ARROW ELECTRONICS, INC.
For the period ended Jun 28, 2025. Filed Jul 31, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 28, 2025 · Filed Jul 31, 2025
ARW$181.09+2.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-29; filed 2025-05-01.
0001558370-25-006053
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-28; filed 2025-07-31.
0001558370-25-009847
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 103 previous paragraphs and 107 current paragraphs.
65 unchanged; 31 reworded; 9 added; 6 removed; 1 previous and 2 current paragraphs rearranged.
Tables are not compared: 35 previous and 40 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (9)
Current report
During the second quarter and the first six months of 2025, changes in foreign currencies increased sales by approximately $123.3 million and $39.0 million, respectively, operating income by $5.8 million and $1.1 million, respectively, compared to the year-earlier periods. During the second quarter, changes in foreign currencies increased earnings per share on a diluted basis by $0.07 with no impact for the six months of 2025, compared to the year-earlier periods.
Current report
These impacts were partially offset by a decrease in sales in the EMEA region primarily due to lower demand for industrial and transportation verticals.
Current report
During the first six months of 2025, the global components reportable segment sales decreased compared to the year-earlier period primarily due to a decline in sales in the EMEA region primarily due to decreased demand for industrial and transportation verticals which was partially offset by an increase in sales in the Americas and Asia/Pacific regions.
Current report
Operating expenses decreased during the first six months of 2025 compared to the year-earlier period, primarily due to the following:
Current report
Gain (Loss) on Investments, Net
Current report
The gain on investments during the second quarter and first six months of 2025, is primarily related to a $99.0 million gain on the sale of an investment in certain equity securities. Refer to Note D “Investments in Affiliated Companies” of the Notes to the Consolidated Financial Statements.
Current report
The year-over-year decrease in the effective tax rate for the second quarter and first six months of 2025 was primarily driven by a favorable shift in jurisdictional mix of earnings, the positive effect of foreign currency exchange rate fluctuations in certain locations, the tax treatment of stock-based compensation, and adjustments to reserves for uncertain tax positions.
Current report
On July 4, 2025, after the end of the quarter, the One Big Beautiful Bill Act (“OBBBA”) was enacted, significantly amending U.S. federal tax law, including changes to international tax provisions, expensing of research and experimental expenditures, depreciation, and interest deduction rules. The company expects the OBBBA to have an immaterial impact on its financial results going forward, however, due to the broad scope and complexity of the new law, it is not practicable to reasonably estimate the full effects of the new legislation.
Current report
The net amount of cash provided by investing activities was $81.3 million during the first six months of 2025 compared to a use of $45.2 million in the year-earlier period. The change in cash provided by investing activities related primarily to proceeds from the sale of an investment in certain equity securities (Refer to Note D “Investments in Affiliated Companies” of the Notes to the Consolidated Financial Statements) and proceeds for the settlement of net investment hedges (Refer to Note H “Financial Instruments Measured at Fair Value” of the Notes to the Consolidated Financial Statements).
Removed paragraphs (6)
Previous report
The company is continuing to evaluate and further implement mitigating actions, including potential supply chain optimization and improved solutions around processing tariffs. These tariffs and the associated macroeconomic effects may have an adverse impact on the company’s results of operations and cash flows as well as inflating inventory balances and increasing the risks related to tariff drawbacks. Refer to Part I, Item 1A - Risk Factors in the company’s Annual Report on Form 10‑K for the year ended December 31, 2024, for further discussion related to tariffs and tariff drawbacks.
Previous report
Within the global ECS reportable segment, growth was primarily due to an increase in sales in the EMEA region for the first quarter of 2025, relative to the year-earlier period as a result of increased demand for infrastructure software, cloud-related solutions, security, and networking products.
Previous report
Global components operating expenses decreased during the first quarter of 2025 compared to the year-earlier period primarily due to a decrease of $18.1 million in employee-related costs primarily due to cost reduction initiatives and lower sales incentives.
Previous report
Corporate operating expenses decreased during the first quarter of 2025 compared to the year-earlier period primarily due to a decrease of $29.5 million due to lower restructuring, integration and other charges (see discussion below) partially offset by higher stock-based compensation expense.
Previous report
The increase in the effective tax rate for the first quarter of 2025, compared to the year-earlier period, is mainly attributed to changes in the mix of tax jurisdictions where income was generated.
Previous report
The net amount of cash used for investing activities during the first quarter of 2025 and 2024 was $25.0 million and $24.4 million, respectively.
Reworded paragraphs (31)
Previous wording
This report includes “forward-looking statements,” as the term is defined under the federal securities laws. Forward-looking statements are those statements which are not statements of historical fact. These forward-looking statements can be identified by forward-looking words such as “expects,” “anticipates,” “intends,” “plans,” “may,” “will,” “believes,” “seeks,” “estimates,” and similar expressions. These forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which could cause actual results or facts to differ materially from such statements for a variety of reasons, including, but not limited to: the incurrence of additional charges not currently contemplated and failure to realize contemplated cost savings due to unanticipated events that may occur, including in connection with the implementation of Arrow Electronics, Inc.’s (the “company”) Operating Expense Efficiency Plan; unfavorable economic conditions; disruptions, shortages, or inefficiencies in the supply chain; political instability and changes; impacts of military conflict and sanctions; industry conditions; changes in product supply, pricing and customer demand; trade protection measures, tariffs, increased trade tensions, trade agreements and policies, and other restrictions, duties, and value-added taxes; competition; other vagaries in the global components and the global ECS markets; deteriorating economic conditions, including economic recession, inflation, tax rates, foreign currency exchange rates, or the availability of capital; the effects of natural or man-made catastrophic events; changes in relationships with key suppliers; increased profit margin pressure; changes in legal and regulatory matters; non-compliance with certain regulations, such as trade, export, antitrust, and anti-corruption laws; foreign tax and other loss contingencies; breaches of security or privacy of business information and information system failures, including related to current or future implementations, integrations and upgrades; outbreaks, epidemics, pandemics, or public health crises; executive orders and regulatory trends and the resulting legal and reputational exposure, including but not limited to those relating to environmental, social, governance, cybersecurity, data privacy, and artificial intelligence issues; and the company’s ability to generate positive cash flow. For a further discussion of these and other factors that could cause the company’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in this Quarterly Report on Form 10-Q and the company’s most recent Annual Report on Form 10-K, as well as in other filings the company makes with the Securities and Exchange Commission. Shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company undertakes no obligation to update…
Excerpt shortened here; the source contains the full paragraph.
Current wording
This report includes “forward-looking statements,” as the term is defined under the federal securities laws. Forward-looking statements are those statements which are not statements of historical or current fact. These forward-looking statements can be identified by forward-looking words such as “expects,” “anticipates,” “intends,” “plans,” “may,” “will,” “would,” “could,” “believes,” “seeks,” “projected,” “potential,” “estimates,” and similar expressions. These forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which could cause actual results or facts to differ materially from such statements for a variety of reasons, including, but not limited to: unfavorable economic conditions; disruptions, shortages, or inefficiencies in the supply chain; trade protection measures, tariffs, increased trade tensions, trade agreements and policies, and other restrictions, duties, and value-added taxes, and the associated macroeconomic impacts; the incurrence of additional charges not currently contemplated and failure to realize contemplated cost savings due to unanticipated events that may occur in connection with the implementation of Arrow Electronics, Inc.’s (the “company”) Operating Expense Efficiency Plan; political instability and changes; impacts of military conflict and sanctions; industry conditions; changes in product supply, pricing and customer demand; competition; other vagaries in the global components and the global ECS markets; deteriorating economic conditions, including economic recession, inflation, tax rates, foreign currency exchange rates, or the availability of capital; the effects of natural or man-made catastrophic events; changes in relationships with key suppliers; increased profit margin pressure; changes in legal and regulatory matters; non-compliance with certain regulations, such as trade, export, antitrust, and anti-corruption laws; foreign tax and other loss contingencies; breaches of security or privacy of business information and information system failures, including related to current or future implementations, integrations and upgrades; outbreaks, epidemics, pandemics, or public health crises; executive orders and regulatory trends and the resulting legal and reputational exposure, including but not limited to those relating to environmental, social, governance, cybersecurity, data privacy, and artificial intelligence issues; and the company’s ability to generate positive cash flow. For a further discussion of these and other factors that could cause the company’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in this Quarterly Report on Form 10-Q and the company’s most recent Annual Report on Form 10-K, as well as in other filings the company makes with the Securities and Exchange Commission. Shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only…
Excerpt shortened here; the source contains the full paragraph.
Previous wording
Management uses gross billings as an operational metric to monitor operating performance of its global ECS reportable segment, including performance by geographic region, as it provides meaningful supplemental information in evaluating the overall performance of the global ECS business. The company uses this key metric to develop financial forecasts, make strategic decisions, and prepare and approve annual budgets. Gross billings represent amounts invoiced to customers for goods and services during a period and does not include the impact of recording sales on a net basis or sales adjustments, such as trade discounts and other allowances. Refer to Note 1“Summary of Significant Accounting Policies”in the company’s Annual Report on Form 10-K for the year ended December 31, 2024, for further discussion of the company’s revenue recognition policies. The use of gross billings has certain limitations as an analytical tool and should not be considered in isolation or as a substitute for revenue.
Current wording
Management uses gross billings as an operational metric to monitor operating performance of its global ECS reportable segment, including performance by geographic region, as it provides meaningful supplemental information in evaluating the overall performance of the global ECS business. The company uses this key metric to develop financial forecasts, make strategic decisions, and prepare and approve annual budgets. Gross billings represent amounts invoiced to customers for goods and services during a specified period and does not include the impact of recording sales on a net basis or sales adjustments, such as trade discounts and other allowances. Refer to Note 1“Summary of Significant Accounting Policies”in the company’s Annual Report on Form 10-K for the year ended December 31, 2024, for further discussion of the company’s revenue recognition policies. The use of gross billings has certain limitations as an analytical tool and should not be considered in isolation or as a substitute for revenue.
Previous wording
The company sources and engineers technology for thousands of leading manufacturers, services providers, and users of enterprise computing solutions. The company has one of the world’s broadest portfolios of product offerings available from leading electronic components and enterprise computing solutions suppliers. The company’s revenues originate primarily from the sales of semiconductor, interconnect, passive & electromechanical components (“IP&E”), and IT hardware and software products. Coupled with a range of services, solutions, and tools, the company enables its suppliers to distribute their technologies and help its industrial and commercial customers source, build, and leverage these technologies, reduce their time to market, grow their businesses, and enhance their overall competitiveness. The company is a trusted partner in a complex value chain and is uniquely positioned through its electronics components and IT content portfolios to increase value for stakeholders.
Current wording
The company sources and engineers technology for thousands of leading manufacturers, services providers, and users of enterprise computing solutions. The company has one of the world’s broadest portfolios of product offerings available from leading electronic components and enterprise computing solutions suppliers. The company’s revenues originate primarily from the sales of semiconductor, interconnect, passive & electromechanical components (“IP&E”), and IT hardware and software products. Coupled with a range of services, solutions, and tools, the company enables its suppliers to distribute their technologies and helps its industrial and commercial customers source, build, and leverage these technologies, reduce their time to market, grow their businesses, and enhance their overall competitiveness. The company is a trusted partner in a complex value chain and is uniquely positioned through its electronics components and IT content portfolios to increase value for stakeholders.
Previous wording
The company has two reportable segments, the global components reportable segment and the global ECS reportable segment. The company’s global components reportable segment, 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. Its 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. For the first quarter of 2025, approximately 70% and 30% of the company’s sales were from the global components reportable segment and the global ECS reportable segment, respectively.
Current wording
The company has two reportable segments, the global components reportable segment and the global ECS reportable segment. The global components reportable segment, enabled by a comprehensive range of value-added capabilities and services, markets and distributes electronic components primarily to OEMs and EMS providers. The global ECS reportable segment is a leading value-added provider of comprehensive computing solutions and services. Its portfolio includes datacenter, cloud, security, and analytics solutions. The global ECS reportable segment brings broad market access, extensive supplier relationships, scale, and value-added solutions to help its VARs and MSPs meet the needs of their end-users. For the second quarter of 2025, approximately 70% and 30% of the company’s sales were from the global components reportable segment and the global ECS reportable segment, respectively.
Previous wording
Following is an analysis of the company’s sales by reportable segment:
Current wording
The following is an analysis of the company’s sales by reportable segment:
Previous wording
Following is an analysis of the company’s reportable segment sales by geographic region:
Current wording
The following is an analysis of the company’s reportable segment sales by geographic region:
Previous wording
During the first quarter of 2025, the global components reportable segment decrease in sales compared to the year-earlier period was primarily due to the following impacts:
Current wording
During the second quarter of 2025, the global components reportable segment sales increased compared to the year-earlier period primarily due to the following:
Previous wording
Global ECS gross profit margins decreased during the first quarter of 2025 compared with the year-earlier period primarily due to a shift in sales mix towards more sales recognized on a gross basis in the EMEA region relative to the first quarter of 2024. Refer to Note 1 “Summary of Significant Accounting Policies” in the company’s Annual Report on Form 10-K for the year ended December 31, 2024.
Current wording
Within the global ECS reportable segment, growth was primarily due to an increase in sales in the EMEA region for the second quarter and first six months of 2025, relative to the year-earlier periods, primarily due to growth across most major technologies, most notably, cloud-based solutions and infrastructure software, and a shift in sales mix towards more sales recognized on a gross basis. Refer to Note 1 “Summary of Significant Accounting Policies” in the company’s Annual Report on Form 10-K for the year ended December 31, 2024.
Previous wording
Following is an analysis of the company’s consolidated gross profit:
Current wording
The following is an analysis of the company’s consolidated gross profit:
Previous wording
Global components gross profit margins decreased during the first quarter of 2025 compared with the year-earlier period due to regional mix shifting towards the Asia/Pacific region. Global components supply chain services offerings continued to have a positive impact on gross margins.
Current wording
Global components gross profit margins decreased during the second quarter and first six months of 2025 compared with the year-earlier periods due to regional mix shifting towards the Asia/Pacific region. Global components supply chain services offerings continued to have a positive impact on gross profit margins.
Previous wording
Following is an analysis of the company’s consolidated operating expenses as of:
Current wording
The following is an analysis of the company’s consolidated operating expenses as of:
Previous wording
Global ECS operating expenses increased during the first quarter of 2025 compared to the year-earlier period primarily due to an increase in employee-related costs due to higher sales incentives, in line with the increase in sales discussed above.
Current wording
Operating expenses increased during the second quarter of 2025 compared to the year-earlier period, due to the following:
Previous wording
Under the Plan, the company anticipates to incur pre-tax restructuring charges of no more than $185.0 million. While the composition of these costs will continue to evolve over time, the company currently expects to incur approximately $90.0 million of employee severance and other personnel cash expenditures; approximately $70.0 million of non-cash asset impairments, inventory write-downs and foreign currency translation adjustment write-offs related to the wind-down of certain business operations; and approximately $25.0 million of other related cash expenditures.
Current wording
Under the Plan, the company anticipates to incur pre-tax restructuring charges of no more than $185.0 million. While the composition of these costs will continue to evolve over time, the company currently expects to incur approximately $80.0 million of employee severance and other personnel cash expenditures; approximately $80.0 million of non-cash asset impairments, inventory write-downs and foreign currency translation adjustment write-offs related to the wind-down of certain business operations; and approximately $25.0 million of other related cash expenditures.
Previous wording
Following is an analysis of the company’s consolidated operating income, and operating income for the company’s two reportable segments:
Current wording
The following is an analysis of the company’s consolidated operating income, and operating income for the company’s two reportable segments:
Previous wording
The decrease in consolidated operating income as a percentage of sales for the first quarter of 2025 relates primarily to the changes in sales, gross profit margins and operating expenses discussed above.
Current wording
The decrease in consolidated operating income as a percentage of sales for the second quarter and first six months of 2025 relates primarily to the changes in sales, gross profit margins and operating expenses discussed above.
Previous wording
The decreases in interest and other financing expenses, net for the first quarter of 2025 compared to the year-earlier period were primarily related to lower average daily borrowings on floating rate credit facilities. Refer to the section below titled “Liquidity and Capital Resources” for more information on changes in borrowings.
Current wording
The decrease in interest and other financing expense, net for the second quarter compared to the year-earlier period was primarily related to lower interest rates. The decrease for the first six months of 2025 compared to the year-earlier period was primarily related to lower interest rates and lower average daily borrowings on floating rate credit facilities. Refer to the section below titled “Liquidity and Capital Resources” for more information on changes in borrowings.
Previous wording
Following is an analysis of the company’s consolidated effective income tax rate:
Current wording
The following is an analysis of the company’s consolidated effective income tax rate:
Previous wording
Following is an analysis of the company’s consolidated net income attributable to shareholders:
Current wording
The following is an analysis of the company’s consolidated net income attributable to shareholders:
Previous wording
The decrease in net income attributable to shareholders in the first quarter of 2025 compared to the year-earlier period relates primarily to changes in sales, gross margins, and income tax as discussed above.
Current wording
The increase in net income attributable to shareholders in the second quarter and first six months of 2025 compared to the year-earlier period relates primarily to (gain) loss on investments, net, as discussed above.
Previous wording
Management believes that the company’s current cash availability, its current borrowing capacity under its revolving credit facility and asset securitization programs, and its expected ability to generate future operating cash flows are sufficient to meet its projected cash flow needs for the next 12 months and the foreseeable future. The company’s current committed and undrawn liquidity stands at over $3.1 billion in addition to $231.9 million of cash on hand at March 29, 2025. The company also may issue debt or equity securities in the future and management believes the company will have adequate access to the capital markets, if needed. The company continually evaluates its liquidity requirements and may seek to amend its existing borrowing capacity or access the financial markets as deemed necessary.
Current wording
Management believes that the company’s current cash availability, its current borrowing capacity under its revolving credit facility and asset securitization programs, and its expected ability to generate future operating cash flows are sufficient to meet its projected cash flow needs for the next 12 months and the foreseeable future. The company’s current committed and undrawn liquidity stands at approximately $2.8 billion in addition to $222.0 million of cash on hand at June 28, 2025. The company also may issue debt or equity securities in the future, and management believes the company will have adequate access to the capital markets, if needed. The company continually evaluates its liquidity requirements and may seek to amend its existing borrowing capacity or access the financial markets as deemed necessary.
Previous wording
The company maintains a significant investment in working capital which the company defines as accounts receivable, net, plus inventories less accounts payable. The change in working capital during the first quarter of 2025 was primarily attributable to decreases in accounts receivable.
Current wording
The company maintains a significant investment in working capital which the company defines as accounts receivable, net, plus inventories less accounts payable. The change in working capital during the first six months of 2025 was primarily attributable to changes in foreign currencies.
Previous wording
Working capital as a percentage of sales, which is defined as working capital divided by annualized quarterly sales, decreased to 23.3% for the first quarter of 2025, compared to 25.0% in the year-earlier period. The decrease was primarily due to increases in accounts payable.
Current wording
Working capital as a percentage of sales, which is defined as working capital divided by annualized quarterly sales, decreased to 22.5% for the second quarter of 2025, compared to 24.6% in the year-earlier period, primarily due to an increase in sales.
Previous wording
Cash equivalents consist of highly liquid investments, which are readily convertible into cash, with original maturities of three months or less. At March 29, 2025 and December 31, 2024, the company had cash and cash equivalents of $231.9 million and $188.8 million, respectively, of which $176.4 million and $164.0 million, respectively, were held outside the United States.
Current wording
Cash equivalents consist of highly liquid investments, which are readily convertible into cash, with original maturities of three months or less. At June 28, 2025 and December 31, 2024, the company had cash and cash equivalents of $222.0 million and $188.8 million, respectively, of which $209.8 million and $164.0 million, respectively, were held outside the United States.
Previous wording
The company has $5.5 billion of undistributed earnings of its foreign subsidiaries which it deems indefinitely reinvested, and recognizes that it may be subject to additional foreign taxes and U.S. state income taxes, if it reverses its indefinite reinvestment assertion on these foreign earnings. The company also has $2.1 billion of foreign earnings that are not deemed permanently reinvested and are available for distribution in future periods as of March 29, 2025.
Current wording
The company has $5.3 billion of undistributed earnings of its foreign subsidiaries which it deems indefinitely reinvested, and recognizes that it may be subject to additional foreign taxes and U.S. state income taxes if it reverses its indefinite reinvestment assertion on these foreign earnings. The company also has $2.3 billion of foreign earnings that are not deemed permanently reinvested and are available for distribution in future periods as of June 28, 2025.
Previous wording
The company also 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. Receivables sold under the program are excluded from “Accounts receivable, net” and no corresponding liability is recorded on the company’s consolidated balance sheets. During the first quarter of 2025 and 2024, the average daily balance outstanding under the EMEA asset securitization program was $307.9 million and $457.1 million, respectively. Refer to Note E “Accounts Receivable” of the Notes to the Consolidated Financial Statements for further discussion.
Current wording
The company also 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. Receivables sold under the program are excluded from “Accounts receivable, net” and no corresponding liability is recorded on the company’s consolidated balance sheets. During the first six months of 2025 and 2024, the average daily balance outstanding under the EMEA asset securitization program was $321.7 million and $428.2 million, respectively. Refer to Note E “Accounts Receivable” of the Notes to the Consolidated Financial Statements for further discussion.
Previous wording
The net amount of cash provided by the company’s operating activities during the first quarter of 2025 and 2024 was $351.7 million and $403.2 million, respectively. The change in cash provided by operating activities during 2025, compared to the year-earlier period, relates primarily to the timing of payments.
Current wording
The net amount of cash provided by the company’s operating activities during the first six months of 2025 and 2024 was $145.8 million and $723.4 million, respectively. The change in cash provided by operating activities during 2025, compared to the year-earlier period, relates primarily to changes in working capital accounts.
Previous wording
The net amount of cash used for financing activities was $342.1 million during the first quarter of 2025 compared to $317.7 million used for financing activities in the year-earlier period. The change in cash used for financing activities relates primarily to an increase in repayments of long-term bank borrowings offset by lower share repurchases and an increase in short-term borrowings in 2025.
Current wording
The net amount of cash used for financing activities during the first six months of 2025 and 2024 was $415.9 million and $634.9 million, respectively. The change in cash used for financing activities relates primarily to an increase in repayments of long-term bank borrowings offset by an increase in short-term borrowings in 2025.
Previous wording
Capital expenditures for the first quarter of 2025 and 2024 were $25.0 million and $29.5 million, respectively. The company expects capital expenditures to be approximately $100.0 million for the fiscal year 2025.
Current wording
Capital expenditures for the second quarter of 2025 and 2024 were $43.6 million and $51.6 million, respectively. The company expects capital expenditures to be approximately $100.0 million for the fiscal year 2025.
Previous wording
The company repurchased 0.5 million shares of its common stock for $49.9 million and 0.8 million shares of its common stock for $100.0 million in the first quarter of 2025 and 2024, respectively, under its share repurchase program, excluding excise taxes. As of March 29, 2025, approximately $273.8 million remained available for repurchase under the share repurchase program. The share repurchase authorization does not have an expiration date and the pace of the repurchase activity will depend on factors such as the company’s working capital needs, cash requirements for acquisitions, debt repayment obligations or repurchases of debt, share price, and economic and market conditions. The share repurchase program may be accelerated, suspended, delayed, or discontinued at any time subject to the approval of the company’s Board of Directors.
Current wording
The company repurchased 0.9 million shares of its common stock for $99.9 million and 1.2 million shares of its common stock for $150.0 million in the first six months of 2025 and 2024, respectively, under its share repurchase program, excluding excise taxes. As of June 28, 2025, approximately $223.3 million remained available for repurchase under the share repurchase program. The share repurchase authorization does not have an expiration date and the pace of the repurchase activity will depend on factors such as the company’s working capital needs, cash requirements for acquisitions, debt repayment obligations or repurchases of debt, share price, and economic and market conditions. The share repurchase program may be accelerated, suspended, delayed, or discontinued at any time subject to the approval of the company’s Board of Directors.
Previous wording
Refer to the section above titled “Revolving Credit Facilities and Debt” for updates to the company’s short-term and long-term debt obligations. Refer to the section above titled “Restructuring, Integration, and Other” for updates related to discussion of planned restructuring costs. Refer to Note H “Financial Instruments Measured at Fair Value” of the Notes to Consolidated Financial Statements for further discussion on hedging activities. As of March 29, 2025, there were no other material changes to the capital requirements and sources of the company. Refer to Note D “Investments in Affiliated Companies” of the Notes to Consolidated Financial Statements for discussion of proceeds from the sale of investments in certain equity securities which occurred subsequent to March 29, 2025, and will be recorded in the second quarter of 2025.
Current wording
Refer to the section above titled “Revolving Credit Facilities and Debt” for updates to the company’s short-term and long-term debt obligations. Refer to the section above titled “Restructuring, Integration, and Other” for updates related to discussion of planned restructuring costs. Refer to Note H “Financial Instruments Measured at Fair Value” of the Notes to Consolidated Financial Statements for further discussion on hedging activities. Refer to Note D “Investments in Affiliated Companies” of the Notes to Consolidated Financial Statements for discussion of proceeds from the sale of investments in certain equity securities which occurred in the second quarter of 2025. As of June 28, 2025, there were no other material changes to the capital requirements and sources of the company.
Previous wording
There have been no significant changes to the company’s critical accounting estimates for the quarter ended March 29, 2025. Refer to the section titled “Critical Accounting Estimates” in Part II, Item 7, Management’s Discussion and Analysis
Current wording
There have been no significant changes to the company’s critical accounting estimates during the six months ended June 28, 2025. Refer to the section titled “Critical Accounting Estimates” in Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, in the company’s Annual Report on Form 10-K for the year ended December 31, 2024.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Global ECS gross profit margins decreased during the second quarter and first six months of 2025 compared with the year-earlier periods primarily due to a shift in sales mix towards more sales recognized on a gross basis in the EMEA region.
Current report — wording carried from elsewhere
Refer to Note 1 “Summary of Significant Accounting Policies” in the company’s Annual Report on Form 10-K for the year ended December 31, 2024.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
of Financial Condition and Results of Operations, in the company’s Annual Report on Form 10-K for the year ended December 31, 2024.