Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Jan. 31, 2013 | Jan. 06, 2014 | Jul. 31, 2012 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Jan-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'tecd | ' | ' |
Entity Registrant Name | 'TECH DATA CORP | ' | ' |
Entity Central Index Key | '0000790703 | ' | ' |
Current Fiscal Year End Date | '--01-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Public Float | ' | ' | $1,848,709,289 |
Entity Common Stock, Shares Outstanding | ' | 38,061,955 | ' |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Jan. 31, 2013 | Jan. 31, 2012 | |
In Thousands, unless otherwise specified | |||
Current assets: | ' | ' | |
Cash and cash equivalents | $340,564 | $486,262 | [1] |
Accounts receivable, less allowances of $58,284 and $56,753 | 3,215,920 | 2,778,641 | [1] |
Inventories | 2,254,510 | 1,932,289 | [1] |
Prepaid expenses and other assets | 334,431 | 197,308 | [1] |
Total current assets | 6,145,425 | 5,394,500 | [1] |
Property and equipment, net | 84,395 | 88,881 | [1] |
Other assets, net | 601,140 | 312,887 | [1] |
Total assets | 6,830,960 | 5,796,268 | [1] |
Current liabilities: | ' | ' | |
Accounts payable | 3,657,251 | 3,091,611 | [1] |
Accrued expenses and other liabilities | 620,167 | 533,835 | [1] |
Revolving credit loans and current maturities of long-term debt, net | 167,522 | 48,490 | [1] |
Total current liabilities | 4,444,940 | 3,673,936 | [1] |
Long-term debt, less current maturities | 354,458 | 57,253 | [1] |
Other long-term liabilities | 113,193 | 82,950 | [1] |
Total liabilities | 4,912,591 | 3,814,139 | [1] |
Commitments and contingencies (Note 14) | ' | ' | [1] |
Shareholders’ equity: | ' | ' | |
Common stock, par value $.0015; 200,000,000 shares authorized; 59,239,085 shares issued at January 31, 2013 and 2012 | 89 | 89 | [1] |
Additional paid-in capital | 680,715 | 773,087 | [1] |
Treasury stock, at cost (21,436,566 and 18,166,761 shares at January 31, 2013 and 2012) | -905,900 | -739,614 | [1] |
Retained earnings | 1,813,358 | 1,637,103 | [1] |
Accumulated other comprehensive income | 330,107 | 283,139 | [1] |
Equity attributable to shareholders of Tech Data Corporation | 1,918,369 | 1,953,804 | [1] |
Noncontrolling interest | 0 | 28,325 | [1] |
Total equity | 1,918,369 | 1,982,129 | [1] |
Total liabilities and equity | $6,830,960 | $5,796,268 | [1] |
[1] | See Note 2 - Restatement of Consolidated Financial Statements. |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Jan. 31, 2013 | Jan. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Accounts receivable, allowance for doubtful accounts | $58,284 | $56,753 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 59,239,085 | 59,239,085 |
Treasury stock, shares | 21,436,566 | 18,166,761 |
Consolidated_Statement_Of_Inco
Consolidated Statement Of Income (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2011 | Jul. 31, 2011 | Apr. 30, 2011 | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2011 | ||||
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net sales | $7,442,372 | [1],[2] | $6,037,475 | $5,968,419 | $5,910,063 | $6,874,391 | [3] | $6,404,585 | $6,214,304 | $6,154,033 | $25,358,329 | $25,647,313 | [4] | $23,619,938 | [4] |
Cost of products sold | 7,071,398 | 5,731,396 | 5,665,826 | 5,586,655 | 6,508,128 | 6,066,807 | 5,878,219 | 5,816,718 | 24,055,275 | 24,269,872 | [4] | 22,341,685 | [4] | ||
Gross profit | 370,974 | [1],[2] | 306,079 | 302,593 | 323,408 | 366,263 | [3] | 337,778 | 336,085 | 337,315 | 1,303,054 | 1,377,441 | [4] | 1,278,253 | [4] |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Selling, general and administrative expenses | 284,156 | 242,484 | 242,282 | 240,950 | 267,365 | 254,526 | 262,947 | 259,763 | 1,009,872 | 1,044,601 | [4] | 956,845 | [4] | ||
Loss on disposal of subsidiaries (Note 7) | ' | ' | ' | ' | 28,294 | 0 | 0 | 0 | 0 | 28,294 | [4] | 0 | [4] | ||
Value added tax assessment (Note 14) | 29,462 | 0 | 0 | 0 | ' | ' | ' | ' | 29,462 | 0 | [4] | 0 | [4] | ||
Operating expenses, Total | 313,618 | 242,484 | 242,282 | 240,950 | 295,659 | 254,526 | 262,947 | 259,763 | 1,039,334 | 1,072,895 | [4] | 956,845 | [4] | ||
Operating income | 57,356 | [1],[2] | 63,595 | 60,311 | 82,458 | 70,604 | 83,252 | 73,138 | 77,552 | 263,720 | 304,546 | [4] | 321,408 | [4] | |
Interest expense | 19,276 | 4,359 | 3,422 | 3,069 | 6,235 | 8,378 | 8,089 | 8,675 | 30,126 | 31,377 | [4] | 29,926 | [4] | ||
Other expense (income), net | -1,011 | -1,070 | -1,812 | -235 | 670 | -1,868 | -958 | 1,298 | 4,128 | 858 | [4] | -4,350 | [4] | ||
Income before income taxes | 37,069 | 58,166 | 55,077 | 79,154 | 65,039 | 73,006 | 64,091 | 70,175 | 229,466 | 272,311 | [4] | 295,832 | [4] | ||
Provision for income taxes | -7,372 | 14,106 | 16,550 | 23,142 | 15,923 | 19,500 | 17,096 | 18,590 | 46,426 | 71,109 | [4] | 82,840 | [4] | ||
Consolidated net income | 44,441 | [1],[2] | 44,060 | 38,527 | 56,012 | 49,116 | [3] | 53,506 | 46,995 | 51,585 | 183,040 | 201,202 | [4] | 212,992 | [4] |
Net income attributable to noncontrolling interest | 0 | 1,123 | 3,828 | 1,834 | 5,140 | 3,644 | 1,649 | 19 | -6,785 | -10,452 | [4] | -4,620 | [4] | ||
Net income attributable to shareholders of Tech Data Corporation | $44,441 | [1],[2] | $42,937 | $34,699 | $54,178 | $43,976 | [3] | $49,862 | $45,346 | $51,566 | $176,255 | $190,750 | [4] | $208,372 | [4] |
Net income per share attributable to shareholders of Tech Data Corporation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Basic (in USD per share) | $1.18 | [1],[2] | $1.14 | $0.89 | $1.32 | $1.07 | $1.18 | $1.01 | $1.10 | $4.53 | $4.36 | [4] | $4.29 | [4] | |
Diluted (in USD per share) | $1.17 | [1],[2] | $1.13 | $0.89 | $1.30 | $1.05 | $1.17 | $0.99 | $1.09 | $4.50 | $4.30 | [4] | $4.25 | [4] | |
Weighted average common shares outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Basic (shares) | ' | ' | ' | ' | ' | ' | ' | ' | 38,871 | 43,749 | [4] | 48,587 | [4] | ||
Diluted (shares) | ' | ' | ' | ' | ' | ' | ' | ' | 39,180 | 44,327 | [4] | 49,085 | [4] | ||
[1] | During the fourth quarter of fiscal 2013, the Company recorded a $41.0 million increase in an accrual for various value added tax matters in one of the Company’s subsidiaries in Spain, which decreased earnings per diluted share by $0.89 for the quarter ended January 31, 2013 (see Note 14 - Commitments and Contingencies for further discussion). | ||||||||||||||
[2] | During the fourth quarter of fiscal 2013, the Company recorded an income tax benefit of $25.1 million for the reversal of deferred tax valuation allowances related to a specific jurisdiction in Europe which had been recorded in prior fiscal years, which increased earnings per diluted share by $0.66 for the quarter ended January 31, 2013 (see further discussion in Note 9 - Income Taxes). | ||||||||||||||
[3] | During the fourth quarter of fiscal 2012, the Company recorded a $28.3 million loss on disposal of subsidiaries related to the closure of the commercial operations in Brazil and Colombia, which decreased earnings per diluted share by $0.46 for the quarter ended January 31, 2012 (see also Note 7 - Loss on Disposal of Subsidiaries). | ||||||||||||||
[4] | See Note 2 - Restatement of Consolidated Financial Statements. |
Consolidated_Statement_Of_Comp
Consolidated Statement Of Comprehensive Income (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2011 | Jul. 31, 2011 | Apr. 30, 2011 | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2011 | ||||
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Consolidated net income | $44,441 | [1],[2] | $44,060 | $38,527 | $56,012 | $49,116 | [3] | $53,506 | $46,995 | $51,585 | $183,040 | $201,202 | [4] | $212,992 | [4] |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | 47,590 | -76,819 | [4] | -918 | [4] | ||
Total comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 230,630 | 124,383 | [4] | 212,074 | [4] | ||
Comprehensive income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | -4,881 | -8,917 | [4] | -4,703 | [4] | ||
Comprehensive income attributable to shareholders of Tech Data Corporation | ' | ' | ' | ' | ' | ' | ' | ' | $225,749 | $115,466 | [4] | $207,371 | [4] | ||
[1] | During the fourth quarter of fiscal 2013, the Company recorded a $41.0 million increase in an accrual for various value added tax matters in one of the Company’s subsidiaries in Spain, which decreased earnings per diluted share by $0.89 for the quarter ended January 31, 2013 (see Note 14 - Commitments and Contingencies for further discussion). | ||||||||||||||
[2] | During the fourth quarter of fiscal 2013, the Company recorded an income tax benefit of $25.1 million for the reversal of deferred tax valuation allowances related to a specific jurisdiction in Europe which had been recorded in prior fiscal years, which increased earnings per diluted share by $0.66 for the quarter ended January 31, 2013 (see further discussion in Note 9 - Income Taxes). | ||||||||||||||
[3] | During the fourth quarter of fiscal 2012, the Company recorded a $28.3 million loss on disposal of subsidiaries related to the closure of the commercial operations in Brazil and Colombia, which decreased earnings per diluted share by $0.46 for the quarter ended January 31, 2012 (see also Note 7 - Loss on Disposal of Subsidiaries). | ||||||||||||||
[4] | See Note 2 - Restatement of Consolidated Financial Statements. |
Consolidated_Statement_Of_Shar
Consolidated Statement Of Shareholders' Equity (USD $) | Total | Common Stock | Additional paid-in capital | Treasury stock | Retained earnings | Accumulated other comprehensive income | Noncontrolling interest | |
In Thousands, unless otherwise specified | ||||||||
Balance at Jan. 31, 2010 (As Previously Reported) | $2,094,533 | $89 | $769,295 | ($279,198) | $1,239,128 | $359,581 | $5,638 | |
Balance (Adjustments) | -306 | ' | 998 | ' | -1,147 | -157 | ' | |
Balance at Jan. 31, 2010 | [1] | 2,094,227 | 89 | 770,293 | -279,198 | 1,237,981 | 359,424 | 5,638 |
Balance, Shares at Jan. 31, 2010 (As Previously Reported) | ' | 59,239 | ' | ' | ' | ' | ' | |
Balance, Shares at Jan. 31, 2010 | [1] | ' | 59,239 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | |
Purchase of treasury stock, at cost | -200,000 | 0 | 0 | -200,000 | 0 | 0 | 0 | |
Issuance of treasury stock for benefit plans and equity-based awards exercised, including related tax benefit | 2,138 | 0 | -10,425 | 12,563 | 0 | 0 | 0 | |
Stock-based compensation expense | [1] | 10,353 | 0 | 10,353 | 0 | 0 | 0 | 0 |
Capital contributions from joint venture partner | 13,620 | 0 | 0 | 0 | 0 | 0 | 13,620 | |
Total other comprehensive loss | [1] | -918 | 0 | 0 | 0 | 0 | -1,001 | 83 |
Consolidated net income | [1] | 212,992 | 0 | 0 | 0 | 208,372 | 0 | 4,620 |
Consolidated net income at Feb. 01, 2010 (As Previously Reported) | 218,863 | ' | ' | ' | ' | ' | ' | |
Consolidated net income (Adjustments) | -5,871 | ' | ' | ' | ' | ' | ' | |
Balance at Jan. 31, 2011 | [1] | 2,132,412 | 89 | 770,221 | -466,635 | 1,446,353 | 358,423 | 23,961 |
Balance, Shares at Jan. 31, 2011 | [1] | ' | 59,239 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | |
Purchase of treasury stock, at cost | -314,886 | 0 | 0 | -314,886 | 0 | 0 | 0 | |
Issuance of treasury stock for benefit plans and equity-based awards exercised, including related tax benefit | [1] | 32,779 | 0 | -9,128 | 41,907 | 0 | 0 | 0 |
Stock-based compensation expense | [1] | 11,994 | 0 | 11,994 | 0 | 0 | 0 | 0 |
Capital contributions from joint venture partner | -4,553 | 0 | 0 | 0 | 0 | 0 | -4,553 | |
Total other comprehensive loss | [1] | -76,819 | 0 | 0 | 0 | 0 | -75,284 | -1,535 |
Consolidated net income | [1] | 201,202 | 0 | 0 | 0 | 190,750 | 0 | 10,452 |
Consolidated net income at Feb. 01, 2011 (As Previously Reported) | 216,848 | ' | ' | ' | ' | ' | ' | |
Consolidated net income (Adjustments) | -15,646 | ' | ' | ' | ' | ' | ' | |
Balance at Jan. 31, 2012 (As Previously Reported) | 2,002,148 | ' | ' | ' | ' | ' | ' | |
Balance (Adjustments) | -20,019 | ' | ' | ' | ' | ' | ' | |
Balance at Jan. 31, 2012 | [1] | 1,982,129 | 89 | 773,087 | -739,614 | 1,637,103 | 283,139 | 28,325 |
Balance, Shares at Jan. 31, 2012 | [1] | ' | 59,239 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | |
Purchase of treasury stock, at cost | -185,114 | 0 | 0 | -185,114 | 0 | 0 | 0 | |
Issuance of treasury stock for benefit plans and equity-based awards exercised, including related tax benefit | -1,244 | 0 | -20,072 | 18,828 | 0 | 0 | 0 | |
Stock-based compensation expense | 13,616 | 0 | 13,616 | 0 | 0 | 0 | 0 | |
Capital contributions from joint venture partner | -4,428 | 0 | 0 | 0 | 0 | 0 | -4,428 | |
Total other comprehensive loss | 47,590 | 0 | 0 | 0 | 0 | 49,494 | -1,904 | |
Purchase of noncontrolling interest | -117,220 | 0 | -85,916 | 0 | 0 | -2,526 | -28,778 | |
Consolidated net income | 183,040 | 0 | 0 | 0 | 176,255 | 0 | 6,785 | |
Balance at Jan. 31, 2013 | $1,918,369 | $89 | $680,715 | ($905,900) | $1,813,358 | $330,107 | $0 | |
Balance, Shares at Jan. 31, 2013 | ' | 59,239 | ' | ' | ' | ' | ' | |
[1] | See Note 2 - Restatement of Consolidated Financial Statements. |
Consolidated_Statement_Of_Shar1
Consolidated Statement Of Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2011 |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Issuance of treasury stock for benefit plans and equity-based awards exercised, related tax benefit | $5,814 | $2,718 | $1,072 |
Consolidated_Statement_Of_Cash
Consolidated Statement Of Cash Flows (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2011 | |||
Cash flows from operating activities: | ' | ' | ' | |||
Cash received from customers | $26,528,455 | $27,033,946 | [1] | $24,752,938 | [1] | |
Cash paid to vendors and employees | -26,306,835 | -26,404,749 | [1] | -24,487,671 | [1] | |
Interest paid, net | -11,422 | -18,313 | [1] | -15,927 | [1] | |
Income taxes paid | -89,445 | -85,978 | [1] | -73,211 | [1] | |
Net cash provided by operating activities | 120,753 | 524,906 | [1] | 176,129 | [1] | |
Cash flows from investing activities: | ' | ' | ' | |||
Acquisition of businesses, net of cash acquired | -310,253 | -24,898 | [1] | -141,138 | [1] | |
Expenditures for property and equipment | -14,871 | -13,672 | [1] | -18,688 | [1] | |
Software and software development costs | -23,494 | -30,887 | [1] | -12,112 | [1] | |
Gains on investments | 2,941 | 335 | [1] | 4,794 | [1] | |
Net cash used in investing activities | -345,677 | -69,122 | [1] | -167,144 | [1] | |
Cash flows from financing activities: | ' | ' | ' | |||
Proceeds from the reissuance of treasury stock | 3,397 | 35,093 | [1] | 5,005 | [1] | |
Cash paid for purchase of treasury stock | -185,114 | -314,886 | [1] | -200,000 | [1] | |
(Repayments) borrowings on long-term loans from joint venture partner | -49,549 | 460 | [1] | 34,556 | [1] | |
Acquisition of noncontrolling interest in joint venture | -117,220 | 0 | [1] | 0 | [1] | |
Return of capital to joint venture partner | -9,074 | 0 | [1] | 0 | [1] | |
Proceeds from issuance of Senior Notes, net of expenses | 345,810 | 0 | [1] | 0 | [1] | |
Net borrowings (repayments) on revolving credit loans | 87,240 | -41,195 | [1] | -51,472 | [1] | |
Principal payments on long-term debt | -500 | -352,316 | [1] | -454 | [1] | |
Excess tax benefit from stock-based compensation | 5,304 | 2,003 | [1] | 1,180 | [1] | |
Net cash provided by (used in) financing activities | 80,294 | -670,841 | [1] | -211,185 | [1] | |
Effect of exchange rate changes on cash and cash equivalents | -1,068 | -21,279 | [1] | -2,633 | [1] | |
Net decrease in cash and cash equivalents | -145,698 | -236,336 | [1] | -204,833 | [1] | |
Cash and cash equivalents at beginning of year | 486,262 | [1] | 722,598 | [1] | 927,431 | [1] |
Cash and cash equivalents at end of year | 340,564 | 486,262 | [1] | 722,598 | [1] | |
Reconciliation of net income to net cash provided by operating activities: | ' | ' | ' | |||
Net income attributable to shareholders of Tech Data Corporation | 176,255 | 190,750 | [1] | 208,372 | [1] | |
Net income attributable to noncontrolling interest | 6,785 | 10,452 | [1] | 4,620 | [1] | |
Consolidated net income | 183,040 | 201,202 | [1] | 212,992 | [1] | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' | ' | |||
Loss on disposal of subsidiaries | 0 | 28,294 | [1] | 0 | [1] | |
Depreciation and amortization | 58,353 | 57,332 | [1] | 47,285 | [1] | |
Provision for losses on accounts receivable | 9,653 | 10,813 | [1] | 11,798 | [1] | |
Stock-based compensation expense | 13,616 | 11,994 | [1] | 10,353 | [1] | |
Accretion of debt discount on Senior Notes and convertible senior debentures | 88 | 8,994 | [1] | 10,278 | [1] | |
Deferred income taxes | -22,759 | -33,952 | 7,230 | |||
Excess tax benefit from stock-based compensation | -5,304 | -2,003 | [1] | -1,180 | [1] | |
Changes in operating assets and liabilities, net of acquisitions: | ' | ' | ' | |||
Accounts receivable | -103,538 | -10,744 | [1] | -13,726 | [1] | |
Inventories | -151,713 | 457,190 | [1] | -481,572 | [1] | |
Prepaid expenses and other assets | -105,080 | -38,101 | [1] | -29,579 | [1] | |
Accounts payable | 218,618 | -124,577 | [1] | 396,329 | [1] | |
Accrued expenses and other liabilities | 25,779 | -41,536 | [1] | 5,921 | [1] | |
Total adjustments | -62,287 | 323,704 | [1] | -36,863 | [1] | |
Net cash provided by operating activities | $120,753 | $524,906 | [1] | $176,129 | [1] | |
[1] | See Note 2 - Restatement of Consolidated Financial Statements. |
Business_And_Summary_Of_Signif
Business And Summary Of Significant Accounting Policies | 12 Months Ended | ||||||||
Jan. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Business And Summary Of Significant Accounting Policies | ' | ||||||||
NOTE 1 — BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||
Description of Business | |||||||||
Tech Data Corporation (“Tech Data” or the “Company”) is one of the world’s largest wholesale distributors of technology products. The Company serves as an indispensable link in the technology supply chain by bringing products from the world’s leading technology vendors to market, as well as providing customers with advanced logistics capabilities and value-added services. Tech Data’s customers include value-added resellers, direct marketers, retailers and corporate resellers who support the diverse technology needs of end users. The Company is managed in two geographic segments: the Americas (including North America and South America) and Europe. | |||||||||
Principles of Consolidation | |||||||||
The consolidated financial statements include the accounts of Tech Data and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Noncontrolling interest is recognized for the portion of a consolidated joint venture not owned by the Company. The noncontrolling interest of the consolidated joint venture was purchased by the Company during fiscal 2013 (as further discussed in Note 6 - Acquisitions). The Company operates on a fiscal year that ends on January 31. | |||||||||
Basis of Presentation | |||||||||
The consolidated financial statements have been prepared by the Company, pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). The Company prepares its financial statements in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”). These principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||
Revenue Recognition | |||||||||
Revenue is recognized once four criteria are met: (1) the Company must have persuasive evidence that an arrangement exists; (2) delivery must occur, which generally happens at the point of shipment (this includes the transfer of both title and risk of loss, provided that no significant obligations remain); (3) the price must be fixed or determinable; and (4) collectability must be reasonably assured. Shipping revenue is included in net sales while the related costs, including shipping and handling costs, are included in the cost of products sold. The Company allows its customers to return product for exchange or credit subject to certain limitations. A provision for such returns is recorded at the time of sale based upon historical experience. The Company also has certain fulfillment and extended warranty contracts with certain customers and suppliers whereby the Company assumes an agency relationship in the transaction. In such arrangements where the Company is not the primary obligor, revenues are recognized as the net fee associated with serving as an agent. Taxes imposed by governmental authorities on the Company’s revenue-producing activities with customers, such as sales taxes and value added taxes, are excluded from net sales. | |||||||||
Service revenue associated with configuration, training, fulfillment and other services is recognized when the work is complete and the four criteria discussed above have been met. Service revenues have represented less than 10% of consolidated net sales for fiscal years 2013, 2012 and 2011. | |||||||||
The Company generated approximately 21%, 25% and 27% of consolidated net sales in fiscal 2013, 2012 and 2011, respectively, from products purchased from Hewlett-Packard Company and 12% of consolidated net sales in fiscal 2013 from products purchased from Apple, Inc. There were no other vendors and no customers that accounted for 10% or more of the Company’s consolidated net sales in fiscal 2013, 2012 or 2011. | |||||||||
Cash and Cash Equivalents | |||||||||
Short-term investments which are highly liquid and have an original maturity of 90 days or less are considered cash equivalents. | |||||||||
The Company had book overdrafts included in current liabilities of $6.0 million and $30.0 million at January 31, 2013 and 2012, respectively, related to bank accounts where a right of setoff does not exist. | |||||||||
Investments | |||||||||
The Company invests in life insurance policies to fund the Company’s nonqualified deferred compensation plan. The life insurance asset recorded by the Company is the amount that would be realized upon the assumed surrender of the policy. This amount is based on the underlying fair value of the invested assets contained within the life insurance policies. The gains and losses are recorded in the Company’s Consolidated Statement of Income within "other expense (income), net." | |||||||||
Accounts Receivable | |||||||||
The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. In estimating the required allowance, the Company takes into consideration the overall quality and aging of the receivable portfolio, the large number of customers and their dispersion across wide geographic areas, the existence of credit insurance, specifically identified customer risks, historical write-off experience and the current economic environment. If actual customer performance were to deteriorate to an extent not expected by the Company, additional allowances may be required which could have an adverse effect on the Company’s financial results. Conversely, if actual customer performance were to improve to an extent not expected by us, a reduction in the allowance may be required which could have a favorable effect on the Company’s consolidated financial results. | |||||||||
Accounts Receivable Purchase Agreements | |||||||||
The Company has certain uncommitted accounts receivable purchase agreements under which certain accounts receivable may be sold, without recourse, to third-party financial institutions. Under these programs, the Company may sell certain accounts receivable in exchange for cash less a discount, as defined in the agreements. Available capacity under these programs, which the Company uses as a source of working capital funding, is dependent on the level of accounts receivable eligible to be sold into these programs and the financial institutions' willingness to purchase such receivables. In addition, certain of these agreements also require that the Company continue to service, administer and collect the sold accounts receivable. At January 31, 2013 and 2012, the Company had a total of $284.7 million and $176.6 million, respectively, of accounts receivable sold to and held by financial institutions under these agreements. During the fiscal years ended January 31, 2013, 2012 and 2011, discount fees recorded under these facilities were $2.6 million, $1.1 million, and $0.5 million, respectively, which are included as a component of "other expense (income), net" in the Company's Consolidated Statement of Income. | |||||||||
Inventories | |||||||||
Inventories, consisting entirely of finished goods, are stated at the lower of cost or market, cost being determined on a moving average cost basis, which approximates the first-in, first-out (“FIFO”) method. Inventory is written down for estimated obsolescence equal to the difference between the cost of inventory and the estimated market value, based upon an aging analysis of the inventory on hand, specifically known inventory-related risks (such as technological obsolescence and the nature of vendor terms surrounding price protection and product returns), foreign currency fluctuations for foreign-sourced product and assumptions about future demand. Market conditions or changes in terms and conditions by the Company’s vendors that are less favorable than those projected by management may require additional inventory write-downs, which could have an adverse effect on the Company’s consolidated financial results. | |||||||||
Vendor Incentives | |||||||||
The Company receives incentives from vendors related to cooperative advertising allowances, infrastructure funding, volume rebates and other incentive agreements. These incentives are generally under quarterly, semi-annual or annual agreements with the vendors; however, some of these incentives are negotiated on an ad-hoc basis to support specific programs mutually developed with the vendor. Unrestricted volume rebates and early payment discounts received from vendors are recorded when they are earned as a reduction of inventory and as a reduction of cost of products sold as the related inventory is sold. Vendor incentives for specifically identified cooperative advertising programs and infrastructure funding are recorded when earned as adjustments to product costs or selling, general and administrative expenses, depending on the nature of the program. | |||||||||
Reserves for receivables on vendor programs are recorded for estimated losses resulting from vendors’ inability to pay or rejections of claims by vendors. Should amounts recorded as outstanding receivables from vendors be deemed uncollectible, additional allowances may be required which could have an adverse effect on the Company’s consolidated financial results. Conversely, if amounts recorded as outstanding receivables from vendors were to improve to an extent not expected by us, a reduction in the allowance may be required which could have a favorable effect on the Company’s consolidated financial results. | |||||||||
Property and Equipment | |||||||||
Property and equipment are stated at cost and property and equipment under capital leases are stated at the present value of the future minimum lease payments determined at the inception of the lease. Depreciation expense includes depreciation of purchased property and equipment and assets recorded under capital leases. Depreciation expense is computed over the shorter of the estimated economic lives or lease periods using the straight-line method as follows: | |||||||||
Years | |||||||||
Buildings and improvements | 15 | - | 39 | ||||||
Leasehold improvements | 3 | - | 10 | ||||||
Furniture, fixtures and equipment | 3 | - | 10 | ||||||
Expenditures for renewals and improvements that significantly add to productive capacity or extend the useful life of an asset are capitalized. Expenditures for maintenance and repairs are charged to operations when incurred. When assets are sold or retired, the cost of the asset and the related accumulated depreciation are eliminated and any gain or loss is recognized at such time. | |||||||||
Long-Lived Assets | |||||||||
Long-lived assets are reviewed for potential impairment at such time when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. An impairment loss is evaluated when the sum of the expected, undiscounted future net cash flows is less than the carrying amount of the asset. Any impairment loss is measured by comparing the fair value of the asset to its carrying value. | |||||||||
Goodwill | |||||||||
The Company performs an annual review for the potential impairment of the carrying value of goodwill, or more frequently if current events and circumstances indicate a possible impairment. An impairment loss is charged to expense in the period identified. This testing includes the determination of each reporting unit’s fair value using market multiples and discounted cash flow modeling. The Company performs its annual review for goodwill impairment as of January 31st of each fiscal year. | |||||||||
Intangible Assets | |||||||||
Included within other assets at both January 31, 2013 and 2012 are certain intangible assets including capitalized software and development costs, as well as customer and vendor relationships, preferred supplier agreements, noncompete agreements and trademarks acquired in connection with various business acquisitions. Such capitalized costs and intangible assets are being amortized over a period of three to ten years. | |||||||||
The Company’s capitalized software has been obtained or developed for internal use only. Development and acquisition costs are capitalized for computer software only when management authorizes and commits to funding a computer software project through the approval of a capital expenditure requisition, and the software project is either for the development of new software, to increase the life of existing software or to add significantly to the functionality of existing software. Once these requirements have been met, capitalization would begin at the point that conceptual formulation, evaluation, design, and testing of possible software project alternatives have been completed. Capitalization ceases when the software project is substantially complete and ready for its intended use. | |||||||||
Costs of computer software developed or obtained for internal use that are capitalized include external direct costs of materials and services consumed in developing or obtaining internal-use computer software and payroll and payroll-related costs for the Company’s IT programmers performing software coding and testing activities (including development of data conversion programs) directly associated with the internal-use computer software project. Prepaid maintenance fees associated with a software application are accounted for separately from the related software and amortized over the life of the maintenance agreement. General, administrative, overhead, training, non-development data conversion processes, and maintenance costs, as well as the costs associated with the preliminary project and post-implementation stages are expensed as incurred. | |||||||||
The Company’s accounting policy is to amortize capitalized software costs on a straight-line basis over periods ranging from three to ten years, depending upon the nature of the software, the stability of the hardware platform on which the software is installed, its fit in the Company’s overall strategy, and our experience with similar software. It is the Company’s policy to amortize personal computer-related software, such as spreadsheet and word processing applications, over three years, which reflects the rapid changes in personal computer software. Mainframe software licenses are amortized over five years, which is in line with the longer economic life of mainframe systems compared to personal computer systems. Finally, strategic applications such as customer relationship management and enterprise-wide systems are amortized over seven to ten years based on their strategic fit and the Company’s historical experience with such applications. | |||||||||
Product Warranty | |||||||||
The Company’s vendors generally warrant the products distributed by the Company and allow the Company to return defective products, including those that have been returned to the Company by its customers. The Company does not independently warrant the products it distributes; however, in several countries where the Company operates, the Company is responsible for defective product as a matter of law. The time period required by law in certain countries exceeds the warranty period provided by the manufacturer. The Company is obligated to provide warranty protection for sales of certain IT products within the European Union (“EU”) for up to two years as required under the EU directive where vendors have not affirmatively agreed to provide pass-through protection. To date, the Company has not incurred any significant costs for defective products under these legal requirements. The Company does warrant services with regard to products integrated for its customers. A provision for estimated warranty costs is recorded at the time of sale and periodically adjusted to reflect actual experience. To date, the Company has not incurred any significant service warranty costs. Fees charged for products configured by the Company represented less than 10% of net sales for fiscal years 2013, 2012 and 2011. | |||||||||
Value Added Taxes | |||||||||
The majority of our international operations are subject to a value added tax ("VAT"), which is typically applied to all goods and services purchased and sold. The Company's VAT liability represents VAT that has been recorded on sales to our customers and not yet remitted to the respective governmental authorities and the Company's VAT receivable represents VAT paid on purchases of goods and services that will be collected from future sales to our customers. At January 31, 2013 and 2012, the Company's VAT liability is approximately $236.0 million and $187.5 million, respectively, and is included in "accrued expenses and other liabilities" on the Company's Consolidated Balance Sheet. The Company's VAT liability at January 31, 2013 excludes $55.6 million included in "accrued expenses and other liabilities" in the Company's Consolidated Balance Sheet for assessments, including penalties and interest, related to various VAT matters in one of the Company's subsidiaries in Spain as discussed further in Note 14 - Commitments and Contingencies. At January 31, 2013 and 2012, the Company's VAT receivable is approximately $90.9 million and $66.7 million, respectively, included in "prepaid expenses and other assets" on the Company's Consolidated Balance Sheet. | |||||||||
Income Taxes | |||||||||
Income taxes are accounted for under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the fiscal period that includes the enactment date. Deferred taxes have not been provided on the cumulative undistributed earnings of foreign subsidiaries or the cumulative translation adjustment related to those investments because such amounts are expected to be reinvested indefinitely. | |||||||||
The Company’s future effective tax rates could be adversely affected by earnings being lower than anticipated in countries with lower statutory rates, changes in the relative mix of taxable income and taxable loss jurisdictions, changes in the valuation of deferred tax assets or liabilities or changes in tax laws or interpretations thereof. The Company considers all positive and negative evidence available in determining the potential realization of deferred tax assets, including the scheduled reversal of temporary differences, recent cumulative losses, recent and projected future taxable income and prudent and feasible tax planning strategies. In making this determination, the Company places greater emphasis on recent cumulative losses and recent taxable income due to the inherent lack of subjectivity associated with these factors. In addition, the Company is subject to the continuous examination of its income tax returns by the Internal Revenue Service and other tax authorities. The Company regularly assesses the likelihood of adverse outcomes resulting from these examinations to determine the adequacy of its provision for income taxes. To the extent the Company were to prevail in matters for which accruals have been established or to be required to pay amounts in excess of such accruals, the Company’s effective tax rate in a given financial statement period could be materially affected. | |||||||||
Concentration of Credit Risk | |||||||||
The Company’s financial instruments which are subject to concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable and foreign currency exchange contracts. The Company’s cash and cash equivalents are deposited and/or invested with various financial institutions globally that are monitored on a regular basis by the Company for credit quality. | |||||||||
The Company sells its products to a large base of value-added resellers, direct marketers, retailers and corporate resellers throughout North America, South America and Europe. The Company performs ongoing credit evaluations of its customers and generally does not require collateral. The Company has obtained credit insurance, primarily in Europe, which insures a percentage of credit extended by the Company to certain of its customers against possible loss. The Company makes provisions for estimated credit losses at the time of sale. No single customer accounted for more than 10% of the Company’s net sales during fiscal years 2013, 2012 or 2011. | |||||||||
The Company also enters into foreign currency exchange contracts. In the event of a failure to honor one of these contracts by one of the banks with which the Company has contracted, the Company believes any loss would be limited in most circumstances to the exchange rate differential from the time the contract was executed until the time the contract was settled. The Company’s foreign currency exchange contracts are executed with various financial institutions globally that are monitored on a regular basis by the Company for credit quality. | |||||||||
Foreign Currency Translation and Remeasurement | |||||||||
The assets and liabilities of the Company's foreign subsidiaries for which the local currency is the functional currency are translated into U.S. dollars using the exchange rate in effect at each balance sheet date, with the related translation gains or losses reported as components of other comprehensive income, included within shareholders’ equity. All income and expense accounts of the Company's foreign subsidiaries for which the local currency is the functional currency are translated using weighted average exchange rates for each period during the year. The resulting remeasurement gains and losses of these operations as well as gains and losses from foreign currency transactions are included in the Company's Consolidated Income Statement. | |||||||||
Derivative Financial Instruments | |||||||||
The Company faces exposure to changes in foreign currency exchange rates and interest rates. The Company reduces its exposure by creating offsetting positions through the use of derivative financial instruments, in the form of foreign currency forward contracts, in situations where there are not offsetting balances that create an economic hedge. Substantially all of these instruments have terms of 90 days or less. It is the Company’s policy to utilize financial instruments to reduce risk where appropriate and prohibit entering into derivative financial instruments for speculative or trading purposes. | |||||||||
Derivative financial instruments are marked-to-market each period with gains and losses on these contracts recorded in the Company’s Consolidated Statement of Income within “cost of products sold” for derivative instruments used to manage the Company’s exposure to foreign denominated accounts receivable and accounts payable and within “Other expense, net” for derivative instruments used to manage the Company’s exposure to foreign denominated financing transactions. Such mark-to-market gains and losses are recorded in the period in which their value changes, with the offsetting entry for unsettled positions being recorded to either other current assets or other current liabilities. | |||||||||
Comprehensive Income | |||||||||
Comprehensive income is defined as the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owner sources, and is comprised of “net income” and “other comprehensive income.” | |||||||||
The Company’s accumulated other comprehensive income (loss) included in total equity is comprised exclusively of changes in the Company’s currency translation adjustment account (“CTA account”), including applicable income taxes. Total accumulated other comprehensive income includes $23.0 million of income taxes at January 31, 2013, 2012 and 2011, respectively. | |||||||||
Stock-Based Compensation | |||||||||
The Company records all equity-based incentive grants to employees and non-employee members of the Company’s Board of Directors in “selling, general and administrative expenses” in the Company’s Consolidated Statement of Income based on their fair values determined on the date of grant. Stock-based compensation expense, reduced for estimated forfeitures, is recognized on a straight-line basis over the requisite service period of the award, which is generally the vesting term of the outstanding equity awards. The Company estimates forfeiture rates based on its historical experience. | |||||||||
Treasury Stock | |||||||||
Treasury stock is accounted for at cost. The reissuance of shares from treasury stock for exercises of equity-based awards or other corporate purposes is based on the weighted-average purchase price of the shares. | |||||||||
Contingencies | |||||||||
The Company accrues for contingent obligations, including estimated legal costs, when the obligation is probable and the amount is reasonably estimable. As facts concerning contingencies become known, the Company reassesses its position and makes appropriate adjustments to the financial statements. Estimates that are particularly sensitive to future changes include those related to tax, legal and other regulatory matters such as imports and exports, the imposition of international governmental controls, changes in the interpretation and enforcement of international laws (particularly related to items such as duty and taxation), and the impact of local economic conditions and practices, which are all subject to change as events evolve and as additional information becomes available during the administrative and litigation process. | |||||||||
Recently Adopted Accounting Standards | |||||||||
In September 2011, the Financial Accounting Standards Board (“FASB”) issued an accounting standard which simplifies how entities test goodwill for impairment. The accounting standard permits an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described below. The accounting standard was effective for the Company beginning February 1, 2012, with early adoption permitted. The Company has adopted this standard as of February 1, 2012, which had no impact on its consolidated financial position, income, comprehensive income or cash flows. | |||||||||
In May 2011, the FASB and International Accounting Standards Board (“IASB”) issued an accounting standard that amends the wording used to describe many of the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. This accounting standard does not extend the use of fair value accounting, but provides guidance on how it should be applied where its use is already required or permitted by other standards within U.S. GAAP or International Financial Reporting Standards (“IFRS”). This accounting standard is effective for the Company beginning with the quarter ended April 30, 2012. The Company adopted this standard for the quarter ended April 30, 2012, which had no impact on its consolidated financial position, income, comprehensive income or cash flows. | |||||||||
In January 2013, the FASB issued an accounting standard limiting the scope of the accounting standard issued in December 2011 related to enhanced disclosures on offsetting (netting) of assets and liabilities in a company's financial statements. As a result of the scope limitation, the Company has concluded that the accounting standard will have no impact on its financial statement disclosures. | |||||||||
Recently Issued Accounting Standards | |||||||||
In July 2012, the FASB issued a new accounting standard which allows an entity to first assess qualitative factors to determine whether it is necessary to perform a quantitative impairment test for indefinite-lived intangible assets. The accounting standard states that an entity would not be required to calculate the fair value of an indefinite-lived intangible asset unless the entity determines, based on a qualitative assessment, that the indefinite-lived intangible asset is impaired. This standard was effective for the Company beginning February 1, 2013. As the Company currently has no material indefinite-lived intangible assets, other than goodwill, this standard will have no impact on the Company's consolidated financial position, income, comprehensive income and cash flows. | |||||||||
In February 2013, the FASB issued an accounting standard which requires an entity to provide additional information regarding the amounts reclassified out of accumulated other comprehensive income by component, the income statement line item to which the reclassification was made and if applicable, cross-referenced to related footnote disclosures. The accounting standard was effective for the Company beginning with the quarter ending April 30, 2013. As the requirements of this standard are disclosure only, there will be no impact on the Company's consolidated financial position, income, comprehensive income or cash flows. | |||||||||
In March 2013, the FASB issued an accounting standard which clarifies the accounting for the derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. The guidance also requires the accounting for a business combination achieved in stages involving a foreign entity to be treated as a single event. The accounting standard is effective for the Company beginning with the quarter ending April 30, 2014 and is to be applied prospectively to derecognition events occurring after the effective date. Early adoption is also permitted. If an entity elects to early adopt the accounting standard, it is to be adopted as of the beginning of the entity's fiscal year of adoption. The Company will apply the provisions of this accounting standard to all transactions described above prospectively from the date of adoption. | |||||||||
In March 2013, the FASB also issued an accounting standard which requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of the guidance is fixed at the reporting date as the sum of: i) the amount the reporting entity agreed to pay on the basis of its arrangements among its co-obligors and ii) any additional amount the reporting entity expects to pay on behalf of its co-obligors. The guidance also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. The accounting standard is effective for the Company beginning with the quarter ending April 30, 2014 and is to be applied retrospectively for all periods presented. Early adoption is also permitted. The Company does not anticipate that the adoption of this guidance will have a material impact on its consolidated financial position, income, comprehensive income or cash flows. | |||||||||
In July 2013, the FASB issued an accounting standard which requires presentation of certain unrecognized tax benefits as reductions to deferred tax assets rather than as liabilities when a net operations loss carryforward, a similar tax loss, or a tax credit carryforward exists. The accounting standard is effective for the Company beginning with the quarter ending April 30, 2014 and is to be applied prospectively. The Company currently follows the guidance and this update will have no impact on its financial statement disclosures. |
Restatement_of_Consolidated_Fi
Restatement of Consolidated Financial Statements | 12 Months Ended | |||||||||||
Jan. 31, 2013 | ||||||||||||
Accounting Changes and Error Corrections [Abstract] | ' | |||||||||||
Restatement of Consolidated Financial Statements | ' | |||||||||||
NOTE 2 — RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS | ||||||||||||
On March 21, 2013, the Company announced that it would restate previously issued quarterly and audited annual financial statements to correct accounting improprieties involving vendor accounting within the Company's primary operating subsidiary in the UK. The Company further stated that financial statements as of and for the fiscal years ended 2011, 2012, and 2013 and each of the fiscal quarters in 2011, 2012 and 2013 should no longer be relied upon. Thereafter, the Audit Committee initiated an independent investigation by outside counsel, to review certain of the Company’s accounting practices throughout Europe. Concurrently, the Company engaged significant internal and external resources to perform supplemental procedures to assist in reviewing its financial statements and accounting practices (the "Supplemental Procedures"). The Audit Committee has completed its investigation and has identified certain accounting irregularities in the UK subsidiary and certain other European subsidiaries. | ||||||||||||
The cumulative adjustments required to correct the errors in the financial statements prior to the fiscal year ended January 31, 2011 are reflected in the restated consolidated statement of shareholders’ equity as of February 1, 2010. The cumulative effect of those adjustments decreased previously reported retained earnings by $1.1 million. This decrease primarily relates to the impact of an improper deferral of net foreign currency exchange losses in a European subsidiary from fiscal 2009 that was recognized over several subsequent fiscal periods, partially offset by the timing of recognition of various transactions with the Company's product suppliers. | ||||||||||||
The restatement reflects two primary categories of adjustments: | ||||||||||||
• | Adjustments relating to the inadequate control environment identified within the Company’s primary operating subsidiary in the UK and two other European subsidiaries. These adjustments are necessary primarily to correct errors arising as a result of the following: | |||||||||||
• | Improper accounting for transactions with the Company’s product suppliers (also referred to as “vendor accounting”), including the recognition of vendor incentives, product discounts/price variances, promotions and other vendor credits. These errors primarily affected inventory, accounts payable and cost of goods sold. | |||||||||||
• | Improper manual journal entries and the override of key balance sheet reconciliation controls by local management. These errors affected multiple accounts within the Company’s balance sheet and income statement. | |||||||||||
• | Improper recognition of net foreign currency exchange losses, which resulted in an overstatement of cost of goods sold during the three fiscal years ended January 31, 2013. Multiple accounts on the balance sheet were affected during this period. | |||||||||||
• | Improper accounting for accounts receivable, including improper cash application and recording of value added taxes. These errors primarily affected accounts receivable, accrued expenses and net sales. | |||||||||||
• | Improper cutoff of certain inventory transactions at period end, which resulted in a net understatement of inventory and understatement of accounts payable or cost of goods sold. | |||||||||||
• | Improper cutoff of certain cash receipts at period end, which resulted in an overstatement of cash and understatement of accounts receivable. | |||||||||||
• | Adjustments identified within subsidiaries in addition to the UK subsidiary and two other European subsidiaries noted above, including the following: | |||||||||||
• | Adjustments to correct the Company’s presentation of sales of vendor warranty services and certain fulfillment contracts. During the first quarter of fiscal 2013, the Company began presenting sales of vendor warranty services and certain fulfillment contracts on an agency basis as net fees, instead of as gross revenues and cost of sales as they had been presented in prior periods. Given this correction had no impact on gross profit, operating income or net income, and only an insignificant impact on net sales, prior periods were previously not adjusted to reflect this correction. However, in connection with the restatement, the Company has adjusted its prior period results to properly present such sales of vendor warranty services and certain fulfillment contracts on an agency basis as net fees, consistent with fiscal year 2013. | |||||||||||
• | Adjustments for errors primarily related to the timing of recognition and classification of various vendor accounting transactions. | |||||||||||
• | Certain adjustments previously identified and considered immaterial, including: | |||||||||||
• | Reclassification of gains (losses) on investments related to the Company’s nonqualified deferred compensation plan, which had no impact on previously reported pre-tax or net income. This reclassification impacted selling, general and administrative expenses and other expense (income), net. | |||||||||||
• | Adjustments to accounts receivable, inventory, sales and cost of goods sold to record the impact of estimated sales returns for which the Company had previously only recorded the net impact on gross profit. | |||||||||||
• | Other immaterial adjustments to correct errors in sales or inventory cutoff and accrued expenses. These adjustments primarily affected accounts receivable, inventory, accrued expenses, and the Consolidated Statement of Income. | |||||||||||
Income taxes, retained earnings and other comprehensive income have been adjusted primarily to consider the net impacts of the adjustments discussed above. | ||||||||||||
The following tables present the impact of the restatement on the Company’s previously issued consolidated financial statements. | ||||||||||||
Consolidated Balance Sheet | ||||||||||||
As of January 31, 2012 | ||||||||||||
As Previously Reported | Adjustments | As Restated | ||||||||||
(In thousands) | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 505,178 | $ | (18,916 | ) | (1) | $ | 486,262 | ||||
Accounts receivable | 2,871,243 | (92,602 | ) | (2) | 2,778,641 | |||||||
Inventories | 1,802,976 | 129,313 | (3) | 1,932,289 | ||||||||
Prepaid expenses and other assets | 202,505 | (5,197 | ) | (4) | 197,308 | |||||||
Total current assets | 5,381,902 | 12,598 | 5,394,500 | |||||||||
Property and equipment, net | 88,595 | 286 | 88,881 | |||||||||
Other assets, net | 314,921 | (2,034 | ) | (4) | 312,887 | |||||||
Total assets | $ | 5,785,418 | $ | 10,850 | $ | 5,796,268 | ||||||
Current liabilities: | ||||||||||||
Accounts payable | $ | 3,042,809 | $ | 48,802 | (5) | $ | 3,091,611 | |||||
Accrued expenses and other liabilities | 551,280 | (17,445 | ) | (6) | 533,835 | |||||||
Revolving credit loans and current maturities of long-term debt, net | 48,490 | 0 | 48,490 | |||||||||
Total current liabilities | 3,642,579 | 31,357 | 3,673,936 | |||||||||
Long-term debt, less current maturities | 57,253 | 0 | 57,253 | |||||||||
Other long-term liabilities | 83,438 | (488 | ) | (4) | 82,950 | |||||||
Total liabilities | 3,783,270 | 30,869 | 3,814,139 | |||||||||
Shareholders’ equity: | ||||||||||||
Common stock | 89 | 0 | 89 | |||||||||
Additional paid-in capital | 769,826 | 3,261 | (7) | 773,087 | ||||||||
Treasury stock, at cost | (739,614 | ) | 0 | (739,614 | ) | |||||||
Retained earnings | 1,659,767 | (22,664 | ) | (7) | 1,637,103 | |||||||
Accumulated other comprehensive income | 283,755 | (616 | ) | (7) | 283,139 | |||||||
Equity attributable to shareholders of Tech Data Corporation | 1,973,823 | (20,019 | ) | 1,953,804 | ||||||||
Noncontrolling interest | 28,325 | 0 | 28,325 | |||||||||
Total equity | 2,002,148 | (20,019 | ) | 1,982,129 | ||||||||
Total liabilities and equity | $ | 5,785,418 | $ | 10,850 | $ | 5,796,268 | ||||||
-1 | Cash and cash equivalents includes adjustments to reduce cash to correct bank reconciliation cutoff errors that recognized certain cash in-transit from customers (also recognized as a reduction of accounts receivable). | |||||||||||
-2 | Accounts receivable has been adjusted primarily to reduce the balance for estimated sales returns by $72.7 million and the cash cutoff errors discussed in (1) above. The Company had previously only recognized the net impact on gross profit for estimated sales returns. | |||||||||||
-3 | Inventory includes an adjustment to increase the balance for estimated sales returns by $72.7 million, as discussed in (2) above, and adjustments of $55.7 million for sales and inventory cutoff errors that were not appropriately recorded based on the delivery terms. | |||||||||||
-4 | Other assets and other liabilities contain various adjustments that are insignificant individually and in the aggregate pertaining to the errors described above, primarily related to the inadequate reconciliations of the accounts. | |||||||||||
-5 | Accounts payable has been adjusted primarily to recognize an increase of $27.6 million for inventory cutoff errors that were not appropriately reported based on the delivery terms; and the impact of vendor accounting errors in the Company's primary operating subsidiary in the UK and two other European subsidiaries of $17.9 million. | |||||||||||
-6 | Accrued expenses and other liabilities includes adjustments primarily related to reducing the taxes payable by $11.9 million as a result of the restatement adjustments and other adjustments due to various immaterial errors. | |||||||||||
-7 | Shareholders’ equity includes an adjustment to retained earnings and the cumulative translation account to account for the restatement errors identified herein and adjustments to additional paid-in capital primarily to correct errors related to stock-based compensation. | |||||||||||
Consolidated Statement of Income | ||||||||||||
Fiscal Year Ended January 31, 2012 | ||||||||||||
As Previously Reported | Adjustments | As Restated | ||||||||||
(In thousands, except per share amounts) | ||||||||||||
Net sales | $ | 26,488,124 | $ | (840,811 | ) | (1) | $ | 25,647,313 | ||||
Cost of products sold | 25,094,133 | (824,261 | ) | (1) | 24,269,872 | |||||||
Gross profit | 1,393,991 | (16,550 | ) | (2) | 1,377,441 | |||||||
Operating expenses: | ||||||||||||
Selling, general and administrative expenses | 1,037,839 | 6,762 | (3) | 1,044,601 | ||||||||
Loss on disposal of subsidiaries | 28,294 | 0 | 28,294 | |||||||||
1,066,133 | 6,762 | 1,072,895 | ||||||||||
Operating income | 327,858 | (23,312 | ) | 304,546 | ||||||||
Interest expense | 31,343 | 34 | 31,377 | |||||||||
Other expense (income), net | 1,193 | (335 | ) | 858 | ||||||||
Income before income taxes | 295,322 | (23,011 | ) | 272,311 | ||||||||
Provision for income taxes | 78,474 | (7,365 | ) | (4) | 71,109 | |||||||
Consolidated net income | 216,848 | (15,646 | ) | 201,202 | ||||||||
Net income attributable to noncontrolling interest | (10,452 | ) | 0 | (10,452 | ) | |||||||
Net income attributable to shareholders of Tech Data Corporation | $ | 206,396 | $ | (15,646 | ) | $ | 190,750 | |||||
Net income per share attributable to shareholders of Tech Data Corporation: | ||||||||||||
Basic | $ | 4.72 | $ | (0.36 | ) | $ | 4.36 | |||||
Diluted | $ | 4.66 | $ | (0.36 | ) | $ | 4.3 | |||||
(1) Net sales and cost of products sold adjustments primarily reflect the impact to appropriately present sales of vendor warranty services and certain fulfillment contracts on an agency basis as net fees of $833.2 million, consistent with fiscal year 2013. | ||||||||||||
(2) Gross profit adjustments primarily reflect the impact of vendor accounting errors in the Company's primary operating subsidiary in the UK and two other European subsidiaries of $17.8 million and various other immaterial errors. | ||||||||||||
(3) Selling, general and administrative expenses adjustments primarily reflect the impact of errors in the Company's primary operating subsidiary in the UK and two other European subsidiaries of $6.7 million, which includes adjustments for uncollectible accounts receivable of $2.6 million and various other immaterial errors. | ||||||||||||
(4) The provision for income taxes has been adjusted primarily to reduce tax expense as a result of the reduction of profit resulting from the restatement adjustments described herein. | ||||||||||||
Fiscal Year Ended January 31, 2011 | ||||||||||||
As Previously Reported | Adjustments | As Restated | ||||||||||
(In thousands, except per share amounts) | ||||||||||||
Net sales | $ | 24,375,973 | $ | (756,035 | ) | (1) | $ | 23,619,938 | ||||
Cost of products sold | 23,092,685 | (751,000 | ) | (1) | 22,341,685 | |||||||
Gross profit | 1,283,288 | (5,035 | ) | (2) | 1,278,253 | |||||||
Selling, general and administrative expenses | 949,303 | 7,542 | (3) | 956,845 | ||||||||
Operating income | 333,985 | (12,577 | ) | 321,408 | ||||||||
Interest expense | 29,926 | 0 | 29,926 | |||||||||
Other expense (income), net | 444 | (4,794 | ) | (4) | (4,350 | ) | ||||||
Income before income taxes | 303,615 | (7,783 | ) | 295,832 | ||||||||
Provision for income taxes | 84,752 | (1,912 | ) | (5) | 82,840 | |||||||
Consolidated net income | 218,863 | (5,871 | ) | 212,992 | ||||||||
Net income attributable to noncontrolling interest | (4,620 | ) | 0 | (4,620 | ) | |||||||
Net income attributable to shareholders of Tech Data Corporation | $ | 214,243 | $ | (5,871 | ) | $ | 208,372 | |||||
Net income per share attributable to shareholders of Tech Data Corporation: | ||||||||||||
Basic | $ | 4.41 | $ | (0.12 | ) | $ | 4.29 | |||||
Diluted | $ | 4.36 | $ | (0.11 | ) | $ | 4.25 | |||||
(1) Net sales and cost of products sold adjustments primarily reflect the impact to appropriately present sales of vendor warranty services and certain fulfillment contracts on an agency basis as net fees of $740.6 million, consistent with fiscal year 2013. | ||||||||||||
(2) Gross profit adjustments primarily reflect the impact of vendor accounting errors in the Company's primary operating subsidiary in the UK and two other European subsidiaries of $5.7 million, partially offset by the impact of reversing the improper deferral of net foreign currency exchange losses in a European subsidiary of $2.9 million. | ||||||||||||
(3) Selling, general and administrative expenses include an adjustment to reclassify investment income of $4.8 million related to the Company’s deferred compensation plan assets from selling, general and administrative expenses where it was recorded as a reduction of the corresponding payroll expense related to the plan to other expense (income), net and various other adjustments to correct immaterial errors. | ||||||||||||
(4) Other expense (income), net has been adjusted to reclassify investment income of $4.8 million related to the Company’s deferred compensation plan assets from selling, general and administrative expenses where it was recorded as a reduction of the corresponding payroll expense related to the plan. | ||||||||||||
(5) The provision for income taxes has been adjusted primarily to reduce tax expense as a result of the reduction of profit resulting from the restatement adjustments described herein. | ||||||||||||
Consolidated Statement of Comprehensive Income | ||||||||||||
Fiscal Year Ended January 31, 2012 | ||||||||||||
As Previously Reported | Adjustments | As Restated | ||||||||||
(In thousands) | ||||||||||||
Consolidated net income | $ | 216,848 | $ | (15,646 | ) | $ | 201,202 | |||||
Other comprehensive loss: | ||||||||||||
Foreign currency translation adjustment | (76,664 | ) | (155 | ) | (76,819 | ) | ||||||
Total other comprehensive income | 140,184 | (15,801 | ) | 124,383 | ||||||||
Comprehensive income attributable to noncontrolling interest | (8,917 | ) | 0 | (8,917 | ) | |||||||
Comprehensive income attributable to shareholders of Tech Data Corporation | $ | 131,267 | $ | (15,801 | ) | $ | 115,466 | |||||
Fiscal Year Ended January 31, 2011 | ||||||||||||
As Previously Reported | Adjustments | As Restated | ||||||||||
(In thousands) | ||||||||||||
Consolidated net income | $ | 218,863 | $ | (5,871 | ) | $ | 212,992 | |||||
Other comprehensive loss: | ||||||||||||
Foreign currency translation adjustment | (614 | ) | (304 | ) | (918 | ) | ||||||
Total other comprehensive income | 218,249 | (6,175 | ) | 212,074 | ||||||||
Comprehensive income attributable to noncontrolling interest | (4,703 | ) | 0 | (4,703 | ) | |||||||
Comprehensive income attributable to shareholders of Tech Data Corporation | $ | 213,546 | $ | (6,175 | ) | $ | 207,371 | |||||
Consolidated Statement of Cash Flows | ||||||||||||
Fiscal Year Ended January 31, 2012 | ||||||||||||
As Previously Reported | Adjustments | As Restated | ||||||||||
(In thousands) | ||||||||||||
Cash flows from operating activities: | ||||||||||||
Cash received from customers | $ | 26,435,178 | $ | 598,768 | $ | 27,033,946 | ||||||
Cash paid to suppliers and employees | (25,827,475 | ) | (577,274 | ) | (26,404,749 | ) | ||||||
Interest paid | (18,313 | ) | 0 | (18,313 | ) | |||||||
Income taxes paid | (85,978 | ) | 0 | (85,978 | ) | |||||||
Net cash provided by operating activities | 503,412 | 21,494 | 524,906 | |||||||||
Cash flows from investing activities: | ||||||||||||
Acquisition of businesses, net of cash acquired | (24,898 | ) | 0 | (24,898 | ) | |||||||
Expenditures for property and equipment | (13,385 | ) | (287 | ) | (13,672 | ) | ||||||
Software development costs | (30,985 | ) | 98 | (30,887 | ) | |||||||
Gains on investments | 0 | 335 | 335 | |||||||||
Net cash used in investing activities | (69,268 | ) | 146 | (69,122 | ) | |||||||
Cash flows from financing activities: | ||||||||||||
Proceeds from the reissuance of treasury stock | 35,093 | 0 | 35,093 | |||||||||
Cash paid for purchase of treasury stock | (314,886 | ) | 0 | (314,886 | ) | |||||||
Borrowings on long-term loans from joint venture partner | 460 | 0 | 460 | |||||||||
Net borrowings (repayments) on revolving credit loans | (41,195 | ) | 0 | (41,195 | ) | |||||||
Principal payments on long-term debt | (352,316 | ) | 0 | (352,316 | ) | |||||||
Excess tax benefit from stock-based compensation | 2,003 | 0 | 2,003 | |||||||||
Net cash used in financing activities | (670,841 | ) | 0 | (670,841 | ) | |||||||
Effect of exchange rate changes on cash and cash equivalents | (21,850 | ) | 571 | (21,279 | ) | |||||||
Net decrease in cash and cash equivalents | (258,547 | ) | 22,211 | (236,336 | ) | |||||||
Cash and cash equivalents at beginning of year | 763,725 | (41,127 | ) | 722,598 | ||||||||
Cash and cash equivalents at end of year | $ | 505,178 | $ | (18,916 | ) | $ | 486,262 | |||||
Reconciliation of net income to net cash provided by operating activities: | ||||||||||||
Net income attributable to shareholders of Tech Data Corporation | $ | 206,396 | $ | (15,646 | ) | $ | 190,750 | |||||
Net income attributable to noncontrolling interest | 10,452 | 0 | 10,452 | |||||||||
Consolidated net income | 216,848 | (15,646 | ) | 201,202 | ||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||
Loss on disposal of subsidiaries | 28,294 | 0 | 28,294 | |||||||||
Depreciation and amortization | 57,332 | 0 | 57,332 | |||||||||
Provision for losses on accounts receivable | 10,546 | 267 | 10,813 | |||||||||
Stock-based compensation expense | 10,699 | 1,295 | 11,994 | |||||||||
Accretion of debt discount on Senior Notes and convertible senior debentures | 8,994 | 0 | 8,994 | |||||||||
Deferred income taxes | (29,746 | ) | (4,206 | ) | (33,952 | ) | ||||||
Excess tax benefit from stock-based compensation | (2,003 | ) | 0 | (2,003 | ) | |||||||
Changes in operating assets and liabilities, net of acquisitions: | ||||||||||||
Accounts receivable | (48,887 | ) | 38,143 | (10,744 | ) | |||||||
Inventories | 370,858 | 86,332 | 457,190 | |||||||||
Prepaid expenses and other assets | (43,358 | ) | 5,257 | (38,101 | ) | |||||||
Accounts payable | (41,081 | ) | (83,496 | ) | (124,577 | ) | ||||||
Accrued expenses and other liabilities | (35,084 | ) | (6,452 | ) | (41,536 | ) | ||||||
Total adjustments | 286,564 | 37,140 | 323,704 | |||||||||
Net cash provided by operating activities | $ | 503,412 | $ | 21,494 | $ | 524,906 | ||||||
Fiscal Year Ended January 31, 2011 | ||||||||||||
As Previously Reported | Adjustments | As Restated | ||||||||||
(In thousands) | ||||||||||||
Cash flows from operating activities: | ||||||||||||
Cash received from customers | $ | 24,258,805 | $ | 494,133 | $ | 24,752,938 | ||||||
Cash paid to suppliers and employees | (24,008,367 | ) | (479,304 | ) | (24,487,671 | ) | ||||||
Interest paid | (15,927 | ) | 0 | (15,927 | ) | |||||||
Income taxes paid | (73,211 | ) | 0 | (73,211 | ) | |||||||
Net cash provided by operating activities | 161,300 | 14,829 | 176,129 | |||||||||
Cash flows from investing activities: | ||||||||||||
Acquisition of businesses, net of cash acquired | (141,138 | ) | 0 | (141,138 | ) | |||||||
Expenditures for property and equipment | (18,614 | ) | (74 | ) | (18,688 | ) | ||||||
Software development costs | (13,288 | ) | 1,176 | (12,112 | ) | |||||||
Gains on investments | 0 | 4,794 | 4,794 | |||||||||
Net cash used in investing activities | (173,040 | ) | 5,896 | (167,144 | ) | |||||||
Cash flows from financing activities: | ||||||||||||
Proceeds from the reissuance of treasury stock | 5,005 | 0 | 5,005 | |||||||||
Cash paid for purchase of treasury stock | (200,000 | ) | 0 | (200,000 | ) | |||||||
Borrowings on long-term loans from joint venture partner | 34,556 | 0 | 34,556 | |||||||||
Net borrowings (repayments) on revolving credit loans | (46,645 | ) | (4,827 | ) | (51,472 | ) | ||||||
Principal payments on long-term debt | (454 | ) | 0 | (454 | ) | |||||||
Excess tax benefit from stock-based compensation | 1,180 | 0 | 1,180 | |||||||||
Net cash used in financing activities | (206,358 | ) | (4,827 | ) | (211,185 | ) | ||||||
Effect of exchange rate changes on cash and cash equivalents | (1,090 | ) | (1,543 | ) | (2,633 | ) | ||||||
Net decrease in cash and cash equivalents | (219,188 | ) | 14,355 | (204,833 | ) | |||||||
Cash and cash equivalents at beginning of year | 982,913 | (55,482 | ) | 927,431 | ||||||||
Cash and cash equivalents at end of year | $ | 763,725 | $ | (41,127 | ) | $ | 722,598 | |||||
Reconciliation of net income to net cash provided by operating activities: | ||||||||||||
Net income attributable to shareholders of Tech Data Corporation | $ | 214,243 | $ | (5,871 | ) | $ | 208,372 | |||||
Net income attributable to noncontrolling interest | 4,620 | 0 | 4,620 | |||||||||
Consolidated net income | 218,863 | (5,871 | ) | 212,992 | ||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||
Depreciation and amortization | 47,285 | 0 | 47,285 | |||||||||
Provision for losses on accounts receivable | 11,517 | 281 | 11,798 | |||||||||
Stock-based compensation expense | 9,887 | 466 | 10,353 | |||||||||
Accretion of debt discount on Senior Notes and convertible senior debentures | 10,278 | 0 | 10,278 | |||||||||
Deferred income taxes | 6,972 | 258 | 7,230 | |||||||||
Excess tax benefit from stock-based compensation | (1,180 | ) | 0 | (1,180 | ) | |||||||
Changes in operating assets and liabilities, net of acquisitions: | ||||||||||||
Accounts receivable | (113,303 | ) | 99,577 | (13,726 | ) | |||||||
Inventories | (349,429 | ) | (132,143 | ) | (481,572 | ) | ||||||
Prepaid expenses and other assets | (34,601 | ) | 5,022 | (29,579 | ) | |||||||
Accounts payable | 335,813 | 60,516 | 396,329 | |||||||||
Accrued expenses and other liabilities | 19,198 | (13,277 | ) | 5,921 | ||||||||
Total adjustments | (57,563 | ) | 20,700 | (36,863 | ) | |||||||
Net cash provided by operating activities | $ | 161,300 | $ | 14,829 | $ | 176,129 | ||||||
Earnings_Per_Share_EPS
Earnings Per Share ("EPS") | 12 Months Ended | ||||||||||||||||||||||||||||||||
Jan. 31, 2013 | |||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||||||||||||||||
Earnings Per Share ("EPS") | ' | ||||||||||||||||||||||||||||||||
NOTE 3 — EARNINGS PER SHARE (“EPS”) | |||||||||||||||||||||||||||||||||
The Company reports a dual presentation of basic and diluted EPS. Basic EPS is computed by dividing net income attributable to shareholders of Tech Data by the weighted average number of shares outstanding during the reported period. Diluted EPS reflects the potential dilution related to equity-based incentives (further discussed in Note 10 - Employee Benefit Plans) using the if-converted and treasury stock methods, as applicable. The composition of basic and diluted EPS is as follows: | |||||||||||||||||||||||||||||||||
Year ended | Year ended | Year ended | |||||||||||||||||||||||||||||||
31-Jan-13 | 31-Jan-12 | 31-Jan-11 | |||||||||||||||||||||||||||||||
(As restated) | (As restated) | ||||||||||||||||||||||||||||||||
Net income | Weighted | Per | Net income | Weighted | Per | Net income | Weighted | Per | |||||||||||||||||||||||||
average | share | average | share | average | share | ||||||||||||||||||||||||||||
shares | amount | shares | amount | shares | amount | ||||||||||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||||||||||||
Net income per common share-attributable to shareholders of Tech Data - basic | $ | 176,255 | 38,871 | $ | 4.53 | $ | 190,750 | 43,749 | $ | 4.36 | $ | 208,372 | 48,587 | $ | 4.29 | ||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||||||||||||
Equity-based awards | 309 | 578 | 498 | ||||||||||||||||||||||||||||||
Net income per common share attributable to shareholders of Tech Data - diluted | $ | 176,255 | 39,180 | $ | 4.5 | $ | 190,750 | 44,327 | $ | 4.3 | $ | 208,372 | 49,085 | $ | 4.25 | ||||||||||||||||||
At January 31, 2013, 2012 and 2011, there were 9,456, 16,382 and 564,776 shares, respectively, excluded from the computation of diluted earnings per share because their effect would have been antidilutive. | |||||||||||||||||||||||||||||||||
The Company’s $350.0 million convertible senior debentures issued in December 2006 were repaid during December 2011. The $350.0 million convertible senior debentures did not impact earnings per share for the fiscal year ended January 31, 2011, as the conditions for the contingent conversion feature had not been met. |
Property_And_Equipment_Net
Property And Equipment, Net | 12 Months Ended | |||||||||
Jan. 31, 2013 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
Property And Equipment, Net | ' | |||||||||
NOTE 4 — PROPERTY AND EQUIPMENT, NET | ||||||||||
The Company's property and equipment consists of the following: | ||||||||||
January 31, | ||||||||||
2013 | 2012 | |||||||||
(As restated) | ||||||||||
(In thousands) | ||||||||||
Land | $ | 5,804 | $ | 4,727 | ||||||
Buildings and leasehold improvements | 82,607 | 81,818 | ||||||||
Furniture, fixtures and equipment | 348,694 | 339,075 | ||||||||
Property and equipment | 437,105 | 425,620 | ||||||||
Less accumulated depreciation | (352,710 | ) | (336,739 | ) | ||||||
Property and equipment, net | $ | 84,395 | $ | 88,881 | ||||||
Depreciation expense included in income from operations for the years ended January 31, 2013, 2012 and 2011 totaled $20.5 million, $21.9 million and $21.0 million, respectively. |
Goodwill_And_Intangible_Assets
Goodwill And Intangible Assets | 12 Months Ended | |||||||||||||||||||||||
Jan. 31, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill And Intangible Assets | ' | |||||||||||||||||||||||
NOTE 5 — GOODWILL AND INTANGIBLE ASSETS | ||||||||||||||||||||||||
The Company’s goodwill balance of $225.0 million and $96.8 million at January 31, 2013 and 2012, respectively, is included within “other assets, net” in the Consolidated Balance Sheet. | ||||||||||||||||||||||||
The changes in the carrying amount of goodwill, by geographic segment, for the fiscal year ended January 31, 2013, are as follows: | ||||||||||||||||||||||||
Americas | Europe | Total | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Balance as of February 1, 2012 (as restated) | $ | 2,966 | $ | 93,827 | $ | 96,793 | ||||||||||||||||||
Goodwill acquired during the year | 0 | 122,640 | 122,640 | |||||||||||||||||||||
Foreign currency translation adjustment | 0 | 5,612 | 5,612 | |||||||||||||||||||||
Balance as of January 31, 2013 | $ | 2,966 | $ | 222,079 | $ | 225,045 | ||||||||||||||||||
The increase in goodwill during fiscal 2013 is the result of the Company’s business acquisition in Europe (see also Note 6 – Acquisitions). | ||||||||||||||||||||||||
In conjunction with the Company’s annual impairment testing, the Company’s goodwill was tested for impairment as of January 31, 2013. The impairment testing included a determination of the fair value of the Company’s reporting units, which are also the Company’s operating segments, using market multiples and discounted cash flows modeling. The results of the testing indicated that the fair value of the Company’s reporting units was greater than the carrying value of the Company’s reporting units, including goodwill. As a result, no goodwill impairment was recorded at January 31, 2013. | ||||||||||||||||||||||||
Also included within “other assets, net” are intangible assets as follows: | ||||||||||||||||||||||||
January 31, 2013 | January 31, 2012 (as restated) | |||||||||||||||||||||||
Gross | Accumulated | Net book | Gross | Accumulated | Net book | |||||||||||||||||||
carrying | amortization | value | carrying | amortization | value | |||||||||||||||||||
amount | amount | |||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||
Capitalized software and | $ | 330,116 | $ | 248,013 | $ | 82,103 | $ | 301,052 | $ | 223,148 | $ | 77,904 | ||||||||||||
development costs | ||||||||||||||||||||||||
Customer and vendor relationships | 206,415 | 52,608 | 153,807 | 98,080 | 36,544 | 61,536 | ||||||||||||||||||
Preferred supplier agreement | 30,754 | 1,575 | 29,179 | 0 | 0 | 0 | ||||||||||||||||||
Other intangible assets | 10,789 | 6,320 | 4,469 | 9,636 | 4,505 | 5,131 | ||||||||||||||||||
Total | $ | 578,074 | $ | 308,516 | $ | 269,558 | $ | 408,768 | $ | 264,197 | $ | 144,571 | ||||||||||||
The Company capitalized intangible assets of $156.4 million, $48.1 million and $75.3 million for the years ended January 31, 2013, 2012 and 2011, respectively. For fiscal 2013, these capitalized assets resulted from customer and vendor relationships related to the Company’s business acquisition during fiscal 2013 and capitalized assets related to the software and software development expenditures in the Company's implementation in the U.S. For fiscal 2012, these capitalized assets related primarily to software and software development expenditures to be used in the Company’s operations and customer and vendor relationships related to the Company’s acquisitions during fiscal 2012 (see also Note 6 – Acquisitions). There was no interest capitalized during any of the fiscal years ended January 31, 2013, 2012 and 2011. | ||||||||||||||||||||||||
The weighted-average amortization period for all intangible assets capitalized during fiscal 2013 approximated eight years and approximated six years and five years for intangible assets capitalized during fiscal 2012 and 2011, respectively. The weighted average amortization period of all intangible assets was approximately seven years for fiscal 2013 and six years for both fiscal 2012 and 2011. | ||||||||||||||||||||||||
Amortization expense for the fiscal years ended January 31, 2013, 2012 and 2011, totaled $37.8 million, $35.4 million and $26.3 million, respectively. Estimated amortization expense of capitalized software and development costs placed in service at January 31, 2013, and acquired intangible assets (which includes customer and vendor relationships, preferred supplier agreement and other intangible assets) is as follows (in thousands): | ||||||||||||||||||||||||
Fiscal year: | Capitalized software and development costs | Acquired intangible assets | Total | |||||||||||||||||||||
2014 | $ | 21,000 | $ | 29,800 | $ | 50,800 | ||||||||||||||||||
2015 | 16,200 | 29,400 | 45,600 | |||||||||||||||||||||
2016 | 10,900 | 26,000 | 36,900 | |||||||||||||||||||||
2017 | 8,200 | 24,200 | 32,400 | |||||||||||||||||||||
2018 | 6,200 | 21,400 | 27,600 | |||||||||||||||||||||
Acquisitions
Acquisitions | 12 Months Ended | |||||||||
Jan. 31, 2013 | ||||||||||
Business Combinations [Abstract] | ' | |||||||||
Acquisitions | ' | |||||||||
NOTE 6 — ACQUISITIONS | ||||||||||
Acquisition of Brightstar Europe Limited | ||||||||||
In September 2012, the Company acquired Brightstar Corp.’s ("Brightstar") fifty percent ownership interest in Brightstar Europe Limited (“BEL”), which was a consolidated joint venture between Tech Data and Brightstar. The terms of the agreement included a payment of $165.9 million in cash for Brightstar's equity in BEL (reflected as “noncontrolling interest” within the Company’s consolidated balance sheet) and the repayment of all loans advanced by Brightstar to BEL. Upon the closing of the transaction, the Company recorded a decrease of approximately $85.9 million to additional paid-in capital within shareholders’ equity, comprised of a purchase price premium of approximately $85.0 million paid to Brightstar for its share of BEL and approximately $0.9 million of direct costs incurred with the transaction (based on the foreign currency exchange rates on the date of acquisition). The acquisition of Brightstar's fifty percent interest in BEL, the repayment of all loans advanced by Brightstar to BEL and transaction costs were funded with the Company’s available cash. | ||||||||||
Acquisition of SDG | ||||||||||
On November 1, 2012, the Company acquired several distribution companies of Specialist Distribution Group, the distribution arm of Specialist Computer Holdings PLC (“SCH”), a privately-held IT services company headquartered in the United Kingdom, for a purchase price, which was finalized during the first quarter of fiscal 2014, of approximately $358 million. The Company used the proceeds from the $350 million of Senior Notes issued in September 2012 and available cash to fund the acquisition. The acquired distribution companies are Specialist Distribution Group (SDG) Limited; ETC Metrologie SARL; Best’Ware France SA; ETC Africa SAS and SDG BV (collectively “SDG”). SDG is a leading distributor of value and broadline IT products in the UK, France and the Netherlands. Management believes the acquisition of SDG supports the Company’s diversification strategy by strengthening its European value and broadline IT offerings in key markets and expanding the Company’s vendor and customer portfolios, while leveraging the Company’s existing pan-European infrastructure. Simultaneously with the acquisition of SDG, the Company entered into a preferred supplier agreement whereby SCH, through its IT reseller business, will have annual purchase commitments through Tech Data for a period of five years, which the Company estimated would add incremental annual sales of approximately $500 million. In November 2013, the preferred supplier agreement was amended to extend the term of the agreement from five years to six years, expiring in January 2019. In connection with this amendment, while we expect the total sales during the extended term to be higher than originally forecast, we expect the incremental sales to be approximately $450 million to $475 million annually over six years versus the original forecast of $500 million annually over five years. SDG's results of operations are included in the Company's consolidated financial statements subsequent to the date of acquisition. | ||||||||||
The Company has accounted for the SDG acquisition as a business combination and allocated the purchase price to the estimated fair values of assets acquired and liabilities assumed (in thousands, translated using the foreign currency exchange rates on the date of acquisition): | ||||||||||
Cash | $ | 65,000 | ||||||||
Accounts receivable | 260,800 | |||||||||
Inventories | 126,100 | |||||||||
Tangible assets (includes property and equipment, deferred tax assets and other assets) | 6,200 | |||||||||
Goodwill | 122,600 | |||||||||
Identifiable intangible assets | 134,300 | |||||||||
Accounts payable | (265,200 | ) | ||||||||
Liabilities (includes accrued expenses, deferred tax liability and other liabilities) | (91,800 | ) | ||||||||
$ | 358,000 | |||||||||
The allocation of identifiable intangible assets is comprised of approximately $103.1 million related to customer and vendor relationship assets with an estimated useful life of ten years and approximately $31.2 million related to the preferred supplier agreement to be amortized over the five year life of the agreement. In November 2013, the preferred supplier agreement was amended to extend the term of the agreement from five years to six years, expiring in January 2019. | ||||||||||
The goodwill related to the acquisition is largely attributable to strategic factors previously discussed, as well as the growth potential of SDG’s value and broadline businesses. Approximately $35.0 million of the total identified intangible assets and goodwill are expected to be deductible for tax purposes. | ||||||||||
Included within the Company’s Consolidated Statement of Income are estimated net sales of $617.4 million from SDG from the acquisition date of November 1, 2012 through the Company’s fiscal year ended January 31, 2013. The operating income of SDG for the same period was immaterial to the Company's operating results for the fiscal year ended January 31, 2013. | ||||||||||
The following table presents unaudited supplemental proforma information as if the SDG acquisition and the execution of the related preferred supplier agreement had both occurred at the beginning of fiscal 2012. The proforma results include business combination accounting effects from the acquisition including amortization of acquired intangible assets and interest expense associated with the issuance of our senior notes due in September 2017 used to fund the acquisition. Fiscal 2012 proforma net income also includes the effect of expected acquisition related costs of approximately $14.6 million associated with acquisition and integration related activities. This proforma information does not reflect any impact from business synergies that may be achieved by the combined business, and is presented for comparative purposes only. It is not necessarily indicative of the results of operations that actually would have been achieved had the acquisition been consummated on the date indicated or that may result in the future: | ||||||||||
Fiscal Year Ended January 31, | ||||||||||
2013 | 2012 | |||||||||
(In thousands, unaudited) | ||||||||||
Net sales | ||||||||||
As reported | $ | 25,358,329 | $ | 25,647,313 | (1) | |||||
Proforma | $ | 27,099,438 | $ | 28,105,768 | ||||||
Net income attributable to shareholders of Tech Data Corporation | ||||||||||
As reported | $ | 176,255 | $ | 190,750 | (1) | |||||
Proforma | $ | 188,265 | $ | 185,860 | ||||||
(1) As restated | ||||||||||
Other Acquisitions | ||||||||||
During fiscal 2012, the Company acquired two businesses in the European technology distribution marketplace; (i) the distribution business of Mensch und Maschine Software SE, a leading value-added distributor in the design software market in several European countries and (ii) an additional value-added specialty software distributor in Belgium. These acquisitions, while not material to the Company's consolidated financial results, strengthen the Company's position as Autodesk, Inc.'s leading value-added distributor by establishing a presence in Benelux and Romania, extending the Company's product portfolio to include the Autodesk, Inc. software for the manufacturing industry in Italy, France, UK and Poland and adding a number of highly skilled and qualified professionals, while leveraging the Company's existing logistics infrastructure in Europe. | ||||||||||
Proforma Financial Information | ||||||||||
Proforma information for the Company’s acquisitions during fiscal 2012 has not been presented as these acquisitions were not material, either individually or in the aggregate, to the Company’s consolidated financial position or results of operations. |
Loss_On_Disposal_Of_Subsidiari
Loss On Disposal Of Subsidiaries | 12 Months Ended |
Jan. 31, 2013 | |
Discontinued Operations and Disposal Groups [Abstract] | ' |
Loss On Disposal Of Subsidiaries | ' |
NOTE 7 — LOSS ON DISPOSAL OF SUBSIDIARIES | |
In the fourth quarter of fiscal 2012, as part of the Company’s ongoing initiatives to optimize its profitability and return on invested capital, the decision was made to close the Company’s in-country commercial operations in Brazil and Colombia by the end of fiscal 2012. During the fourth quarter of fiscal 2012, the Company recorded a loss on disposal of these subsidiaries of $28.3 million, which included a $9.9 million impairment on the Company’s investments in Brazil and Colombia due to a foreign currency exchange loss (previously recorded in shareholders’ equity as accumulated other comprehensive income), $15.3 million related to the write-off of certain value added tax receivables and $3.1 million comprised primarily of severance costs, fixed asset write-offs and lease termination penalties. These costs are reflected in the Consolidated Statement of Operations as “loss on disposal of subsidiaries,” which is a component of operating income. These costs do not include any estimated costs associated with the Brazilian subsidiary’s contingencies for certain tax-related exposures (see further discussion in Note 14 - Commitments and Contingencies). The operating losses of Brazil and Colombia for the fiscal year ended January 31, 2012 were not material to the Company’s consolidated operating results. |
Debt
Debt | 12 Months Ended | |||||||
Jan. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
NOTE 8— DEBT | ||||||||
The carrying value of the Company's outstanding debt consists of the following: | ||||||||
January 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Senior notes, interest at 3.75% payable semi-annually, due September 21, 2017 | $ | 350,000 | $ | 0 | ||||
Less—unamortized debt discount | (1,238 | ) | 0 | |||||
Senior notes, net | 348,762 | 0 | ||||||
Capital leases | 6,243 | 6,512 | ||||||
Loan payable to Brightstar Corp. | 0 | 14,940 | ||||||
Interest-free revolving credit loan payable to Brightstar Corp. | 0 | 36,306 | ||||||
Other committed and uncommitted revolving credit facilities, average interest rate of 2.09% and 7.15% at January 31, 2013 and January 31, 2012, respectively, expiring on various dates through fiscal 2017 | 166,975 | 47,985 | ||||||
521,980 | 105,743 | |||||||
Less—current maturities (included as “Revolving credit loans and current portion of long-term debt, net”) | (167,522 | ) | (48,490 | ) | ||||
Total long-term debt | $ | 354,458 | $ | 57,253 | ||||
Senior Notes | ||||||||
In September 2012, the Company issued $350.0 million aggregate principal amount of 3.75% Senior Notes in a public offering, resulting in cash proceeds of approximately $345.8 million, net of debt discount and debt issuance costs of approximately $1.3 million and $2.9 million, respectively (the “Senior Notes”). The debt issuance costs incurred in connection with the public offering will be amortized over the life of the Senior Notes as additional interest expense using the effective interest method. The Company pays interest on the Senior Notes semi-annually in arrears on March 21 and September 21 of each year, beginning on March 21, 2013 and ending on the maturity date of September 21, 2017. The Company, at its option, may redeem the Senior Notes at any time in whole or from time to time in part, at a redemption price equal to the greater of (i) 100% of the principal amount of the Senior Notes to be redeemed or (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Senior Notes being redeemed, discounted at a rate equal to the sum of the applicable Treasury Rate plus 50 basis points, plus accrued and unpaid interest up to the date of redemption. The Senior Notes are senior, unsecured obligations and rank equally in right of payment with all of the Company’s other unsecured and unsubordinated indebtedness. | ||||||||
Loans Payable to Brightstar | ||||||||
In October, 2010, Brightstar entered into an agreement to loan BEL its share of the funding requirements for an acquisition by BEL (the “Acquisition Loan”). The Acquisition Loan from Brightstar, plus any accrued interest, had a repayment date of September, 2015, or earlier if agreed between the two parties, and bears interest at the applicable LIBOR rate plus 4.0% per year, to be paid annually on October 1. | ||||||||
The Company also had an interest-free revolving credit loan from Brightstar that was issued in connection with the operations of BEL (the “Brightstar Revolver”). The terms of the Brightstar Revolver included no contractual repayment date and allowed for the revolving credit loan to increase or decrease in accordance with the working capital requirements of BEL, as determined by the Company. Effective October 2010, a resolution of BEL’s board was approved stating that the Brightstar Revolver would not be repaid for the foreseeable future and therefore the revolving credit loan was classified as long-term debt in the Company’s Consolidated Balance Sheet at January 31, 2012. | ||||||||
As discussed in Note 6 - Acquisitions, in September 2012 the Company acquired Brightstar's fifty percent ownership interest in BEL and in accordance with the terms of the acquisition agreement, the Company repaid both the Acquisition Loan and the Brightstar Revolver. | ||||||||
Other Credit Facilities | ||||||||
The Company has a $500.0 million Credit Agreement with a syndicate of banks (the “Credit Agreement”), which among other things, i) provides for a maturity date of September 27, 2016, ii) provides for an interest rate on borrowings, facility fees and letter of credit fees based on the Company’s non-credit enhanced senior unsecured debt rating as determined by Standard & Poor’s Rating Service and Moody’s Investor Service, and iii) may be increased to a maximum of $750.0 million, subject to certain conditions. The Credit Agreement includes various covenants, limitations and events of default customary for similar facilities for similarly rated borrowers, including a maximum debt to capitalization ratio and a minimum interest coverage ratio. The Company pays interest on advances under the Credit Agreement at the applicable LIBOR rate plus a predetermined margin that is based on the Company’s debt rating. There was $42.9 million outstanding under the Credit Agreement at January 31, 2013, at an interest rate of 1.65%. There were no amounts outstanding under the Credit Agreement at January 31, 2012. | ||||||||
The Company has an agreement with a syndicate of banks (the “Receivables Securitization Program”) that allows the Company to transfer an undivided interest in a designated pool of U.S. accounts receivable, on an ongoing basis, to provide security or collateral for borrowings up to a maximum of $400.0 million. Under this program, the Company legally isolates certain U.S. trade receivables into a wholly-owned bankruptcy remote special purpose entity. Such receivables, which are recorded in the Consolidated Balance Sheet, totaled $690.6 million and $619.8 million at January 31, 2013 and 2012, respectively. As collections reduce accounts receivable balances included in the security or collateral pool, the Company may transfer interests in new receivables to bring the amount available to be borrowed up to the maximum. This program was renewed in October 2012 for a period of two years and interest is to be paid on advances under the Receivables Securitization Program at the applicable commercial paper or LIBOR rate plus an agreed-upon margin. There was $83.5 million outstanding under this program at January 31, 2013, at an interest rate of 1.02%. There were no amounts outstanding under the Receivables Securitization Program at January 31, 2012. | ||||||||
In addition to the facilities described above, the Company has various other committed and uncommitted lines of credit and overdraft facilities totaling approximately $579.2 million at January 31, 2013 to support its operations. Most of these facilities are provided on an unsecured, short-term basis and are reviewed periodically for renewal. There was $40.6 million outstanding on these facilities at January 31, 2013, at a weighted average interest rate of 4.76%, and there was $48.0 million outstanding at January 31, 2012 at a weighted average interest rate of 7.15%. | ||||||||
In consideration of the financial covenants discussed below, the Company’s maximum borrowing availability on the credit facilities is approximately $767.1 million, of which $167.0 million was outstanding at January 31, 2013. Certain of the Company’s credit facilities contain limitations on the amounts of annual dividends and repurchases of common stock. Additionally, certain credit facilities require compliance with certain warranties and covenants. The financial ratio covenants contained within these credit facilities include a debt to capitalization ratio and a minimum interest coverage ratio. At January 31, 2013, the Company was in compliance with all such covenants; however, subsequently the Company has entered into certain waiver agreements with respect to these and other obligations within certain of the Company's credit facilities in connection with the Company’s restatement discussed in Note 2 - Restatement of Consolidated Financial Statements. Each of the waiver agreements relates primarily to representations that may have been incorrect when made, the Company’s potential failure to comply with certain covenants, including principally financial reporting covenants, as well as the potential defaults and events of default that may have arisen or could arise as a result of the foregoing. The ability to draw funds under certain credit facilities is dependent upon maintaining sufficient collateral (in the case of the Receivables Securitization Program) and meeting the aforementioned financial covenants, which may limit the Company’s ability to draw the full amount of these facilities. | ||||||||
At January 31, 2013, the Company had also issued standby letters of credit of $84.4 million. These letters of credit typically act as a guarantee of payment to certain third parties in accordance with specified terms and conditions. The issuance of these letters of credit reduces the Company’s borrowing availability under certain of the above-mentioned facilities. | ||||||||
Future payments of debt and capital leases at January 31, 2013 and for succeeding fiscal years are as follows (in thousands): | ||||||||
Fiscal year: | ||||||||
2014 | $ | 167,768 | ||||||
2015 | 793 | |||||||
2016 | 751 | |||||||
2017 | 668 | |||||||
2018 | 350,668 | |||||||
Thereafter | 4,459 | |||||||
Total payments | 525,107 | |||||||
Less - amounts representing interest on capital leases | (1,889 | ) | ||||||
Total principal payments | $ | 523,218 | ||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Jan. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
NOTE 9 — INCOME TAXES | ||||||||||||
The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. The Company performs an evaluation of the realizability of the Company’s deferred tax assets on a quarterly basis. The Company considers all positive and negative evidence available in determining the potential of realizing deferred tax assets, including the scheduled reversal of temporary differences, recent cumulative losses, recent and projected future taxable income, and prudent and feasible tax planning strategies. In making this determination, the Company places greater emphasis on recent cumulative losses and recent taxable income due to the inherent lack of subjectivity associated with these factors. The estimates and assumptions used by the Company in computing the income taxes reflected in the Company’s consolidated financial statements could differ from the actual results reflected in the income tax returns filed during the subsequent year. Adjustments are recorded based on filed returns when such returns are finalized or the related adjustments are identified. | ||||||||||||
Significant components of the provision for income taxes are as follows: | ||||||||||||
Year ended January 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
(As restated) | (As restated) | |||||||||||
Current: | ||||||||||||
Federal | $ | 25,230 | $ | 65,508 | $ | 46,662 | ||||||
State | 2,622 | 1,692 | 911 | |||||||||
Foreign | 41,333 | 37,861 | 28,037 | |||||||||
Total current | 69,185 | 105,061 | 75,610 | |||||||||
Deferred: | ||||||||||||
Federal | 11,329 | (22,624 | ) | (2,068 | ) | |||||||
State | 1,103 | (422 | ) | 1,842 | ||||||||
Foreign | (35,191 | ) | (10,906 | ) | 7,456 | |||||||
Total deferred | (22,759 | ) | (33,952 | ) | 7,230 | |||||||
$ | 46,426 | $ | 71,109 | $ | 82,840 | |||||||
The reconciliation of income tax computed at the U.S. federal statutory tax rate to income tax expense is as follows: | ||||||||||||
Year ended January 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(As restated) | (As restated) | |||||||||||
U.S. statutory rate | 35.00% | 35.00% | 35.00% | |||||||||
State income taxes, net of federal benefit | 1.2 | 0.4 | 0.6 | |||||||||
Net changes in deferred tax valuation allowances | -9 | -3.4 | -1.5 | |||||||||
Tax on foreign earnings different than U.S. rate | -9.9 | -9.9 | -8.5 | |||||||||
Nondeductible penalties | 0.5 | 0 | 0 | |||||||||
Nondeductible interest | 0.8 | 1.6 | 1.4 | |||||||||
Reserve established for foreign income tax contingencies | 0.5 | 0.1 | 0.6 | |||||||||
Reversal of previously accrued income tax reserves | 0 | -0.4 | -0.2 | |||||||||
Effect of company-owned life insurance | -0.4 | 0 | -0.5 | |||||||||
Disposal of subsidiaries | 0 | 3.2 | 0 | |||||||||
Other, net | 1.4 | -0.5 | 1.1 | |||||||||
20.10% | 26.10% | 28.00% | ||||||||||
In fiscal 2013 and fiscal 2012, the Company recorded income tax benefits of $25.1 million and $13.6 million, respectively, for the reversal of deferred tax valuation allowances related to specific European jurisdictions which had been recorded in prior fiscal years. The income tax benefit recorded in fiscal 2012 was substantially offset by an income tax expense associated with the write-off of deferred and other income tax assets related to the closure of the Brazil in-country commercial operations. | ||||||||||||
The components of pretax income are as follows: | ||||||||||||
Year ended January 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(As restated) | (As restated) | |||||||||||
(In thousands) | ||||||||||||
United States | $ | 108,700 | $ | 131,662 | $ | 133,771 | ||||||
Foreign | 120,766 | 140,649 | 162,061 | |||||||||
$ | 229,466 | $ | 272,311 | $ | 295,832 | |||||||
The significant components of the Company’s deferred tax liabilities and assets are as follows: | ||||||||||||
January 31, | ||||||||||||
2013 | 2012 | |||||||||||
(As restated) | ||||||||||||
(In thousands) | ||||||||||||
Deferred tax liabilities: | ||||||||||||
Depreciation and amortization | $ | 81,679 | $ | 43,160 | ||||||||
Capitalized marketing program costs | 3,456 | 4,008 | ||||||||||
Goodwill | 4,004 | 2,711 | ||||||||||
Deferred costs currently deductible | 4,870 | 14,760 | ||||||||||
Other, net | 5,074 | 9,179 | ||||||||||
Total deferred tax liabilities | 99,083 | 73,818 | ||||||||||
Deferred tax assets: | ||||||||||||
Accrued liabilities | 50,039 | 43,099 | ||||||||||
Loss carryforwards | 124,536 | 128,738 | ||||||||||
Amortizable goodwill | 15,253 | 16,109 | ||||||||||
Depreciation and amortization | 6,706 | 4,036 | ||||||||||
Disallowed interest expense | 28,069 | 16,773 | ||||||||||
Other, net | 12,908 | 18,709 | ||||||||||
237,511 | 227,464 | |||||||||||
Less: valuation allowances | (142,375 | ) | (158,348 | ) | ||||||||
Total deferred tax assets | 95,136 | 69,116 | ||||||||||
Net deferred tax liability | $ | (3,947 | ) | $ | (4,702 | ) | ||||||
The net change in the deferred tax valuation allowances in fiscal 2013 was a decrease of $16.0 million primarily resulting from the $25.1 million reversal of a deferred tax valuation allowance related to a specific European jurisdiction as discussed previously. The net change in the deferred tax valuation allowances in fiscal 2012 was a decrease of $27.6 million primarily resulting from the utilization of net operating losses and the net change in the deferred tax valuation allowances in fiscal 2011 was an increase of $0.1 million. The valuation allowances at both January 31, 2013 and 2012 primarily relate to foreign net operating loss carryforwards. The Company’s foreign net operating loss carryforwards totaled $606.8 million and $640.5 million at January 31, 2013 and 2012, respectively. The majority of the net operating losses have an indefinite carryforward period with the remaining portion expiring in fiscal years 2014 through 2031. The Company considers all positive and negative evidence available in determining the potential of realizing deferred tax assets, including the scheduled reversal of temporary differences, recent cumulative losses, recent and projected future taxable income, and prudent and feasible tax planning strategies. In making this determination, the Company places greater emphasis on recent cumulative losses and recent taxable income due to the inherent lack of subjectivity associated with these factors. To the extent that the Company generates consistent taxable income within those operations with valuation allowances, the Company may reduce the valuation allowances, thereby reducing the income tax expense and increasing net income in the period the determination was made. | ||||||||||||
In connection with the SDG acquisition during fiscal 2013, the Company recorded a $30.1 million long-term deferred tax liability and a $3.1 million short-term deferred tax asset (see also Note 6 - Acquisitions). | ||||||||||||
At January 31, 2013, there are $290.5 million of consolidated cumulative undistributed earnings of foreign subsidiaries. It is not currently practical to estimate the amount of unrecognized deferred U.S. income tax that might be payable if any earnings were to be distributed by individual foreign subsidiaries. | ||||||||||||
A reconciliation of the beginning and ending balances of the total amount of gross unrecognized tax benefits, excluding accrued interest and penalties, for the years ended January 31, 2013 and 2012 and 2011 is as follows (in thousands, as restated): | ||||||||||||
Gross unrecognized tax benefits at January 31, 2010 | $ | 3,107 | ||||||||||
Increases in tax positions for prior years | 2,742 | |||||||||||
Increases in tax positions for current year | 86 | |||||||||||
Expiration of statutes of limitation | (860 | ) | ||||||||||
Gross unrecognized tax benefits at January 31, 2011 | 5,075 | |||||||||||
Increases in tax positions for prior years | 1,590 | |||||||||||
Decreases in tax positions for prior years | (208 | ) | ||||||||||
Increases in tax positions for current year | 56 | |||||||||||
Expiration of statutes of limitation | (791 | ) | ||||||||||
Settlements | (1,990 | ) | ||||||||||
Changes due to translation of foreign currencies | (47 | ) | ||||||||||
Gross unrecognized tax benefits at January 31, 2012 | 3,685 | |||||||||||
Increases in tax positions for prior years | 2,890 | |||||||||||
Decreases in tax positions for prior years | (127 | ) | ||||||||||
Increases in tax positions for current year | 171 | |||||||||||
Expiration of statutes of limitation | (38 | ) | ||||||||||
Settlements | (1,106 | ) | ||||||||||
Changes due to translation of foreign currencies | 124 | |||||||||||
Gross unrecognized tax benefits at January 31, 2013 | $ | 5,599 | ||||||||||
At January 31, 2013, 2012 and 2011, the amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate was $4.8 million, $2.5 million and $5.1 million, respectively. | ||||||||||||
Unrecognized tax benefits that have a reasonable possibility of significantly decreasing within the 12 months following January 31, 2013 totaled $0.8 million and were primarily related to the foreign taxation of certain transactions. Consistent with prior periods, the Company recognizes interest and penalties related to unrecognized tax benefits in the provision for income taxes. The Company’s accrued interest at January 31, 2013, would not have a material impact on the effective tax rate if reversed. The provision for income taxes for each of the fiscal years ended January 31, 2013, 2012 and 2011 includes interest expense on unrecognized income tax benefits for current and prior years which is not significant to the Company’s Consolidated Statement of Income. The change in the balance of accrued interest for fiscal 2013, 2012 and 2011, includes the current year end accrual, an interest benefit resulting from the expiration of statutes of limitation, and the translation adjustments on foreign currencies. | ||||||||||||
The Company conducts business primarily in the Americas and Europe and, as a result, one or more of its subsidiaries files income tax returns in the U.S. federal, various state, local and foreign tax jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities. The Company is no longer subject to examinations by the Internal Revenue Service for years prior to fiscal 2010. Income tax returns of various foreign jurisdictions for fiscal 2006 and forward are currently under taxing authority examination or remain subject to audit. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||
Jan. 31, 2013 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Employee Benefit Plans | ' | |||||||||||||
NOTE 10 — EMPLOYEE BENEFIT PLANS | ||||||||||||||
Overview of Equity Incentive Plans | ||||||||||||||
At January 31, 2013, the Company had awards outstanding from four equity-based compensation plans, only one of which is currently active. The active plan was approved by the Company’s shareholders in June 2009 and includes 4.0 million shares available for grant, of which approximately 3.0 million shares remain available for future grant at January 31, 2013. Under the active plan, the Company is authorized to award officers, employees, and non-employee members of the Board of Directors restricted stock, options to purchase common stock, maximum value stock-settled stock appreciation rights (“MV Stock-settled SARs”), maximum value options (“MVOs”), and performance awards that are dependent upon achievement of specified performance goals. Equity-based compensation awards are used by the Company to attract talent and as a retention mechanism for the award recipients and have a maximum term of ten years, unless a shorter period is specified by the Compensation Committee of the Company’s Board of Directors (“Compensation Committee”) or is required under local law. Awards under the plans are priced as determined by the Compensation Committee and under the terms of the Company’s active equity-based compensation plan are required to be priced at, or above, the fair market value of the Company’s common stock on the date of grant. Awards generally vest between one and four years from the date of grant. | ||||||||||||||
For the fiscal years ended January 31, 2013, 2012 and 2011, the Company recorded $13.6 million, $12.0 million and $10.4 million, respectively, of stock-based compensation expense, and related income tax benefits of $4.4 million, $3.7 million and $3.1 million, respectively. Cash received from equity-based incentives exercised during the fiscal years ended January 31, 2013, 2012 and 2011 was $3.4 million, $35.1 million and $5.0 million, respectively, and the actual benefit received from the tax deduction from the exercise of equity-based incentives was $11.7 million, $7.6 million and $4.4 million, respectively, for the fiscal years ended January 31, 2013, 2012 and 2011. | ||||||||||||||
Restricted Stock | ||||||||||||||
The Company’s restricted stock awards are primarily in the form of restricted stock units (“RSUs”) and typically vest in annual installments lasting between one and four years from the date of grant, unless a different vesting schedule is mandated by country law. All of the RSUs have a fair market value equal to the closing price of the Company’s common stock on the date of grant. Stock-based compensation expense includes $12.6 million, $10.7 million and $8.0 million for the vesting of RSUs during fiscal 2013, 2012 and 2011, respectively. | ||||||||||||||
A summary of the status of the Company’s RSU activity for the fiscal year ended January 31, 2013 is as follows: | ||||||||||||||
Shares | Weighted- | |||||||||||||
average grant date | ||||||||||||||
fair value | ||||||||||||||
Outstanding at January 31, 2012 | 568,498 | $43.74 | ||||||||||||
Granted | 305,097 | 52.8 | ||||||||||||
Vested | -227,553 | 40.75 | ||||||||||||
Canceled | -39,275 | 47.47 | ||||||||||||
Outstanding at January 31, 2013 | 606,767 | 49.18 | ||||||||||||
The total fair value of RSUs which vested during the fiscal years ended January 31, 2013, 2012 and 2011 is $9.3 million, $7.9 million and $7.1 million, respectively. The weighted-average estimated fair value of the 272,949 and 277,527 RSUs granted during the fiscal years ended January 31, 2012 and 2011 was $48.53 and $44.88, respectively. As of January 31, 2013, the unrecognized stock-based compensation expense related to non-vested RSUs was $17.0 million, which the Company expects to be recognized over the next three years (over a remaining weighted average period of two years). | ||||||||||||||
MV Stock-settled SARs, MVOs and Stock Options | ||||||||||||||
MV Stock-settled SARs and MVOs are similar to traditional stock options, except these instruments contain a predetermined cap on the maximum earnings potential a recipient can expect to receive upon exercise. In addition, upon exercise, holders of an MV Stock-settled SAR will only receive shares with a value equal to the spread (the difference between the current market price per share of the Company’s common stock subject to the predetermined cap and the grant price). The grant price of the MV Stock-settled SARs and MVOs is determined using the last sale price of the Company’s common stock as quoted on the NASDAQ Stock Market, Inc. on the date of grant (or such higher price as may be required by applicable laws and regulations of specific foreign jurisdictions). MV Stock-settled SARs, MVOs and stock options vest annually between one and four years from the date of grant and have a contractual term of ten years. | ||||||||||||||
A summary of the status of the Company’s MV Stock-settled SARs, MVOs and stock options activity for the fiscal year ended January 31, 2013 is as follows: | ||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | |||||||||||
average | Average | intrinsic | ||||||||||||
exercise price | remaining | value | ||||||||||||
contractual term | (in thousands) | |||||||||||||
(in years) | ||||||||||||||
Outstanding at January 31, 2012 | 1,651,400 | $33.89 | ||||||||||||
Granted | 6,236 | 54.03 | ||||||||||||
Exercised | (1,110,020 | ) | 34.12 | |||||||||||
Canceled | (45,391 | ) | 37.03 | |||||||||||
Outstanding at January 31, 2013 | 502,225 | 33.33 | 3 | $ | 8,848 | |||||||||
Vested and expected to vest at January 31, 2013 | 499,712 | 33.33 | 3 | 8,802 | ||||||||||
Exercisable at January 31, 2013 | 354,391 | 37.74 | 1.7 | 4,669 | ||||||||||
Stock-based compensation expense includes $1.0 million, $1.3 million and $2.4 million for the vesting of MV Stock-settled SARS and MVOs during fiscal 2013, 2012 and 2011, respectively. | ||||||||||||||
The aggregate intrinsic value in the table above represents the difference between the closing price of the Company’s common stock on January 31, 2013 and the grant price for all “in-the-money” equity-based awards at January 31, 2013. The intrinsic value of the equity-based awards changes based on the fair market value of the Company’s common stock. The intrinsic value of the MV Stock-settled SARs, MVO and stock option awards exercised during the fiscal year ended January 31, 2013, 2012 and 2011 was $21.0 million, $14.1 million and $5.3 million, respectively. As of January 31, 2013, the Company expects $0.2 million of total unrecognized compensation cost related to MV Stock-settled SARs and MVOs to be recognized over the next two fiscal years (over a weighted-average period of one year). The total fair value of MV Stock-settled SARs and MVOs which vested during the fiscal years ended January 31, 2013, 2012 and 2011 was $1.2 million, $1.5 million and $4.5 million, respectively. The weighted-average estimated fair value of the 6,236, 12,882 and 17,799 MVOs granted during the fiscal years ended January 31, 2013, 2012 and 2011 was $10.77, $10.78, and $7.97, respectively, based on a two-step valuation utilizing both the Hull-White Lattice (binomial) and Black-Scholes option-pricing models. | ||||||||||||||
A summary of the status of the Company’s stock-based equity incentives outstanding, representing MV Stock-settled SARs, MVOs and stock options, at January 31, 2013, is as follows: | ||||||||||||||
Outstanding | Exercisable | |||||||||||||
Range of exercise prices | Number | Weighted- | Weighted- | Number | Weighted- | |||||||||
outstanding | average | average | exercisable | average | ||||||||||
at 1/31/13 | remaining | exercise | at 1/31/13 | exercise | ||||||||||
contractual | price | price | ||||||||||||
life (years) | ||||||||||||||
$21.13 – $21.13 | 172,181 | 5.9 | $ | 21.13 | 33,079 | $ | 21.13 | |||||||
24.27 – 33.74 | 23,804 | 0.6 | 27.94 | 22,866 | 27.79 | |||||||||
37.04 – 37.04 | 49,000 | 2 | 37.04 | 49,000 | 37.04 | |||||||||
37.06 – 40.69 | 32,347 | 2.8 | 38.15 | 31,149 | 38.17 | |||||||||
41.08 – 41.08 | 204,180 | 1.2 | 41.08 | 204,180 | 41.08 | |||||||||
41.55 – 45.72 | 11,257 | 1.2 | 44.89 | 10,897 | 44.98 | |||||||||
48.79 – 54.03 | 9,456 | 6.2 | 52.25 | 3,220 | 48.79 | |||||||||
502,225 | 3 | 33.33 | 354,391 | 37.74 | ||||||||||
The Company’s policy is to utilize shares of its treasury stock, to the extent available, to satisfy its obligation to issue shares upon the exercise of awards (see further discussion of the Company’s share repurchase program in Note 11 – Shareholders’ Equity below). | ||||||||||||||
Employee Stock Purchase Plan | ||||||||||||||
Under the 1995 Employee Stock Purchase Plan (the “ESPP”), the Company is authorized to issue up to 1,000,000 shares of common stock to eligible employees in the Company’s U.S. and Canadian subsidiaries. Under the terms of the ESPP, employees can choose to have a fixed dollar amount or percentage deducted from their bi-weekly compensation to purchase the Company’s common stock and/or elect to purchase shares once per calendar quarter. The purchase price of the stock is 85% of the market value on the purchase date and employees are limited to a maximum purchase of $25,000 in fair market value each calendar year. From the inception of the ESPP through January 31, 2013, the Company has issued 482,776 shares of common stock to the ESPP. All shares purchased under the ESPP must be held by the employees for a period of one year. Stock-based compensation expense related to the ESPP was insignificant during fiscal 2013, 2012 and 2011. | ||||||||||||||
Retirement Savings Plan | ||||||||||||||
The Company sponsors the Tech Data Corporation 401(k) Savings Plan (the “401(k) Savings Plan”) for its U.S. employees. At the Company’s discretion, participant deferrals are matched in cash, in an amount equal to 50% of the first 6% of participant deferrals and participants are fully vested following four years of qualified service. Aggregate contributions made by the Company to the 401(k) Savings Plan were $2.5 million for both fiscal 2013 and 2012 and $2.3 million for fiscal 2011. In December 2012, the Company amended the 401(k) Savings Plan to eliminate the option for the 401(k) Savings Plan to invest in the Company's common stock and as of January 31, 2013, there were no shares of the Company's common stock held by the 401(k) Savings Plan. There were 157,722 shares held of Tech Data common stock held by the Company’s 401(k) Savings Plan at January 31, 2012. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | ||||||
Jan. 31, 2013 | |||||||
Equity [Abstract] | ' | ||||||
Shareholders' Equity | ' | ||||||
NOTE 11 — SHAREHOLDERS’ EQUITY | |||||||
During fiscal 2013, the Company completed both of the $100.0 million share repurchase programs approved by the Company’s Board of Directors in May 2012 and November 2011. In conjunction with the Company's share repurchase programs, 10b5-1 plans were executed that instruct the brokers selected by the Company to repurchase shares on behalf of the Company. The amount of common stock repurchased in accordance with the 10b5-1 plans on any given trading day is determined by a formula in the plan, which is based on the market price of the Company's common stock and average daily volumes. Shares repurchased by the Company are held in treasury for general corporate purposes, including issuances under equity incentive and benefit plans. The reissuance of shares from treasury stock is based on the weighted average purchase price of the shares. | |||||||
The Company’s common share repurchase and issuance activity for fiscal 2013 and 2012 is summarized as follows: | |||||||
Shares | Weighted- | ||||||
average | |||||||
price per | |||||||
share | |||||||
Treasury stock balance at January 31, 2011 | 12,517,538 | $ | 37.28 | ||||
Shares of common stock repurchased under share repurchase programs | 6,736,436 | 46.74 | |||||
Shares of treasury stock reissued | (1,087,213 | ) | |||||
Treasury stock balance at January 31, 2012 | 18,166,761 | 40.71 | |||||
Shares of common stock repurchased under share repurchase programs and other shares acquired | 3,878,548 | 49.33 | |||||
Shares of treasury stock reissued | (608,743 | ) | |||||
Treasury stock balance at January 31, 2013 | 21,436,566 | 42.26 | |||||
Fair_Value_Of_Financial_Instru
Fair Value Of Financial Instruments | 12 Months Ended | |||||||||||||||
Jan. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Of Financial Instruments | ' | |||||||||||||||
NOTE 12 — FAIR VALUE MEASUREMENTS | ||||||||||||||||
The Company’s assets and liabilities carried or disclosed at fair value are classified in one of the following three categories: Level 1 – quoted market prices in active markets for identical assets and liabilities; Level 2 – inputs other than quoted market prices included in level 1 above that are observable for the asset or liability, either directly or indirectly; and, Level 3 – unobservable inputs for the asset or liability. The classification of an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. | ||||||||||||||||
The following table summarizes the valuation of the Company's assets and liabilities that are measured at fair value on a recurring basis: | ||||||||||||||||
31-Jan-13 | 31-Jan-12 | |||||||||||||||
Fair value measurement category | Fair value measurement category | |||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||
(in thousands) | ||||||||||||||||
Assets | ||||||||||||||||
Foreign currency forward contracts | $ | 19,835 | $ | 6,243 | ||||||||||||
Liabilities | ||||||||||||||||
Foreign currency forward contracts | $ | 19,628 | $ | 11,226 | ||||||||||||
Acquisition-related contingent consideration | $ | 18,147 | $ | 15,506 | ||||||||||||
The Company’s foreign currency forward contracts are measured on a recurring basis based on foreign currency spot rates and forward rates quoted by banks or foreign currency dealers (Level 2 criteria) and are marked-to-market each period with gains and losses on these contracts recorded in the Company’s Consolidated Statement of Income on a basis consistent with the classification of the change in the fair value of the underlying transactions giving rise to these foreign currency exchange gains and losses in the period in which their value changes, with the offsetting amount for unsettled positions being included in either other current assets or other current liabilities in the Consolidated Balance Sheet. See further discussion below in Note 13 – Derivative Instruments. | ||||||||||||||||
The acquisition-related contingent consideration represents the future earnout payments related to the Company's acquisitions. The Company estimates the fair value of this Level 3 contingent consideration liability at each reporting date using a discounted cash flow analysis, which requires the evaluation of significant unobservable inputs that include projected revenues, expenses and cash flows, and assumed discount rates. During fiscal 2013, adjustments to the fair value of acquisition-related contingent consideration of $2.6 million were recorded as a component of "selling, general and administrative expenses" and $0.8 million was recorded to "other expense (income)" in the Company's Consolidated Statement of Income. Approximately $8.7 million of the acquisition-related contingent consideration was paid during the first quarter of fiscal 2014 and the remaining balance is expected to be paid by the first quarter of fiscal 2016. | ||||||||||||||||
The Company utilizes life insurance policies to fund the Company’s nonqualified deferred compensation plan. The life insurance asset recorded by the Company is the amount that would be realized upon the assumed surrender of the policy. This amount is based on the underlying fair value of the invested assets contained within the life insurance policies. The gains and losses are recorded in the Company’s Consolidated Statement of Income within "other expense (income), net." The related deferred compensation liability is also marked-to-market each period based upon the various investment return alternatives selected by the plan participants and the gains and losses are recorded in the Company’s Consolidated Statement of Income within "selling, general and administrative expenses." The net realizable value of the Company's life insurance investments and related deferred compensation liability at January 31, 2013 is $35.3 million and $31.2 million, respectively. | ||||||||||||||||
The $350 million of Senior Notes discussed in Note 8 - Debt, are carried at cost, less unamortized debt discount. The estimated fair value of the Senior Notes was approximately $363.9 million at January 31, 2013, based upon quoted market information (level 1 criteria). | ||||||||||||||||
The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value because of the short maturity of these items. The carrying amount of debt outstanding pursuant to revolving credit facilities and loans payable approximates fair value as the majority of these instruments have variable interest rates which approximate current market rates (Level 2 criteria). |
Derivative_Instruments
Derivative Instruments | 12 Months Ended |
Jan. 31, 2013 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Derivative Instruments | ' |
NOTE 13 — DERIVATIVE INSTRUMENTS | |
In the ordinary course of business, the Company is exposed to movements in foreign currency exchange rates. The Company’s foreign currency risk management objective is to protect earnings and cash flows from the impact of exchange rate changes primarily through the use of foreign currency forward contracts to hedge both intercompany and third party loans, accounts receivable and accounts payable. These derivatives are not designated as hedging instruments. | |
The Company employs established policies and procedures to manage the exposure to fluctuations in the value of foreign currencies. It is the Company’s policy to utilize financial instruments to reduce risks where internal netting cannot be effectively employed. Additionally, the Company does not enter into derivative instruments for speculative or trading purposes. | |
The Company’s foreign currency exposure relates primarily to international transactions in Europe, Canada and Latin America, where the currency collected from customers can be different from the currency used to purchase the product. The Company’s transactions in its foreign operations are denominated primarily in the following currencies: U.S. dollar, British pound, Canadian dollar, Chilean peso, Czech koruna, Danish krone, euro, Mexican peso, Norwegian krone, Peruvian new sol, Polish zloty, Romanian leu, Swedish krona and Swiss franc. | |
The Company considers inventory as an economic hedge against foreign currency exposure in accounts payable in certain circumstances. This practice offsets such inventory against corresponding accounts payable denominated in currencies other than the functional currency of the subsidiary buying the inventory, when determining the net exposure to be hedged using traditional forward contracts. Under this strategy, the Company would expect to increase or decrease selling prices for product purchased in foreign currencies based on fluctuations in foreign currency exchange rates affecting the underlying accounts payable. To the extent the Company incurs a foreign currency exchange loss (gain) on the underlying accounts payable denominated in the foreign currency, a corresponding increase (decrease) in cost of products sold would be expected as the related inventory is sold. This strategy can result in a certain degree of quarterly earnings volatility as the underlying accounts payable is remeasured using the foreign currency exchange rate prevailing at the end of each period, or settlement date if earlier, whereas the corresponding increase (decrease) in cost of products sold is not realized until the related inventory is sold. | |
The Company classifies foreign currency exchange gains and losses on its derivative instruments used to manage its exposures to foreign currency denominated accounts receivable and accounts payable as a component of “cost of products sold” which is consistent with the classification of the change in fair value upon remeasurement of the underlying hedged accounts receivable or accounts payable. The Company classifies foreign currency exchange gains and losses on its derivative instruments used to manage its exposures to foreign currency denominated financing transactions as a component of “other expense (income), net” which is consistent with the classification of the change in fair value upon remeasurement of the underlying hedged loans. The total amount recognized in earnings on the Company’s foreign currency forward contracts, which is included as a component of either “cost of products sold” or “other expense (income), net”, was a net foreign currency exchange loss of $13.1 million, $8.7 million and $4.7 million, respectively, for the fiscal years ended January 31, 2013, 2012 and 2011. The gains and losses on the Company’s foreign currency forward contracts are largely offset by the change in the fair value of the underlying hedged assets or liabilities. The Company’s foreign currency forward contracts are also discussed in Note 12 – Fair Value Measurements. | |
The notional amount of forward exchange contracts is the amount of foreign currency to be bought or sold at maturity. Notional amounts are indicative of the extent of the Company’s involvement in the various types and uses of derivative financial instruments and are not a measure of the Company’s exposure to credit or market risks through its use of derivatives. The estimated fair value of derivative financial instruments represents the amount required to enter into similar offsetting contracts with similar remaining maturities based on quoted market prices. | |
The Company’s monthly average notional amounts of derivative financial instruments outstanding during the fiscal years ended January 31, 2013 and 2012 are $1.8 billion and $1.5 billion, respectively, with average maturities of 27 days and 37 days, respectively. As discussed above, under the Company’s hedging policies, gains and losses on the derivative financial instruments would be expected to be largely offset by the gains and losses on the underlying assets or liabilities being hedged. | |
The Company’s foreign currency forward contracts are also discussed in Note 12 – Fair Value Measurements. |
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended | |||
Jan. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments And Contingencies | ' | |||
NOTE 14 — COMMITMENTS AND CONTINGENCIES | ||||
Operating Leases | ||||
The Company leases logistics centers, office facilities and certain equipment under non-cancelable operating leases, the majority of which expire at various dates through fiscal 2019. Fair value renewal and escalation clauses exist for a substantial portion of the operating leases. Rental expense for all operating leases, including minimum commitments under IT outsourcing agreements, totaled $51.5 million, $56.5 million and $53.5 million in fiscal years 2013, 2012 and 2011, respectively. Future minimum lease payments at January 31, 2013, under all such leases, including minimum commitments under IT outsourcing agreements, for succeeding fiscal years and thereafter are as follows (in thousands): | ||||
Fiscal year: | ||||
2014 | $ | 55,300 | ||
2015 | 47,100 | |||
2016 | 39,600 | |||
2017 | 24,600 | |||
2018 | 20,500 | |||
Thereafter | 35,600 | |||
Total payments | $ | 222,700 | ||
Synthetic Lease Facility | ||||
The Company has a synthetic lease facility (the “Synthetic Lease”) with a group of financial institutions under which the Company leases certain logistics centers and office facilities from a third-party lessor. During the second quarter of fiscal 2009, the Company renewed its existing Synthetic Lease with a new lease agreement that was set to expire in June 2013 (see below for information on new lease agreement commencing in June 2013). Properties leased under the Synthetic Lease are located in Clearwater and Miami, Florida; Fort Worth, Texas; Fontana, California; Suwanee, Georgia; Swedesboro, New Jersey; and South Bend, Indiana. The Synthetic Lease has been accounted for as an operating lease and rental payments are calculated at the applicable LIBOR rate plus a margin based on the Company's credit ratings. | ||||
During the first four years of the lease term, the Company may, at its option, purchase any combination of the properties, at an amount equal to each of the property's cost, as long as the lease balance does not decrease below a defined amount. During the last year of the lease term, until 180 days prior to the lease expiration, the Company may, at its option, i) purchase a minimum of two of the properties, at an amount equal to each of the property's cost, ii) exercise the option to renew the lease for a minimum of two of the properties or iii) exercise the option to remarket a minimum of two of the properties and cause a sale of the properties. If the Company elects to remarket the properties, it has guaranteed the lessor a percentage of the cost of each property, in the aggregate amount of approximately $124.7 million (the “residual value”). The Company's residual value guarantee related to the Synthetic Lease has been recorded at the estimated fair value of the residual guarantee. | ||||
The sum of future minimum lease payments under the Synthetic Lease at January 31, 2013, which are included in the future minimum lease payments presented above, was approximately $0.8 million. | ||||
During June 2013, the Company replaced its existing Synthetic Lease with a new lease agreement that expires in June 2018 (the "2013 Synthetic Lease"). The principal terms of the 2013 Synthetic Lease are substantially the same as the predecessor lease agreement. Upon not less than 30 days' notice, the Company, at its option, may purchase one or any combination of the properties, at an amount equal to each of the property's cost, as long as the lease balance does not decrease below a defined amount. Upon not less than 270 days, nor more than 360 days, prior to the lease expiration, the Company, at its option, may, i) purchase a minimum of two of the properties, at an amount equal to each of the property's cost, ii) exercise the option to renew the lease for a minimum of two of the properties or iii) exercise the option to remarket a minimum of two of the properties and cause a sale of the properties. If the Company elects to remarket the properties, the Company has guaranteed the lessor a percentage of the cost of each property, in the aggregate amount of approximately $133.8 million. Future annual lease payments under the 2013 Synthetic Lease are approximately $2.8 million per year. | ||||
The Synthetic Lease and the 2013 Synthetic Lease contain covenants that must be complied with, similar to the covenants described in certain of the credit facilities discussed in Note 8 - Debt. As of January 31, 2013, the Company was in compliance with all such covenants; however, the Company has subsequently entered into certain waiver agreements in connection with the Company’s restatement discussed in Note 2 - Restatement of Consolidated Financial Statements. Each of the waiver agreements relates primarily to representations that may have been incorrect when made, the Company’s potential failure to comply with certain covenants, including principally financial reporting covenants, as well as the potential defaults and events of default that may have arisen or could arise as a result of the foregoing. | ||||
Contingencies | ||||
Prior to fiscal 2004, one of the Company’s subsidiaries, located in Spain, was audited in relation to various value added tax (“VAT”) matters. As a result of those audits, the Spanish subsidiary received notices of assessment from the Regional Inspection Unit of Spain's taxing authority that allege the subsidiary did not properly collect and remit VAT. The Spanish subsidiary appealed these assessments to the Madrid Central Economic Administrative Courts beginning in March 2010. Following the administrative court proceedings the matter was appealed to the Spanish National Appellate Court. During the fourth quarter of fiscal year 2014, the Spanish National Appellate Court issued an opinion upholding the assessment for several of the assessed years. Although the Company believes that the Spanish subsidiary's defense to the assessments has solid legal grounds and is continuing to vigorously defend its position by appealing to the Spanish Supreme Court, the risk that the assessments will be upheld has significantly increased. The Spanish National Appellate Court opinion represents a subsequent event that occurred prior to the issuance of the fiscal 2013 financial statements in relation to a loss contingency that existed as of January 31, 2013. As a result, of this subsequent event, which is unrelated to the restatement discussed in Note 2 - Restatement of Consolidated Financial Statements, the Company has increased its accrual for costs associated with this matter by recording a charge of $41.0 million in the fiscal 2013 Consolidated Statement of Income, including $29.5 million recorded in "value added tax assessment" to cover the assessment and various penalties and $11.5 million recorded in "interest expense" for interest that could be assessed. The Company estimates the total exposure for these assessments (including previously recorded amounts), including various penalties and interest, is approximately $55.6 million, which is included in "accrued expenses and other liabilities" in the Consolidated Balance Sheet at January 31, 2013. | ||||
In December 2010, in a non-unanimous decision, a Brazilian appellate court overturned a 2003 trial court which had previously ruled in favor of the Company’s Brazilian subsidiary related to the imposition of certain taxes on payments abroad related to the licensing of commercial software products, commonly referred to as “CIDE tax.” The Company estimates the total exposure where the CIDE tax, including interest, may be considered due to be approximately $29.7 million at January 31, 2013. The Brazilian subsidiary has appealed the unfavorable ruling to the Supreme Court and Superior Court, the two highest appellate courts. Based on the legal opinion of outside counsel, the Company believes that the chances of success on appeal of this matter are favorable and the Brazilian subsidiary intends to vigorously defend its position that the CIDE tax is not due. However, due to the lack of predictability of the Brazilian court system, the Company has concluded that it is reasonably possible that the Brazilian subsidiary may incur a loss up to the total exposure described above. The Company believes the resolution of this litigation will not be material to the Company’s consolidated net assets or liquidity; however, it could be material to the Company’s operating results for any particular period, depending upon the level of income for such period. In addition to the discussion regarding the CIDE tax above, the Company’s Brazilian subsidiary has been undergoing several examinations of non-income related taxes. Given the complexity and lack of predictability of the Brazilian tax system, the Company believes that it is reasonably possible that a loss may have been incurred. However, due to the early stages of the examination, the complex nature of the Brazilian tax system and the absence of communication from the local tax authorities regarding these examinations, the Company is currently unable to determine the likelihood of these examinations resulting in assessments nor estimate the amount of loss, if any, that may be reasonably possible if such assessment were to be made. | ||||
The Company is subject to various other legal proceedings and claims arising in the ordinary course of business. The Company’s management does not expect that the outcome in any of these other legal proceedings, individually or collectively, will have a material adverse effect on the Company’s financial condition, results of operations, or cash flows. | ||||
Guarantees | ||||
As is customary in the technology industry, to encourage certain customers to purchase products from Tech Data, the Company has arrangements with certain finance companies that provide inventory financing facilities to the Company’s customers. In conjunction with certain of these arrangements, the Company would be required to purchase certain inventory in the event the inventory is repossessed from the customers by the finance companies. As the Company does not have access to information regarding the amount of inventory purchased from the Company still on hand with the customer at any point in time, the Company’s repurchase obligations relating to inventory cannot be reasonably estimated. Repurchases of inventory by the Company under these arrangements have been insignificant to date. The Company believes that, based on historical experience, the likelihood of a material loss pursuant to these inventory repurchase obligations is remote. | ||||
The Company provides additional financial guarantees to finance companies on behalf of certain customers. The majority of these guarantees are for an indefinite period of time, where the Company would be required to perform if the customer is in default with the finance company related to purchases made from the Company. The Company reviews the underlying credit for these guarantees on at least an annual basis. As of January 31, 2013 and 2012, the outstanding amount of guarantees under these arrangements totaled $31.3 million and $28.4 million, respectively. The Company believes that, based on historical experience, the likelihood of a material loss pursuant to the above guarantees is remote. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||
Jan. 31, 2013 | ||||||||||||
Segment Reporting Information, Additional Information [Abstract] | ' | |||||||||||
Segment Information | ' | |||||||||||
NOTE 15 — SEGMENT INFORMATION | ||||||||||||
Tech Data operates predominately in a single industry segment as a distributor of technology products, logistics management, and other value-added services. While the Company operates primarily in one industry, it is managed based on geographic segments: the Americas (including North America and South America) and Europe. The Company assesses performance of and makes decisions on how to allocate resources to its operating segments based on multiple factors including current and projected operating income and market opportunities. The Company does not consider stock-based compensation expense in assessing the performance of its operating segments, and therefore the Company is reporting stock-based compensation expense as a separate amount. The accounting policies of the segments are the same as those described in Note 1 - Business and Summary of Significant Accounting Policies. | ||||||||||||
Financial information by geographic segment is as follows: | ||||||||||||
Year ended January 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(As restated) | (As restated) | |||||||||||
(In thousands) | ||||||||||||
Net sales to unaffiliated customers | ||||||||||||
Americas (1) | $ | 9,823,515 | $ | 10,405,428 | $ | 10,096,732 | ||||||
Europe | 15,534,814 | 15,241,885 | 13,523,206 | |||||||||
Total | $ | 25,358,329 | $ | 25,647,313 | $ | 23,619,938 | ||||||
Operating income | ||||||||||||
Americas (2) | $ | 150,055 | $ | 173,978 | $ | 178,043 | ||||||
Europe (3) | 127,281 | 142,562 | 153,718 | |||||||||
Stock-based compensation expense | (13,616 | ) | (11,994 | ) | (10,353 | ) | ||||||
Total | $ | 263,720 | $ | 304,546 | $ | 321,408 | ||||||
Depreciation and amortization | ||||||||||||
Americas | $ | 16,210 | $ | 16,338 | $ | 16,200 | ||||||
Europe | 42,143 | 40,994 | 31,085 | |||||||||
Total | $ | 58,353 | $ | 57,332 | $ | 47,285 | ||||||
Capital expenditures | ||||||||||||
Americas | $ | 19,842 | $ | 29,240 | $ | 17,216 | ||||||
Europe | 18,523 | 15,319 | 13,584 | |||||||||
Total | $ | 38,365 | $ | 44,559 | $ | 30,800 | ||||||
As of | ||||||||||||
31-Jan-13 | 31-Jan-12 | |||||||||||
(As restated) | ||||||||||||
(In thousands) | ||||||||||||
Identifiable assets: | ||||||||||||
Americas (1) | $ | 2,004,295 | $ | 1,892,256 | ||||||||
Europe | 4,826,665 | 3,904,012 | ||||||||||
Total | $ | 6,830,960 | $ | 5,796,268 | ||||||||
Long-lived assets: | ||||||||||||
Americas | $ | 30,492 | $ | 33,103 | ||||||||
Europe | 53,903 | 55,778 | ||||||||||
Total | $ | 84,395 | $ | 88,881 | ||||||||
Goodwill & acquisition-related intangible assets, net: | ||||||||||||
Americas | $ | 2,966 | $ | 2,966 | ||||||||
Europe (4) | 409,534 | 149,927 | ||||||||||
Total | $ | 412,500 | $ | 152,893 | ||||||||
-1 | Net sales to unaffiliated customers in the United States represented 85%, 83% and 82%, respectively, of the total Americas' net sales to unaffiliated customers for the fiscal years ended January 31, 2013, 2012 and 2011, respectively. Total assets excluding goodwill, intangible assets and investments in subsidiaries in the United States represented 78% of the Americas total assets at both January 31, 2013 and 2012. | |||||||||||
-2 | During fiscal 2012, the Company incurred a $28.3 million loss on disposal of subsidiaries related to the closure of the operations in Brazil and Colombia (see further discussion in Note 7 - Loss on Disposal of Subsidiaries). | |||||||||||
-3 | Operating income in Europe for the fiscal year ended January 31, 2013 includes a value added tax assessment of $29.5 million in relation to an assessment and penalties for various value added tax matters in one of the Company’s subsidiaries in Spain (see further discussion in Note 14 - Commitments and Contingencies). | |||||||||||
-4 | During fiscal 2013, the Company completed the acquisition of SDG (see further discussion in Note 5 - Goodwill and Intangible Assets and Note 6 - Acquisitions). |
Interim_Financial_Information_
Interim Financial Information - Current (Notes) | 12 Months Ended | |||||||||||||||
Jan. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Interim Financial Information | ' | |||||||||||||||
NOTE 16 — INTERIM FINANCIAL INFORMATION (UNAUDITED) | ||||||||||||||||
As discussed in greater detail in Note 2 - Restatement of Consolidated Financial Statements, the Company determined that it needed to restate its previously issued consolidated financial information for the quarterly periods ended April 30, 2012, July 31, 2012, October 31, 2012 and each of the quarterly periods in the fiscal year ended January 31, 2012 and the unaudited financial results for the quarterly period ended January 31, 2013 previously announced and filed in a Current Report on Form 8-K on March 4, 2013. The following tables summarize the effects of the restatement, a subsequent event unrelated to the restatement as discussed further in Note 14 - Commitments and Contingencies, and presentation reclassifications on our previously issued unaudited condensed consolidated financial statements: | ||||||||||||||||
Quarter ended | ||||||||||||||||
AS RESTATED | April 30 | July 31 | October 31 | January 31 (1)(2)(3) | ||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
Fiscal year 2013: | ||||||||||||||||
Net sales | $ | 5,910,063 | $ | 5,968,419 | $ | 6,037,475 | $ | 7,442,372 | ||||||||
Gross profit | 323,408 | 302,593 | 306,079 | 370,974 | ||||||||||||
Operating income | 82,458 | 60,311 | 63,595 | 57,356 | ||||||||||||
Consolidated net income | 56,012 | 38,527 | 44,060 | 44,441 | ||||||||||||
Net income attributable to shareholders of Tech Data Corporation | $ | 54,178 | $ | 34,699 | $ | 42,937 | $ | 44,441 | ||||||||
Net income per share attributable to shareholders of Tech Data Corporation: | ||||||||||||||||
Basic | $ | 1.32 | $ | 0.89 | $ | 1.14 | $ | 1.18 | ||||||||
Diluted | $ | 1.3 | $ | 0.89 | $ | 1.13 | $ | 1.17 | ||||||||
Quarter ended | ||||||||||||||||
AS RESTATED | April 30 | July 31 | October 31 | January 31 (4) | ||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
Fiscal year 2012: | ||||||||||||||||
Net sales | $ | 6,154,033 | $ | 6,214,304 | $ | 6,404,585 | $ | 6,874,391 | ||||||||
Gross profit | 337,315 | 336,085 | 337,778 | 366,263 | ||||||||||||
Operating income | 77,552 | 73,138 | 83,252 | 70,604 | ||||||||||||
Consolidated net income | 51,585 | 46,995 | 53,506 | 49,116 | ||||||||||||
Net income attributable to shareholders of Tech Data Corporation | $ | 51,566 | $ | 45,346 | $ | 49,862 | $ | 43,976 | ||||||||
Net income per share attributable to shareholders of Tech Data Corporation: | ||||||||||||||||
Basic | $ | 1.1 | $ | 1.01 | $ | 1.18 | $ | 1.07 | ||||||||
Diluted | $ | 1.09 | $ | 0.99 | $ | 1.17 | $ | 1.05 | ||||||||
-1 | Amounts presented for the fourth quarter of fiscal 2013 are not restated, however the amounts presented herein include adjustments to previously reported amounts furnished in a Current Report on Form 8-K filed on March 4, 2013. | |||||||||||||||
-2 | During the fourth quarter of fiscal 2013, the Company recorded a $41.0 million increase in an accrual for various value added tax matters in one of the Company’s subsidiaries in Spain, which decreased earnings per diluted share by $0.89 for the quarter ended January 31, 2013 (see Note 14 - Commitments and Contingencies for further discussion). | |||||||||||||||
-3 | During the fourth quarter of fiscal 2013, the Company recorded an income tax benefit of $25.1 million for the reversal of deferred tax valuation allowances related to a specific jurisdiction in Europe which had been recorded in prior fiscal years, which increased earnings per diluted share by $0.66 for the quarter ended January 31, 2013 (see further discussion in Note 9 - Income Taxes). | |||||||||||||||
-4 | During the fourth quarter of fiscal 2012, the Company recorded a $28.3 million loss on disposal of subsidiaries related to the closure of the commercial operations in Brazil and Colombia, which decreased earnings per diluted share by $0.46 for the quarter ended January 31, 2012 (see also Note 7 - Loss on Disposal of Subsidiaries). | |||||||||||||||
Consolidated Statement of Income | ||||||||||||||||
Quarter ended | ||||||||||||||||
AS RESTATED | April 30 | July 31 | October 31 | January 31 | ||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
Fiscal year 2013: | ||||||||||||||||
Net sales | $ | 5,910,063 | $ | 5,968,419 | $ | 6,037,475 | $ | 7,442,372 | ||||||||
Cost of products sold | 5,586,655 | 5,665,826 | 5,731,396 | 7,071,398 | ||||||||||||
Gross profit | 323,408 | 302,593 | 306,079 | 370,974 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative expense | 240,950 | 242,282 | 242,484 | 284,156 | ||||||||||||
Value added tax assessment | 0 | 0 | 0 | 29,462 | ||||||||||||
240,950 | 242,282 | 242,484 | 313,618 | |||||||||||||
Operating income | 82,458 | 60,311 | 63,595 | 57,356 | ||||||||||||
Interest expense | 3,069 | 3,422 | 4,359 | 19,276 | ||||||||||||
Other expense, net | 235 | 1,812 | 1,070 | 1,011 | ||||||||||||
Income before income taxes | 79,154 | 55,077 | 58,166 | 37,069 | ||||||||||||
Provision for income taxes | 23,142 | 16,550 | 14,106 | (7,372 | ) | |||||||||||
Consolidated net income | 56,012 | 38,527 | 44,060 | 44,441 | ||||||||||||
Net income attributable to noncontrolling interest | (1,834 | ) | (3,828 | ) | (1,123 | ) | 0 | |||||||||
Net income attributable to shareholders of | $ | 54,178 | $ | 34,699 | $ | 42,937 | $ | 44,441 | ||||||||
Tech Data Corporation | ||||||||||||||||
Net income per share attributable to shareholders of Tech Data Corporation: | ||||||||||||||||
Basic | $ | 1.32 | $ | 0.89 | $ | 1.14 | $ | 1.18 | ||||||||
Diluted | $ | 1.3 | $ | 0.89 | $ | 1.13 | $ | 1.17 | ||||||||
Quarter ended | ||||||||||||||||
AS REPORTED | April 30 | July 31 | October 31 | January 31 (1) | ||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
Fiscal year 2013: | ||||||||||||||||
Net sales | $ | 5,895,561 | $ | 5,961,500 | $ | 6,040,556 | $ | 7,463,400 | ||||||||
Cost of products sold | 5,575,344 | 5,660,256 | 5,732,295 | 7,083,520 | ||||||||||||
Gross profit | 320,217 | 301,244 | 308,261 | 379,880 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative expense | 239,324 | 241,988 | 238,715 | 286,350 | ||||||||||||
Value added tax assessment | 0 | 0 | 0 | 0 | ||||||||||||
239,324 | 241,988 | 238,715 | 286,350 | |||||||||||||
Operating income | 80,893 | 59,256 | 69,546 | 93,530 | ||||||||||||
Interest expense | 3,069 | 3,422 | 4,359 | 7,691 | ||||||||||||
Other expense, net | 1,344 | 1,178 | 2,044 | 2,503 | ||||||||||||
Income before income taxes | 76,480 | 54,656 | 63,143 | 83,336 | ||||||||||||
Provision for income taxes | 22,954 | 16,370 | 16,122 | 794 | ||||||||||||
Consolidated net income | 53,526 | 38,286 | 47,021 | 82,542 | ||||||||||||
Net income attributable to noncontrolling interest | (1,834 | ) | (3,828 | ) | (1,123 | ) | 0 | |||||||||
Net income attributable to shareholders of | $ | 51,692 | $ | 34,458 | $ | 45,898 | $ | 82,542 | ||||||||
Tech Data Corporation | ||||||||||||||||
Net income per share attributable to shareholders of Tech Data Corporation: | ||||||||||||||||
Basic | $ | 1.26 | $ | 0.89 | $ | 1.22 | $ | 2.18 | ||||||||
Diluted | $ | 1.24 | $ | 0.88 | $ | 1.21 | $ | 2.17 | ||||||||
Quarter ended | ||||||||||||||||
ADJUSTMENTS (2) | April 30 | July 31 | October 31 | January 31 (3) | ||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
Fiscal year 2013: | ||||||||||||||||
Net sales | $ | 14,502 | $ | 6,919 | $ | (3,081 | ) | $ | (21,028 | ) | ||||||
Cost of products sold | 11,311 | 5,570 | (899 | ) | (12,122 | ) | ||||||||||
Gross profit | 3,191 | 1,349 | (2,182 | ) | (8,906 | ) | ||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative expense | 1,626 | 294 | 3,769 | (2,194 | ) | |||||||||||
Value added tax assessment | 0 | 0 | 0 | 29,462 | ||||||||||||
1,626 | 294 | 3,769 | 27,268 | |||||||||||||
Operating income | 1,565 | 1,055 | (5,951 | ) | (36,174 | ) | ||||||||||
Interest expense | 0 | 0 | 0 | 11,585 | ||||||||||||
Other expense, net | (1,109 | ) | 634 | (974 | ) | (1,492 | ) | |||||||||
Income before income taxes | 2,674 | 421 | (4,977 | ) | (46,267 | ) | ||||||||||
Provision for income taxes | 188 | 180 | (2,016 | ) | (8,166 | ) | ||||||||||
Consolidated net income | 2,486 | 241 | (2,961 | ) | (38,101 | ) | ||||||||||
Net income attributable to noncontrolling interest | 0 | 0 | 0 | 0 | ||||||||||||
Net income attributable to shareholders of | $ | 2,486 | $ | 241 | $ | (2,961 | ) | $ | (38,101 | ) | ||||||
Tech Data Corporation | ||||||||||||||||
Net income per share attributable to shareholders of Tech Data Corporation: | ||||||||||||||||
Basic | $ | 0.06 | $ | 0 | $ | (0.08 | ) | $ | (1.00 | ) | ||||||
Diluted | $ | 0.06 | $ | 0.01 | $ | (0.08 | ) | $ | (1.00 | ) | ||||||
-1 | As previously reported in Current Report on Form 8-K filed on March 4, 2013. | |||||||||||||||
-2 | The adjustments are to correct errors previously discussed in Note 2 - Restatement of Consolidated Financial Statements. | |||||||||||||||
-3 | Adjustments to previously reported amounts in Current Report on Form 8-K filed March 4, 2013 (see Note 2 - Restatement of Consolidated Financial Statements). | |||||||||||||||
Quarter ended | ||||||||||||||||
AS RESTATED | April 30 | July 31 | October 31 | January 31 | ||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
Fiscal year 2012: | ||||||||||||||||
Net sales | $ | 6,154,033 | $ | 6,214,304 | $ | 6,404,585 | $ | 6,874,391 | ||||||||
Cost of products sold | 5,816,718 | 5,878,219 | 6,066,807 | 6,508,128 | ||||||||||||
Gross profit | 337,315 | 336,085 | 337,778 | 366,263 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative expense | 259,763 | 262,947 | 254,526 | 267,365 | ||||||||||||
Loss on disposal of subsidiaries | 0 | 0 | 0 | 28,294 | ||||||||||||
259,763 | 262,947 | 254,526 | 295,659 | |||||||||||||
Operating income | 77,552 | 73,138 | 83,252 | 70,604 | ||||||||||||
Interest expense | 8,675 | 8,089 | 8,378 | 6,235 | ||||||||||||
Other expense (income), net | (1,298 | ) | 958 | 1,868 | (670 | ) | ||||||||||
Income before income taxes | 70,175 | 64,091 | 73,006 | 65,039 | ||||||||||||
Provision for income taxes | 18,590 | 17,096 | 19,500 | 15,923 | ||||||||||||
Consolidated net income | 51,585 | 46,995 | 53,506 | 49,116 | ||||||||||||
Net income attributable to noncontrolling interest | (19 | ) | (1,649 | ) | (3,644 | ) | (5,140 | ) | ||||||||
Net income attributable to shareholders of | $ | 51,566 | $ | 45,346 | $ | 49,862 | $ | 43,976 | ||||||||
Tech Data Corporation | ||||||||||||||||
Net income per share attributable to shareholders of Tech Data Corporation: | ||||||||||||||||
Basic | $ | 1.1 | $ | 1.01 | $ | 1.18 | $ | 1.07 | ||||||||
Diluted | $ | 1.09 | $ | 0.99 | $ | 1.17 | $ | 1.05 | ||||||||
Quarter ended | ||||||||||||||||
AS REPORTED | April 30 | July 31 | October 31 | January 31 | ||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
Fiscal year 2012: | ||||||||||||||||
Net sales | $ | 6,332,128 | $ | 6,449,461 | $ | 6,593,983 | $ | 7,112,552 | ||||||||
Cost of products sold | 5,998,666 | 6,108,623 | 6,249,236 | 6,737,608 | ||||||||||||
Gross profit | 333,462 | 340,838 | 344,747 | 374,944 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative expense | 257,779 | 262,063 | 255,178 | 262,819 | ||||||||||||
Loss on disposal of subsidiaries | 0 | 0 | 0 | 28,294 | ||||||||||||
257,779 | 262,063 | 255,178 | 291,113 | |||||||||||||
Operating income | 75,683 | 78,775 | 89,569 | 83,831 | ||||||||||||
Interest expense | 8,641 | 8,089 | 8,378 | 6,235 | ||||||||||||
Other expense (income), net | 666 | (212 | ) | 428 | 311 | |||||||||||
Income before income taxes | 66,376 | 70,898 | 80,763 | 77,285 | ||||||||||||
Provision for income taxes | 17,656 | 19,142 | 23,600 | 18,076 | ||||||||||||
Consolidated net income | 48,720 | 51,756 | 57,163 | 59,209 | ||||||||||||
Net income attributable to noncontrolling interest | (19 | ) | (1,649 | ) | (3,644 | ) | (5,140 | ) | ||||||||
Net income attributable to shareholders of | $ | 48,701 | $ | 50,107 | $ | 53,519 | $ | 54,069 | ||||||||
Tech Data Corporation | ||||||||||||||||
Net income per share attributable to shareholders of Tech Data Corporation: | ||||||||||||||||
Basic | $ | 1.04 | $ | 1.11 | $ | 1.27 | $ | 1.31 | ||||||||
Diluted | $ | 1.03 | $ | 1.1 | $ | 1.26 | $ | 1.29 | ||||||||
Quarter ended | ||||||||||||||||
ADJUSTMENTS (1) | April 30 | July 31 | October 31 | January 31 | ||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
Fiscal year 2012: | ||||||||||||||||
Net sales | $ | (178,095 | ) | $ | (235,157 | ) | $ | (189,398 | ) | $ | (238,161 | ) | ||||
Cost of products sold | (181,948 | ) | (230,404 | ) | (182,429 | ) | (229,480 | ) | ||||||||
Gross profit | 3,853 | (4,753 | ) | (6,969 | ) | (8,681 | ) | |||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative expense | 1,984 | 884 | (652 | ) | 4,546 | |||||||||||
Loss on disposal of subsidiaries | 0 | 0 | 0 | 0 | ||||||||||||
1,984 | 884 | (652 | ) | 4,546 | ||||||||||||
Operating income | 1,869 | (5,637 | ) | (6,317 | ) | (13,227 | ) | |||||||||
Interest expense | 34 | 0 | 0 | 0 | ||||||||||||
Other expense (income), net | (1,964 | ) | 1,170 | 1,440 | (981 | ) | ||||||||||
Income before income taxes | 3,799 | (6,807 | ) | (7,757 | ) | (12,246 | ) | |||||||||
Provision for income taxes | 934 | (2,046 | ) | (4,100 | ) | (2,153 | ) | |||||||||
Consolidated net income | 2,865 | (4,761 | ) | (3,657 | ) | (10,093 | ) | |||||||||
Net income attributable to noncontrolling interest | 0 | 0 | 0 | 0 | ||||||||||||
Net income attributable to shareholders of | $ | 2,865 | $ | (4,761 | ) | $ | (3,657 | ) | $ | (10,093 | ) | |||||
Tech Data Corporation | ||||||||||||||||
Net income per share attributable to shareholders of Tech Data Corporation: | ||||||||||||||||
Basic | $ | 0.06 | $ | (0.10 | ) | $ | (0.09 | ) | $ | (0.24 | ) | |||||
Diluted | $ | 0.06 | $ | (0.11 | ) | $ | (0.09 | ) | $ | (0.24 | ) | |||||
-1 | The adjustments are to correct errors previously discussed in Note 2 - Restatement of Consolidated Financial Statements. | |||||||||||||||
Consolidated Balance Sheet | ||||||||||||||||
As of | ||||||||||||||||
AS RESTATED | April 30 | July 31 | October 31 | January 31 | ||||||||||||
(In thousands) | ||||||||||||||||
Fiscal year 2013: | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 409,529 | $ | 235,402 | $ | 473,386 | $ | 340,564 | ||||||||
Accounts receivable | 2,595,886 | 2,574,108 | 2,729,523 | 3,215,920 | ||||||||||||
Inventories | 2,067,543 | 1,946,033 | 2,100,482 | 2,254,510 | ||||||||||||
Prepaid expenses and other assets | 180,364 | 191,358 | 199,963 | 334,431 | ||||||||||||
Total current assets | 5,253,322 | 4,946,901 | 5,503,354 | 6,145,425 | ||||||||||||
Property and equipment, net | 89,093 | 82,770 | 83,373 | 84,395 | ||||||||||||
Other assets, net | 317,882 | 299,599 | 309,730 | 601,140 | ||||||||||||
Total assets | $ | 5,660,297 | $ | 5,329,270 | $ | 5,896,457 | $ | 6,830,960 | ||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 2,998,673 | $ | 2,924,397 | $ | 3,123,351 | $ | 3,657,251 | ||||||||
Accrued expenses and other liabilities | 471,216 | 429,744 | 458,493 | 620,167 | ||||||||||||
Revolving credit loans and current maturities of long-term debt, net | 30,933 | 37,912 | 65,848 | 167,522 | ||||||||||||
Total current liabilities | 3,500,822 | 3,392,053 | 3,647,692 | 4,444,940 | ||||||||||||
Long-term debt, less current maturities | 57,816 | 53,659 | 354,267 | 354,458 | ||||||||||||
Other long-term liabilities | 82,078 | 80,531 | 80,911 | 113,193 | ||||||||||||
Total liabilities | 3,640,716 | 3,526,243 | 4,082,870 | 4,912,591 | ||||||||||||
Shareholders’ equity: | ||||||||||||||||
Common stock | 89 | 89 | 89 | 89 | ||||||||||||
Additional paid-in capital | 754,300 | 756,008 | 673,489 | 680,715 | ||||||||||||
Treasury stock, at cost | (766,558 | ) | (907,777 | ) | (907,533 | ) | (905,900 | ) | ||||||||
Retained earnings | 1,691,281 | 1,725,980 | 1,768,917 | 1,813,358 | ||||||||||||
Accumulated other comprehensive income | 309,960 | 200,887 | 278,625 | 330,107 | ||||||||||||
Equity attributable to shareholders of Tech Data Corporation | 1,989,072 | 1,775,187 | 1,813,587 | 1,918,369 | ||||||||||||
Noncontrolling interest | 30,509 | 27,840 | 0 | 0 | ||||||||||||
Total equity | 2,019,581 | 1,803,027 | 1,813,587 | 1,918,369 | ||||||||||||
Total liabilities and equity | $ | 5,660,297 | $ | 5,329,270 | $ | 5,896,457 | $ | 6,830,960 | ||||||||
As of | ||||||||||||||||
AS REPORTED | April 30 | July 31 | October 31 | January 31 | ||||||||||||
(In thousands) | ||||||||||||||||
Fiscal year 2013: | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 447,038 | $ | 277,633 | $ | 515,788 | $ | 392,132 | ||||||||
Accounts receivable | 2,656,030 | 2,622,811 | 2,781,490 | 3,262,751 | ||||||||||||
Inventories | 1,949,279 | 1,819,233 | 2,025,424 | 2,132,760 | ||||||||||||
Prepaid expenses and other assets | 184,928 | 199,185 | 206,095 | 343,425 | ||||||||||||
Total current assets | 5,237,275 | 4,918,862 | 5,528,797 | 6,131,068 | ||||||||||||
Property and equipment, net | 88,246 | 81,953 | 83,049 | 84,220 | ||||||||||||
Other assets, net | 318,662 | 300,248 | 310,471 | 590,965 | ||||||||||||
Total assets | $ | 5,644,183 | $ | 5,301,063 | $ | 5,922,317 | $ | 6,806,253 | ||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 2,952,182 | $ | 2,862,684 | $ | 3,111,391 | $ | 3,603,038 | ||||||||
Accrued expenses and other liabilities | 483,060 | 444,899 | 469,171 | 588,766 | ||||||||||||
Revolving credit loans and current maturities of long-term debt, net | 30,933 | 37,913 | 65,848 | 164,341 | ||||||||||||
Total current liabilities | 3,466,175 | 3,345,496 | 3,646,410 | 4,356,145 | ||||||||||||
Long-term debt, less current maturities | 57,816 | 53,659 | 354,267 | 354,458 | ||||||||||||
Other long-term liabilities | 82,414 | 80,862 | 86,780 | 118,020 | ||||||||||||
Total liabilities | 3,606,405 | 3,480,017 | 4,087,457 | 4,828,623 | ||||||||||||
Shareholders’ equity: | ||||||||||||||||
Common stock | 89 | 89 | 89 | 89 | ||||||||||||
Additional paid-in capital | 750,878 | 752,763 | 670,346 | 677,682 | ||||||||||||
Treasury stock, at cost | (766,558 | ) | (907,777 | ) | (907,533 | ) | (905,900 | ) | ||||||||
Retained earnings | 1,711,459 | 1,745,917 | 1,791,815 | 1,874,357 | ||||||||||||
Accumulated other comprehensive income | 311,401 | 202,214 | 280,143 | 331,402 | ||||||||||||
Equity attributable to shareholders of Tech Data Corporation | 2,007,269 | 1,793,206 | 1,834,860 | 1,977,630 | ||||||||||||
Noncontrolling interest | 30,509 | 27,840 | 0 | 0 | ||||||||||||
Total equity | 2,037,778 | 1,821,046 | 1,834,860 | 1,977,630 | ||||||||||||
Total liabilities and equity | $ | 5,644,183 | $ | 5,301,063 | $ | 5,922,317 | $ | 6,806,253 | ||||||||
As of | ||||||||||||||||
ADJUSTMENTS (1) | April 30 | July 31 | October 31 | January 31 | ||||||||||||
(In thousands) | ||||||||||||||||
Fiscal year 2013: | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | (37,509 | ) | $ | (42,231 | ) | $ | (42,402 | ) | $ | (51,568 | ) | ||||
Accounts receivable | (60,144 | ) | (48,703 | ) | (51,967 | ) | (46,831 | ) | ||||||||
Inventories | 118,264 | 126,800 | 75,058 | 121,750 | ||||||||||||
Prepaid expenses and other assets | (4,564 | ) | (7,827 | ) | (6,132 | ) | (8,994 | ) | ||||||||
Total current assets | 16,047 | 28,039 | (25,443 | ) | 14,357 | |||||||||||
Property and equipment, net | 847 | 817 | 324 | 175 | ||||||||||||
Other assets, net | (780 | ) | (649 | ) | (741 | ) | 10,175 | |||||||||
Total assets | $ | 16,114 | $ | 28,207 | $ | (25,860 | ) | $ | 24,707 | |||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 46,491 | $ | 61,713 | $ | 11,960 | $ | 54,213 | ||||||||
Accrued expenses and other liabilities | (11,844 | ) | (15,155 | ) | (10,678 | ) | 31,401 | |||||||||
Revolving credit loans and current maturities of long-term debt, net | 0 | (1 | ) | 0 | 3,181 | |||||||||||
Total current liabilities | 34,647 | 46,557 | 1,282 | 88,795 | ||||||||||||
Long-term debt, less current maturities | 0 | 0 | 0 | 0 | ||||||||||||
Other long-term liabilities | (336 | ) | (331 | ) | (5,869 | ) | (4,827 | ) | ||||||||
Total liabilities | 34,311 | 46,226 | (4,587 | ) | 83,968 | |||||||||||
Shareholders’ equity: | ||||||||||||||||
Common stock | 0 | 0 | 0 | 0 | ||||||||||||
Additional paid-in capital | 3,422 | 3,245 | 3,143 | 3,033 | ||||||||||||
Treasury stock, at cost | 0 | 0 | 0 | 0 | ||||||||||||
Retained earnings | (20,178 | ) | (19,937 | ) | (22,898 | ) | (60,999 | ) | ||||||||
Accumulated other comprehensive income | (1,441 | ) | (1,327 | ) | (1,518 | ) | (1,295 | ) | ||||||||
Equity attributable to shareholders of Tech Data Corporation | (18,197 | ) | (18,019 | ) | (21,273 | ) | (59,261 | ) | ||||||||
Noncontrolling interest | 0 | 0 | 0 | 0 | ||||||||||||
Total equity | (18,197 | ) | (18,019 | ) | (21,273 | ) | (59,261 | ) | ||||||||
Total liabilities and equity | $ | 16,114 | $ | 28,207 | $ | (25,860 | ) | $ | 24,707 | |||||||
-1 | The adjustments are to correct errors previously discussed in Note 2 - Restatement of Consolidated Financial Statements. | |||||||||||||||
As of | ||||||||||||||||
AS RESTATED | April 30 | July 31 | October 31 | January 31 | ||||||||||||
(In thousands) | ||||||||||||||||
Fiscal year 2012: | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 652,315 | $ | 791,557 | $ | 796,895 | $ | 486,262 | ||||||||
Accounts receivable | 2,863,654 | 2,750,223 | 2,863,609 | 2,778,641 | ||||||||||||
Inventories | 2,439,798 | 2,085,967 | 2,098,746 | 1,932,289 | ||||||||||||
Prepaid expenses and other assets | 206,074 | 192,681 | 207,351 | 197,308 | ||||||||||||
Total current assets | 6,161,841 | 5,820,428 | 5,966,601 | 5,394,500 | ||||||||||||
Property and equipment, net | 96,045 | 91,330 | 88,178 | 88,881 | ||||||||||||
Other assets, net | 293,053 | 287,816 | 317,443 | 312,887 | ||||||||||||
Total assets | $ | 6,550,939 | $ | 6,199,574 | $ | 6,372,222 | $ | 5,796,268 | ||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 3,179,558 | $ | 3,005,199 | $ | 3,279,802 | $ | 3,091,611 | ||||||||
Accrued expenses and other liabilities | 528,053 | 494,456 | 508,790 | 533,835 | ||||||||||||
Revolving credit loans and current maturities of long-term debt, net | 418,444 | 424,320 | 411,909 | 48,490 | ||||||||||||
Total current liabilities | 4,126,055 | 3,923,975 | 4,200,501 | 3,673,936 | ||||||||||||
Long-term debt, less current maturities | 64,889 | 62,810 | 61,223 | 57,253 | ||||||||||||
Other long-term liabilities | 67,847 | 63,796 | 76,809 | 82,950 | ||||||||||||
Total liabilities | 4,258,791 | 4,050,581 | 4,338,533 | 3,814,139 | ||||||||||||
Shareholders’ equity: | ||||||||||||||||
Common stock | 89 | 89 | 89 | 89 | ||||||||||||
Additional paid-in capital | 764,574 | 765,055 | 767,933 | 773,087 | ||||||||||||
Treasury stock, at cost | (486,330 | ) | (632,154 | ) | (728,600 | ) | (739,614 | ) | ||||||||
Retained earnings | 1,497,919 | 1,543,265 | 1,593,127 | 1,637,103 | ||||||||||||
Accumulated other comprehensive income | 489,962 | 445,928 | 371,476 | 283,139 | ||||||||||||
Equity attributable to shareholders of Tech Data Corporation | 2,266,214 | 2,122,183 | 2,004,025 | 1,953,804 | ||||||||||||
Noncontrolling interest | 25,934 | 26,810 | 29,664 | 28,325 | ||||||||||||
Total equity | 2,292,148 | 2,148,993 | 2,033,689 | 1,982,129 | ||||||||||||
Total liabilities and equity | $ | 6,550,939 | $ | 6,199,574 | $ | 6,372,222 | $ | 5,796,268 | ||||||||
As of | ||||||||||||||||
AS REPORTED | April 30 | July 31 | October 31 | January 31 | ||||||||||||
(In thousands) | ||||||||||||||||
Fiscal year 2012: | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 807,554 | $ | 905,138 | $ | 899,666 | $ | 505,178 | ||||||||
Accounts receivable | 2,916,549 | 2,833,724 | 2,928,041 | 2,871,243 | ||||||||||||
Inventories | 2,271,537 | 1,878,911 | 1,961,299 | 1,802,976 | ||||||||||||
Prepaid expenses and other assets | 210,514 | 198,006 | 213,952 | 202,505 | ||||||||||||
Total current assets | 6,206,154 | 5,815,779 | 6,002,958 | 5,381,902 | ||||||||||||
Property and equipment, net | 95,955 | 91,242 | 88,092 | 88,595 | ||||||||||||
Other assets, net | 295,378 | 290,045 | 319,583 | 314,921 | ||||||||||||
Total assets | $ | 6,597,487 | $ | 6,197,066 | $ | 6,410,633 | $ | 5,785,418 | ||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 3,211,201 | $ | 2,985,230 | $ | 3,295,867 | $ | 3,042,809 | ||||||||
Accrued expenses and other liabilities | 539,169 | 503,413 | 520,751 | 551,280 | ||||||||||||
Revolving credit loans and current maturities of long-term debt, net | 418,444 | 424,320 | 411,909 | 48,490 | ||||||||||||
Total current liabilities | 4,168,814 | 3,912,963 | 4,228,527 | 3,642,579 | ||||||||||||
Long-term debt, less current maturities | 64,889 | 62,810 | 61,223 | 57,253 | ||||||||||||
Other long-term liabilities | 69,368 | 65,315 | 76,864 | 83,438 | ||||||||||||
Total liabilities | 4,303,071 | 4,041,088 | 4,366,614 | 3,783,270 | ||||||||||||
Shareholders’ equity: | ||||||||||||||||
Common stock | 89 | 89 | 89 | 89 | ||||||||||||
Additional paid-in capital | 762,873 | 763,025 | 765,525 | 769,826 | ||||||||||||
Treasury stock, at cost | (486,330 | ) | (632,154 | ) | (728,600 | ) | (739,614 | ) | ||||||||
Retained earnings | 1,502,072 | 1,552,179 | 1,605,698 | 1,659,767 | ||||||||||||
Accumulated other comprehensive income | 489,778 | 446,029 | 371,643 | 283,755 | ||||||||||||
Equity attributable to shareholders of Tech Data Corporation | 2,268,482 | 2,129,168 | 2,014,355 | 1,973,823 | ||||||||||||
Noncontrolling interest | 25,934 | 26,810 | 29,664 | 28,325 | ||||||||||||
Total equity | 2,294,416 | 2,155,978 | 2,044,019 | 2,002,148 | ||||||||||||
Total liabilities and equity | $ | 6,597,487 | $ | 6,197,066 | $ | 6,410,633 | $ | 5,785,418 | ||||||||
As of | ||||||||||||||||
ADJUSTMENTS (1) | April 30 | July 31 | October 31 | January 31 | ||||||||||||
(In thousands) | ||||||||||||||||
Fiscal year 2012: | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | (155,239 | ) | $ | (113,581 | ) | $ | (102,771 | ) | $ | (18,916 | ) | ||||
Accounts receivable | (52,895 | ) | (83,501 | ) | (64,432 | ) | (92,602 | ) | ||||||||
Inventories | 168,261 | 207,056 | 137,447 | 129,313 | ||||||||||||
Prepaid expenses and other assets | (4,440 | ) | (5,325 | ) | (6,601 | ) | (5,197 | ) | ||||||||
Total current assets | (44,313 | ) | 4,649 | (36,357 | ) | 12,598 | ||||||||||
Property and equipment, net | 90 | 88 | 86 | 286 | ||||||||||||
Other assets, net | (2,325 | ) | (2,229 | ) | (2,140 | ) | (2,034 | ) | ||||||||
Total assets | $ | (46,548 | ) | $ | 2,508 | $ | (38,411 | ) | $ | 10,850 | ||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | (31,643 | ) | $ | 19,969 | $ | (16,065 | ) | $ | 48,802 | ||||||
Accrued expenses and other liabilities | (11,116 | ) | (8,957 | ) | (11,961 | ) | (17,445 | ) | ||||||||
Revolving credit loans and current maturities of long-term debt, net | 0 | 0 | 0 | 0 | ||||||||||||
Total current liabilities | (42,759 | ) | 11,012 | (28,026 | ) | 31,357 | ||||||||||
Long-term debt, less current maturities | 0 | 0 | 0 | 0 | ||||||||||||
Other long-term liabilities | (1,521 | ) | (1,519 | ) | (55 | ) | (488 | ) | ||||||||
Total liabilities | (44,280 | ) | 9,493 | (28,081 | ) | 30,869 | ||||||||||
Shareholders’ equity: | ||||||||||||||||
Common stock | 0 | 0 | 0 | 0 | ||||||||||||
Additional paid-in capital | 1,701 | 2,030 | 2,408 | 3,261 | ||||||||||||
Treasury stock, at cost | 0 | 0 | 0 | 0 | ||||||||||||
Retained earnings | (4,153 | ) | (8,914 | ) | (12,571 | ) | (22,664 | ) | ||||||||
Accumulated other comprehensive income | 184 | (101 | ) | (167 | ) | (616 | ) | |||||||||
Equity attributable to shareholders of Tech Data Corporation | (2,268 | ) | (6,985 | ) | (10,330 | ) | (20,019 | ) | ||||||||
Noncontrolling interest | 0 | 0 | 0 | 0 | ||||||||||||
Total equity | (2,268 | ) | (6,985 | ) | (10,330 | ) | (20,019 | ) | ||||||||
Total liabilities and equity | $ | (46,548 | ) | $ | 2,508 | $ | (38,411 | ) | $ | 10,850 | ||||||
-1 | The adjustments are to correct errors previously discussed in Note 2 - Restatement of Consolidated Financial Statements. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Jan. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
NOTE 17 — SUBSEQUENT EVENTS | |
Contingencies | |
During the fourth quarter of fiscal year 2014, the Spanish National Appellate Court issued an opinion upholding an assessment for various VAT matters pertaining to periods prior to fiscal 2004. Although the Company believes that the Spanish subsidiary's defense to the assessments has solid legal grounds and is continuing to vigorously defend its position by appealing to the Spanish Supreme Court, the risk that the assessments will be upheld has significantly increased. The Spanish National Appellate Court opinion represents a subsequent event that occurred prior to the issuance of the fiscal 2013 financial statements in relation to a loss contingency that existed as of January 31, 2013. As a result of this subsequent event, which is unrelated to the restatement discussed in Note 2 - Restatement of Consolidated Financial Statements, the Company has increased its accrual for costs associated with this matter by recording a charge of $41.0 million in the fiscal 2013 Consolidated Statement of Income, including $29.5 million recorded in "value added tax assessment" to cover the assessment and various penalties and $11.5 million recorded in "interest expense" for interest that could be assessed (see further discussion in Note 14 - Commitments and Contingencies). | |
The Company has been a claimant in proceedings seeking damages from certain manufacturers of LCD flat panel displays. During the third quarter of fiscal 2014, the Company reached settlement agreements with certain manufacturers in the amount of $22.9 million, net of all attorney fees and expenses. During the fourth quarter of fiscal 2014, the Company reached a settlement agreement with an additional manufacturer in the amount of approximately $12.5 million, net of estimated attorney fees and expenses. As each of these settlement agreements represents a subsequent event in relation to a gain contingency, the amounts will be recorded as a reduction of expenses in fiscal 2014. | |
Restatement Related Expenses | |
In connection with the matters described in Note 2 - Restatement of Consolidated Financial Statements, the Company estimates that costs associated with the restatement efforts will be approximately $50 million to $60 million in fiscal 2014. |
Schedule_II_Valuation_And_Qual
Schedule II Valuation And Qualifying Accounts | 12 Months Ended | |||||||||||||||||||
Jan. 31, 2013 | ||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||||||
Valuation And Qualifying Accounts | ' | |||||||||||||||||||
SCHEDULE II | ||||||||||||||||||||
TECH DATA CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Activity | ||||||||||||||||||||
Allowance for doubtful accounts receivable and sales returns | Balance at | Charged to | Deductions | Other(1) | Balance at | |||||||||||||||
beginning | cost and | end of | ||||||||||||||||||
of period | expenses | period | ||||||||||||||||||
January 31, | ||||||||||||||||||||
2013 | $ | 56,753 | $ | 9,653 | $ | (24,425 | ) | $ | 16,303 | $ | 58,284 | |||||||||
2012 (as restated) | 60,584 | 10,813 | (30,772 | ) | 16,128 | 56,753 | ||||||||||||||
2011 (as restated) | 58,119 | 11,798 | (20,970 | ) | 11,637 | 60,584 | ||||||||||||||
-1 | “Other” primarily includes recoveries, acquisitions and dispositions and the effect of fluctuations in foreign currencies. |
Business_And_Summary_Of_Signif1
Business And Summary Of Significant Accounting Policies (Policy) | 12 Months Ended | ||||||||
Jan. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Principles Of Consolidation | ' | ||||||||
Principles of Consolidation | |||||||||
The consolidated financial statements include the accounts of Tech Data and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Noncontrolling interest is recognized for the portion of a consolidated joint venture not owned by the Company. The noncontrolling interest of the consolidated joint venture was purchased by the Company during fiscal 2013 (as further discussed in Note 6 - Acquisitions). The Company operates on a fiscal year that ends on January 31. | |||||||||
Basis Of Presentation | ' | ||||||||
Basis of Presentation | |||||||||
The consolidated financial statements have been prepared by the Company, pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). The Company prepares its financial statements in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”). These principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||
Revenue Recognition | ' | ||||||||
Revenue Recognition | |||||||||
Revenue is recognized once four criteria are met: (1) the Company must have persuasive evidence that an arrangement exists; (2) delivery must occur, which generally happens at the point of shipment (this includes the transfer of both title and risk of loss, provided that no significant obligations remain); (3) the price must be fixed or determinable; and (4) collectability must be reasonably assured. Shipping revenue is included in net sales while the related costs, including shipping and handling costs, are included in the cost of products sold. The Company allows its customers to return product for exchange or credit subject to certain limitations. A provision for such returns is recorded at the time of sale based upon historical experience. The Company also has certain fulfillment and extended warranty contracts with certain customers and suppliers whereby the Company assumes an agency relationship in the transaction. In such arrangements where the Company is not the primary obligor, revenues are recognized as the net fee associated with serving as an agent. Taxes imposed by governmental authorities on the Company’s revenue-producing activities with customers, such as sales taxes and value added taxes, are excluded from net sales. | |||||||||
Service revenue associated with configuration, training, fulfillment and other services is recognized when the work is complete and the four criteria discussed above have been met. Service revenues have represented less than 10% of consolidated net sales for fiscal years 2013, 2012 and 2011. | |||||||||
The Company generated approximately 21%, 25% and 27% of consolidated net sales in fiscal 2013, 2012 and 2011, respectively, from products purchased from Hewlett-Packard Company and 12% of consolidated net sales in fiscal 2013 from products purchased from Apple, Inc. There were no other vendors and no customers that accounted for 10% or more of the Company’s consolidated net sales in fiscal 2013, 2012 or 2011. | |||||||||
Cash And Cash Equivalents | ' | ||||||||
Cash and Cash Equivalents | |||||||||
Short-term investments which are highly liquid and have an original maturity of 90 days or less are considered cash equivalents. | |||||||||
The Company had book overdrafts included in current liabilities of $6.0 million and $30.0 million at January 31, 2013 and 2012, respectively, related to bank accounts where a right of setoff does not exist. | |||||||||
Accounts Receivable | ' | ||||||||
Accounts Receivable | |||||||||
The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. In estimating the required allowance, the Company takes into consideration the overall quality and aging of the receivable portfolio, the large number of customers and their dispersion across wide geographic areas, the existence of credit insurance, specifically identified customer risks, historical write-off experience and the current economic environment. If actual customer performance were to deteriorate to an extent not expected by the Company, additional allowances may be required which could have an adverse effect on the Company’s financial results. Conversely, if actual customer performance were to improve to an extent not expected by us, a reduction in the allowance may be required which could have a favorable effect on the Company’s consolidated financial results. | |||||||||
Accounts receivable purchase facility program | ' | ||||||||
Accounts Receivable Purchase Agreements | |||||||||
The Company has certain uncommitted accounts receivable purchase agreements under which certain accounts receivable may be sold, without recourse, to third-party financial institutions. Under these programs, the Company may sell certain accounts receivable in exchange for cash less a discount, as defined in the agreements. Available capacity under these programs, which the Company uses as a source of working capital funding, is dependent on the level of accounts receivable eligible to be sold into these programs and the financial institutions' willingness to purchase such receivables. In addition, certain of these agreements also require that the Company continue to service, administer and collect the sold accounts receivable. At January 31, 2013 and 2012, the Company had a total of $284.7 million and $176.6 million, respectively, of accounts receivable sold to and held by financial institutions under these agreements. During the fiscal years ended January 31, 2013, 2012 and 2011, discount fees recorded under these facilities were $2.6 million, $1.1 million, and $0.5 million, respectively, which are included as a component of "other expense (income), net" in the Company's Consolidated Statement of Income. | |||||||||
Inventories | ' | ||||||||
Inventories | |||||||||
Inventories, consisting entirely of finished goods, are stated at the lower of cost or market, cost being determined on a moving average cost basis, which approximates the first-in, first-out (“FIFO”) method. Inventory is written down for estimated obsolescence equal to the difference between the cost of inventory and the estimated market value, based upon an aging analysis of the inventory on hand, specifically known inventory-related risks (such as technological obsolescence and the nature of vendor terms surrounding price protection and product returns), foreign currency fluctuations for foreign-sourced product and assumptions about future demand. Market conditions or changes in terms and conditions by the Company’s vendors that are less favorable than those projected by management may require additional inventory write-downs, which could have an adverse effect on the Company’s consolidated financial results. | |||||||||
Vendor Incentives | ' | ||||||||
Vendor Incentives | |||||||||
The Company receives incentives from vendors related to cooperative advertising allowances, infrastructure funding, volume rebates and other incentive agreements. These incentives are generally under quarterly, semi-annual or annual agreements with the vendors; however, some of these incentives are negotiated on an ad-hoc basis to support specific programs mutually developed with the vendor. Unrestricted volume rebates and early payment discounts received from vendors are recorded when they are earned as a reduction of inventory and as a reduction of cost of products sold as the related inventory is sold. Vendor incentives for specifically identified cooperative advertising programs and infrastructure funding are recorded when earned as adjustments to product costs or selling, general and administrative expenses, depending on the nature of the program. | |||||||||
Reserves for receivables on vendor programs are recorded for estimated losses resulting from vendors’ inability to pay or rejections of claims by vendors. Should amounts recorded as outstanding receivables from vendors be deemed uncollectible, additional allowances may be required which could have an adverse effect on the Company’s consolidated financial results. Conversely, if amounts recorded as outstanding receivables from vendors were to improve to an extent not expected by us, a reduction in the allowance may be required which could have a favorable effect on the Company’s consolidated financial results. | |||||||||
Property And Equipment | ' | ||||||||
Property and Equipment | |||||||||
Property and equipment are stated at cost and property and equipment under capital leases are stated at the present value of the future minimum lease payments determined at the inception of the lease. Depreciation expense includes depreciation of purchased property and equipment and assets recorded under capital leases. Depreciation expense is computed over the shorter of the estimated economic lives or lease periods using the straight-line method as follows: | |||||||||
Years | |||||||||
Buildings and improvements | 15 | - | 39 | ||||||
Leasehold improvements | 3 | - | 10 | ||||||
Furniture, fixtures and equipment | 3 | - | 10 | ||||||
Expenditures for renewals and improvements that significantly add to productive capacity or extend the useful life of an asset are capitalized. Expenditures for maintenance and repairs are charged to operations when incurred. When assets are sold or retired, the cost of the asset and the related accumulated depreciation are eliminated and any gain or loss is recognized at such time. | |||||||||
Long-Lived Assets | ' | ||||||||
Long-Lived Assets | |||||||||
Long-lived assets are reviewed for potential impairment at such time when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. An impairment loss is evaluated when the sum of the expected, undiscounted future net cash flows is less than the carrying amount of the asset. Any impairment loss is measured by comparing the fair value of the asset to its carrying value. | |||||||||
Goodwill | ' | ||||||||
Goodwill | |||||||||
The Company performs an annual review for the potential impairment of the carrying value of goodwill, or more frequently if current events and circumstances indicate a possible impairment. An impairment loss is charged to expense in the period identified. This testing includes the determination of each reporting unit’s fair value using market multiples and discounted cash flow modeling. The Company performs its annual review for goodwill impairment as of January 31st of each fiscal year. | |||||||||
Intangible Assets | ' | ||||||||
Intangible Assets | |||||||||
Included within other assets at both January 31, 2013 and 2012 are certain intangible assets including capitalized software and development costs, as well as customer and vendor relationships, preferred supplier agreements, noncompete agreements and trademarks acquired in connection with various business acquisitions. Such capitalized costs and intangible assets are being amortized over a period of three to ten years. | |||||||||
The Company’s capitalized software has been obtained or developed for internal use only. Development and acquisition costs are capitalized for computer software only when management authorizes and commits to funding a computer software project through the approval of a capital expenditure requisition, and the software project is either for the development of new software, to increase the life of existing software or to add significantly to the functionality of existing software. Once these requirements have been met, capitalization would begin at the point that conceptual formulation, evaluation, design, and testing of possible software project alternatives have been completed. Capitalization ceases when the software project is substantially complete and ready for its intended use. | |||||||||
Costs of computer software developed or obtained for internal use that are capitalized include external direct costs of materials and services consumed in developing or obtaining internal-use computer software and payroll and payroll-related costs for the Company’s IT programmers performing software coding and testing activities (including development of data conversion programs) directly associated with the internal-use computer software project. Prepaid maintenance fees associated with a software application are accounted for separately from the related software and amortized over the life of the maintenance agreement. General, administrative, overhead, training, non-development data conversion processes, and maintenance costs, as well as the costs associated with the preliminary project and post-implementation stages are expensed as incurred. | |||||||||
The Company’s accounting policy is to amortize capitalized software costs on a straight-line basis over periods ranging from three to ten years, depending upon the nature of the software, the stability of the hardware platform on which the software is installed, its fit in the Company’s overall strategy, and our experience with similar software. It is the Company’s policy to amortize personal computer-related software, such as spreadsheet and word processing applications, over three years, which reflects the rapid changes in personal computer software. Mainframe software licenses are amortized over five years, which is in line with the longer economic life of mainframe systems compared to personal computer systems. Finally, strategic applications such as customer relationship management and enterprise-wide systems are amortized over seven to ten years based on their strategic fit and the Company’s historical experience with such applications. | |||||||||
Product Warranty | ' | ||||||||
Product Warranty | |||||||||
The Company’s vendors generally warrant the products distributed by the Company and allow the Company to return defective products, including those that have been returned to the Company by its customers. The Company does not independently warrant the products it distributes; however, in several countries where the Company operates, the Company is responsible for defective product as a matter of law. The time period required by law in certain countries exceeds the warranty period provided by the manufacturer. The Company is obligated to provide warranty protection for sales of certain IT products within the European Union (“EU”) for up to two years as required under the EU directive where vendors have not affirmatively agreed to provide pass-through protection. To date, the Company has not incurred any significant costs for defective products under these legal requirements. The Company does warrant services with regard to products integrated for its customers. A provision for estimated warranty costs is recorded at the time of sale and periodically adjusted to reflect actual experience. To date, the Company has not incurred any significant service warranty costs. Fees charged for products configured by the Company represented less than 10% of net sales for fiscal years 2013, 2012 and 2011. | |||||||||
Value Added Taxes | ' | ||||||||
Value Added Taxes | |||||||||
The majority of our international operations are subject to a value added tax ("VAT"), which is typically applied to all goods and services purchased and sold. The Company's VAT liability represents VAT that has been recorded on sales to our customers and not yet remitted to the respective governmental authorities and the Company's VAT receivable represents VAT paid on purchases of goods and services that will be collected from future sales to our customers. At January 31, 2013 and 2012, the Company's VAT liability is approximately $236.0 million and $187.5 million, respectively, and is included in "accrued expenses and other liabilities" on the Company's Consolidated Balance Sheet. | |||||||||
Income Taxes | ' | ||||||||
Income Taxes | |||||||||
Income taxes are accounted for under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the fiscal period that includes the enactment date. Deferred taxes have not been provided on the cumulative undistributed earnings of foreign subsidiaries or the cumulative translation adjustment related to those investments because such amounts are expected to be reinvested indefinitely. | |||||||||
The Company’s future effective tax rates could be adversely affected by earnings being lower than anticipated in countries with lower statutory rates, changes in the relative mix of taxable income and taxable loss jurisdictions, changes in the valuation of deferred tax assets or liabilities or changes in tax laws or interpretations thereof. The Company considers all positive and negative evidence available in determining the potential realization of deferred tax assets, including the scheduled reversal of temporary differences, recent cumulative losses, recent and projected future taxable income and prudent and feasible tax planning strategies. In making this determination, the Company places greater emphasis on recent cumulative losses and recent taxable income due to the inherent lack of subjectivity associated with these factors. In addition, the Company is subject to the continuous examination of its income tax returns by the Internal Revenue Service and other tax authorities. The Company regularly assesses the likelihood of adverse outcomes resulting from these examinations to determine the adequacy of its provision for income taxes. To the extent the Company were to prevail in matters for which accruals have been established or to be required to pay amounts in excess of such accruals, the Company’s effective tax rate in a given financial statement period could be materially affected. | |||||||||
Concentration Of Credit Risk | ' | ||||||||
Concentration of Credit Risk | |||||||||
The Company’s financial instruments which are subject to concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable and foreign currency exchange contracts. The Company’s cash and cash equivalents are deposited and/or invested with various financial institutions globally that are monitored on a regular basis by the Company for credit quality. | |||||||||
The Company sells its products to a large base of value-added resellers, direct marketers, retailers and corporate resellers throughout North America, South America and Europe. The Company performs ongoing credit evaluations of its customers and generally does not require collateral. The Company has obtained credit insurance, primarily in Europe, which insures a percentage of credit extended by the Company to certain of its customers against possible loss. The Company makes provisions for estimated credit losses at the time of sale. No single customer accounted for more than 10% of the Company’s net sales during fiscal years 2013, 2012 or 2011. | |||||||||
The Company also enters into foreign currency exchange contracts. In the event of a failure to honor one of these contracts by one of the banks with which the Company has contracted, the Company believes any loss would be limited in most circumstances to the exchange rate differential from the time the contract was executed until the time the contract was settled. The Company’s foreign currency exchange contracts are executed with various financial institutions globally that are monitored on a regular basis by the Company for credit quality. | |||||||||
Foreign Currency Translation | ' | ||||||||
Foreign Currency Translation and Remeasurement | |||||||||
The assets and liabilities of the Company's foreign subsidiaries for which the local currency is the functional currency are translated into U.S. dollars using the exchange rate in effect at each balance sheet date, with the related translation gains or losses reported as components of other comprehensive income, included within shareholders’ equity. All income and expense accounts of the Company's foreign subsidiaries for which the local currency is the functional currency are translated using weighted average exchange rates for each period during the year. The resulting remeasurement gains and losses of these operations as well as gains and losses from foreign currency transactions are included in the Company's Consolidated Income Statement. | |||||||||
Derivative Financial Instruments | ' | ||||||||
Derivative Financial Instruments | |||||||||
The Company faces exposure to changes in foreign currency exchange rates and interest rates. The Company reduces its exposure by creating offsetting positions through the use of derivative financial instruments, in the form of foreign currency forward contracts, in situations where there are not offsetting balances that create an economic hedge. Substantially all of these instruments have terms of 90 days or less. It is the Company’s policy to utilize financial instruments to reduce risk where appropriate and prohibit entering into derivative financial instruments for speculative or trading purposes. | |||||||||
Derivative financial instruments are marked-to-market each period with gains and losses on these contracts recorded in the Company’s Consolidated Statement of Income within “cost of products sold” for derivative instruments used to manage the Company’s exposure to foreign denominated accounts receivable and accounts payable and within “Other expense, net” for derivative instruments used to manage the Company’s exposure to foreign denominated financing transactions. Such mark-to-market gains and losses are recorded in the period in which their value changes, with the offsetting entry for unsettled positions being recorded to either other current assets or other current liabilities. | |||||||||
Comprehensive Income | ' | ||||||||
Comprehensive Income | |||||||||
Comprehensive income is defined as the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owner sources, and is comprised of “net income” and “other comprehensive income.” | |||||||||
The Company’s accumulated other comprehensive income (loss) included in total equity is comprised exclusively of changes in the Company’s currency translation adjustment account (“CTA account”), including applicable income taxes. Total accumulated other comprehensive income includes $23.0 million of income taxes at January 31, 2013, 2012 and 2011, respectively. | |||||||||
Stock-Based Compensation | ' | ||||||||
Stock-Based Compensation | |||||||||
The Company records all equity-based incentive grants to employees and non-employee members of the Company’s Board of Directors in “selling, general and administrative expenses” in the Company’s Consolidated Statement of Income based on their fair values determined on the date of grant. Stock-based compensation expense, reduced for estimated forfeitures, is recognized on a straight-line basis over the requisite service period of the award, which is generally the vesting term of the outstanding equity awards. The Company estimates forfeiture rates based on its historical experience. | |||||||||
Treasury Stock | ' | ||||||||
Treasury Stock | |||||||||
Treasury stock is accounted for at cost. The reissuance of shares from treasury stock for exercises of equity-based awards or other corporate purposes is based on the weighted-average purchase price of the shares. | |||||||||
Contingencies | ' | ||||||||
Contingencies | |||||||||
The Company accrues for contingent obligations, including estimated legal costs, when the obligation is probable and the amount is reasonably estimable. As facts concerning contingencies become known, the Company reassesses its position and makes appropriate adjustments to the financial statements. Estimates that are particularly sensitive to future changes include those related to tax, legal and other regulatory matters such as imports and exports, the imposition of international governmental controls, changes in the interpretation and enforcement of international laws (particularly related to items such as duty and taxation), and the impact of local economic conditions and practices, which are all subject to change as events evolve and as additional information becomes available during the administrative and litigation process. |
Business_And_Summary_Of_Signif2
Business And Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||
Jan. 31, 2013 | ||||||||||
Accounting Policies [Abstract] | ' | |||||||||
Property And Equipment | ' | |||||||||
Depreciation expense is computed over the shorter of the estimated economic lives or lease periods using the straight-line method as follows: | ||||||||||
Years | ||||||||||
Buildings and improvements | 15 | - | 39 | |||||||
Leasehold improvements | 3 | - | 10 | |||||||
Furniture, fixtures and equipment | 3 | - | 10 | |||||||
The Company's property and equipment consists of the following: | ||||||||||
January 31, | ||||||||||
2013 | 2012 | |||||||||
(As restated) | ||||||||||
(In thousands) | ||||||||||
Land | $ | 5,804 | $ | 4,727 | ||||||
Buildings and leasehold improvements | 82,607 | 81,818 | ||||||||
Furniture, fixtures and equipment | 348,694 | 339,075 | ||||||||
Property and equipment | 437,105 | 425,620 | ||||||||
Less accumulated depreciation | (352,710 | ) | (336,739 | ) | ||||||
Property and equipment, net | $ | 84,395 | $ | 88,881 | ||||||
Restatement_of_Consolidated_Fi1
Restatement of Consolidated Financial Statements (Tables) | 12 Months Ended | |||||||||||
Jan. 31, 2013 | ||||||||||||
Accounting Changes and Error Corrections [Abstract] | ' | |||||||||||
Restatement to Prior Year Consolidated Financial Statements | ' | |||||||||||
The following tables present the impact of the restatement on the Company’s previously issued consolidated financial statements. | ||||||||||||
Consolidated Balance Sheet | ||||||||||||
As of January 31, 2012 | ||||||||||||
As Previously Reported | Adjustments | As Restated | ||||||||||
(In thousands) | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 505,178 | $ | (18,916 | ) | (1) | $ | 486,262 | ||||
Accounts receivable | 2,871,243 | (92,602 | ) | (2) | 2,778,641 | |||||||
Inventories | 1,802,976 | 129,313 | (3) | 1,932,289 | ||||||||
Prepaid expenses and other assets | 202,505 | (5,197 | ) | (4) | 197,308 | |||||||
Total current assets | 5,381,902 | 12,598 | 5,394,500 | |||||||||
Property and equipment, net | 88,595 | 286 | 88,881 | |||||||||
Other assets, net | 314,921 | (2,034 | ) | (4) | 312,887 | |||||||
Total assets | $ | 5,785,418 | $ | 10,850 | $ | 5,796,268 | ||||||
Current liabilities: | ||||||||||||
Accounts payable | $ | 3,042,809 | $ | 48,802 | (5) | $ | 3,091,611 | |||||
Accrued expenses and other liabilities | 551,280 | (17,445 | ) | (6) | 533,835 | |||||||
Revolving credit loans and current maturities of long-term debt, net | 48,490 | 0 | 48,490 | |||||||||
Total current liabilities | 3,642,579 | 31,357 | 3,673,936 | |||||||||
Long-term debt, less current maturities | 57,253 | 0 | 57,253 | |||||||||
Other long-term liabilities | 83,438 | (488 | ) | (4) | 82,950 | |||||||
Total liabilities | 3,783,270 | 30,869 | 3,814,139 | |||||||||
Shareholders’ equity: | ||||||||||||
Common stock | 89 | 0 | 89 | |||||||||
Additional paid-in capital | 769,826 | 3,261 | (7) | 773,087 | ||||||||
Treasury stock, at cost | (739,614 | ) | 0 | (739,614 | ) | |||||||
Retained earnings | 1,659,767 | (22,664 | ) | (7) | 1,637,103 | |||||||
Accumulated other comprehensive income | 283,755 | (616 | ) | (7) | 283,139 | |||||||
Equity attributable to shareholders of Tech Data Corporation | 1,973,823 | (20,019 | ) | 1,953,804 | ||||||||
Noncontrolling interest | 28,325 | 0 | 28,325 | |||||||||
Total equity | 2,002,148 | (20,019 | ) | 1,982,129 | ||||||||
Total liabilities and equity | $ | 5,785,418 | $ | 10,850 | $ | 5,796,268 | ||||||
-1 | Cash and cash equivalents includes adjustments to reduce cash to correct bank reconciliation cutoff errors that recognized certain cash in-transit from customers (also recognized as a reduction of accounts receivable). | |||||||||||
-2 | Accounts receivable has been adjusted primarily to reduce the balance for estimated sales returns by $72.7 million and the cash cutoff errors discussed in (1) above. The Company had previously only recognized the net impact on gross profit for estimated sales returns. | |||||||||||
-3 | Inventory includes an adjustment to increase the balance for estimated sales returns by $72.7 million, as discussed in (2) above, and adjustments of $55.7 million for sales and inventory cutoff errors that were not appropriately recorded based on the delivery terms. | |||||||||||
-4 | Other assets and other liabilities contain various adjustments that are insignificant individually and in the aggregate pertaining to the errors described above, primarily related to the inadequate reconciliations of the accounts. | |||||||||||
-5 | Accounts payable has been adjusted primarily to recognize an increase of $27.6 million for inventory cutoff errors that were not appropriately reported based on the delivery terms; and the impact of vendor accounting errors in the Company's primary operating subsidiary in the UK and two other European subsidiaries of $17.9 million. | |||||||||||
-6 | Accrued expenses and other liabilities includes adjustments primarily related to reducing the taxes payable by $11.9 million as a result of the restatement adjustments and other adjustments due to various immaterial errors. | |||||||||||
-7 | Shareholders’ equity includes an adjustment to retained earnings and the cumulative translation account to account for the restatement errors identified herein and adjustments to additional paid-in capital primarily to correct errors related to stock-based compensation. | |||||||||||
Consolidated Statement of Income | ||||||||||||
Fiscal Year Ended January 31, 2012 | ||||||||||||
As Previously Reported | Adjustments | As Restated | ||||||||||
(In thousands, except per share amounts) | ||||||||||||
Net sales | $ | 26,488,124 | $ | (840,811 | ) | (1) | $ | 25,647,313 | ||||
Cost of products sold | 25,094,133 | (824,261 | ) | (1) | 24,269,872 | |||||||
Gross profit | 1,393,991 | (16,550 | ) | (2) | 1,377,441 | |||||||
Operating expenses: | ||||||||||||
Selling, general and administrative expenses | 1,037,839 | 6,762 | (3) | 1,044,601 | ||||||||
Loss on disposal of subsidiaries | 28,294 | 0 | 28,294 | |||||||||
1,066,133 | 6,762 | 1,072,895 | ||||||||||
Operating income | 327,858 | (23,312 | ) | 304,546 | ||||||||
Interest expense | 31,343 | 34 | 31,377 | |||||||||
Other expense (income), net | 1,193 | (335 | ) | 858 | ||||||||
Income before income taxes | 295,322 | (23,011 | ) | 272,311 | ||||||||
Provision for income taxes | 78,474 | (7,365 | ) | (4) | 71,109 | |||||||
Consolidated net income | 216,848 | (15,646 | ) | 201,202 | ||||||||
Net income attributable to noncontrolling interest | (10,452 | ) | 0 | (10,452 | ) | |||||||
Net income attributable to shareholders of Tech Data Corporation | $ | 206,396 | $ | (15,646 | ) | $ | 190,750 | |||||
Net income per share attributable to shareholders of Tech Data Corporation: | ||||||||||||
Basic | $ | 4.72 | $ | (0.36 | ) | $ | 4.36 | |||||
Diluted | $ | 4.66 | $ | (0.36 | ) | $ | 4.3 | |||||
(1) Net sales and cost of products sold adjustments primarily reflect the impact to appropriately present sales of vendor warranty services and certain fulfillment contracts on an agency basis as net fees of $833.2 million, consistent with fiscal year 2013. | ||||||||||||
(2) Gross profit adjustments primarily reflect the impact of vendor accounting errors in the Company's primary operating subsidiary in the UK and two other European subsidiaries of $17.8 million and various other immaterial errors. | ||||||||||||
(3) Selling, general and administrative expenses adjustments primarily reflect the impact of errors in the Company's primary operating subsidiary in the UK and two other European subsidiaries of $6.7 million, which includes adjustments for uncollectible accounts receivable of $2.6 million and various other immaterial errors. | ||||||||||||
(4) The provision for income taxes has been adjusted primarily to reduce tax expense as a result of the reduction of profit resulting from the restatement adjustments described herein. | ||||||||||||
Fiscal Year Ended January 31, 2011 | ||||||||||||
As Previously Reported | Adjustments | As Restated | ||||||||||
(In thousands, except per share amounts) | ||||||||||||
Net sales | $ | 24,375,973 | $ | (756,035 | ) | (1) | $ | 23,619,938 | ||||
Cost of products sold | 23,092,685 | (751,000 | ) | (1) | 22,341,685 | |||||||
Gross profit | 1,283,288 | (5,035 | ) | (2) | 1,278,253 | |||||||
Selling, general and administrative expenses | 949,303 | 7,542 | (3) | 956,845 | ||||||||
Operating income | 333,985 | (12,577 | ) | 321,408 | ||||||||
Interest expense | 29,926 | 0 | 29,926 | |||||||||
Other expense (income), net | 444 | (4,794 | ) | (4) | (4,350 | ) | ||||||
Income before income taxes | 303,615 | (7,783 | ) | 295,832 | ||||||||
Provision for income taxes | 84,752 | (1,912 | ) | (5) | 82,840 | |||||||
Consolidated net income | 218,863 | (5,871 | ) | 212,992 | ||||||||
Net income attributable to noncontrolling interest | (4,620 | ) | 0 | (4,620 | ) | |||||||
Net income attributable to shareholders of Tech Data Corporation | $ | 214,243 | $ | (5,871 | ) | $ | 208,372 | |||||
Net income per share attributable to shareholders of Tech Data Corporation: | ||||||||||||
Basic | $ | 4.41 | $ | (0.12 | ) | $ | 4.29 | |||||
Diluted | $ | 4.36 | $ | (0.11 | ) | $ | 4.25 | |||||
(1) Net sales and cost of products sold adjustments primarily reflect the impact to appropriately present sales of vendor warranty services and certain fulfillment contracts on an agency basis as net fees of $740.6 million, consistent with fiscal year 2013. | ||||||||||||
(2) Gross profit adjustments primarily reflect the impact of vendor accounting errors in the Company's primary operating subsidiary in the UK and two other European subsidiaries of $5.7 million, partially offset by the impact of reversing the improper deferral of net foreign currency exchange losses in a European subsidiary of $2.9 million. | ||||||||||||
(3) Selling, general and administrative expenses include an adjustment to reclassify investment income of $4.8 million related to the Company’s deferred compensation plan assets from selling, general and administrative expenses where it was recorded as a reduction of the corresponding payroll expense related to the plan to other expense (income), net and various other adjustments to correct immaterial errors. | ||||||||||||
(4) Other expense (income), net has been adjusted to reclassify investment income of $4.8 million related to the Company’s deferred compensation plan assets from selling, general and administrative expenses where it was recorded as a reduction of the corresponding payroll expense related to the plan. | ||||||||||||
(5) The provision for income taxes has been adjusted primarily to reduce tax expense as a result of the reduction of profit resulting from the restatement adjustments described herein. | ||||||||||||
Consolidated Statement of Comprehensive Income | ||||||||||||
Fiscal Year Ended January 31, 2012 | ||||||||||||
As Previously Reported | Adjustments | As Restated | ||||||||||
(In thousands) | ||||||||||||
Consolidated net income | $ | 216,848 | $ | (15,646 | ) | $ | 201,202 | |||||
Other comprehensive loss: | ||||||||||||
Foreign currency translation adjustment | (76,664 | ) | (155 | ) | (76,819 | ) | ||||||
Total other comprehensive income | 140,184 | (15,801 | ) | 124,383 | ||||||||
Comprehensive income attributable to noncontrolling interest | (8,917 | ) | 0 | (8,917 | ) | |||||||
Comprehensive income attributable to shareholders of Tech Data Corporation | $ | 131,267 | $ | (15,801 | ) | $ | 115,466 | |||||
Fiscal Year Ended January 31, 2011 | ||||||||||||
As Previously Reported | Adjustments | As Restated | ||||||||||
(In thousands) | ||||||||||||
Consolidated net income | $ | 218,863 | $ | (5,871 | ) | $ | 212,992 | |||||
Other comprehensive loss: | ||||||||||||
Foreign currency translation adjustment | (614 | ) | (304 | ) | (918 | ) | ||||||
Total other comprehensive income | 218,249 | (6,175 | ) | 212,074 | ||||||||
Comprehensive income attributable to noncontrolling interest | (4,703 | ) | 0 | (4,703 | ) | |||||||
Comprehensive income attributable to shareholders of Tech Data Corporation | $ | 213,546 | $ | (6,175 | ) | $ | 207,371 | |||||
Consolidated Statement of Cash Flows | ||||||||||||
Fiscal Year Ended January 31, 2012 | ||||||||||||
As Previously Reported | Adjustments | As Restated | ||||||||||
(In thousands) | ||||||||||||
Cash flows from operating activities: | ||||||||||||
Cash received from customers | $ | 26,435,178 | $ | 598,768 | $ | 27,033,946 | ||||||
Cash paid to suppliers and employees | (25,827,475 | ) | (577,274 | ) | (26,404,749 | ) | ||||||
Interest paid | (18,313 | ) | 0 | (18,313 | ) | |||||||
Income taxes paid | (85,978 | ) | 0 | (85,978 | ) | |||||||
Net cash provided by operating activities | 503,412 | 21,494 | 524,906 | |||||||||
Cash flows from investing activities: | ||||||||||||
Acquisition of businesses, net of cash acquired | (24,898 | ) | 0 | (24,898 | ) | |||||||
Expenditures for property and equipment | (13,385 | ) | (287 | ) | (13,672 | ) | ||||||
Software development costs | (30,985 | ) | 98 | (30,887 | ) | |||||||
Gains on investments | 0 | 335 | 335 | |||||||||
Net cash used in investing activities | (69,268 | ) | 146 | (69,122 | ) | |||||||
Cash flows from financing activities: | ||||||||||||
Proceeds from the reissuance of treasury stock | 35,093 | 0 | 35,093 | |||||||||
Cash paid for purchase of treasury stock | (314,886 | ) | 0 | (314,886 | ) | |||||||
Borrowings on long-term loans from joint venture partner | 460 | 0 | 460 | |||||||||
Net borrowings (repayments) on revolving credit loans | (41,195 | ) | 0 | (41,195 | ) | |||||||
Principal payments on long-term debt | (352,316 | ) | 0 | (352,316 | ) | |||||||
Excess tax benefit from stock-based compensation | 2,003 | 0 | 2,003 | |||||||||
Net cash used in financing activities | (670,841 | ) | 0 | (670,841 | ) | |||||||
Effect of exchange rate changes on cash and cash equivalents | (21,850 | ) | 571 | (21,279 | ) | |||||||
Net decrease in cash and cash equivalents | (258,547 | ) | 22,211 | (236,336 | ) | |||||||
Cash and cash equivalents at beginning of year | 763,725 | (41,127 | ) | 722,598 | ||||||||
Cash and cash equivalents at end of year | $ | 505,178 | $ | (18,916 | ) | $ | 486,262 | |||||
Reconciliation of net income to net cash provided by operating activities: | ||||||||||||
Net income attributable to shareholders of Tech Data Corporation | $ | 206,396 | $ | (15,646 | ) | $ | 190,750 | |||||
Net income attributable to noncontrolling interest | 10,452 | 0 | 10,452 | |||||||||
Consolidated net income | 216,848 | (15,646 | ) | 201,202 | ||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||
Loss on disposal of subsidiaries | 28,294 | 0 | 28,294 | |||||||||
Depreciation and amortization | 57,332 | 0 | 57,332 | |||||||||
Provision for losses on accounts receivable | 10,546 | 267 | 10,813 | |||||||||
Stock-based compensation expense | 10,699 | 1,295 | 11,994 | |||||||||
Accretion of debt discount on Senior Notes and convertible senior debentures | 8,994 | 0 | 8,994 | |||||||||
Deferred income taxes | (29,746 | ) | (4,206 | ) | (33,952 | ) | ||||||
Excess tax benefit from stock-based compensation | (2,003 | ) | 0 | (2,003 | ) | |||||||
Changes in operating assets and liabilities, net of acquisitions: | ||||||||||||
Accounts receivable | (48,887 | ) | 38,143 | (10,744 | ) | |||||||
Inventories | 370,858 | 86,332 | 457,190 | |||||||||
Prepaid expenses and other assets | (43,358 | ) | 5,257 | (38,101 | ) | |||||||
Accounts payable | (41,081 | ) | (83,496 | ) | (124,577 | ) | ||||||
Accrued expenses and other liabilities | (35,084 | ) | (6,452 | ) | (41,536 | ) | ||||||
Total adjustments | 286,564 | 37,140 | 323,704 | |||||||||
Net cash provided by operating activities | $ | 503,412 | $ | 21,494 | $ | 524,906 | ||||||
Fiscal Year Ended January 31, 2011 | ||||||||||||
As Previously Reported | Adjustments | As Restated | ||||||||||
(In thousands) | ||||||||||||
Cash flows from operating activities: | ||||||||||||
Cash received from customers | $ | 24,258,805 | $ | 494,133 | $ | 24,752,938 | ||||||
Cash paid to suppliers and employees | (24,008,367 | ) | (479,304 | ) | (24,487,671 | ) | ||||||
Interest paid | (15,927 | ) | 0 | (15,927 | ) | |||||||
Income taxes paid | (73,211 | ) | 0 | (73,211 | ) | |||||||
Net cash provided by operating activities | 161,300 | 14,829 | 176,129 | |||||||||
Cash flows from investing activities: | ||||||||||||
Acquisition of businesses, net of cash acquired | (141,138 | ) | 0 | (141,138 | ) | |||||||
Expenditures for property and equipment | (18,614 | ) | (74 | ) | (18,688 | ) | ||||||
Software development costs | (13,288 | ) | 1,176 | (12,112 | ) | |||||||
Gains on investments | 0 | 4,794 | 4,794 | |||||||||
Net cash used in investing activities | (173,040 | ) | 5,896 | (167,144 | ) | |||||||
Cash flows from financing activities: | ||||||||||||
Proceeds from the reissuance of treasury stock | 5,005 | 0 | 5,005 | |||||||||
Cash paid for purchase of treasury stock | (200,000 | ) | 0 | (200,000 | ) | |||||||
Borrowings on long-term loans from joint venture partner | 34,556 | 0 | 34,556 | |||||||||
Net borrowings (repayments) on revolving credit loans | (46,645 | ) | (4,827 | ) | (51,472 | ) | ||||||
Principal payments on long-term debt | (454 | ) | 0 | (454 | ) | |||||||
Excess tax benefit from stock-based compensation | 1,180 | 0 | 1,180 | |||||||||
Net cash used in financing activities | (206,358 | ) | (4,827 | ) | (211,185 | ) | ||||||
Effect of exchange rate changes on cash and cash equivalents | (1,090 | ) | (1,543 | ) | (2,633 | ) | ||||||
Net decrease in cash and cash equivalents | (219,188 | ) | 14,355 | (204,833 | ) | |||||||
Cash and cash equivalents at beginning of year | 982,913 | (55,482 | ) | 927,431 | ||||||||
Cash and cash equivalents at end of year | $ | 763,725 | $ | (41,127 | ) | $ | 722,598 | |||||
Reconciliation of net income to net cash provided by operating activities: | ||||||||||||
Net income attributable to shareholders of Tech Data Corporation | $ | 214,243 | $ | (5,871 | ) | $ | 208,372 | |||||
Net income attributable to noncontrolling interest | 4,620 | 0 | 4,620 | |||||||||
Consolidated net income | 218,863 | (5,871 | ) | 212,992 | ||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||
Depreciation and amortization | 47,285 | 0 | 47,285 | |||||||||
Provision for losses on accounts receivable | 11,517 | 281 | 11,798 | |||||||||
Stock-based compensation expense | 9,887 | 466 | 10,353 | |||||||||
Accretion of debt discount on Senior Notes and convertible senior debentures | 10,278 | 0 | 10,278 | |||||||||
Deferred income taxes | 6,972 | 258 | 7,230 | |||||||||
Excess tax benefit from stock-based compensation | (1,180 | ) | 0 | (1,180 | ) | |||||||
Changes in operating assets and liabilities, net of acquisitions: | ||||||||||||
Accounts receivable | (113,303 | ) | 99,577 | (13,726 | ) | |||||||
Inventories | (349,429 | ) | (132,143 | ) | (481,572 | ) | ||||||
Prepaid expenses and other assets | (34,601 | ) | 5,022 | (29,579 | ) | |||||||
Accounts payable | 335,813 | 60,516 | 396,329 | |||||||||
Accrued expenses and other liabilities | 19,198 | (13,277 | ) | 5,921 | ||||||||
Total adjustments | (57,563 | ) | 20,700 | (36,863 | ) | |||||||
Net cash provided by operating activities | $ | 161,300 | $ | 14,829 | $ | 176,129 | ||||||
Earnings_Per_Share_EPS_Tables
Earnings Per Share ("EPS") (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Jan. 31, 2013 | |||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||||||||||||||||
Earnings Per Share Basic And Diluted | ' | ||||||||||||||||||||||||||||||||
The composition of basic and diluted EPS is as follows: | |||||||||||||||||||||||||||||||||
Year ended | Year ended | Year ended | |||||||||||||||||||||||||||||||
31-Jan-13 | 31-Jan-12 | 31-Jan-11 | |||||||||||||||||||||||||||||||
(As restated) | (As restated) | ||||||||||||||||||||||||||||||||
Net income | Weighted | Per | Net income | Weighted | Per | Net income | Weighted | Per | |||||||||||||||||||||||||
average | share | average | share | average | share | ||||||||||||||||||||||||||||
shares | amount | shares | amount | shares | amount | ||||||||||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||||||||||||
Net income per common share-attributable to shareholders of Tech Data - basic | $ | 176,255 | 38,871 | $ | 4.53 | $ | 190,750 | 43,749 | $ | 4.36 | $ | 208,372 | 48,587 | $ | 4.29 | ||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||||||||||||
Equity-based awards | 309 | 578 | 498 | ||||||||||||||||||||||||||||||
Net income per common share attributable to shareholders of Tech Data - diluted | $ | 176,255 | 39,180 | $ | 4.5 | $ | 190,750 | 44,327 | $ | 4.3 | $ | 208,372 | 49,085 | $ | 4.25 | ||||||||||||||||||
Property_And_Equipment_Net_Tab
Property And Equipment, Net (Tables) | 12 Months Ended | |||||||||
Jan. 31, 2013 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
Property And Equipment, Net | ' | |||||||||
Depreciation expense is computed over the shorter of the estimated economic lives or lease periods using the straight-line method as follows: | ||||||||||
Years | ||||||||||
Buildings and improvements | 15 | - | 39 | |||||||
Leasehold improvements | 3 | - | 10 | |||||||
Furniture, fixtures and equipment | 3 | - | 10 | |||||||
The Company's property and equipment consists of the following: | ||||||||||
January 31, | ||||||||||
2013 | 2012 | |||||||||
(As restated) | ||||||||||
(In thousands) | ||||||||||
Land | $ | 5,804 | $ | 4,727 | ||||||
Buildings and leasehold improvements | 82,607 | 81,818 | ||||||||
Furniture, fixtures and equipment | 348,694 | 339,075 | ||||||||
Property and equipment | 437,105 | 425,620 | ||||||||
Less accumulated depreciation | (352,710 | ) | (336,739 | ) | ||||||
Property and equipment, net | $ | 84,395 | $ | 88,881 | ||||||
Goodwill_And_Intangible_Assets1
Goodwill And Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||
Jan. 31, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule Of Changes In Carrying Amount Of Goodwill | ' | |||||||||||||||||||||||
The changes in the carrying amount of goodwill, by geographic segment, for the fiscal year ended January 31, 2013, are as follows: | ||||||||||||||||||||||||
Americas | Europe | Total | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Balance as of February 1, 2012 (as restated) | $ | 2,966 | $ | 93,827 | $ | 96,793 | ||||||||||||||||||
Goodwill acquired during the year | 0 | 122,640 | 122,640 | |||||||||||||||||||||
Foreign currency translation adjustment | 0 | 5,612 | 5,612 | |||||||||||||||||||||
Balance as of January 31, 2013 | $ | 2,966 | $ | 222,079 | $ | 225,045 | ||||||||||||||||||
Schedule Of Intangible Assets | ' | |||||||||||||||||||||||
Also included within “other assets, net” are intangible assets as follows: | ||||||||||||||||||||||||
January 31, 2013 | January 31, 2012 (as restated) | |||||||||||||||||||||||
Gross | Accumulated | Net book | Gross | Accumulated | Net book | |||||||||||||||||||
carrying | amortization | value | carrying | amortization | value | |||||||||||||||||||
amount | amount | |||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||
Capitalized software and | $ | 330,116 | $ | 248,013 | $ | 82,103 | $ | 301,052 | $ | 223,148 | $ | 77,904 | ||||||||||||
development costs | ||||||||||||||||||||||||
Customer and vendor relationships | 206,415 | 52,608 | 153,807 | 98,080 | 36,544 | 61,536 | ||||||||||||||||||
Preferred supplier agreement | 30,754 | 1,575 | 29,179 | 0 | 0 | 0 | ||||||||||||||||||
Other intangible assets | 10,789 | 6,320 | 4,469 | 9,636 | 4,505 | 5,131 | ||||||||||||||||||
Total | $ | 578,074 | $ | 308,516 | $ | 269,558 | $ | 408,768 | $ | 264,197 | $ | 144,571 | ||||||||||||
Schedule Of Estimated Amortization Expense | ' | |||||||||||||||||||||||
Estimated amortization expense of capitalized software and development costs placed in service at January 31, 2013, and acquired intangible assets (which includes customer and vendor relationships, preferred supplier agreement and other intangible assets) is as follows (in thousands): | ||||||||||||||||||||||||
Fiscal year: | Capitalized software and development costs | Acquired intangible assets | Total | |||||||||||||||||||||
2014 | $ | 21,000 | $ | 29,800 | $ | 50,800 | ||||||||||||||||||
2015 | 16,200 | 29,400 | 45,600 | |||||||||||||||||||||
2016 | 10,900 | 26,000 | 36,900 | |||||||||||||||||||||
2017 | 8,200 | 24,200 | 32,400 | |||||||||||||||||||||
2018 | 6,200 | 21,400 | 27,600 | |||||||||||||||||||||
Acquisitions_Acquisitions_Tabl
Acquisitions Acquisitions (Tables) | 12 Months Ended | |||||||||
Jan. 31, 2013 | ||||||||||
Business Combinations [Abstract] | ' | |||||||||
Schedule of Purchase Price Allocation | ' | |||||||||
The Company has accounted for the SDG acquisition as a business combination and allocated the purchase price to the estimated fair values of assets acquired and liabilities assumed (in thousands, translated using the foreign currency exchange rates on the date of acquisition): | ||||||||||
Cash | $ | 65,000 | ||||||||
Accounts receivable | 260,800 | |||||||||
Inventories | 126,100 | |||||||||
Tangible assets (includes property and equipment, deferred tax assets and other assets) | 6,200 | |||||||||
Goodwill | 122,600 | |||||||||
Identifiable intangible assets | 134,300 | |||||||||
Accounts payable | (265,200 | ) | ||||||||
Liabilities (includes accrued expenses, deferred tax liability and other liabilities) | (91,800 | ) | ||||||||
$ | 358,000 | |||||||||
Schedule of Pro Forma Information | ' | |||||||||
It is not necessarily indicative of the results of operations that actually would have been achieved had the acquisition been consummated on the date indicated or that may result in the future: | ||||||||||
Fiscal Year Ended January 31, | ||||||||||
2013 | 2012 | |||||||||
(In thousands, unaudited) | ||||||||||
Net sales | ||||||||||
As reported | $ | 25,358,329 | $ | 25,647,313 | (1) | |||||
Proforma | $ | 27,099,438 | $ | 28,105,768 | ||||||
Net income attributable to shareholders of Tech Data Corporation | ||||||||||
As reported | $ | 176,255 | $ | 190,750 | (1) | |||||
Proforma | $ | 188,265 | $ | 185,860 | ||||||
(1) As restated |
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||
Jan. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Components Of Debt | ' | |||||||
The carrying value of the Company's outstanding debt consists of the following: | ||||||||
January 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Senior notes, interest at 3.75% payable semi-annually, due September 21, 2017 | $ | 350,000 | $ | 0 | ||||
Less—unamortized debt discount | (1,238 | ) | 0 | |||||
Senior notes, net | 348,762 | 0 | ||||||
Capital leases | 6,243 | 6,512 | ||||||
Loan payable to Brightstar Corp. | 0 | 14,940 | ||||||
Interest-free revolving credit loan payable to Brightstar Corp. | 0 | 36,306 | ||||||
Other committed and uncommitted revolving credit facilities, average interest rate of 2.09% and 7.15% at January 31, 2013 and January 31, 2012, respectively, expiring on various dates through fiscal 2017 | 166,975 | 47,985 | ||||||
521,980 | 105,743 | |||||||
Less—current maturities (included as “Revolving credit loans and current portion of long-term debt, net”) | (167,522 | ) | (48,490 | ) | ||||
Total long-term debt | $ | 354,458 | $ | 57,253 | ||||
Schedule Of Future Payments Of Debt And Capital Leases | ' | |||||||
Future payments of debt and capital leases at January 31, 2013 and for succeeding fiscal years are as follows (in thousands): | ||||||||
Fiscal year: | ||||||||
2014 | $ | 167,768 | ||||||
2015 | 793 | |||||||
2016 | 751 | |||||||
2017 | 668 | |||||||
2018 | 350,668 | |||||||
Thereafter | 4,459 | |||||||
Total payments | 525,107 | |||||||
Less - amounts representing interest on capital leases | (1,889 | ) | ||||||
Total principal payments | $ | 523,218 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Jan. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule Of Significant Components Of The Provision For Income Taxes | ' | |||||||||||
Significant components of the provision for income taxes are as follows: | ||||||||||||
Year ended January 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
(As restated) | (As restated) | |||||||||||
Current: | ||||||||||||
Federal | $ | 25,230 | $ | 65,508 | $ | 46,662 | ||||||
State | 2,622 | 1,692 | 911 | |||||||||
Foreign | 41,333 | 37,861 | 28,037 | |||||||||
Total current | 69,185 | 105,061 | 75,610 | |||||||||
Deferred: | ||||||||||||
Federal | 11,329 | (22,624 | ) | (2,068 | ) | |||||||
State | 1,103 | (422 | ) | 1,842 | ||||||||
Foreign | (35,191 | ) | (10,906 | ) | 7,456 | |||||||
Total deferred | (22,759 | ) | (33,952 | ) | 7,230 | |||||||
$ | 46,426 | $ | 71,109 | $ | 82,840 | |||||||
Schedule Of Effective Income Tax Rate Reconciliation | ' | |||||||||||
The reconciliation of income tax computed at the U.S. federal statutory tax rate to income tax expense is as follows: | ||||||||||||
Year ended January 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(As restated) | (As restated) | |||||||||||
U.S. statutory rate | 35.00% | 35.00% | 35.00% | |||||||||
State income taxes, net of federal benefit | 1.2 | 0.4 | 0.6 | |||||||||
Net changes in deferred tax valuation allowances | -9 | -3.4 | -1.5 | |||||||||
Tax on foreign earnings different than U.S. rate | -9.9 | -9.9 | -8.5 | |||||||||
Nondeductible penalties | 0.5 | 0 | 0 | |||||||||
Nondeductible interest | 0.8 | 1.6 | 1.4 | |||||||||
Reserve established for foreign income tax contingencies | 0.5 | 0.1 | 0.6 | |||||||||
Reversal of previously accrued income tax reserves | 0 | -0.4 | -0.2 | |||||||||
Effect of company-owned life insurance | -0.4 | 0 | -0.5 | |||||||||
Disposal of subsidiaries | 0 | 3.2 | 0 | |||||||||
Other, net | 1.4 | -0.5 | 1.1 | |||||||||
20.10% | 26.10% | 28.00% | ||||||||||
Schedule Of Components Of Pretax Income | ' | |||||||||||
The components of pretax income are as follows: | ||||||||||||
Year ended January 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(As restated) | (As restated) | |||||||||||
(In thousands) | ||||||||||||
United States | $ | 108,700 | $ | 131,662 | $ | 133,771 | ||||||
Foreign | 120,766 | 140,649 | 162,061 | |||||||||
$ | 229,466 | $ | 272,311 | $ | 295,832 | |||||||
Schedule Of Significant Components Of Deferred Tax Liabilities And Assets | ' | |||||||||||
The significant components of the Company’s deferred tax liabilities and assets are as follows: | ||||||||||||
January 31, | ||||||||||||
2013 | 2012 | |||||||||||
(As restated) | ||||||||||||
(In thousands) | ||||||||||||
Deferred tax liabilities: | ||||||||||||
Depreciation and amortization | $ | 81,679 | $ | 43,160 | ||||||||
Capitalized marketing program costs | 3,456 | 4,008 | ||||||||||
Goodwill | 4,004 | 2,711 | ||||||||||
Deferred costs currently deductible | 4,870 | 14,760 | ||||||||||
Other, net | 5,074 | 9,179 | ||||||||||
Total deferred tax liabilities | 99,083 | 73,818 | ||||||||||
Deferred tax assets: | ||||||||||||
Accrued liabilities | 50,039 | 43,099 | ||||||||||
Loss carryforwards | 124,536 | 128,738 | ||||||||||
Amortizable goodwill | 15,253 | 16,109 | ||||||||||
Depreciation and amortization | 6,706 | 4,036 | ||||||||||
Disallowed interest expense | 28,069 | 16,773 | ||||||||||
Other, net | 12,908 | 18,709 | ||||||||||
237,511 | 227,464 | |||||||||||
Less: valuation allowances | (142,375 | ) | (158,348 | ) | ||||||||
Total deferred tax assets | 95,136 | 69,116 | ||||||||||
Net deferred tax liability | $ | (3,947 | ) | $ | (4,702 | ) | ||||||
Reconciliation Of The Total Amount Of Gross Unrecognized Tax Benefits | ' | |||||||||||
A reconciliation of the beginning and ending balances of the total amount of gross unrecognized tax benefits, excluding accrued interest and penalties, for the years ended January 31, 2013 and 2012 and 2011 is as follows (in thousands, as restated): | ||||||||||||
Gross unrecognized tax benefits at January 31, 2010 | $ | 3,107 | ||||||||||
Increases in tax positions for prior years | 2,742 | |||||||||||
Increases in tax positions for current year | 86 | |||||||||||
Expiration of statutes of limitation | (860 | ) | ||||||||||
Gross unrecognized tax benefits at January 31, 2011 | 5,075 | |||||||||||
Increases in tax positions for prior years | 1,590 | |||||||||||
Decreases in tax positions for prior years | (208 | ) | ||||||||||
Increases in tax positions for current year | 56 | |||||||||||
Expiration of statutes of limitation | (791 | ) | ||||||||||
Settlements | (1,990 | ) | ||||||||||
Changes due to translation of foreign currencies | (47 | ) | ||||||||||
Gross unrecognized tax benefits at January 31, 2012 | 3,685 | |||||||||||
Increases in tax positions for prior years | 2,890 | |||||||||||
Decreases in tax positions for prior years | (127 | ) | ||||||||||
Increases in tax positions for current year | 171 | |||||||||||
Expiration of statutes of limitation | (38 | ) | ||||||||||
Settlements | (1,106 | ) | ||||||||||
Changes due to translation of foreign currencies | 124 | |||||||||||
Gross unrecognized tax benefits at January 31, 2013 | $ | 5,599 | ||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||
Jan. 31, 2013 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Schedule Of Restricted Stock Units Activity | ' | |||||||||||||
A summary of the status of the Company’s RSU activity for the fiscal year ended January 31, 2013 is as follows: | ||||||||||||||
Shares | Weighted- | |||||||||||||
average grant date | ||||||||||||||
fair value | ||||||||||||||
Outstanding at January 31, 2012 | 568,498 | $43.74 | ||||||||||||
Granted | 305,097 | 52.8 | ||||||||||||
Vested | -227,553 | 40.75 | ||||||||||||
Canceled | -39,275 | 47.47 | ||||||||||||
Outstanding at January 31, 2013 | 606,767 | 49.18 | ||||||||||||
Schedule Of Stock Options Activity | ' | |||||||||||||
A summary of the status of the Company’s MV Stock-settled SARs, MVOs and stock options activity for the fiscal year ended January 31, 2013 is as follows: | ||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | |||||||||||
average | Average | intrinsic | ||||||||||||
exercise price | remaining | value | ||||||||||||
contractual term | (in thousands) | |||||||||||||
(in years) | ||||||||||||||
Outstanding at January 31, 2012 | 1,651,400 | $33.89 | ||||||||||||
Granted | 6,236 | 54.03 | ||||||||||||
Exercised | (1,110,020 | ) | 34.12 | |||||||||||
Canceled | (45,391 | ) | 37.03 | |||||||||||
Outstanding at January 31, 2013 | 502,225 | 33.33 | 3 | $ | 8,848 | |||||||||
Vested and expected to vest at January 31, 2013 | 499,712 | 33.33 | 3 | 8,802 | ||||||||||
Exercisable at January 31, 2013 | 354,391 | 37.74 | 1.7 | 4,669 | ||||||||||
Summary Of The Status Of Stock-Based Equity Incentives Outstanding | ' | |||||||||||||
A summary of the status of the Company’s stock-based equity incentives outstanding, representing MV Stock-settled SARs, MVOs and stock options, at January 31, 2013, is as follows: | ||||||||||||||
Outstanding | Exercisable | |||||||||||||
Range of exercise prices | Number | Weighted- | Weighted- | Number | Weighted- | |||||||||
outstanding | average | average | exercisable | average | ||||||||||
at 1/31/13 | remaining | exercise | at 1/31/13 | exercise | ||||||||||
contractual | price | price | ||||||||||||
life (years) | ||||||||||||||
$21.13 – $21.13 | 172,181 | 5.9 | $ | 21.13 | 33,079 | $ | 21.13 | |||||||
24.27 – 33.74 | 23,804 | 0.6 | 27.94 | 22,866 | 27.79 | |||||||||
37.04 – 37.04 | 49,000 | 2 | 37.04 | 49,000 | 37.04 | |||||||||
37.06 – 40.69 | 32,347 | 2.8 | 38.15 | 31,149 | 38.17 | |||||||||
41.08 – 41.08 | 204,180 | 1.2 | 41.08 | 204,180 | 41.08 | |||||||||
41.55 – 45.72 | 11,257 | 1.2 | 44.89 | 10,897 | 44.98 | |||||||||
48.79 – 54.03 | 9,456 | 6.2 | 52.25 | 3,220 | 48.79 | |||||||||
502,225 | 3 | 33.33 | 354,391 | 37.74 | ||||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | ||||||
Jan. 31, 2013 | |||||||
Equity [Abstract] | ' | ||||||
Company's Common Share Repurchase And Issuance Activity | ' | ||||||
The Company’s common share repurchase and issuance activity for fiscal 2013 and 2012 is summarized as follows: | |||||||
Shares | Weighted- | ||||||
average | |||||||
price per | |||||||
share | |||||||
Treasury stock balance at January 31, 2011 | 12,517,538 | $ | 37.28 | ||||
Shares of common stock repurchased under share repurchase programs | 6,736,436 | 46.74 | |||||
Shares of treasury stock reissued | (1,087,213 | ) | |||||
Treasury stock balance at January 31, 2012 | 18,166,761 | 40.71 | |||||
Shares of common stock repurchased under share repurchase programs and other shares acquired | 3,878,548 | 49.33 | |||||
Shares of treasury stock reissued | (608,743 | ) | |||||
Treasury stock balance at January 31, 2013 | 21,436,566 | 42.26 | |||||
Fair_Value_Of_Financial_Instru1
Fair Value Of Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||
Jan. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | |||||||||||||||
The following table summarizes the valuation of the Company's assets and liabilities that are measured at fair value on a recurring basis: | ||||||||||||||||
31-Jan-13 | 31-Jan-12 | |||||||||||||||
Fair value measurement category | Fair value measurement category | |||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||
(in thousands) | ||||||||||||||||
Assets | ||||||||||||||||
Foreign currency forward contracts | $ | 19,835 | $ | 6,243 | ||||||||||||
Liabilities | ||||||||||||||||
Foreign currency forward contracts | $ | 19,628 | $ | 11,226 | ||||||||||||
Acquisition-related contingent consideration | $ | 18,147 | $ | 15,506 | ||||||||||||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 12 Months Ended | |||
Jan. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Schedule Of Future Minimum Lease Payments | ' | |||
Future minimum lease payments at January 31, 2013, under all such leases, including minimum commitments under IT outsourcing agreements, for succeeding fiscal years and thereafter are as follows (in thousands): | ||||
Fiscal year: | ||||
2014 | $ | 55,300 | ||
2015 | 47,100 | |||
2016 | 39,600 | |||
2017 | 24,600 | |||
2018 | 20,500 | |||
Thereafter | 35,600 | |||
Total payments | $ | 222,700 | ||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||
Jan. 31, 2013 | ||||||||||||
Segment Reporting Information, Additional Information [Abstract] | ' | |||||||||||
Financial Information By Geographic Segment | ' | |||||||||||
Financial information by geographic segment is as follows: | ||||||||||||
Year ended January 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(As restated) | (As restated) | |||||||||||
(In thousands) | ||||||||||||
Net sales to unaffiliated customers | ||||||||||||
Americas (1) | $ | 9,823,515 | $ | 10,405,428 | $ | 10,096,732 | ||||||
Europe | 15,534,814 | 15,241,885 | 13,523,206 | |||||||||
Total | $ | 25,358,329 | $ | 25,647,313 | $ | 23,619,938 | ||||||
Operating income | ||||||||||||
Americas (2) | $ | 150,055 | $ | 173,978 | $ | 178,043 | ||||||
Europe (3) | 127,281 | 142,562 | 153,718 | |||||||||
Stock-based compensation expense | (13,616 | ) | (11,994 | ) | (10,353 | ) | ||||||
Total | $ | 263,720 | $ | 304,546 | $ | 321,408 | ||||||
Depreciation and amortization | ||||||||||||
Americas | $ | 16,210 | $ | 16,338 | $ | 16,200 | ||||||
Europe | 42,143 | 40,994 | 31,085 | |||||||||
Total | $ | 58,353 | $ | 57,332 | $ | 47,285 | ||||||
Capital expenditures | ||||||||||||
Americas | $ | 19,842 | $ | 29,240 | $ | 17,216 | ||||||
Europe | 18,523 | 15,319 | 13,584 | |||||||||
Total | $ | 38,365 | $ | 44,559 | $ | 30,800 | ||||||
As of | ||||||||||||
31-Jan-13 | 31-Jan-12 | |||||||||||
(As restated) | ||||||||||||
(In thousands) | ||||||||||||
Identifiable assets: | ||||||||||||
Americas (1) | $ | 2,004,295 | $ | 1,892,256 | ||||||||
Europe | 4,826,665 | 3,904,012 | ||||||||||
Total | $ | 6,830,960 | $ | 5,796,268 | ||||||||
Long-lived assets: | ||||||||||||
Americas | $ | 30,492 | $ | 33,103 | ||||||||
Europe | 53,903 | 55,778 | ||||||||||
Total | $ | 84,395 | $ | 88,881 | ||||||||
Goodwill & acquisition-related intangible assets, net: | ||||||||||||
Americas | $ | 2,966 | $ | 2,966 | ||||||||
Europe (4) | 409,534 | 149,927 | ||||||||||
Total | $ | 412,500 | $ | 152,893 | ||||||||
-1 | Net sales to unaffiliated customers in the United States represented 85%, 83% and 82%, respectively, of the total Americas' net sales to unaffiliated customers for the fiscal years ended January 31, 2013, 2012 and 2011, respectively. Total assets excluding goodwill, intangible assets and investments in subsidiaries in the United States represented 78% of the Americas total assets at both January 31, 2013 and 2012. | |||||||||||
-2 | During fiscal 2012, the Company incurred a $28.3 million loss on disposal of subsidiaries related to the closure of the operations in Brazil and Colombia (see further discussion in Note 7 - Loss on Disposal of Subsidiaries). | |||||||||||
-3 | Operating income in Europe for the fiscal year ended January 31, 2013 includes a value added tax assessment of $29.5 million in relation to an assessment and penalties for various value added tax matters in one of the Company’s subsidiaries in Spain (see further discussion in Note 14 - Commitments and Contingencies). | |||||||||||
-4 | During fiscal 2013, the Company completed the acquisition of SDG (see further discussion in Note 5 - Goodwill and Intangible Assets and Note 6 - Acquisitions). |
Interim_Financial_Information_1
Interim Financial Information - Current (Tables) | 12 Months Ended | |||||||||||||||
Jan. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Schedule Of Interim Financial Information | ' | |||||||||||||||
The following tables summarize the effects of the restatement, a subsequent event unrelated to the restatement as discussed further in Note 14 - Commitments and Contingencies, and presentation reclassifications on our previously issued unaudited condensed consolidated financial statements: | ||||||||||||||||
Quarter ended | ||||||||||||||||
AS RESTATED | April 30 | July 31 | October 31 | January 31 (1)(2)(3) | ||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
Fiscal year 2013: | ||||||||||||||||
Net sales | $ | 5,910,063 | $ | 5,968,419 | $ | 6,037,475 | $ | 7,442,372 | ||||||||
Gross profit | 323,408 | 302,593 | 306,079 | 370,974 | ||||||||||||
Operating income | 82,458 | 60,311 | 63,595 | 57,356 | ||||||||||||
Consolidated net income | 56,012 | 38,527 | 44,060 | 44,441 | ||||||||||||
Net income attributable to shareholders of Tech Data Corporation | $ | 54,178 | $ | 34,699 | $ | 42,937 | $ | 44,441 | ||||||||
Net income per share attributable to shareholders of Tech Data Corporation: | ||||||||||||||||
Basic | $ | 1.32 | $ | 0.89 | $ | 1.14 | $ | 1.18 | ||||||||
Diluted | $ | 1.3 | $ | 0.89 | $ | 1.13 | $ | 1.17 | ||||||||
Quarter ended | ||||||||||||||||
AS RESTATED | April 30 | July 31 | October 31 | January 31 (4) | ||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
Fiscal year 2012: | ||||||||||||||||
Net sales | $ | 6,154,033 | $ | 6,214,304 | $ | 6,404,585 | $ | 6,874,391 | ||||||||
Gross profit | 337,315 | 336,085 | 337,778 | 366,263 | ||||||||||||
Operating income | 77,552 | 73,138 | 83,252 | 70,604 | ||||||||||||
Consolidated net income | 51,585 | 46,995 | 53,506 | 49,116 | ||||||||||||
Net income attributable to shareholders of Tech Data Corporation | $ | 51,566 | $ | 45,346 | $ | 49,862 | $ | 43,976 | ||||||||
Net income per share attributable to shareholders of Tech Data Corporation: | ||||||||||||||||
Basic | $ | 1.1 | $ | 1.01 | $ | 1.18 | $ | 1.07 | ||||||||
Diluted | $ | 1.09 | $ | 0.99 | $ | 1.17 | $ | 1.05 | ||||||||
-1 | Amounts presented for the fourth quarter of fiscal 2013 are not restated, however the amounts presented herein include adjustments to previously reported amounts furnished in a Current Report on Form 8-K filed on March 4, 2013. | |||||||||||||||
-2 | During the fourth quarter of fiscal 2013, the Company recorded a $41.0 million increase in an accrual for various value added tax matters in one of the Company’s subsidiaries in Spain, which decreased earnings per diluted share by $0.89 for the quarter ended January 31, 2013 (see Note 14 - Commitments and Contingencies for further discussion). | |||||||||||||||
-3 | During the fourth quarter of fiscal 2013, the Company recorded an income tax benefit of $25.1 million for the reversal of deferred tax valuation allowances related to a specific jurisdiction in Europe which had been recorded in prior fiscal years, which increased earnings per diluted share by $0.66 for the quarter ended January 31, 2013 (see further discussion in Note 9 - Income Taxes). | |||||||||||||||
-4 | During the fourth quarter of fiscal 2012, the Company recorded a $28.3 million loss on disposal of subsidiaries related to the closure of the commercial operations in Brazil and Colombia, which decreased earnings per diluted share by $0.46 for the quarter ended January 31, 2012 (see also Note 7 - Loss on Disposal of Subsidiaries). | |||||||||||||||
Consolidated Statement of Income | ||||||||||||||||
Quarter ended | ||||||||||||||||
AS RESTATED | April 30 | July 31 | October 31 | January 31 | ||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
Fiscal year 2013: | ||||||||||||||||
Net sales | $ | 5,910,063 | $ | 5,968,419 | $ | 6,037,475 | $ | 7,442,372 | ||||||||
Cost of products sold | 5,586,655 | 5,665,826 | 5,731,396 | 7,071,398 | ||||||||||||
Gross profit | 323,408 | 302,593 | 306,079 | 370,974 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative expense | 240,950 | 242,282 | 242,484 | 284,156 | ||||||||||||
Value added tax assessment | 0 | 0 | 0 | 29,462 | ||||||||||||
240,950 | 242,282 | 242,484 | 313,618 | |||||||||||||
Operating income | 82,458 | 60,311 | 63,595 | 57,356 | ||||||||||||
Interest expense | 3,069 | 3,422 | 4,359 | 19,276 | ||||||||||||
Other expense, net | 235 | 1,812 | 1,070 | 1,011 | ||||||||||||
Income before income taxes | 79,154 | 55,077 | 58,166 | 37,069 | ||||||||||||
Provision for income taxes | 23,142 | 16,550 | 14,106 | (7,372 | ) | |||||||||||
Consolidated net income | 56,012 | 38,527 | 44,060 | 44,441 | ||||||||||||
Net income attributable to noncontrolling interest | (1,834 | ) | (3,828 | ) | (1,123 | ) | 0 | |||||||||
Net income attributable to shareholders of | $ | 54,178 | $ | 34,699 | $ | 42,937 | $ | 44,441 | ||||||||
Tech Data Corporation | ||||||||||||||||
Net income per share attributable to shareholders of Tech Data Corporation: | ||||||||||||||||
Basic | $ | 1.32 | $ | 0.89 | $ | 1.14 | $ | 1.18 | ||||||||
Diluted | $ | 1.3 | $ | 0.89 | $ | 1.13 | $ | 1.17 | ||||||||
Quarter ended | ||||||||||||||||
AS REPORTED | April 30 | July 31 | October 31 | January 31 (1) | ||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
Fiscal year 2013: | ||||||||||||||||
Net sales | $ | 5,895,561 | $ | 5,961,500 | $ | 6,040,556 | $ | 7,463,400 | ||||||||
Cost of products sold | 5,575,344 | 5,660,256 | 5,732,295 | 7,083,520 | ||||||||||||
Gross profit | 320,217 | 301,244 | 308,261 | 379,880 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative expense | 239,324 | 241,988 | 238,715 | 286,350 | ||||||||||||
Value added tax assessment | 0 | 0 | 0 | 0 | ||||||||||||
239,324 | 241,988 | 238,715 | 286,350 | |||||||||||||
Operating income | 80,893 | 59,256 | 69,546 | 93,530 | ||||||||||||
Interest expense | 3,069 | 3,422 | 4,359 | 7,691 | ||||||||||||
Other expense, net | 1,344 | 1,178 | 2,044 | 2,503 | ||||||||||||
Income before income taxes | 76,480 | 54,656 | 63,143 | 83,336 | ||||||||||||
Provision for income taxes | 22,954 | 16,370 | 16,122 | 794 | ||||||||||||
Consolidated net income | 53,526 | 38,286 | 47,021 | 82,542 | ||||||||||||
Net income attributable to noncontrolling interest | (1,834 | ) | (3,828 | ) | (1,123 | ) | 0 | |||||||||
Net income attributable to shareholders of | $ | 51,692 | $ | 34,458 | $ | 45,898 | $ | 82,542 | ||||||||
Tech Data Corporation | ||||||||||||||||
Net income per share attributable to shareholders of Tech Data Corporation: | ||||||||||||||||
Basic | $ | 1.26 | $ | 0.89 | $ | 1.22 | $ | 2.18 | ||||||||
Diluted | $ | 1.24 | $ | 0.88 | $ | 1.21 | $ | 2.17 | ||||||||
Quarter ended | ||||||||||||||||
ADJUSTMENTS (2) | April 30 | July 31 | October 31 | January 31 (3) | ||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
Fiscal year 2013: | ||||||||||||||||
Net sales | $ | 14,502 | $ | 6,919 | $ | (3,081 | ) | $ | (21,028 | ) | ||||||
Cost of products sold | 11,311 | 5,570 | (899 | ) | (12,122 | ) | ||||||||||
Gross profit | 3,191 | 1,349 | (2,182 | ) | (8,906 | ) | ||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative expense | 1,626 | 294 | 3,769 | (2,194 | ) | |||||||||||
Value added tax assessment | 0 | 0 | 0 | 29,462 | ||||||||||||
1,626 | 294 | 3,769 | 27,268 | |||||||||||||
Operating income | 1,565 | 1,055 | (5,951 | ) | (36,174 | ) | ||||||||||
Interest expense | 0 | 0 | 0 | 11,585 | ||||||||||||
Other expense, net | (1,109 | ) | 634 | (974 | ) | (1,492 | ) | |||||||||
Income before income taxes | 2,674 | 421 | (4,977 | ) | (46,267 | ) | ||||||||||
Provision for income taxes | 188 | 180 | (2,016 | ) | (8,166 | ) | ||||||||||
Consolidated net income | 2,486 | 241 | (2,961 | ) | (38,101 | ) | ||||||||||
Net income attributable to noncontrolling interest | 0 | 0 | 0 | 0 | ||||||||||||
Net income attributable to shareholders of | $ | 2,486 | $ | 241 | $ | (2,961 | ) | $ | (38,101 | ) | ||||||
Tech Data Corporation | ||||||||||||||||
Net income per share attributable to shareholders of Tech Data Corporation: | ||||||||||||||||
Basic | $ | 0.06 | $ | 0 | $ | (0.08 | ) | $ | (1.00 | ) | ||||||
Diluted | $ | 0.06 | $ | 0.01 | $ | (0.08 | ) | $ | (1.00 | ) | ||||||
-1 | As previously reported in Current Report on Form 8-K filed on March 4, 2013. | |||||||||||||||
-2 | The adjustments are to correct errors previously discussed in Note 2 - Restatement of Consolidated Financial Statements. | |||||||||||||||
-3 | Adjustments to previously reported amounts in Current Report on Form 8-K filed March 4, 2013 (see Note 2 - Restatement of Consolidated Financial Statements). | |||||||||||||||
Quarter ended | ||||||||||||||||
AS RESTATED | April 30 | July 31 | October 31 | January 31 | ||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
Fiscal year 2012: | ||||||||||||||||
Net sales | $ | 6,154,033 | $ | 6,214,304 | $ | 6,404,585 | $ | 6,874,391 | ||||||||
Cost of products sold | 5,816,718 | 5,878,219 | 6,066,807 | 6,508,128 | ||||||||||||
Gross profit | 337,315 | 336,085 | 337,778 | 366,263 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative expense | 259,763 | 262,947 | 254,526 | 267,365 | ||||||||||||
Loss on disposal of subsidiaries | 0 | 0 | 0 | 28,294 | ||||||||||||
259,763 | 262,947 | 254,526 | 295,659 | |||||||||||||
Operating income | 77,552 | 73,138 | 83,252 | 70,604 | ||||||||||||
Interest expense | 8,675 | 8,089 | 8,378 | 6,235 | ||||||||||||
Other expense (income), net | (1,298 | ) | 958 | 1,868 | (670 | ) | ||||||||||
Income before income taxes | 70,175 | 64,091 | 73,006 | 65,039 | ||||||||||||
Provision for income taxes | 18,590 | 17,096 | 19,500 | 15,923 | ||||||||||||
Consolidated net income | 51,585 | 46,995 | 53,506 | 49,116 | ||||||||||||
Net income attributable to noncontrolling interest | (19 | ) | (1,649 | ) | (3,644 | ) | (5,140 | ) | ||||||||
Net income attributable to shareholders of | $ | 51,566 | $ | 45,346 | $ | 49,862 | $ | 43,976 | ||||||||
Tech Data Corporation | ||||||||||||||||
Net income per share attributable to shareholders of Tech Data Corporation: | ||||||||||||||||
Basic | $ | 1.1 | $ | 1.01 | $ | 1.18 | $ | 1.07 | ||||||||
Diluted | $ | 1.09 | $ | 0.99 | $ | 1.17 | $ | 1.05 | ||||||||
Quarter ended | ||||||||||||||||
AS REPORTED | April 30 | July 31 | October 31 | January 31 | ||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
Fiscal year 2012: | ||||||||||||||||
Net sales | $ | 6,332,128 | $ | 6,449,461 | $ | 6,593,983 | $ | 7,112,552 | ||||||||
Cost of products sold | 5,998,666 | 6,108,623 | 6,249,236 | 6,737,608 | ||||||||||||
Gross profit | 333,462 | 340,838 | 344,747 | 374,944 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative expense | 257,779 | 262,063 | 255,178 | 262,819 | ||||||||||||
Loss on disposal of subsidiaries | 0 | 0 | 0 | 28,294 | ||||||||||||
257,779 | 262,063 | 255,178 | 291,113 | |||||||||||||
Operating income | 75,683 | 78,775 | 89,569 | 83,831 | ||||||||||||
Interest expense | 8,641 | 8,089 | 8,378 | 6,235 | ||||||||||||
Other expense (income), net | 666 | (212 | ) | 428 | 311 | |||||||||||
Income before income taxes | 66,376 | 70,898 | 80,763 | 77,285 | ||||||||||||
Provision for income taxes | 17,656 | 19,142 | 23,600 | 18,076 | ||||||||||||
Consolidated net income | 48,720 | 51,756 | 57,163 | 59,209 | ||||||||||||
Net income attributable to noncontrolling interest | (19 | ) | (1,649 | ) | (3,644 | ) | (5,140 | ) | ||||||||
Net income attributable to shareholders of | $ | 48,701 | $ | 50,107 | $ | 53,519 | $ | 54,069 | ||||||||
Tech Data Corporation | ||||||||||||||||
Net income per share attributable to shareholders of Tech Data Corporation: | ||||||||||||||||
Basic | $ | 1.04 | $ | 1.11 | $ | 1.27 | $ | 1.31 | ||||||||
Diluted | $ | 1.03 | $ | 1.1 | $ | 1.26 | $ | 1.29 | ||||||||
Quarter ended | ||||||||||||||||
ADJUSTMENTS (1) | April 30 | July 31 | October 31 | January 31 | ||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
Fiscal year 2012: | ||||||||||||||||
Net sales | $ | (178,095 | ) | $ | (235,157 | ) | $ | (189,398 | ) | $ | (238,161 | ) | ||||
Cost of products sold | (181,948 | ) | (230,404 | ) | (182,429 | ) | (229,480 | ) | ||||||||
Gross profit | 3,853 | (4,753 | ) | (6,969 | ) | (8,681 | ) | |||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative expense | 1,984 | 884 | (652 | ) | 4,546 | |||||||||||
Loss on disposal of subsidiaries | 0 | 0 | 0 | 0 | ||||||||||||
1,984 | 884 | (652 | ) | 4,546 | ||||||||||||
Operating income | 1,869 | (5,637 | ) | (6,317 | ) | (13,227 | ) | |||||||||
Interest expense | 34 | 0 | 0 | 0 | ||||||||||||
Other expense (income), net | (1,964 | ) | 1,170 | 1,440 | (981 | ) | ||||||||||
Income before income taxes | 3,799 | (6,807 | ) | (7,757 | ) | (12,246 | ) | |||||||||
Provision for income taxes | 934 | (2,046 | ) | (4,100 | ) | (2,153 | ) | |||||||||
Consolidated net income | 2,865 | (4,761 | ) | (3,657 | ) | (10,093 | ) | |||||||||
Net income attributable to noncontrolling interest | 0 | 0 | 0 | 0 | ||||||||||||
Net income attributable to shareholders of | $ | 2,865 | $ | (4,761 | ) | $ | (3,657 | ) | $ | (10,093 | ) | |||||
Tech Data Corporation | ||||||||||||||||
Net income per share attributable to shareholders of Tech Data Corporation: | ||||||||||||||||
Basic | $ | 0.06 | $ | (0.10 | ) | $ | (0.09 | ) | $ | (0.24 | ) | |||||
Diluted | $ | 0.06 | $ | (0.11 | ) | $ | (0.09 | ) | $ | (0.24 | ) | |||||
-1 | The adjustments are to correct errors previously discussed in Note 2 - Restatement of Consolidated Financial Statements. | |||||||||||||||
Consolidated Balance Sheet | ||||||||||||||||
As of | ||||||||||||||||
AS RESTATED | April 30 | July 31 | October 31 | January 31 | ||||||||||||
(In thousands) | ||||||||||||||||
Fiscal year 2013: | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 409,529 | $ | 235,402 | $ | 473,386 | $ | 340,564 | ||||||||
Accounts receivable | 2,595,886 | 2,574,108 | 2,729,523 | 3,215,920 | ||||||||||||
Inventories | 2,067,543 | 1,946,033 | 2,100,482 | 2,254,510 | ||||||||||||
Prepaid expenses and other assets | 180,364 | 191,358 | 199,963 | 334,431 | ||||||||||||
Total current assets | 5,253,322 | 4,946,901 | 5,503,354 | 6,145,425 | ||||||||||||
Property and equipment, net | 89,093 | 82,770 | 83,373 | 84,395 | ||||||||||||
Other assets, net | 317,882 | 299,599 | 309,730 | 601,140 | ||||||||||||
Total assets | $ | 5,660,297 | $ | 5,329,270 | $ | 5,896,457 | $ | 6,830,960 | ||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 2,998,673 | $ | 2,924,397 | $ | 3,123,351 | $ | 3,657,251 | ||||||||
Accrued expenses and other liabilities | 471,216 | 429,744 | 458,493 | 620,167 | ||||||||||||
Revolving credit loans and current maturities of long-term debt, net | 30,933 | 37,912 | 65,848 | 167,522 | ||||||||||||
Total current liabilities | 3,500,822 | 3,392,053 | 3,647,692 | 4,444,940 | ||||||||||||
Long-term debt, less current maturities | 57,816 | 53,659 | 354,267 | 354,458 | ||||||||||||
Other long-term liabilities | 82,078 | 80,531 | 80,911 | 113,193 | ||||||||||||
Total liabilities | 3,640,716 | 3,526,243 | 4,082,870 | 4,912,591 | ||||||||||||
Shareholders’ equity: | ||||||||||||||||
Common stock | 89 | 89 | 89 | 89 | ||||||||||||
Additional paid-in capital | 754,300 | 756,008 | 673,489 | 680,715 | ||||||||||||
Treasury stock, at cost | (766,558 | ) | (907,777 | ) | (907,533 | ) | (905,900 | ) | ||||||||
Retained earnings | 1,691,281 | 1,725,980 | 1,768,917 | 1,813,358 | ||||||||||||
Accumulated other comprehensive income | 309,960 | 200,887 | 278,625 | 330,107 | ||||||||||||
Equity attributable to shareholders of Tech Data Corporation | 1,989,072 | 1,775,187 | 1,813,587 | 1,918,369 | ||||||||||||
Noncontrolling interest | 30,509 | 27,840 | 0 | 0 | ||||||||||||
Total equity | 2,019,581 | 1,803,027 | 1,813,587 | 1,918,369 | ||||||||||||
Total liabilities and equity | $ | 5,660,297 | $ | 5,329,270 | $ | 5,896,457 | $ | 6,830,960 | ||||||||
As of | ||||||||||||||||
AS REPORTED | April 30 | July 31 | October 31 | January 31 | ||||||||||||
(In thousands) | ||||||||||||||||
Fiscal year 2013: | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 447,038 | $ | 277,633 | $ | 515,788 | $ | 392,132 | ||||||||
Accounts receivable | 2,656,030 | 2,622,811 | 2,781,490 | 3,262,751 | ||||||||||||
Inventories | 1,949,279 | 1,819,233 | 2,025,424 | 2,132,760 | ||||||||||||
Prepaid expenses and other assets | 184,928 | 199,185 | 206,095 | 343,425 | ||||||||||||
Total current assets | 5,237,275 | 4,918,862 | 5,528,797 | 6,131,068 | ||||||||||||
Property and equipment, net | 88,246 | 81,953 | 83,049 | 84,220 | ||||||||||||
Other assets, net | 318,662 | 300,248 | 310,471 | 590,965 | ||||||||||||
Total assets | $ | 5,644,183 | $ | 5,301,063 | $ | 5,922,317 | $ | 6,806,253 | ||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 2,952,182 | $ | 2,862,684 | $ | 3,111,391 | $ | 3,603,038 | ||||||||
Accrued expenses and other liabilities | 483,060 | 444,899 | 469,171 | 588,766 | ||||||||||||
Revolving credit loans and current maturities of long-term debt, net | 30,933 | 37,913 | 65,848 | 164,341 | ||||||||||||
Total current liabilities | 3,466,175 | 3,345,496 | 3,646,410 | 4,356,145 | ||||||||||||
Long-term debt, less current maturities | 57,816 | 53,659 | 354,267 | 354,458 | ||||||||||||
Other long-term liabilities | 82,414 | 80,862 | 86,780 | 118,020 | ||||||||||||
Total liabilities | 3,606,405 | 3,480,017 | 4,087,457 | 4,828,623 | ||||||||||||
Shareholders’ equity: | ||||||||||||||||
Common stock | 89 | 89 | 89 | 89 | ||||||||||||
Additional paid-in capital | 750,878 | 752,763 | 670,346 | 677,682 | ||||||||||||
Treasury stock, at cost | (766,558 | ) | (907,777 | ) | (907,533 | ) | (905,900 | ) | ||||||||
Retained earnings | 1,711,459 | 1,745,917 | 1,791,815 | 1,874,357 | ||||||||||||
Accumulated other comprehensive income | 311,401 | 202,214 | 280,143 | 331,402 | ||||||||||||
Equity attributable to shareholders of Tech Data Corporation | 2,007,269 | 1,793,206 | 1,834,860 | 1,977,630 | ||||||||||||
Noncontrolling interest | 30,509 | 27,840 | 0 | 0 | ||||||||||||
Total equity | 2,037,778 | 1,821,046 | 1,834,860 | 1,977,630 | ||||||||||||
Total liabilities and equity | $ | 5,644,183 | $ | 5,301,063 | $ | 5,922,317 | $ | 6,806,253 | ||||||||
As of | ||||||||||||||||
ADJUSTMENTS (1) | April 30 | July 31 | October 31 | January 31 | ||||||||||||
(In thousands) | ||||||||||||||||
Fiscal year 2013: | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | (37,509 | ) | $ | (42,231 | ) | $ | (42,402 | ) | $ | (51,568 | ) | ||||
Accounts receivable | (60,144 | ) | (48,703 | ) | (51,967 | ) | (46,831 | ) | ||||||||
Inventories | 118,264 | 126,800 | 75,058 | 121,750 | ||||||||||||
Prepaid expenses and other assets | (4,564 | ) | (7,827 | ) | (6,132 | ) | (8,994 | ) | ||||||||
Total current assets | 16,047 | 28,039 | (25,443 | ) | 14,357 | |||||||||||
Property and equipment, net | 847 | 817 | 324 | 175 | ||||||||||||
Other assets, net | (780 | ) | (649 | ) | (741 | ) | 10,175 | |||||||||
Total assets | $ | 16,114 | $ | 28,207 | $ | (25,860 | ) | $ | 24,707 | |||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 46,491 | $ | 61,713 | $ | 11,960 | $ | 54,213 | ||||||||
Accrued expenses and other liabilities | (11,844 | ) | (15,155 | ) | (10,678 | ) | 31,401 | |||||||||
Revolving credit loans and current maturities of long-term debt, net | 0 | (1 | ) | 0 | 3,181 | |||||||||||
Total current liabilities | 34,647 | 46,557 | 1,282 | 88,795 | ||||||||||||
Long-term debt, less current maturities | 0 | 0 | 0 | 0 | ||||||||||||
Other long-term liabilities | (336 | ) | (331 | ) | (5,869 | ) | (4,827 | ) | ||||||||
Total liabilities | 34,311 | 46,226 | (4,587 | ) | 83,968 | |||||||||||
Shareholders’ equity: | ||||||||||||||||
Common stock | 0 | 0 | 0 | 0 | ||||||||||||
Additional paid-in capital | 3,422 | 3,245 | 3,143 | 3,033 | ||||||||||||
Treasury stock, at cost | 0 | 0 | 0 | 0 | ||||||||||||
Retained earnings | (20,178 | ) | (19,937 | ) | (22,898 | ) | (60,999 | ) | ||||||||
Accumulated other comprehensive income | (1,441 | ) | (1,327 | ) | (1,518 | ) | (1,295 | ) | ||||||||
Equity attributable to shareholders of Tech Data Corporation | (18,197 | ) | (18,019 | ) | (21,273 | ) | (59,261 | ) | ||||||||
Noncontrolling interest | 0 | 0 | 0 | 0 | ||||||||||||
Total equity | (18,197 | ) | (18,019 | ) | (21,273 | ) | (59,261 | ) | ||||||||
Total liabilities and equity | $ | 16,114 | $ | 28,207 | $ | (25,860 | ) | $ | 24,707 | |||||||
-1 | The adjustments are to correct errors previously discussed in Note 2 - Restatement of Consolidated Financial Statements. | |||||||||||||||
As of | ||||||||||||||||
AS RESTATED | April 30 | July 31 | October 31 | January 31 | ||||||||||||
(In thousands) | ||||||||||||||||
Fiscal year 2012: | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 652,315 | $ | 791,557 | $ | 796,895 | $ | 486,262 | ||||||||
Accounts receivable | 2,863,654 | 2,750,223 | 2,863,609 | 2,778,641 | ||||||||||||
Inventories | 2,439,798 | 2,085,967 | 2,098,746 | 1,932,289 | ||||||||||||
Prepaid expenses and other assets | 206,074 | 192,681 | 207,351 | 197,308 | ||||||||||||
Total current assets | 6,161,841 | 5,820,428 | 5,966,601 | 5,394,500 | ||||||||||||
Property and equipment, net | 96,045 | 91,330 | 88,178 | 88,881 | ||||||||||||
Other assets, net | 293,053 | 287,816 | 317,443 | 312,887 | ||||||||||||
Total assets | $ | 6,550,939 | $ | 6,199,574 | $ | 6,372,222 | $ | 5,796,268 | ||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 3,179,558 | $ | 3,005,199 | $ | 3,279,802 | $ | 3,091,611 | ||||||||
Accrued expenses and other liabilities | 528,053 | 494,456 | 508,790 | 533,835 | ||||||||||||
Revolving credit loans and current maturities of long-term debt, net | 418,444 | 424,320 | 411,909 | 48,490 | ||||||||||||
Total current liabilities | 4,126,055 | 3,923,975 | 4,200,501 | 3,673,936 | ||||||||||||
Long-term debt, less current maturities | 64,889 | 62,810 | 61,223 | 57,253 | ||||||||||||
Other long-term liabilities | 67,847 | 63,796 | 76,809 | 82,950 | ||||||||||||
Total liabilities | 4,258,791 | 4,050,581 | 4,338,533 | 3,814,139 | ||||||||||||
Shareholders’ equity: | ||||||||||||||||
Common stock | 89 | 89 | 89 | 89 | ||||||||||||
Additional paid-in capital | 764,574 | 765,055 | 767,933 | 773,087 | ||||||||||||
Treasury stock, at cost | (486,330 | ) | (632,154 | ) | (728,600 | ) | (739,614 | ) | ||||||||
Retained earnings | 1,497,919 | 1,543,265 | 1,593,127 | 1,637,103 | ||||||||||||
Accumulated other comprehensive income | 489,962 | 445,928 | 371,476 | 283,139 | ||||||||||||
Equity attributable to shareholders of Tech Data Corporation | 2,266,214 | 2,122,183 | 2,004,025 | 1,953,804 | ||||||||||||
Noncontrolling interest | 25,934 | 26,810 | 29,664 | 28,325 | ||||||||||||
Total equity | 2,292,148 | 2,148,993 | 2,033,689 | 1,982,129 | ||||||||||||
Total liabilities and equity | $ | 6,550,939 | $ | 6,199,574 | $ | 6,372,222 | $ | 5,796,268 | ||||||||
As of | ||||||||||||||||
AS REPORTED | April 30 | July 31 | October 31 | January 31 | ||||||||||||
(In thousands) | ||||||||||||||||
Fiscal year 2012: | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 807,554 | $ | 905,138 | $ | 899,666 | $ | 505,178 | ||||||||
Accounts receivable | 2,916,549 | 2,833,724 | 2,928,041 | 2,871,243 | ||||||||||||
Inventories | 2,271,537 | 1,878,911 | 1,961,299 | 1,802,976 | ||||||||||||
Prepaid expenses and other assets | 210,514 | 198,006 | 213,952 | 202,505 | ||||||||||||
Total current assets | 6,206,154 | 5,815,779 | 6,002,958 | 5,381,902 | ||||||||||||
Property and equipment, net | 95,955 | 91,242 | 88,092 | 88,595 | ||||||||||||
Other assets, net | 295,378 | 290,045 | 319,583 | 314,921 | ||||||||||||
Total assets | $ | 6,597,487 | $ | 6,197,066 | $ | 6,410,633 | $ | 5,785,418 | ||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 3,211,201 | $ | 2,985,230 | $ | 3,295,867 | $ | 3,042,809 | ||||||||
Accrued expenses and other liabilities | 539,169 | 503,413 | 520,751 | 551,280 | ||||||||||||
Revolving credit loans and current maturities of long-term debt, net | 418,444 | 424,320 | 411,909 | 48,490 | ||||||||||||
Total current liabilities | 4,168,814 | 3,912,963 | 4,228,527 | 3,642,579 | ||||||||||||
Long-term debt, less current maturities | 64,889 | 62,810 | 61,223 | 57,253 | ||||||||||||
Other long-term liabilities | 69,368 | 65,315 | 76,864 | 83,438 | ||||||||||||
Total liabilities | 4,303,071 | 4,041,088 | 4,366,614 | 3,783,270 | ||||||||||||
Shareholders’ equity: | ||||||||||||||||
Common stock | 89 | 89 | 89 | 89 | ||||||||||||
Additional paid-in capital | 762,873 | 763,025 | 765,525 | 769,826 | ||||||||||||
Treasury stock, at cost | (486,330 | ) | (632,154 | ) | (728,600 | ) | (739,614 | ) | ||||||||
Retained earnings | 1,502,072 | 1,552,179 | 1,605,698 | 1,659,767 | ||||||||||||
Accumulated other comprehensive income | 489,778 | 446,029 | 371,643 | 283,755 | ||||||||||||
Equity attributable to shareholders of Tech Data Corporation | 2,268,482 | 2,129,168 | 2,014,355 | 1,973,823 | ||||||||||||
Noncontrolling interest | 25,934 | 26,810 | 29,664 | 28,325 | ||||||||||||
Total equity | 2,294,416 | 2,155,978 | 2,044,019 | 2,002,148 | ||||||||||||
Total liabilities and equity | $ | 6,597,487 | $ | 6,197,066 | $ | 6,410,633 | $ | 5,785,418 | ||||||||
As of | ||||||||||||||||
ADJUSTMENTS (1) | April 30 | July 31 | October 31 | January 31 | ||||||||||||
(In thousands) | ||||||||||||||||
Fiscal year 2012: | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | (155,239 | ) | $ | (113,581 | ) | $ | (102,771 | ) | $ | (18,916 | ) | ||||
Accounts receivable | (52,895 | ) | (83,501 | ) | (64,432 | ) | (92,602 | ) | ||||||||
Inventories | 168,261 | 207,056 | 137,447 | 129,313 | ||||||||||||
Prepaid expenses and other assets | (4,440 | ) | (5,325 | ) | (6,601 | ) | (5,197 | ) | ||||||||
Total current assets | (44,313 | ) | 4,649 | (36,357 | ) | 12,598 | ||||||||||
Property and equipment, net | 90 | 88 | 86 | 286 | ||||||||||||
Other assets, net | (2,325 | ) | (2,229 | ) | (2,140 | ) | (2,034 | ) | ||||||||
Total assets | $ | (46,548 | ) | $ | 2,508 | $ | (38,411 | ) | $ | 10,850 | ||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | (31,643 | ) | $ | 19,969 | $ | (16,065 | ) | $ | 48,802 | ||||||
Accrued expenses and other liabilities | (11,116 | ) | (8,957 | ) | (11,961 | ) | (17,445 | ) | ||||||||
Revolving credit loans and current maturities of long-term debt, net | 0 | 0 | 0 | 0 | ||||||||||||
Total current liabilities | (42,759 | ) | 11,012 | (28,026 | ) | 31,357 | ||||||||||
Long-term debt, less current maturities | 0 | 0 | 0 | 0 | ||||||||||||
Other long-term liabilities | (1,521 | ) | (1,519 | ) | (55 | ) | (488 | ) | ||||||||
Total liabilities | (44,280 | ) | 9,493 | (28,081 | ) | 30,869 | ||||||||||
Shareholders’ equity: | ||||||||||||||||
Common stock | 0 | 0 | 0 | 0 | ||||||||||||
Additional paid-in capital | 1,701 | 2,030 | 2,408 | 3,261 | ||||||||||||
Treasury stock, at cost | 0 | 0 | 0 | 0 | ||||||||||||
Retained earnings | (4,153 | ) | (8,914 | ) | (12,571 | ) | (22,664 | ) | ||||||||
Accumulated other comprehensive income | 184 | (101 | ) | (167 | ) | (616 | ) | |||||||||
Equity attributable to shareholders of Tech Data Corporation | (2,268 | ) | (6,985 | ) | (10,330 | ) | (20,019 | ) | ||||||||
Noncontrolling interest | 0 | 0 | 0 | 0 | ||||||||||||
Total equity | (2,268 | ) | (6,985 | ) | (10,330 | ) | (20,019 | ) | ||||||||
Total liabilities and equity | $ | (46,548 | ) | $ | 2,508 | $ | (38,411 | ) | $ | 10,850 | ||||||
Business_And_Summary_Of_Signif3
Business And Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2011 |
Business And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Book overdrafts | $6 | $30 | ' |
Accounts receivable sold | 284.7 | 176.6 | ' |
Discount fees on sale of accounts receivable | 2.6 | 1.1 | 0.5 |
Intangible assets, useful life, minimum, years | '7 years | '6 years | '6 years |
Product warranty period | '2 years | ' | ' |
Value added tax payable | 236 | 187.5 | ' |
Accumulated other comprehensive income, tax portion | 23 | 23 | 23 |
Capitalized software and development costs | ' | ' | ' |
Business And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Intangible assets, useful life, minimum, years | '8 years | '6 years | '5 years |
Personal Computer Related Software | ' | ' | ' |
Business And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Intangible assets, useful life, minimum, years | '3 years | ' | ' |
Mainframe Software Licenses | ' | ' | ' |
Business And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Intangible assets, useful life, minimum, years | '5 years | ' | ' |
Maximum | ' | ' | ' |
Business And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Revenue from configured product, percentage of net sales | 10.00% | 10.00% | 10.00% |
Product warranty charges, percentage of net sales | ' | ' | 10.00% |
Maximum | Capitalized software and development costs | ' | ' | ' |
Business And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Intangible assets, useful life, minimum, years | '10 years | ' | ' |
Maximum | Strategic Applications | ' | ' | ' |
Business And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Intangible assets, useful life, minimum, years | '10 years | ' | ' |
Minimum | Capitalized software and development costs | ' | ' | ' |
Business And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Intangible assets, useful life, minimum, years | '3 years | ' | ' |
Minimum | Strategic Applications | ' | ' | ' |
Business And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Intangible assets, useful life, minimum, years | '7 years | ' | ' |
Hewlett-Packard | Supplier Concentration Risk | Sales Revenue, Goods, Net | ' | ' | ' |
Business And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Concentration risk, percentage | 21.00% | 25.00% | 27.00% |
Apple | Supplier Concentration Risk | Sales Revenue, Goods, Net | ' | ' | ' |
Business And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Concentration risk, percentage | 12.00% | ' | ' |
SPAIN | Accrued Expenses and Other Liabilities | ' | ' | ' |
Business And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Value added tax payable | 55.6 | ' | ' |
Number of subsidiaries | 1 | ' | ' |
Europe | Accrued Expenses and Other Liabilities | ' | ' | ' |
Business And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Value added tax payable | 55.6 | ' | ' |
Europe | Prepaid Expenses and Other Assets | ' | ' | ' |
Business And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Value added tax receivable | $90.90 | $66.70 | ' |
Business_And_Summary_Of_Signif4
Business And Summary Of Significant Accounting Policies (Property And Equipment) (Details) | 12 Months Ended |
Jan. 31, 2013 | |
Minimum | Buildings and improvements | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment useful life, years | '15 years |
Minimum | Leasehold improvements | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment useful life, years | '3 years |
Minimum | Furniture, fixtures and equipment | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment useful life, years | '3 years |
Maximum | Buildings and improvements | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment useful life, years | '39 years |
Maximum | Leasehold improvements | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment useful life, years | '10 years |
Maximum | Furniture, fixtures and equipment | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment useful life, years | '10 years |
Restatement_of_Consolidated_Fi2
Restatement of Consolidated Financial Statements (Narrative) (Details) (USD $) | Jan. 31, 2010 |
In Millions, unless otherwise specified | |
Accounting Changes and Error Corrections [Abstract] | ' |
Cumulative adjustments on previously reported retained earnings | $1.10 |
Restatement_of_Consolidated_Fi3
Restatement of Consolidated Financial Statements (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2011 | Jul. 31, 2011 | Apr. 30, 2011 | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2011 | Jan. 31, 2010 | |||||||||||
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Cash and cash equivalents | $340,564 | $473,386 | $235,402 | $409,529 | $486,262 | [1] | $796,895 | $791,557 | $652,315 | $340,564 | $486,262 | [1] | $722,598 | [1] | $927,431 | [1] | |||||||
Accounts receivable, less allowances of $58,284 and $56,753 | 3,215,920 | 2,729,523 | 2,574,108 | 2,595,886 | 2,778,641 | [1] | 2,863,609 | 2,750,223 | 2,863,654 | 3,215,920 | 2,778,641 | [1] | ' | ' | |||||||||
Inventories | 2,254,510 | 2,100,482 | 1,946,033 | 2,067,543 | 1,932,289 | [1] | 2,098,746 | 2,085,967 | 2,439,798 | 2,254,510 | 1,932,289 | [1] | ' | ' | |||||||||
Prepaid expenses and other assets | 334,431 | 199,963 | 191,358 | 180,364 | 197,308 | [1] | 207,351 | 192,681 | 206,074 | 334,431 | 197,308 | [1] | ' | ' | |||||||||
Total current assets | 6,145,425 | 5,503,354 | 4,946,901 | 5,253,322 | 5,394,500 | [1] | 5,966,601 | 5,820,428 | 6,161,841 | 6,145,425 | 5,394,500 | [1] | ' | ' | |||||||||
Property and equipment, net | 84,395 | 83,373 | 82,770 | 89,093 | 88,881 | [1] | 88,178 | 91,330 | 96,045 | 84,395 | 88,881 | [1] | ' | ' | |||||||||
Other assets, net | 601,140 | 309,730 | 299,599 | 317,882 | 312,887 | [1] | 317,443 | 287,816 | 293,053 | 601,140 | 312,887 | [1] | ' | ' | |||||||||
Total assets | 6,830,960 | 5,896,457 | 5,329,270 | 5,660,297 | 5,796,268 | [1] | 6,372,222 | 6,199,574 | 6,550,939 | 6,830,960 | 5,796,268 | [1] | ' | ' | |||||||||
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Accounts payable | 3,657,251 | 3,123,351 | 2,924,397 | 2,998,673 | 3,091,611 | [1] | 3,279,802 | 3,005,199 | 3,179,558 | 3,657,251 | 3,091,611 | [1] | ' | ' | |||||||||
Accrued expenses and other liabilities | 620,167 | 458,493 | 429,744 | 471,216 | 533,835 | [1] | 508,790 | 494,456 | 528,053 | 620,167 | 533,835 | [1] | ' | ' | |||||||||
Revolving credit loans and current maturities of long-term debt, net | 167,522 | 65,848 | 37,912 | 30,933 | 48,490 | [1] | 411,909 | 424,320 | 418,444 | 167,522 | 48,490 | [1] | ' | ' | |||||||||
Total current liabilities | 4,444,940 | 3,647,692 | 3,392,053 | 3,500,822 | 3,673,936 | [1] | 4,200,501 | 3,923,975 | 4,126,055 | 4,444,940 | 3,673,936 | [1] | ' | ' | |||||||||
Long-term debt, less current maturities | 354,458 | 354,267 | 53,659 | 57,816 | 57,253 | [1] | 61,223 | 62,810 | 64,889 | 354,458 | 57,253 | [1] | ' | ' | |||||||||
Other long-term liabilities | 113,193 | 80,911 | 80,531 | 82,078 | 82,950 | [1] | 76,809 | 63,796 | 67,847 | 113,193 | 82,950 | [1] | ' | ' | |||||||||
Total liabilities | 4,912,591 | 4,082,870 | 3,526,243 | 3,640,716 | 3,814,139 | [1] | 4,338,533 | 4,050,581 | 4,258,791 | 4,912,591 | 3,814,139 | [1] | ' | ' | |||||||||
Shareholders’ equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Common stock | 89 | 89 | 89 | 89 | 89 | [1] | 89 | 89 | 89 | 89 | 89 | [1] | ' | ' | |||||||||
Additional paid-in capital | 680,715 | 673,489 | 756,008 | 754,300 | 773,087 | [1] | 767,933 | 765,055 | 764,574 | 680,715 | 773,087 | [1] | ' | ' | |||||||||
Treasury stock, at cost | -905,900 | -907,533 | -907,777 | -766,558 | -739,614 | [1] | -728,600 | -632,154 | -486,330 | -905,900 | -739,614 | [1] | ' | ' | |||||||||
Retained earnings | 1,813,358 | 1,768,917 | 1,725,980 | 1,691,281 | 1,637,103 | [1] | 1,593,127 | 1,543,265 | 1,497,919 | 1,813,358 | 1,637,103 | [1] | ' | ' | |||||||||
Accumulated other comprehensive income | 330,107 | 278,625 | 200,887 | 309,960 | 283,139 | [1] | 371,476 | 445,928 | 489,962 | 330,107 | 283,139 | [1] | ' | ' | |||||||||
Equity attributable to shareholders of Tech Data Corporation | 1,918,369 | 1,813,587 | 1,775,187 | 1,989,072 | 1,953,804 | [1] | 2,004,025 | 2,122,183 | 2,266,214 | 1,918,369 | 1,953,804 | [1] | ' | ' | |||||||||
Noncontrolling interest | 0 | 0 | 27,840 | 30,509 | 28,325 | [1] | 29,664 | 26,810 | 25,934 | 0 | 28,325 | [1] | ' | ' | |||||||||
Total equity | 1,918,369 | 1,813,587 | 1,803,027 | 2,019,581 | 1,982,129 | [1] | 2,033,689 | 2,148,993 | 2,292,148 | 1,918,369 | 1,982,129 | [1] | 2,132,412 | [1] | 2,094,227 | [1] | |||||||
Total liabilities and equity | 6,830,960 | 5,896,457 | 5,329,270 | 5,660,297 | 5,796,268 | [1] | 6,372,222 | 6,199,574 | 6,550,939 | 6,830,960 | 5,796,268 | [1] | ' | ' | |||||||||
Consolidated Statement of Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales | 7,442,372 | [2],[3] | 6,037,475 | 5,968,419 | 5,910,063 | 6,874,391 | [4] | 6,404,585 | 6,214,304 | 6,154,033 | 25,358,329 | 25,647,313 | [1] | 23,619,938 | [1] | ' | |||||||
Cost of products sold | 7,071,398 | 5,731,396 | 5,665,826 | 5,586,655 | 6,508,128 | 6,066,807 | 5,878,219 | 5,816,718 | 24,055,275 | 24,269,872 | [1] | 22,341,685 | [1] | ' | |||||||||
Gross profit | 370,974 | [2],[3] | 306,079 | 302,593 | 323,408 | 366,263 | [4] | 337,778 | 336,085 | 337,315 | 1,303,054 | 1,377,441 | [1] | 1,278,253 | [1] | ' | |||||||
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Selling, general and administrative expenses | 284,156 | 242,484 | 242,282 | 240,950 | 267,365 | 254,526 | 262,947 | 259,763 | 1,009,872 | 1,044,601 | [1] | 956,845 | [1] | ' | |||||||||
Loss on disposal of subsidiaries | ' | ' | ' | ' | 28,294 | 0 | 0 | 0 | 0 | 28,294 | [1] | 0 | [1] | ' | |||||||||
Operating expenses, Total | 313,618 | 242,484 | 242,282 | 240,950 | 295,659 | 254,526 | 262,947 | 259,763 | 1,039,334 | 1,072,895 | [1] | 956,845 | [1] | ' | |||||||||
Operating income | 57,356 | [2],[3] | 63,595 | 60,311 | 82,458 | 70,604 | 83,252 | 73,138 | 77,552 | 263,720 | 304,546 | [1] | 321,408 | [1] | ' | ||||||||
Interest expense | 19,276 | 4,359 | 3,422 | 3,069 | 6,235 | 8,378 | 8,089 | 8,675 | 30,126 | 31,377 | [1] | 29,926 | [1] | ' | |||||||||
Other expense (income), net | -1,011 | -1,070 | -1,812 | -235 | 670 | -1,868 | -958 | 1,298 | 4,128 | 858 | [1] | -4,350 | [1] | ' | |||||||||
Income before income taxes | 37,069 | 58,166 | 55,077 | 79,154 | 65,039 | 73,006 | 64,091 | 70,175 | 229,466 | 272,311 | [1] | 295,832 | [1] | ' | |||||||||
Provision for income taxes | -7,372 | 14,106 | 16,550 | 23,142 | 15,923 | 19,500 | 17,096 | 18,590 | 46,426 | 71,109 | [1] | 82,840 | [1] | ' | |||||||||
Consolidated net income | 44,441 | [2],[3] | 44,060 | 38,527 | 56,012 | 49,116 | [4] | 53,506 | 46,995 | 51,585 | 183,040 | 201,202 | [1] | 212,992 | [1] | ' | |||||||
Net income attributable to noncontrolling interest | 0 | 1,123 | 3,828 | 1,834 | 5,140 | 3,644 | 1,649 | 19 | -6,785 | -10,452 | [1] | -4,620 | [1] | ' | |||||||||
Net income attributable to shareholders of Tech Data Corporation | 44,441 | [2],[3] | 42,937 | 34,699 | 54,178 | 43,976 | [4] | 49,862 | 45,346 | 51,566 | 176,255 | 190,750 | [1] | 208,372 | [1] | ' | |||||||
Net income per share attributable to shareholders of Tech Data Corporation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Basic (in USD per share) | $1.18 | [2],[3] | $1.14 | $0.89 | $1.32 | $1.07 | $1.18 | $1.01 | $1.10 | $4.53 | $4.36 | [1] | $4.29 | [1] | ' | ||||||||
Diluted (in USD per share) | $1.17 | [2],[3] | $1.13 | $0.89 | $1.30 | $1.05 | $1.17 | $0.99 | $1.09 | $4.50 | $4.30 | [1] | $4.25 | [1] | ' | ||||||||
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | 47,590 | -76,819 | [1] | -918 | [1] | ' | |||||||||
Total comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 230,630 | 124,383 | [1] | 212,074 | [1] | ' | |||||||||
Comprehensive income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | -4,881 | -8,917 | [1] | -4,703 | [1] | ' | |||||||||
Comprehensive income attributable to shareholders of Tech Data Corporation | ' | ' | ' | ' | ' | ' | ' | ' | 225,749 | 115,466 | [1] | 207,371 | [1] | ' | |||||||||
Cash flows from operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Cash received from customers | ' | ' | ' | ' | ' | ' | ' | ' | 26,528,455 | 27,033,946 | [1] | 24,752,938 | [1] | ' | |||||||||
Cash paid to suppliers and employees | ' | ' | ' | ' | ' | ' | ' | ' | -26,306,835 | -26,404,749 | [1] | -24,487,671 | [1] | ' | |||||||||
Interest paid | ' | ' | ' | ' | ' | ' | ' | ' | -11,422 | -18,313 | [1] | -15,927 | [1] | ' | |||||||||
Income taxes paid | ' | ' | ' | ' | ' | ' | ' | ' | -89,445 | -85,978 | [1] | -73,211 | [1] | ' | |||||||||
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 120,753 | 524,906 | [1] | 176,129 | [1] | ' | |||||||||
Cash flows from investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Acquisition of businesses, net of cash acquired | ' | ' | ' | ' | ' | ' | ' | ' | -310,253 | -24,898 | [1] | -141,138 | [1] | ' | |||||||||
Expenditures for property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | -14,871 | -13,672 | [1] | -18,688 | [1] | ' | |||||||||
Software and software development costs | ' | ' | ' | ' | ' | ' | ' | ' | -23,494 | -30,887 | [1] | -12,112 | [1] | ' | |||||||||
Gains on investments | ' | ' | ' | ' | ' | ' | ' | ' | 2,941 | 335 | [1] | 4,794 | [1] | ' | |||||||||
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -345,677 | -69,122 | [1] | -167,144 | [1] | ' | |||||||||
Cash flows from financing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Proceeds from the reissuance of treasury stock | ' | ' | ' | ' | ' | ' | ' | ' | 3,397 | 35,093 | [1] | 5,005 | [1] | ' | |||||||||
Cash paid for purchase of treasury stock | ' | ' | ' | ' | ' | ' | ' | ' | -185,114 | -314,886 | [1] | -200,000 | [1] | ' | |||||||||
Borrowings on long-term loans from joint venture partner | ' | ' | ' | ' | ' | ' | ' | ' | -49,549 | 460 | [1] | 34,556 | [1] | ' | |||||||||
Net borrowings (repayments) on revolving credit loans | ' | ' | ' | ' | ' | ' | ' | ' | 87,240 | -41,195 | [1] | -51,472 | [1] | ' | |||||||||
Principal payments on long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | -500 | -352,316 | [1] | -454 | [1] | ' | |||||||||
Excess tax benefit from stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | 5,304 | 2,003 | [1] | 1,180 | [1] | ' | |||||||||
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | 80,294 | -670,841 | [1] | -211,185 | [1] | ' | |||||||||
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | -1,068 | -21,279 | [1] | -2,633 | [1] | ' | |||||||||
Net decrease in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | -145,698 | -236,336 | [1] | -204,833 | [1] | ' | |||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 58,353 | 57,332 | [1] | 47,285 | [1] | ' | |||||||||
Provision for losses on accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | 9,653 | 10,813 | [1] | 11,798 | [1] | ' | |||||||||
Stock-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | 13,616 | 11,994 | [1] | 10,353 | [1] | ' | |||||||||
Accretion of debt discount on Senior Notes and convertible senior debentures | ' | ' | ' | ' | ' | ' | ' | ' | 88 | 8,994 | [1] | 10,278 | [1] | ' | |||||||||
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -22,759 | -33,952 | 7,230 | ' | |||||||||||
Excess tax benefit from stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | -5,304 | -2,003 | [1] | -1,180 | [1] | ' | |||||||||
Changes in operating assets and liabilities, net of acquisitions: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | -103,538 | -10,744 | [1] | -13,726 | [1] | ' | |||||||||
Inventories | ' | ' | ' | ' | ' | ' | ' | ' | -151,713 | 457,190 | [1] | -481,572 | [1] | ' | |||||||||
Prepaid expenses and other assets | ' | ' | ' | ' | ' | ' | ' | ' | -105,080 | -38,101 | [1] | -29,579 | [1] | ' | |||||||||
Accounts payable | ' | ' | ' | ' | ' | ' | ' | ' | 218,618 | -124,577 | [1] | 396,329 | [1] | ' | |||||||||
Accrued expenses and other liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 25,779 | -41,536 | [1] | 5,921 | [1] | ' | |||||||||
Total adjustments | ' | ' | ' | ' | ' | ' | ' | ' | -62,287 | 323,704 | [1] | -36,863 | [1] | ' | |||||||||
As Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Cash and cash equivalents | 392,132 | 515,788 | 277,633 | 447,038 | 505,178 | 899,666 | 905,138 | 807,554 | 392,132 | 505,178 | 763,725 | 982,913 | |||||||||||
Accounts receivable, less allowances of $58,284 and $56,753 | 3,262,751 | 2,781,490 | 2,622,811 | 2,656,030 | 2,871,243 | 2,928,041 | 2,833,724 | 2,916,549 | 3,262,751 | 2,871,243 | ' | ' | |||||||||||
Inventories | 2,132,760 | 2,025,424 | 1,819,233 | 1,949,279 | 1,802,976 | 1,961,299 | 1,878,911 | 2,271,537 | 2,132,760 | 1,802,976 | ' | ' | |||||||||||
Prepaid expenses and other assets | 343,425 | 206,095 | 199,185 | 184,928 | 202,505 | 213,952 | 198,006 | 210,514 | 343,425 | 202,505 | ' | ' | |||||||||||
Total current assets | 6,131,068 | 5,528,797 | 4,918,862 | 5,237,275 | 5,381,902 | 6,002,958 | 5,815,779 | 6,206,154 | 6,131,068 | 5,381,902 | ' | ' | |||||||||||
Property and equipment, net | 84,220 | 83,049 | 81,953 | 88,246 | 88,595 | 88,092 | 91,242 | 95,955 | 84,220 | 88,595 | ' | ' | |||||||||||
Other assets, net | 590,965 | 310,471 | 300,248 | 318,662 | 314,921 | 319,583 | 290,045 | 295,378 | 590,965 | 314,921 | ' | ' | |||||||||||
Total assets | 6,806,253 | 5,922,317 | 5,301,063 | 5,644,183 | 5,785,418 | 6,410,633 | 6,197,066 | 6,597,487 | 6,806,253 | 5,785,418 | ' | ' | |||||||||||
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Accounts payable | 3,603,038 | 3,111,391 | 2,862,684 | 2,952,182 | 3,042,809 | 3,295,867 | 2,985,230 | 3,211,201 | 3,603,038 | 3,042,809 | ' | ' | |||||||||||
Accrued expenses and other liabilities | 588,766 | 469,171 | 444,899 | 483,060 | 551,280 | 520,751 | 503,413 | 539,169 | 588,766 | 551,280 | ' | ' | |||||||||||
Revolving credit loans and current maturities of long-term debt, net | 164,341 | 65,848 | 37,913 | 30,933 | 48,490 | 411,909 | 424,320 | 418,444 | 164,341 | 48,490 | ' | ' | |||||||||||
Total current liabilities | 4,356,145 | 3,646,410 | 3,345,496 | 3,466,175 | 3,642,579 | 4,228,527 | 3,912,963 | 4,168,814 | 4,356,145 | 3,642,579 | ' | ' | |||||||||||
Long-term debt, less current maturities | 354,458 | 354,267 | 53,659 | 57,816 | 57,253 | 61,223 | 62,810 | 64,889 | 354,458 | 57,253 | ' | ' | |||||||||||
Other long-term liabilities | 118,020 | 86,780 | 80,862 | 82,414 | 83,438 | 76,864 | 65,315 | 69,368 | 118,020 | 83,438 | ' | ' | |||||||||||
Total liabilities | 4,828,623 | 4,087,457 | 3,480,017 | 3,606,405 | 3,783,270 | 4,366,614 | 4,041,088 | 4,303,071 | 4,828,623 | 3,783,270 | ' | ' | |||||||||||
Shareholders’ equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Common stock | 89 | 89 | 89 | 89 | 89 | 89 | 89 | 89 | 89 | 89 | ' | ' | |||||||||||
Additional paid-in capital | 677,682 | 670,346 | 752,763 | 750,878 | 769,826 | 765,525 | 763,025 | 762,873 | 677,682 | 769,826 | ' | ' | |||||||||||
Treasury stock, at cost | -905,900 | -907,533 | -907,777 | -766,558 | -739,614 | -728,600 | -632,154 | -486,330 | -905,900 | -739,614 | ' | ' | |||||||||||
Retained earnings | 1,874,357 | 1,791,815 | 1,745,917 | 1,711,459 | 1,659,767 | 1,605,698 | 1,552,179 | 1,502,072 | 1,874,357 | 1,659,767 | ' | ' | |||||||||||
Accumulated other comprehensive income | 331,402 | 280,143 | 202,214 | 311,401 | 283,755 | 371,643 | 446,029 | 489,778 | 331,402 | 283,755 | ' | ' | |||||||||||
Equity attributable to shareholders of Tech Data Corporation | 1,977,630 | 1,834,860 | 1,793,206 | 2,007,269 | 1,973,823 | 2,014,355 | 2,129,168 | 2,268,482 | 1,977,630 | 1,973,823 | ' | ' | |||||||||||
Noncontrolling interest | 0 | 0 | 27,840 | 30,509 | 28,325 | 29,664 | 26,810 | 25,934 | 0 | 28,325 | ' | ' | |||||||||||
Total equity | 1,977,630 | 1,834,860 | 1,821,046 | 2,037,778 | 2,002,148 | 2,044,019 | 2,155,978 | 2,294,416 | 1,977,630 | 2,002,148 | ' | 2,094,533 | |||||||||||
Total liabilities and equity | 6,806,253 | 5,922,317 | 5,301,063 | 5,644,183 | 5,785,418 | 6,410,633 | 6,197,066 | 6,597,487 | 6,806,253 | 5,785,418 | ' | ' | |||||||||||
Consolidated Statement of Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales | 7,463,400 | [5] | 6,040,556 | 5,961,500 | 5,895,561 | 7,112,552 | 6,593,983 | 6,449,461 | 6,332,128 | ' | 26,488,124 | 24,375,973 | ' | ||||||||||
Cost of products sold | 7,083,520 | [5] | 5,732,295 | 5,660,256 | 5,575,344 | 6,737,608 | 6,249,236 | 6,108,623 | 5,998,666 | ' | 25,094,133 | 23,092,685 | ' | ||||||||||
Gross profit | 379,880 | [5] | 308,261 | 301,244 | 320,217 | 374,944 | 344,747 | 340,838 | 333,462 | ' | 1,393,991 | 1,283,288 | ' | ||||||||||
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Selling, general and administrative expenses | 286,350 | [5] | 238,715 | 241,988 | 239,324 | 262,819 | 255,178 | 262,063 | 257,779 | ' | 1,037,839 | 949,303 | ' | ||||||||||
Loss on disposal of subsidiaries | ' | ' | ' | ' | 28,294 | 0 | 0 | 0 | ' | 28,294 | ' | ' | |||||||||||
Operating expenses, Total | 286,350 | [5] | 238,715 | 241,988 | 239,324 | 291,113 | 255,178 | 262,063 | 257,779 | ' | 1,066,133 | ' | ' | ||||||||||
Operating income | 93,530 | [5] | 69,546 | 59,256 | 80,893 | 83,831 | 89,569 | 78,775 | 75,683 | ' | 327,858 | 333,985 | ' | ||||||||||
Interest expense | 7,691 | [5] | 4,359 | 3,422 | 3,069 | 6,235 | 8,378 | 8,089 | 8,641 | ' | 31,343 | 29,926 | ' | ||||||||||
Other expense (income), net | -2,503 | [5] | -2,044 | -1,178 | -1,344 | -311 | -428 | 212 | -666 | ' | 1,193 | 444 | ' | ||||||||||
Income before income taxes | 83,336 | [5] | 63,143 | 54,656 | 76,480 | 77,285 | 80,763 | 70,898 | 66,376 | ' | 295,322 | 303,615 | ' | ||||||||||
Provision for income taxes | 794 | [5] | 16,122 | 16,370 | 22,954 | 18,076 | 23,600 | 19,142 | 17,656 | ' | 78,474 | 84,752 | ' | ||||||||||
Consolidated net income | 82,542 | [5] | 47,021 | 38,286 | 53,526 | 59,209 | 57,163 | 51,756 | 48,720 | ' | 216,848 | 218,863 | ' | ||||||||||
Net income attributable to noncontrolling interest | 0 | [5] | 1,123 | 3,828 | 1,834 | 5,140 | 3,644 | 1,649 | 19 | ' | -10,452 | -4,620 | ' | ||||||||||
Net income attributable to shareholders of Tech Data Corporation | 82,542 | [5] | 45,898 | 34,458 | 51,692 | 54,069 | 53,519 | 50,107 | 48,701 | ' | 206,396 | 214,243 | ' | ||||||||||
Net income per share attributable to shareholders of Tech Data Corporation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Basic (in USD per share) | $2.18 | [5] | $1.22 | $0.89 | $1.26 | $1.31 | $1.27 | $1.11 | $1.04 | ' | $4.72 | $4.41 | ' | ||||||||||
Diluted (in USD per share) | $2.17 | [5] | $1.21 | $0.88 | $1.24 | $1.29 | $1.26 | $1.10 | $1.03 | ' | $4.66 | $4.36 | ' | ||||||||||
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | -76,664 | -614 | ' | |||||||||||
Total comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 140,184 | 218,249 | ' | |||||||||||
Comprehensive income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,917 | -4,703 | ' | |||||||||||
Comprehensive income attributable to shareholders of Tech Data Corporation | ' | ' | ' | ' | ' | ' | ' | ' | ' | 131,267 | 213,546 | ' | |||||||||||
Cash flows from operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Cash received from customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,435,178 | 24,258,805 | ' | |||||||||||
Cash paid to suppliers and employees | ' | ' | ' | ' | ' | ' | ' | ' | ' | -25,827,475 | -24,008,367 | ' | |||||||||||
Interest paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | -18,313 | -15,927 | ' | |||||||||||
Income taxes paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | -85,978 | -73,211 | ' | |||||||||||
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 503,412 | 161,300 | ' | |||||||||||
Cash flows from investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Acquisition of businesses, net of cash acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | -24,898 | -141,138 | ' | |||||||||||
Expenditures for property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | -13,385 | -18,614 | ' | |||||||||||
Software and software development costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | -30,985 | -13,288 | ' | |||||||||||
Gains on investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | |||||||||||
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | -69,268 | -173,040 | ' | |||||||||||
Cash flows from financing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Proceeds from the reissuance of treasury stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,093 | 5,005 | ' | |||||||||||
Cash paid for purchase of treasury stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | -314,886 | -200,000 | ' | |||||||||||
Borrowings on long-term loans from joint venture partner | ' | ' | ' | ' | ' | ' | ' | ' | ' | 460 | 34,556 | ' | |||||||||||
Net borrowings (repayments) on revolving credit loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | -41,195 | -46,645 | ' | |||||||||||
Principal payments on long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | -352,316 | -454 | ' | |||||||||||
Excess tax benefit from stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,003 | 1,180 | ' | |||||||||||
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | -670,841 | -206,358 | ' | |||||||||||
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | -21,850 | -1,090 | ' | |||||||||||
Net decrease in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | -258,547 | -219,188 | ' | |||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57,332 | 47,285 | ' | |||||||||||
Provision for losses on accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,546 | 11,517 | ' | |||||||||||
Stock-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,699 | 9,887 | ' | |||||||||||
Accretion of debt discount on Senior Notes and convertible senior debentures | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,994 | 10,278 | ' | |||||||||||
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | -29,746 | 6,972 | ' | |||||||||||
Excess tax benefit from stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,003 | -1,180 | ' | |||||||||||
Changes in operating assets and liabilities, net of acquisitions: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | -48,887 | -113,303 | ' | |||||||||||
Inventories | ' | ' | ' | ' | ' | ' | ' | ' | ' | 370,858 | -349,429 | ' | |||||||||||
Prepaid expenses and other assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | -43,358 | -34,601 | ' | |||||||||||
Accounts payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | -41,081 | 335,813 | ' | |||||||||||
Accrued expenses and other liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | -35,084 | 19,198 | ' | |||||||||||
Total adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 286,564 | -57,563 | ' | |||||||||||
Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Cash and cash equivalents | -51,568 | -42,402 | -42,231 | -37,509 | -18,916 | [6] | -102,771 | -113,581 | -155,239 | -51,568 | -18,916 | [6] | -41,127 | -55,482 | |||||||||
Accounts receivable, less allowances of $58,284 and $56,753 | -46,831 | -51,967 | -48,703 | -60,144 | -92,602 | [7] | -64,432 | -83,501 | -52,895 | -46,831 | -92,602 | [7] | ' | ' | |||||||||
Inventories | 121,750 | 75,058 | 126,800 | 118,264 | 129,313 | [8] | 137,447 | 207,056 | 168,261 | 121,750 | 129,313 | [8] | ' | ' | |||||||||
Prepaid expenses and other assets | -8,994 | -6,132 | -7,827 | -4,564 | -5,197 | [9] | -6,601 | -5,325 | -4,440 | -8,994 | -5,197 | [9] | ' | ' | |||||||||
Total current assets | 14,357 | -25,443 | 28,039 | 16,047 | 12,598 | -36,357 | 4,649 | -44,313 | 14,357 | 12,598 | ' | ' | |||||||||||
Property and equipment, net | 175 | 324 | 817 | 847 | 286 | 86 | 88 | 90 | 175 | 286 | ' | ' | |||||||||||
Other assets, net | 10,175 | -741 | -649 | -780 | -2,034 | [9] | -2,140 | -2,229 | -2,325 | 10,175 | -2,034 | [9] | ' | ' | |||||||||
Total assets | 24,707 | -25,860 | 28,207 | 16,114 | 10,850 | -38,411 | 2,508 | -46,548 | 24,707 | 10,850 | ' | ' | |||||||||||
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Accounts payable | 54,213 | 11,960 | 61,713 | 46,491 | 48,802 | [10] | -16,065 | 19,969 | -31,643 | 54,213 | 48,802 | [10] | ' | ' | |||||||||
Accrued expenses and other liabilities | 31,401 | -10,678 | -15,155 | -11,844 | -17,445 | [11] | -11,961 | -8,957 | -11,116 | 31,401 | -17,445 | [11] | ' | ' | |||||||||
Revolving credit loans and current maturities of long-term debt, net | 3,181 | 0 | -1 | 0 | 0 | 0 | 0 | 0 | 3,181 | 0 | ' | ' | |||||||||||
Total current liabilities | 88,795 | 1,282 | 46,557 | 34,647 | 31,357 | -28,026 | 11,012 | -42,759 | 88,795 | 31,357 | ' | ' | |||||||||||
Long-term debt, less current maturities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | |||||||||||
Other long-term liabilities | -4,827 | -5,869 | -331 | -336 | -488 | [9] | -55 | -1,519 | -1,521 | -4,827 | -488 | [9] | ' | ' | |||||||||
Total liabilities | 83,968 | -4,587 | 46,226 | 34,311 | 30,869 | -28,081 | 9,493 | -44,280 | 83,968 | 30,869 | ' | ' | |||||||||||
Shareholders’ equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Common stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | |||||||||||
Additional paid-in capital | 3,033 | 3,143 | 3,245 | 3,422 | 3,261 | [12] | 2,408 | 2,030 | 1,701 | 3,033 | 3,261 | [12] | ' | ' | |||||||||
Treasury stock, at cost | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | |||||||||||
Retained earnings | -60,999 | -22,898 | -19,937 | -20,178 | -22,664 | [12] | -12,571 | -8,914 | -4,153 | -60,999 | -22,664 | [12] | ' | ' | |||||||||
Accumulated other comprehensive income | -1,295 | -1,518 | -1,327 | -1,441 | -616 | -167 | -101 | 184 | -1,295 | -616 | ' | ' | |||||||||||
Equity attributable to shareholders of Tech Data Corporation | -59,261 | -21,273 | -18,019 | -18,197 | -20,019 | -10,330 | -6,985 | -2,268 | -59,261 | -20,019 | ' | ' | |||||||||||
Noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | |||||||||||
Total equity | -59,261 | -21,273 | -18,019 | -18,197 | -20,019 | -10,330 | -6,985 | -2,268 | -59,261 | -20,019 | ' | -306 | |||||||||||
Total liabilities and equity | 24,707 | -25,860 | 28,207 | 16,114 | 10,850 | -38,411 | 2,508 | -46,548 | 24,707 | 10,850 | ' | ' | |||||||||||
Consolidated Statement of Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales | -21,028 | [13],[14] | -3,081 | [13] | 6,919 | [13] | 14,502 | [13] | -238,161 | [13] | -189,398 | [13] | -235,157 | [13] | -178,095 | [13] | ' | -840,811 | [15] | -756,035 | [16] | ' | |
Cost of products sold | -12,122 | [13],[14] | -899 | [13] | 5,570 | [13] | 11,311 | [13] | -229,480 | [13] | -182,429 | [13] | -230,404 | [13] | -181,948 | [13] | ' | -824,261 | [17] | -751,000 | [18] | ' | |
Gross profit | -8,906 | [13],[14] | -2,182 | [13] | 1,349 | [13] | 3,191 | [13] | -8,681 | [13] | -6,969 | [13] | -4,753 | [13] | 3,853 | [13] | ' | -16,550 | -5,035 | ' | |||
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Selling, general and administrative expenses | -2,194 | [13],[14] | 3,769 | [13] | 294 | [13] | 1,626 | [13] | 4,546 | [13] | -652 | [13] | 884 | [13] | 1,984 | [13] | ' | 6,762 | [19] | 7,542 | [20] | ' | |
Loss on disposal of subsidiaries | ' | ' | ' | ' | 0 | [13] | 0 | [13] | 0 | [13] | 0 | [13] | ' | 0 | ' | ' | |||||||
Operating expenses, Total | 27,268 | [13],[14] | 3,769 | [13] | 294 | [13] | 1,626 | [13] | 4,546 | [13] | -652 | [13] | 884 | [13] | 1,984 | [13] | ' | 6,762 | ' | ' | |||
Operating income | -36,174 | [13],[14] | -5,951 | [13] | 1,055 | [13] | 1,565 | [13] | -13,227 | [13] | -6,317 | [13] | -5,637 | [13] | 1,869 | [13] | ' | -23,312 | -12,577 | ' | |||
Interest expense | 11,585 | [13],[14] | 0 | [13] | 0 | [13] | 0 | [13] | 0 | [13] | 0 | [13] | 0 | [13] | 34 | [13] | ' | 34 | 0 | ' | |||
Other expense (income), net | 1,492 | [13],[14] | 974 | [13] | -634 | [13] | 1,109 | [13] | 981 | [13] | -1,440 | [13] | -1,170 | [13] | 1,964 | [13] | ' | -335 | -4,794 | [21] | ' | ||
Income before income taxes | -46,267 | [13],[14] | -4,977 | [13] | 421 | [13] | 2,674 | [13] | -12,246 | [13] | -7,757 | [13] | -6,807 | [13] | 3,799 | [13] | ' | -23,011 | -7,783 | ' | |||
Provision for income taxes | -8,166 | [13],[14] | -2,016 | [13] | 180 | [13] | 188 | [13] | -2,153 | [13] | -4,100 | [13] | -2,046 | [13] | 934 | [13] | ' | -7,365 | [22] | -1,912 | [22] | ' | |
Consolidated net income | -38,101 | [13],[14] | -2,961 | [13] | 241 | [13] | 2,486 | [13] | -10,093 | [13] | -3,657 | [13] | -4,761 | [13] | 2,865 | [13] | ' | -15,646 | -5,871 | ' | |||
Net income attributable to noncontrolling interest | 0 | [13],[14] | 0 | [13] | 0 | [13] | 0 | [13] | 0 | [13] | 0 | [13] | 0 | [13] | 0 | [13] | ' | 0 | 0 | ' | |||
Net income attributable to shareholders of Tech Data Corporation | -38,101 | [13],[14] | -2,961 | [13] | 241 | [13] | 2,486 | [13] | -10,093 | [13] | -3,657 | [13] | -4,761 | [13] | 2,865 | [13] | ' | -15,646 | -5,871 | ' | |||
Net income per share attributable to shareholders of Tech Data Corporation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Basic (in USD per share) | ($1) | [13],[14] | ($0.08) | [13] | $0 | [13] | $0.06 | [13] | ($0.24) | [13] | ($0.09) | [13] | ($0.10) | [13] | $0.06 | [13] | ' | ($0.36) | ($0.12) | ' | |||
Diluted (in USD per share) | ($1) | [13],[14] | ($0.08) | [13] | $0.01 | [13] | $0.06 | [13] | ($0.24) | [13] | ($0.09) | [13] | ($0.11) | [13] | $0.06 | [13] | ' | ($0.36) | ($0.11) | ' | |||
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | -155 | -304 | ' | |||||||||||
Total comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | -15,801 | -6,175 | ' | |||||||||||
Comprehensive income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | |||||||||||
Comprehensive income attributable to shareholders of Tech Data Corporation | ' | ' | ' | ' | ' | ' | ' | ' | ' | -15,801 | -6,175 | ' | |||||||||||
Cash flows from operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Cash received from customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | 598,768 | 494,133 | ' | |||||||||||
Cash paid to suppliers and employees | ' | ' | ' | ' | ' | ' | ' | ' | ' | -577,274 | -479,304 | ' | |||||||||||
Interest paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | |||||||||||
Income taxes paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | |||||||||||
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,494 | 14,829 | ' | |||||||||||
Cash flows from investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Acquisition of businesses, net of cash acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | |||||||||||
Expenditures for property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | -287 | -74 | ' | |||||||||||
Software and software development costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98 | 1,176 | ' | |||||||||||
Gains on investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 335 | 4,794 | ' | |||||||||||
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 146 | 5,896 | ' | |||||||||||
Cash flows from financing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Proceeds from the reissuance of treasury stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | |||||||||||
Cash paid for purchase of treasury stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | |||||||||||
Borrowings on long-term loans from joint venture partner | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | |||||||||||
Net borrowings (repayments) on revolving credit loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -4,827 | ' | |||||||||||
Principal payments on long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | |||||||||||
Excess tax benefit from stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | |||||||||||
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -4,827 | ' | |||||||||||
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | 571 | -1,543 | ' | |||||||||||
Net decrease in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,211 | 14,355 | ' | |||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | |||||||||||
Provision for losses on accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | 267 | 281 | ' | |||||||||||
Stock-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,295 | 466 | ' | |||||||||||
Accretion of debt discount on Senior Notes and convertible senior debentures | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | |||||||||||
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,206 | 258 | ' | |||||||||||
Excess tax benefit from stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | |||||||||||
Changes in operating assets and liabilities, net of acquisitions: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,143 | 99,577 | ' | |||||||||||
Inventories | ' | ' | ' | ' | ' | ' | ' | ' | ' | 86,332 | -132,143 | ' | |||||||||||
Prepaid expenses and other assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,257 | 5,022 | ' | |||||||||||
Accounts payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | -83,496 | 60,516 | ' | |||||||||||
Accrued expenses and other liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,452 | -13,277 | ' | |||||||||||
Total adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,140 | 20,700 | ' | |||||||||||
Sales Returns and Allowances | Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Accounts receivable, less allowances of $58,284 and $56,753 | ' | ' | ' | ' | -72,700 | ' | ' | ' | ' | -72,700 | ' | ' | |||||||||||
Inventories | ' | ' | ' | ' | 72,700 | ' | ' | ' | ' | 72,700 | ' | ' | |||||||||||
Sales and Inventory Cutoff | Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Inventories | ' | ' | ' | ' | 55,700 | ' | ' | ' | ' | 55,700 | ' | ' | |||||||||||
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Accounts payable | ' | ' | ' | ' | 27,600 | ' | ' | ' | ' | 27,600 | ' | ' | |||||||||||
Vendor Accounting Errors | Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Accounts payable | ' | ' | ' | ' | 17,900 | ' | ' | ' | ' | 17,900 | ' | ' | |||||||||||
Consolidated Statement of Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | ' | -17,800 | -5,700 | ' | |||||||||||
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,700 | ' | ' | |||||||||||
Taxes Payable | Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Accrued expenses and other liabilities | ' | ' | ' | ' | -11,900 | ' | ' | ' | ' | -11,900 | ' | ' | |||||||||||
Net Fees | Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Consolidated Statement of Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | 833,200 | 740,600 | ' | |||||||||||
Cost of products sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | -833,200 | -740,600 | ' | |||||||||||
Uncollectible Receivables | Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,600 | ' | ' | |||||||||||
Stock-Based Compensation Expense | Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300 | ' | ' | |||||||||||
Foreign Currency Gain (Loss) | Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Consolidated Statement of Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,900 | ' | |||||||||||
Investment Income | Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,800 | ' | |||||||||||
Other expense (income), net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,800 | ' | |||||||||||
UNITED KINGDOM | Vendor Accounting Errors | Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Shareholders’ equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Number of subsidiaries | ' | ' | ' | ' | 1 | ' | ' | ' | ' | 1 | 1 | ' | |||||||||||
Europe | Vendor Accounting Errors | Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Shareholders’ equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Number of subsidiaries | ' | ' | ' | ' | 2 | ' | ' | ' | ' | 2 | 2 | ' | |||||||||||
[1] | See Note 2 - Restatement of Consolidated Financial Statements. | ||||||||||||||||||||||
[2] | During the fourth quarter of fiscal 2013, the Company recorded a $41.0 million increase in an accrual for various value added tax matters in one of the Company’s subsidiaries in Spain, which decreased earnings per diluted share by $0.89 for the quarter ended January 31, 2013 (see Note 14 - Commitments and Contingencies for further discussion). | ||||||||||||||||||||||
[3] | During the fourth quarter of fiscal 2013, the Company recorded an income tax benefit of $25.1 million for the reversal of deferred tax valuation allowances related to a specific jurisdiction in Europe which had been recorded in prior fiscal years, which increased earnings per diluted share by $0.66 for the quarter ended January 31, 2013 (see further discussion in Note 9 - Income Taxes). | ||||||||||||||||||||||
[4] | During the fourth quarter of fiscal 2012, the Company recorded a $28.3 million loss on disposal of subsidiaries related to the closure of the commercial operations in Brazil and Colombia, which decreased earnings per diluted share by $0.46 for the quarter ended January 31, 2012 (see also Note 7 - Loss on Disposal of Subsidiaries). | ||||||||||||||||||||||
[5] | As previously reported in Current Report on Form 8-K filed on March 4, 2013. | ||||||||||||||||||||||
[6] | Cash and cash equivalents includes adjustments to reduce cash to correct bank reconciliation cutoff errors that recognized certain cash in-transit from customers (also recognized as a reduction of accounts receivable). | ||||||||||||||||||||||
[7] | Accounts receivable has been adjusted primarily to reduce the balance for estimated sales returns by $72.7 million and the cash cutoff errors discussed in (1) above. The Company had previously only recognized the net impact on gross profit for estimated sales returns. | ||||||||||||||||||||||
[8] | Inventory includes an adjustment to increase the balance for estimated sales returns by $72.7 million, as discussed in (2) above, and adjustments of $55.7 million for sales and inventory cutoff errors that were not appropriately recorded based on the delivery terms. | ||||||||||||||||||||||
[9] | Other assets and other liabilities contain various adjustments that are insignificant individually and in the aggregate pertaining to the errors described above, primarily related to the inadequate reconciliations of the accounts. | ||||||||||||||||||||||
[10] | Accounts payable has been adjusted primarily to recognize an increase of $27.6 million for inventory cutoff errors that were not appropriately reported based on the delivery terms; and the impact of vendor accounting errors in the Company's primary operating subsidiary in the UK and two other European subsidiaries of $17.9 million. | ||||||||||||||||||||||
[11] | Accrued expenses and other liabilities includes adjustments primarily related to reducing the taxes payable by $11.9 million as a result of the restatement adjustments and other adjustments due to various immaterial errors. | ||||||||||||||||||||||
[12] | Shareholders’ equity includes an adjustment to retained earnings and the cumulative translation account to account for the restatement errors identified herein and adjustments to additional paid-in capital primarily to correct errors related to stock-based compensation. | ||||||||||||||||||||||
[13] | The adjustments are to correct errors previously discussed in Note 2 - Restatement of Consolidated Financial Statements. | ||||||||||||||||||||||
[14] | Adjustments to previously reported amounts in Current Report on Form 8-K filed March 4, 2013 (see Note 2 - Restatement of Consolidated Financial Statements). | ||||||||||||||||||||||
[15] | Net sales and cost of products sold adjustments primarily reflect the impact to appropriately present sales of vendor warranty services and certain fulfillment contracts on an agency basis as net fees of $833.2 million, consistent with fiscal year 2013. | ||||||||||||||||||||||
[16] | Net sales and cost of products sold adjustments primarily reflect the impact to appropriately present sales of vendor warranty services and certain fulfillment contracts on an agency basis as net fees of $740.6 million, consistent with fiscal year 2013. | ||||||||||||||||||||||
[17] | Gross profit adjustments primarily reflect the impact of vendor accounting errors in the Company's primary operating subsidiary in the UK and two other European subsidiaries of $17.8 million and various other immaterial errors. | ||||||||||||||||||||||
[18] | Gross profit adjustments primarily reflect the impact of vendor accounting errors in the Company's primary operating subsidiary in the UK and two other European subsidiaries of $5.7 million, partially offset by the impact of reversing the improper deferral of net foreign currency exchange losses in a European subsidiary of $2.9 million. | ||||||||||||||||||||||
[19] | Selling, general and administrative expenses adjustments primarily reflect the impact of errors in the Company's primary operating subsidiary in the UK and two other European subsidiaries of $6.7 million, which includes adjustments for uncollectible accounts receivable of $2.6 million and various other immaterial errors. | ||||||||||||||||||||||
[20] | Selling, general and administrative expenses include an adjustment to reclassify investment income of $4.8 million related to the Company’s deferred compensation plan assets from selling, general and administrative expenses where it was recorded as a reduction of the corresponding payroll expense related to the plan to other expense (income), net and various other adjustments to correct immaterial errors. | ||||||||||||||||||||||
[21] | Other expense (income), net has been adjusted to reclassify investment income of $4.8 million related to the Company’s deferred compensation plan assets from selling, general and administrative expenses where it was recorded as a reduction of the corresponding payroll expense related to the plan. | ||||||||||||||||||||||
[22] | The provision for income taxes has been adjusted primarily to reduce tax expense as a result of the reduction of profit resulting from the restatement adjustments described herein. |
Earnings_Per_Share_EPS_Narrati
Earnings Per Share ("EPS") (Narrative) (Details) (USD $) | 12 Months Ended | ||
Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2011 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Equity-based compensation awards, excluded from computation of dilutive earnings per share | 9,456 | 16,382 | 564,776 |
Convertible Senior Debentures | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Convertible senior debentures, face value | 350,000,000 | ' | ' |
Convertible senior debentures, repayment date | 'December 2011 | ' | ' |
Earnings_Per_Share_EPS_Earning
Earnings Per Share ("EPS") (Earnings Per Share Basic And Diluted) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2011 | Jul. 31, 2011 | Apr. 30, 2011 | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2011 | ||||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net income attributable to shareholders of Tech Data Corporation | $44,441 | [1],[2] | $42,937 | $34,699 | $54,178 | $43,976 | [3] | $49,862 | $45,346 | $51,566 | $176,255 | $190,750 | [4] | $208,372 | [4] |
Net income per common share attributable to shareholders of Tech Data - diluted | ' | ' | ' | ' | ' | ' | ' | ' | $176,255 | $190,750 | $208,372 | ||||
Weighted average shares, basic | ' | ' | ' | ' | ' | ' | ' | ' | 38,871 | 43,749 | [4] | 48,587 | [4] | ||
Equity-based awards, Weighted average shares | ' | ' | ' | ' | ' | ' | ' | ' | 309 | 578 | 498 | ||||
Weighted average shares, diluted | ' | ' | ' | ' | ' | ' | ' | ' | 39,180 | 44,327 | [4] | 49,085 | [4] | ||
Basic (in USD per share) | $1.18 | [1],[2] | $1.14 | $0.89 | $1.32 | $1.07 | $1.18 | $1.01 | $1.10 | $4.53 | $4.36 | [4] | $4.29 | [4] | |
Diluted (in USD per share) | $1.17 | [1],[2] | $1.13 | $0.89 | $1.30 | $1.05 | $1.17 | $0.99 | $1.09 | $4.50 | $4.30 | [4] | $4.25 | [4] | |
[1] | During the fourth quarter of fiscal 2013, the Company recorded a $41.0 million increase in an accrual for various value added tax matters in one of the Company’s subsidiaries in Spain, which decreased earnings per diluted share by $0.89 for the quarter ended January 31, 2013 (see Note 14 - Commitments and Contingencies for further discussion). | ||||||||||||||
[2] | During the fourth quarter of fiscal 2013, the Company recorded an income tax benefit of $25.1 million for the reversal of deferred tax valuation allowances related to a specific jurisdiction in Europe which had been recorded in prior fiscal years, which increased earnings per diluted share by $0.66 for the quarter ended January 31, 2013 (see further discussion in Note 9 - Income Taxes). | ||||||||||||||
[3] | During the fourth quarter of fiscal 2012, the Company recorded a $28.3 million loss on disposal of subsidiaries related to the closure of the commercial operations in Brazil and Colombia, which decreased earnings per diluted share by $0.46 for the quarter ended January 31, 2012 (see also Note 7 - Loss on Disposal of Subsidiaries). | ||||||||||||||
[4] | See Note 2 - Restatement of Consolidated Financial Statements. |
Property_And_Equipment_Net_Pro
Property And Equipment, Net (Property And Equipment, Net) (Details) (USD $) | 12 Months Ended | |||||||||
Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2011 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Oct. 31, 2011 | Jul. 31, 2011 | Apr. 30, 2011 | ||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Property and equipment, gross | $437,105,000 | $425,620,000 | ' | ' | ' | ' | ' | ' | ' | |
Less accumulated depreciation | -352,710,000 | -336,739,000 | ' | ' | ' | ' | ' | ' | ' | |
Property and equipment, net, total | 84,395,000 | 88,881,000 | [1] | ' | 83,373,000 | 82,770,000 | 89,093,000 | 88,178,000 | 91,330,000 | 96,045,000 |
Depreciation expense | 20,500,000 | 21,900,000 | 21,000,000 | ' | ' | ' | ' | ' | ' | |
Land | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Property and equipment, gross | 5,804,000 | 4,727,000 | ' | ' | ' | ' | ' | ' | ' | |
Buildings and leasehold improvements | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Property and equipment, gross | 82,607,000 | 81,818,000 | ' | ' | ' | ' | ' | ' | ' | |
Furniture, fixtures and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Property and equipment, gross | $348,694,000 | $339,075,000 | ' | ' | ' | ' | ' | ' | ' | |
[1] | See Note 2 - Restatement of Consolidated Financial Statements. |
Goodwill_And_Intangible_Assets2
Goodwill And Intangible Assets (Narrative) (Details) (USD $) | 12 Months Ended | ||
Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2011 | |
Goodwill And Intangible Assets [Line Items] | ' | ' | ' |
Goodwill | $225,045,000 | $96,793,000 | ' |
Capitalized intangible assets | 156,400,000 | 48,100,000 | 75,300,000 |
Interest costs capitalized | 0 | 0 | 0 |
Weighted average amortization period (in years) | '7 years | '6 years | '6 years |
Amortization expense | $37,800,000 | $35,400,000 | $26,300,000 |
Capitalized software and development costs | ' | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' | ' |
Weighted average amortization period (in years) | '8 years | '6 years | '5 years |
Goodwill_And_Intangible_Assets3
Goodwill And Intangible Assets (Schedule Of Changes In Carrying Amount Of Goodwill) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jan. 31, 2013 |
Goodwill [Roll Forward] | ' |
Balance as of February 1, 2012 (as restated) | $96,793 |
Goodwill acquired during the year | 122,640 |
Foreign currency translation adjustment | 5,612 |
Balance as of January 31, 2013 | 225,045 |
Americas | ' |
Goodwill [Roll Forward] | ' |
Balance as of February 1, 2012 (as restated) | 2,966 |
Goodwill acquired during the year | 0 |
Foreign currency translation adjustment | 0 |
Balance as of January 31, 2013 | 2,966 |
Europe | ' |
Goodwill [Roll Forward] | ' |
Balance as of February 1, 2012 (as restated) | 93,827 |
Goodwill acquired during the year | 122,640 |
Foreign currency translation adjustment | 5,612 |
Balance as of January 31, 2013 | $222,079 |
Goodwill_And_Intangible_Assets4
Goodwill And Intangible Assets (Schedule Of Intangible Assets) (Details) (USD $) | Jan. 31, 2013 | Jan. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | $578,074 | $408,768 |
Accumulated amortization | 308,516 | 264,197 |
Net book value | 269,558 | 144,571 |
Capitalized software and development costs | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 330,116 | 301,052 |
Accumulated amortization | 248,013 | 223,148 |
Net book value | 82,103 | 77,904 |
Customer and Vendor Relationship | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 206,415 | 98,080 |
Accumulated amortization | 52,608 | 36,544 |
Net book value | 153,807 | 61,536 |
Preferred Supplier Agreement | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 30,754 | 0 |
Accumulated amortization | 1,575 | 0 |
Net book value | 29,179 | 0 |
Other intangible assets | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 10,789 | 9,636 |
Accumulated amortization | 6,320 | 4,505 |
Net book value | $4,469 | $5,131 |
Goodwill_And_Intangible_Assets5
Goodwill And Intangible Assets (Schedule Of Estimated Amortization Expense) (Details) (USD $) | Jan. 31, 2013 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Assets [Line Items] | ' |
2014 | $50,800 |
2015 | 45,600 |
2016 | 36,900 |
2017 | 32,400 |
2018 | 27,600 |
Capitalized software and development costs | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
2014 | 21,000 |
2015 | 16,200 |
2016 | 10,900 |
2017 | 8,200 |
2018 | 6,200 |
Acquired intangible assets | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
2014 | 29,800 |
2015 | 29,400 |
2016 | 26,000 |
2017 | 24,200 |
2018 | $21,400 |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||||||||||||||||
Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2011 | Jul. 31, 2011 | Apr. 30, 2011 | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2011 | Sep. 30, 2012 | Jan. 31, 2013 | Nov. 30, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Apr. 30, 2013 | Nov. 02, 2012 | Jan. 31, 2013 | Nov. 02, 2012 | Jan. 31, 2013 | Nov. 02, 2012 | Jan. 31, 2012 | Jan. 31, 2013 | Sep. 30, 2012 | Jan. 31, 2013 | Sep. 30, 2012 | Jan. 31, 2012 | Nov. 30, 2013 | Nov. 30, 2013 | |||||
Brightstar Europe Limited | Brightstar Europe Limited | SDG | SDG | SDG | SDG | SDG | SDG | SDG | SDG | SDG | Europe | Additional Paid-in Capital | Additional Paid-in Capital | Senior Notes | Senior Notes | Senior Notes | Minimum | Maximum | ||||||||||||||||
Customer and Vendor Relationship | Customer and Vendor Relationship | Preferred Supplier Agreement | Preferred Supplier Agreement | business | Brightstar Europe Limited | SDG | SDG | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Identifiable intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $134,300,000 | ' | $103,100,000 | ' | $31,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Cash paid to acquire entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 165,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Decrease to additional paid-in capital | ' | ' | ' | ' | ' | ' | ' | ' | 117,220,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85,916,000 | 85,900,000 | ' | ' | ' | ' | ' | ||||
Purchase price premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Acquisition related costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | ' | 14,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Acquisition purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 358,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Debt, face value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,000,000 | 350,000,000 | 0 | ' | ' | ||||
Annual supply commitment, period of commitment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Annual supply commitment, incremental sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450,000,000 | 475,000,000 | ||||
Acquired finite lived intangible assets, useful life (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Identified intangible assets and goodwill expected to be deductible for tax purposes. | ' | ' | ' | ' | ' | ' | ' | ' | 35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net sales | $7,442,372,000 | [1],[2] | $6,037,475,000 | $5,968,419,000 | $5,910,063,000 | $6,874,391,000 | [3] | $6,404,585,000 | $6,214,304,000 | $6,154,033,000 | $25,358,329,000 | $25,647,313,000 | [4] | $23,619,938,000 | [4] | ' | ' | ' | $617,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of businesses acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ||||
[1] | During the fourth quarter of fiscal 2013, the Company recorded a $41.0 million increase in an accrual for various value added tax matters in one of the Company’s subsidiaries in Spain, which decreased earnings per diluted share by $0.89 for the quarter ended January 31, 2013 (see Note 14 - Commitments and Contingencies for further discussion). | |||||||||||||||||||||||||||||||||
[2] | During the fourth quarter of fiscal 2013, the Company recorded an income tax benefit of $25.1 million for the reversal of deferred tax valuation allowances related to a specific jurisdiction in Europe which had been recorded in prior fiscal years, which increased earnings per diluted share by $0.66 for the quarter ended January 31, 2013 (see further discussion in Note 9 - Income Taxes). | |||||||||||||||||||||||||||||||||
[3] | During the fourth quarter of fiscal 2012, the Company recorded a $28.3 million loss on disposal of subsidiaries related to the closure of the commercial operations in Brazil and Colombia, which decreased earnings per diluted share by $0.46 for the quarter ended January 31, 2012 (see also Note 7 - Loss on Disposal of Subsidiaries). | |||||||||||||||||||||||||||||||||
[4] | See Note 2 - Restatement of Consolidated Financial Statements. |
Acquisitions_Purchase_Price_Al
Acquisitions (Purchase Price Allocation)(Details) (USD $) | Jan. 31, 2013 | Jan. 31, 2012 | Nov. 02, 2012 |
In Thousands, unless otherwise specified | SDG | ||
Business Acquisition [Line Items] | ' | ' | ' |
Cash | ' | ' | $65,000 |
Accounts receivable | ' | ' | 260,800 |
Inventories | ' | ' | 126,100 |
Tangible assets (includes property and equipment, deferred tax assets and other assets) | ' | ' | 6,200 |
Goodwill | 225,045 | 96,793 | 122,600 |
Identifiable intangible assets | ' | ' | 134,300 |
Accounts payable | ' | ' | -265,200 |
Liabilities (includes accrued expenses, deferred tax liability and other liabilities) | ' | ' | -91,800 |
Purchase price of acquired entity | ' | ' | $358,000 |
Acquisitions_As_Reported_and_P
Acquisitions (As Reported and Pro Forma Information)(Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2011 | Jul. 31, 2011 | Apr. 30, 2011 | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2011 | ||||
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
As reported | $7,442,372 | [1],[2] | $6,037,475 | $5,968,419 | $5,910,063 | $6,874,391 | [3] | $6,404,585 | $6,214,304 | $6,154,033 | $25,358,329 | $25,647,313 | [4] | $23,619,938 | [4] |
Proforma | ' | ' | ' | ' | ' | ' | ' | ' | 27,099,438 | 28,105,768 | ' | ||||
Net Income attributable to shareholders of Tech Data Corporation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
As reported | 44,441 | [1],[2] | 42,937 | 34,699 | 54,178 | 43,976 | [3] | 49,862 | 45,346 | 51,566 | 176,255 | 190,750 | [4] | 208,372 | [4] |
Proforma | ' | ' | ' | ' | ' | ' | ' | ' | $188,265 | $185,860 | ' | ||||
[1] | During the fourth quarter of fiscal 2013, the Company recorded a $41.0 million increase in an accrual for various value added tax matters in one of the Company’s subsidiaries in Spain, which decreased earnings per diluted share by $0.89 for the quarter ended January 31, 2013 (see Note 14 - Commitments and Contingencies for further discussion). | ||||||||||||||
[2] | During the fourth quarter of fiscal 2013, the Company recorded an income tax benefit of $25.1 million for the reversal of deferred tax valuation allowances related to a specific jurisdiction in Europe which had been recorded in prior fiscal years, which increased earnings per diluted share by $0.66 for the quarter ended January 31, 2013 (see further discussion in Note 9 - Income Taxes). | ||||||||||||||
[3] | During the fourth quarter of fiscal 2012, the Company recorded a $28.3 million loss on disposal of subsidiaries related to the closure of the commercial operations in Brazil and Colombia, which decreased earnings per diluted share by $0.46 for the quarter ended January 31, 2012 (see also Note 7 - Loss on Disposal of Subsidiaries). | ||||||||||||||
[4] | See Note 2 - Restatement of Consolidated Financial Statements. |
Loss_On_Disposal_Of_Subsidiari1
Loss On Disposal Of Subsidiaries (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||
Jan. 31, 2012 | Oct. 31, 2011 | Jul. 31, 2011 | Apr. 30, 2011 | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2011 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Loss on disposal of subsidiary | ($28,294,000) | $0 | $0 | $0 | $0 | ($28,294,000) | [1] | $0 | [1] |
Brazil and Colombia | ' | ' | ' | ' | ' | ' | ' | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Foreign currency exchange loss, recorded in accumulated other comprehensive income | 9,900,000 | ' | ' | ' | ' | ' | ' | ||
Write-off off of certain value-added tax receivables | 15,300,000 | ' | ' | ' | ' | ' | ' | ||
Severance costs, fixed asset write-offs and lease termination penalties | $3,100,000 | ' | ' | ' | ' | ' | ' | ||
[1] | See Note 2 - Restatement of Consolidated Financial Statements. |
Debt_Senior_Notes_Narrative_De
Debt (Senior Notes) (Narrative) (Details) (Senior Notes, USD $) | 1 Months Ended | ||
Sep. 30, 2012 | Jan. 31, 2013 | Jan. 31, 2012 | |
Debt Instrument [Line Items] | ' | ' | ' |
Debt, face value | $350,000,000 | $350,000,000 | $0 |
Debt, stated interest rate in percentage | 3.75% | ' | ' |
Proceeds from issuance of long-term debt | 345,800,000 | ' | ' |
Debt discount | 1,300,000 | 1,238,000 | 0 |
Debt issuance costs | $2,900,000 | ' | ' |
Debt redemption price as a percent of principal amount | 100.00% | ' | ' |
Treasury Rate | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Discount rate, basis spread on Treasury Rate | 0.50% | ' | ' |
Debt_Loans_Payable_To_Brightst
Debt (Loans Payable To Brightstar Corporation) (Narrative) (Details) (Loan Payable To Brightstar Corporation, Interest At LIBOR Plus 4.0% Payable Annually, Due September 2015) | 12 Months Ended |
Jan. 31, 2013 | |
Loan Payable To Brightstar Corporation, Interest At LIBOR Plus 4.0% Payable Annually, Due September 2015 | ' |
Debt Instrument [Line Items] | ' |
Debt, maturity date | 30-Sep-15 |
Annual interest rate on loans payable in addition to LIBOR | 4.00% |
Debt_Other_Facilities_Narrativ
Debt (Other Facilities) (Narrative) (Details) (USD $) | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2011 | Jul. 31, 2011 | Apr. 30, 2011 | Jan. 31, 2013 | Jan. 31, 2012 | Oct. 31, 2012 | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2013 | Jan. 31, 2012 | |
Credit Agreement [Member] | Credit Agreement [Member] | Receivables Securitization Program [Member] | Receivables Securitization Program [Member] | Receivables Securitization Program [Member] | Other Committed And Uncommitted Revolving Credit Facilities, Expiring On Various Dates Through Fiscal 2017 | Other Committed And Uncommitted Revolving Credit Facilities, Expiring On Various Dates Through Fiscal 2017 | ||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | $500,000,000 | ' | ' | $400,000,000 | $0 | $579,200,000 | ' | |
Possible future increase of maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | 750,000,000 | ' | ' | ' | ' | ' | ' | |
U.S. trade receivables | 3,215,920,000 | 2,729,523,000 | 2,574,108,000 | 2,595,886,000 | 2,778,641,000 | [1] | 2,863,609,000 | 2,750,223,000 | 2,863,654,000 | ' | ' | ' | 690,600,000 | 619,800,000 | ' | ' |
Renewal period for program | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | |
Line of credit, outstanding amount | 167,000,000 | ' | ' | ' | ' | ' | ' | ' | 42,900,000 | 0 | ' | 83,500,000 | ' | 40,600,000 | 48,000,000 | |
Line of credit facility, interest rate at period end | ' | ' | ' | ' | ' | ' | ' | ' | 1.65% | ' | ' | 1.02% | ' | 4.76% | 7.15% | |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 767,100,000 | ' | |
Standby letters of credit issued | $84,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | See Note 2 - Restatement of Consolidated Financial Statements. |
Debt_Components_Of_Debt_Detail
Debt (Components Of Debt) (Details) (USD $) | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2011 | Jul. 31, 2011 | Apr. 30, 2011 | Jan. 31, 2013 | Sep. 30, 2012 | Jan. 31, 2012 | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2013 | Jan. 31, 2011 | Jan. 31, 2012 | |
Senior Notes | Senior Notes | Senior Notes | Loan Payable To Brightstar Corporation, Interest At LIBOR Plus 4.0% Payable Annually, Due September 2015 | Loan Payable To Brightstar Corporation, Interest At LIBOR Plus 4.0% Payable Annually, Due September 2015 | Interest-Free Revolving Credit Loan Payable To Brightstar Corporation | Interest-Free Revolving Credit Loan Payable To Brightstar Corporation | Other Committed And Uncommitted Revolving Credit Facilities, Expiring On Various Dates Through Fiscal 2017 | Other Committed And Uncommitted Revolving Credit Facilities, Expiring On Various Dates Through Fiscal 2017 | Other Committed And Uncommitted Revolving Credit Facilities, Expiring On Various Dates Through Fiscal 2017 | ||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt, stated interest rate in percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.75% | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt, face value | ' | ' | ' | ' | ' | ' | ' | ' | $350,000,000 | $350,000,000 | $0 | ' | ' | ' | ' | ' | ' | ' | |
Less-unamortized debt discount | ' | ' | ' | ' | ' | ' | ' | ' | -1,238,000 | -1,300,000 | 0 | ' | ' | ' | ' | ' | ' | ' | |
Senior notes, net | ' | ' | ' | ' | ' | ' | ' | ' | 348,762,000 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | |
Capital leases | 6,243,000 | ' | ' | ' | 6,512,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Loan payable to Brightstar Corp., interest at LIBOR plus 4.0% payable annually, due September 2015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 14,940,000 | ' | ' | ' | ' | ' | |
Revolving credit loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 36,306,000 | 166,975,000 | ' | 47,985,000 | |
Debt and capital lease obligations | 521,980,000 | ' | ' | ' | 105,743,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Less-current maturities (included as Revolving credit loans and current portion of long-term debt, net) | -167,522,000 | -65,848,000 | -37,912,000 | -30,933,000 | -48,490,000 | [1] | -411,909,000 | -424,320,000 | -418,444,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | $354,458,000 | $354,267,000 | $53,659,000 | $57,816,000 | $57,253,000 | [1] | $61,223,000 | $62,810,000 | $64,889,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit loans, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.09% | 7.15% | ' | |
Debt instrument expiration year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2017 | ' | ' | |
[1] | See Note 2 - Restatement of Consolidated Financial Statements. |
Debt_Schedule_Of_Future_Paymen
Debt (Schedule Of Future Payments Of Debt And Capital Leases) (Details) (USD $) | Jan. 31, 2013 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2014 | $167,768 |
2015 | 793 |
2016 | 751 |
2017 | 668 |
2018 | 350,668 |
Thereafter | 4,459 |
Total payments | 525,107 |
Less - amounts representing interest on capital leases | -1,889 |
Total principal payments | $523,218 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2011 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2013 | |
Europe | Europe | Europe | SDG | ||||
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Reversal of valuation allowance | $16,000,000 | $27,600,000 | ($100,000) | ($25,100,000) | $25,100,000 | $13,600,000 | ' |
Foreign net operating loss carryforwards | 606,800,000 | 640,500,000 | ' | ' | ' | ' | ' |
Long-term deferred income tax liability | 99,083,000 | 73,818,000 | ' | ' | ' | ' | 30,100,000 |
Short term deferred tax asset | ' | ' | ' | ' | ' | ' | 3,100,000 |
Cumulative undistributed earnings of foreign subsidiaries | 290,500,000 | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefits that, if recognized, would impact the effective tax rate | 4,800,000 | 2,500,000 | 5,100,000 | ' | ' | ' | ' |
Unrecognized tax benefits that have a reasonable possibility of significantly decreasing within the 12 months | $800,000 | ' | ' | ' | ' | ' | ' |
Income_Taxes_Schedule_Of_Signi
Income Taxes (Schedule Of Significant Components Of The Provision For Income Taxes) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2011 | Jul. 31, 2011 | Apr. 30, 2011 | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2011 | ||
Current: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Federal | ' | ' | ' | ' | ' | ' | ' | ' | $25,230 | $65,508 | $46,662 | ||
State | ' | ' | ' | ' | ' | ' | ' | ' | 2,622 | 1,692 | 911 | ||
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 41,333 | 37,861 | 28,037 | ||
Total current | ' | ' | ' | ' | ' | ' | ' | ' | 69,185 | 105,061 | 75,610 | ||
Deferred: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Federal | ' | ' | ' | ' | ' | ' | ' | ' | 11,329 | -22,624 | -2,068 | ||
State | ' | ' | ' | ' | ' | ' | ' | ' | 1,103 | -422 | 1,842 | ||
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | -35,191 | -10,906 | 7,456 | ||
Total deferred | ' | ' | ' | ' | ' | ' | ' | ' | -22,759 | -33,952 | 7,230 | ||
Provision for income taxes | ($7,372) | $14,106 | $16,550 | $23,142 | $15,923 | $19,500 | $17,096 | $18,590 | $46,426 | $71,109 | [1] | $82,840 | [1] |
[1] | See Note 2 - Restatement of Consolidated Financial Statements. |
Income_Taxes_Schedule_Of_Effec
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
U.S. statutory rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal benefit | 1.20% | 0.40% | 0.60% |
Net changes in deferred tax valuation allowances | -9.00% | -3.40% | -1.50% |
Tax on foreign earnings different than U.S. rate | -9.90% | -9.90% | -8.50% |
Nondeductible penalties | 0.50% | 0.00% | 0.00% |
Nondeductible interest | 0.80% | 1.60% | 1.40% |
Reserve established for foreign income tax contingencies | 0.50% | 0.10% | 0.60% |
Reversal of previously accrued income tax reserves | 0.00% | -0.40% | -0.20% |
Effect of company-owned life insurance | -0.40% | 0.00% | -0.50% |
Disposal of subsidiaries | 0.00% | 3.20% | 0.00% |
Other, net | 1.40% | -0.50% | 1.10% |
Effective tax rate | 20.10% | 26.10% | 28.00% |
Income_Taxes_Schedule_Of_Compo
Income Taxes (Schedule Of Components Of Pretax Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
United States | $108,700 | $131,662 | $133,771 |
Foreign | 120,766 | 140,649 | 162,061 |
Total pretax income | $229,466 | $272,311 | $295,832 |
Income_Taxes_Schedule_Of_Signi1
Income Taxes (Schedule Of Significant Components Of Deferred Tax Liabilities And Assets) (Details) (USD $) | Jan. 31, 2013 | Jan. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Depreciation and amortization | $81,679 | $43,160 |
Capitalized marketing program costs | 3,456 | 4,008 |
Goodwill | 4,004 | 2,711 |
Deferred costs currently deductible | 4,870 | 14,760 |
Other, net | 5,074 | 9,179 |
Total deferred tax liability | 99,083 | 73,818 |
Accrued liabilities | 50,039 | 43,099 |
Loss carryforwards | 124,536 | 128,738 |
Amortizable goodwill | 15,253 | 16,109 |
Depreciation and amortization | 6,706 | 4,036 |
Disallowed interest expense | 28,069 | 16,773 |
Other, net | 12,908 | 18,709 |
Deferred tax assets, gross, total | 237,511 | 227,464 |
Less: valuation allowances | -142,375 | -158,348 |
Total deferred tax assets | 95,136 | 69,116 |
Total deferred tax liabilities | ($3,947) | ($4,702) |
Income_Taxes_Reconciliation_Of
Income Taxes (Reconciliation Of The Total Amount Of Gross Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2011 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Gross unrecognized tax benefits, beginning balance | $3,685 | $5,075 | $3,107 |
Increases in tax positions for prior years | 2,890 | 1,590 | 2,742 |
Decreases in tax positions for prior years | -127 | -208 | ' |
Increases in tax positions for current year | 171 | 56 | 86 |
Expiration of statutes of limitation | -38 | -791 | -860 |
Settlements | -1,106 | -1,990 | ' |
Changes due to translation of foreign currencies | 124 | -47 | ' |
Gross unrecognized tax benefits, ending balance | $5,599 | $3,685 | $5,075 |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||||
Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2011 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ||
Number of shares authorized for grant | 4,000,000 | ' | ' | ||
Number of shares available for grant | 3,000,000 | ' | ' | ||
Contractual term (in years) | '10 years | ' | ' | ||
Stock-based compensation expense | $13,616,000 | $11,994,000 | [1] | $10,353,000 | [1] |
Stock-based compensation expense, related income tax benefits | 4,400,000 | 3,700,000 | 3,100,000 | ||
Cash received from equity-based incentives exercised | 3,400,000 | 35,100,000 | 5,000,000 | ||
Tax deduction from the exercise of equity-based incentives | 11,700,000 | 7,600,000 | 4,400,000 | ||
RSU compensation expense | 12,600,000 | 10,700,000 | 8,000,000 | ||
Weighted-average estimated fair value | $52.80 | ' | ' | ||
Stock-based compensation expense for the vesting of MV Stock-settled SARS and MVOs | 1,000,000 | 1,300,000 | 2,400,000 | ||
Equity instruments other than options, granted during period | 305,097 | ' | ' | ||
Restricted Stock Units (RSUs) | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ||
Total fair value of equity instruments other than options which vested | 9,300,000 | 7,900,000 | 7,100,000 | ||
Weighted-average estimated fair value | ' | $48.53 | $44.88 | ||
Unrecognized stock-based compensation expense | 17,000,000 | ' | ' | ||
Unrecognized stock-based compensation expense, weighted average period of recognition (in years) | '3 years | ' | ' | ||
Remaining weighted average period (in years) | '2 years | ' | ' | ||
Equity instruments other than options, granted during period | ' | 272,949 | 277,527 | ||
Mv Stock Settled Sars Mvos And Stock Options | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ||
Contractual term (in years) | '10 years | ' | ' | ||
Weighted-average estimated fair value | $10.77 | $10.78 | $7.97 | ||
Unrecognized stock-based compensation expense | 200,000 | ' | ' | ||
Unrecognized stock-based compensation expense, weighted average period of recognition (in years) | '2 years | ' | ' | ||
Remaining weighted average period (in years) | '1 year | ' | ' | ||
Intrinsic value of MV Stock-settled SARs, MVO and stock option awards exercised | 21,000,000 | 14,100,000 | 5,300,000 | ||
Total fair value of MV Stock-settled SARs and MVOs vested | 1,200,000 | 1,500,000 | 4,500,000 | ||
Equity instruments other than options, granted during period | 6,236 | 12,882 | 17,799 | ||
Employee Stock Purchase Plan | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ||
Common stock shares authorized under ESPP | 1,000,000 | ' | ' | ||
Purchase price as a percentage of the market value | 85.00% | ' | ' | ||
Maximum annual fair market value per employee | 25,000 | ' | ' | ||
Common stock shares issued to ESPP | 482,776 | ' | ' | ||
ESPP, holding period for shares purchased | '1 year | ' | ' | ||
Retirement Savings Plan | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ||
Percentage of employer's matching contribution | 50.00% | ' | ' | ||
Maximum percentage of participant's deferrals matched by Company | 6.00% | ' | ' | ||
401(k) Savings Plan vesting period (years) | 'four | ' | ' | ||
Company's contribution to 401(k) | $2,500,000 | $2,500,000 | $2,300,000 | ||
Number of common stock shares held by the Company's 401(k) Savings Plan | 0 | 157,722 | ' | ||
Minimum | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ||
Awards vesting period, (in years) | '1 year | ' | ' | ||
Minimum | Restricted Stock Units (RSUs) | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ||
Awards vesting period, (in years) | '1 year | ' | ' | ||
Minimum | Mv Stock Settled Sars Mvos And Stock Options | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ||
Awards vesting period, (in years) | '1 year | ' | ' | ||
Maximum | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ||
Awards vesting period, (in years) | '4 years | ' | ' | ||
Maximum | Restricted Stock Units (RSUs) | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ||
Awards vesting period, (in years) | '4 years | ' | ' | ||
Maximum | Mv Stock Settled Sars Mvos And Stock Options | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ||
Awards vesting period, (in years) | '4 years | ' | ' | ||
[1] | See Note 2 - Restatement of Consolidated Financial Statements. |
Employee_Benefit_Plans_Schedul
Employee Benefit Plans (Schedule Of Restricted Stock Units Activity) (Details) (USD $) | 12 Months Ended |
Jan. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Shares, Outstanding at January 31, 2012 | 568,498 |
Shares, Granted | 305,097 |
Shares, Vested | -227,553 |
Shares, Canceled | -39,275 |
Shares, Outstanding at January 31, 2013 | 606,767 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' |
Weighted-average grant date fair value, Outstanding at January 31, 2012 | $43.74 |
Weighted-average grant date fair value, Granted | $52.80 |
Weighted-average grant date fair value, Vested | $40.75 |
Weighted-average grant date fair value, Canceled | $47.47 |
Weighted-average grant date fair value, Outstanding at January 31, 2013 | $49.18 |
Employee_Benefit_Plans_Schedul1
Employee Benefit Plans (Schedule Of Stock Options Activity) (Details) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Shares, Outstanding at January 31, 2012 | 1,651,400 |
Shares granted | 6,236 |
Shares, Exercised | -1,110,020 |
Shares, Canceled | -45,391 |
Shares, Outstanding at January 31, 2013 | 502,225 |
Vested and expected to vest at January 31, 2013, Shares | 499,712 |
Exercisable at January 31, 2013, Shares | 354,391 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' |
Weighted-average exercise price, Outstanding at January 31, 2012 | $33.89 |
Weighted-average exercise price, Granted | $54.03 |
Weighted-average exercise price, Exercised | $34.12 |
Weighted-average exercise price, Canceled | $37.03 |
Weighted-average exercise price, Outstanding at January 31, 2013 | $33.33 |
Weighted-average exercise price,, vested and expected to vest at January 31, 2013 | $33.33 |
Weighted-average exercise price, Exercisable at January 31, 2013 | $37.74 |
Weighted-Average remaining contractual term (in years), Outstanding at January 31, 2012 | '3 years |
Weighted-Average remaining contractual term (in years), Vested and expected to vest at January 31, 2012 | '3 years |
Weighted-Average remaining contractual term (in years), Exercisable at January 31, 2012 | '1 year 8 months 12 days |
Aggregate intrinsic value, Outstanding | $8,848 |
Aggregate intrinsic value, Vested and expected to vest at January 31, 2013 | 8,802 |
Aggregate intrinsic value, Exercisable at January 31, 2013 | $4,669 |
Employee_Benefit_Plans_Summary
Employee Benefit Plans (Summary Of The Status Of Stock-Based Equity Incentives Outstanding) (Details) (USD $) | 12 Months Ended |
Jan. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Number outstanding at 1/31/13 | 502,225 |
Weighted- average remaining contractual life (years) | '3 years |
Weighted- average exercise price | $33.33 |
Number exercisable at 1/31/13 | 354,391 |
Weighted- average exercise price | $37.74 |
$21.13 – $21.13 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Number outstanding at 1/31/13 | 172,181 |
Weighted- average remaining contractual life (years) | '5 years 10 months 24 days |
Weighted- average exercise price | $21.13 |
Number exercisable at 1/31/13 | 33,079 |
Weighted- average exercise price | $21.13 |
Lower range of exercise price | $21.13 |
Upper range of exercise price | $21.13 |
24.27 – 33.74 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Number outstanding at 1/31/13 | 23,804 |
Weighted- average remaining contractual life (years) | '7 months 6 days |
Weighted- average exercise price | $27.94 |
Number exercisable at 1/31/13 | 22,866 |
Weighted- average exercise price | $27.79 |
Lower range of exercise price | $24.27 |
Upper range of exercise price | $33.74 |
37.04 – 37.04 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Number outstanding at 1/31/13 | 49,000 |
Weighted- average remaining contractual life (years) | '2 years |
Weighted- average exercise price | $37.04 |
Number exercisable at 1/31/13 | 49,000 |
Weighted- average exercise price | $37.04 |
Lower range of exercise price | $37.04 |
Upper range of exercise price | $37.04 |
37.06 – 40.69 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Number outstanding at 1/31/13 | 32,347 |
Weighted- average remaining contractual life (years) | '2 years 9 months 18 days |
Weighted- average exercise price | $38.15 |
Number exercisable at 1/31/13 | 31,149 |
Weighted- average exercise price | $38.17 |
Lower range of exercise price | $37.06 |
Upper range of exercise price | $40.69 |
41.08 – 41.08 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Number outstanding at 1/31/13 | 204,180 |
Weighted- average remaining contractual life (years) | '1 year 2 months 12 days |
Weighted- average exercise price | $41.08 |
Number exercisable at 1/31/13 | 204,180 |
Weighted- average exercise price | $41.08 |
Lower range of exercise price | $41.08 |
Upper range of exercise price | $41.08 |
41.55 – 45.72 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Number outstanding at 1/31/13 | 11,257 |
Weighted- average remaining contractual life (years) | '1 year 2 months 12 days |
Weighted- average exercise price | $44.89 |
Number exercisable at 1/31/13 | 10,897 |
Weighted- average exercise price | $44.98 |
Lower range of exercise price | $41.55 |
Upper range of exercise price | $45.72 |
48.79 – 54.03 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Number outstanding at 1/31/13 | 9,456 |
Weighted- average remaining contractual life (years) | '6 years 2 months 12 days |
Weighted- average exercise price | $52.25 |
Number exercisable at 1/31/13 | 3,220 |
Weighted- average exercise price | $48.79 |
Lower range of exercise price | $48.79 |
Upper range of exercise price | $54.03 |
Shareholders_Equity_Narrative_
Shareholders' Equity (Narrative) (Details) (USD $) | 12 Months Ended |
Jan. 31, 2013 | |
November 2011 Program | ' |
Equity, Class of Treasury Stock [Line Items] | ' |
Share repurchase authorized amount | $100,000,000 |
May 2012 Program | ' |
Equity, Class of Treasury Stock [Line Items] | ' |
Share repurchase authorized amount | $100,000,000 |
Shareholders_Equity_Companys_C
Shareholders' Equity (Company's Common Share Repurchase And Issuance Activity) (Details) (USD $) | 12 Months Ended | |
Jan. 31, 2013 | Jan. 31, 2012 | |
Increase (Decrease) in Treasury Stock [Roll Forward] | ' | ' |
Treasury stock, beginning balance, Shares | 18,166,761 | 12,517,538 |
Treasury stock, beginning balance, Weighted-average price per share | $40.71 | $37.28 |
Shares of common stock repurchased under share repurchase programs, Shares | 3,878,548 | 6,736,436 |
Shares of common stock repurchased under share repurchase programs, Weighted-average price per share | $49.33 | $46.74 |
Shares of treasury stock reissued | -608,743 | -1,087,213 |
Treasury stock, ending balance, Shares | 21,436,566 | 18,166,761 |
Treasury stock, ending balance, Weighted-average price per share | $42.26 | $40.71 |
Fair_Value_Of_Financial_Instru2
Fair Value Of Financial Instruments (Details) (USD $) | Jan. 31, 2013 | Jan. 31, 2013 | Sep. 30, 2012 | Jan. 31, 2012 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2013 | Jan. 31, 2012 | Apr. 30, 2013 | Jan. 31, 2013 | Jan. 31, 2013 |
Senior Notes | Senior Notes | Senior Notes | Level 1 | Level 1 | Level 1 | Level 2 | Level 2 | Level 3 | Level 3 | Subsequent Event | Selling, General and Administrative Expenses | Other Expense (Income) | ||
Senior Notes | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | ||||||||
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency forward contracts | ' | ' | ' | ' | ' | ' | ' | $19,835,000 | $6,243,000 | ' | ' | ' | ' | ' |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency forward contracts | ' | ' | ' | ' | ' | ' | ' | 19,628,000 | 11,226,000 | ' | ' | ' | ' | ' |
Acquisition-related contingent consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,147,000 | 15,506,000 | ' | ' | ' |
Adjustments to the fair value of acquisition-related contingent consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,600,000 | 800,000 |
Acquisition related contingent consideration paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,700,000 | ' | ' |
Fair value of deferred compensation plan assets | 35,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of deferred compensation plan liabilities | 31,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible senior debentures, face value | ' | 350,000,000 | 350,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible debt, fair value disclosures | ' | ' | ' | ' | $363,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_Narrati
Derivative Instruments (Narrative) (Details) (USD $) | 12 Months Ended | ||
Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2011 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' | ' |
Net foreign currency exchange loss | $13,100,000 | $8,700,000 | $4,700,000 |
Notional amount of derivative financial instruments outstanding | $1,800,000,000 | $1,500,000,000 | ' |
Average maturities of derivatives, days | '27 days | '37 days | ' |
Commitments_And_Contingencies_1
Commitments And Contingencies (Narrative) (Details) (USD $) | Jan. 31, 2013 | Jan. 31, 2012 | Apr. 30, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2011 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 |
SPAIN | SPAIN | Subsequent Event | Subsequent Event | Subsequent Event | Synthetic Lease Facility | Synthetic Lease Facility | Synthetic Lease Facility | Synthetic Lease Facility | Operating Leases | Operating Leases | Operating Leases | 2013 Synthetic Lease | 2013 Synthetic Lease | 2013 Synthetic Lease | 2013 Synthetic Lease | 2013 Synthetic Lease | 2013 Synthetic Lease | |||
subsidiary | Accrued Expenses and Other Liabilities | SPAIN | SPAIN | SPAIN | Option One | Option Two | Option Three | Subsequent Event | Minimum | Maximum | Option One | Option Two | Option Three | |||||||
Litigation Charge | Interest Expense | property | property | property | property | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | ||||||||||
property | property | property | ||||||||||||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental expense for operating leases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $51,500,000 | $56,500,000 | $53,500,000 | ' | ' | ' | ' | ' | ' |
Lease period during which purchase option is available, years | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option expiration, days until lease expiration, days | ' | ' | ' | ' | ' | ' | ' | '180 days | ' | ' | ' | ' | ' | ' | ' | '270 days | '360 days | ' | ' | ' |
Minimum number of properties, for which an option needs to be elected | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Number of properties, subject to options on lease expiration | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 2 | ' | ' | ' | ' | ' | ' | ' | 2 | 2 |
Residual value guarantee, aggregate amount | ' | ' | ' | ' | ' | ' | ' | 124,700,000 | ' | ' | ' | ' | ' | ' | 133,800,000 | ' | ' | ' | ' | ' |
Future minimum payments | 222,700,000 | ' | ' | ' | ' | ' | ' | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum number of days' notice to opt for purchase during lease, days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' |
Number of properties subject to purchase options during lease period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' |
Future annual lease payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,800,000 | ' | ' | ' | ' | ' |
Number of subsidiaries subject to audit | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in accrual for value added tax matters | ' | ' | ' | ' | 41,000,000 | 29,500,000 | 11,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value added tax payable | 236,000,000 | 187,500,000 | ' | 55,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CIDE tax | 29,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate amount of guarantees, outstanding | $31,300,000 | $28,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_And_Contingencies_2
Commitments And Contingencies (Schedule Of Future Minimum Lease Payments) (Details) (USD $) | Jan. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
2014 | $55,300 |
2015 | 47,100 |
2016 | 39,600 |
2017 | 24,600 |
2018 | 20,500 |
Thereafter | 35,600 |
Total payments | $222,700 |
Segment_Information_Financial_
Segment Information (Financial Information By Geographic Segment) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2011 | Jul. 31, 2011 | Apr. 30, 2011 | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2011 | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net sales | $7,442,372 | [1],[2] | $6,037,475 | $5,968,419 | $5,910,063 | $6,874,391 | [3] | $6,404,585 | $6,214,304 | $6,154,033 | $25,358,329 | $25,647,313 | [4] | $23,619,938 | [4] | |
Stock-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | -13,616 | -11,994 | [4] | -10,353 | [4] | |||
Operating income | 57,356 | [1],[2] | 63,595 | 60,311 | 82,458 | 70,604 | 83,252 | 73,138 | 77,552 | 263,720 | 304,546 | [4] | 321,408 | [4] | ||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 58,353 | 57,332 | [4] | 47,285 | [4] | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 38,365 | 44,559 | 30,800 | |||||
Identifiable assets | 6,830,960 | 5,896,457 | 5,329,270 | 5,660,297 | 5,796,268 | [4] | 6,372,222 | 6,199,574 | 6,550,939 | 6,830,960 | 5,796,268 | [4] | ' | |||
Long-lived assets | 84,395 | 83,373 | 82,770 | 89,093 | 88,881 | [4] | 88,178 | 91,330 | 96,045 | 84,395 | 88,881 | [4] | ' | |||
Goodwill and acquisition-related intangible assets, net | 412,500 | ' | ' | ' | 152,893 | ' | ' | ' | 412,500 | 152,893 | ' | |||||
Loss on disposal of subsidiaries | ' | ' | ' | ' | 28,294 | 0 | 0 | 0 | 0 | 28,294 | [4] | 0 | [4] | |||
Value added tax assessment | 29,462 | 0 | 0 | 0 | ' | ' | ' | ' | 29,462 | 0 | [4] | 0 | [4] | |||
Americas | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 9,823,515 | [5] | 10,405,428 | [5] | 10,096,732 | [5] | ||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 150,055 | [6] | 173,978 | [6] | 178,043 | [6] | ||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 16,210 | 16,338 | 16,200 | |||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 19,842 | 29,240 | 17,216 | |||||
Identifiable assets | 2,004,295 | [5] | ' | ' | ' | 1,892,256 | [5] | ' | ' | ' | 2,004,295 | [5] | 1,892,256 | [5] | ' | |
Long-lived assets | 30,492 | ' | ' | ' | 33,103 | ' | ' | ' | 30,492 | 33,103 | ' | |||||
Goodwill and acquisition-related intangible assets, net | 2,966 | ' | ' | ' | 2,966 | ' | ' | ' | 2,966 | 2,966 | ' | |||||
Loss on disposal of subsidiaries | ' | ' | ' | ' | 28,300 | ' | ' | ' | ' | ' | ' | |||||
Americas | Geographic Concentration Risk | UNITED STATES | Sales Revenue, Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Concentration risk, percentage | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | 83.00% | 82.00% | |||||
Americas | Geographic Concentration Risk | UNITED STATES | Assets, Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Concentration risk, percentage | ' | ' | ' | ' | ' | ' | ' | ' | 78.00% | 78.00% | ' | |||||
Europe | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 15,534,814 | 15,241,885 | 13,523,206 | |||||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 127,281 | [7] | 142,562 | [7] | 153,718 | [7] | ||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 42,143 | 40,994 | 31,085 | |||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 18,523 | 15,319 | 13,584 | |||||
Identifiable assets | 4,826,665 | ' | ' | ' | 3,904,012 | ' | ' | ' | 4,826,665 | 3,904,012 | ' | |||||
Long-lived assets | 53,903 | ' | ' | ' | 55,778 | ' | ' | ' | 53,903 | 55,778 | ' | |||||
Goodwill and acquisition-related intangible assets, net | 409,534 | [8] | ' | ' | ' | 149,927 | [8] | ' | ' | ' | 409,534 | [8] | 149,927 | [8] | ' | |
Value added tax assessment | ' | ' | ' | ' | ' | ' | ' | ' | $29,500 | ' | ' | |||||
[1] | During the fourth quarter of fiscal 2013, the Company recorded a $41.0 million increase in an accrual for various value added tax matters in one of the Company’s subsidiaries in Spain, which decreased earnings per diluted share by $0.89 for the quarter ended January 31, 2013 (see Note 14 - Commitments and Contingencies for further discussion). | |||||||||||||||
[2] | During the fourth quarter of fiscal 2013, the Company recorded an income tax benefit of $25.1 million for the reversal of deferred tax valuation allowances related to a specific jurisdiction in Europe which had been recorded in prior fiscal years, which increased earnings per diluted share by $0.66 for the quarter ended January 31, 2013 (see further discussion in Note 9 - Income Taxes). | |||||||||||||||
[3] | During the fourth quarter of fiscal 2012, the Company recorded a $28.3 million loss on disposal of subsidiaries related to the closure of the commercial operations in Brazil and Colombia, which decreased earnings per diluted share by $0.46 for the quarter ended January 31, 2012 (see also Note 7 - Loss on Disposal of Subsidiaries). | |||||||||||||||
[4] | See Note 2 - Restatement of Consolidated Financial Statements. | |||||||||||||||
[5] | Net sales to unaffiliated customers in the United States represented 85%, 83% and 82%, respectively, of the total Americas' net sales to unaffiliated customers for the fiscal years ended January 31, 2013, 2012 and 2011, respectively. Total assets excluding goodwill, intangible assets and investments in subsidiaries in the United States represented 78% of the Americas total assets at both January 31, 2013 and 2012. | |||||||||||||||
[6] | During fiscal 2012, the Company incurred a $28.3 million loss on disposal of subsidiaries related to the closure of the operations in Brazil and Colombia (see further discussion in Note 7 - Loss on Disposal of Subsidiaries). | |||||||||||||||
[7] | Operating income in Europe for the fiscal year ended January 31, 2013 includes a value added tax assessment of $29.5 million in relation to an assessment and penalties for various value added tax matters in one of the Company’s subsidiaries in Spain (see further discussion in Note 14 - Commitments and Contingencies). | |||||||||||||||
[8] | During fiscal 2013, the Company completed the acquisition of SDG (see further discussion in Note 5 - Goodwill and Intangible Assets and Note 6 - Acquisitions). |
Interim_Financial_Information_2
Interim Financial Information - Current (Condensed Income Statement)(Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2011 | Jul. 31, 2011 | Apr. 30, 2011 | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2011 | |||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net sales | $7,442,372,000 | [1],[2] | $6,037,475,000 | $5,968,419,000 | $5,910,063,000 | $6,874,391,000 | [3] | $6,404,585,000 | $6,214,304,000 | $6,154,033,000 | $25,358,329,000 | $25,647,313,000 | [4] | $23,619,938,000 | [4] |
Gross profit | 370,974,000 | [1],[2] | 306,079,000 | 302,593,000 | 323,408,000 | 366,263,000 | [3] | 337,778,000 | 336,085,000 | 337,315,000 | 1,303,054,000 | 1,377,441,000 | [4] | 1,278,253,000 | [4] |
Operating income | 57,356,000 | [1],[2] | 63,595,000 | 60,311,000 | 82,458,000 | 70,604,000 | 83,252,000 | 73,138,000 | 77,552,000 | 263,720,000 | 304,546,000 | [4] | 321,408,000 | [4] | |
Consolidated net income | 44,441,000 | [1],[2] | 44,060,000 | 38,527,000 | 56,012,000 | 49,116,000 | [3] | 53,506,000 | 46,995,000 | 51,585,000 | 183,040,000 | 201,202,000 | [4] | 212,992,000 | [4] |
Net income attributable to shareholders of Tech Data Corporation | 44,441,000 | [1],[2] | 42,937,000 | 34,699,000 | 54,178,000 | 43,976,000 | [3] | 49,862,000 | 45,346,000 | 51,566,000 | 176,255,000 | 190,750,000 | [4] | 208,372,000 | [4] |
Net income per share attributable to shareholders of Tech Data Corporation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Basic (in USD per share) | $1.18 | [1],[2] | $1.14 | $0.89 | $1.32 | $1.07 | $1.18 | $1.01 | $1.10 | $4.53 | $4.36 | [4] | $4.29 | [4] | |
Diluted (in USD per share) | $1.17 | [1],[2] | $1.13 | $0.89 | $1.30 | $1.05 | $1.17 | $0.99 | $1.09 | $4.50 | $4.30 | [4] | $4.25 | [4] | |
Reversal of valuation allowance | ' | ' | ' | ' | ' | ' | ' | ' | 16,000,000 | 27,600,000 | -100,000 | ||||
Loss on disposal of subsidiaries | ' | ' | ' | ' | 28,294,000 | 0 | 0 | 0 | 0 | 28,294,000 | [4] | 0 | [4] | ||
SPAIN | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net income per share attributable to shareholders of Tech Data Corporation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Increase in accrual for value added tax matters | 41,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Decrease in diluted earnings per share | $0.89 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Europe | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net income per share attributable to shareholders of Tech Data Corporation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Reversal of valuation allowance | -25,100,000 | ' | ' | ' | ' | ' | ' | ' | 25,100,000 | 13,600,000 | ' | ||||
Increase in diluted earnings per share | $0.66 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Brazil and Columbia | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net income per share attributable to shareholders of Tech Data Corporation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Decrease in diluted earnings per share | ' | ' | ' | ' | $0.46 | ' | ' | ' | ' | ' | ' | ||||
Loss on disposal of subsidiaries | ' | ' | ' | ' | ($28,300,000) | ' | ' | ' | ' | ' | ' | ||||
[1] | During the fourth quarter of fiscal 2013, the Company recorded a $41.0 million increase in an accrual for various value added tax matters in one of the Company’s subsidiaries in Spain, which decreased earnings per diluted share by $0.89 for the quarter ended January 31, 2013 (see Note 14 - Commitments and Contingencies for further discussion). | ||||||||||||||
[2] | During the fourth quarter of fiscal 2013, the Company recorded an income tax benefit of $25.1 million for the reversal of deferred tax valuation allowances related to a specific jurisdiction in Europe which had been recorded in prior fiscal years, which increased earnings per diluted share by $0.66 for the quarter ended January 31, 2013 (see further discussion in Note 9 - Income Taxes). | ||||||||||||||
[3] | During the fourth quarter of fiscal 2012, the Company recorded a $28.3 million loss on disposal of subsidiaries related to the closure of the commercial operations in Brazil and Colombia, which decreased earnings per diluted share by $0.46 for the quarter ended January 31, 2012 (see also Note 7 - Loss on Disposal of Subsidiaries). | ||||||||||||||
[4] | See Note 2 - Restatement of Consolidated Financial Statements. |
Interim_Financial_Information_3
Interim Financial Information - Current (Expanded Income Statement) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2011 | Jul. 31, 2011 | Apr. 30, 2011 | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2011 | ||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Net sales | $7,442,372 | [1],[2] | $6,037,475 | $5,968,419 | $5,910,063 | $6,874,391 | [3] | $6,404,585 | $6,214,304 | $6,154,033 | $25,358,329 | $25,647,313 | [4] | $23,619,938 | [4] | ||||||
Cost of products sold | 7,071,398 | 5,731,396 | 5,665,826 | 5,586,655 | 6,508,128 | 6,066,807 | 5,878,219 | 5,816,718 | 24,055,275 | 24,269,872 | [4] | 22,341,685 | [4] | ||||||||
Gross profit | 370,974 | [1],[2] | 306,079 | 302,593 | 323,408 | 366,263 | [3] | 337,778 | 336,085 | 337,315 | 1,303,054 | 1,377,441 | [4] | 1,278,253 | [4] | ||||||
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Selling, general and administrative expenses | 284,156 | 242,484 | 242,282 | 240,950 | 267,365 | 254,526 | 262,947 | 259,763 | 1,009,872 | 1,044,601 | [4] | 956,845 | [4] | ||||||||
Loss on disposal of subsidiaries | ' | ' | ' | ' | 28,294 | 0 | 0 | 0 | 0 | 28,294 | [4] | 0 | [4] | ||||||||
Value added tax assessment | 29,462 | 0 | 0 | 0 | ' | ' | ' | ' | 29,462 | 0 | [4] | 0 | [4] | ||||||||
Operating expenses, Total | 313,618 | 242,484 | 242,282 | 240,950 | 295,659 | 254,526 | 262,947 | 259,763 | 1,039,334 | 1,072,895 | [4] | 956,845 | [4] | ||||||||
Operating income | 57,356 | [1],[2] | 63,595 | 60,311 | 82,458 | 70,604 | 83,252 | 73,138 | 77,552 | 263,720 | 304,546 | [4] | 321,408 | [4] | |||||||
Interest expense | 19,276 | 4,359 | 3,422 | 3,069 | 6,235 | 8,378 | 8,089 | 8,675 | 30,126 | 31,377 | [4] | 29,926 | [4] | ||||||||
Other expense (income), net | -1,011 | -1,070 | -1,812 | -235 | 670 | -1,868 | -958 | 1,298 | 4,128 | 858 | [4] | -4,350 | [4] | ||||||||
Income before income taxes | 37,069 | 58,166 | 55,077 | 79,154 | 65,039 | 73,006 | 64,091 | 70,175 | 229,466 | 272,311 | [4] | 295,832 | [4] | ||||||||
Provision for income taxes | -7,372 | 14,106 | 16,550 | 23,142 | 15,923 | 19,500 | 17,096 | 18,590 | 46,426 | 71,109 | [4] | 82,840 | [4] | ||||||||
Consolidated net income | 44,441 | [1],[2] | 44,060 | 38,527 | 56,012 | 49,116 | [3] | 53,506 | 46,995 | 51,585 | 183,040 | 201,202 | [4] | 212,992 | [4] | ||||||
Net income attributable to noncontrolling interest | 0 | 1,123 | 3,828 | 1,834 | 5,140 | 3,644 | 1,649 | 19 | -6,785 | -10,452 | [4] | -4,620 | [4] | ||||||||
Net income attributable to shareholders of Tech Data Corporation | 44,441 | [1],[2] | 42,937 | 34,699 | 54,178 | 43,976 | [3] | 49,862 | 45,346 | 51,566 | 176,255 | 190,750 | [4] | 208,372 | [4] | ||||||
Net income per share attributable to shareholders of Tech Data Corporation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Earnings Per Share, Basic | $1.18 | [1],[2] | $1.14 | $0.89 | $1.32 | $1.07 | $1.18 | $1.01 | $1.10 | $4.53 | $4.36 | [4] | $4.29 | [4] | |||||||
Earnings Per Share, Diluted | $1.17 | [1],[2] | $1.13 | $0.89 | $1.30 | $1.05 | $1.17 | $0.99 | $1.09 | $4.50 | $4.30 | [4] | $4.25 | [4] | |||||||
As Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Net sales | 7,463,400 | [5] | 6,040,556 | 5,961,500 | 5,895,561 | 7,112,552 | 6,593,983 | 6,449,461 | 6,332,128 | ' | 26,488,124 | 24,375,973 | |||||||||
Cost of products sold | 7,083,520 | [5] | 5,732,295 | 5,660,256 | 5,575,344 | 6,737,608 | 6,249,236 | 6,108,623 | 5,998,666 | ' | 25,094,133 | 23,092,685 | |||||||||
Gross profit | 379,880 | [5] | 308,261 | 301,244 | 320,217 | 374,944 | 344,747 | 340,838 | 333,462 | ' | 1,393,991 | 1,283,288 | |||||||||
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Selling, general and administrative expenses | 286,350 | [5] | 238,715 | 241,988 | 239,324 | 262,819 | 255,178 | 262,063 | 257,779 | ' | 1,037,839 | 949,303 | |||||||||
Loss on disposal of subsidiaries | ' | ' | ' | ' | 28,294 | 0 | 0 | 0 | ' | 28,294 | ' | ||||||||||
Value added tax assessment | 0 | [5] | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | |||||||||
Operating expenses, Total | 286,350 | [5] | 238,715 | 241,988 | 239,324 | 291,113 | 255,178 | 262,063 | 257,779 | ' | 1,066,133 | ' | |||||||||
Operating income | 93,530 | [5] | 69,546 | 59,256 | 80,893 | 83,831 | 89,569 | 78,775 | 75,683 | ' | 327,858 | 333,985 | |||||||||
Interest expense | 7,691 | [5] | 4,359 | 3,422 | 3,069 | 6,235 | 8,378 | 8,089 | 8,641 | ' | 31,343 | 29,926 | |||||||||
Other expense (income), net | -2,503 | [5] | -2,044 | -1,178 | -1,344 | -311 | -428 | 212 | -666 | ' | 1,193 | 444 | |||||||||
Income before income taxes | 83,336 | [5] | 63,143 | 54,656 | 76,480 | 77,285 | 80,763 | 70,898 | 66,376 | ' | 295,322 | 303,615 | |||||||||
Provision for income taxes | 794 | [5] | 16,122 | 16,370 | 22,954 | 18,076 | 23,600 | 19,142 | 17,656 | ' | 78,474 | 84,752 | |||||||||
Consolidated net income | 82,542 | [5] | 47,021 | 38,286 | 53,526 | 59,209 | 57,163 | 51,756 | 48,720 | ' | 216,848 | 218,863 | |||||||||
Net income attributable to noncontrolling interest | 0 | [5] | 1,123 | 3,828 | 1,834 | 5,140 | 3,644 | 1,649 | 19 | ' | -10,452 | -4,620 | |||||||||
Net income attributable to shareholders of Tech Data Corporation | 82,542 | [5] | 45,898 | 34,458 | 51,692 | 54,069 | 53,519 | 50,107 | 48,701 | ' | 206,396 | 214,243 | |||||||||
Net income per share attributable to shareholders of Tech Data Corporation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Earnings Per Share, Basic | $2.18 | [5] | $1.22 | $0.89 | $1.26 | $1.31 | $1.27 | $1.11 | $1.04 | ' | $4.72 | $4.41 | |||||||||
Earnings Per Share, Diluted | $2.17 | [5] | $1.21 | $0.88 | $1.24 | $1.29 | $1.26 | $1.10 | $1.03 | ' | $4.66 | $4.36 | |||||||||
Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Net sales | -21,028 | [6],[7] | -3,081 | [6] | 6,919 | [6] | 14,502 | [6] | -238,161 | [6] | -189,398 | [6] | -235,157 | [6] | -178,095 | [6] | ' | -840,811 | [8] | -756,035 | [9] |
Cost of products sold | -12,122 | [6],[7] | -899 | [6] | 5,570 | [6] | 11,311 | [6] | -229,480 | [6] | -182,429 | [6] | -230,404 | [6] | -181,948 | [6] | ' | -824,261 | [10] | -751,000 | [11] |
Gross profit | -8,906 | [6],[7] | -2,182 | [6] | 1,349 | [6] | 3,191 | [6] | -8,681 | [6] | -6,969 | [6] | -4,753 | [6] | 3,853 | [6] | ' | -16,550 | -5,035 | ||
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Selling, general and administrative expenses | -2,194 | [6],[7] | 3,769 | [6] | 294 | [6] | 1,626 | [6] | 4,546 | [6] | -652 | [6] | 884 | [6] | 1,984 | [6] | ' | 6,762 | [12] | 7,542 | [13] |
Loss on disposal of subsidiaries | ' | ' | ' | ' | 0 | [6] | 0 | [6] | 0 | [6] | 0 | [6] | ' | 0 | ' | ||||||
Value added tax assessment | 29,462 | [6],[7] | 0 | [6] | 0 | [6] | 0 | [6] | ' | ' | ' | ' | ' | ' | ' | ||||||
Operating expenses, Total | 27,268 | [6],[7] | 3,769 | [6] | 294 | [6] | 1,626 | [6] | 4,546 | [6] | -652 | [6] | 884 | [6] | 1,984 | [6] | ' | 6,762 | ' | ||
Operating income | -36,174 | [6],[7] | -5,951 | [6] | 1,055 | [6] | 1,565 | [6] | -13,227 | [6] | -6,317 | [6] | -5,637 | [6] | 1,869 | [6] | ' | -23,312 | -12,577 | ||
Interest expense | 11,585 | [6],[7] | 0 | [6] | 0 | [6] | 0 | [6] | 0 | [6] | 0 | [6] | 0 | [6] | 34 | [6] | ' | 34 | 0 | ||
Other expense (income), net | 1,492 | [6],[7] | 974 | [6] | -634 | [6] | 1,109 | [6] | 981 | [6] | -1,440 | [6] | -1,170 | [6] | 1,964 | [6] | ' | -335 | -4,794 | [14] | |
Income before income taxes | -46,267 | [6],[7] | -4,977 | [6] | 421 | [6] | 2,674 | [6] | -12,246 | [6] | -7,757 | [6] | -6,807 | [6] | 3,799 | [6] | ' | -23,011 | -7,783 | ||
Provision for income taxes | -8,166 | [6],[7] | -2,016 | [6] | 180 | [6] | 188 | [6] | -2,153 | [6] | -4,100 | [6] | -2,046 | [6] | 934 | [6] | ' | -7,365 | [15] | -1,912 | [15] |
Consolidated net income | -38,101 | [6],[7] | -2,961 | [6] | 241 | [6] | 2,486 | [6] | -10,093 | [6] | -3,657 | [6] | -4,761 | [6] | 2,865 | [6] | ' | -15,646 | -5,871 | ||
Net income attributable to noncontrolling interest | 0 | [6],[7] | 0 | [6] | 0 | [6] | 0 | [6] | 0 | [6] | 0 | [6] | 0 | [6] | 0 | [6] | ' | 0 | 0 | ||
Net income attributable to shareholders of Tech Data Corporation | ($38,101) | [6],[7] | ($2,961) | [6] | $241 | [6] | $2,486 | [6] | ($10,093) | [6] | ($3,657) | [6] | ($4,761) | [6] | $2,865 | [6] | ' | ($15,646) | ($5,871) | ||
Net income per share attributable to shareholders of Tech Data Corporation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Earnings Per Share, Basic | ($1) | [6],[7] | ($0.08) | [6] | $0 | [6] | $0.06 | [6] | ($0.24) | [6] | ($0.09) | [6] | ($0.10) | [6] | $0.06 | [6] | ' | ($0.36) | ($0.12) | ||
Earnings Per Share, Diluted | ($1) | [6],[7] | ($0.08) | [6] | $0.01 | [6] | $0.06 | [6] | ($0.24) | [6] | ($0.09) | [6] | ($0.11) | [6] | $0.06 | [6] | ' | ($0.36) | ($0.11) | ||
[1] | During the fourth quarter of fiscal 2013, the Company recorded a $41.0 million increase in an accrual for various value added tax matters in one of the Company’s subsidiaries in Spain, which decreased earnings per diluted share by $0.89 for the quarter ended January 31, 2013 (see Note 14 - Commitments and Contingencies for further discussion). | ||||||||||||||||||||
[2] | During the fourth quarter of fiscal 2013, the Company recorded an income tax benefit of $25.1 million for the reversal of deferred tax valuation allowances related to a specific jurisdiction in Europe which had been recorded in prior fiscal years, which increased earnings per diluted share by $0.66 for the quarter ended January 31, 2013 (see further discussion in Note 9 - Income Taxes). | ||||||||||||||||||||
[3] | During the fourth quarter of fiscal 2012, the Company recorded a $28.3 million loss on disposal of subsidiaries related to the closure of the commercial operations in Brazil and Colombia, which decreased earnings per diluted share by $0.46 for the quarter ended January 31, 2012 (see also Note 7 - Loss on Disposal of Subsidiaries). | ||||||||||||||||||||
[4] | See Note 2 - Restatement of Consolidated Financial Statements. | ||||||||||||||||||||
[5] | As previously reported in Current Report on Form 8-K filed on March 4, 2013. | ||||||||||||||||||||
[6] | The adjustments are to correct errors previously discussed in Note 2 - Restatement of Consolidated Financial Statements. | ||||||||||||||||||||
[7] | Adjustments to previously reported amounts in Current Report on Form 8-K filed March 4, 2013 (see Note 2 - Restatement of Consolidated Financial Statements). | ||||||||||||||||||||
[8] | Net sales and cost of products sold adjustments primarily reflect the impact to appropriately present sales of vendor warranty services and certain fulfillment contracts on an agency basis as net fees of $833.2 million, consistent with fiscal year 2013. | ||||||||||||||||||||
[9] | Net sales and cost of products sold adjustments primarily reflect the impact to appropriately present sales of vendor warranty services and certain fulfillment contracts on an agency basis as net fees of $740.6 million, consistent with fiscal year 2013. | ||||||||||||||||||||
[10] | Gross profit adjustments primarily reflect the impact of vendor accounting errors in the Company's primary operating subsidiary in the UK and two other European subsidiaries of $17.8 million and various other immaterial errors. | ||||||||||||||||||||
[11] | Gross profit adjustments primarily reflect the impact of vendor accounting errors in the Company's primary operating subsidiary in the UK and two other European subsidiaries of $5.7 million, partially offset by the impact of reversing the improper deferral of net foreign currency exchange losses in a European subsidiary of $2.9 million. | ||||||||||||||||||||
[12] | Selling, general and administrative expenses adjustments primarily reflect the impact of errors in the Company's primary operating subsidiary in the UK and two other European subsidiaries of $6.7 million, which includes adjustments for uncollectible accounts receivable of $2.6 million and various other immaterial errors. | ||||||||||||||||||||
[13] | Selling, general and administrative expenses include an adjustment to reclassify investment income of $4.8 million related to the Company’s deferred compensation plan assets from selling, general and administrative expenses where it was recorded as a reduction of the corresponding payroll expense related to the plan to other expense (income), net and various other adjustments to correct immaterial errors. | ||||||||||||||||||||
[14] | Other expense (income), net has been adjusted to reclassify investment income of $4.8 million related to the Company’s deferred compensation plan assets from selling, general and administrative expenses where it was recorded as a reduction of the corresponding payroll expense related to the plan. | ||||||||||||||||||||
[15] | The provision for income taxes has been adjusted primarily to reduce tax expense as a result of the reduction of profit resulting from the restatement adjustments described herein. |
Interim_Financial_Information_4
Interim Financial Information - Current (Balance Sheet) (Details) (USD $) | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2011 | Jul. 31, 2011 | Apr. 30, 2011 | Jan. 31, 2011 | Jan. 31, 2010 | |||
In Thousands, unless otherwise specified | |||||||||||||
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cash and cash equivalents | $340,564 | $473,386 | $235,402 | $409,529 | $486,262 | [1] | $796,895 | $791,557 | $652,315 | $722,598 | [1] | $927,431 | [1] |
Accounts receivable | 3,215,920 | 2,729,523 | 2,574,108 | 2,595,886 | 2,778,641 | [1] | 2,863,609 | 2,750,223 | 2,863,654 | ' | ' | ||
Inventories | 2,254,510 | 2,100,482 | 1,946,033 | 2,067,543 | 1,932,289 | [1] | 2,098,746 | 2,085,967 | 2,439,798 | ' | ' | ||
Prepaid expenses and other assets | 334,431 | 199,963 | 191,358 | 180,364 | 197,308 | [1] | 207,351 | 192,681 | 206,074 | ' | ' | ||
Total current assets | 6,145,425 | 5,503,354 | 4,946,901 | 5,253,322 | 5,394,500 | [1] | 5,966,601 | 5,820,428 | 6,161,841 | ' | ' | ||
Property and equipment, net | 84,395 | 83,373 | 82,770 | 89,093 | 88,881 | [1] | 88,178 | 91,330 | 96,045 | ' | ' | ||
Other assets, net | 601,140 | 309,730 | 299,599 | 317,882 | 312,887 | [1] | 317,443 | 287,816 | 293,053 | ' | ' | ||
Total assets | 6,830,960 | 5,896,457 | 5,329,270 | 5,660,297 | 5,796,268 | [1] | 6,372,222 | 6,199,574 | 6,550,939 | ' | ' | ||
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Accounts payable | 3,657,251 | 3,123,351 | 2,924,397 | 2,998,673 | 3,091,611 | [1] | 3,279,802 | 3,005,199 | 3,179,558 | ' | ' | ||
Accrued expenses and other liabilities | 620,167 | 458,493 | 429,744 | 471,216 | 533,835 | [1] | 508,790 | 494,456 | 528,053 | ' | ' | ||
Revolving credit loans and current maturities of long-term debt, net | 167,522 | 65,848 | 37,912 | 30,933 | 48,490 | [1] | 411,909 | 424,320 | 418,444 | ' | ' | ||
Total current liabilities | 4,444,940 | 3,647,692 | 3,392,053 | 3,500,822 | 3,673,936 | [1] | 4,200,501 | 3,923,975 | 4,126,055 | ' | ' | ||
Long-term debt, less current maturities | 354,458 | 354,267 | 53,659 | 57,816 | 57,253 | [1] | 61,223 | 62,810 | 64,889 | ' | ' | ||
Other long-term liabilities | 113,193 | 80,911 | 80,531 | 82,078 | 82,950 | [1] | 76,809 | 63,796 | 67,847 | ' | ' | ||
Total liabilities | 4,912,591 | 4,082,870 | 3,526,243 | 3,640,716 | 3,814,139 | [1] | 4,338,533 | 4,050,581 | 4,258,791 | ' | ' | ||
Shareholders’ equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Common stock | 89 | 89 | 89 | 89 | 89 | [1] | 89 | 89 | 89 | ' | ' | ||
Additional paid-in capital | 680,715 | 673,489 | 756,008 | 754,300 | 773,087 | [1] | 767,933 | 765,055 | 764,574 | ' | ' | ||
Treasury stock, at cost | -905,900 | -907,533 | -907,777 | -766,558 | -739,614 | [1] | -728,600 | -632,154 | -486,330 | ' | ' | ||
Retained earnings | 1,813,358 | 1,768,917 | 1,725,980 | 1,691,281 | 1,637,103 | [1] | 1,593,127 | 1,543,265 | 1,497,919 | ' | ' | ||
Accumulated other comprehensive income | 330,107 | 278,625 | 200,887 | 309,960 | 283,139 | [1] | 371,476 | 445,928 | 489,962 | ' | ' | ||
Equity attributable to shareholders of Tech Data Corporation | 1,918,369 | 1,813,587 | 1,775,187 | 1,989,072 | 1,953,804 | [1] | 2,004,025 | 2,122,183 | 2,266,214 | ' | ' | ||
Noncontrolling interest | 0 | 0 | 27,840 | 30,509 | 28,325 | [1] | 29,664 | 26,810 | 25,934 | ' | ' | ||
Total equity | 1,918,369 | 1,813,587 | 1,803,027 | 2,019,581 | 1,982,129 | [1] | 2,033,689 | 2,148,993 | 2,292,148 | 2,132,412 | [1] | 2,094,227 | [1] |
Total liabilities and equity | 6,830,960 | 5,896,457 | 5,329,270 | 5,660,297 | 5,796,268 | [1] | 6,372,222 | 6,199,574 | 6,550,939 | ' | ' | ||
As Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cash and cash equivalents | 392,132 | 515,788 | 277,633 | 447,038 | 505,178 | 899,666 | 905,138 | 807,554 | 763,725 | 982,913 | |||
Accounts receivable | 3,262,751 | 2,781,490 | 2,622,811 | 2,656,030 | 2,871,243 | 2,928,041 | 2,833,724 | 2,916,549 | ' | ' | |||
Inventories | 2,132,760 | 2,025,424 | 1,819,233 | 1,949,279 | 1,802,976 | 1,961,299 | 1,878,911 | 2,271,537 | ' | ' | |||
Prepaid expenses and other assets | 343,425 | 206,095 | 199,185 | 184,928 | 202,505 | 213,952 | 198,006 | 210,514 | ' | ' | |||
Total current assets | 6,131,068 | 5,528,797 | 4,918,862 | 5,237,275 | 5,381,902 | 6,002,958 | 5,815,779 | 6,206,154 | ' | ' | |||
Property and equipment, net | 84,220 | 83,049 | 81,953 | 88,246 | 88,595 | 88,092 | 91,242 | 95,955 | ' | ' | |||
Other assets, net | 590,965 | 310,471 | 300,248 | 318,662 | 314,921 | 319,583 | 290,045 | 295,378 | ' | ' | |||
Total assets | 6,806,253 | 5,922,317 | 5,301,063 | 5,644,183 | 5,785,418 | 6,410,633 | 6,197,066 | 6,597,487 | ' | ' | |||
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Accounts payable | 3,603,038 | 3,111,391 | 2,862,684 | 2,952,182 | 3,042,809 | 3,295,867 | 2,985,230 | 3,211,201 | ' | ' | |||
Accrued expenses and other liabilities | 588,766 | 469,171 | 444,899 | 483,060 | 551,280 | 520,751 | 503,413 | 539,169 | ' | ' | |||
Revolving credit loans and current maturities of long-term debt, net | 164,341 | 65,848 | 37,913 | 30,933 | 48,490 | 411,909 | 424,320 | 418,444 | ' | ' | |||
Total current liabilities | 4,356,145 | 3,646,410 | 3,345,496 | 3,466,175 | 3,642,579 | 4,228,527 | 3,912,963 | 4,168,814 | ' | ' | |||
Long-term debt, less current maturities | 354,458 | 354,267 | 53,659 | 57,816 | 57,253 | 61,223 | 62,810 | 64,889 | ' | ' | |||
Other long-term liabilities | 118,020 | 86,780 | 80,862 | 82,414 | 83,438 | 76,864 | 65,315 | 69,368 | ' | ' | |||
Total liabilities | 4,828,623 | 4,087,457 | 3,480,017 | 3,606,405 | 3,783,270 | 4,366,614 | 4,041,088 | 4,303,071 | ' | ' | |||
Shareholders’ equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Common stock | 89 | 89 | 89 | 89 | 89 | 89 | 89 | 89 | ' | ' | |||
Additional paid-in capital | 677,682 | 670,346 | 752,763 | 750,878 | 769,826 | 765,525 | 763,025 | 762,873 | ' | ' | |||
Treasury stock, at cost | -905,900 | -907,533 | -907,777 | -766,558 | -739,614 | -728,600 | -632,154 | -486,330 | ' | ' | |||
Retained earnings | 1,874,357 | 1,791,815 | 1,745,917 | 1,711,459 | 1,659,767 | 1,605,698 | 1,552,179 | 1,502,072 | ' | ' | |||
Accumulated other comprehensive income | 331,402 | 280,143 | 202,214 | 311,401 | 283,755 | 371,643 | 446,029 | 489,778 | ' | ' | |||
Equity attributable to shareholders of Tech Data Corporation | 1,977,630 | 1,834,860 | 1,793,206 | 2,007,269 | 1,973,823 | 2,014,355 | 2,129,168 | 2,268,482 | ' | ' | |||
Noncontrolling interest | 0 | 0 | 27,840 | 30,509 | 28,325 | 29,664 | 26,810 | 25,934 | ' | ' | |||
Total equity | 1,977,630 | 1,834,860 | 1,821,046 | 2,037,778 | 2,002,148 | 2,044,019 | 2,155,978 | 2,294,416 | ' | 2,094,533 | |||
Total liabilities and equity | 6,806,253 | 5,922,317 | 5,301,063 | 5,644,183 | 5,785,418 | 6,410,633 | 6,197,066 | 6,597,487 | ' | ' | |||
Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cash and cash equivalents | -51,568 | -42,402 | -42,231 | -37,509 | -18,916 | [2] | -102,771 | -113,581 | -155,239 | -41,127 | -55,482 | ||
Accounts receivable | -46,831 | -51,967 | -48,703 | -60,144 | -92,602 | [3] | -64,432 | -83,501 | -52,895 | ' | ' | ||
Inventories | 121,750 | 75,058 | 126,800 | 118,264 | 129,313 | [4] | 137,447 | 207,056 | 168,261 | ' | ' | ||
Prepaid expenses and other assets | -8,994 | -6,132 | -7,827 | -4,564 | -5,197 | [5] | -6,601 | -5,325 | -4,440 | ' | ' | ||
Total current assets | 14,357 | -25,443 | 28,039 | 16,047 | 12,598 | -36,357 | 4,649 | -44,313 | ' | ' | |||
Property and equipment, net | 175 | 324 | 817 | 847 | 286 | 86 | 88 | 90 | ' | ' | |||
Other assets, net | 10,175 | -741 | -649 | -780 | -2,034 | [5] | -2,140 | -2,229 | -2,325 | ' | ' | ||
Total assets | 24,707 | -25,860 | 28,207 | 16,114 | 10,850 | -38,411 | 2,508 | -46,548 | ' | ' | |||
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Accounts payable | 54,213 | 11,960 | 61,713 | 46,491 | 48,802 | [6] | -16,065 | 19,969 | -31,643 | ' | ' | ||
Accrued expenses and other liabilities | 31,401 | -10,678 | -15,155 | -11,844 | -17,445 | [7] | -11,961 | -8,957 | -11,116 | ' | ' | ||
Revolving credit loans and current maturities of long-term debt, net | 3,181 | 0 | -1 | 0 | 0 | 0 | 0 | 0 | ' | ' | |||
Total current liabilities | 88,795 | 1,282 | 46,557 | 34,647 | 31,357 | -28,026 | 11,012 | -42,759 | ' | ' | |||
Long-term debt, less current maturities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | |||
Other long-term liabilities | -4,827 | -5,869 | -331 | -336 | -488 | [5] | -55 | -1,519 | -1,521 | ' | ' | ||
Total liabilities | 83,968 | -4,587 | 46,226 | 34,311 | 30,869 | -28,081 | 9,493 | -44,280 | ' | ' | |||
Shareholders’ equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Common stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | |||
Additional paid-in capital | 3,033 | 3,143 | 3,245 | 3,422 | 3,261 | [8] | 2,408 | 2,030 | 1,701 | ' | ' | ||
Treasury stock, at cost | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | |||
Retained earnings | -60,999 | -22,898 | -19,937 | -20,178 | -22,664 | [8] | -12,571 | -8,914 | -4,153 | ' | ' | ||
Accumulated other comprehensive income | -1,295 | -1,518 | -1,327 | -1,441 | -616 | -167 | -101 | 184 | ' | ' | |||
Equity attributable to shareholders of Tech Data Corporation | -59,261 | -21,273 | -18,019 | -18,197 | -20,019 | -10,330 | -6,985 | -2,268 | ' | ' | |||
Noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | |||
Total equity | -59,261 | -21,273 | -18,019 | -18,197 | -20,019 | -10,330 | -6,985 | -2,268 | ' | -306 | |||
Total liabilities and equity | $24,707 | ($25,860) | $28,207 | $16,114 | $10,850 | ($38,411) | $2,508 | ($46,548) | ' | ' | |||
[1] | See Note 2 - Restatement of Consolidated Financial Statements. | ||||||||||||
[2] | Cash and cash equivalents includes adjustments to reduce cash to correct bank reconciliation cutoff errors that recognized certain cash in-transit from customers (also recognized as a reduction of accounts receivable). | ||||||||||||
[3] | Accounts receivable has been adjusted primarily to reduce the balance for estimated sales returns by $72.7 million and the cash cutoff errors discussed in (1) above. The Company had previously only recognized the net impact on gross profit for estimated sales returns. | ||||||||||||
[4] | Inventory includes an adjustment to increase the balance for estimated sales returns by $72.7 million, as discussed in (2) above, and adjustments of $55.7 million for sales and inventory cutoff errors that were not appropriately recorded based on the delivery terms. | ||||||||||||
[5] | Other assets and other liabilities contain various adjustments that are insignificant individually and in the aggregate pertaining to the errors described above, primarily related to the inadequate reconciliations of the accounts. | ||||||||||||
[6] | Accounts payable has been adjusted primarily to recognize an increase of $27.6 million for inventory cutoff errors that were not appropriately reported based on the delivery terms; and the impact of vendor accounting errors in the Company's primary operating subsidiary in the UK and two other European subsidiaries of $17.9 million. | ||||||||||||
[7] | Accrued expenses and other liabilities includes adjustments primarily related to reducing the taxes payable by $11.9 million as a result of the restatement adjustments and other adjustments due to various immaterial errors. | ||||||||||||
[8] | Shareholders’ equity includes an adjustment to retained earnings and the cumulative translation account to account for the restatement errors identified herein and adjustments to additional paid-in capital primarily to correct errors related to stock-based compensation. |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event, USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||
In Millions, unless otherwise specified | Jan. 31, 2014 | Oct. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 |
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | SPAIN | SPAIN | SPAIN | |||
Minimum | Maximum | Litigation Charge | Interest Expense | ||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Increase in accrual for value added tax matters | ' | ' | ' | ' | $41 | $29.50 | $11.50 |
Litigation settlement agreements | 12.5 | 22.9 | ' | ' | ' | ' | ' |
Costs associated with restatement | ' | ' | $50 | $60 | ' | ' | ' |
Schedule_II_Valuation_And_Qual1
Schedule II Valuation And Qualifying Accounts (Details) (Allowance for Doubtful Accounts Receivable and Sales Returns, USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2011 | |||
Allowance for Doubtful Accounts Receivable and Sales Returns | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Balance at beginning of period | $56,753 | $60,584 | $58,119 | |||
Charged to cost and expenses | 9,653 | 10,813 | 11,798 | |||
Deductions | -24,425 | -30,772 | -20,970 | |||
Other | 16,303 | [1] | 16,128 | [1] | 11,637 | [1] |
Balance at end of period | $58,284 | $56,753 | $60,584 | |||
[1] | (1)“Other†primarily includes recoveries, acquisitions and dispositions and the effect of fluctuations in foreign currencies. |