Ingram Micro 2013 Annual Report Download - page 59
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Table of Contents
INGRAM MICRO INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(In 000s, except per share data)
As of December 29, 2012, our assets and liabilities measured at fair value on a recurring basis are categorized in the table below:
December 29, 2012
Total Level 1 Level 2 Level 3
Assets:
Cash equivalents, consisting primarily of money market accounts and short-
term certificates of deposit $189,381
$189,381
$ —
$ —
Marketable trading securities (a) 46,938
46,938
—
—
Derivative assets 2,897
—
2,897
—
Total assets at fair value $239,216
$236,319
$2,897
$ —
Liabilities:
Derivative liabilities $3,776
$ —
$3,776
$ —
Total liabilities at fair value $3,776
$ —
$3,776
$ —
(a) Included in other current assets in our consolidated balance sheet.
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.
Our senior unsecured notes due in 2022 and 2017 are stated at amortized cost, and their respective fair values were determined based on Level 2 criteria.
The fair values and carrying values of these notes are shown in the table below:
December 28, 2013
Fair Value
Carrying Value
Total
Level 1
Level 2
Level 3
Liabilities:
Senior unsecured notes, 5.25% due 2017 $300,000
$318,000
$ —
$318,000
$ —
Senior unsecured notes, 5.00% due 2022 298,454
301,200
—
301,200
—
$598,454
$619,200
$ —
$619,200
$ —
December 29, 2012
Fair Value
Carrying Value
Total
Level 1
Level 2
Level 3
Liabilities:
Senior unsecured notes, 5.25% due 2017 $300,000
$326,000
$ —
$326,000
$ —
Senior unsecured notes, 5.00% due 2022 298,275
307,000
—
307,000
—
$598,275
$633,000
$ —
$633,000
$ —
The carrying amounts of our trade accounts receivable, accounts payable and other accrued expenses approximate fair value because of the short
maturity of these items. Our North American, European and Asia-Pacific revolving trade accounts receivable-backed financing programs bear interest at
variable rates based on designated commercial paper rates and local reference rates, respectively, plus a predetermined fixed margin. The interest rates of our
revolving unsecured credit facilities and other debt are dependent upon the local short-term bank indicator rate for a particular currency, which also resets
regularly. The carrying amounts of all these facilities approximate their fair value because of the revolving nature of the borrowings and because the all-in rate
(consisting of variable rates and fixed margin) adjusts regularly to reflect current market rates with appropriate consideration for our credit profile.
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