INGRAM MICRO INC

CIK:0001018003|SEC Filings

CONSOLIDATED STATEMENT OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENT OF INCOME - USD ($) $ in Thousands	Oct. 01, 2016	Oct. 03, 2015	Oct. 01, 2016	Oct. 03, 2015
Income Statement [Abstract]
Net sales	$ 10,226,826	$ 10,515,880	$ 29,686,033	$ 31,713,584
Cost of sales	9,511,447	9,852,297	27,620,012	29,775,715
Gross profit	715,379	663,583	2,066,021	1,937,869
Operating expenses:
Selling, general and administrative	550,270	510,990	1,673,279	1,526,340
Amortization of intangible assets	20,574	14,206	73,220	47,226
Reorganization costs	7,471	18,958	31,727	29,234
Impairment of internally developed software	0	0	0	115,856
Loss on sale of affiliate	0	0	14,878	0
Total operating expenses	578,315	544,154	1,793,104	1,718,656
Income from operations	137,064	119,429	272,917	219,213
Other expense (income):
Interest income	(1,956)	(991)	(5,214)	(2,650)
Interest expense	19,640	18,429	58,264	61,799
Net foreign currency exchange loss	3,728	12,264	12,842	26,540
Other	3,020	313	10,218	7,256
Total other expense (income)	24,432	30,015	76,110	92,945
Income before income taxes	112,632	89,414	196,807	126,268
Provision for income taxes	34,109	24,492	61,733	52,364
Net income	$ 78,523	$ 64,922	$ 135,074	$ 73,904
Basic earnings per share (in dollars per share)	$ 0.52	$ 0.43	$ 0.91	$ 0.48
Diluted earnings per share (in dollars per share)	0.52	0.42	0.89	0.47
Cash dividends paid per common share (in dollars per share)	$ 0	$ 0.10	$ 0	$ 0.10

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Oct. 01, 2016	Oct. 03, 2015
Cash flows from operating activities:
Net income	$ 135,074	$ 73,904
Adjustments to reconcile net income to cash (used) provided by operating activities:
Depreciation and amortization	151,374	113,435
Stock-based compensation	29,564	28,291
Excess tax benefit from stock-based compensation	(8,437)	(4,334)
Loss (gain) on sale of property and equipment	(1,606)	(272)
Impairment of internally developed software	0	115,856
Loss on sale of affiliate	14,878	0
Noncash charges for interest and bond discount amortization	2,500	2,212
Deferred income taxes	(1,152)	1,553
Changes in operating assets and liabilities, net of effects of acquisitions:
Trade accounts receivable	529,205	1,078,501
Inventory	(355,948)	400,880
Other current assets	(63,572)	(107,241)
Accounts payable	(400,839)	(663,616)
Change in book overdrafts	(61,653)	(70,825)
Accrued expenses	(106,288)	(2,463)
Cash (used) provided by operating activities	(136,900)	965,881
Cash flows from investing activities:
Capital expenditures	(80,229)	(99,022)
Sale of marketable securities, net	4,700	5,000
Proceeds from sale of property and equipment	1,237	1,145
Proceeds from sale of affiliate	27,847	0
Acquisitions, net of cash acquired	(173,311)	(100,855)
Cash used by investing activities	(219,756)	(193,732)
Cash flows from financing activities:
Proceeds from exercise of stock options	3,296	10,279
Repurchase of Class A Common Stock	0	(205,608)
Excess tax benefit from stock-based compensation	8,437	4,334
Excess tax benefit from stock-based compensation	(2,091)	(2,358)
Dividends paid to shareholders	0	(15,196)
Net proceeds from (repayments of) revolving and other credit facilities	87,160	(301,156)
Cash provided (used) by financing activities	96,802	(509,705)
Effect of exchange rate changes on cash and cash equivalents	13,663	(9,904)
Increase (decrease) in cash and cash equivalents	(246,191)	252,540
Cash and cash equivalents, beginning of period	935,267	692,777
Cash and cash equivalents, end of period	$ 689,076	$ 945,317

CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Oct. 01, 2016	Jan. 02, 2016
Current assets:
Cash and cash equivalents	$ 689,076	$ 935,267
Trade accounts receivable (less allowances of $65,654 and $59,437 at October 1, 2016 and January 2, 2016, respectively)	5,270,505	5,663,754
Inventory	3,839,219	3,457,016
Other current assets	556,152	475,813
Total current assets	10,354,952	10,531,850
Property and equipment, net	384,610	381,414
Goodwill	946,289	843,001
Intangible assets, net	429,035	374,674
Other assets	179,055	169,750
Total assets	12,293,941	12,300,689
Current liabilities:
Accounts payable	6,024,197	6,353,511
Accrued expenses	639,727	620,501
Short-term debt and current maturities of long-term debt	534,213	134,103
Total current liabilities	7,198,137	7,108,115
Long-term debt, less current maturities	792,576	1,090,702
Other liabilities	162,436	134,086
Total liabilities	8,153,149	8,332,903
Commitments and contingencies (Note 13)
Stockholders’ equity:
Preferred Stock, $0.01 par value, 25,000 shares authorized; no shares issued and outstanding	0	0
Additional paid-in capital	1,515,925	1,503,043
Treasury stock, 46,787 and 46,958 shares at October 1, 2016 and January 2, 2016, respectively	(890,059)	(892,925)
Retained earnings	3,648,175	3,513,101
Accumulated other comprehensive loss	(135,214)	(157,387)
Total stockholders’ equity	4,140,792	3,967,786
Total liabilities and stockholders’ equity	12,293,941	12,300,689
Class A Common Stock, $0.01 par value, 500,000 shares authorized; 196,491 and 195,320 shares issued and 149,704 and 148,362 shares outstanding at October 1, 2016 and January 2, 2016, respectively
Stockholders’ equity:
Common Stock	1,965	1,954
Class B Common Stock, $0.01 par value, 135,000 shares authorized; no shares issued and outstanding
Stockholders’ equity:
Common Stock	$ 0	$ 0