XML 36 R30.htm IDEA: XBRL DOCUMENT v2.4.0.8
Restatement of Consolidated Financial Statements (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Jul. 31, 2013
Jul. 31, 2012
Jul. 31, 2013
Jul. 31, 2012
Jul. 31, 2012
As Previously Reported
Jul. 31, 2012
As Previously Reported
Jul. 31, 2012
Adjustments
Jul. 31, 2012
Adjustments
Jul. 31, 2012
Vendor Accounting Errors
Adjustments
Jul. 31, 2012
Vendor Accounting Errors
Adjustments
Jul. 31, 2012
Improper Deferral of Foreign Currency Exchange Losses [Member]
Adjustments
Jul. 31, 2012
Investment Income
Adjustments
Jul. 31, 2012
Investment Income
Adjustments
Jul. 31, 2012
Europe
Vendor Accounting Errors
Adjustments
subsidiary
Jan. 31, 2014
Minimum
Subsequent Event
Jan. 31, 2014
Maximum
Subsequent Event
Restatement-related expenses $ 10,963 $ 0 [1] $ 13,986 $ 0 [1]                     $ 54,000 $ 56,000
Consolidated Statement of Income [Abstract]                                
Net sales 6,327,476 5,968,419 [1] 12,475,233 11,878,482 [1] 5,961,500 11,857,061 6,919 [2] 21,421 [2]                
Cost of products sold 6,011,636 5,665,826 [1] 11,836,979 11,252,481 [1] 5,660,256 11,235,600 5,570 [2] 16,881 [2]                
Gross profit 315,840 302,593 [1] 638,254 626,001 [1] 301,244 621,461 1,349 [3] 4,540 [4] 2,300 5,900 (200)     (600)    
Selling, general and administrative expenses 275,018 242,282 [1] 558,378 483,232 [1] 241,988 481,312 294 1,920 [5]         500      
Operating income 29,859 60,311 [1] 65,890 142,769 [1] 59,256 140,149 1,055 2,620                
Interest expense 6,219 3,422 [1] 13,317 6,491 [1] 3,422 6,491 0 0                
Other expense (income), net 654 1,812 [1] (1,510) 2,047 [1] 1,178 2,522 634 [6] (475) [7]       600 500      
Income before income taxes 22,986 55,077 [1] 54,083 134,231 [1] 54,656 131,136 421 3,095                
Provision for income taxes 8,291 16,550 [1] 21,628 39,692 [1] 16,370 39,324 180 [8] 368 [9]                
Consolidated net income 14,695 38,527 [1] 32,455 94,539 [1] 38,286 91,812 241 2,727                
Net income attributable to noncontrolling interest 0 (3,828) [1] 0 (5,662) [1] (3,828) (5,662) 0 0                
Net income attributable to shareholders of Tech Data Corporation 14,695 34,699 [1] 32,455 88,877 [1] 34,458 86,150 241 2,727                
Net income per share attributable to shareholders of Tech Data Corporation                                
Basic (in USD per share) $ 0.39 $ 0.89 [1] $ 0.85 $ 2.22 [1] $ 0.89 $ 2.15 $ 0.00 $ 0.07                
Diluted (in USD per share) $ 0.38 $ 0.89 [1] $ 0.85 $ 2.20 [1] $ 0.88 $ 2.14 $ 0.01 $ 0.06                
Number of subsidiaries                           2    
Statement of Other Comprehensive Income [Abstract]                                
Foreign currency translation adjustment (1,956) (111,143) [1] (49,565) (83,972) [1] (111,257) (83,261) 114 (711)                
Total comprehensive income (loss) 12,739 (72,616) [1] (17,110) 10,567 [1] (72,971) 8,551 355 2,016                
Comprehensive income attributable to noncontrolling interest 0 (1,758) [1] 0 (3,942) [1] (1,758) (3,942) 0 0                
Comprehensive income (loss) attributable to shareholders of Tech Data Corporation 12,739 (74,374) [1] (17,110) 6,625 [1] (74,729) 4,609 355 2,016                
Cash flows from operating activities:                                
Cash received from customers     13,484,962 12,609,784   12,030,773   579,011                
Cash paid to vendors and employees     (13,042,982) (12,555,920)   (11,956,158)   (599,762)                
Interest paid, net     (11,731) (5,516)   (5,516)   0                
Income taxes paid     (37,989) (65,004)   (65,004)   0                
Net cash provided by (used in) operating activities     392,260 (16,656)   4,095   (20,751)                
Cash flows from investing activities:                                
Acquisition of businesses, net of cash acquired     8,044 (8,782)   (8,782)   0                
Expenditures for property and equipment     (7,115) (8,422)   (6,758)   (1,664)                
Software and software development costs     (7,819) (14,844)   (13,570)   (1,274)                
Net cash used in investing activities     (8,409) (32,048)   (29,110)   (2,938)                
Cash flows from financing activities:                                
Proceeds from the reissuance of treasury stock     1,139 3,037   3,037   0                
Cash paid for purchase of treasury stock     0 (180,781)   (180,781)   0                
Return of capital to joint venture partner     0 (9,074)   (9,074)   0                
Net repayments on revolving credit loans     (125,676) (9,764)   (9,764)   0                
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities     261 247   247   0                
Excess tax benefit from stock-based compensation     894 4,915   4,915   0                
Net cash used in financing activities     (130,087) (191,914)   (191,914)   0                
Effect of exchange rate changes on cash and cash equivalents     (7,488) (10,242)   (10,616)   374                
Cash and Cash Equivalents, Period Increase (Decrease)     246,276 (250,860)   (227,545)   (23,315)                
Cash and cash equivalents at beginning of year     340,564 486,262   505,178   (18,916)                
Cash and cash equivalents at end of period 586,840 235,402 586,840 235,402 277,633 277,633 (42,231) (42,231)                
Reconciliation of net income to net cash provided by operating activities:                                
Depreciation and amortization 18,108 13,193 36,075 26,590   26,590   0                
Provision for losses on accounts receivable     7,070 5,330   5,241   89                
Stock-based compensation expense 2,227 3,666 5,318 6,607   6,682   (75)                
Accretion of debt discount on Senior Notes     132 0   0   0                
Excess tax benefits from stock-based compensation     (894) (4,915)   (4,915)   0                
Changes in operating assets and liabilities:                                
Accounts receivable     357,085 138,323   180,171   (41,848)                
Inventories     177,381 (59,422)   (59,537)   115                
Prepaid expenses and other assets     130,485 (4,584)   (5,552)   968                
Accounts payable     (287,967) (105,328)   (117,813)   12,485                
Accrued expenses and other liabilities     (64,880) (113,796)   (118,584)   4,788                
Total adjustments     $ 359,805 $ (111,195)   $ (87,717)   $ (23,478)                
[1] See Note 2 - Restatement of Consolidated Financial Statements.
[2] Net sales and cost of products sold adjustments primarily reflect the impact of sales cutoff errors that were not appropriately recorded based on the delivery terms.
[3] Gross profit adjustments primarily reflect the impact of both vendor accounting errors in the Company's primary operating subsidiary in the UK and two other European subsidiaries of $2.3 million, and the reversal of an improper deferral of net foreign currency exchange losses in a European subsidiary of $0.2 million, partially offset by various other immaterial errors
[4] Gross profit adjustments primarily reflect the impact of both vendor accounting errors in the Company's primary operating subsidiary in the UK and two other European subsidiaries of $5.9 million, and the reversal of an improper deferral of net foreign currency exchange losses in a European subsidiary of $0.6 million, partially offset by various other immaterial errors.
[5] Selling, general and administrative expenses include an adjustment to reclassify investment income of $0.5 million related to the Company’s deferred compensation plan assets from selling, general and administrative expenses where it was recorded as a reduction of the corresponding payroll expense related to the plan to other expense (income), net and various other adjustments to correct immaterial errors.
[6] Other expense (income), net has been adjusted to reclassify investment losses of $0.6 million related to the Company’s deferredcompensation plan assets from selling, general and administrative expenses where it was recorded as a reduction of the corresponding payroll expense related to the plan.
[7] Other expense (income), net has been adjusted to reclassify investment income of $0.5 million related to the Company’s deferred compensation plan assets from selling, general and administrative expenses where it was recorded as a reduction of the corresponding payroll expense related to the plan.
[8] The provision for income taxes has been adjusted primarily to increase the tax expense as a result of the increase in profit resulting from the restatement adjustments described herein.
[9] The provision for income taxes has been adjusted primarily to increase tax expense as a result of the increase in profit resulting from the restatement adjustments described herein.