Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jan. 31, 2019 | Mar. 14, 2019 | Jul. 31, 2018 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
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 Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 3,167,323,009 | ||
Entity Common Stock, Shares Outstanding | 36,900,698 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Jan. 31, 2019 | Jan. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 799,123 | $ 955,628 |
Accounts receivable, less allowances of $73,270 and $83,772 | 6,241,740 | 6,035,716 |
Inventories | 3,297,385 | 2,965,521 |
Prepaid expenses and other assets | 354,601 | 403,548 |
Total current assets | 10,692,849 | 10,360,413 |
Property and equipment, net | 274,917 | 279,091 |
Goodwill | 892,990 | 969,168 |
Intangible assets, net | 950,858 | 1,086,772 |
Other assets, net | 174,938 | 224,915 |
Total assets | 12,986,552 | 12,920,359 |
Current liabilities: | ||
Accounts payable | 7,496,466 | 6,962,193 |
Accrued expenses and other liabilities | 1,000,126 | 1,169,986 |
Revolving credit loans and current maturities of long-term debt, net | 110,368 | 132,661 |
Total current liabilities | 8,606,960 | 8,264,840 |
Long-term debt, less current maturities | 1,300,554 | 1,505,248 |
Other long-term liabilities | 142,315 | 228,779 |
Total liabilities | 10,049,829 | 9,998,867 |
Shareholders’ equity: | ||
Common stock, par value $.0015; 200,000,000 shares authorized; 59,245,585 shares issued at January 31, 2019 and 2018 | 89 | 89 |
Additional paid-in capital | 844,206 | 827,301 |
Treasury stock, at cost (22,305,464 and 21,083,972 shares at January 31, 2019 and 2018) | (1,037,872) | (940,124) |
Retained earnings | 3,086,514 | 2,745,934 |
Accumulated other comprehensive income | 43,786 | 288,292 |
Total shareholders' equity | 2,936,723 | 2,921,492 |
Total liabilities and shareholders' equity | $ 12,986,552 | $ 12,920,359 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands | Jan. 31, 2019 | Jan. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance for Doubtful Accounts Receivable, Current | $ 73,270 | $ 83,772 |
Common stock, par value | $ 0.0015 | $ 0.0015 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 59,245,585 | 59,245,585 |
Treasury stock, shares | 22,305,464 | 21,083,972 |
Consolidated Statement Of Incom
Consolidated Statement Of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Revenues | $ 37,238,950 | $ 33,597,841 | $ 24,193,697 |
Cost of Goods and Services Sold | 34,983,051 | 31,482,220 | 22,891,770 |
Gross profit | 2,255,899 | 2,115,621 | 1,301,927 |
Operating expenses: | |||
Selling, general and administrative expenses | 1,648,895 | 1,608,961 | 984,152 |
Acquisition, integration and restructuring expenses | 87,920 | 136,272 | 28,966 |
Goodwill Impairment | 47,434 | 0 | 0 |
Legal settlements and other, net | (15,406) | (41,343) | (4,142) |
Gain on disposal of subsidiary | (6,746) | 0 | 0 |
Value added tax assessments | 0 | 1,652 | 1,049 |
Operating expenses, Total | 1,762,097 | 1,705,542 | 1,010,025 |
Operating income | 493,802 | 410,079 | 291,902 |
Interest expense | 106,725 | 112,207 | 36,810 |
Other expense (income), net | 13,792 | (1,212) | (1,669) |
Income before income taxes | 373,285 | 299,084 | 256,761 |
Provision for income taxes | 32,705 | 182,443 | 61,666 |
Net income | $ 340,580 | $ 116,641 | $ 195,095 |
Earnings per share | |||
Basic | $ 8.94 | $ 3.07 | $ 5.54 |
Diluted | $ 8.89 | $ 3.05 | $ 5.51 |
Weighted average common shares outstanding: | |||
Basic | 38,094 | 37,957 | 35,194 |
Diluted | 38,317 | 38,216 | 35,428 |
Consolidated Statement Of Compr
Consolidated Statement Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 340,580 | $ 116,641 | $ 195,095 |
Other comprehensive (loss) income: | |||
Foreign currency translation adjustment | (244,506) | 362,834 | (41,217) |
Total comprehensive income | $ 96,074 | $ 479,475 | $ 153,878 |
Consolidated Statement Of Share
Consolidated Statement Of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional paid-in capital | Treasury stock | Retained earnings | Accumulated other comprehensive income (loss) |
Common Stock, Shares, Issued | 59,245,585 | |||||
Balance at Jan. 31, 2016 | $ 2,005,755 | $ 89 | $ 682,227 | $ (1,077,434) | $ 2,434,198 | $ (33,325) |
Increase (Decrease) in Stockholders' Equity | ||||||
Issuance of treasury stock to acquire business | 0 | |||||
Issuance of treasury stock for benefit plan and equity-based awards exercised | (3,692) | 0 | (10,132) | 6,440 | 0 | 0 |
Stock-based compensation expense | 13,947 | 0 | 13,947 | 0 | 0 | 0 |
Total other comprehensive (loss) income | (41,217) | 0 | 0 | 0 | 0 | (41,217) |
Net income | 195,095 | 0 | 0 | 0 | 195,095 | 0 |
Balance at Jan. 31, 2017 | $ 2,169,888 | 89 | 686,042 | (1,070,994) | 2,629,293 | (74,542) |
Common Stock, Shares, Issued | 59,245,585 | |||||
Increase (Decrease) in Stockholders' Equity | ||||||
Issuance of treasury stock to acquire business | $ 247,232 | 0 | 123,032 | 124,200 | 0 | 0 |
Issuance of treasury stock for benefit plan and equity-based awards exercised | (4,484) | 0 | (11,154) | 6,670 | 0 | 0 |
Stock-based compensation expense | 29,381 | 0 | 29,381 | 0 | 0 | 0 |
Total other comprehensive (loss) income | 362,834 | 0 | 0 | 0 | 0 | 362,834 |
Net income | 116,641 | 0 | 0 | 0 | 116,641 | 0 |
Balance at Jan. 31, 2018 | $ 2,921,492 | 89 | 827,301 | (940,124) | 2,745,934 | 288,292 |
Common Stock, Shares, Issued | 59,245,585 | |||||
Increase (Decrease) in Stockholders' Equity | ||||||
Repurchases of common stock | $ (107,025) | 0 | 0 | (107,025) | 0 | 0 |
Issuance of treasury stock to acquire business | 0 | |||||
Issuance of treasury stock for benefit plan and equity-based awards exercised | (5,331) | 0 | (14,608) | 9,277 | 0 | 0 |
Stock-based compensation expense | 31,513 | 0 | 31,513 | 0 | 0 | 0 |
Total other comprehensive (loss) income | (244,506) | 0 | 0 | 0 | 0 | (244,506) |
Net income | 340,580 | 0 | 0 | 0 | 340,580 | 0 |
Balance at Jan. 31, 2019 | $ 2,936,723 | $ 89 | $ 844,206 | $ (1,037,872) | $ 3,086,514 | $ 43,786 |
Common Stock, Shares, Issued | 59,245,585 |
Consolidated Statement Of Cash
Consolidated Statement Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Cash flows from operating activities: | |||
Cash received from customers | $ 47,836,136 | $ 42,981,601 | $ 29,427,357 |
Cash paid to vendors and employees | (47,263,258) | (41,668,923) | (28,663,998) |
Interest paid, net | (97,293) | (86,544) | (22,020) |
Income taxes paid | (95,450) | (131,632) | (84,272) |
Net cash provided by operating activities | 380,135 | 1,094,502 | 657,067 |
Cash flows from investing activities: | |||
Proceeds from sale of subsidiaries | 8,985 | 0 | 0 |
Acquisition of businesses, net of cash acquired | (124,223) | (2,249,849) | (2,916) |
Expenditures for property and equipment | (40,995) | (192,235) | (24,971) |
Software and software development costs | (20,419) | (39,702) | (14,364) |
Other | 4,943 | 2,567 | (224) |
Net cash used in investing activities | (171,709) | (2,479,219) | (42,475) |
Cash flows from financing activities: | |||
Borrowings on long-term debt | 0 | 1,008,148 | 998,405 |
Principal payments on long-term debt | (208,591) | (861,394) | 0 |
Cash paid for debt issuance costs | 0 | (6,348) | (21,581) |
Net repayments on revolving credit loans | (11,288) | (16,028) | 3,417 |
Payments for employee withholdings on equity awards | (7,102) | (6,027) | (4,479) |
Proceeds from the reissuance of treasury stock | 1,771 | 1,543 | 733 |
Repurchases of common stock | (107,025) | 0 | 0 |
Net cash (used in) provided by financing activities | (332,235) | 119,894 | 976,495 |
Effect of exchange rate changes on cash and cash equivalents | (32,696) | 94,860 | 3,335 |
Net (decrease) increase in cash and cash equivalents | (156,505) | (1,169,963) | 1,594,422 |
Cash and cash equivalents at beginning of year | 955,628 | 2,125,591 | 531,169 |
Cash and cash equivalents at end of year | 799,123 | 955,628 | 2,125,591 |
Reconciliation of net income to net cash provided by operating activities: | |||
Net income | 340,580 | 116,641 | 195,095 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Goodwill Impairment | 47,434 | 0 | 0 |
Gain on disposal of subsidiary | (6,746) | 0 | 0 |
Depreciation and amortization | 158,997 | 150,046 | 54,437 |
Provision for losses on accounts receivable | 9,903 | 19,788 | 4,680 |
Stock-based compensation expense | 31,513 | 29,381 | 13,947 |
Accretion of debt discount and debt issuance costs | 1,512 | 3,326 | 835 |
Deferred income taxes | (12,482) | (4,261) | (11,002) |
Changes in operating assets and liabilities, net of acquisitions and disposition: | |||
Accounts receivable | (512,385) | (632,809) | (117,788) |
Inventories | (480,001) | (466,445) | (27,478) |
Prepaid expenses and other assets | 15,910 | (6,748) | 57,978 |
Accounts payable | 852,369 | 1,704,305 | 474,059 |
Accrued expenses and other liabilities | (66,469) | 181,278 | 12,304 |
Total adjustments | 39,555 | 977,861 | 461,972 |
Net cash provided by operating activities | 380,135 | 1,094,502 | 657,067 |
Stock Issued | $ 0 | $ 247,232 | $ 0 |
Business and Summary of Signifi
Business and Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 31, 2019 | |
Business and Summary of Significant Accounting Policies | |
Organization, Consolidation, Basis of Presentation, Business Description and 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 IT distribution and solutions companies. Tech Data serves a critical role in the center of the IT ecosystem, bringing products from the world’s leading technology vendors to market, as well as helping customers create solutions best suited to maximize business outcomes for their end-user customers. Tech Data’s customers include value-added resellers, direct marketers, retailers, corporate resellers and managed service providers who support the diverse technology needs of end users. On February 27, 2017, the Company purchased all of the outstanding shares of Avnet, Inc.'s ("Avnet") Technology Solutions ("TS") business (see Note 5 – Acquisitions for further discussion). Prior to the acquisition of TS, the Company managed its operations in two geographic segments: the Americas and Europe. As a result of the acquisition of TS, the Company now manages its operations in three geographic segments: the Americas, Europe and Asia-Pacific. There were no Tech Data operations in the Asia-Pacific region prior to the acquisition of TS. Principles of Consolidation The consolidated financial statements include the accounts of Tech Data and its subsidiaries, including the results of TS from the date of acquisition of February 27, 2017. 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, pursuant to the rules and regulations of the United States ("U.S.") Securities and Exchange Commission (“SEC”). The Company prepares its financial statements in conformity with generally accepted accounting principles in the 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 The Company’s revenues primarily result from the sale of various technology products and services. The Company recognizes revenue as control of products is transferred to customers, which generally happens at the point of shipment. Products sold by the Company are delivered via shipment from the Company’s facilities, dropshipment directly from the vendor, or by electronic delivery of keys for software products. In relation to product support, supply chain management and other services performed by the Company, revenue is recognized over time as the services are performed. Service revenues and related contract liabilities were not material for the periods presented. The Company has contracts with certain customers where the Company’s performance obligation is to arrange for the products or services to be provided by another party. In these arrangements, as the Company assumes an agency relationship in the transaction, revenue is recognized in the amount of the net fee associated with serving as an agent. These arrangements primarily relate to certain fulfillment contracts, as well as sales of software services and extended warranty services. The Company allows its customers to return product for exchange or credit subject to certain limitations. A liability is recorded at the time of sale for estimated product returns based upon historical experience and an asset is recognized for the amount expected to be recorded in inventory upon product return. The Company also provides volume rebates and other discounts to certain customers which are considered variable consideration. A provision for customer rebates and other discounts is recorded as a reduction of revenue at the time of sale based on an evaluation of the contract terms and historical experience. The Company considers shipping & handling activities as costs to fulfill the sales of products. Shipping revenue is included in net sales when control of the product is transferred to the customer, and the related shipping and handling costs are included in cost of products sold. 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. The Company disaggregates its operating segment revenue by geography, which the Company believes provides a meaningful depiction of the nature of its revenue. Net sales shown in Note 15 – Segment Information includes service revenues, which are not a significant component of total revenue, and are aggregated within the respective geographies. The following table provides a comparison of sales generated from products purchased from vendors that exceeded 10% of the Company's consolidated net sales for fiscal 2019, 2018 and 2017 (as a percent of consolidated net sales): 2019 2018 2017 Apple, Inc. 16% 17% 21% HP Inc. 11% 11% 14% Cisco Systems, Inc. 11% 11% 10% 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. 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 receivable for estimated losses resulting from the inability or unwillingness of its 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 where applicable, specifically identified customer risks, historical write-off experience and the current economic environment. 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 January 31, 2019 and 2018 , the Company had a total of $1.1 billion and $0.7 billion , respectively, of outstanding accounts receivable sold to and held by financial institutions under these agreements. Discount fees recorded under these facilities, which are included as a component of "other expense (income), net" in the Company's Consolidated Statement of Income, were $14.9 million , $9.0 million and $6.1 million during the fiscal years ended January 31, 2019, 2018 and 2017 , respectively. Inventories Inventories, consisting entirely of finished goods, are stated at the lower of cost or net realizable value, cost being determined on a moving average cost basis. Inventory is written down for estimated obsolescence equal to the difference between the cost of inventory and the net realizable 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 products and assumptions about future demand. Vendor Programs The Company participates in various vendor programs under which the vendor may provide certain incentives such as cooperative advertising allowances, infrastructure funding, more favorable payment terms, early pay discounts and rebate arrangements. These programs are generally under quarterly, semi-annual or annual agreements with the vendors; however, some of these programs are negotiated on an ad-hoc basis mutually developed with the vendor. 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 cost of products sold 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. Property and Equipment Property and equipment are stated at cost. Depreciation expense includes depreciation of purchased property and equipment. Depreciation expense is computed over the shorter of the estimated economic lives or lease periods using the straight-line method, generally 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. Intangible Assets, net Included within "intangible assets, net," at both January 31, 2019 and 2018 are capitalized software and development costs, as well as customer and vendor relationships, trade names and other intangible assets acquired in connection with various business acquisitions. Such capitalized costs and intangible assets are being amortized over a period of three to fourteen 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. 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 the Company's experience with similar software. 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. Impairment of Long-Lived Assets Long-lived assets, including property and equipment and intangible 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. For purposes of its goodwill analysis, the Company has three reporting units, which are also the Company’s operating segments. The Company evaluates the appropriateness of performing a qualitative assessment, on a reporting unit level, based on current circumstances. If the results of the qualitative assessment indicate that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, the quantitative impairment test will not be performed. The factors that are considered in the qualitative analysis include macroeconomic conditions, industry and market considerations, cost factors such as increases in product cost, labor, or other costs that would have a negative effect on earnings and cash flows and other relevant entity-specific events and information. If the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then the quantitative impairment test is performed. The quantitative impairment test compares the fair values of the Company's reporting units with their carrying amounts, including goodwill. The fair values of the reporting units are estimated using market and discounted cash flow approaches. The assumptions used in the market approach are based on the value of a business through an analysis of multiples of guideline companies and recent sales or offerings of a comparable entity. The assumptions used in the discounted cash flow approach are based on historical and forecasted revenue, operating costs, working capital requirements, economic conditions and other relevant factors. If the carrying amount of a reporting unit exceeds its fair value, an impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit's fair value, only to the extent of the carrying value of goodwill allocated to that reporting unit (see Note 4 – Goodwill and Intangible Assets for further discussion). 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 typically 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. 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 book basis 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. 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 periodic 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. 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. 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 maintains provisions for estimated credit losses. No single customer accounted for more than 10% of the Company’s net sales during fiscal years 2019, 2018 and 2017 . 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 and 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 and income and expense accounts are translated using weighted average exchange rates for each period during the year. Translation gains and losses are reported as components of "accumulated other comprehensive income", included within shareholders’ equity in the Company's Consolidated Balance Sheet. Gains and losses from foreign currency transactions are included in the Company's Consolidated Statement of Income. Derivative Financial Instruments The Company faces exposure to changes in foreign currency exchange 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 used to reduce exposure to foreign currency risk are not designated as hedging instruments. The derivative 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 (income), 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 "prepaid expenses and other assets" or "accrued expenses and other liabilities" in the Company's Consolidated Balance Sheet. 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" is comprised exclusively of changes in the Company’s currency translation adjustment account. 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. The Company recognizes stock-based compensation expense for awards other than its performance based restricted stock units on a straight-line basis over the requisite service period of the award. The Company recognizes stock-based compensation cost associated with its performance based restricted stock units over the requisite service period if it is probable that the performance conditions will be satisfied. Stock-based compensation expense includes an estimate for forfeitures based on the Company’s historical experience. Treasury Stock Treasury stock is accounted for at cost. 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. 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. Legal settlements and other, net The Company has been a claimant in proceedings seeking damages from certain manufacturers of LCD flat panel and cathode ray tube displays as well as reimbursement from insurance providers of certain costs incurred by the Company associated with the restatement of certain of the Company’s consolidated financial statements and other financial information from fiscal 2009 to 2013. The Company reached settlement agreements during the periods presented and has recorded these amounts, net of attorney fees and expenses, in "legal settlements and other, net," in the Consolidated Statement of Income. Recently Adopted Accounting Standards In May 2014, the FASB issued an accounting standard which supersedes all existing revenue recognition guidance under current GAAP. In March, April, May and December 2016, the FASB issued additional updates to the new accounting standard which provided supplemental adoption guidance and clarifications. The new standard requires the recognition of revenue to depict the transfer of promised goods or services in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods and services. The Company adopted the standard utilizing the full retrospective method during the quarter ended April 30, 2018. The adoption of this standard impacted the reporting of certain revenues on a gross or net basis, primarily related to changes in the reporting of certain software revenue transactions from a gross basis to a net basis. Additionally, the Company reclassified certain amounts on the consolidated balance sheet related to customer rebates, sales returns and other discounts from a reduction of accounts receivable to accrued expenses and other liabilities as these amounts represent liabilities to customers. Similarly, the Company reclassified certain amounts for the Company's right to recover assets from customers related to sales returns from inventory and accounts payable to prepaid expenses and other assets. The adoption of this standard had no impact on gross profit, operating income, net income or cash flows from operations. As a result of the adoption of the new revenue recognition standard, certain amounts in the Company’s Consolidated Statement of Income for fiscal 2018 and 2017 and Consolidated Balance Sheet as of January 31, 2018 have been recast as follows: Fiscal Year 2018 Fiscal Year 2017 As Previously Reported Adjustment for New Accounting Standard on Revenue Recognition As Adjusted As Previously Reported Adjustment for New Accounting Standard on Revenue Recognition As Adjusted (in thousands) Net sales $ 36,775,011 $ (3,177,170 ) $ 33,597,841 $ 26,234,876 $ (2,041,179 ) $ 24,193,697 Cost of products sold 34,659,390 (3,177,170 ) 31,482,220 24,932,949 (2,041,179 ) 22,891,770 As of January 31, 2018: As Previously Reported Adjustment for New Accounting Standard on Revenue Recognition As Adjusted (in thousands) ASSETS Accounts receivable, net $ 5,783,666 $ 252,050 $ 6,035,716 Inventories 3,065,218 (99,697 ) 2,965,521 Prepaid expenses and other assets 288,178 115,370 403,548 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $ 6,947,282 $ 14,911 $ 6,962,193 Accrued expenses and other liabilities 917,174 252,812 1,169,986 In August 2016, the FASB issued a new accounting standard that addresses how certain cash receipts and cash payments are presented and classified on the statement of cash flows. The Company adopted this standard during the quarter ended April 30, 2018. The adoption of this standard had no material impact on the Company's consolidated financial statements. In October 2016, the FASB issued a new accounting standard that revises the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. The Company adopted this standard during the quarter ended April 30, 2018. The adoption of this standard had no material impact on the Company's consolidated financial statements. In May 2017, the FASB issued a new accounting standard that clarifies the guidance regarding the changes to the terms or conditions of a share-based payment award that would require an entity to apply modification accounting. The Company adopted this standard during the quarter ended April 30, 2018. The adoption of this standard had no material impact on the Company's consolidated financial statements. Recently Issued Accounting Standards In February 2016, the FASB issued an accounting standard which requires the recognition of assets and liabilities arising from lease transactions on the balance sheet and the disclosure of additional information about leasing arrangements. Under the new guidance, for all leases, interest expense and amortization of the right-of-use asset will be recorded for leases determined to be finance leases and straight-line lease expense will be recorded for leases determined to be operating leases. Lessees will initially recognize assets for the right to use the leased assets and liabilities for the obligations created by those leases. In July 2018, the FASB issued additional updates to the new accounting standard which provide entities with a transition option to initially account for the impact of the adoption with a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company will elect this transition option. The Company will also elect the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allows the Company to carry forward the historical accounting relating to lease identification and classification for existing leases upon adoption. The accounting standard is effective for the Company beginning with the quarter ending April 30, 2019. The Company is currently in the process of finalizing its assessment of the impact of the new standard and implementing related process and system changes. The Company currently expects that the primary impact will be an increase in its total assets and total liabilities due to the recognition of right-of-use assets and corresponding lease liabilities upon implementation for leases currently accounted for as operating leases. The adoption of this standard is not expected to be material to the Company’s consolidated financial statements, and based on the Company's ongoing assessment, the Company expects to recognize right-of-use assets and corresponding lease liabilities of approximately $200 million to $250 million . In June 2016, the FASB issued an accounting standard which revises the methodology for measuring credit losses on financial instruments and the timing of the recognition of those losses. Under the new standard, financial assets measured at an amortized cost basis are to be presented net of the amount not expected to be collected via an allowance for credit losses. Estimated credit losses are to be based on historical information adjusted for management's expectation that current conditions and supportable forecasts differ from historical experience. The accounting standard is effective for the Company beginning with the quarter ending April 30, 2020, with early adoption permitted. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements. In August 2017, the FASB issued a new accounting standard that amends and simplifies guidance related to hedge accounting to more accurately portray the economics of an entity’s risk management activities in its financial statements. The accounting standard is effective for the Company beginning with the quarter ending April 30, 2019. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements. In August 2018, the FASB issued a new accounting standard which aligns the capitalization requirements for implementation costs incurred in a cloud computing hosting arrangement that is a service contract with the existing capitalization requirements for implementation costs incurred to develop or obtain internal-use software. The accounting standard is effective for the Company beginning with the quarter ending April 30, 2020, with early adoption permitted. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements. In August 2018, the SEC adopted a final rule that eliminates or amends certain disclosure requirements that were deemed redundant and outdated in light of changes in SEC requirements, U.S. GAAP or changes in technology or the business environment. The rule also requires registrants to include in their interim financial statements a reconciliation of changes in stockholders’ equity in the notes or as a separate statement. The final rule was effective on November 5, 2018, however, registrants may begin providing the new interim reconciliation of stockholders’ equity in the first interim period beginning after the effective date. The Company will present the interim reconciliation of stockholders’ equity in its Form 10 |
Earnings Per Share ("EPS")
Earnings Per Share ("EPS") | 12 Months Ended |
Jan. 31, 2019 | |
Earnings Per Share (EPS) [Abstract] | |
Earnings Per Share [Text Block] | NOTE 2 — EARNINGS PER SHARE ("EPS") The Company presents the composition of EPS on a basic and diluted basis. 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 (see Note 10 – Employee Benefit Plans for further discussion) using the treasury stock method. The composition of basic and diluted EPS (in thousands, except per share data) is as follows: Year ended January 31: 2019 2018 2017 Net income $ 340,580 $ 116,641 $ 195,095 Weighted average common shares - basic 38,094 37,957 35,194 Effect of dilutive securities: Equity-based awards 223 259 234 Weighted average common shares - diluted 38,317 38,216 35,428 Earnings per share Basic $ 8.94 $ 3.07 $ 5.54 Diluted $ 8.89 $ 3.05 $ 5.51 For the fiscal years ended January 31, 2019 , 2018 and 2017 there were 21,008 , 3,017 and 5,191 shares, respectively, excluded from the computation of diluted earnings per share because their effect would have been antidilutive. |
Property And Equipment, Net
Property And Equipment, Net | 12 Months Ended |
Jan. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property And Equipment, Net | NOTE 3 — PROPERTY AND EQUIPMENT, NET The Company's property and equipment (in thousands) consists of the following: As of January 31: 2019 2018 Land $ 43,775 $ 44,515 Buildings and leasehold improvements 220,253 216,344 Furniture, fixtures and equipment 328,209 319,528 Property and equipment 592,237 580,387 Less: accumulated depreciation (317,320 ) (301,296 ) Property and equipment, net $ 274,917 $ 279,091 Depreciation expense for the fiscal years ended January 31, 2019, 2018 and 2017 totaled $34.4 million , $28.9 million and $16.2 million , respectively. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 12 Months Ended |
Jan. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Intangible Assets | NOTE 4 — GOODWILL AND INTANGIBLE ASSETS The changes in the carrying amount of goodwill, by segment, for the fiscal year ended January 31, 2019 , are as follows (in thousands): Americas Europe Asia-Pacific Total Balance as of January 31, 2018 $ 488,775 $ 395,363 $ 85,030 $ 969,168 Acquisitions — 6,239 — 6,239 Dispositions — (2,301 ) — (2,301 ) Goodwill impairment — — (47,434 ) (47,434 ) Foreign currency translation and other (267 ) (18,030 ) (14,385 ) (32,682 ) Balance as of January 31, 2019 $ 488,508 $ 381,271 $ 23,211 $ 892,990 The Company performed its annual goodwill impairment test on November 1, 2018. In estimating the fair value of the Company’s reporting units, a discounted cash flow approach and market approach were utilized. The assumptions used in the discounted cash flow approach were based on historical and forecasted revenue, operating costs, working capital requirements, economic conditions and other relevant factors. The assumptions used in the market approach were based on the value of a business through an analysis of multiples of guideline companies and recent sales or offerings of a comparable entity. The results of the goodwill impairment test indicated that the fair value of each of the Company’s Americas and Europe reporting units was greater than its carrying value; however, the carrying value of the Company’s Asia-Pacific reporting unit exceeded its estimated fair value. The estimated fair value of the Company’s Asia-Pacific reporting unit developed under the discounted cash flow and market approaches decreased in comparison to the Company’s prior estimates. The decrease in fair value was primarily due to lower operating results and increased investments in the region as compared to expectations. As a result, goodwill impairment expense of $47.4 million was recorded during the Company’s fourth quarter, representing the amount by which the carrying value of the Asia-Pacific reporting unit exceeded its fair value. The goodwill recorded in the Company’s Asia-Pacific reporting unit relates entirely to the TS acquisition as the Company did not have operations in the region prior to the acquisition of TS. The Company's intangible assets consist of the following (in thousands): January 31, 2019 January 31, 2018 Gross Accumulated Net book Gross Accumulated Net book Capitalized software and $ 460,254 $ (336,034 ) $ 124,220 $ 458,799 $ (318,110 ) $ 140,689 Customer and vendor relationships 1,063,471 (265,593 ) 797,878 1,098,958 (197,517 ) 901,441 Other intangible assets 87,906 (59,146 ) 28,760 92,573 (47,931 ) 44,642 Total $ 1,611,631 $ (660,773 ) $ 950,858 $ 1,650,330 $ (563,558 ) $ 1,086,772 Other intangible assets is primarily comprised of trade names from previous acquisitions. The Company capitalized intangible assets of approximately $21.6 million , $1.0 billion and $14.6 million for the fiscal years ended January 31, 2019, 2018 and 2017 , respectively. For fiscal 2019, these capitalized assets primarily relate to software and software development expenditures to be used in the Company's operations. For fiscal 2018, these capitalized assets primarily relate to approximately $1.0 billion of intangible assets recorded in conjunction with the acquisition of TS, including $875 million related to customer relationships, $75 million of capitalized software and development costs and $44 million related to trade names (see Note 5 – Acquisitions for further discussion). For fiscal 2017, these capitalized assets related primarily to software and software development expenditures to be used in the Company's operations. Capitalized software and development costs amortization expense for the fiscal years ended January 31, 2019, 2018 and 2017 totaled $33.4 million , $32.0 million and $17.1 million , respectively. Other intangible assets amortization expense for the fiscal years ended January 31, 2019, 2018 and 2017 totaled $91.2 million , $89.1 million and $21.1 million , respectively. Estimated amortization expense of existing capitalized software and development costs and other intangible assets (which includes customer and vendor relationships and other intangible assets) is as follows (in thousands): Fiscal year: Capitalized software and development costs Other intangible assets Total 2020 $ 29,841 $ 84,180 $ 114,021 2021 26,578 84,056 110,634 2022 21,455 83,411 104,866 2023 10,622 73,229 83,851 2024 6,241 66,133 72,374 |
Acquisition (Notes)
Acquisition (Notes) | 12 Months Ended |
Jan. 31, 2019 | |
Business Combinations [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | NOTE 5 — ACQUISITIONS Acquisition of TS On February 27, 2017 , Tech Data acquired all of the outstanding shares of TS for an aggregate purchase price of approximately $2.8 billion , comprised of approximately $2.5 billion in cash and 2,785,402 shares of the Company's common stock, valued at approximately $247 million based on the closing price of the Company's common stock on February 27, 2017. TS delivered data center hardware and software solutions and services and the TS acquisition strengthened the Company's end-to-end solutions portfolio and deepened its value added capabilities in the data center and next-generation technologies. The total cash consideration payable to Avnet was subject to certain working capital and other adjustments, as determined through the process established in the interest purchase agreement. In August 2018, the Company executed a settlement agreement with Avnet, resulting in a final working capital adjustment of $120 million which was paid to Avnet during the third quarter of fiscal 2019. As the measurement period has concluded, a gain of $9.6 million was recorded in “acquisition, integration and restructuring expenses” in the Consolidated Statement of Income for the year ended January 31, 2019, representing the difference between the final working capital adjustment and the Company’s prior estimate. Additionally, as part of the settlement agreement, the Company and Avnet reached agreement on the final geographic allocation of the purchase price for tax reporting purposes which resulted in the recognition of a deferred tax asset in the U.S. for future tax deductions related to the amortization of goodwill for tax purposes. The recognition of the deferred tax asset in the U.S. resulted in an income tax benefit of $13.0 million during fiscal 2019. The Company has accounted for the TS acquisition as a business combination and allocated the purchase price to the fair values of assets acquired and liabilities assumed. The allocation of the purchase price to assets acquired and liabilities assumed is as follows: (in millions) Cash $ 176 Accounts receivable 1,830 Inventories 239 Prepaid expenses and other current assets 100 Property and equipment, net 62 Goodwill 727 Intangible assets 919 Other assets, net 151 Total assets 4,204 Other current liabilities 1,169 Revolving credit loans and long-term debt 134 Other long-term liabilities 99 Total liabilities 1,402 Purchase price $ 2,802 Identifiable intangible assets are comprised of approximately $875 million of customer relationships with a weighted-average amortization period of 14 years and $44 million of trade names with an amortization period of 5 years . Goodwill is the excess of the consideration transferred over the net assets recognized and primarily represents the expected revenue and cost synergies of the combined company and assembled workforce. Approximately $1.2 billion of the goodwill and identifiable intangible assets are expected to be deductible for tax purposes. The Company has recorded certain indemnification assets for expected amounts to be received from Avnet related to liabilities recorded for unrecognized tax benefits and other items (See Note 9 – Income Taxes for further discussion). Included within the Company’s Consolidated Statement of Income are estimated net sales for the year ended January 31, 2018, of approximately $7.6 billion from TS subsequent to the acquisition date of February 27, 2017. As the Company began integrating certain sales and other functions after the closing of the acquisition, these amounts represent an estimate of the TS net sales for the fiscal year ended January 31, 2018. It is not necessarily indicative of how the TS operations would have performed on a stand-alone basis. As a result of certain integration activities subsequent to the date of acquisition, it is impracticable to disclose earnings from TS in fiscal 2018 for the period subsequent to the acquisition date. The following table presents unaudited supplemental pro forma information as if the TS acquisition had occurred at the beginning of fiscal 2017. The pro forma results presented are based on combining the stand-alone operating results of the Company and TS for the periods prior to the acquisition date after giving effect to certain adjustments related to the transaction. The pro forma results exclude any benefits that may result from potential cost synergies of the combined company and certain non-recurring costs. As a result, the pro forma information below does not purport to present what actual results would have been had the acquisition actually been consummated on the date indicated and it is not necessarily indicative of the results of operations that may result in the future. Year ended January 31: 2018 2017 (in millions) (Unaudited) Pro forma net sales $ 34,268 $ 32,882 Pro forma net income $ 129 $ 232 Adjustments reflected in the pro forma results include the following: • Amortization of acquired intangible assets • Interest costs associated with the transaction • Removal of certain non-recurring transaction costs of $20 million and $12 million in fiscal 2018 and 2017, respectively • Tax effects of adjustments based on an estimated statutory tax rate • Impact of adoption of Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers (Topic 606)" |
Acquisition, Integration and Re
Acquisition, Integration and Restructuring Expenses (Notes) | 12 Months Ended |
Jan. 31, 2019 | |
Acquisition, Integration and Restructuring Expenses [Abstract] | |
Business Acquisition, Integration, Restructuring and Other Related Costs [Text Block] | NOTE 6 — ACQUISITION, INTEGRATION AND RESTRUCTURING EXPENSES Acquisition, integration and restructuring expenses are comprised of costs related to the fiscal 2018 acquisition of TS as well as restructuring costs related to the Global Business Optimization Program which was initiated in fiscal 2019. Acquisition of TS Acquisition, integration and restructuring expenses related to the acquisition of TS are primarily comprised of restructuring costs, IT related costs, professional services, transaction related costs and other costs. Restructuring costs are comprised of severance and facility exit costs. IT related costs consist primarily of data center and non-ERP application migration and integration costs, as well as, IT related professional services. Professional services are primarily comprised of integration related activities, including professional fees for project management, accounting, tax and other consulting services. Transaction related costs primarily consist of investment banking fees, legal expenses and due diligence costs incurred in connection with the completion of the transaction. Other costs includes payroll related costs including retention, stock compensation, relocation and travel expenses incurred as part of the integration of TS. For the fiscal year ended January 31, 2019, other costs are partially offset by the gain recorded related to the settlement agreement with Avnet (see Note 5 – Acquisitions for further discussion). The Company does not expect to incur additional acquisition, integration and restructuring expenses related to the acquisition of TS. Acquisition, integration and restructuring expenses for the years ended January 31, 2019 , 2018 and 2017 related to the acquisition of TS are comprised of the following : Year ended January 31: 2019 2018 2017 (in thousands) Restructuring costs $ 19,846 $ 35,070 $ — IT related costs 13,222 18,260 — Professional services 5,967 42,588 14,338 Transaction related costs 1,728 20,167 12,083 Other costs 4,616 20,187 2,545 Total $ 45,379 $ 136,272 $ 28,966 During the years ended January 31, 2019 and 2018 , the Company recorded restructuring costs in the Americas of $3.9 million and $16.1 million , respectively. During the years ended January 31, 2019 and 2018 , the Company recorded restructuring costs in Europe of $15.9 million and $19.0 million , respectively. The accrued restructuring charges are included in “accrued expenses and other liabilities” in the Consolidated Balance Sheet. Restructuring activity during the years ended January 31, 2019 and 2018 related to the acquisition of TS is as follows: Severance Facility Exit Costs Total (in thousands) Fiscal 2018 restructuring expenses $ 29,717 $ 5,353 $ 35,070 Cash payments (16,830 ) (3,928 ) (20,758 ) Foreign currency translation 479 205 684 Balance at January 31, 2018 13,366 1,630 14,996 Fiscal 2019 restructuring expenses 15,453 4,393 19,846 Cash payments (22,622 ) (2,008 ) (24,630 ) Foreign currency translation (952 ) (201 ) (1,153 ) Balance at January 31, 2019 $ 5,245 $ 3,814 $ 9,059 Global Business Optimization Program On August 29, 2018, the Company's Board of Directors approved the Global Business Optimization Program (the "GBO Program") to increase investment in the Company’s strategic priorities and implement operational initiatives to drive productivity and enhance profitability. Under the GBO Program, the Company expects to incur cash charges of approximately $70 million to $80 million , primarily comprised of $40 million to $45 million of charges in Europe and $30 million to $35 million of charges in the Americas. It is anticipated that the majority of these charges will be incurred prior to the end of fiscal 2020. The charges primarily consist of severance costs, and also include professional services and facility exit costs. Restructuring expenses for the year ended January 31, 2019 related to the GBO Program are comprised of the following : 2019 (in thousands) Severance costs $ 26,427 Professional services and facility exit costs 16,114 Total $ 42,541 During the year ended January 31, 2019 , the Company recorded restructuring costs related to the GBO Program of $12.1 million in the Americas, $29.0 million in Europe, and $1.4 million in Asia-Pacific. The accrued restructuring charges are included in “accrued expenses and other liabilities” in the Consolidated Balance Sheet. Restructuring activity during the year ended January 31, 2019 , related to the GBO Program is as follows: Severance Professional Services and Facility Exit Costs Total (in thousands) Fiscal 2019 restructuring expenses $ 26,427 $ 16,114 $ 42,541 Cash payments (11,095 ) (15,357 ) (26,452 ) Foreign currency translation (534 ) (126 ) (660 ) Balance at January 31, 2019 $ 14,798 $ 631 $ 15,429 |
Gain on Disposal of Subsidiary
Gain on Disposal of Subsidiary (Notes) | 12 Months Ended |
Jan. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | NOTE 7 — GAIN ON DISPOSAL OF SUBSIDIARY During the second quarter of fiscal 2019, the Company executed an agreement to sell certain of its operations in Ireland for a total sales price of approximately $15.3 million . The Company recorded a gain on sale of $6.7 million during the fiscal year ended January 31, 2019, which includes the reclassification of $5.1 million from accumulated other comprehensive income for cumulative translation adjustments associated with the Company’s investment in this foreign entity. The operating results of this entity were insignificant relative to the Company's consolidated financial results for all periods presented. |
Debt
Debt | 12 Months Ended |
Jan. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | NOTE 8 — DEBT The carrying value of the Company's outstanding debt consists of the following (in thousands): As of January 31: 2019 2018 Senior Notes, interest at 3.70% payable semi-annually, due February 15, 2022 $ 500,000 $ 500,000 Senior Notes, interest at 4.95% payable semi-annually, due February 15, 2027 500,000 500,000 Less—unamortized debt discount and debt issuance costs (7,166 ) (8,678 ) Senior Notes, net 992,834 991,322 Term Loans, interest rate of 3.99% and 3.07% at January 31, 2019 and January 31, 2018, respectively 300,000 500,000 Other committed and uncommitted revolving credit facilities, average interest rate of 8.05% and 6.07% at January 31, 2019 and January 31, 2018, respectively 102,271 119,826 Other long-term debt 15,817 26,761 1,410,922 1,637,909 Less—current maturities (included as “revolving credit loans and current maturities of long-term debt, net”) (110,368 ) (132,661 ) Total long-term debt $ 1,300,554 $ 1,505,248 Senior Notes In January 2017, the Company issued $500.0 million aggregate principal amount of 3.70% Senior Notes due February 15, 2022 (the "3.70% Senior Notes") and $500.0 million aggregate principal amount of 4.95% Senior Notes due February 15, 2027 (the "4.95% Senior Notes") (collectively the "2017 Senior Notes"). The net proceeds from the issuance of the 2017 Senior Notes were used to fund a portion of the purchase price of the acquisition of TS. The Company pays interest on the 2017 Senior Notes semi-annually in arrears on February 15 and August 15 of each year. The interest rate payable on the 2017 Senior Notes will be subject to adjustment from time to time if the credit rating assigned to such series of notes changes. At no point will the interest rate be reduced below the interest rate payable on the notes on the date of the initial issuance or increase more than 2.00% above the interest rate payable on the notes of the series on the date of their initial issuance. The 2017 Senior Notes are senior unsecured obligations of the Company and will rank equally with all other unsecured and unsubordinated indebtedness from time to time outstanding. The Company, at its option, may redeem the 3.70% Senior Notes at any time prior to January 15, 2022 and the 4.95% Senior Notes at any time prior to November 15, 2026, in each case in whole or in part, at a redemption price equal to the greater of (i) 100% of the principal amount of the 2017 Senior Notes to be redeemed or (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the 2017 Senior Notes to be redeemed, discounted to the date of redemption on a semi-annual basis at a rate equal to the sum of the applicable Treasury Rate plus 30 basis points for the 3.70% Senior Notes and 40 basis points for the 4.95% Senior Notes, plus the accrued and unpaid interest on the principal amount being redeemed up to the date of redemption. The Company may also redeem the 2017 Senior Notes, at any time in whole or from time to time in part, on or after January 15, 2022 for the 3.70% Senior Notes and November 15, 2026 for the 4.95% Senior Notes, in each case, at a redemption price equal to 100% of the principal amount of the 2017 Senior Notes to be redeemed. Other Credit Facilities The Company has a $1.25 billion revolving credit facility with a syndicate of banks (the “Credit Agreement”), which among other things, provides for (i) a maturity date of November 2, 2021 and (ii) 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. The Company pays interest on advances under the Credit Agreement at LIBOR (or similar interbank offered rates depending on currency draw) plus a predetermined margin that is based on the Company’s debt rating. There were no amounts outstanding under the Credit Agreement at January 31, 2019 and 2018 . The Company entered into a term loan credit agreement on November 2, 2016 with a syndicate of banks (the "Term Loan Credit Agreement") which provides for the borrowing of (i) a tranche of senior unsecured term loans in an original aggregate principal amount of $250.0 million and maturing three years after the funding date and (ii) a tranche of senior unsecured term loans in an original aggregate principal amount of $750.0 million and maturing five years after the funding date. The Company pays interest on advances under the Term Loan Credit Agreement at a variable rate based on LIBOR (or similar interbank offered rates depending on currency draw) plus a predetermined margin that is based on the Company's debt rating. In connection with the acquisition of TS on February 27, 2017, the Company borrowed $1.0 billion under the Term Loan Credit Agreement in order to fund a portion of the cash consideration paid to Avnet. The borrowings were comprised of a $250.0 million tranche of three-year senior unsecured term loans (the “2020 Term Loans”) and a $750.0 million tranche of five-year senior unsecured term loans (the “2022 Term Loans”). The 2020 Term Loans were repaid in full during fiscal 2018. The outstanding principal amount of the 2022 Term Loans is payable in equal quarterly installments of (i) for the first three years after the funding date, 5.0% per annum of the initial principal amount and (ii) for the fourth and fifth years after the funding date, 10.0% per annum of the initial principal amount, with the remaining balance payable on February 27, 2022. The Company may repay the 2022 Term Loans, at any time in whole or in part, without penalty or premium prior to the maturity date. Quarterly installment payments due under the 2022 Term Loans are reduced by the amount of any prepayments made by the Company. The Company made principal payments of $200.0 million and $250.0 million on the 2022 Term Loans during fiscal years 2019 and 2018 , respectively. At January 31, 2019 , there was $300.0 million outstanding on the 2022 Term Loans at an interest rate of 3.99% and at January 31, 2018 there was $500.0 million outstanding on the 2022 Term Loans at an interest rate of 3.07% . 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 collateral for borrowings up to a maximum of $750.0 million . Under this program, the Company transfers 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 approximately $1.7 billion and $1.5 billion at January 31, 2019 and 2018 , respectively. As collections reduce accounts receivable balances included in the collateral pool, the Company may transfer interests in new receivables to bring the amount available to be borrowed up to the maximum. This program has a maturity date of August 8, 2019, 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 the Receivables Securitization Program at January 31, 2019 and 2018 . In addition to the facilities described above, the Company has various other committed and uncommitted lines of credit and overdraft facilities totaling approximately $399.5 million at January 31, 2019 to support its operations. Most of these facilities are provided on an unsecured, short-term basis and are reviewed periodically for renewal. There was $102.3 million outstanding on these facilities at January 31, 2019 , at a weighted average interest rate of 8.05% , and there was $119.8 million outstanding at January 31, 2018 , at a weighted average interest rate of 6.07% . At January 31, 2019 , the Company had also issued standby letters of credit of $30.3 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. 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 under these credit facilities include a maximum total leverage ratio and a minimum interest coverage ratio. At January 31, 2019 , the Company was in compliance with all such financial covenants. Future payments of debt at January 31, 2019 and for succeeding fiscal years are as follows (in millions): Fiscal Year: 2020 $ 110.4 2021 6.7 2022 0.9 2023 800.1 2024 — Thereafter 500.0 Total principal payments $ 1,418.1 |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 9 — INCOME TAXES Significant components of the provision for income taxes are as follows (in thousands): Year ended January 31: 2019 2018 2017 Current tax (benefit) expense: Federal $ (9,564 ) $ 131,107 $ 37,724 State 5,846 6,515 4,030 Foreign 48,905 49,082 30,914 Total current tax expense 45,187 186,704 72,668 Deferred tax (benefit) expense: Federal (3,272 ) (1,129 ) (8,380 ) State 64 363 (799 ) Foreign (9,274 ) (3,495 ) (1,823 ) Total deferred tax benefit (12,482 ) (4,261 ) (11,002 ) $ 32,705 $ 182,443 $ 61,666 The reconciliation of the U.S. federal statutory tax rate to the effective tax rate is as follows: Year ended January 31: 2019 2018 2017 U.S. statutory rate 21.0 % 33.8 % 35.0 % State income taxes, net of federal benefit 2.2 1.1 0.8 Net changes in deferred tax valuation allowances (0.9 ) 1.2 (3.4 ) Tax on foreign earnings different than U.S. rate (0.6 ) (5.8 ) (9.9 ) Impact of Avnet settlement agreement (see Note 5) (4.0 ) — — Nondeductible indemnities 0.8 0.4 — Nondeductible goodwill 2.9 — — Reversal of previously accrued income tax reserves (2.0 ) (0.7 ) 0.5 Interest not subject to tax, net (0.6 ) (1.3 ) 2.1 Effect of company-owned life insurance 0.1 (1.0 ) (0.7 ) Global Intangible Low-Taxed Income 1.0 — — U.S. Tax Reform transition tax (13.2 ) 33.8 — U.S. Tax Reform impact of rate change on deferred taxes — (1.9 ) — Other, net 2.1 1.4 (0.4 ) 8.8 % 61.0 % 24.0 % U.S. Tax Reform On December 22, 2017, the U.S. federal government enacted the U.S. Tax Cuts and Jobs Act (“U.S. Tax Reform”) which significantly revised U.S. corporate income tax law by, among other things, reducing the U.S. federal corporate income tax rate from 35% to 21% and implementing a modified territorial tax system that includes a one-time transition tax on deemed repatriated earnings of foreign subsidiaries. Due to the complexities involved in accounting for U.S. Tax Reform, the SEC issued Staff Accounting Bulletin ("SAB") 118 which requires that the Company include in its financial statements the reasonable estimate of the impact of U.S. Tax Reform on earnings to the extent such reasonable estimate has been determined. SAB 118 allowed the Company to report provisional amounts within a measurement period up to one year due to the complexities inherent in adopting the changes. Accordingly, in fiscal 2018, the Company recorded income tax expenses of $95.4 million , which represented the Company’s reasonable estimate of the impact of the enactment of U.S. Tax Reform. The amounts recorded include income tax expenses of $101.1 million for the transition tax and a net income tax benefit of $5.7 million related to the remeasurement of net deferred tax liabilities as a result of the change in the U.S. federal corporate income tax rate. During fiscal 2019, the Company finalized its analysis of the impact of the enactment of U.S. Tax Reform and decreased its estimate of the one-time transition tax by $49.2 million , primarily due to further analysis of earnings and profits of the Company’s foreign subsidiaries and the utilization of foreign tax credits. Additionally, U.S. Tax Reform subjects a U.S. shareholder to tax on Global Intangible Low-Taxed Income (“GILTI”) earned by certain foreign subsidiaries. The Company has made the accounting policy election to treat taxes due on the GILTI as a current period expense. The components of pretax income are as follows (in thousands): Year ended January 31: 2019 2018 2017 U.S. $ 208,643 $ 115,041 $ 92,067 Foreign 164,642 184,043 164,694 $ 373,285 $ 299,084 $ 256,761 The significant components of the Company’s deferred tax liabilities and assets are as follows (in thousands): As of January 31: 2019 2018 Deferred tax liabilities: Depreciation and amortization $ 96,739 $ 106,560 Capitalized marketing program costs 7,101 6,104 Goodwill 24,867 16,496 Deferred costs currently deductible 7,212 7,558 Other, net 12,059 12,540 Total deferred tax liabilities 147,978 149,258 Deferred tax assets: Accrued liabilities 59,549 54,970 Foreign tax credit carryforwards 50,434 — Loss carryforwards 112,962 127,881 Amortizable goodwill 12,118 1,377 Depreciation and amortization 11,873 13,997 Disallowed interest expense 13,676 11,057 Acquisition and transaction related costs 3,570 3,823 Other, net 13,478 14,527 277,660 227,632 Less: valuation allowances (118,536 ) (80,714 ) Total deferred tax assets 159,124 146,918 Net deferred tax asset (liability) $ 11,146 $ (2,340 ) There are no material consolidated undistributed earnings of foreign subsidiaries for which no deferred taxes have been recorded. In fiscal 2019 and 2018, the Company recorded an income tax benefit/(expense) of $6.0 million and $(1.2) million , respectively, related to changes in deferred tax valuation allowances. The net change in the deferred tax valuation allowances in fiscal 2019 was an increase of $37.8 million primarily resulting from an increase in the United States for foreign tax credits as a result of U.S. Tax Reform, partially offset by the release of valuation allowances in certain foreign jurisidictions. The net change in the deferred tax valuation allowances in fiscal 2018 was an increase of $33.9 million primarily resulting from deferred tax valuation allowances recorded in various jurisdictions related to the acquisition of TS. The valuation allowances at both January 31, 2019 and 2018 primarily relate to foreign net operating loss carryforwards. The Company’s net operating loss carryforwards totaled $504.2 million and $576.8 million at January 31, 2019 and 2018 , respectively. The majority of the net operating losses have an indefinite carryforward period with the remaining portion expiring in fiscal years 2019 through 2034. The Company's foreign tax credit carryforwards in the U.S. totaled $50.4 million and $0 at January 31, 2019 and 2018, respectively. The foreign tax credits have a ten year carryforward period, and the majority is set to expire in fiscal year 2028. The Company considers all positive and negative evidence available in determining the potential of realizing deferred tax assets. 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 income tax expense and increasing net income in the period the determination is made. 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. 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, 2019, 2018 and 2017 is as follows (in thousands): For the year ended January 31: 2019 2018 2017 Gross unrecognized tax benefits at beginning of period $ 72,252 $ 18,305 $ 12,989 Increases in tax positions for prior years 4,671 66,180 5,443 Decreases in tax positions for prior years (13,787 ) (3,727 ) (118 ) Increases in tax positions for current year — 164 1,022 Expiration of statutes of limitation (25,840 ) (6,924 ) (292 ) Settlements (5,355 ) (3,515 ) (370 ) Changes due to translation of foreign currencies (6,104 ) 1,769 (369 ) Gross unrecognized tax benefits at end of period $ 25,837 $ 72,252 $ 18,305 At January 31, 2019, 2018 and 2017 , the amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate was $23.1 million , $38.1 million and $12.5 million , respectively. In connection with the acquisition of TS, pursuant to the interest purchase agreement, the Company and Avnet agreed to indemnify each other in relation to certain tax matters. As a result, the Company has recorded certain indemnification assets for expected amounts to be received from Avnet related to liabilities recorded for unrecognized tax benefits. The Company has also recorded certain indemnification liabilities for expected amounts to be paid to Avnet. During the years ended January 31, 2019 and 2018, due to the resolution of certain pre-acquisition tax matters and the expiration of certain statutes of limitation, the Company recorded benefits in income tax expense of $9.6 million and $6.5 million , respectively. As a result, the Company recorded expenses of $9.6 million and $6.5 million , during the years ended January 31, 2019 and 2018, respectively, which are included in “selling, general and administrative expenses” in the Consolidated Statement of Income, related to changes in the corresponding indemnification assets and liabilities recorded. The net impact of these items had no impact on the Company's net income. Unrecognized tax benefits that have a reasonable possibility of significantly decreasing within the 12 months following January 31, 2019 totaled $3.7 million , all of which would impact the effective tax rate if recognized, 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, 2019 , 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, 2019, 2018 and 2017 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 2019, 2018 and 2017 , 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, Europe and Asia-Pacific, 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 before fiscal 2016. 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 (Notes)
Employee Benefit Plans (Notes) | 12 Months Ended |
Jan. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 10 — EMPLOYEE BENEFIT PLANS Overview of Equity Incentive Plans The 2018 Equity Incentive Plan was approved by the Company’s shareholders in June 2018 and includes 2.0 million shares available for grant, of which approximately 2.0 million shares remain available for future grant at January 31, 2019 . The Company is authorized to award officers, employees and non-employee members of the Board of Directors restricted stock, options to purchase common stock, stock appreciation rights 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 plan are priced as determined by the Compensation Committee and 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 three years from the date of grant. 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. For the fiscal years ended January 31, 2019, 2018 and 2017 , the Company recorded $31.5 million , $29.4 million and $13.9 million , respectively, of stock-based compensation expense, and related income tax benefits of $7.4 million , $9.6 million and $4.6 million , respectively. The actual benefit received from the tax deduction from the exercise of equity-based incentives was $5.4 million , $5.9 million and $4.8 million for the fiscal years ended January 31, 2019 , 2018 and 2017 , respectively. 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 three 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 $25.4 million , $25.8 million and $13.3 million related to RSUs during fiscal 2019, 2018 and 2017 , respectively. A summary of the Company’s RSU activity for the fiscal year ended January 31, 2019 is as follows: Shares Weighted-average grant date fair value Nonvested at January 31, 2018 700,532 $ 83.25 Granted 280,352 85.50 Vested (267,591 ) 78.87 Canceled (64,171 ) 86.10 Nonvested at January 31, 2019 649,122 85.71 The total fair value of RSUs which vested during the fiscal years ended January 31, 2019, 2018 and 2017 is $21.1 million , $12.7 million and $11.4 million , respectively. The weighted-average fair value of the 454,480 RSUs granted during the fiscal year ended January 31, 2018 was $ 92.08 per share. The weighted-average fair value of the 222,095 RSUs granted during the fiscal year ended January 31, 2017 was $78.42 per share. As of January 31, 2019 , the unrecognized stock-based compensation expense related to non-vested RSUs was $22.9 million , which the Company expects to be recognized over a remaining weighted average period of 1.6 years. Performance based restricted stock units The Company's performance based restricted stock unit awards ("PRSUs") are subject to vesting conditions, including meeting specified cumulative performance objectives over a period of 3 years . Each performance based award recipient could vest in 0% to 150% of the target shares granted contingent on the achievement of the Company's financial performance metrics. Stock-based compensation expense includes $5.8 million , $3.3 million and $0.4 million related to PRSUs during fiscal 2019 , 2018 and 2017 , respectively. A summary of the Company’s PRSU activity, assuming maximum achievement, for the year ended January 31, 2019 is as follows: Shares Weighted-average grant date fair value Nonvested at January 31, 2018 170,685 $ 89.67 Granted 153,719 82.13 Canceled (31,188 ) 88.50 Nonvested at January 31, 2019 293,216 85.84 As of January 31, 2019 , the unrecognized stock-based compensation expense related to non-vested PRSUs, based on estimated achievement, was $10.6 million , which the Company expects to be recognized over a remaining weighted average period of 1.7 years. The weighted-average fair value of the 159,148 PRSUs granted during the fiscal year ended January 31, 2018 was $90.95 per share. The weighted-average fair value of the 18,563 PRSUs granted during the fiscal year ended January 31, 2017 was $78.42 per share. Employee Stock Purchase Plan Under the 1995 Employee Stock Purchase Plan (the “ESPP”), the Company is authorized to issue up to 1.0 million 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, 2019 , the Company has issued 556,612 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 2019, 2018 and 2017 . 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 $6.7 million , $6.4 million and $3.1 million for fiscal 2019, 2018 and 2017 , respectively. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Jan. 31, 2019 | |
Equity [Abstract] | |
Shareholders' Equity | NOTE 11 — SHAREHOLDERS' EQUITY On October 2, 2018, the Company's Board of Directors authorized a share repurchase program for up to $200.0 million of the Company's common stock. In conjunction with the Company’s share repurchase program, a 10b5-1 plan was executed that instructs the broker selected by the Company to repurchase shares on behalf of the Company. The amount of common stock repurchased in accordance with the 10b5-1 plan 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. 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. During the year ended January 31, 2019, the Company repurchased $107.0 million of its common stock under the program. As of January 31, 2019, the Company had $93.0 million available for future repurchases of its common stock under the authorized share repurchase program. Subsequent to January 31, 2019, the Company’s Board of Directors authorized the repurchase of up to an additional $100.0 million of the Company's common stock. The Company’s common share repurchase and issuance activity for fiscal 2019 and 2018 is summarized as follows: Shares Weighted- average Treasury stock balance at January 31, 2017 24,018,983 $ 44.59 Shares of treasury stock reissued for equity incentive plans (149,609 ) Shares of treasury stock reissued for acquisition of TS (2,785,402 ) Treasury stock balance at January 31, 2018 21,083,972 44.59 Shares of common stock repurchased under share repurchase program 1,429,154 74.89 Shares of treasury stock reissued for equity incentive plans (207,662 ) Treasury stock balance at January 31, 2019 22,305,464 $ 46.53 As part of the acquisition of TS, the Company reissued 2,785,402 shares of Tech Data's common stock out of treasury stock (see Note 5 – Acquisitions for further discussion). |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jan. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | 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 (in thousands): January 31, 2019 January 31, 2018 Fair value measurement category Fair value measurement category Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Foreign currency forward contracts $ 3,830 $ 5,025 Liabilities Foreign currency forward contracts $ 6,641 $ 11,675 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 "prepaid expenses and other assets" or "accrued expenses and other liabilities" in the Consolidated Balance Sheet (see Note 13 – Derivative Instruments for further discussion). The Company utilizes life insurance policies to fund the Company’s nonqualified deferred compensation plan. The life insurance asset, which is recorded in the Company's Consolidated Balance Sheet in "other assets, net", 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, which is recorded in the Company's Consolidated Balance Sheet in "accrued expenses and other liabilities," is marked-to-market each period based upon the returns of the various investments 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 was $39.2 million and $39.1 million , respectively, at January 31, 2019 and $44.8 million and $44.7 million , respectively, at January 31, 2018 . The carrying value of the 2017 Senior Notes discussed in Note 8 – Debt represents cost less unamortized debt discount and debt issuance costs. The estimated fair value of the 2017 Senior Notes is based upon quoted market information (Level 1). The estimated fair value of the 2017 Senior Notes was $988 million and $1.020 billion , respectively, at January 31, 2019 and 2018 and the carrying value was $992.8 million and $991.3 million , respectively, at January 31, 2019 and 2018 . The carrying amounts of accounts receivable, accounts payable and accrued expenses approximate fair value because of the short maturity of these items. The carrying amounts of debt outstanding pursuant to revolving credit facilities and under the Term Loan Credit Agreement approximate 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, 2019 | |
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’s foreign currency exposure relates primarily to international transactions 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: Australian dollar, British pound, Canadian dollar, Czech koruna, Danish krone, euro, Indian rupee, Indonesian rupiah, Mexican peso, Norwegian krone, Polish zloty, Singapore dollar, Swedish krona, Swiss franc and U.S. dollar. 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 recognizes 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 recognizes 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 depending upon the nature of the underlying hedged asset or liability is included as a component of either “cost of products sold” or “other expense (income), net,” was a net foreign currency exchange loss of $27.1 million , $32.7 million and $4.3 million , respectively, for the fiscal years ended January 31, 2019 , 2018 and 2017 . 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 foreign currency forward contracts are also discussed in Note 12 – Fair Value Measurements . The Company’s average notional amounts of derivative financial instruments outstanding during the fiscal years ended January 31, 2019, 2018 and 2017 were approximately $1.5 billion , $1.0 billion and $0.6 billion , respectively, with average maturities of 25 days, 31 days and 29 days, respectively. As discussed above, under the Company’s hedging policies, gains and losses on the derivative financial instruments have been and would be expected to continue to be largely offset by the gains and losses on the underlying assets or liabilities being hedged. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Jan. 31, 2019 | |
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. Fair value renewal and escalation clauses exist for a substantial portion of the operating leases. Rental expense for all operating leases totaled $87.2 million , $83.6 million and $53.0 million in fiscal years 2019, 2018 and 2017 , respectively. Future minimum lease payments at January 31, 2019 , under all such leases for succeeding fiscal years and thereafter are as follows (in thousands): Fiscal year: 2020 $ 66,469 2021 58,435 2022 38,808 2023 28,587 2024 21,962 Thereafter 37,400 Total payments $ 251,661 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 and received notices of assessment related to fiscal years 1994 through 2001 that alleged the subsidiary did not properly collect and remit VAT. The Spanish subsidiary appealed these assessments beginning in March 2010. The matters related to fiscal years 1996 through 2001 were resolved during fiscal 2016. During fiscal 2017, the Spanish National Appellate Court issued an opinion upholding the assessments for fiscal years 1994 and 1995. The Company appealed this opinion to the Spanish Supreme Court; however, certain of the amounts assessed for fiscal years 1994 and 1995 were not eligible to be appealed to the Spanish Supreme Court. As a result, the Company increased its accrual for costs associated with this matter by $2.6 million during fiscal 2017, including $1.5 million recorded in "value added tax assessments" and $1.1 million recorded in "interest expense" in the Consolidated Statement of Income. During fiscal 2018, the Spanish Supreme Court issued a decision upholding the assessment for fiscal years 1994 and 1995. As a result, the Company increased its accrual for costs associated with this matter by $2.1 million during fiscal 2018, including $1.2 million recorded in "value added tax assessments" and $0.9 million recorded in "interest expense" in the Consolidated Statement of Income. As of January 31, 2018, the Company had recorded a liability of approximately $10.7 million for the entire amount of the remaining assessments. During fiscal 2019, the Company paid the assessed amounts and recorded a benefit in interest expense of $0.9 million to adjust its accrual for estimated interest costs to the final assessed amount. 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 related to CIDE tax, including interest, was approximately $20.4 million at January 31, 2019 . 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. Accordingly, the Company has not recorded an accrual for the total estimated CIDE tax exposure. 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. In June 2013, the Company was the subject of a document seizure by the French Autorité de la Concurrence (Competition Authority), following allegations of anticompetitive distribution practices in the French market for the products of one of the Company's suppliers. In October 2018, the Competition Authority delivered a notification des griefs (statement of objections) to the Company, stating that the Competition Authority is pursuing charges against the Company in this matter. The Competition Authority has taken similar action against the Company's supplier and another of its distributors. At this time, the Company cannot determine the likelihood of loss or reasonably estimate the range of any loss arising from this proceeding. 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. |
Segment Information
Segment Information | 12 Months Ended |
Jan. 31, 2019 | |
Segment Reporting Information, Additional Information [Abstract] | |
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 Company manages its operations in three geographic segments: the Americas, Europe and Asia-Pacific. There were no Tech Data operations in the Asia-Pacific region prior to the acquisition of TS in February 2017. The Company does not consider stock-based compensation expense in assessing the performance of its operating segments, and therefore the Company excludes stock-based compensation expense from segment information. 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 (in thousands): Year ended January 31: 2019 2018 2017 Net sales: (As Adjusted) (As Adjusted) Americas (1) $ 16,041,103 $ 14,419,221 $ 9,525,513 Europe 20,026,057 18,147,917 14,668,184 Asia-Pacific 1,171,790 1,030,703 — Total $ 37,238,950 $ 33,597,841 $ 24,193,697 Operating income (loss): Americas (2) (3) $ 366,637 $ 248,350 $ 144,246 Europe (4) 195,375 173,611 161,603 Asia-Pacific (5) (36,697 ) 17,499 — Stock-based compensation expense (31,513 ) (29,381 ) (13,947 ) Total $ 493,802 $ 410,079 $ 291,902 Depreciation and amortization: Americas $ 93,612 $ 84,265 $ 18,844 Europe 56,533 57,794 35,593 Asia-Pacific 8,852 7,987 — Total $ 158,997 $ 150,046 $ 54,437 Capital expenditures: Americas $ 37,141 $ 207,399 $ 19,275 Europe 20,818 21,471 20,060 Asia-Pacific 3,455 3,067 — Total $ 61,414 $ 231,937 $ 39,335 As of January 31: 2019 2018 Identifiable assets: (As Adjusted) Americas $ 5,402,316 $ 5,014,409 Europe 6,970,822 7,336,974 Asia-Pacific 613,414 568,976 Total $ 12,986,552 $ 12,920,359 Long-lived assets: Americas (1) $ 217,863 $ 214,922 Europe 52,162 57,781 Asia-Pacific 4,892 6,388 Total $ 274,917 $ 279,091 Goodwill & acquisition-related intangible assets, net: Americas $ 1,083,699 $ 1,139,273 Europe 575,776 645,134 Asia-Pacific 60,154 130,093 Total $ 1,719,629 $ 1,914,500 (1) Net sales in the U.S. represented 90% , 89% and 90% of the total Americas' net sales for the fiscal years ended January 31, 2019, 2018 and 2017 , respectively. Total long-lived assets in the U.S. represented 96% and 97% of the Americas' total long-lived assets at January 31, 2019 and 2018 , respectively. (2) Operating income in the Americas for the fiscal years ended January 31, 2019, 2018 and 2017 includes acquisition, integration and restructuring expenses of $25.2 million , $75.5 million and $18.0 million , respectively (see Note 6 – Acquisition, Integration and Restructuring Expenses for further discussion). Operating income in the Americas for the fiscal year ended January 31, 2019 includes a benefit of approximately $25 million related to the collection of an accounts receivable balance previously considered uncollectible. (3) Operating income in the Americas for the fiscal years ended January 31, 2019, 2018 and 2017 includes a gain recorded in legal settlements and other, net, of $ 15.4 million , $42.6 million and $4.1 million , respectively (see Note 1 – Business and Summary of Significant Accounting Policies for further discussion). (4) Operating income in Europe for the fiscal years ended January 31, 2019, 2018 and 2017 includes acquisition, integration and restructuring expenses of $57.7 million , $56.2 million and $11.0 million , respectively. (5) Operating income in Asia-Pacific for the fiscal year ended January 31, 2019 includes goodwill impairment expense of $47.4 million (see Note 4 – Goodwill and Intangible Assets for further discussion). |
Interim Financial Information (
Interim Financial Information (Unaudited) | 12 Months Ended |
Jan. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Interim Financial Information | INTERIM FINANCIAL INFORMATION (UNAUDITED) Interim financial information for fiscal years 2019 and 2018 is as follows (in thousands, except per share amounts): Fiscal Year 2019: Quarter ended: April 30 (1)(2) July 31 (1)(2) October 31 (1)(2)(3)(4) January 31 (2)(3)(5) Net sales $ 8,548,319 $ 8,886,101 $ 9,340,029 $ 10,464,501 Gross profit 523,117 527,030 556,604 649,148 Operating income 70,496 110,365 146,888 166,053 Net income $ 33,699 $ 75,866 $ 114,216 $ 116,799 Earnings per share: Basic $ 0.88 $ 1.97 $ 2.98 $ 3.13 Diluted $ 0.87 $ 1.97 $ 2.96 $ 3.11 Fiscal Year 2018: Quarter ended: April 30 (6)(7) July 31 (6)(7) October 31 (7) January 31 (7)(8) (As Adjusted) (As Adjusted) (As Adjusted) (As Adjusted) Net sales $ 7,023,620 $ 8,092,353 $ 8,448,471 $ 10,033,397 Gross profit 457,088 515,591 526,081 616,861 Operating income 75,078 103,531 79,567 151,903 Net income $ 30,654 $ 47,459 $ 37,268 $ 1,260 Earnings per share: Basic $ 0.82 $ 1.24 $ 0.98 $ 0.03 Diluted $ 0.82 $ 1.24 $ 0.97 $ 0.03 (1) During the first, second and third quarters of fiscal 2019, the Company recorded a gain of $3.0 million , $5.2 million and $7.2 million , respectively, in legal settlements and other, net (see Note 1 - Business and Summary of Significant Accounting Policies for further discussion). (2) During the first, second, third and fourth quarters of fiscal 2019, the Company recorded $33.2 million , $13.3 million , $20.3 million and $21.1 million of acquisition, integration and restructuring expenses, respectively (see Note 6 – Acquisition, Integration and Restructuring Expenses for further discussion). (3) The Company decreased its estimate of the one-time transition tax related to the enactment of U.S. Tax Reform by $24.0 million and $25.2 million , respectively, in the third and fourth quarters of fiscal 2019 (see Note 9 – Income Taxes for further discussion). (4) During the third quarter of fiscal 2019, the Company included a $25 million benefit in operating income related to the collection of an accounts receivable balance previously considered uncollectible. (5) During the fourth quarter of fiscal 2019, the Company recorded goodwill impairment expense of $47.4 million (see Note 4 – Goodwill and Intangible Assets for further discussion). (6) During the first and second quarters of fiscal 2018, the Company recorded a gain of $12.7 million and $28.7 million , respectively, in legal settlements and other, net. (7) During the first, second, third and fourth quarters of fiscal 2018, the Company recorded $42.1 million , $30.1 million , $29.7 million and $34.3 million of acquisition, integration and restructuring expenses, respectively. (8) The Company recorded income tax expenses of $95.4 million in the fourth quarter of fiscal 2018 related to the impact of the enactment of U.S. Tax Reform. The following table presents the effect of the adoption of the new revenue recognition standard on the Consolidated Statement of Income for fiscal 2018 by quarter (see Note 1 – Business and Summary of Significant Accounting Policies for further discussion): First Quarter Second Quarter Third Quarter Fourth Quarter As Previously Reported Adjusted for New Accounting Standard As Previously Reported Adjusted for New Accounting Standard As Previously Reported Adjusted for New Accounting Standard As Previously Reported Adjusted for New Accounting Standard (in thousands) Net sales $ 7,664,063 $ 7,023,620 $ 8,882,691 $ 8,092,353 $ 9,135,728 $ 8,448,471 $ 11,092,529 $ 10,033,397 Cost of products sold $ 7,206,975 $ 6,566,532 $ 8,367,100 $ 7,576,762 $ 8,609,647 $ 7,922,390 $ 10,475,668 $ 9,416,536 |
Schedule II Valuation And Quali
Schedule II Valuation And Qualifying Accounts | 12 Months Ended |
Jan. 31, 2019 | |
SEC Schedule, 12-09, 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 Balance at Charged to Deductions Other (1) Balance at Year ended January 31: 2019 $ 83,772 $ 9,903 $ (24,247 ) $ 3,842 $ 73,270 2018 (As Adjusted) $ 33,656 $ 19,788 $ (28,531 ) $ 58,859 $ 83,772 2017 (As Adjusted) $ 41,101 $ 4,680 $ (16,596 ) $ 4,471 $ 33,656 (1) “Other” primarily includes recoveries, acquisitions and dispositions and the effect of fluctuations in foreign currencies. |
Business and Summary of Signi_2
Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 31, 2019 | |
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 IT distribution and solutions companies. Tech Data serves a critical role in the center of the IT ecosystem, bringing products from the world’s leading technology vendors to market, as well as helping customers create solutions best suited to maximize business outcomes for their end-user customers. Tech Data’s customers include value-added resellers, direct marketers, retailers, corporate resellers and managed service providers who support the diverse technology needs of end users. On February 27, 2017, the Company purchased all of the outstanding shares of Avnet, Inc.'s ("Avnet") Technology Solutions ("TS") business (see Note 5 – Acquisitions for further discussion). Prior to the acquisition of TS, the Company managed its operations in two geographic segments: the Americas and Europe. As a result of the acquisition of TS, the Company now manages its operations in three geographic segments: the Americas, Europe and Asia-Pacific. There were no Tech Data operations in the Asia-Pacific region prior to the acquisition of TS. |
Principles of Consolidation | The consolidated financial statements include the accounts of Tech Data and its subsidiaries, including the results of TS from the date of acquisition of February 27, 2017. 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, pursuant to the rules and regulations of the United States ("U.S.") Securities and Exchange Commission (“SEC”). The Company prepares its financial statements in conformity with generally accepted accounting principles in the 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 | The Company’s revenues primarily result from the sale of various technology products and services. The Company recognizes revenue as control of products is transferred to customers, which generally happens at the point of shipment. Products sold by the Company are delivered via shipment from the Company’s facilities, dropshipment directly from the vendor, or by electronic delivery of keys for software products. In relation to product support, supply chain management and other services performed by the Company, revenue is recognized over time as the services are performed. Service revenues and related contract liabilities were not material for the periods presented. The Company has contracts with certain customers where the Company’s performance obligation is to arrange for the products or services to be provided by another party. In these arrangements, as the Company assumes an agency relationship in the transaction, revenue is recognized in the amount of the net fee associated with serving as an agent. These arrangements primarily relate to certain fulfillment contracts, as well as sales of software services and extended warranty services. The Company allows its customers to return product for exchange or credit subject to certain limitations. A liability is recorded at the time of sale for estimated product returns based upon historical experience and an asset is recognized for the amount expected to be recorded in inventory upon product return. The Company also provides volume rebates and other discounts to certain customers which are considered variable consideration. A provision for customer rebates and other discounts is recorded as a reduction of revenue at the time of sale based on an evaluation of the contract terms and historical experience. The Company considers shipping & handling activities as costs to fulfill the sales of products. Shipping revenue is included in net sales when control of the product is transferred to the customer, and the related shipping and handling costs are included in cost of products sold. 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. The Company disaggregates its operating segment revenue by geography, which the Company believes provides a meaningful depiction of the nature of its revenue. Net sales shown in Note 15 – Segment Information includes service revenues, which are not a significant component of total revenue, and are aggregated within the respective geographies. The following table provides a comparison of sales generated from products purchased from vendors that exceeded 10% of the Company's consolidated net sales for fiscal 2019, 2018 and 2017 (as a percent of consolidated net sales): 2019 2018 2017 Apple, Inc. 16% 17% 21% HP Inc. 11% 11% 14% Cisco Systems, Inc. 11% 11% 10% |
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. |
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 receivable for estimated losses resulting from the inability or unwillingness of its 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 where applicable, specifically identified customer risks, historical write-off experience and the current economic environment. 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 January 31, 2019 and 2018 , the Company had a total of $1.1 billion and $0.7 billion , respectively, of outstanding accounts receivable sold to and held by financial institutions under these agreements. Discount fees recorded under these facilities, which are included as a component of "other expense (income), net" in the Company's Consolidated Statement of Income, were $14.9 million , $9.0 million and $6.1 million during the fiscal years ended January 31, 2019, 2018 and 2017 , respectively. |
Inventories | Inventories, consisting entirely of finished goods, are stated at the lower of cost or net realizable value, cost being determined on a moving average cost basis. Inventory is written down for estimated obsolescence equal to the difference between the cost of inventory and the net realizable 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 products and assumptions about future demand. |
Vendor Programs | The Company participates in various vendor programs under which the vendor may provide certain incentives such as cooperative advertising allowances, infrastructure funding, more favorable payment terms, early pay discounts and rebate arrangements. These programs are generally under quarterly, semi-annual or annual agreements with the vendors; however, some of these programs are negotiated on an ad-hoc basis mutually developed with the vendor. 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 cost of products sold 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. |
Property and Equipment | Property and equipment are stated at cost. Depreciation expense includes depreciation of purchased property and equipment. Depreciation expense is computed over the shorter of the estimated economic lives or lease periods using the straight-line method, generally 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. |
Intangible Assets, net | Included within "intangible assets, net," at both January 31, 2019 and 2018 are capitalized software and development costs, as well as customer and vendor relationships, trade names and other intangible assets acquired in connection with various business acquisitions. Such capitalized costs and intangible assets are being amortized over a period of three to fourteen 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. 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 the Company's experience with similar software. 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. |
Impairment Long-Lived Assets | Long-lived assets, including property and equipment and intangible 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. For purposes of its goodwill analysis, the Company has three reporting units, which are also the Company’s operating segments. The Company evaluates the appropriateness of performing a qualitative assessment, on a reporting unit level, based on current circumstances. If the results of the qualitative assessment indicate that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, the quantitative impairment test will not be performed. The factors that are considered in the qualitative analysis include macroeconomic conditions, industry and market considerations, cost factors such as increases in product cost, labor, or other costs that would have a negative effect on earnings and cash flows and other relevant entity-specific events and information. If the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then the quantitative impairment test is performed. The quantitative impairment test compares the fair values of the Company's reporting units with their carrying amounts, including goodwill. The fair values of the reporting units are estimated using market and discounted cash flow approaches. The assumptions used in the market approach are based on the value of a business through an analysis of multiples of guideline companies and recent sales or offerings of a comparable entity. The assumptions used in the discounted cash flow approach are based on historical and forecasted revenue, operating costs, working capital requirements, economic conditions and other relevant factors. If the carrying amount of a reporting unit exceeds its fair value, an impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit's fair value, only to the extent of the carrying value of goodwill allocated to that reporting unit (see Note 4 – Goodwill and Intangible Assets for further discussion). |
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 typically 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. |
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 book basis 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. 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 periodic 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. |
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. 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 maintains provisions for estimated credit losses. No single customer accounted for more than 10% of the Company’s net sales during fiscal years 2019, 2018 and 2017 . 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 and 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 and income and expense accounts are translated using weighted average exchange rates for each period during the year. Translation gains and losses are reported as components of "accumulated other comprehensive income", included within shareholders’ equity in the Company's Consolidated Balance Sheet. Gains and losses from foreign currency transactions are included in the Company's Consolidated Statement of Income. |
Derivatives Financial Instruments | The Company faces exposure to changes in foreign currency exchange 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 used to reduce exposure to foreign currency risk are not designated as hedging instruments. The derivative 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 (income), 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 "prepaid expenses and other assets" or "accrued expenses and other liabilities" in the Company's Consolidated Balance Sheet. |
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" is comprised exclusively of changes in the Company’s currency translation adjustment account. |
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. The Company recognizes stock-based compensation expense for awards other than its performance based restricted stock units on a straight-line basis over the requisite service period of the award. The Company recognizes stock-based compensation cost associated with its performance based restricted stock units over the requisite service period if it is probable that the performance conditions will be satisfied. Stock-based compensation expense includes an estimate for forfeitures based on the Company’s historical experience. |
Treasury Stock | Treasury stock is accounted for at cost. 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. |
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. |
Legal Settlements and other, net | The Company has been a claimant in proceedings seeking damages from certain manufacturers of LCD flat panel and cathode ray tube displays as well as reimbursement from insurance providers of certain costs incurred by the Company associated with the restatement of certain of the Company’s consolidated financial statements and other financial information from fiscal 2009 to 2013. The Company reached settlement agreements during the periods presented and has recorded these amounts, net of attorney fees and expenses, in "legal settlements and other, net," in the Consolidated Statement of Income. |
Recently Adopted Accounting Standards | In May 2014, the FASB issued an accounting standard which supersedes all existing revenue recognition guidance under current GAAP. In March, April, May and December 2016, the FASB issued additional updates to the new accounting standard which provided supplemental adoption guidance and clarifications. The new standard requires the recognition of revenue to depict the transfer of promised goods or services in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods and services. The Company adopted the standard utilizing the full retrospective method during the quarter ended April 30, 2018. The adoption of this standard impacted the reporting of certain revenues on a gross or net basis, primarily related to changes in the reporting of certain software revenue transactions from a gross basis to a net basis. Additionally, the Company reclassified certain amounts on the consolidated balance sheet related to customer rebates, sales returns and other discounts from a reduction of accounts receivable to accrued expenses and other liabilities as these amounts represent liabilities to customers. Similarly, the Company reclassified certain amounts for the Company's right to recover assets from customers related to sales returns from inventory and accounts payable to prepaid expenses and other assets. The adoption of this standard had no impact on gross profit, operating income, net income or cash flows from operations. As a result of the adoption of the new revenue recognition standard, certain amounts in the Company’s Consolidated Statement of Income for fiscal 2018 and 2017 and Consolidated Balance Sheet as of January 31, 2018 have been recast as follows: Fiscal Year 2018 Fiscal Year 2017 As Previously Reported Adjustment for New Accounting Standard on Revenue Recognition As Adjusted As Previously Reported Adjustment for New Accounting Standard on Revenue Recognition As Adjusted (in thousands) Net sales $ 36,775,011 $ (3,177,170 ) $ 33,597,841 $ 26,234,876 $ (2,041,179 ) $ 24,193,697 Cost of products sold 34,659,390 (3,177,170 ) 31,482,220 24,932,949 (2,041,179 ) 22,891,770 As of January 31, 2018: As Previously Reported Adjustment for New Accounting Standard on Revenue Recognition As Adjusted (in thousands) ASSETS Accounts receivable, net $ 5,783,666 $ 252,050 $ 6,035,716 Inventories 3,065,218 (99,697 ) 2,965,521 Prepaid expenses and other assets 288,178 115,370 403,548 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $ 6,947,282 $ 14,911 $ 6,962,193 Accrued expenses and other liabilities 917,174 252,812 1,169,986 In August 2016, the FASB issued a new accounting standard that addresses how certain cash receipts and cash payments are presented and classified on the statement of cash flows. The Company adopted this standard during the quarter ended April 30, 2018. The adoption of this standard had no material impact on the Company's consolidated financial statements. In October 2016, the FASB issued a new accounting standard that revises the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. The Company adopted this standard during the quarter ended April 30, 2018. The adoption of this standard had no material impact on the Company's consolidated financial statements. In May 2017, the FASB issued a new accounting standard that clarifies the guidance regarding the changes to the terms or conditions of a share-based payment award that would require an entity to apply modification accounting. The Company adopted this standard during the quarter ended April 30, 2018. The adoption of this standard had no material impact on the Company's consolidated financial statements. |
Recently Issued Accounting Standards | In February 2016, the FASB issued an accounting standard which requires the recognition of assets and liabilities arising from lease transactions on the balance sheet and the disclosure of additional information about leasing arrangements. Under the new guidance, for all leases, interest expense and amortization of the right-of-use asset will be recorded for leases determined to be finance leases and straight-line lease expense will be recorded for leases determined to be operating leases. Lessees will initially recognize assets for the right to use the leased assets and liabilities for the obligations created by those leases. In July 2018, the FASB issued additional updates to the new accounting standard which provide entities with a transition option to initially account for the impact of the adoption with a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company will elect this transition option. The Company will also elect the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allows the Company to carry forward the historical accounting relating to lease identification and classification for existing leases upon adoption. The accounting standard is effective for the Company beginning with the quarter ending April 30, 2019. The Company is currently in the process of finalizing its assessment of the impact of the new standard and implementing related process and system changes. The Company currently expects that the primary impact will be an increase in its total assets and total liabilities due to the recognition of right-of-use assets and corresponding lease liabilities upon implementation for leases currently accounted for as operating leases. The adoption of this standard is not expected to be material to the Company’s consolidated financial statements, and based on the Company's ongoing assessment, the Company expects to recognize right-of-use assets and corresponding lease liabilities of approximately $200 million to $250 million . In June 2016, the FASB issued an accounting standard which revises the methodology for measuring credit losses on financial instruments and the timing of the recognition of those losses. Under the new standard, financial assets measured at an amortized cost basis are to be presented net of the amount not expected to be collected via an allowance for credit losses. Estimated credit losses are to be based on historical information adjusted for management's expectation that current conditions and supportable forecasts differ from historical experience. The accounting standard is effective for the Company beginning with the quarter ending April 30, 2020, with early adoption permitted. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements. In August 2017, the FASB issued a new accounting standard that amends and simplifies guidance related to hedge accounting to more accurately portray the economics of an entity’s risk management activities in its financial statements. The accounting standard is effective for the Company beginning with the quarter ending April 30, 2019. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements. In August 2018, the FASB issued a new accounting standard which aligns the capitalization requirements for implementation costs incurred in a cloud computing hosting arrangement that is a service contract with the existing capitalization requirements for implementation costs incurred to develop or obtain internal-use software. The accounting standard is effective for the Company beginning with the quarter ending April 30, 2020, with early adoption permitted. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements. In August 2018, the SEC adopted a final rule that eliminates or amends certain disclosure requirements that were deemed redundant and outdated in light of changes in SEC requirements, U.S. GAAP or changes in technology or the business environment. The rule also requires registrants to include in their interim financial statements a reconciliation of changes in stockholders’ equity in the notes or as a separate statement. The final rule was effective on November 5, 2018, however, registrants may begin providing the new interim reconciliation of stockholders’ equity in the first interim period beginning after the effective date. The Company will present the interim reconciliation of stockholders’ equity in its Form 10-Q beginning with the quarter ending April 30, 2019. |
Reclassifications | Certain reclassifications have been made to the prior period amounts to conform to the current period presentation. These reclassifications did not have a material impact on previously reported amounts. |
Business and Summary of Signi_3
Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Business and Summary of Significant Accounting Policies [Abstract] | |
Vendor Concentration Risk | The following table provides a comparison of sales generated from products purchased from vendors that exceeded 10% of the Company's consolidated net sales for fiscal 2019, 2018 and 2017 (as a percent of consolidated net sales): 2019 2018 2017 Apple, Inc. 16% 17% 21% HP Inc. 11% 11% 14% Cisco Systems, Inc. 11% 11% 10% |
Property And Equipment, Net | Depreciation expense is computed over the shorter of the estimated economic lives or lease periods using the straight-line method, generally as follows: Years Buildings and improvements 15 - 39 Leasehold improvements 3 - 10 Furniture, fixtures and equipment 3 - 10 The Company's property and equipment (in thousands) consists of the following: As of January 31: 2019 2018 Land $ 43,775 $ 44,515 Buildings and leasehold improvements 220,253 216,344 Furniture, fixtures and equipment 328,209 319,528 Property and equipment 592,237 580,387 Less: accumulated depreciation (317,320 ) (301,296 ) Property and equipment, net $ 274,917 $ 279,091 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | As a result of the adoption of the new revenue recognition standard, certain amounts in the Company’s Consolidated Statement of Income for fiscal 2018 and 2017 and Consolidated Balance Sheet as of January 31, 2018 have been recast as follows: Fiscal Year 2018 Fiscal Year 2017 As Previously Reported Adjustment for New Accounting Standard on Revenue Recognition As Adjusted As Previously Reported Adjustment for New Accounting Standard on Revenue Recognition As Adjusted (in thousands) Net sales $ 36,775,011 $ (3,177,170 ) $ 33,597,841 $ 26,234,876 $ (2,041,179 ) $ 24,193,697 Cost of products sold 34,659,390 (3,177,170 ) 31,482,220 24,932,949 (2,041,179 ) 22,891,770 As of January 31, 2018: As Previously Reported Adjustment for New Accounting Standard on Revenue Recognition As Adjusted (in thousands) ASSETS Accounts receivable, net $ 5,783,666 $ 252,050 $ 6,035,716 Inventories 3,065,218 (99,697 ) 2,965,521 Prepaid expenses and other assets 288,178 115,370 403,548 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $ 6,947,282 $ 14,911 $ 6,962,193 Accrued expenses and other liabilities 917,174 252,812 1,169,986 |
Earnings Per Share ("EPS") (Tab
Earnings Per Share ("EPS") (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Earnings Per Share (EPS) [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The composition of basic and diluted EPS (in thousands, except per share data) is as follows: Year ended January 31: 2019 2018 2017 Net income $ 340,580 $ 116,641 $ 195,095 Weighted average common shares - basic 38,094 37,957 35,194 Effect of dilutive securities: Equity-based awards 223 259 234 Weighted average common shares - diluted 38,317 38,216 35,428 Earnings per share Basic $ 8.94 $ 3.07 $ 5.54 Diluted $ 8.89 $ 3.05 $ 5.51 For the fiscal years ended January 31, 2019 , 2018 and 2017 there were 21,008 , 3,017 and 5,191 shares, respectively, excluded from the computation of diluted earnings per share because their effect would have been antidilutive. |
Property And Equipment, Net (Ta
Property And Equipment, Net (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
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, generally as follows: Years Buildings and improvements 15 - 39 Leasehold improvements 3 - 10 Furniture, fixtures and equipment 3 - 10 The Company's property and equipment (in thousands) consists of the following: As of January 31: 2019 2018 Land $ 43,775 $ 44,515 Buildings and leasehold improvements 220,253 216,344 Furniture, fixtures and equipment 328,209 319,528 Property and equipment 592,237 580,387 Less: accumulated depreciation (317,320 ) (301,296 ) Property and equipment, net $ 274,917 $ 279,091 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Changes In Carrying Amount Of Goodwill | The changes in the carrying amount of goodwill, by segment, for the fiscal year ended January 31, 2019 , are as follows (in thousands): Americas Europe Asia-Pacific Total Balance as of January 31, 2018 $ 488,775 $ 395,363 $ 85,030 $ 969,168 Acquisitions — 6,239 — 6,239 Dispositions — (2,301 ) — (2,301 ) Goodwill impairment — — (47,434 ) (47,434 ) Foreign currency translation and other (267 ) (18,030 ) (14,385 ) (32,682 ) Balance as of January 31, 2019 $ 488,508 $ 381,271 $ 23,211 $ 892,990 |
Schedule Of Intangible Assets | The Company's intangible assets consist of the following (in thousands): January 31, 2019 January 31, 2018 Gross Accumulated Net book Gross Accumulated Net book Capitalized software and $ 460,254 $ (336,034 ) $ 124,220 $ 458,799 $ (318,110 ) $ 140,689 Customer and vendor relationships 1,063,471 (265,593 ) 797,878 1,098,958 (197,517 ) 901,441 Other intangible assets 87,906 (59,146 ) 28,760 92,573 (47,931 ) 44,642 Total $ 1,611,631 $ (660,773 ) $ 950,858 $ 1,650,330 $ (563,558 ) $ 1,086,772 |
Schedule Of Estimated Amortization Expense | Estimated amortization expense of existing capitalized software and development costs and other intangible assets (which includes customer and vendor relationships and other intangible assets) is as follows (in thousands): Fiscal year: Capitalized software and development costs Other intangible assets Total 2020 $ 29,841 $ 84,180 $ 114,021 2021 26,578 84,056 110,634 2022 21,455 83,411 104,866 2023 10,622 73,229 83,851 2024 6,241 66,133 72,374 |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The allocation of the purchase price to assets acquired and liabilities assumed is as follows: (in millions) Cash $ 176 Accounts receivable 1,830 Inventories 239 Prepaid expenses and other current assets 100 Property and equipment, net 62 Goodwill 727 Intangible assets 919 Other assets, net 151 Total assets 4,204 Other current liabilities 1,169 Revolving credit loans and long-term debt 134 Other long-term liabilities 99 Total liabilities 1,402 Purchase price $ 2,802 |
Business Acquisition, Pro Forma Information [Table Text Block] | The following table presents unaudited supplemental pro forma information as if the TS acquisition had occurred at the beginning of fiscal 2017. The pro forma results presented are based on combining the stand-alone operating results of the Company and TS for the periods prior to the acquisition date after giving effect to certain adjustments related to the transaction. The pro forma results exclude any benefits that may result from potential cost synergies of the combined company and certain non-recurring costs. As a result, the pro forma information below does not purport to present what actual results would have been had the acquisition actually been consummated on the date indicated and it is not necessarily indicative of the results of operations that may result in the future. Year ended January 31: 2018 2017 (in millions) (Unaudited) Pro forma net sales $ 34,268 $ 32,882 Pro forma net income $ 129 $ 232 Adjustments reflected in the pro forma results include the following: • Amortization of acquired intangible assets • Interest costs associated with the transaction • Removal of certain non-recurring transaction costs of $20 million and $12 million in fiscal 2018 and 2017, respectively • Tax effects of adjustments based on an estimated statutory tax rate • Impact of adoption of Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers (Topic 606)" |
Acquisition, Integration and _2
Acquisition, Integration and Restructuring Expenses (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
TS | |
Restructuring Cost and Reserve [Line Items] | |
Acquisition and integration expenses [Table Text Block] | Acquisition, integration and restructuring expenses for the years ended January 31, 2019 , 2018 and 2017 related to the acquisition of TS are comprised of the following : Year ended January 31: 2019 2018 2017 (in thousands) Restructuring costs $ 19,846 $ 35,070 $ — IT related costs 13,222 18,260 — Professional services 5,967 42,588 14,338 Transaction related costs 1,728 20,167 12,083 Other costs 4,616 20,187 2,545 Total $ 45,379 $ 136,272 $ 28,966 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Restructuring activity during the years ended January 31, 2019 and 2018 related to the acquisition of TS is as follows: Severance Facility Exit Costs Total (in thousands) Fiscal 2018 restructuring expenses $ 29,717 $ 5,353 $ 35,070 Cash payments (16,830 ) (3,928 ) (20,758 ) Foreign currency translation 479 205 684 Balance at January 31, 2018 13,366 1,630 14,996 Fiscal 2019 restructuring expenses 15,453 4,393 19,846 Cash payments (22,622 ) (2,008 ) (24,630 ) Foreign currency translation (952 ) (201 ) (1,153 ) Balance at January 31, 2019 $ 5,245 $ 3,814 $ 9,059 |
Global Business Optimization Program [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Costs [Table Text Block] | Restructuring expenses for the year ended January 31, 2019 related to the GBO Program are comprised of the following : 2019 (in thousands) Severance costs $ 26,427 Professional services and facility exit costs 16,114 Total $ 42,541 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Restructuring activity during the year ended January 31, 2019 , related to the GBO Program is as follows: Severance Professional Services and Facility Exit Costs Total (in thousands) Fiscal 2019 restructuring expenses $ 26,427 $ 16,114 $ 42,541 Cash payments (11,095 ) (15,357 ) (26,452 ) Foreign currency translation (534 ) (126 ) (660 ) Balance at January 31, 2019 $ 14,798 $ 631 $ 15,429 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule Of Debt | The carrying value of the Company's outstanding debt consists of the following (in thousands): As of January 31: 2019 2018 Senior Notes, interest at 3.70% payable semi-annually, due February 15, 2022 $ 500,000 $ 500,000 Senior Notes, interest at 4.95% payable semi-annually, due February 15, 2027 500,000 500,000 Less—unamortized debt discount and debt issuance costs (7,166 ) (8,678 ) Senior Notes, net 992,834 991,322 Term Loans, interest rate of 3.99% and 3.07% at January 31, 2019 and January 31, 2018, respectively 300,000 500,000 Other committed and uncommitted revolving credit facilities, average interest rate of 8.05% and 6.07% at January 31, 2019 and January 31, 2018, respectively 102,271 119,826 Other long-term debt 15,817 26,761 1,410,922 1,637,909 Less—current maturities (included as “revolving credit loans and current maturities of long-term debt, net”) (110,368 ) (132,661 ) Total long-term debt $ 1,300,554 $ 1,505,248 |
Schedule of Maturities of Long-term Debt | Future payments of debt at January 31, 2019 and for succeeding fiscal years are as follows (in millions): Fiscal Year: 2020 $ 110.4 2021 6.7 2022 0.9 2023 800.1 2024 — Thereafter 500.0 Total principal payments $ 1,418.1 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
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 (in thousands): Year ended January 31: 2019 2018 2017 Current tax (benefit) expense: Federal $ (9,564 ) $ 131,107 $ 37,724 State 5,846 6,515 4,030 Foreign 48,905 49,082 30,914 Total current tax expense 45,187 186,704 72,668 Deferred tax (benefit) expense: Federal (3,272 ) (1,129 ) (8,380 ) State 64 363 (799 ) Foreign (9,274 ) (3,495 ) (1,823 ) Total deferred tax benefit (12,482 ) (4,261 ) (11,002 ) $ 32,705 $ 182,443 $ 61,666 |
Schedule Of Effective Income Tax Rate Reconciliation | The reconciliation of the U.S. federal statutory tax rate to the effective tax rate is as follows: Year ended January 31: 2019 2018 2017 U.S. statutory rate 21.0 % 33.8 % 35.0 % State income taxes, net of federal benefit 2.2 1.1 0.8 Net changes in deferred tax valuation allowances (0.9 ) 1.2 (3.4 ) Tax on foreign earnings different than U.S. rate (0.6 ) (5.8 ) (9.9 ) Impact of Avnet settlement agreement (see Note 5) (4.0 ) — — Nondeductible indemnities 0.8 0.4 — Nondeductible goodwill 2.9 — — Reversal of previously accrued income tax reserves (2.0 ) (0.7 ) 0.5 Interest not subject to tax, net (0.6 ) (1.3 ) 2.1 Effect of company-owned life insurance 0.1 (1.0 ) (0.7 ) Global Intangible Low-Taxed Income 1.0 — — U.S. Tax Reform transition tax (13.2 ) 33.8 — U.S. Tax Reform impact of rate change on deferred taxes — (1.9 ) — Other, net 2.1 1.4 (0.4 ) 8.8 % 61.0 % 24.0 % |
Schedule Of Components Of Pretax Income | The components of pretax income are as follows (in thousands): Year ended January 31: 2019 2018 2017 U.S. $ 208,643 $ 115,041 $ 92,067 Foreign 164,642 184,043 164,694 $ 373,285 $ 299,084 $ 256,761 |
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 (in thousands): As of January 31: 2019 2018 Deferred tax liabilities: Depreciation and amortization $ 96,739 $ 106,560 Capitalized marketing program costs 7,101 6,104 Goodwill 24,867 16,496 Deferred costs currently deductible 7,212 7,558 Other, net 12,059 12,540 Total deferred tax liabilities 147,978 149,258 Deferred tax assets: Accrued liabilities 59,549 54,970 Foreign tax credit carryforwards 50,434 — Loss carryforwards 112,962 127,881 Amortizable goodwill 12,118 1,377 Depreciation and amortization 11,873 13,997 Disallowed interest expense 13,676 11,057 Acquisition and transaction related costs 3,570 3,823 Other, net 13,478 14,527 277,660 227,632 Less: valuation allowances (118,536 ) (80,714 ) Total deferred tax assets 159,124 146,918 Net deferred tax asset (liability) $ 11,146 $ (2,340 ) |
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, 2019, 2018 and 2017 is as follows (in thousands): For the year ended January 31: 2019 2018 2017 Gross unrecognized tax benefits at beginning of period $ 72,252 $ 18,305 $ 12,989 Increases in tax positions for prior years 4,671 66,180 5,443 Decreases in tax positions for prior years (13,787 ) (3,727 ) (118 ) Increases in tax positions for current year — 164 1,022 Expiration of statutes of limitation (25,840 ) (6,924 ) (292 ) Settlements (5,355 ) (3,515 ) (370 ) Changes due to translation of foreign currencies (6,104 ) 1,769 (369 ) Gross unrecognized tax benefits at end of period $ 25,837 $ 72,252 $ 18,305 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | A summary of the Company’s RSU activity for the fiscal year ended January 31, 2019 is as follows: Shares Weighted-average grant date fair value Nonvested at January 31, 2018 700,532 $ 83.25 Granted 280,352 85.50 Vested (267,591 ) 78.87 Canceled (64,171 ) 86.10 Nonvested at January 31, 2019 649,122 85.71 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | A summary of the Company’s PRSU activity, assuming maximum achievement, for the year ended January 31, 2019 is as follows: Shares Weighted-average grant date fair value Nonvested at January 31, 2018 170,685 $ 89.67 Granted 153,719 82.13 Canceled (31,188 ) 88.50 Nonvested at January 31, 2019 293,216 85.84 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Equity [Abstract] | |
Company's Common Share Repurchase And Issuance Activity | The Company’s common share repurchase and issuance activity for fiscal 2019 and 2018 is summarized as follows: Shares Weighted- average Treasury stock balance at January 31, 2017 24,018,983 $ 44.59 Shares of treasury stock reissued for equity incentive plans (149,609 ) Shares of treasury stock reissued for acquisition of TS (2,785,402 ) Treasury stock balance at January 31, 2018 21,083,972 44.59 Shares of common stock repurchased under share repurchase program 1,429,154 74.89 Shares of treasury stock reissued for equity incentive plans (207,662 ) Treasury stock balance at January 31, 2019 22,305,464 $ 46.53 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
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 (in thousands): January 31, 2019 January 31, 2018 Fair value measurement category Fair value measurement category Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Foreign currency forward contracts $ 3,830 $ 5,025 Liabilities Foreign currency forward contracts $ 6,641 $ 11,675 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Future Minimum Lease Payments | Future minimum lease payments at January 31, 2019 , under all such leases for succeeding fiscal years and thereafter are as follows (in thousands): Fiscal year: 2020 $ 66,469 2021 58,435 2022 38,808 2023 28,587 2024 21,962 Thereafter 37,400 Total payments $ 251,661 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Segment Reporting Information | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Financial information by geographic segment is as follows (in thousands): Year ended January 31: 2019 2018 2017 Net sales: (As Adjusted) (As Adjusted) Americas (1) $ 16,041,103 $ 14,419,221 $ 9,525,513 Europe 20,026,057 18,147,917 14,668,184 Asia-Pacific 1,171,790 1,030,703 — Total $ 37,238,950 $ 33,597,841 $ 24,193,697 Operating income (loss): Americas (2) (3) $ 366,637 $ 248,350 $ 144,246 Europe (4) 195,375 173,611 161,603 Asia-Pacific (5) (36,697 ) 17,499 — Stock-based compensation expense (31,513 ) (29,381 ) (13,947 ) Total $ 493,802 $ 410,079 $ 291,902 Depreciation and amortization: Americas $ 93,612 $ 84,265 $ 18,844 Europe 56,533 57,794 35,593 Asia-Pacific 8,852 7,987 — Total $ 158,997 $ 150,046 $ 54,437 Capital expenditures: Americas $ 37,141 $ 207,399 $ 19,275 Europe 20,818 21,471 20,060 Asia-Pacific 3,455 3,067 — Total $ 61,414 $ 231,937 $ 39,335 As of January 31: 2019 2018 Identifiable assets: (As Adjusted) Americas $ 5,402,316 $ 5,014,409 Europe 6,970,822 7,336,974 Asia-Pacific 613,414 568,976 Total $ 12,986,552 $ 12,920,359 Long-lived assets: Americas (1) $ 217,863 $ 214,922 Europe 52,162 57,781 Asia-Pacific 4,892 6,388 Total $ 274,917 $ 279,091 Goodwill & acquisition-related intangible assets, net: Americas $ 1,083,699 $ 1,139,273 Europe 575,776 645,134 Asia-Pacific 60,154 130,093 Total $ 1,719,629 $ 1,914,500 (1) Net sales in the U.S. represented 90% , 89% and 90% of the total Americas' net sales for the fiscal years ended January 31, 2019, 2018 and 2017 , respectively. Total long-lived assets in the U.S. represented 96% and 97% of the Americas' total long-lived assets at January 31, 2019 and 2018 , respectively. (2) Operating income in the Americas for the fiscal years ended January 31, 2019, 2018 and 2017 includes acquisition, integration and restructuring expenses of $25.2 million , $75.5 million and $18.0 million , respectively (see Note 6 – Acquisition, Integration and Restructuring Expenses for further discussion). Operating income in the Americas for the fiscal year ended January 31, 2019 includes a benefit of approximately $25 million related to the collection of an accounts receivable balance previously considered uncollectible. (3) Operating income in the Americas for the fiscal years ended January 31, 2019, 2018 and 2017 includes a gain recorded in legal settlements and other, net, of $ 15.4 million , $42.6 million and $4.1 million , respectively (see Note 1 – Business and Summary of Significant Accounting Policies for further discussion). (4) Operating income in Europe for the fiscal years ended January 31, 2019, 2018 and 2017 includes acquisition, integration and restructuring expenses of $57.7 million , $56.2 million and $11.0 million , respectively. (5) Operating income in Asia-Pacific for the fiscal year ended January 31, 2019 includes goodwill impairment expense of $47.4 million (see Note 4 – Goodwill and Intangible Assets for further discussion). |
Interim Financial Information_2
Interim Financial Information (Unaudited) (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Interim Financial Information | Interim financial information for fiscal years 2019 and 2018 is as follows (in thousands, except per share amounts): Fiscal Year 2019: Quarter ended: April 30 (1)(2) July 31 (1)(2) October 31 (1)(2)(3)(4) January 31 (2)(3)(5) Net sales $ 8,548,319 $ 8,886,101 $ 9,340,029 $ 10,464,501 Gross profit 523,117 527,030 556,604 649,148 Operating income 70,496 110,365 146,888 166,053 Net income $ 33,699 $ 75,866 $ 114,216 $ 116,799 Earnings per share: Basic $ 0.88 $ 1.97 $ 2.98 $ 3.13 Diluted $ 0.87 $ 1.97 $ 2.96 $ 3.11 Fiscal Year 2018: Quarter ended: April 30 (6)(7) July 31 (6)(7) October 31 (7) January 31 (7)(8) (As Adjusted) (As Adjusted) (As Adjusted) (As Adjusted) Net sales $ 7,023,620 $ 8,092,353 $ 8,448,471 $ 10,033,397 Gross profit 457,088 515,591 526,081 616,861 Operating income 75,078 103,531 79,567 151,903 Net income $ 30,654 $ 47,459 $ 37,268 $ 1,260 Earnings per share: Basic $ 0.82 $ 1.24 $ 0.98 $ 0.03 Diluted $ 0.82 $ 1.24 $ 0.97 $ 0.03 (1) During the first, second and third quarters of fiscal 2019, the Company recorded a gain of $3.0 million , $5.2 million and $7.2 million , respectively, in legal settlements and other, net (see Note 1 - Business and Summary of Significant Accounting Policies for further discussion). (2) During the first, second, third and fourth quarters of fiscal 2019, the Company recorded $33.2 million , $13.3 million , $20.3 million and $21.1 million of acquisition, integration and restructuring expenses, respectively (see Note 6 – Acquisition, Integration and Restructuring Expenses for further discussion). (3) The Company decreased its estimate of the one-time transition tax related to the enactment of U.S. Tax Reform by $24.0 million and $25.2 million , respectively, in the third and fourth quarters of fiscal 2019 (see Note 9 – Income Taxes for further discussion). (4) During the third quarter of fiscal 2019, the Company included a $25 million benefit in operating income related to the collection of an accounts receivable balance previously considered uncollectible. (5) During the fourth quarter of fiscal 2019, the Company recorded goodwill impairment expense of $47.4 million (see Note 4 – Goodwill and Intangible Assets for further discussion). (6) During the first and second quarters of fiscal 2018, the Company recorded a gain of $12.7 million and $28.7 million , respectively, in legal settlements and other, net. (7) During the first, second, third and fourth quarters of fiscal 2018, the Company recorded $42.1 million , $30.1 million , $29.7 million and $34.3 million of acquisition, integration and restructuring expenses, respectively. (8) The Company recorded income tax expenses of $95.4 million in the fourth quarter of fiscal 2018 related to the impact of the enactment of U.S. Tax Reform. |
Business and Summary of Signi_4
Business and Summary of Significant Accounting Policies (Details) number in Millions | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Business and Summary of Significant Accounting Policies | |||
Product Warranty Period | 2 years | ||
Other Intangible Assets | Minimum | |||
Business and Summary of Significant Accounting Policies | |||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||
Other Intangible Assets | Maximum | |||
Business and Summary of Significant Accounting Policies | |||
Finite-Lived Intangible Asset, Useful Life | 14 years | ||
Capitalized software and development costs | Minimum | |||
Business and Summary of Significant Accounting Policies | |||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||
Capitalized software and development costs | Maximum | |||
Business and Summary of Significant Accounting Policies | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Customer Concentration Risk [Member] | |||
Business and Summary of Significant Accounting Policies | |||
Concentration Risk, Percentage | 0.00% | 0.00% | 0.00% |
Business and Summary of Signi_5
Business and Summary of Significant Accounting Policies (Property and Equipment) (Details) | 12 Months Ended |
Jan. 31, 2019 | |
Building and Building Improvements | Minimum | |
Property, Plant and Equipment | |
Property, Plant and Equipment, Useful Life | 15 years |
Building and Building Improvements | Maximum | |
Property, Plant and Equipment | |
Property, Plant and Equipment, Useful Life | 39 years |
Leasehold Improvements | Minimum | |
Property, Plant and Equipment | |
Property, Plant and Equipment, Useful Life | 3 years |
Leasehold Improvements | Maximum | |
Property, Plant and Equipment | |
Property, Plant and Equipment, Useful Life | 10 years |
Furniture and Fixtures | Minimum | |
Property, Plant and Equipment | |
Property, Plant and Equipment, Useful Life | 3 years |
Furniture and Fixtures | Maximum | |
Property, Plant and Equipment | |
Property, Plant and Equipment, Useful Life | 10 years |
Business and Summary of Signi_6
Business and Summary of Significant Accounting Policies (Vendor Concentrations) (Details) | 12 Months Ended | ||
Jan. 31, 2019Rate | Jan. 31, 2018Rate | Jan. 31, 2017Rate | |
Apple, Inc. | |||
Concentration Risk | |||
Concentration Risk, Percentage | 16.00% | 17.00% | 21.00% |
HP Inc. | |||
Concentration Risk | |||
Concentration Risk, Percentage | 11.00% | 11.00% | 14.00% |
Cisco Systems, Inc. | |||
Concentration Risk | |||
Concentration Risk, Percentage | 11.00% | 11.00% | 10.00% |
Business and Summary of Signi_7
Business and Summary of Significant Accounting Policies (Accounts Receivable) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Business and Summary of Significant Accounting Policies | |||
Accounts Receivable Sold To and Held by Financial Institutions | $ 1,100 | $ 700 | |
Sale of Accounts Receivable, Discount Fees | $ 14.9 | $ 9 | $ 6.1 |
Business and Summary of Signi_8
Business and Summary of Significant Accounting Policies | Recently Adopted Accounting Standards (Details) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenues | $ 10,464,501 | $ 9,340,029 | $ 8,886,101 | $ 8,548,319 | $ 10,033,397 | $ 8,448,471 | $ 8,092,353 | $ 7,023,620 | $ 37,238,950 | $ 33,597,841 | $ 24,193,697 |
Accounts Receivable, Net, Current | 6,241,740 | 6,035,716 | 6,241,740 | 6,035,716 | |||||||
Inventories | 3,297,385 | 2,965,521 | 3,297,385 | 2,965,521 | |||||||
Prepaid expenses and other assets | 354,601 | 403,548 | 354,601 | 403,548 | |||||||
Accounts Payable, Current | 7,496,466 | 6,962,193 | 7,496,466 | 6,962,193 | |||||||
Accrued Liabilities, Current | $ 1,000,126 | 1,169,986 | 1,000,126 | 1,169,986 | |||||||
Cost of Goods and Services Sold | 9,416,536 | 7,922,390 | 7,576,762 | 6,566,532 | $ 34,983,051 | 31,482,220 | 22,891,770 | ||||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenues | (3,177,170) | (2,041,179) | |||||||||
Accounts Receivable, Net, Current | 252,050 | 252,050 | |||||||||
Inventories | (99,697) | (99,697) | |||||||||
Prepaid expenses and other assets | 115,370 | 115,370 | |||||||||
Accounts Payable, Current | 14,911 | 14,911 | |||||||||
Accrued Liabilities, Current | 252,812 | 252,812 | |||||||||
Cost of Goods and Services Sold | (3,177,170) | (2,041,179) | |||||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenues | 11,092,529 | 9,135,728 | 8,882,691 | 7,664,063 | 36,775,011 | 26,234,876 | |||||
Accounts Receivable, Net, Current | 5,783,666 | 5,783,666 | |||||||||
Inventories | 3,065,218 | 3,065,218 | |||||||||
Prepaid expenses and other assets | 288,178 | 288,178 | |||||||||
Accounts Payable, Current | 6,947,282 | 6,947,282 | |||||||||
Accrued Liabilities, Current | 917,174 | 917,174 | |||||||||
Cost of Goods and Services Sold | $ 10,475,668 | $ 8,609,647 | $ 8,367,100 | $ 7,206,975 | $ 34,659,390 | $ 24,932,949 |
Business and Summary of Signi_9
Business and Summary of Significant Accounting Policies | Recently Issued Accounting Standards (Details) $ in Millions | Jan. 31, 2019USD ($) |
Minimum | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Operating Lease, Right-of-Use Asset | $ 200 |
Operating Lease, Liability | 200 |
Maximum | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Operating Lease, Right-of-Use Asset | 250 |
Operating Lease, Liability | $ 250 |
Earnings Per Share ("EPS") (Det
Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | ||||
Earnings Per Share (EPS) [Abstract] | ||||||||||||||
Net income | $ 116,799 | [1] | $ 114,216 | [1] | $ 75,866 | $ 33,699 | $ 1,260 | [2] | $ 37,268 | $ 47,459 | $ 30,654 | $ 340,580 | $ 116,641 | $ 195,095 |
Weighted average common shares - basic | 38,094,000 | 37,957,000 | 35,194,000 | |||||||||||
Equity-based awards | 223,000 | 259,000 | 234,000 | |||||||||||
Weighted average common shares - diluted | 38,317,000 | 38,216,000 | 35,428,000 | |||||||||||
Basic | $ 3.13 | $ 2.98 | $ 1.97 | $ 0.88 | $ 0.03 | $ 0.98 | $ 1.24 | $ 0.82 | $ 8.94 | $ 3.07 | $ 5.54 | |||
Diluted | $ 3.11 | $ 2.96 | $ 1.97 | $ 0.87 | $ 0.03 | $ 0.97 | $ 1.24 | $ 0.82 | $ 8.89 | $ 3.05 | $ 5.51 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 21,008 | 3,017 | 5,191 | |||||||||||
[1] | The Company decreased its estimate of the one-time transition tax related to the enactment of U.S. Tax Reform by $24.0 million and $25.2 million, respectively, in the third and fourth quarters of fiscal 2019 (see Note 9 – Income Taxes for further discussion). | |||||||||||||
[2] | The Company recorded income tax expenses of $95.4 million in the fourth quarter of fiscal 2018 related to the impact of the enactment of U.S. Tax Reform. |
Property And Equipment, Net (Pr
Property And Equipment, Net (Property And Equipment, Net) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Property, Plant and Equipment | |||
Property and equipment, gross | $ 592,237 | $ 580,387 | |
Less: accumulated depreciation | (317,320) | (301,296) | |
Property and equipment, net, total | 274,917 | 279,091 | |
Depreciation expense | 34,400 | 28,900 | $ 16,200 |
Land | |||
Property, Plant and Equipment | |||
Property and equipment, gross | 43,775 | 44,515 | |
Buildings and leasehold improvements | |||
Property, Plant and Equipment | |||
Property and equipment, gross | 220,253 | 216,344 | |
Furniture, fixtures and equipment | |||
Property, Plant and Equipment | |||
Property and equipment, gross | $ 328,209 | $ 319,528 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Goodwill And Intangible Assets | ||||
Goodwill Impairment | $ 47,434 | $ 47,434 | $ 0 | $ 0 |
Capitalized intangible assets | 21,600 | 1,000,000 | 14,600 | |
Capitalized Computer Software, Amortization | 33,400 | 32,000 | 17,100 | |
Amortization expense | 91,200 | 89,100 | $ 21,100 | |
TS | ||||
Goodwill And Intangible Assets | ||||
Finite-lived Intangible Assets Acquired | $ 1,000,000 | |||
Asia Pacific [Member] | ||||
Goodwill And Intangible Assets | ||||
Goodwill Impairment | $ 47,434 | $ 47,434 |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Schedule Of Changes In Carrying Amount Of Goodwill) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Goodwill | ||||
Balance as of January 31, 2018 | $ 969,168 | |||
Acquisitions | 6,239 | |||
Dispositions | (2,301) | |||
Goodwill Impairment | $ (47,434) | (47,434) | $ 0 | $ 0 |
Foreign currency translation and other | (32,682) | |||
Balance as of January 31, 2019 | 892,990 | 892,990 | 969,168 | |
Americas | ||||
Goodwill | ||||
Balance as of January 31, 2018 | 488,775 | |||
Acquisitions | 0 | |||
Dispositions | 0 | |||
Goodwill Impairment | 0 | |||
Foreign currency translation and other | (267) | |||
Balance as of January 31, 2019 | 488,508 | 488,508 | 488,775 | |
Europe | ||||
Goodwill | ||||
Balance as of January 31, 2018 | 395,363 | |||
Acquisitions | 6,239 | |||
Dispositions | (2,301) | |||
Goodwill Impairment | 0 | |||
Foreign currency translation and other | (18,030) | |||
Balance as of January 31, 2019 | 381,271 | 381,271 | 395,363 | |
Asia Pacific [Member] | ||||
Goodwill | ||||
Balance as of January 31, 2018 | 85,030 | |||
Acquisitions | 0 | |||
Dispositions | 0 | |||
Goodwill Impairment | (47,434) | (47,434) | ||
Foreign currency translation and other | (14,385) | |||
Balance as of January 31, 2019 | $ 23,211 | $ 23,211 | $ 85,030 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets (Schedule Of Intangible Assets) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Feb. 28, 2017 | Jan. 31, 2018 | Jan. 31, 2019 | |
Finite-Lived Intangible Assets | |||
Gross carrying amount | $ 1,650,330 | $ 1,611,631 | |
Accumulated amortization | (563,558) | (660,773) | |
Net book value | 1,086,772 | 950,858 | |
Capitalized software and development costs | |||
Finite-Lived Intangible Assets | |||
Gross carrying amount | 458,799 | 460,254 | |
Accumulated amortization | (318,110) | (336,034) | |
Net book value | 140,689 | 124,220 | |
Customer and Vendor Relationship | |||
Finite-Lived Intangible Assets | |||
Gross carrying amount | 1,098,958 | 1,063,471 | |
Accumulated amortization | (197,517) | (265,593) | |
Net book value | 901,441 | 797,878 | |
Other Intangible Assets | |||
Finite-Lived Intangible Assets | |||
Gross carrying amount | 92,573 | 87,906 | |
Accumulated amortization | (47,931) | (59,146) | |
Net book value | 44,642 | $ 28,760 | |
TS | |||
Finite-Lived Intangible Assets | |||
Finite-lived Intangible Assets Acquired | 1,000,000 | ||
TS | Customer Relationships [Member] | |||
Finite-Lived Intangible Assets | |||
Finite-lived Intangible Assets Acquired | $ 875,000 | 875,000 | |
TS | Capitalized software and development costs | |||
Finite-Lived Intangible Assets | |||
Finite-lived Intangible Assets Acquired | 75,000 | ||
TS | Trade Names [Member] | |||
Finite-Lived Intangible Assets | |||
Finite-lived Intangible Assets Acquired | $ 44,000 | $ 44,000 |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets (Schedule Of Estimated Amortization Expense) (Details) $ in Thousands | Jan. 31, 2019USD ($) |
Finite-Lived Intangible Assets | |
2020 | $ 114,021 |
2021 | 110,634 |
2022 | 104,866 |
2023 | 83,851 |
2024 | 72,374 |
Capitalized software and development costs | |
Finite-Lived Intangible Assets | |
2020 | 29,841 |
2021 | 26,578 |
2022 | 21,455 |
2023 | 10,622 |
2024 | 6,241 |
Other intangible assets | |
Finite-Lived Intangible Assets | |
2020 | 84,180 |
2021 | 84,056 |
2022 | 83,411 |
2023 | 73,229 |
2024 | $ 66,133 |
Acquisition | Narrative (Detail
Acquisition | Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||||
Aug. 31, 2018 | Feb. 28, 2017 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2018 | Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | Feb. 27, 2017 | |
Business Acquisition [Line Items] | |||||||||||||||
Business Acquisition, Effective Date of Acquisition | Feb. 27, 2017 | ||||||||||||||
Business Combination, Acquisition Related Costs | $ 21,100 | $ 20,300 | $ 13,300 | $ 33,200 | $ 34,300 | $ 29,700 | $ 30,100 | $ 42,100 | $ 87,920 | $ 136,272 | $ 28,966 | ||||
TS | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Finite-lived Intangible Assets Acquired | 1,000,000 | ||||||||||||||
Business Combination, Consideration Transferred | $ 2,800,000 | ||||||||||||||
Payments to Acquire Businesses, Gross | $ 120,000 | $ 2,500,000 | |||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 2,785,402 | ||||||||||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 247,000 | ||||||||||||||
Business Acquisition, Goodwill and Intangibles, Expected Tax Deductible Amount | $ 1,200,000 | ||||||||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 7,600,000 | ||||||||||||||
Business Combination, Acquisition Related Costs | 45,379 | 136,272 | $ 28,966 | ||||||||||||
Deferred Other Tax Benefit (Expense) | 13,000 | ||||||||||||||
Trade Names [Member] | TS | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Finite-lived Intangible Assets Acquired | $ 44,000 | 44,000 | |||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | ||||||||||||||
Customer Relationships [Member] | TS | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Finite-lived Intangible Assets Acquired | $ 875,000 | $ 875,000 | |||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 14 years | ||||||||||||||
Working Capital Adjustment Gain/Loss [Member] | TS | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Combination, Acquisition Related Costs | $ (9,600) |
Acquisition | Allocation of Pur
Acquisition | Allocation of Purchase Price (Details) - USD ($) $ in Thousands | Jan. 31, 2019 | Jan. 31, 2018 | Feb. 27, 2017 |
Business Acquisition [Line Items] | |||
Goodwill | $ 892,990 | $ 969,168 | |
TS | |||
Business Acquisition [Line Items] | |||
Cash | $ 176,000 | ||
Accounts receivable | 1,830,000 | ||
Inventories | 239,000 | ||
Prepaid expenses and other current assets | 100,000 | ||
Property and equipment, net | 62,000 | ||
Goodwill | 727,000 | ||
Intangible assets | 919,000 | ||
Other assets, net | 151,000 | ||
Total assets | 4,204,000 | ||
Other current liabilities | 1,169,000 | ||
Revolving credit loans and long-term debt | 134,000 | ||
Other long-term liabilities | 99,000 | ||
Total liabilities | 1,402,000 | ||
Purchase price | $ 2,802,000 |
Acquisition | Pro Forma (Detail
Acquisition | Pro Forma (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||||
Business Combination, Acquisition Related Costs | $ 21,100 | $ 20,300 | $ 13,300 | $ 33,200 | $ 34,300 | $ 29,700 | $ 30,100 | $ 42,100 | $ 87,920 | $ 136,272 | $ 28,966 |
TS | |||||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||||
Business Combination, Acquisition Related Costs | 45,379 | 136,272 | 28,966 | ||||||||
Business Acquisition, Pro Forma Revenue | 34,268,000 | 32,882,000 | |||||||||
Business Acquisition, Pro Forma Net Income (Loss) | 129,000 | 232,000 | |||||||||
TS | Transaction Related Costs [Member] | |||||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||||
Business Combination, Acquisition Related Costs | $ 1,728 | 20,167 | 12,083 | ||||||||
TS | Acquisition-related Costs [Member] | Transaction Related Costs [Member] | |||||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||||
Business Combination, Acquisition Related Costs | $ 20,167 | $ 12,083 |
Acquisition, Integration and _3
Acquisition, Integration and Restructuring Expenses | TS Acquisition, Integration and Restructuring Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Acquisition and integration expenses [Line Items] | |||||||||||
Acquisition, integration and restructuring expenses | $ 21,100 | $ 20,300 | $ 13,300 | $ 33,200 | $ 34,300 | $ 29,700 | $ 30,100 | $ 42,100 | $ 87,920 | $ 136,272 | $ 28,966 |
Americas | |||||||||||
Acquisition and integration expenses [Line Items] | |||||||||||
Acquisition, integration and restructuring expenses | 25,200 | 75,500 | 18,000 | ||||||||
Europe | |||||||||||
Acquisition and integration expenses [Line Items] | |||||||||||
Acquisition, integration and restructuring expenses | 57,700 | 56,200 | 11,000 | ||||||||
TS | |||||||||||
Acquisition and integration expenses [Line Items] | |||||||||||
Acquisition, integration and restructuring expenses | 45,379 | 136,272 | 28,966 | ||||||||
TS | Restructuring Charges [Member] | |||||||||||
Acquisition and integration expenses [Line Items] | |||||||||||
Acquisition, integration and restructuring expenses | 19,846 | 35,070 | 0 | ||||||||
TS | IT Related Costs [Member] | |||||||||||
Acquisition and integration expenses [Line Items] | |||||||||||
Acquisition, integration and restructuring expenses | 13,222 | 18,260 | 0 | ||||||||
TS | Professional Services [Member] | |||||||||||
Acquisition and integration expenses [Line Items] | |||||||||||
Acquisition, integration and restructuring expenses | 5,967 | 42,588 | 14,338 | ||||||||
TS | Transaction Related Costs [Member] | |||||||||||
Acquisition and integration expenses [Line Items] | |||||||||||
Acquisition, integration and restructuring expenses | 1,728 | 20,167 | 12,083 | ||||||||
TS | Other Expense [Member] | |||||||||||
Acquisition and integration expenses [Line Items] | |||||||||||
Acquisition, integration and restructuring expenses | 4,616 | 20,187 | 2,545 | ||||||||
TS | Americas | Restructuring Charges [Member] | |||||||||||
Acquisition and integration expenses [Line Items] | |||||||||||
Acquisition, integration and restructuring expenses | 3,900 | 16,100 | |||||||||
TS | Europe | Restructuring Charges [Member] | |||||||||||
Acquisition and integration expenses [Line Items] | |||||||||||
Acquisition, integration and restructuring expenses | $ 15,900 | 19,000 | |||||||||
Acquisition-related Costs [Member] | TS | Transaction Related Costs [Member] | |||||||||||
Acquisition and integration expenses [Line Items] | |||||||||||
Acquisition, integration and restructuring expenses | $ 20,167 | $ 12,083 |
Acquisition, Integration and _4
Acquisition, Integration and Restructuring Expenses | TS Related Restructuring Activity (Details) - TS - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2019 | Jan. 31, 2018 | |
Employee Severance [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | $ 15,453 | $ 29,717 |
Payments for Restructuring | (22,622) | (16,830) |
Restructuring Reserve, Translation and Other Adjustment | (952) | 479 |
Restructuring Reserve | 5,245 | 13,366 |
Facility Closing [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 4,393 | 5,353 |
Payments for Restructuring | (2,008) | (3,928) |
Restructuring Reserve, Translation and Other Adjustment | (201) | 205 |
Restructuring Reserve | 3,814 | 1,630 |
Restructuring Charges [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 19,846 | 35,070 |
Payments for Restructuring | (24,630) | (20,758) |
Restructuring Reserve, Translation and Other Adjustment | (1,153) | 684 |
Restructuring Reserve | $ 9,059 | $ 14,996 |
Acquisition, Integration and _5
Acquisition, Integration and Restructuring Expenses | Global Business Optimization Program (Details) - Global Business Optimization Program [Member] $ in Thousands | 12 Months Ended |
Jan. 31, 2019USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges | $ 42,541 |
Europe | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges | 29,000 |
Americas | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges | 12,100 |
Asia Pacific [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges | 1,400 |
Minimum | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost | 70,000 |
Minimum | Europe | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost | 40,000 |
Minimum | Americas | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost | 30,000 |
Maximum | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost | 80,000 |
Maximum | Europe | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost | 45,000 |
Maximum | Americas | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost | 35,000 |
Employee Severance [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges | 26,427 |
Professional Services [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges | $ 16,114 |
Acquisition, Integration and _6
Acquisition, Integration and Restructuring Expenses | Global Business Optimization Restructuring Activity (Details) - Global Business Optimization Program [Member] $ in Thousands | 12 Months Ended |
Jan. 31, 2019USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges | $ 42,541 |
Employee Severance [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges | 26,427 |
Payments for Restructuring | (11,095) |
Restructuring Reserve, Translation and Other Adjustment | (534) |
Restructuring Reserve | 14,798 |
Professional Services [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges | 16,114 |
Payments for Restructuring | (15,357) |
Restructuring Reserve, Translation and Other Adjustment | (126) |
Restructuring Reserve | 631 |
Restructuring Charges [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges | 42,541 |
Payments for Restructuring | (26,452) |
Restructuring Reserve, Translation and Other Adjustment | (660) |
Restructuring Reserve | $ 15,429 |
Gain on Disposal of Subsidiar_2
Gain on Disposal of Subsidiary (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | Jul. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Consideration | $ 15,300 | |||
Translation Adjustment Functional to Reporting Currency, Gain (Loss), Reclassified to Earnings, Net of Tax | $ 5,100 | |||
Gain on disposal of subsidiary | 6,746 | $ 0 | $ 0 | |
Europe | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on disposal of subsidiary | $ 6,746 |
Debt (Components Of Debt) (Deta
Debt (Components Of Debt) (Details) - USD ($) $ in Thousands | Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 |
Debt Instrument | |||
Other Long-term Debt | $ 15,817 | $ 26,761 | |
Debt and capital lease obligations | 1,410,922 | 1,637,909 | |
Less-current maturities (included as Revolving credit loans and current portion of long-term debt, net) | (110,368) | (132,661) | |
Long-term debt | 1,300,554 | 1,505,248 | |
Senior Notes | |||
Debt Instrument | |||
Unamortized debt discount and debt issuance costs | (7,166) | (8,678) | |
Senior notes, net | 992,834 | 991,322 | |
Term Loan [Member] | |||
Debt Instrument | |||
Loans Payable | 300,000 | 500,000 | |
Other Committed And Uncommitted Revolving Credit Facilities | |||
Debt Instrument | |||
Revolving credit loan | 102,271 | 119,826 | |
3.70% Senior Notes | Senior Notes | |||
Debt Instrument | |||
Debt Instrument, Face Amount | 500,000 | 500,000 | $ 500,000 |
4.95% Senior Notes | Senior Notes | |||
Debt Instrument | |||
Debt Instrument, Face Amount | $ 500,000 | $ 500,000 | $ 500,000 |
Debt (Senior Notes) (Narrative)
Debt (Senior Notes) (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2017 | Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | Feb. 27, 2017 | |
Debt Instrument | |||||
Payments of Debt Issuance Costs | $ 0 | $ 6,348 | $ 21,581 | ||
Senior Notes | 4.95% Senior Notes | |||||
Debt Instrument | |||||
Debt Instrument, Redemption Price, Discounted Scheduled Payments, Discount Rate, Basis Spread on Variable Rate | 0.40% | ||||
Debt Instrument, Maturity Date | Feb. 15, 2027 | ||||
Debt Instrument, Face Amount | $ 500,000 | $ 500,000 | 500,000 | $ 500,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.95% | 4.95% | |||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||
Senior Notes | 3.70% Senior Notes | |||||
Debt Instrument | |||||
Debt Instrument, Redemption Price, Discounted Scheduled Payments, Discount Rate, Basis Spread on Variable Rate | 0.30% | ||||
Debt Instrument, Maturity Date | Feb. 15, 2022 | ||||
Debt Instrument, Face Amount | $ 500,000 | $ 500,000 | $ 500,000 | $ 500,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | 3.70% | |||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||
Term loan credit agreement | |||||
Debt Instrument | |||||
Debt Instrument, Face Amount | $ 1,000,000 | ||||
Term loan credit agreement | 3 year maturity | |||||
Debt Instrument | |||||
Debt Instrument, Face Amount | $ 250,000 |
Debt (Other Facilities) (Narrat
Debt (Other Facilities) (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Feb. 27, 2017 | |
Line of Credit Facility | |||
Accounts Receivable, Net, Current | $ 6,241,740,000 | $ 6,035,716,000 | |
Standby Letters Of Credit | $ 30,300,000 | ||
Other Committed And Uncommitted Revolving Credit Facilities | |||
Line of Credit Facility | |||
Debt, Weighted Average Interest Rate | 8.05% | 6.07% | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 399,500,000 | ||
Line of Credit, Current | 102,300,000 | $ 119,800,000 | |
Receivables Securitization Program | |||
Line of Credit Facility | |||
Line of Credit, Amount Outstanding | 0 | 0 | |
Line of Credit Facility, Maximum Borrowing Capacity | 750,000,000 | ||
Accounts Receivable, Net, Current | 1,700,000,000 | 1,500,000,000 | |
Term loan credit agreement | |||
Line of Credit Facility | |||
Debt Instrument, Face Amount | $ 1,000,000,000 | ||
Credit Agreement | |||
Line of Credit Facility | |||
Line of Credit Facility, Maximum Borrowing Capacity | 1,250,000,000 | ||
Long-term Line of Credit | 0 | 0 | |
3 year maturity | Term loan credit agreement | |||
Line of Credit Facility | |||
Debt Instrument, Face Amount | 250,000,000 | ||
5 year maturity | Term loan credit agreement | |||
Line of Credit Facility | |||
Debt Instrument, Face Amount | $ 750,000,000 | ||
Repayments of Debt | 200,000,000 | 250,000,000 | |
Loans Payable, Noncurrent | $ 300,000,000 | $ 500,000,000 | |
Debt, Weighted Average Interest Rate | 3.99% | 3.07% |
Debt (Schedule Of Future Paymen
Debt (Schedule Of Future Payments Of Debt) (Details) $ in Millions | Jan. 31, 2019USD ($) |
Debt Disclosure [Abstract] | |
2020 | $ 110.4 |
2021 | 6.7 |
2022 | 0.9 |
2023 | 800.1 |
2024 | 0 |
Thereafter | 500 |
Total principal payments | $ 1,418.1 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Income Tax Contingency | |||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ 6,000,000 | $ (1,200,000) | |
Undistributed Earnings of Foreign Subsidiaries | 0 | ||
Other Selling, General and Administrative Expense_Indemnification | 9,600,000 | ||
Reversal of valuation allowance | (37,800,000) | (33,900,000) | |
Foreign net operating loss carryforwards | 504,200,000 | 576,800,000 | |
Unrecognized tax benefits that, if recognized, would impact the effective tax rate | 23,100,000 | 38,100,000 | $ 12,500,000 |
Tax Adjustments, Settlements, and Unusual Provisions | (6,500,000) | ||
Unrecognized tax benefits that have a reasonable possibility of significantly decreasing within the 12 months | 3,700,000 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 50,434,000 | 0 | |
TS | |||
Income Tax Contingency | |||
Tax Adjustments, Settlements, and Unusual Provisions | $ 9,600,000 | $ 6,500,000 |
Income Taxes (Schedule Of Signi
Income Taxes (Schedule Of Significant Components Of The Provision For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Current: | |||
Federal | $ (9,564) | $ 131,107 | $ 37,724 |
State | 5,846 | 6,515 | 4,030 |
Foreign | 48,905 | 49,082 | 30,914 |
Total current | 45,187 | 186,704 | 72,668 |
Deferred: | |||
Federal | (3,272) | (1,129) | (8,380) |
State | 64 | 363 | (799) |
Foreign | (9,274) | (3,495) | (1,823) |
Total deferred | (12,482) | (4,261) | (11,002) |
Provision for income taxes | $ 32,705 | $ 182,443 | $ 61,666 |
Income Taxes (Schedule Of Effec
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Jan. 31, 2019 | Oct. 31, 2018 | Jan. 31, 2018 | Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
USTaxActImpactOnUSFederalTaxRate_TaxExpense [Line Items] | ||||||
USTaxActImpactOnUSFederalTaxRate | $ 95.4 | $ 95.4 | ||||
USTaxActImpactOnUSFederalTaxRate_TaxExpense | $ 25.2 | $ 24 | $ (49.2) | 101.1 | ||
USTaxActImpactOnUSFederalTaxRate_TaxBenefit | $ 5.7 | |||||
U.S. statutory rate | 21.00% | 33.80% | 35.00% | |||
State income taxes, net of federal benefit | 2.20% | 1.10% | 0.80% | |||
Net changes in deferred tax valuation allowances | (0.90%) | 1.20% | (3.40%) | |||
Tax on foreign earnings different than U.S. rate | (0.60%) | (5.80%) | (9.90%) | |||
Impact of Avnet Settlement Agreement | (4.00%) | 0.00% | 0.00% | |||
Nondeductible Indemnities | 0.80% | 0.40% | 0.00% | |||
Nondeductible goodwill | 2.90% | 0.00% | 0.00% | |||
Reversal of previously accrued income tax reserves | (2.00%) | (0.70%) | 0.50% | |||
Interest not subject to tax, net | (0.60%) | (1.30%) | 2.10% | |||
Effect of company-owned life insurance | 0.10% | (1.00%) | (0.70%) | |||
Global Intangible Low-Taxed Income | 1.00% | 0.00% | 0.00% | |||
U.S. Tax Reform transition tax | (13.20%) | 33.80% | 0.00% | |||
U.S. Tax Reform impact of rate change on deferred taxes | 0.00% | (1.90%) | 0.00% | |||
Other, net | 2.10% | 1.40% | (0.40%) | |||
Effective tax rate | 8.80% | 61.00% | 24.00% | |||
Tax Year 2018 [Member] | ||||||
USTaxActImpactOnUSFederalTaxRate_TaxExpense [Line Items] | ||||||
U.S. statutory rate | 21.00% | |||||
Tax Year 2017 [Member] | ||||||
USTaxActImpactOnUSFederalTaxRate_TaxExpense [Line Items] | ||||||
U.S. statutory rate | 35.00% |
Income Taxes (Schedule Of Compo
Income Taxes (Schedule Of Components Of Pretax Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 208,643 | $ 115,041 | $ 92,067 |
Foreign | 164,642 | 184,043 | 164,694 |
Income before income taxes | $ 373,285 | $ 299,084 | $ 256,761 |
Income Taxes (Schedule Of Sig_2
Income Taxes (Schedule Of Significant Components Of Deferred Tax Liabilities And Assets) (Details) - USD ($) $ in Thousands | Jan. 31, 2019 | Jan. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Depreciation and amortization | $ 96,739 | $ 106,560 |
Capitalized marketing program costs | 7,101 | 6,104 |
Goodwill | 24,867 | 16,496 |
Deferred Tax Liabilities, Deferred Costs Currently Deductible | 7,212 | 7,558 |
Other, net | 12,059 | 12,540 |
Total deferred tax liabilities | 147,978 | 149,258 |
Accrued liabilities | 59,549 | 54,970 |
Foreign tax credit carryforwards | 50,434 | 0 |
Loss carryforwards | 112,962 | 127,881 |
Amortizable goodwill | 12,118 | 1,377 |
Depreciation and amortization | 11,873 | 13,997 |
Disallowed interest expense | 13,676 | 11,057 |
Acquisition and transaction related costs | 3,570 | 3,823 |
Other, net | 13,478 | 14,527 |
Deferred tax assets, gross, total | 277,660 | 227,632 |
Less: valuation allowances | (118,536) | (80,714) |
Total deferred tax assets | 159,124 | 146,918 |
Net deferred tax asset | $ 11,146 | |
Deferred Tax Liabilities, Net | $ 2,340 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of The Total Amount Of Gross Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Income Tax Contingency | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 23,100 | $ 38,100 | $ 12,500 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns | |||
Gross unrecognized tax benefits at beginning of period | 72,252 | 18,305 | 12,989 |
Increases in tax positions for prior years | 4,671 | 66,180 | 5,443 |
Decreases in tax positions for prior years | (13,787) | (3,727) | (118) |
Increases in tax positions for current year | 0 | 164 | 1,022 |
Expiration of statutes of limitation | (25,840) | (6,924) | (292) |
Settlements | (5,355) | (3,515) | (370) |
Increase due to translation of foreign currencies | 1,769 | ||
Decrease due to translation of foreign currencies | (6,104) | (369) | |
Gross unrecognized tax benefits at end of period | $ 25,837 | $ 72,252 | $ 18,305 |
Income Taxes U.S. Tax Reform (D
Income Taxes U.S. Tax Reform (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Jan. 31, 2019 | Oct. 31, 2018 | Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Statutory Accounting Practices [Line Items] | |||||
US Tax Act Impact - Transition Tax | $ (25.2) | $ (24) | $ 49.2 | $ (101.1) | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 33.80% | 35.00% | ||
Tax Year 2017 [Member] | |||||
Statutory Accounting Practices [Line Items] | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ||||
Tax Year 2018 [Member] | |||||
Statutory Accounting Practices [Line Items] | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Employee Benefit Plans | Narrat
Employee Benefit Plans | Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,000,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,000,000 | ||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Contractual Terms | 10 years | ||
Share-based Compensation | $ 31,513 | $ 29,381 | $ 13,947 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 7,400 | 9,600 | 4,600 |
Employee Service Share-based Compensation, Tax Benefit from Exercise of Stock Options | $ 5,400 | $ 5,900 | $ 4,800 |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Employee Benefit Plans | Restri
Employee Benefit Plans | Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 21.1 | $ 12.7 | $ 11.4 |
Weighted-average grant date fair value, Nonvested at January 31 | $ 83.25 | ||
Weighted-average grant date fair value, Granted | $ 85.50 | $ 92.08 | $ 78.42 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 22.9 | ||
Weighted-average grant date fair value, Vested | $ 78.87 | ||
Weighted-average grant date fair value, Canceled | 86.10 | ||
Weighted-average grant date fair value, Nonvested at January 31 | $ 85.71 | $ 83.25 | |
Nonvested at January 31 | 700,532 | ||
Granted | 280,352 | 454,480 | 222,095 |
Vested | 267,591 | ||
Canceled | 64,171 | ||
Nonvested at January 31 | 649,122 | 700,532 | |
Restricted Stock or Unit Expense | $ 25.4 | $ 25.8 | $ 13.3 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 7 months | ||
Restricted Stock Units (RSUs) [Member] | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||
Restricted Stock Units (RSUs) [Member] | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Employee Benefit Plans | Perfor
Employee Benefit Plans | Performance based restricted stock units (Details) - Performance Shares [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 10.6 | ||
Nonvested at January 31 | 170,685 | ||
PRSU Granted | 153,719 | 159,148 | 18,563 |
PRSU Canceled | 31,188 | ||
Nonvested at January 31 | 293,216 | 170,685 | |
Restricted Stock or Unit Expense | $ 5.8 | $ 3.3 | $ 0.4 |
PRSU Weighted-average grant date fair value, non-vested at January 31 | $ 89.67 | ||
PRSU Weighted-average grant date fair value, Granted | 82.13 | ||
PRSU Weighted average grant date fair value, Canceled | 88.50 | ||
PRSU Weighted-average grant date fair value, non-vested at January 31 | $ 85.84 | $ 89.67 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 8 months | ||
PRSU Weighted-average grant date fair value, Granted | $ 90.95 | $ 78.42 |
Employee Benefit Plans | Employ
Employee Benefit Plans | Employee Stock Purchase Plans (Details) - Employee Stock Purchase Plan [Member] | 12 Months Ended |
Jan. 31, 2019USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common Stock Shares Authorized Employee Stock Purchase Plan | 1,000,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Rate, Purchase Price as Percentage of Market Price | 85.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Annual Fair Market Value Per Employee | $ | $ 25,000 |
Employee Stock Purchase Plans, Aggregate Shares Issued | 556,612 |
Employee Stock Purchase Plan, Holding Period For Shares Purchased | 1 year |
Employee Benefit Plans | Retire
Employee Benefit Plans | Retirement Savings Plan (Details) - Retirement Savings Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred Compensation Arrangement With Individual, Employer Matching Contribution, Percentage | 50.00% | ||
Deferred Compensation Arrangement With Individual Maximum Employer Matching Of Participant Deferrals, Percentage | 6.00% | ||
Deferred Compensation Arrangement with Individual, Requisite Service Period | 4 years | ||
Deferred Compensation Arrangement with Individual, Contributions by Employer | $ 6.7 | $ 6.4 | $ 3.1 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Oct. 02, 2018 | |
Equity, Class of Treasury Stock | |||
Stock Repurchased During Period, Shares | 1,429,154 | 0 | |
Stock Repurchase Program, Authorized Amount | $ 100 | $ 200 | |
Stock Repurchased During Period, Value | 107 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 93 | ||
Stock Issued During Period, Shares, Treasury Stock Reissued | 2,785,402 |
Shareholders' Equity (Company's
Shareholders' Equity (Company's Common Share Repurchase And Issuance Activity) (Details) - $ / shares | 12 Months Ended | |
Jan. 31, 2019 | Jan. 31, 2018 | |
Increase (Decrease) in Treasury Stock | ||
Treasury stock, beginning balance, Shares | 21,083,972 | 24,018,983 |
Stock Repurchased During Period, Shares | 1,429,154 | 0 |
Shares of treasury stock reissued for equity incentive plans | (207,662) | (149,609) |
Shares of treasury stock reissued for acquisition of TS | (2,785,402) | |
Treasury stock, ending balance, Shares | 22,305,464 | 21,083,972 |
Treasury Stock Acquired, Average Cost Per Share | $ 74.89 | |
Treasury stock, beginning balance, Weighted-average price per share | 44.59 | $ 44.59 |
Treasury stock, ending balance, Weighted-average price per share | $ 46.53 | $ 44.59 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Jan. 31, 2019 | Jan. 31, 2018 |
Senior Notes | ||
Liabilities, Fair Value Disclosure | ||
Debt, fair value disclosures | $ 988,000 | $ 1,020,000 |
Senior Notes | 992,834 | 991,322 |
Level 2 | Fair Value, Measurements, Recurring | ||
Assets, Fair Value Disclosure | ||
Foreign currency forward contracts | 3,830 | 5,025 |
Liabilities, Fair Value Disclosure | ||
Foreign currency forward contracts | $ 6,641 | $ 11,675 |
Fair Value Measurements (Deferr
Fair Value Measurements (Deferred Compensation Plan) (Details) - USD ($) $ in Millions | Jan. 31, 2019 | Jan. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Life insurance investments | $ 39.2 | $ 44.8 |
Deferred compensation plan liabilities | $ 39.1 | $ 44.7 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Net foreign currency loss (gain) | $ 27.1 | $ 32.7 | $ 4.3 |
Notional amount of derivative financial instruments outstanding | $ 1,500 | $ 1,000 | $ 600 |
Average maturities of derivatives, days | 25 days | 31 days | 29 days |
Commitments And Contingencies_2
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Loss Contingencies | |||
Value added tax assessments | $ 0 | $ 1,652 | $ 1,049 |
Europe | Spain | |||
Loss Contingencies | |||
Value added tax payable | 10,700 | ||
Europe | Spain | Value added tax assessment | |||
Loss Contingencies | |||
Loss Contingency Accrual, Period Decrease (Increase) | (1,200) | (1,500) | |
Europe | Spain | Interest Expense | |||
Loss Contingencies | |||
Loss Contingency Accrual, Period Decrease (Increase) | 900 | (900) | (1,100) |
Europe | Spain | Accrued expenses and other liabilities | |||
Loss Contingencies | |||
Loss Contingency Accrual, Period Decrease (Increase) | (2,100) | (2,600) | |
Americas | Brazil | Accrued expenses and other liabilities | |||
Loss Contingencies | |||
CIDE tax | 20,400 | ||
Operating Leases | |||
Loss Contingencies | |||
Rental expense for operating leases | $ 87,200 | $ 83,600 | $ 53,000 |
Commitments And Contingencies_3
Commitments And Contingencies (Schedule Of Future Minimum Lease Payments) (Details) $ in Thousands | Jan. 31, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2020 | $ 66,469 |
2021 | 58,435 |
2022 | 38,808 |
2023 | 28,587 |
2024 | 21,962 |
Thereafter | 37,400 |
Total payments | $ 251,661 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |||||||||||
Segment Reporting Information | |||||||||||||||||||||
Revenues | $ 10,464,501 | $ 9,340,029 | $ 8,886,101 | $ 8,548,319 | $ 10,033,397 | $ 8,448,471 | $ 8,092,353 | $ 7,023,620 | $ 37,238,950 | $ 33,597,841 | $ 24,193,697 | ||||||||||
Stock-based compensation expense | (31,513) | (29,381) | (13,947) | ||||||||||||||||||
Operating income (loss): | 166,053 | [1],[2] | 146,888 | [1],[3],[4] | 110,365 | [1],[3] | 70,496 | [1],[3] | 151,903 | [5] | 79,567 | [5] | 103,531 | [5],[6] | 75,078 | [5],[6] | 493,802 | 410,079 | 291,902 | ||
Depreciation and amortization: | 158,997 | 150,046 | 54,437 | ||||||||||||||||||
Capital expenditures: | 61,414 | 231,937 | 39,335 | ||||||||||||||||||
Identifiable assets: | 12,986,552 | 12,920,359 | 12,986,552 | 12,920,359 | |||||||||||||||||
Long-lived assets: | 274,917 | 279,091 | 274,917 | 279,091 | |||||||||||||||||
Goodwill & acquisition-related intangible assets, net: | 1,719,629 | 1,914,500 | 1,719,629 | 1,914,500 | |||||||||||||||||
Business Combination, Acquisition Related Costs | 21,100 | 20,300 | 13,300 | 33,200 | 34,300 | $ 29,700 | 30,100 | 42,100 | 87,920 | 136,272 | 28,966 | ||||||||||
Allowance for Doubtful Accounts Receivable | 25,000 | ||||||||||||||||||||
Legal settlements and other, net | $ (7,200) | $ (5,200) | $ (3,000) | $ (28,700) | $ (12,700) | (15,406) | (41,343) | (4,142) | |||||||||||||
Value added tax assessments | 0 | 1,652 | 1,049 | ||||||||||||||||||
Gain on disposal of subsidiary | 6,746 | 0 | 0 | ||||||||||||||||||
Goodwill Impairment | 47,434 | 47,434 | 0 | 0 | |||||||||||||||||
Americas | |||||||||||||||||||||
Segment Reporting Information | |||||||||||||||||||||
Revenues | [7] | 16,041,103 | 14,419,221 | 9,525,513 | |||||||||||||||||
Operating income (loss): | [8],[9] | 366,637 | 248,350 | 144,246 | |||||||||||||||||
Depreciation and amortization: | $ 93,612 | $ 84,265 | $ 18,844 | ||||||||||||||||||
U.S. Sales as Percentage of Total Americas Sales | 90.00% | 89.00% | 90.00% | ||||||||||||||||||
Capital expenditures: | $ 37,141 | $ 207,399 | $ 19,275 | ||||||||||||||||||
Identifiable assets: | 5,402,316 | 5,014,409 | 5,402,316 | 5,014,409 | |||||||||||||||||
Long-lived assets: | 217,863 | 214,922 | 217,863 | 214,922 | |||||||||||||||||
Goodwill & acquisition-related intangible assets, net: | $ 1,083,699 | $ 1,139,273 | $ 1,083,699 | $ 1,139,273 | |||||||||||||||||
Long-lived Assets, as Percentage of Total Assets | 96.00% | 97.00% | 96.00% | 97.00% | |||||||||||||||||
Business Combination, Acquisition Related Costs | $ 25,200 | $ 75,500 | 18,000 | ||||||||||||||||||
Allowance for Doubtful Accounts Receivable | 25,000 | ||||||||||||||||||||
Legal settlements and other, net | (15,400) | (42,600) | (4,100) | ||||||||||||||||||
Goodwill Impairment | 0 | ||||||||||||||||||||
Europe | |||||||||||||||||||||
Segment Reporting Information | |||||||||||||||||||||
Revenues | 20,026,057 | 18,147,917 | 14,668,184 | ||||||||||||||||||
Operating income (loss): | [10] | 195,375 | 173,611 | 161,603 | |||||||||||||||||
Depreciation and amortization: | 56,533 | 57,794 | 35,593 | ||||||||||||||||||
Capital expenditures: | 20,818 | 21,471 | 20,060 | ||||||||||||||||||
Identifiable assets: | $ 6,970,822 | $ 7,336,974 | 6,970,822 | 7,336,974 | |||||||||||||||||
Long-lived assets: | 52,162 | 57,781 | 52,162 | 57,781 | |||||||||||||||||
Goodwill & acquisition-related intangible assets, net: | 575,776 | 645,134 | 575,776 | 645,134 | |||||||||||||||||
Business Combination, Acquisition Related Costs | 57,700 | 56,200 | 11,000 | ||||||||||||||||||
Gain on disposal of subsidiary | 6,746 | ||||||||||||||||||||
Goodwill Impairment | 0 | ||||||||||||||||||||
Asia Pacific [Member] | |||||||||||||||||||||
Segment Reporting Information | |||||||||||||||||||||
Revenues | 1,171,790 | 1,030,703 | 0 | ||||||||||||||||||
Operating income (loss): | (36,697) | [11] | 17,499 | 0 | |||||||||||||||||
Depreciation and amortization: | 8,852 | 7,987 | 0 | ||||||||||||||||||
Capital expenditures: | 3,455 | 3,067 | $ 0 | ||||||||||||||||||
Identifiable assets: | 613,414 | 568,976 | 613,414 | 568,976 | |||||||||||||||||
Long-lived assets: | 4,892 | 6,388 | 4,892 | 6,388 | |||||||||||||||||
Goodwill & acquisition-related intangible assets, net: | 60,154 | $ 130,093 | 60,154 | $ 130,093 | |||||||||||||||||
Goodwill Impairment | $ 47,434 | $ 47,434 | |||||||||||||||||||
[1] | During the first, second, third and fourth quarters of fiscal 2019, the Company recorded $33.2 million, $13.3 million, $20.3 million and $21.1 million of acquisition, integration and restructuring expenses, respectively (see Note 6 – Acquisition, Integration and Restructuring Expenses for further discussion). | ||||||||||||||||||||
[2] | During the fourth quarter of fiscal 2019, the Company recorded goodwill impairment expense of $47.4 million (see Note 4 – Goodwill and Intangible Assets for further discussion). | ||||||||||||||||||||
[3] | During the first, second and third quarters of fiscal 2019, the Company recorded a gain of $3.0 million, $5.2 million and $7.2 million, respectively, in legal settlements and other, net (see Note 1 - Business and Summary of Significant Accounting Policies for further discussion). | ||||||||||||||||||||
[4] | During the third quarter of fiscal 2019, the Company included a $25 million benefit in operating income related to the collection of an accounts receivable balance previously considered uncollectible. | ||||||||||||||||||||
[5] | During the first, second, third and fourth quarters of fiscal 2018, the Company recorded $42.1 million, $30.1 million, $29.7 million and $34.3 million of acquisition, integration and restructuring expenses, respectively. | ||||||||||||||||||||
[6] | During the first and second quarters of fiscal 2018, the Company recorded a gain of $12.7 million and $28.7 million, respectively, in legal settlements and other, net. | ||||||||||||||||||||
[7] | Net sales in the U.S. represented 90%, 89% and 90% of the total Americas' net sales for the fiscal years ended January 31, 2019, 2018 and 2017, respectively. Total long-lived assets in the U.S. represented 96% and 97% of the Americas' total long-lived assets at January 31, 2019 and 2018, respectively. | ||||||||||||||||||||
[8] | Operating income in the Americas for the fiscal years ended January 31, 2019, 2018 and 2017 includes a gain recorded in legal settlements and other, net, of $15.4 million, $42.6 million and $4.1 million, respectively (see Note 1 – Business and Summary of Significant Accounting Policies for further discussion). | ||||||||||||||||||||
[9] | Operating income in the Americas for the fiscal years ended January 31, 2019, 2018 and 2017 includes acquisition, integration and restructuring expenses of $25.2 million, $75.5 million and $18.0 million, respectively (see Note 6 – Acquisition, Integration and Restructuring Expenses for further discussion). Operating income in the Americas for the fiscal year ended January 31, 2019 includes a benefit of approximately $25 million related to the collection of an accounts receivable balance previously considered uncollectible. | ||||||||||||||||||||
[10] | Operating income in Europe for the fiscal years ended January 31, 2019, 2018 and 2017 includes acquisition, integration and restructuring expenses of $57.7 million, $56.2 million and $11.0 million, respectively. | ||||||||||||||||||||
[11] | Operating income in Asia-Pacific for the fiscal year ended January 31, 2019 includes goodwill impairment expense of $47.4 million (see Note 4 – Goodwill and Intangible Assets for further discussion). |
Interim Financial Information_3
Interim Financial Information (Unaudited) (Condensed Income Statement) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |||||||||||
Condensed Financial Statements, Captions | |||||||||||||||||||||
Revenues | $ 10,464,501 | $ 9,340,029 | $ 8,886,101 | $ 8,548,319 | $ 10,033,397 | $ 8,448,471 | $ 8,092,353 | $ 7,023,620 | $ 37,238,950 | $ 33,597,841 | $ 24,193,697 | ||||||||||
Gross profit | 649,148 | 556,604 | 527,030 | 523,117 | 616,861 | 526,081 | 515,591 | 457,088 | 2,255,899 | 2,115,621 | 1,301,927 | ||||||||||
Operating income | 166,053 | [1],[2] | 146,888 | [1],[3],[4] | 110,365 | [1],[3] | 70,496 | [1],[3] | 151,903 | [5] | 79,567 | [5] | 103,531 | [5],[6] | 75,078 | [5],[6] | 493,802 | 410,079 | 291,902 | ||
Net income | 116,799 | [7] | 114,216 | [7] | 75,866 | 33,699 | 1,260 | [8] | 37,268 | 47,459 | 30,654 | 340,580 | 116,641 | 195,095 | |||||||
Gain (Loss) Related to Litigation Settlement | 7,200 | 5,200 | 3,000 | 28,700 | 12,700 | 15,406 | 41,343 | 4,142 | |||||||||||||
Acquisition, integration and restructuring expenses | $ 21,100 | $ 20,300 | $ 13,300 | $ 33,200 | 34,300 | $ 29,700 | $ 30,100 | $ 42,100 | $ 87,920 | 136,272 | $ 28,966 | ||||||||||
USTaxActImpactOnUSFederalTaxRate | $ 95,400 | $ 95,400 | |||||||||||||||||||
Earnings per share: | |||||||||||||||||||||
Basic | $ 3.13 | $ 2.98 | $ 1.97 | $ 0.88 | $ 0.03 | $ 0.98 | $ 1.24 | $ 0.82 | $ 8.94 | $ 3.07 | $ 5.54 | ||||||||||
Diluted | $ 3.11 | $ 2.96 | $ 1.97 | $ 0.87 | $ 0.03 | $ 0.97 | $ 1.24 | $ 0.82 | $ 8.89 | $ 3.05 | $ 5.51 | ||||||||||
Reversal of valuation allowance | $ 37,800 | $ 33,900 | |||||||||||||||||||
US Tax Act Impact - Transition Tax | $ 25,200 | $ 24,000 | (49,200) | 101,100 | |||||||||||||||||
Allowance for Doubtful Accounts Receivable, Recoveries | $ 25,000 | ||||||||||||||||||||
Goodwill Impairment | 47,434 | 47,434 | 0 | $ 0 | |||||||||||||||||
Asia Pacific [Member] | |||||||||||||||||||||
Condensed Financial Statements, Captions | |||||||||||||||||||||
Revenues | 1,171,790 | 1,030,703 | 0 | ||||||||||||||||||
Operating income | (36,697) | [9] | 17,499 | 0 | |||||||||||||||||
Earnings per share: | |||||||||||||||||||||
Goodwill Impairment | $ 47,434 | 47,434 | |||||||||||||||||||
Europe | |||||||||||||||||||||
Condensed Financial Statements, Captions | |||||||||||||||||||||
Revenues | 20,026,057 | 18,147,917 | 14,668,184 | ||||||||||||||||||
Operating income | [10] | 195,375 | 173,611 | 161,603 | |||||||||||||||||
Acquisition, integration and restructuring expenses | 57,700 | $ 56,200 | $ 11,000 | ||||||||||||||||||
Earnings per share: | |||||||||||||||||||||
Goodwill Impairment | $ 0 | ||||||||||||||||||||
[1] | During the first, second, third and fourth quarters of fiscal 2019, the Company recorded $33.2 million, $13.3 million, $20.3 million and $21.1 million of acquisition, integration and restructuring expenses, respectively (see Note 6 – Acquisition, Integration and Restructuring Expenses for further discussion). | ||||||||||||||||||||
[2] | During the fourth quarter of fiscal 2019, the Company recorded goodwill impairment expense of $47.4 million (see Note 4 – Goodwill and Intangible Assets for further discussion). | ||||||||||||||||||||
[3] | During the first, second and third quarters of fiscal 2019, the Company recorded a gain of $3.0 million, $5.2 million and $7.2 million, respectively, in legal settlements and other, net (see Note 1 - Business and Summary of Significant Accounting Policies for further discussion). | ||||||||||||||||||||
[4] | During the third quarter of fiscal 2019, the Company included a $25 million benefit in operating income related to the collection of an accounts receivable balance previously considered uncollectible. | ||||||||||||||||||||
[5] | During the first, second, third and fourth quarters of fiscal 2018, the Company recorded $42.1 million, $30.1 million, $29.7 million and $34.3 million of acquisition, integration and restructuring expenses, respectively. | ||||||||||||||||||||
[6] | During the first and second quarters of fiscal 2018, the Company recorded a gain of $12.7 million and $28.7 million, respectively, in legal settlements and other, net. | ||||||||||||||||||||
[7] | The Company decreased its estimate of the one-time transition tax related to the enactment of U.S. Tax Reform by $24.0 million and $25.2 million, respectively, in the third and fourth quarters of fiscal 2019 (see Note 9 – Income Taxes for further discussion). | ||||||||||||||||||||
[8] | The Company recorded income tax expenses of $95.4 million in the fourth quarter of fiscal 2018 related to the impact of the enactment of U.S. Tax Reform. | ||||||||||||||||||||
[9] | Operating income in Asia-Pacific for the fiscal year ended January 31, 2019 includes goodwill impairment expense of $47.4 million (see Note 4 – Goodwill and Intangible Assets for further discussion). | ||||||||||||||||||||
[10] | Operating income in Europe for the fiscal years ended January 31, 2019, 2018 and 2017 includes acquisition, integration and restructuring expenses of $57.7 million, $56.2 million and $11.0 million, respectively. |
Interim Financial Information_4
Interim Financial Information (Unaudited) Schedule of Interim Impact of New Accounting Standard (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenues | $ 10,464,501 | $ 9,340,029 | $ 8,886,101 | $ 8,548,319 | $ 10,033,397 | $ 8,448,471 | $ 8,092,353 | $ 7,023,620 | $ 37,238,950 | $ 33,597,841 | $ 24,193,697 |
Cost of Goods and Services Sold | 9,416,536 | 7,922,390 | 7,576,762 | 6,566,532 | $ 34,983,051 | 31,482,220 | 22,891,770 | ||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenues | 11,092,529 | 9,135,728 | 8,882,691 | 7,664,063 | 36,775,011 | 26,234,876 | |||||
Cost of Goods and Services Sold | $ 10,475,668 | $ 8,609,647 | $ 8,367,100 | $ 7,206,975 | $ 34,659,390 | $ 24,932,949 |
Schedule II Valuation And Qua_2
Schedule II Valuation And Qualifying Accounts (Details) - Allowance for Doubtful Accounts Receivable [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | ||
Movement in Valuation Allowances and Reserves | ||||
Balance at beginning of period | $ 83,772 | $ 33,656 | $ 41,101 | |
Charged to cost and expenses | 9,903 | 19,788 | 4,680 | |
Deductions | (24,247) | (28,531) | (16,596) | |
Other | [1] | 3,842 | 58,859 | 4,471 |
Balance at end of period | $ 73,270 | $ 83,772 | $ 33,656 | |
[1] | “Other” primarily includes recoveries, acquisitions and dispositions and the effect of fluctuations in foreign currencies. |