Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Apr. 30, 2014 | 23-May-14 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Apr-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
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 Well-known Seasoned Issuer | 'No | ' |
Entity Common Stock, Shares Outstanding | ' | 38,237,572 |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Apr. 30, 2014 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $675,632 | $570,101 |
Accounts Receivable, Net, Current | 3,061,180 | 3,215,729 |
Inventories | 2,333,325 | 2,450,782 |
Prepaid expenses and other assets | 242,764 | 232,423 |
Total current assets | 6,312,901 | 6,469,035 |
Property and equipment, net | 75,856 | 77,631 |
Other assets, net | 626,246 | 623,000 |
Total assets | 7,015,003 | 7,169,666 |
Current liabilities: | ' | ' |
Accounts payable | 3,762,087 | 3,959,410 |
Accrued expenses and other liabilities | 594,832 | 614,697 |
Revolving credit loans and current maturities of long-term debt, net | 49,856 | 43,481 |
Total current liabilities | 4,406,775 | 4,617,588 |
Long-term debt, less current maturities | 354,177 | 354,121 |
Other long-term liabilities | 96,640 | 99,346 |
Total liabilities | 4,857,592 | 5,071,055 |
Commitments and contingencies (Note 9) | ' | ' |
Shareholders’ equity: | ' | ' |
Common stock, par value $.0015; 200,000,000 shares authorized; 59,245,585 shares issued at April 30, 2014 and January 31, 2014 | 89 | 89 |
Additional paid-in capital | 666,922 | 675,597 |
Treasury stock, at cost (21,008,013 and 21,177,130 shares at April 30, 2014 and January 31, 2014) | -887,789 | -894,936 |
Retained earnings | 2,006,757 | 1,993,290 |
Accumulated other comprehensive income | 371,432 | 324,571 |
Total shareholders' equity | 2,157,411 | 2,098,611 |
Total liabilities and shareholders' equity | $7,015,003 | $7,169,666 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Apr. 30, 2014 | Jan. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Accounts receivable, allowance for doubtful accounts | $59,701 | $58,754 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 59,245,585 | 59,245,585 |
Treasury stock, shares | 21,008,013 | 21,177,130 |
Consolidated_Statement_Of_Inco
Consolidated Statement Of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 |
Income Statement [Abstract] | ' | ' |
Net sales | $6,728,151 | $6,147,757 |
Cost of products sold | 6,392,823 | 5,825,343 |
Gross profit | 335,328 | 322,414 |
Selling, general and administrative expenses | 291,596 | 283,360 |
Restatement-related expenses (Note 1) | 12,236 | 3,023 |
Operating Expenses | 303,832 | 286,383 |
Operating income | 31,496 | 36,031 |
Interest expense | 6,760 | 7,098 |
Other expense (income), net | 451 | -2,164 |
Income before income taxes | 24,285 | 31,097 |
Provision for income taxes | 10,818 | 13,337 |
Net Income (Loss) Attributable to Parent | $13,467 | $17,760 |
Net income per share: | ' | ' |
Basic (in USD per share) | $0.35 | $0.47 |
Diluted (in USD per share) | $0.35 | $0.47 |
Weighted average common shares outstanding: | ' | ' |
Basic (shares) | 38,137 | 37,907 |
Diluted (shares) | 38,321 | 38,171 |
Consolidated_Statement_Of_Comp
Consolidated Statement Of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net Income (Loss) Attributable to Parent | $13,467 | $17,760 |
Other comprehensive income: | ' | ' |
Foreign currency translation adjustment | 46,861 | -47,609 |
Total comprehensive income (loss) | $60,328 | ($29,849) |
Consolidated_Statement_Of_Cash
Consolidated Statement Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Cash received from customers | $7,290,837 | $6,854,110 |
Cash paid to vendors and employees | -7,174,844 | -6,695,526 |
Interest paid, net | -9,521 | -9,538 |
Income taxes paid | -11,402 | -14,825 |
Net cash provided by operating activities | 95,070 | 134,221 |
Cash flows from investing activities: | ' | ' |
Acquisition of businesses, net of cash acquired | 0 | 8,044 |
Acquisition of trademark | 0 | -1,519 |
Expenditures for property and equipment | -2,426 | -3,692 |
Software and software development costs | -1,801 | -4,042 |
Net cash used in investing activities | -4,227 | -1,209 |
Cash flows from financing activities: | ' | ' |
Proceeds from the reissuance of treasury stock | 553 | 1,139 |
Payments of Merger Related Costs, Financing Activities | 3,457 | ' |
Acquisition earn-out payment | -4,200 | -6,183 |
Net borrowings (repayments) on revolving credit loans | 5,884 | -133,308 |
Principal payments on long-term debt | -143 | -130 |
Excess tax benefit from stock-based compensation | 546 | 684 |
Net cash provided by (used in) financing activities | 3,383 | -137,798 |
Effect of exchange rate changes on cash and cash equivalents | 11,305 | -9,251 |
Net increase (decrease) in cash and cash equivalents | 105,531 | -14,037 |
Cash and cash equivalents at beginning of year | 570,101 | 340,564 |
Cash and cash equivalents at end of period | 675,632 | 326,527 |
Reconciliation of net income to net cash provided by operating activities: | ' | ' |
Net income | 13,467 | 17,760 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 18,216 | 17,967 |
Provision for losses on accounts receivable | 3,424 | 1,474 |
Stock-based compensation expense | 1,973 | 3,091 |
Accretion of debt discount on Senior Notes | 66 | 66 |
Excess tax benefits from stock-based compensation | -546 | -684 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 211,064 | 400,527 |
Inventories | 154,505 | 32,905 |
Prepaid expenses and other assets | -8,433 | 123,941 |
Accounts payable | -263,429 | -399,971 |
Accrued expenses and other liabilities | -35,237 | -62,855 |
Total adjustments | 81,603 | 116,461 |
Net cash provided by operating activities | $95,070 | $134,221 |
Business_And_Summary_Of_Signif
Business And Summary Of Significant Accounting Policies | 3 Months Ended |
Apr. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Business And Summary Of Significant Accounting Policies | ' |
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. 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, without audit, 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 (“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. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the consolidated financial position of the Company as of April 30, 2014 and its consolidated statements of income, comprehensive income and cash flows for the three months ended April 30, 2014 and 2013. | |
Seasonality | |
The Company’s quarterly operating results have fluctuated significantly in the past and will likely continue to do so in the future as a result of currency fluctuations and seasonal variations in the demand for the products and services offered. Narrow operating margins may magnify the impact of these factors on the Company's operating results. Recent historical seasonal variations have included an increase in European demand during the Company’s fiscal fourth quarter and decreased demand in other fiscal quarters, particularly quarters that include summer months. Given that the majority of the Company’s revenues are derived from Europe, the worldwide results closely follow the seasonality trends in Europe. The seasonal trend in Europe typically results in greater operating leverage, and therefore, lower selling, general and administrative expenses as a percentage of net sales in the region and on a consolidated basis during the second semester of the Company's fiscal year, particularly in the Company's fourth quarter. Additionally, the life cycles of major products, as well as the impact of future acquisitions and dispositions, may also materially impact the Company’s business, financial condition, or consolidated results of operations. Therefore, the results of operations for the three months ended April 30, 2014 and 2013 are not necessarily indicative of the results that can be expected for the entire fiscal year ended January 31, 2015. | |
Restatement-related expenses | |
Restatement-related expenses primarily include legal, accounting and third party consulting fees associated with (i) the restatement of certain of the Company's consolidated financial statements and other financial information from fiscal 2009 to fiscal 2013, (ii) the Audit Committee investigation to review the Company's accounting practices, (iii) incremental external audit and supplemental procedures by the Company in connection with the preparation of its financial statements, and (iv) other incremental legal and consulting fees incurred as a result of the Company's restatement-related investigation. During the three months ended April 30, 2014 and 2013, the Company incurred approximately $12.2 million and $3.0 million of restatement-related expenses, respectively, which are recorded in "restatement-related expenses" in the Consolidated Statement of Income. | |
Accounts Receivable Purchase Agreements | |
The Company has 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 April 30, 2014 and January 31, 2014, the Company had a total of $227.2 million and $263.7 million, respectively, of accounts receivable sold to and held by financial institutions under these agreements. During the three months ended April 30, 2014 and 2013, discount fees recorded under these facilities were $1.3 million and $0.6 million, respectively, which are included as a component of "other expense (income), net" in the Company's Consolidated Statement of Income. | |
Recently Adopted Accounting Standards | |
In March 2013, the Financial Accounting Standards Board ("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 was 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. 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 was effective for the Company beginning with the quarter ending April 30, 2014 and is to be applied retrospectively for all periods presented. The adoption of this guidance had no impact on the Company's 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 operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The accounting standard was 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 had no impact on its financial statement disclosures. | |
Recently Issued Accounting Standards | |
In April 2014, the FASB issued an accounting standard which modifies the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity's operations and financial results. This update also requires additional financial statement disclosures about discontinued operations, as well as disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation. The accounting standard is effective for the Company beginning with the quarter ending April 30, 2015 and is to be applied prospectively. The Company will apply the provisions of this accounting standard to all transactions described above prospectively from the date of adoption. | |
In May 2014, the FASB issued an accounting standard which will supersede all existing revenue recognition guidance under current GAAP. The new standard requires the recognition of revenue to depict the transfer of promised goods or services to customers while exercising extensive judgment and use of estimates. The accounting standard is effective for the Company beginning with the quarter ending April 30, 2017 and is to be applied retrospectively. The Company is currently in the process of assessing what impact this new standard may have on its consolidated financial position, results of operations or cash flows. |
Earnings_Per_Share_EPS
Earnings Per Share ("EPS") | 3 Months Ended | ||||||||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||||||
Earnings Per Share ("EPS") | ' | ||||||||||||||||||||||
EARNINGS PER SHARE (“EPS”) | |||||||||||||||||||||||
The Company reports a dual presentation of basic and diluted EPS. Basic EPS is computed by dividing net income 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 5—Stock-Based Compensation) using the treasury stock method. The composition of basic and diluted EPS is as follows: | |||||||||||||||||||||||
Three months ended April 30, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
Net income | Weighted | Per | Net income | Weighted | Per | ||||||||||||||||||
average | share | average | share | ||||||||||||||||||||
shares | amount | shares | amount | ||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||
Net income per share - basic | $ | 13,467 | 38,137 | $ | 0.35 | $ | 17,760 | 37,907 | $ | 0.47 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
Equity-based awards | 184 | 264 | |||||||||||||||||||||
Net income per share - diluted | $ | 13,467 | 38,321 | $ | 0.35 | $ | 17,760 | 38,171 | $ | 0.47 | |||||||||||||
At April 30, 2014, no shares were excluded from the computation of diluted earnings per share as there were no equity-based awards outstanding where the exercise price was greater than the average market price, thereby resulting in an antidilutive effect. At April 30, 2013, there were 9,456 shares excluded from the computation of diluted earnings per share because their effect would have been antidilutive. |
Debt
Debt | 3 Months Ended | |||||||
Apr. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
DEBT | ||||||||
The carrying value of the Company's outstanding debt consists of the following: | ||||||||
April 30, 2014 | January 31, 2014 | |||||||
(In thousands) | ||||||||
Senior Notes, interest at 3.75% payable semi-annually, due September 21, 2017 | $ | 350,000 | $ | 350,000 | ||||
Less—unamortized debt discount | (908 | ) | (974 | ) | ||||
Senior Notes, net | 349,092 | 349,026 | ||||||
Capital leases | 5,671 | 5,662 | ||||||
Other committed and uncommitted revolving credit facilities, average interest rate of 5.33% and 6.15% at April 30, 2014 and January 31, 2014, respectively, expiring on various dates through fiscal 2017 | 49,270 | 42,914 | ||||||
404,033 | 397,602 | |||||||
Less—current maturities (included as “Revolving credit loans and current maturities of long-term debt, net”) | (49,856 | ) | (43,481 | ) | ||||
Total long-term debt, less current maturities | $ | 354,177 | $ | 354,121 | ||||
Senior Notes | ||||||||
In September 2012, the Company issued $350.0 million aggregate principal amount of 3.75% Senior Notes in a public offering (the "Senior Notes"), 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 debt issuance costs incurred in connection with the public offering are 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, 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 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 of the Company and rank equally in right of payment with all of the Company’s other unsecured and unsubordinated indebtedness. | ||||||||
Other Credit Facilities | ||||||||
The Company has a $500.0 million revolving credit facility 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 were no amounts outstanding under the Credit Agreement at April 30, 2014 and January 31, 2014. | ||||||||
The Company also 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 $682.8 million and $623.0 million at April 30, 2014 and January 31, 2014, 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 were no amounts outstanding under this program at April 30, 2014 and January 31, 2014. | ||||||||
In addition to the facilities described above, the Company has various other committed and uncommitted lines of credit and overdraft facilities totaling approximately $441.7 million at April 30, 2014 to support its operations. Most of these facilities are provided on an unsecured, short-term basis and are reviewed periodically for renewal. There was $49.3 million outstanding on these facilities at April 30, 2014, at a weighted average interest rate of 5.33%, and $42.9 million outstanding at January 31, 2014, at a weighted average interest rate of 6.15%. | ||||||||
In consideration of the financial covenants discussed below, the Company’s maximum borrowing availability on its credit facilities is approximately $893.1 million, of which $49.3 million was outstanding at April 30, 2014. Certain of the Company’s credit facilities contain limitations on the amounts of annual dividends and repurchases of common stock and require compliance with other obligations, warranties and covenants. The financial ratio covenants contained within these credit facilities include a maximum debt to capitalization ratio and a minimum interest coverage ratio. At April 30, 2014, the Company was in compliance with all such financial covenants. | ||||||||
At April 30, 2014, the Company had also issued standby letters of credit of $85.5 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 credit facilities. |
Income_Taxes
Income Taxes | 3 Months Ended |
Apr. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
INCOME TAXES | |
The Company's effective tax rate was 44.5% in the first quarter of fiscal 2015 and 42.9% in the first quarter of fiscal 2014. The increase in the effective rate for the first quarter of fiscal 2015 compared to the same period of the prior year is primarily the result of the relative mix of earnings and losses within the tax jurisdictions in which the Company operates. | |
On an absolute dollar basis, the provision for income taxes decreased 18.9% to $10.8 million for the first quarter of fiscal 2015 compared to $13.3 million in the same period of fiscal 2014 primarily due to a decrease in taxable earnings in certain countries in which the Company operates. | |
The effective tax rate differed from the U.S. federal statutory rate of 35% during these periods primarily due to the relative mix of earnings or losses within the tax jurisdictions in which the Company operates such as: i) losses in tax jurisdictions where the Company is not able to record a tax benefit; ii) earnings in tax jurisdictions where the Company has previously recorded a valuation allowance on deferred tax assets; and iii) earnings in lower-tax jurisdictions for which no U.S. taxes have been provided because such earnings are planned to be reinvested indefinitely outside the United States. | |
The Company's future effective tax rates will continue to be affected by 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 monitors the assumptions used in estimating the annual effective tax rate and makes adjustments, if required, throughout the year. If actual results differ from the assumptions used in estimating the Company's annual effective income tax rates, future income tax expense could be materially affected. | |
In addition, the Company's income tax returns are subject to continuous examination by the Internal Revenue Service and other tax authorities. The Company regularly assesses the likelihood of adverse outcomes from these examinations to determine the adequacy of the Company's provision for income taxes. To the extent the Company prevails in matters for which accruals have been established or is required to pay amounts in excess of such accruals, the effective tax rate could be materially affected. |
Stock_Based_Compensation
Stock Based Compensation | 3 Months Ended | ||||
Apr. 30, 2014 | |||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||
Stock Based Compensation | ' | ||||
STOCK-BASED COMPENSATION | |||||
For the three months ended April 30, 2014 and 2013, the Company recorded $2.0 million and $3.1 million, respectively, of stock-based compensation expense, which is included in “selling, general and administrative expenses” in the Consolidated Statement of Income. | |||||
At April 30, 2014, the Company had awards outstanding from three 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 2.6 million shares remain available for future grant at April 30, 2014. 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 have a maximum term of 10 years, unless a shorter period is specified by the Compensation Committee of the 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. | |||||
A summary of the Company’s restricted stock activity for the three months ended April 30, 2014 is as follows: | |||||
Shares | |||||
Outstanding at January 31, 2014 | 284,204 | ||||
Granted | 428,025 | ||||
Vested | (148,522 | ) | |||
Canceled | (5,579 | ) | |||
Outstanding at April 30, 2014 | 558,128 | ||||
A summary of the activity of the Company’s MV Stock-settled SARs, MVOs and stock options for the three months ended April 30, 2014 is as follows: | |||||
Shares | |||||
Outstanding at January 31, 2014 | 329,788 | ||||
Exercised | (241,844 | ) | |||
Outstanding at April 30, 2014 | 87,944 | ||||
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. |
Shareholders_Equity
Shareholders' Equity | 3 Months Ended | ||||||
Apr. 30, 2014 | |||||||
Equity [Abstract] | ' | ||||||
Shareholders' Equity | ' | ||||||
SHAREHOLDERS’ EQUITY | |||||||
The Company’s common share issuance activity for the three months ended April 30, 2014 is summarized as follows: | |||||||
Shares | Weighted- | ||||||
average | |||||||
price per | |||||||
share | |||||||
Treasury stock balance at January 31, 2014 | 21,177,130 | $ | 42.26 | ||||
Shares of treasury stock reissued | (169,117 | ) | |||||
Treasury stock balance at April 30, 2014 | 21,008,013 | $ | 42.26 | ||||
There were no common shares repurchased by the Company during the first quarter of fiscal 2015. The reissuance of shares from treasury stock is based on the weighted average purchase price of the shares. |
Fair_Value_Of_Financial_Instru
Fair Value Of Financial Instruments | 3 Months Ended | |||||||||||||||
Apr. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Of Financial Instruments | ' | |||||||||||||||
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: | ||||||||||||||||
30-Apr-14 | 31-Jan-14 | |||||||||||||||
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 | $ | 2,024 | $ | 6,160 | ||||||||||||
Liabilities | ||||||||||||||||
Foreign currency forward contracts | $ | 2,408 | $ | 2,423 | ||||||||||||
Acquisition-related contingent consideration | $ | 6,790 | $ | 10,571 | ||||||||||||
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 8 – 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. Approximately $4.2 million of the acquisition-related contingent consideration was paid during the first quarter of fiscal 2015. | ||||||||||||||||
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 April 30, 2014 was $39.4 million and $34.9 million, respectively. | ||||||||||||||||
The $350 million of Senior Notes discussed in Note 3 - Debt, are carried at cost, less unamortized debt discount. The estimated fair value of the Senior Notes was approximately $368.0 million at April 30, 2014, 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 | 3 Months Ended |
Apr. 30, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Derivative Instruments | ' |
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 products 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 gross profit 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 gross profit 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 $8.8 million and a net foreign currency exchange gain of $16.9 million, respectively, for the three months ended April 30, 2014 and 2013. 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 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 average notional amounts of derivative financial instruments outstanding during the three months ended April 30, 2014 and 2013 were $0.8 billion and $2.1 billion, respectively, with average maturities of 34 days and 28 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 7 – Fair Value |
Commitments_And_Contingencies
Commitments And Contingencies | 3 Months Ended |
Apr. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments And Contingencies | ' |
COMMITMENTS AND CONTINGENCIES | |
Synthetic Lease Facility | |
The Company has a synthetic lease facility with a group of financial institutions (the "Synthetic Lease") under which the Company leases certain logistics centers and office facilities from a third-party lessor. 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 is 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. | |
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 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, 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 Synthetic Lease are approximately $2.6 million per year. | |
The Synthetic Lease contains covenants that must be complied with, similar to the covenants described in certain of the credit facilities discussed in Note 3 - Debt. As of April 30, 2014, the Company was in compliance with all such covenants. | |
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 April 30, 2014 and January 31, 2014, the outstanding amount of guarantees under these arrangements totaled $11.7 million and $13.4 million, respectively. The Company believes that, based on historical experience, the likelihood of a material loss pursuant to the above guarantees is remote. | |
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. 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 Company estimates the total exposure for these assessments (including previously recorded amounts), including various penalties and interest, was approximately $58.2 million and $56.4 million at April 30, 2014 and January 31, 2014, respectively, which was accrued as a result of the Spanish National Appellate Court’s ruling and is included in "accrued expenses and other liabilities" in the Consolidated Balance Sheet. | |
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 $27.6 million and $25.3 million at April 30, 2014 and January 31, 2014, respectively. The Brazilian subsidiary has appealed the unfavorable ruling to the Supreme Court and Superior Court, Brazil's 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. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
Segment Reporting Information, Additional Information [Abstract] | ' | ||||||||
Segment Information | ' | ||||||||
SEGMENT INFORMATION | |||||||||
Tech Data operates predominantly 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: | |||||||||
Three months ended April 30, | |||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Net sales to unaffiliated customers | |||||||||
Americas (1) | $ | 2,476,271 | $ | 2,292,782 | |||||
Europe | 4,251,880 | 3,854,975 | |||||||
Total | $ | 6,728,151 | $ | 6,147,757 | |||||
Operating income | |||||||||
Americas (2) | $ | 26,283 | $ | 27,231 | |||||
Europe (3) | 7,186 | 11,891 | |||||||
Stock-based compensation expense | (1,973 | ) | (3,091 | ) | |||||
Total | $ | 31,496 | $ | 36,031 | |||||
Depreciation and amortization | |||||||||
Americas | $ | 4,118 | $ | 4,246 | |||||
Europe | 14,098 | 13,721 | |||||||
Total | $ | 18,216 | $ | 17,967 | |||||
Capital expenditures | |||||||||
Americas | $ | 1,482 | $ | 1,697 | |||||
Europe | 2,745 | 6,037 | |||||||
Total | $ | 4,227 | $ | 7,734 | |||||
As of | |||||||||
30-Apr-14 | 31-Jan-14 | ||||||||
(In thousands) | |||||||||
Identifiable assets | |||||||||
Americas | $ | 2,091,133 | $ | 1,984,895 | |||||
Europe | 4,923,870 | 5,184,771 | |||||||
Total | $ | 7,015,003 | $ | 7,169,666 | |||||
Long-lived assets: | |||||||||
Americas (1) | $ | 26,587 | $ | 28,091 | |||||
Europe | 49,269 | 49,540 | |||||||
Total | $ | 75,856 | $ | 77,631 | |||||
Goodwill & acquisition-related intangible assets, net: | |||||||||
Americas | $ | 9,320 | $ | 8,936 | |||||
Europe | 389,471 | 386,919 | |||||||
Total | $ | 398,791 | $ | 395,855 | |||||
(1) Net sales to unaffiliated customers in the United States represented 83% of the total Americas' net sales to unaffiliated customers for each of the fiscal quarters ended April 30, 2014 and April 30, 2013. Total long-lived assets in the United States represented 90% of the Americas' total long-lived assets at both April 30, 2014 and January 31, 2014. | |||||||||
(2) Operating income in the Americas for the fiscal quarters ended April 30, 2014 and 2013 includes restatement-related expenses of $2.9 million and $1.8 million, respectively. | |||||||||
(3) Operating income in Europe for the fiscal quarters ended April 30, 2014 and 2013 includes restatement-related expenses of $9.4 million and $1.3 million, respectively. |
Business_And_Summary_Of_Signif1
Business And Summary Of Significant Accounting Policies (Policy) | 3 Months Ended |
Apr. 30, 2014 | |
Accounting Policies [Abstract] | ' |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' |
Recently Adopted Accounting Standards | |
In March 2013, the Financial Accounting Standards Board ("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 was 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. 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 was effective for the Company beginning with the quarter ending April 30, 2014 and is to be applied retrospectively for all periods presented. The adoption of this guidance had no impact on the Company's 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 operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The accounting standard was 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 had no impact on its financial statement disclosures. | |
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. 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, without audit, 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 (“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. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the consolidated financial position of the Company as of April 30, 2014 and its consolidated statements of income, comprehensive income and cash flows for the three months ended April 30, 2014 and 2013. | |
Accounts Receivable Purchase Facility Program | ' |
Accounts Receivable Purchase Agreements | |
The Company has 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 April 30, 2014 and January 31, 2014, the Company had a total of $227.2 million and $263.7 million, respectively, of accounts receivable sold to and held by financial institutions under these agreements. During the three months ended April 30, 2014 and 2013, discount fees recorded under these facilities were $1.3 million and $0.6 million, respectively, which are included as a component of "other expense (income), net" in the Company's Consolidated Statement of Income. | |
Seasonality | ' |
Seasonality | |
The Company’s quarterly operating results have fluctuated significantly in the past and will likely continue to do so in the future as a result of currency fluctuations and seasonal variations in the demand for the products and services offered. Narrow operating margins may magnify the impact of these factors on the Company's operating results. Recent historical seasonal variations have included an increase in European demand during the Company’s fiscal fourth quarter and decreased demand in other fiscal quarters, particularly quarters that include summer months. Given that the majority of the Company’s revenues are derived from Europe, the worldwide results closely follow the seasonality trends in Europe. The seasonal trend in Europe typically results in greater operating leverage, and therefore, lower selling, general and administrative expenses as a percentage of net sales in the region and on a consolidated basis during the second semester of the Company's fiscal year, particularly in the Company's fourth quarter. Additionally, the life cycles of major products, as well as the impact of future acquisitions and dispositions, may also materially impact the Company’s business, financial condition, or consolidated results of operations. Therefore, the results of operations for the three months ended April 30, 2014 and 2013 are not necessarily indicative of the results that can be expected for the entire fiscal year ended January 31, 2015. | |
Recently Adopted Accounting Standards | ' |
Recently Issued Accounting Standards | |
In April 2014, the FASB issued an accounting standard which modifies the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity's operations and financial results. This update also requires additional financial statement disclosures about discontinued operations, as well as disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation. The accounting standard is effective for the Company beginning with the quarter ending April 30, 2015 and is to be applied prospectively. The Company will apply the provisions of this accounting standard to all transactions described above prospectively from the date of adoption. | |
In May 2014, the FASB issued an accounting standard which will supersede all existing revenue recognition guidance under current GAAP. The new standard requires the recognition of revenue to depict the transfer of promised goods or services to customers while exercising extensive judgment and use of estimates. The accounting standard is effective for the Company beginning with the quarter ending April 30, 2017 and is to be applied retrospectively. The Company is currently in the process of assessing what impact this new standard may have on its consolidated financial position, results of operations or cash flows. | |
RestatementRelatedExpenses [Policy Text Block] | ' |
Restatement-related expenses | |
Restatement-related expenses primarily include legal, accounting and third party consulting fees associated with (i) the restatement of certain of the Company's consolidated financial statements and other financial information from fiscal 2009 to fiscal 2013, (ii) the Audit Committee investigation to review the Company's accounting practices, (iii) incremental external audit and supplemental procedures by the Company in connection with the preparation of its financial statements, and (iv) other incremental legal and consulting fees incurred as a result of the Company's restatement-related investigation. During the three months ended April 30, 2014 and 2013, the Company incurred approximately $12.2 million and $3.0 million of restatement-related expenses, respectively, which are recorded in "restatement-related expenses" in the Consolidated Statement of Income. |
Earnings_Per_Share_EPS_Tables
Earnings Per Share ("EPS") (Tables) | 3 Months Ended | ||||||||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||||||
Earnings Per Share Basic And Diluted | ' | ||||||||||||||||||||||
The composition of basic and diluted EPS is as follows: | |||||||||||||||||||||||
Three months ended April 30, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
Net income | Weighted | Per | Net income | Weighted | Per | ||||||||||||||||||
average | share | average | share | ||||||||||||||||||||
shares | amount | shares | amount | ||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||
Net income per share - basic | $ | 13,467 | 38,137 | $ | 0.35 | $ | 17,760 | 37,907 | $ | 0.47 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
Equity-based awards | 184 | 264 | |||||||||||||||||||||
Net income per share - diluted | $ | 13,467 | 38,321 | $ | 0.35 | $ | 17,760 | 38,171 | $ | 0.47 | |||||||||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | |||||||
Apr. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Components Of Debt | ' | |||||||
The carrying value of the Company's outstanding debt consists of the following: | ||||||||
April 30, 2014 | January 31, 2014 | |||||||
(In thousands) | ||||||||
Senior Notes, interest at 3.75% payable semi-annually, due September 21, 2017 | $ | 350,000 | $ | 350,000 | ||||
Less—unamortized debt discount | (908 | ) | (974 | ) | ||||
Senior Notes, net | 349,092 | 349,026 | ||||||
Capital leases | 5,671 | 5,662 | ||||||
Other committed and uncommitted revolving credit facilities, average interest rate of 5.33% and 6.15% at April 30, 2014 and January 31, 2014, respectively, expiring on various dates through fiscal 2017 | 49,270 | 42,914 | ||||||
404,033 | 397,602 | |||||||
Less—current maturities (included as “Revolving credit loans and current maturities of long-term debt, net”) | (49,856 | ) | (43,481 | ) | ||||
Total long-term debt, less current maturities | $ | 354,177 | $ | 354,121 | ||||
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 3 Months Ended | ||||
Apr. 30, 2014 | |||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||
Schedule Of Restricted Stock Units Activity | ' | ||||
A summary of the Company’s restricted stock activity for the three months ended April 30, 2014 is as follows: | |||||
Shares | |||||
Outstanding at January 31, 2014 | 284,204 | ||||
Granted | 428,025 | ||||
Vested | (148,522 | ) | |||
Canceled | (5,579 | ) | |||
Outstanding at April 30, 2014 | 558,128 | ||||
Schedule Of Stock Options Activity | ' | ||||
A summary of the activity of the Company’s MV Stock-settled SARs, MVOs and stock options for the three months ended April 30, 2014 is as follows: | |||||
Shares | |||||
Outstanding at January 31, 2014 | 329,788 | ||||
Exercised | (241,844 | ) | |||
Outstanding at April 30, 2014 | 87,944 | ||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 3 Months Ended | ||||||
Apr. 30, 2014 | |||||||
Equity [Abstract] | ' | ||||||
Company's Common Share Repurchase And Issuance Activity | ' | ||||||
The Company’s common share issuance activity for the three months ended April 30, 2014 is summarized as follows: | |||||||
Shares | Weighted- | ||||||
average | |||||||
price per | |||||||
share | |||||||
Treasury stock balance at January 31, 2014 | 21,177,130 | $ | 42.26 | ||||
Shares of treasury stock reissued | (169,117 | ) | |||||
Treasury stock balance at April 30, 2014 | 21,008,013 | $ | 42.26 | ||||
Fair_Value_Of_Financial_Instru1
Fair Value Of Financial Instruments Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Apr. 30, 2014 | ||||||||||||||||
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: | ||||||||||||||||
30-Apr-14 | 31-Jan-14 | |||||||||||||||
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 | $ | 2,024 | $ | 6,160 | ||||||||||||
Liabilities | ||||||||||||||||
Foreign currency forward contracts | $ | 2,408 | $ | 2,423 | ||||||||||||
Acquisition-related contingent consideration | $ | 6,790 | $ | 10,571 | ||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
Segment Reporting Information, Additional Information [Abstract] | ' | ||||||||
Financial Information By Geographic Segment | ' | ||||||||
Financial information by geographic segment is as follows: | |||||||||
Three months ended April 30, | |||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Net sales to unaffiliated customers | |||||||||
Americas (1) | $ | 2,476,271 | $ | 2,292,782 | |||||
Europe | 4,251,880 | 3,854,975 | |||||||
Total | $ | 6,728,151 | $ | 6,147,757 | |||||
Operating income | |||||||||
Americas (2) | $ | 26,283 | $ | 27,231 | |||||
Europe (3) | 7,186 | 11,891 | |||||||
Stock-based compensation expense | (1,973 | ) | (3,091 | ) | |||||
Total | $ | 31,496 | $ | 36,031 | |||||
Depreciation and amortization | |||||||||
Americas | $ | 4,118 | $ | 4,246 | |||||
Europe | 14,098 | 13,721 | |||||||
Total | $ | 18,216 | $ | 17,967 | |||||
Capital expenditures | |||||||||
Americas | $ | 1,482 | $ | 1,697 | |||||
Europe | 2,745 | 6,037 | |||||||
Total | $ | 4,227 | $ | 7,734 | |||||
As of | |||||||||
30-Apr-14 | 31-Jan-14 | ||||||||
(In thousands) | |||||||||
Identifiable assets | |||||||||
Americas | $ | 2,091,133 | $ | 1,984,895 | |||||
Europe | 4,923,870 | 5,184,771 | |||||||
Total | $ | 7,015,003 | $ | 7,169,666 | |||||
Long-lived assets: | |||||||||
Americas (1) | $ | 26,587 | $ | 28,091 | |||||
Europe | 49,269 | 49,540 | |||||||
Total | $ | 75,856 | $ | 77,631 | |||||
Goodwill & acquisition-related intangible assets, net: | |||||||||
Americas | $ | 9,320 | $ | 8,936 | |||||
Europe | 389,471 | 386,919 | |||||||
Total | $ | 398,791 | $ | 395,855 | |||||
(1) Net sales to unaffiliated customers in the United States represented 83% of the total Americas' net sales to unaffiliated customers for each of the fiscal quarters ended April 30, 2014 and April 30, 2013. Total long-lived assets in the United States represented 90% of the Americas' total long-lived assets at both April 30, 2014 and January 31, 2014. | |||||||||
(2) Operating income in the Americas for the fiscal quarters ended April 30, 2014 and 2013 includes restatement-related expenses of $2.9 million and $1.8 million, respectively. | |||||||||
(3) Operating income in Europe for the fiscal quarters ended April 30, 2014 and 2013 includes restatement-related expenses of $9.4 million and $1.3 million, respectively. |
Business_And_Summary_Of_Signif2
Business And Summary Of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | ||
Apr. 30, 2014 | Apr. 30, 2013 | Jan. 31, 2014 | |
Accounting Policies [Abstract] | ' | ' | ' |
Operating Expenses, Restatement | $12,236,000 | $3,023,000 | ' |
Accounts receivable sold | 227,200,000 | ' | 263,700,000 |
Discount fees on sale of accounts receivable | $1,300,000 | $600,000 | ' |
Earnings_Per_Share_EPS_Earning
Earnings Per Share ("EPS") (Earnings Per Share Basic And Diluted) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 9,456 |
Net income per share - basic | $13,467 | ' |
Net income per share - diluted | 13,467 | 17,760 |
Weighted average shares, basic | 38,137,000 | 37,907,000 |
Equity-based awards, Weighted average shares | 184,000 | 264,000 |
Weighted average shares, diluted | 38,321,000 | 38,171,000 |
Net income attributable to Tech Data-basic, Per share amount | $0.35 | $0.47 |
Net income | $13,467 | $17,760 |
Net income attributable to Tech Data-diluted, Per share amount | $0.35 | $0.47 |
Debt_Components_Of_Debt_Detail
Debt (Components Of Debt) (Details) (USD $) | Apr. 30, 2014 | Jan. 31, 2014 | Sep. 30, 2012 |
Debt Instrument [Line Items] | ' | ' | ' |
Capital leases | $5,671,000 | $5,662,000 | ' |
Debt and Capital Lease Obligations | 404,033,000 | 397,602,000 | ' |
Less-current maturities (included as "Revolving credit loans and current portion of long-term debt, net") | -49,856,000 | -43,481,000 | ' |
Long-term debt | 354,177,000 | 354,121,000 | ' |
Line of Credit Facility, Amount Outstanding | 49,300,000 | ' | ' |
Senior Notes | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt, stated interest rate in percentage | 3.75% | 3.75% | 3.75% |
Debt instrument expiration year | ' | ' | '2017 |
Debt, face value | 350,000,000 | 350,000,000 | 350,000,000 |
Less-unamortized debt discount | -908,000 | -974,000 | -1,300,000 |
Senior notes, net | 349,092,000 | 349,026,000 | ' |
Other Committed And Uncommitted Revolving Credit Facilities, Expiring On Various Dates Through Fiscal 2017 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Revolving credit loan | 49,270,000 | 42,914,000 | ' |
Credit Agreement [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | 0 | 0 | ' |
Receivables Securitization Program [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | $0 | $0 | ' |
Debt_Senior_Notes_Narrative_De
Debt (Senior Notes) (Narrative) (Details) (Senior Notes, USD $) | 1 Months Ended | 3 Months Ended | ||
Sep. 30, 2012 | Oct. 31, 2012 | Apr. 30, 2014 | Jan. 31, 2014 | |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Debt, face value | $350,000,000 | ' | $350,000,000 | $350,000,000 |
Debt, stated interest rate in percentage | 3.75% | ' | 3.75% | 3.75% |
Proceeds from issuance of long-term debt | 345,800,000 | ' | ' | ' |
Debt discount | 1,300,000 | ' | 908,000 | 974,000 |
Debt issuance costs | $2,900,000 | ' | ' | ' |
Debt Instrument Expiration Year | '2017 | ' | ' | ' |
Debt redemption price as a percent of principal amount | ' | 100.00% | ' | ' |
Treasury Rate | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Discount rate, basis spread on Treasury Rate | 50.00% | ' | ' | ' |
Debt_Other_Facilities_Narrativ
Debt (Other Facilities) (Narrative) (Details) (USD $) | 1 Months Ended | ||
Oct. 31, 2012 | Apr. 30, 2014 | Jan. 31, 2014 | |
Debt Instrument [Line Items] | ' | ' | ' |
Line of Credit Facility, Expiration Date | ' | '2016 | ' |
Line of credit, outstanding amount | ' | $49,300,000 | ' |
U.S. trade receivables | ' | 3,061,180,000 | 3,215,729,000 |
Standby letters of credit issued | ' | 85,500,000 | ' |
Credit Agreement | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Maximum borrowing capacity | ' | 500,000,000 | ' |
Possible future increase of maximum borrowing capacity | ' | 750,000,000 | ' |
Line of credit, outstanding amount | ' | 0 | 0 |
Receivables Securitization Program | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Maximum borrowing capacity | ' | 400,000,000 | ' |
Line of credit, outstanding amount | ' | 0 | 0 |
U.S. trade receivables | ' | 682,800,000 | 623,000,000 |
Renewal Period | '2 years | ' | ' |
Other Committed And Uncommitted Revolving Credit Facilities, Expiring On Various Dates Through Fiscal 2017 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Maximum borrowing capacity | ' | 441,700,000 | ' |
Line of credit, outstanding amount | ' | 49,300,000 | 42,900,000 |
Weighted average interest rate | ' | 5.33% | 6.15% |
Other committed and uncommitted lines of credit and overdraft facilities | ' | $893,100,000 | ' |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Effective tax rate | 44.50% | 42.90% |
Decrease in income tax provision | 18.90% | ' |
Provision for income taxes | $10,818 | $13,337 |
Effective tax rate reconciliation, percentage | 35.00% | ' |
Stock_Based_Compensation_Narra
Stock Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock-based compensation expense | $1,973 | $3,091 |
Number of shares authorized for grant | 4,000,000 | ' |
Number of shares available for grant | 2,600,000 | ' |
Contractual term (in years) | '10 years | ' |
Minimum | ' | ' |
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 | ' |
Stock_Based_Compensation_Sched
Stock Based Compensation (Schedule Of Restricted Stock Units Activity) (Details) | 3 Months Ended | |
Apr. 30, 2014 | Jan. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Options And Stock Settled SAR Outstanding Number | 87,944 | 329,788 |
Stock Issued During Period Shares Stock Options And SARs Exercised | 241,844 | ' |
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, 2014 | 284,204 | ' |
Shares, Granted | 428,025 | ' |
Shares, Vested | -148,522 | ' |
Shares, Canceled | -5,579 | ' |
Shares, Outstanding at April 30, 2014 | 558,128 | ' |
Stock_Based_Compensation_Sched1
Stock Based Compensation (Schedule Of Stock Options Activity) (Details) | 3 Months Ended | |
Apr. 30, 2014 | Jan. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Options And Stock Settled SAR Outstanding Number | 87,944 | 329,788 |
Stock Issued During Period Shares Stock Options And SARs Exercised | 241,844 | ' |
Shareholders_Equity_Narrative_
Shareholders' Equity (Narrative) (Details) (USD $) | 3 Months Ended |
Apr. 30, 2014 | |
Equity [Abstract] | ' |
Common shares repurchased | $0 |
Shareholders_Equity_Companys_C
Shareholders' Equity (Company's Common Share Repurchase And Issuance Activity) (Details) (USD $) | 3 Months Ended |
Apr. 30, 2014 | |
Increase (Decrease) in Treasury Stock [Roll Forward] | ' |
Treasury stock, beginning balance, Shares | 21,177,130 |
Treasury stock, beginning balance, Weighted-average price per share | $42.26 |
Shares of treasury stock reissued | -169,117 |
Treasury stock, ending balance, Shares | 21,008,013 |
Treasury stock, ending balance, Weighted-average price per share | $42.26 |
Fair_Value_Of_Financial_Instru2
Fair Value Of Financial Instruments (Details) (USD $) | 3 Months Ended | ||||||||||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Jan. 31, 2014 | Sep. 30, 2012 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | |
Senior Notes | Senior Notes | Senior Notes | Fair Value, Measurements, Recurring | Level 1 | Level 2 | Level 2 | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Senior Notes | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency forward contracts, Assets | ' | ' | ' | ' | ' | ' | ' | $2,024,000 | $6,160,000 | ' | ' |
Foreign currency forward contracts, Liabilities | ' | ' | ' | ' | ' | ' | ' | 2,408,000 | 2,423,000 | ' | ' |
Business Combination, Contingent Consideration, Liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,790,000 | 10,571,000 |
Payments for Previous Acquisition | 4,200,000 | 6,183,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred compensation plan assets, fair value disclosure | ' | ' | ' | ' | ' | 39,400,000 | ' | ' | ' | ' | ' |
Deferred compensation liability, fair value disclosure | ' | ' | ' | ' | ' | 34,900,000 | ' | ' | ' | ' | ' |
Convertible senior debentures, face value | ' | ' | 350,000,000 | 350,000,000 | 350,000,000 | ' | ' | ' | ' | ' | ' |
Convertible debt, fair value disclosures | ' | ' | ' | ' | ' | ' | $368,000,000 | ' | ' | ' | ' |
Derivative_Instruments_Narrati
Derivative Instruments (Narrative) (Details) (USD $) | 3 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' |
Net foreign currency exchange loss | ($8,800,000) | $16,900,000 |
Notional amount of derivative financial instruments outstanding | $800,000,000 | $2,100,000,000 |
Average maturities of derivatives, days | '34 days | '28 days |
Commitments_And_Contingencies_
Commitments And Contingencies (Narrative) (Details) (USD $) | Apr. 30, 2014 | Jan. 31, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 |
In Millions, unless otherwise specified | Synthetic Lease Facility | Minimum | Maximum | Accrued Expenses and Other Liabilities | Accrued Expenses and Other Liabilities | Option One | Option Two | Option Three | ||
property | Synthetic Lease Facility | Synthetic Lease Facility | SPAIN | SPAIN | property | property | property | |||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum number of days' notice to opt for purchase during lease, days | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' |
Number of properties subject to purchase during lease period | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' |
Option expiration, days until lease expiration, days | ' | ' | ' | '270 days | '360 days | ' | ' | ' | ' | ' |
Minimum number of properties, for which an option needs to be elected | ' | ' | ' | ' | ' | ' | ' | 2 | 2 | 2 |
Residual value guarantee, aggregate amount | ' | ' | $133.80 | ' | ' | ' | ' | ' | ' | ' |
Future minimum payments | ' | ' | 2.6 | ' | ' | ' | ' | ' | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 11.7 | 13.4 | ' | ' | ' | ' | ' | ' | ' | ' |
Value added tax payable | ' | ' | ' | ' | ' | 58.2 | 56.4 | ' | ' | ' |
CIDE tax | $27.60 | $25.30 | ' | ' | ' | ' | ' | ' | ' | ' |
Segment_Information_Financial_
Segment Information (Financial Information By Geographic Segment) (Details) (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Jan. 31, 2014 | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Net sales | $6,728,151 | $6,147,757 | ' | ||
Operating Income (Loss) | 31,496 | 36,031 | ' | ||
Stock-based compensation expense | -1,973 | -3,091 | ' | ||
Depreciation and amortization | 18,216 | 17,967 | ' | ||
Capital expenditures | 4,227 | 7,734 | ' | ||
Identifiable assets | 7,015,003 | ' | 7,169,666 | ||
Long-lived assets | 75,856 | ' | 77,631 | ||
Goodwill and acquisition-related intangible assets, net | 398,791 | ' | 395,855 | ||
Operating Expenses, Restatement | 12,236 | 3,023 | ' | ||
Americas | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Net sales | 2,476,271 | [1] | 2,292,782 | [1] | ' |
Operating Income (Loss) | 26,283 | [2] | 27,231 | [2] | ' |
Depreciation and amortization | 4,118 | 4,246 | ' | ||
Capital expenditures | 1,482 | 1,697 | ' | ||
Identifiable assets | 2,091,133 | ' | 1,984,895 | ||
Long-lived assets | 26,587 | [1] | ' | 28,091 | |
Goodwill and acquisition-related intangible assets, net | 9,320 | ' | 8,936 | ||
Sales to unaffiliated customers, as percentage of total sales | 83.00% | 83.00% | ' | ||
Long-lived assets, as percentage of total assets | 90.00% | ' | 90.00% | ||
Operating Expenses, Restatement | 2,900 | 1,800 | ' | ||
Europe [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Net sales | 4,251,880 | 3,854,975 | ' | ||
Operating Income (Loss) | 7,186 | [3] | 11,891 | [3] | ' |
Depreciation and amortization | 14,098 | 13,721 | ' | ||
Capital expenditures | 2,745 | 6,037 | ' | ||
Identifiable assets | 4,923,870 | ' | 5,184,771 | ||
Long-lived assets | 49,269 | ' | 49,540 | ||
Goodwill and acquisition-related intangible assets, net | 389,471 | ' | 386,919 | ||
Operating Expenses, Restatement | $9,400 | $1,300 | ' | ||
[1] | Net sales to unaffiliated customers in the United States represented 83% of the total Americas' net sales to unaffiliated customers for each of the fiscal quarters ended April 30, 2014 and April 30, 2013. Total long-lived assets in the United States represented 90% of the Americas' total long-lived assets at both April 30, 2014 and January 31, 2014. | ||||
[2] | Operating income in the Americas for the fiscal quarters ended April 30, 2014 and 2013 includes restatement-related expenses of $2.9 million and $1.8 million, respectively. | ||||
[3] | Operating income in Europe for the fiscal quarters ended April 30, 2014 and 2013 includes restatement-related expenses of $9.4 million and $1.3 million, respectively. |