33,107,120 37,124,422
Global components | Operating segments      
Sales:      
Sales 19,983,267 25,419,899 28,788,003
Global components | Operating segments | Americas      
Sales:      
Sales 6,411,701 7,954,713 9,592,547
Global components | Operating segments | EMEA      
Sales:      
Sales 5,648,107 8,074,894 7,627,974
Global components | Operating segments | Asia/Pacific      
Sales:      
Sales 7,923,459 9,390,292 11,567,482
Global ECS | Operating segments      
Sales:      
Sales 7,940,057 7,687,221 8,336,419
Global ECS | Operating segments | Americas      
Sales:      
Sales 4,067,160 4,160,298 4,847,027
Global ECS | Operating segments | EMEA      
Sales:      
Sales $ 3,872,897 $ 3,526,923 $ 3,489,392
v3.25.0.1
Segment and Geographic Information - Operations by reportable segment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment and geographic information      
Sales $ 27,923,324 $ 33,107,120 $ 37,124,422
Cost of sales 24,630,916 28,958,102 32,287,797
Gross profit 3,292,408 4,149,018 4,836,625
Operating expenses 2,523,851 2,677,854 2,768,131
Operating income (loss) 768,557 1,471,164 2,068,494
Proceeds from settlements benefits   62,200  
Restructuring, integration and other 142,917 83,916 13,741
Operating segments      
Segment and geographic information      
Sales 27,923,324 33,107,120 37,124,422
Cost of sales 24,630,916 28,958,102 32,287,797
Gross profit $ 3,292,408 $ 4,149,018 $ 4,836,625
Gross profit margin 11.80% 12.50% 13.00%
Operating expenses $ 2,523,851 $ 2,677,854 $ 2,768,131
Operating income (loss) $ 768,557 $ 1,471,164 $ 2,068,494
Operating income margin 2.80% 4.40% 5.60%
Global Components      
Segment and geographic information      
Inventory write downs $ 60,600    
Proceeds from settlements benefits   $ 62,200  
Global Components | Operating segments      
Segment and geographic information      
Sales 19,983,267 25,419,899 $ 28,788,003
Cost of sales 17,650,909 22,220,779 24,883,076
Gross profit $ 2,332,358 $ 3,199,120 $ 3,904,927
Gross profit margin 11.70% 12.60% 13.60%
Operating expenses $ 1,591,085 $ 1,739,954 $ 1,943,802
Operating income (loss) $ 741,273 $ 1,459,166 $ 1,961,125
Operating income margin 3.70% 5.70% 6.80%
Global ECS      
Segment and geographic information      
Increase in charges to increase allowance for credit losses   $ 25,400  
Reversal of charges for aged receivables collected $ 20,000    
Global ECS | Operating segments      
Segment and geographic information      
Sales 7,940,057 7,687,221 $ 8,336,419
Cost of sales 6,980,007 6,737,323 7,404,721
Gross profit $ 960,050 $ 949,898 $ 931,698
Gross profit margin 12.10% 12.40% 11.20%
Operating expenses $ 549,975 $ 582,894 $ 523,179
Operating income (loss) $ 410,075 $ 367,004 $ 408,519
Operating income margin 5.20% 4.80% 4.90%
Corporate      
Segment and geographic information      
Restructuring, integration and other $ 142,900 $ 83,900 $ 13,700
Corporate | Operating segments      
Segment and geographic information      
Operating expenses 382,791 355,006 301,150
Operating income (loss) $ (382,791) $ (355,006) $ (301,150)
v3.25.0.1
Segment and Geographic Information - Geographic Sales and Long-Lived Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Revenues from external customers and long lived assets    
Assets $ 21,757,707 $ 21,726,168
Long-lived assets 720,389 800,264
Global Components | Operating segments    
Revenues from external customers and long lived assets    
Assets 14,765,931 15,129,190
Global ECS | Operating segments    
Revenues from external customers and long lived assets    
Assets 6,518,723 6,051,459
Corporate    
Revenues from external customers and long lived assets    
Assets 473,053 545,519
Netherlands    
Revenues from external customers and long lived assets    
Long-lived assets 78,120 89,199
France    
Revenues from external customers and long lived assets    
Long-lived assets 86,268 87,861
Other    
Revenues from external customers and long lived assets    
Long-lived assets 223,903 258,264
Non-US    
Revenues from external customers and long lived assets    
Long-lived assets 388,291 435,324
United States    
Revenues from external customers and long lived assets    
Long-lived assets $ 332,098 $ 364,940
v3.25.0.1
VALUATION AND QUALIFYING ACCOUNTS (Details) - Allowance for credit loss - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Allowance for credit losses:      
Allowance for credit losses, Balance at beginning of year $ 146,480 $ 93,397 $ 75,901
Allowance for credit losses, Charged to Income 751 71,984 34,590
Allowance for credit losses, Other [1] (2,411) 690 (1,476)
Allowance for credit losses, Write-down 28,375 19,591 15,618
Allowance for credit losses, Balance at end of year $ 116,445 $ 146,480 $ 93,397
[1] “Other” primarily includes the effect of fluctuations in foreign currencies and the allowance for credit losses of the businesses acquired and disposed of by the company.