Document and Entity Information (USD $)
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3 Months Ended | |
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Apr. 02, 2011
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Jul. 03, 2010
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Document and Entity Information [Abstract] | ||
Entity Registrant Name | INGRAM MICRO INC | |
Entity Central Index Key | 0001018003 | |
Document Type | 10-Q | |
Document Period End Date | Apr. 02, 2011 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2011 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Public Float | $ 2,289,263,377 | |
Entity Common Stock, Shares Outstanding (Class A) | 160,949,801 |
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If the value is true, then the document as an amendment to previously-filed/accepted document. No definition available.
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End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements this will be the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition
The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type should be limited to the same value as the supporting SEC submission type. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, NCSR, N-Q, and Other. No definition available.
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument No definition available.
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- Definition
Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K. No definition available.
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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. No definition available.
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- Definition
Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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- Definition
Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at fiscal year-end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, and unrealized gains and losses on certain investments in debt and equity securities as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. This caption alerts the reader that one or more notes to the financial statements disclose pertinent information about the entity's commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Dollar value of issued common stock whether issued at par value, no par or stated value. This item includes treasury stock repurchased by the entity. Note: elements for number of common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying value as of the balance sheet date of the sum of short-term debt and current maturities of long-term debt and capital lease obligations, which are due within one year (or one business cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer). No definition available.
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- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. No definition available.
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- Definition
Total of all Liabilities and Stockholders' Equity items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying values as of the balance sheet date of all long-term debt, which is debt initially having maturities due after one year from the balance sheet date or beyond the operating cycle, if longer, but excluding the portions thereof scheduled to be repaid within one year (current maturities) or the normal operating cycle, if longer, and after deducting unamortized discount or premiums, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of current assets not separately presented elsewhere in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet due to materiality considerations. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet due to materiality considerations. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Dollar value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) whether issued at par value, no par or stated value. This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, and production equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of all Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Value of common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury. Treasury stock is issued but is not outstanding. This stock has no voting rights and receives no dividends. Note that treasury stock may be recorded at its total cost or separately as par (or stated) value and additional paid in capital. Note: number of treasury shares concept is in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Consolidated Balance Sheet (Unaudited) (Parenthetical) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
Apr. 02, 2011
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Jan. 01, 2011
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Current assets: | ||
Allowances for trade accounts receivable | $ 70,250 | $ 75,794 |
Stockholders' equity: | ||
Preferred Stock, par value | $ 0.01 | $ 0.01 |
Preferred Stock, shares authorized | 25,000 | 25,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Treasury stock, shares | 23,280 | 23,713 |
Common Class A
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Stockholders' equity: | ||
Common Stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 500,000 | 500,000 |
Common Stock, shares issued | 184,230 | 182,458 |
Common Stock, shares outstanding | 160,950 | 158,745 |
Common Class B
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Stockholders' equity: | ||
Common Stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 135,000 | 135,000 |
Common Stock, shares issued | 0 | 0 |
Common Stock, shares outstanding | 0 | 0 |
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- Definition
A valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Face amount or stated value of common stock per share; generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Excludes common shares repurchased by the entity and held as Treasury shares. Shares outstanding equals shares issued minus shares held in treasury. Does not include common shares that have been repurchased. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Consolidated Statement of Income (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | |
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Apr. 02, 2011
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Apr. 03, 2010
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Consolidated Statement of Income (Unaudited) [Abstract] | ||
Net sales | $ 8,723,712 | $ 8,095,954 |
Cost of sales | 8,269,640 | 7,654,492 |
Gross profit | 454,072 | 441,462 |
Operating expenses: | ||
Selling, general and administrative | 354,287 | 335,942 |
Reorganization credits | (269) | (169) |
Total operating expenses | 354,018 | 335,773 |
Income from operations | 100,054 | 105,689 |
Other expense (income): | ||
Interest income | (1,373) | (1,228) |
Interest expense | 13,195 | 6,150 |
Net foreign exchange loss | 3,009 | 499 |
Other | 3,818 | 3,036 |
Total other expense (income) | 18,649 | 8,457 |
Income before income taxes | 81,405 | 97,232 |
Provision for income taxes | 25,095 | 26,904 |
Net income | $ 56,310 | $ 70,328 |
Basic earnings per share | $ 0.35 | $ 0.43 |
Diluted earnings per share | $ 0.34 | $ 0.42 |
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- Definition
The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income or loss for the period per each share of common stock outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income or loss for the period per each share of common stock and dilutive common stock equivalents outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate foreign currency transaction gain or loss (both realized and unrealized) included in determining net income for the reporting period. Excludes foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements. For certain enterprises, primarily banks, that are dealers in foreign exchange, foreign currency transaction gains or losses may be disclosed as dealer gains or losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. No definition available.
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- Definition
Sum of operating profit and nonoperating income (expense) before income (loss) from equity method investments, income taxes, extraordinary items, cumulative effects of changes in accounting principles, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The sum of the current income tax expense (benefit) and the deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Income derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate amount of income (expense) from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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- Details
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- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
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- Definition
The net amount of other nonoperating income and expense, which does not qualify for separate disclosure on the income statement under materiality guidelines. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount charged against earnings in the period for incurred and estimated costs, excluding asset retirement obligations, associated with exit from or disposal of business activities or restructurings pursuant to a program that is planned and controlled by management, and materially changes either the scope of a business undertaken by an entity, or the manner in which that business is conducted. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Change in book overdrafts. No definition available.
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- Definition
Net repayments on revolving credit facilities No definition available.
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- Definition
Noncash charges for interest. No definition available.
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- Details
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- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net change between the beginning and ending balance of cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The component of income tax expense for the period representing the net change in the entity's deferred tax assets and liabilities pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The effect of exchange rate changes on cash balances held in foreign currencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Reductions in the entity's income taxes that arise when compensation cost (from non-qualified share-based compensation) recognized on the entity's tax return exceeds compensation cost from share-based compensation recognized in financial statements. This element represents the cash inflow reported in the enterprise's financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Reductions in the entity's income taxes that arise when compensation cost (from non-qualified share-based compensation) recognized on the entity's tax return exceeds compensation cost from share-based compensation recognized in financial statements. This element reduces net cash provided by operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The difference between the sale price or salvage price and the book value of a property, plant, and equipment asset that was sold or retired during the reporting period. This element refers to the gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net change during the reporting period in the aggregate amount of obligations due within one year (or one business cycle). This may include trade payables, amounts due to related parties, royalties payable, and other obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net change during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net change during the reporting period in the aggregate amount of expenses incurred but not yet paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The net change during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Details
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- Definition
The net change during the reporting period in other operating assets not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The net cash inflow (outflow) from financing activity for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Details
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- Definition
The net cash inflow (outflow) from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The cash outflow to reacquire common stock during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net cash inflow (outflow) from sales and purchases of trading securities during the period. Trading securities are bought and held principally for the purpose of selling them in the near term (thus held for only a short period of time). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The cash inflow associated with the amount received from holders exercising their stock options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The cash outflow from the payment of uncollateralized debt obligation (where debt is not backed by the pledge of collateral). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock options, amortization of restricted stock, and adjustment for officers compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Organization and Basis of Presentation
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3 Months Ended |
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Apr. 02, 2011
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Organization and Basis of Presentation [Abstract] | |
Organization and Basis of Presentation |
Note 1 — Organization and Basis of Presentation
Ingram Micro Inc. and its subsidiaries are primarily engaged in the distribution of
information technology (“IT”) products and supply chain solutions worldwide. Ingram Micro Inc. and
its subsidiaries operate in North America; Europe, Middle East and
Africa (“EMEA”); Asia-Pacific; and Latin America.
The consolidated financial statements include the accounts of Ingram Micro Inc. and its
subsidiaries. Unless the context otherwise requires, the use of the terms “Ingram Micro,” “we,”
“us” and “our” in these notes to the consolidated financial statements refers to Ingram Micro Inc.
and its subsidiaries. These consolidated financial statements have been prepared by us, without
audit, pursuant to the rules and regulations of the United States Securities and Exchange
Commission (the “SEC”). In the opinion of management, the accompanying unaudited consolidated
financial statements contain all material adjustments (consisting of only normal, recurring
adjustments) necessary to fairly state our consolidated financial position as of April 2, 2011, and
our consolidated results of operations and cash flows for the thirteen weeks ended April 2, 2011
and April 3, 2010. All significant intercompany accounts and transactions have been eliminated in
consolidation. As permitted under the applicable rules and regulations of the SEC, these
consolidated financial statements do not include all disclosures and footnotes normally included
with annual consolidated financial statements and, accordingly, should be read in conjunction with
the consolidated financial statements and the notes thereto, included in our Annual Report on Form
10-K filed with the SEC for the year ended January 1, 2011. The consolidated results of operations
for the thirteen weeks ended April 2, 2011 may not be indicative of the consolidated results of
operations that can be expected for the full year.
Book Overdrafts
Book overdrafts of $269,402 and $517,107 as of April 2, 2011 and January 1, 2011,
respectively, represent checks issued on disbursement bank accounts but not yet paid by such banks.
These amounts are classified as accounts payable in our consolidated balance sheet. We typically
fund these overdrafts through normal collections of funds or transfers from other bank balances at
other financial institutions. Under the terms of our facilities with the banks, the respective
financial institutions are not legally obligated to honor the book overdraft balances as of April
2, 2011 and January 1, 2011, or any balance on any given date.
Trade Accounts Receivable Factoring Programs
We have an uncommitted factoring program in North America under which trade accounts
receivable of one large customer may be sold, without recourse, to a financial institution. The
program’s total amount of receivables that may be factored at any one point in time cannot exceed
$150,000. We also have an uncommitted factoring program in EMEA under which trade accounts
receivable of another large customer may be sold, without recourse, to a financial institution.
The program’s total amount of receivables that may be factored at any one point in time cannot
exceed €40,000, or approximately $57,000 at April 2, 2011. Available capacity under these programs
is dependent on the amount of trade accounts receivable already sold to and held by the financial
institutions, the level of our trade accounts receivable eligible to be sold into these programs
and the financial institutions’ willingness to purchase such receivables. At April 2, 2011 and
January 1, 2011, we had a total of $155,337 and $112,484, respectively, of trade accounts
receivable sold to and held by the financial institutions under these programs. Factoring fees in
the amount of $858 and $0 for the thirteen weeks ended April 2, 2011 and April 3, 2010,
respectively, related to the sale of trade accounts receivable under both facilities are included
in “other” in the other expense (income) section of our consolidated statement of income.
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- Details
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- Definition
Description containing the entire organization, consolidation and basis of presentation of financial statements disclosure. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Share Repurchases
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Apr. 02, 2011
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Share Repurchases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Repurchases |
Note 2 — Share Repurchases
In October 2010, our Board of Directors authorized a new three-year, $400,000 share repurchase
program, following the completion of our previous share repurchase programs in the second quarter
of 2010. Under the program, we may repurchase shares in the open
market and through privately negotiated transactions. Our repurchases
will be funded with available borrowing capacity and cash. The timing
and amount of specific repurchase transactions will depend upon
market conditions, corporate considerations and applicable legal and
regulatory requirements. We account for repurchased shares of common stock as treasury stock. Treasury shares are
recorded at cost and are included as a component of stockholders’ equity in our consolidated
balance sheet. We have also issued shares of common stock out of our cumulative balance of
treasury shares. Such shares are issued to certain of our associates upon the vesting of their
equity awards under the Ingram Micro Amended and Restated 2003 Equity
Incentive Plan (“the 2003 Plan,” see Note 4).
Our stock repurchase and issuance activity for the thirteen weeks ended April 2, 2011 and April 3,
2010 are summarized in the table below.
|
X | ||||||||||
- Definition
This element may be used to capture the complete disclosure pertaining to an entity's treasury stock, including the average cost per share, carrying basis for each class of treasury stock, description of share repurchase program authorized by an entity's Board of Directors, the treatment of the purchase price in excess of the current market value, number of shares held for each class of treasury stock, and other information necessary to a fair presentation. No definition available.
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Earnings Per Share
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Apr. 02, 2011
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share |
Note 3 — Earnings Per Share
We report a dual presentation of Basic Earnings per Share (“Basic EPS”) and Diluted Earnings
per Share (“Diluted EPS”). Basic EPS excludes dilution and is computed by dividing net income by
the weighted average number of common shares outstanding during the reported period. Diluted EPS
uses the treasury stock method or the if-converted method, where applicable, to compute the
potential dilution that could occur if stock-based awards and other commitments to issue common
stock were exercised.
The computation of Basic EPS and Diluted EPS is as follows:
There were approximately 903 and 7,150 stock-based awards for the thirteen weeks ended April
2, 2011 and April 3, 2010, respectively, that were not included in the computation of Diluted EPS
because the exercise price was greater than the average market price of the Class A Common Stock
during the respective periods, thereby resulting in an antidilutive effect.
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- Details
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X | ||||||||||
- Definition
This element may be used to capture the complete disclosure pertaining to an entity's earnings per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Stock-Based Compensation
|
3 Months Ended |
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Apr. 02, 2011
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|
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation |
Note 4 — Stock-Based Compensation
We have granted both time- and performance-vested restricted stock and/or restricted stock
units, in addition to stock options, to key employees and members of our Board of Directors. In
2011 and 2010, a portion of the performance-vested restricted stock units granted to management are
based on the performance measurement of profit before tax, with the remainder based on earnings per
share growth and return on invested capital versus preset targets.
Stock options granted during the thirteen weeks ended April 2, 2011 and April 3, 2010 were 39
and 48, respectively, and restricted stock and restricted stock units granted were 2,857 and 1,722,
respectively. As of April 2, 2011, approximately 2,526 shares
were available for grant under the 2003 Plan, taking into account granted options, time vested restricted stock units/awards and
performance vested restricted stock units assuming maximum achievement. Stock-based compensation
expense for the thirteen weeks ended April 2, 2011 and April 3, 2010 was $5,657 and $4,031,
respectively, and the related income tax benefit was $1,722 and $1,347, respectively.
During the thirteen weeks ended April 2, 2011 and April 3, 2010, a total of 1,728 and 561
stock options, respectively, were exercised, and 750 and 690 restricted stock and restricted stock
units vested, respectively. In addition, during the thirteen weeks ended April 2, 2011 and April
3, 2010, the Board of Directors determined that the performance measures for certain
performance-based grants were not met, resulting in the cancellation of approximately 772 and 492
shares, respectively.
|
X | ||||||||||
- Definition
Disclosure of compensation-related costs for share-based compensation which may include disclosure of policies, compensation plan details, allocation of stock compensation, incentive distributions, share-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Comprehensive Income
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Apr. 02, 2011
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Comprehensive Income [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income |
Note 5 — Comprehensive Income
Comprehensive income consists of the following:
Accumulated other comprehensive
income included in stockholders’ equity consisted primarily of foreign
currency translation adjustments and fair value adjustments to our interest rate swap agreement and
foreign currency forward contracts designated as cash flow hedges.
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- Details
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X | ||||||||||
- Definition
This label may include the following: 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Components of comprehensive income include: (1) foreign currency translation adjustments; (2) gains and losses on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (3) gains and losses on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (4) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (5) unrealized holding gains and losses on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (6) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (7) the net gain or loss and net prior service cost or credit for pension plans and other postretirement benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Derivative Financial Instruments
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3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 02, 2011
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Derivative Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments |
Note 6 — Derivative Financial Instruments
The notional amounts and fair values of derivative instruments in our consolidated balance
sheet were as follows:
The amount recognized
in earnings on our derivative instruments, including ineffectiveness,
was a net loss of $30,097 for the thirteen weeks ended April 2, 2011 and a net gain of $12,025 for
the thirteen weeks ended April 3, 2010, which was largely offset by the change in the fair value of
the underlying hedged assets or liabilities. The gains or losses on derivative instruments are
classified in our consolidated statement of income on a consistent basis with the classification of
the change in fair value of the underlying hedged assets or liabilities. Unrealized losses of
$1,750 and $284, net of taxes, during the thirteen weeks ended April 2, 2011 and April 3, 2010,
respectively, were reflected in accumulated other comprehensive income associated with our cash
flow hedging transactions.
Cash Flow and Other Hedges
We have designated hedges consisting of an interest rate swap to hedge variable interest rates
on a portion of our senior unsecured term loan and foreign currency forward contracts to hedge
certain foreign currency-denominated intercompany loans and anticipated management fees. In
addition, we also use foreign currency forward contracts that are not designated as hedges
primarily to manage currency risk associated with foreign currency-denominated trade accounts
receivable, accounts payable and intercompany loans.
|
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- Details
|
X | ||||||||||
- Definition
This element can be used to disclose the entity's entire derivative instruments and hedging activities disclosure as a single block of text. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising there from, and the amounts of and methodologies and assumptions used in determining the amounts of such items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Fair Value Measurements
|
3 Months Ended |
---|---|
Apr. 02, 2011
|
|
Fair Value Measurements [Abstract] | |
Fair Value Measurements |
Note 7 — Fair Value Measurements
Our assets and liabilities carried at fair value are classified and disclosed in one of the
following three categories: Level 1 — quoted market prices in active markets for identical assets
and liabilities; Level 2 — observable market-based inputs or unobservable inputs that are
corroborated by market data; and Level 3 — unobservable inputs that are not corroborated by market
data.
At April 2, 2011 and January 1, 2011, our assets and liabilities measured at fair value on a
recurring basis included cash equivalents, consisting primarily of money market accounts and
short-term certificates of deposit, of $503,034 and $532,985, respectively, and marketable trading
securities (included in other currents assets in our consolidated balance sheet) of $46,866 and
$44,401, respectively, both determined based on Level 1 criteria, as defined above, and derivative
assets of $2,127 and $585, respectively, and derivative liabilities of $24,952 and $25,758,
respectively, determined based on Level 2 criteria. The change in the fair value of derivative
instruments was a net unrealized gain of $2,348 and $6,865 for the thirteen weeks ended April 2,
2011 and April 3, 2010, respectively. The fair value of the cash equivalents approximated cost and
the gain or loss on the marketable trading securities was recognized in the consolidated statement
of income to reflect these investments at fair value.
|
X | ||||||||||
- Details
|
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- Definition
This item represents the complete disclosure regarding the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the Company is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risk is are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Acquisitions and Intangible Assets
|
3 Months Ended |
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Apr. 02, 2011
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Acquisitions and Intangible Assets [Abstract] | |
Acquisitions and Intangible Assets |
Note 8 — Acquisitions and Intangible Assets
During the thirteen weeks ended April 2, 2011, we acquired the assets and liabilities of Aretê
Sistemas S.A. (“Aretê”) in Spain, which further strengthens our capabilities in value-added
distribution in our EMEA region. The agreement calls for an initial
cash payment of $1,066, a hold-back amount of $1,040 to be released
upon settlement of certain closing matters and a maximum potential
earn-out of $5,000 to be paid out over four years through December
31, 2014 based upon the achievement of certain pre-defined targets.
We have recorded the earn-out at $2,062, which reflects the estimated fair value of the payout to be achieved. The aggregate purchase
price of $4,168 has been allocated to the assets
acquired and liabilities assumed based on their estimated fair values on the transaction dates,
including identifiable intangible assets of $4,142, primarily related to vendor and customer
relationships with estimated useful lives of 10 years.
This acquisition is not material to us as a whole and therefore, pro-forma financial
information has not been presented.
The gross carrying amounts of finite-lived identifiable intangible assets of $184,417 and
$179,267 at April 2, 2011 and January 1, 2011, respectively, are amortized over their remaining
estimated lives ranging up to 17 years. The net carrying amount was $83,838 and $81,992 at April
2, 2011 and January 1, 2011, respectively. Amortization expense was $3,205 and $4,343 for the
thirteen weeks ended April 2, 2011 and April 3, 2010, respectively.
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Description of a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. This element may be used as a single block of text to encapsulate the entire disclosure (including data and tables) regarding business combinations, including leverage buyout transactions (as applicable). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reorganization Liabilities
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Reorganization Liabilities |
Note 9 — Reorganization Liabilities
In the second half of 2008 and through 2009, we implemented cost-reduction programs in all of
our regions to align our level of operating expenses with declines in sales volume resulting
primarily from the economic downturn. The remaining liabilities and 2011 activities associated
with these actions are summarized in the table below for the thirteen weeks ended April 2, 2011:
Adjustments reflected in the table above include a reduction of $269 to reorganization
liabilities recorded in prior years in EMEA for lower than expected costs associated with facility
consolidations, as well as the net foreign currency impact that increased the U.S. dollar liability
by $149. We expect the remaining liabilities, all of which are associated with facility costs, to
be substantially utilized by the end of 2014.
Prior to 2006, we launched other outsourcing and optimization plans to improve operating
efficiencies and to integrate past acquisitions. The remaining liabilities and 2011 activities
associated with these actions are summarized in the table below for the thirteen weeks ended April
2, 2011:
Adjustments reflected in the table above include the net foreign currency impact of
strengthening foreign currencies, which increased the U.S. dollar liability by $71. We expect the
remaining liabilities, all of which are associated with facility costs, to be fully utilized by the
end of 2015.
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Description of restructuring activities including exit and disposal activities, which should include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. This description does not include restructuring costs in connection with a business combination or discontinued operations and long-lived assets (disposal groups) sold or classified as held for sale. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Debt
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Apr. 02, 2011
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Debt |
Note 10 — Debt
The carrying value of our outstanding debt consists of the following:
We have a revolving trade accounts receivable-backed financing program in North America, which
provides for up to $500,000 in borrowing capacity, and may, subject to the financial institutions’
approval and availability of eligible receivables, be increased to $700,000 in accordance with the
terms of the program. The interest rate of this program is dependent on designated commercial
paper rates (or, in certain circumstances, an alternate rate) plus a predetermined margin. In
April 2011, we extended the maturity of this North American
financing program for an additional year to April 2014. We
had no borrowings at April 2, 2011 and January 1, 2011 under this North American financing program.
In
May 2011, we terminated our multi-currency revolving trade accounts receivable-backed
financing program in Asia-Pacific, which provided a borrowing
capacity of up to 210,000 Australian
dollars, or approximately $218,000 at April 2, 2011. We replaced this facility in the same month
with a new multi-currency revolving trade accounts receivable-backed financing program from the
same financial institution, which provides a borrowing capacity of up to 160,000 Australian
dollars. The new financing program matures in May 2014. The interest rate for both old and new
financing programs are dependent upon the currency in which the drawing is made and is related to
the local short-term bank indicator rate for such currency plus a predetermined margin. We had
outstanding borrowings of $10,380 at April 2, 2011 and had no borrowing at January 1, 2011 under
the terminated Asia-Pacific financing program.
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This element may be used as a single block of text to encapsulate the entire disclosure for long-term borrowings including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Income Taxes
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Apr. 02, 2011
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Income Taxes [Abstract] | |
Income Taxes |
Note 11 — Income Taxes
Our effective tax rate for the thirteen weeks ended April 2, 2011 was 30.8% as compared to
27.7% for the thirteen weeks ended April 3, 2010. The increase in our effective tax rate for the
thirteen weeks ended April 2, 2011 is primarily the result of mix of income across our business
units, including a higher proportion of losses in tax jurisdictions where we are not able to record
a tax benefit versus profit before tax in our remaining jurisdictions for the thirteen weeks ended
April 2, 2011 as compared to the same period of the prior year.
Our effective tax rate differed from the U.S. federal statutory rate of 35% during these
periods primarily due to the relative mix of earnings or losses within the tax jurisdictions in
which we operate, such as: a) earnings in lower-tax jurisdictions for which no U.S. taxes have been
provided because such earnings are planned to be reinvested indefinitely outside the United States;
and b) changes in the valuation allowance on deferred tax assets.
At April 2, 2011, we had gross unrecognized tax benefits of $24,504 compared to $23,641 at
January 1, 2011, representing a net increase of $863 during the thirteen weeks ended April 2, 2011.
Substantially all of the gross unrecognized tax benefits, if recognized, would impact our
effective tax rate in the period of recognition. We recognize interest and penalties related to
unrecognized tax benefits in income tax expense. In addition to the gross unrecognized tax
benefits identified above, the interest and penalties recorded to date by us totaled $3,377 and
$3,006 at April 2, 2011 and January 1, 2011, respectively.
Our future effective tax rate will continue to be affected by changes in the relative mix of
taxable income and losses in the tax jurisdictions in which we operate, changes in the valuation of
deferred tax assets or liabilities, or changes in tax laws or interpretations thereof. In
addition, our income tax returns are subject to continuous examination by the Internal Revenue
Service and other tax authorities.
In 2010, the IRS
initiated an examination of tax years 2007 to 2009, which is still in progress. Furthermore, during
2010, the statute of limitations lapsed on tax year 2006. It is
possible that within the next twelve months, this ongoing federal tax examination, as well as
ongoing tax examinations in the U.S. states and several of our foreign jurisdictions may be
resolved, that new tax examinations may commence and that other issues may be effectively settled.
However, we do not expect our unrecognized tax benefits to change significantly over that time.
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Description containing the entire income tax disclosure. Examples include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Segment Information
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Segment Information |
Note 12 — Segment Information
We operate predominantly in a single industry segment as a distributor of IT products and
supply chain solutions. Our operating segments are based on geographic location, and the measure
of segment profit is income from operations. We do not allocate stock-based compensation
recognized (see Note 4) to our operating units; therefore, we are reporting this as a separate
amount.
Geographic areas in which we operate currently include North America (United States and
Canada), EMEA (Austria, Belgium, France, Germany, Hungary, Israel, Italy, the Netherlands, Spain,
Sweden, Switzerland, and the United Kingdom), Asia-Pacific (Australia, the People’s Republic of
China including Hong Kong, India, Indonesia, Malaysia, New Zealand, Singapore, and Thailand), and
Latin America (Argentina, Brazil, Chile, Mexico, and our Latin American export operations in
Miami).
Financial information by geographic segment is as follows:
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This element may be used to capture the complete disclosure of reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10% or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Commitments and Contingencies
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3 Months Ended |
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Apr. 02, 2011
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Commitments and Contingencies [Abstract] | |
Commitments and Contingencies |
Note 13 — Commitments and Contingencies
Our Brazilian subsidiary has been assessed for commercial taxes on its purchases of imported
software for the period January to September 2002. The principal amount of the tax assessed for
this period was 12,700 Brazilian reais, which is approximately $7,900 and $7,600 at April 2, 2011
and January 1, 2011, respectively, based on the exchange rate prevailing on those dates of 1.619
and 1.666 Brazilian reais, respectively, to the U.S. dollar. We have recorded a liability only for
this assessed amount and not for the unassessed period from October 2002 through December 2005
because it is our opinion, after consultation with counsel, that the statute of limitations for an
assessment from the Brazilian tax authorities for that period has expired. Brazilian law provides
that such taxes are not assessable on software imports after January 1, 2006. While the tax
authorities may seek to impose interest and penalties in addition to the tax as discussed above,
which potentially aggregate to approximately $15,600 as of April 2, 2011 based on the exchange rate
prevailing on that date of 1.619 Brazilian reais to the U.S. dollar, we continue to believe that we
have valid defenses to the assessment of interest and penalties and that payment is not probable.
We will continue to vigorously pursue administrative and judicial action to challenge the current,
and any subsequent, assessments. However, we can make no assurances that we will ultimately be
successful in defending such assessments.
In 2007, the Sao Paulo Municipal Tax Authorities assessed our Brazilian subsidiary a
commercial service tax based upon our sale of software. The assessment for taxes and penalties
covers the years 2002 through 2006 and totaled 55,100 Brazilian reais or approximately $34,000
based upon an April 2, 2011 exchange rate of 1.619 Brazilian reais to the U.S. dollar. Although
not included in the original assessment, additional potential liability arising from this
assessment for interest and adjustment for inflation totaled 89,800 Brazilian reais or
approximately $55,400 at April 2, 2011. The authorities could make further tax assessments for the
period after 2006, which may be material. It is our opinion, after consulting with counsel, that
our subsidiary has valid defenses against the assessment of these taxes, penalties, interest, or
any additional assessments related to this matter, and we therefore have not recorded a charge for
the assessment as an unfavorable outcome is not probable. After seeking relief in administrative
proceedings, we are now vigorously pursuing judicial action to challenge the current assessment and
any subsequent assessments, which may require us to post collateral or provide a guarantee equal to
or greater than the total amount of the assessment, penalties and interest, adjusted for inflation
factors. However, we can make no assurances that we will ultimately be successful in our
defense of this matter.
There are various other claims, lawsuits and pending actions against us incidental to our
operations. It is the opinion of management that the ultimate resolution of these matters will not
have a material adverse effect on our consolidated financial position, results of operations or
cash flows. However, we can make no assurances that we will ultimately be successful in our
defense of any of these matters.
As is customary in the IT distribution industry, we have arrangements with certain finance
companies that provide inventory-financing facilities for customers. In conjunction with
certain of these arrangements, we have agreements with the finance companies that would require us
to repurchase certain inventory, which might be repossessed from the customers by the finance
companies. Due to various reasons, including among other factors, the lack of information regarding
the amount of saleable inventory purchased from us still on hand with the customer at any point in
time, repurchase obligations relating to inventory cannot be reasonably estimated. Repurchases of
inventory by us under these arrangements have been insignificant to date.
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Includes disclosure of commitments and contingencies. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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New Accounting Standards
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3 Months Ended |
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Apr. 02, 2011
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New Accounting Standards [Abstract] | |
New Accounting Standards |
Note 14 — New Accounting Standards
In October 2009, the Financial Accounting Standards Board (“FASB”) issued a new accounting
standard related to revenue recognition in multiple-deliverable revenue arrangements and certain
arrangements that include software elements. This standard eliminates the residual method of
revenue allocation by requiring entities to allocate revenue in an arrangement using estimated
selling prices of the delivered goods and services based on selling price hierarchy. The FASB also
issued a new accounting standard in October 2009, which changes revenue recognition for tangible
products containing software and hardware elements. Under this standard, tangible products
containing software and hardware that function together to deliver the tangible products’ essential
functionality are scoped out of the existing software revenue recognition guidance and will be
accounted for under the multiple-element arrangements revenue recognition guidance discussed above.
Both standards were effective for us beginning January 2, 2011 (the first day of fiscal 2011).
The adoption of these standards did not have a material impact on our consolidated financial position
and results of operations.
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New Accounting Standards. No definition available.
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