10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended October 31, 2013

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from             to             .

Commission File Number 0-14625

TECH DATA CORPORATION

(Exact name of Registrant as specified in its charter)

Florida	No. 59-1578329
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)
5350 Tech Data Drive Clearwater, Florida	33760
(Address of principal executive offices)	(Zip Code)

(Registrant’s Telephone Number, including Area Code): (727) 539-7429

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes ¨    No   x

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes x    No    

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “accelerated filer”, “large accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	x	Accelerated Filer	¨
Non-accelerated Filer	¨	Smaller Reporting Company Filer	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes  ¨No  x

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.

Class	Outstanding at February 10, 2014
Common stock, par value $.0015 per share	38,061,955

1

TECH DATA CORPORATION AND SUBSIDIARIES

Form 10-Q for the Three and Nine Months Ended October 31, 2013

INDEX

		PAGE
	Explanatory Note	3
PART I.	FINANCIAL INFORMATION
ITEM 1.	Financial Statements	4
	Consolidated Balance Sheet	4
	Consolidated Statement of Income	5
	Consolidated Statement of Comprehensive Income	6
	Consolidated Statement of Cash Flows	7
	Notes to Consolidated Financial Statements	8
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
ITEM 3.	Quantitative and Qualitative Disclosures about Market Risk	38
ITEM 4.	Controls and Procedures	39
PART II.	OTHER INFORMATION	40
ITEM 1.	Legal Proceedings	40
ITEM 1A.	Risk Factors	40
ITEM 2	Unregistered Sales of Equity Securities and Use of Proceeds	40
ITEM 3.	Defaults Upon Senior Securities	41
ITEM 4.	Mine Safety Disclosures	41
ITEM 5.	Other Information	41
ITEM 6.	Exhibits	42
SIGNATURES		43
EXHIBITS
CERTIFICATIONS

2

EXPLANATORY NOTE

Restatement of Consolidated Financial Statements

The filing of this Quarterly Report on Form 10-Q of Tech Data Corporation (“Tech Data,” “we,” “our,” “us,” or the “Company”) for the three and nine months ended October 31, 2013 was delayed pending the completion of an internal investigation of certain of the Company’s accounting practices. Concurrently, the Company engaged significant internal and external resources to perform supplemental procedures to assist in reviewing its financial statements and accounting practices (the "Supplemental Procedures"). The internal investigation and Supplemental Procedures have now been completed.

In this Quarterly Report on Form 10-Q, we present for comparison restated consolidated financial statements for the three and nine months ended October 31, 2012 (the “Restated Period”). Investors should review the Annual Report on Form 10-K for the fiscal year ended January 31, 2013, which was filed on February 5, 2014, and should not rely on any other previously filed reports, earnings releases or similar communications relating to the Restated Period. We have not amended any previously filed reports.

For a description of the restatement, see Note 2 of Notes to Consolidated Financial Statements. For more information regarding the restatement and its effects, refer to Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our Annual Report on Form 10-K for the fiscal year ended January 31, 2013.

For a description of material weaknesses in internal control over financial reporting identified by management and management's plan to remediate the material weaknesses, see Item 4, "Controls and Procedures" and Part II, Item 9A, "Controls and Procedures" of our Annual Report on Form 10-K for the fiscal year ended January 31, 2013.

3

PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements

TECH DATA CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(In thousands, except par value and share amounts)

	October 31,			January 31,
	2013			2013
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	471,025		$	340,564
Accounts receivable, less allowances of $60,372 and $58,284	3,104,581			3,215,920
Inventories	2,262,179			2,254,510
Prepaid expenses and other assets	212,189			334,431
Total current assets	6,049,974			6,145,425
Property and equipment, net	78,358			84,395
Other assets, net	576,253			601,140
Total assets	$	6,704,585		$	6,830,960
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	3,614,749		$	3,657,251
Accrued expenses and other liabilities	587,255			620,167
Revolving credit loans and current maturities of long-term debt, net	46,154			167,522
Total current liabilities	4,248,158			4,444,940
Long-term debt, less current maturities	354,235			354,458
Other long-term liabilities	108,780			113,193
Total liabilities	4,711,173			4,912,591
Commitments and contingencies (Note 11)
Shareholders’ equity:
Common stock, par value $.0015; 200,000,000 shares authorized; 59,239,085 shares issued at October 31, 2013 and January 31, 2013	89			89
Additional paid-in capital	673,059			680,715
Treasury stock, at cost (21,183,730 and 21,436,566 shares at October 31, 2013 and January 31, 2013)	(895,215		)	(905,900		)
Retained earnings	1,883,529			1,813,358
Accumulated other comprehensive income	331,950			330,107
Total shareholders' equity	1,993,412			1,918,369
Total liabilities and shareholders' equity	$	6,704,585		$	6,830,960

The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.

4

TECH DATA CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF INCOME

(In thousands, except per share amounts)

(Unaudited)

	Three months ended  October 31,						Nine months ended  October 31,
	2013			2012			2013			2012
				(As restated) (1)						(As restated) (1)
Net sales	$	6,373,564		$	6,037,475		$	18,848,797		$	17,915,957
Cost of products sold	6,047,488			5,731,396			17,884,467			16,983,877
Gross profit	326,076			306,079			964,330			932,080
Operating expenses:
Selling, general and administrative expenses	270,131			242,484			828,509			725,716
Restatement expenses and LCD settlements, net (Note 1)	(7,935		)	0			6,051			0
	262,196			242,484			834,560			725,716
Operating income	63,880			63,595			129,770			206,364
Interest expense	6,134			4,359			19,451			10,850
Other (income) expense, net	(410		)	1,070			(1,920		)	3,117
Income before income taxes	58,156			58,166			112,239			192,397
Provision for income taxes	20,440			14,106			42,068			53,798
Consolidated net income	37,716			44,060			70,171			138,599
Net income attributable to noncontrolling interest	0			(1,123		)	0			(6,785		)
Net income attributable to shareholders of Tech Data Corporation	$	37,716		$	42,937		$	70,171		$	131,814
Net income per share attributable to shareholders of Tech Data Corporation
Basic	$	0.99		$	1.14		$	1.85		$	3.36
Diluted	$	0.99		$	1.13		$	1.84		$	3.33
Weighted average common shares outstanding:
Basic	38,060			37,765			38,004			39,234
Diluted	38,228			38,025			38,206			39,546

(1) See Note 2 - Restatement of Consolidated Financial Statements.

The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.

5

TECH DATA CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(In thousands)

(Unaudited)

	Three months ended October 31,					Nine months ended October 31,
	2013		2012			2013		2012
			(As restated) (1)					(As restated) (1)
Consolidated net income	$	37,716	$	44,060		$	70,171	$	138,599
Other comprehensive income (loss):
Foreign currency translation adjustment	51,408		80,936			1,843		(3,036		)
Total comprehensive income	89,124		124,996			72,014		135,563
Comprehensive income attributable to noncontrolling interest	0		(1,795		)	0		(5,736		)
Comprehensive income attributable to shareholders of Tech Data Corporation	$	89,124	$	123,201		$	72,014	$	129,827

(1) See Note 2 - Restatement of Consolidated Financial Statements.

The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.

6

TECH DATA CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS

(In thousands)

(Unaudited)

	Nine months ended October 31,
	2013			2012
				(As restated) (1)
Cash flows from operating activities:
Cash received from customers	$	19,980,970		$	18,885,398
Cash paid to vendors and employees	(19,640,516		)	(18,783,465		)
Interest paid, net	(20,252		)	(8,238		)
Income taxes paid	(54,229		)	(75,629		)
Net cash provided by operating activities	265,973			18,066
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired	8,044			(8,782		)
Acquisition of trademark	(1,519		)	0
Expenditures for property and equipment	(10,405		)	(12,500		)
Software and software development costs	(10,532		)	(19,371		)
Net cash used in investing activities	(14,412		)	(40,653		)
Cash flows from financing activities:
Proceeds from the reissuance of treasury stock	1,139			3,172
Cash paid for purchase of treasury stock	0			(180,781		)
Repayments on long-term loans from joint venture partner	0			(49,549		)
Acquisition of noncontrolling interest in joint venture	0			(117,220		)
Return of capital to joint venture partner	0			(9,074		)
Acquisition earn-out payment	(6,183		)	0
Proceeds from issuance of Senior Notes, net of expense	0			345,810
Net (repayments) borrowings on revolving credit loans	(120,602		)	17,412
Principal payments on long-term debt	(398		)	(372		)
Excess tax benefit from stock-based compensation	907			5,015
Net cash (used in) provided by financing activities	(125,137		)	14,413
Effect of exchange rate changes on cash and cash equivalents	4,037			(4,702		)
Net increase (decrease) in cash and cash equivalents	130,461			(12,876		)
Cash and cash equivalents at beginning of year	340,564			486,262
Cash and cash equivalents at end of period	$	471,025		$	473,386
Reconciliation of net income to net cash provided by operating activities:
Net income attributable to shareholders of Tech Data Corporation	$	70,171		$	131,814
Net income attributable to noncontrolling interest	0			6,785
Consolidated net income	70,171			138,599
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	54,438			40,114
Provision for losses on accounts receivable	9,748			9,456
Stock-based compensation expense	6,949			10,152
Accretion of debt discount on Senior Notes	198			22
Excess tax benefits from stock-based compensation	(907		)	(5,015		)
Changes in operating assets and liabilities:
Accounts receivable	85,503			55,343
Inventories	(13,240		)	(165,048		)
Prepaid expenses and other assets	103,881			9,916
Accounts payable	(29,968		)	16,734
Accrued expenses and other liabilities	(20,800		)	(92,207		)
Total adjustments	195,802			(120,533		)
Net cash provided by operating activities	$	265,973		$	18,066

(1) See Note 2 - Restatement of Consolidated Financial Statements.

The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.

7

TECH DATA CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1 — BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Description of Business

Tech Data Corporation (“Tech Data” or the “Company”) is one of the world’s largest wholesale distributors of technology products.The Company serves as an indispensable link in the technology supply chain by bringing products from the world’s leading technology vendors to market, as well as providing customers with advanced logistics capabilities and value-added services. Tech Data’s customers include value-added resellers, direct marketers, retailers and corporate resellers who support the diverse technology needs of end users. The Company is managed in two geographic segments: the Americas (including North America and South America) and Europe.

Principles of Consolidation

The consolidated financial statements include the accounts of Tech Data and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Noncontrolling interest is recognized for the portion of a consolidated joint venture not owned by the Company. The noncontrolling interest of the consolidated joint venture was purchased by the Company during the third quarter of fiscal 2013. The Company operates on a fiscal year that ends on January 31.

Basis of Presentation

The consolidated financial statements have been prepared by the Company, without audit, pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). The Company prepares its financial statements in conformity with generally accepted accounting principles in the United States (“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. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the consolidated financial position of the Company as of October 31, 2013, its consolidated statements of income and comprehensive income for the three and nine months ended October 31, 2013 and 2012, and its consolidated cash flows for the nine months ended October 31, 2013 and 2012.

Accounts Receivable Purchase Agreements

The Company has uncommitted accounts receivable purchase agreements under which certain accounts receivable may be sold, without recourse, to third-party financial institutions. Under these programs, we may sell certain accounts receivable in exchange for cash less a discount, as defined in the agreements. Available capacity under these programs, which we use 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 we continue to service, administer and collect the sold accounts receivable. As of October 31, 2013 and January 31, 2013, the Company had a total of $190.4 million and $284.7 million, respectively, of accounts receivable sold to and held by financial institutions under these agreements. During the third quarters of fiscal 2014 and 2013, discount fees recorded under these facilities were $0.6 million and $0.8 million, respectively, and during the first nine months of fiscal 2014 and 2013, discount fees recorded under these facilities were $2.0 million and $1.7 million, respectively. These discount fees are included as a component of "other (income) expense, net" in the Company's Consolidated Statement of Income.

Seasonality

The Company’s quarterly operating results have fluctuated significantly in the past and will likely continue to do so in the future as a result of currency fluctuations and seasonal variations in the demand for the products and services offered. Narrow operating margins may magnify the impact of these factors on the Company's operating results. Recent historical seasonal variations have included an increase in European demand during the Company’s fiscal fourth quarter and decreased demand in other fiscal quarters, particularly quarters that include summer months. Given that more than one half of the Company’s revenues are derived from Europe, the worldwide results closely follow the seasonality trends in Europe. Additionally, the life cycles of major products, as well as the impact of future acquisitions and dispositions, may also materially impact the Company’s business, financial condition, or consolidated results of operations. Therefore, the results of operations for the three and nine months ended October 31, 2013 and 2012 are not necessarily indicative of the results that can be expected for the entire fiscal year ended January 31, 2014.

8

Restatement expenses and LCD settlements, net

Restatement expenses primarily include legal and accounting fees associated with the investigation, as well as third party consulting fees to support the Supplemental Procedures (as defined herein) and other activities in connection with the restatement discussed further in Note 2 - Restatement of Consolidated Financial Statements. During the third quarter and first nine months of fiscal 2014, the Company has incurred approximately $15.0 million and $29.0 million of restatement expenses, respectively, which are recorded in "restatement expenses and LCD settlements, net" in the Consolidated Statement of Income. The Company will incur a total of approximately $54 million to $56 million of restatement expenses during the entire fiscal year ended January 31, 2014.

Additionally, the Company has been a claimant in proceedings seeking damages from certain manufacturers of LCD flat panel displays. During the third quarter of fiscal 2014, the Company reached settlement agreements with certain manufacturers in the amount of $22.9 million, net of all attorney fees and expenses, which is recorded in "restatement expenses and LCD settlements, net" in the Consolidated Statement of Income for the third quarter and first nine months of fiscal 2014. During the fourth quarter of fiscal 2014, the Company reached a settlement agreement with an additional manufacturer in the amount of approximately $12.6 million, net of estimated attorney fees and expenses. As this settlement agreement represents a subsequent event in relation to a gain contingency, the amount will be recorded as a reduction of operating expenses in the fourth quarter of fiscal 2014.

Recently Adopted Accounting Standards

In July 2012, the FASB issued a new accounting standard which allows an entity to first assess qualitative factors to determine whether it is necessary to perform a quantitative impairment test for indefinite-lived intangible assets. The accounting standard states that an entity would not be required to calculate the fair value of an indefinite-lived intangible asset unless the entity determines, based on a qualitative assessment, that the indefinite-lived intangible asset is impaired. This standard was effective for the Company beginning February 1, 2013. As the Company currently has no material indefinite-lived intangible assets, other than goodwill, this standard had no impact on the Company's consolidated financial position, income, comprehensive income and cash flows.

In February 2013, the FASB issued an accounting standard which requires an entity to provide additional information regarding the amounts reclassified out of accumulated other comprehensive income by component, the income statement line item to which the reclassification was made and if applicable, cross-referenced to related footnote disclosures. The accounting standard was effective for the Company beginning with the quarter ending April 30, 2013. As the requirements of this standard are disclosure only, there was no impact on the Company's consolidated financial position, income, comprehensive income or cash flows.

Recently Issued Accounting Standards

In March 2013, the FASB issued an accounting standard which clarifies the accounting for the derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. The guidance also requires the accounting for a business combination achieved in stages involving a foreign entity to be treated as a single event. The accounting standard is effective for the Company beginning with the quarter ending April 30, 2014 and is to be applied prospectively to derecognition events occurring after the effective date. Early adoption is also permitted. If an entity elects to early adopt the accounting standard, it is to be adopted as of the beginning of the entity's fiscal year of adoption. The Company will apply the provisions of this accounting standard to all transactions described above prospectively from the date of adoption.

In March 2013, the FASB also issued an accounting standard which requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of the guidance is fixed at the reporting date as the sum of: i) the amount the reporting entity agreed to pay on the basis of its arrangements among its co-obligors and ii) any additional amount the reporting entity expects to pay on behalf of its co-obligors. The guidance also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. The accounting standard is effective for the Company beginning with the quarter ending April 30, 2014 and is to be applied retrospectively for all periods presented. Early adoption is also permitted. The Company does not anticipate that the adoption of this guidance will have a material impact on its consolidated financial position, income, comprehensive income or cash flows.

In July 2013, the FASB issued an accounting standard which requires presentation of certain unrecognized tax benefits as reductions to deferred tax assets rather than as liabilities when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The accounting standard is effective for the Company beginning with the quarter ending April 30, 2014 and is to be applied prospectively. The Company currently follows the guidance and this update will have no impact on its financial statement disclosures.

9

NOTE 2 — RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS

On March 21, 2013, the Company announced that it would restate previously issued quarterly and audited annual financial statements to correct accounting improprieties involving vendor accounting within the Company's primary operating subsidiary in the UK. The Company further stated that financial statements as of and for the fiscal years ended 2011, 2012, and 2013 and each of the fiscal quarters in 2011, 2012 and 2013 should no longer be relied upon. Thereafter, the Audit Committee initiated an independent investigation by outside counsel, to review certain of the Company’s accounting practices throughout Europe. Concurrently, the Company engaged significant internal and external resources to perform supplemental procedures to assist in reviewing its financial statements and accounting practices (the "Supplemental Procedures"). The Audit Committee has completed its investigation and has identified certain accounting irregularities in the UK subsidiary and certain other European subsidiaries. As disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended January, 31, 2013, filed with the SEC on February 5, 2014, the Company has restated its financial statements as of January 31, 2012, for the fiscal years ended January 31, 2011 and 2012 and as of and for the fiscal 2013 quarters ended April 30, 2012, July 31, 2012 and October 31, 2012.

The restatement reflects two primary categories of adjustments:

• Adjustments relating to the inadequate control environment identified within the Company’s primary operating subsidiary in the UK and two other European subsidiaries. These adjustments are necessary primarily to correct errors arising as a result of the following:

• Improper accounting for transactions with the Company’s product suppliers (also referred to as “vendor accounting”), including the recognition of vendor incentives, product discounts/price variances, promotions and other vendor credits. These errors primarily affected inventory, accounts payable and cost of goods sold.

• Improper manual journal entries and the override of key balance sheet reconciliation controls by local management. These errors affected multiple accounts within the Company’s balance sheet and income statement.

• Improper recognition of net foreign currency exchange losses, which resulted in an overstatement of cost of goods sold during fiscal 2013. Multiple accounts on the balance sheet were affected during this period.

• Improper accounting for accounts receivable, including improper cash application and recording of value added taxes. These errors primarily affected accounts receivable, accrued expenses and net sales.

• Improper cutoff of certain inventory transactions at period end, which resulted in a net understatement of inventory and understatement of accounts payable or cost of goods sold.

• Improper cutoff of certain cash receipts at period end, which resulted in an overstatement of cash and understatement of accounts receivable.

• Adjustments identified within subsidiaries in addition to the UK subsidiary and two other European subsidiaries noted above, including the following:

• Adjustments for errors primarily related to the timing of recognition and classification of various vendor accounting transactions.

• Certain adjustments previously identified and considered immaterial, including:

• Reclassification of gains (losses) on investments related to the Company’s nonqualified deferred compensation plan, which had no impact on previously reported pre-tax or net income. This reclassification impacted selling, general and administrative expenses and other (income) expense, net.

• Adjustments to accounts receivable, inventory, sales and cost of goods sold to record the impact of estimated sales returns for which the Company had previously only recorded the net impact on gross profit.

• Other immaterial adjustments to correct errors in sales or inventory cutoff and accrued expenses. These adjustments primarily affected accounts receivable, inventory, accrued expenses, and the Consolidated Statement of Income.

Income taxes, retained earnings and other comprehensive income have been adjusted primarily to consider the net impacts of the adjustments discussed above.

The following tables present the impact of the restatement on the Company’s previously issued consolidated financial statements.

10

Consolidated Statement of Income
	Three months ended October 31, 2012
	As Previously Reported			Adjustments				As Restated
	(In thousands, except per share amounts)
Net sales	$	6,040,556		$	(3,081	)		$	6,037,475
Cost of products sold	5,732,295			(899		)		5,731,396
Gross profit	308,261			(2,182		)	(1)	306,079
Selling, general and administrative expenses	238,715			3,769			(2)	242,484
Operating income	69,546			(5,951		)		63,595
Interest expense	4,359			0				4,359
Other expense (income), net	2,044			(974		)	(3)	1,070
Income before income taxes	63,143			(4,977		)		58,166
Provision for income taxes	16,122			(2,016		)	(4)	14,106
Consolidated net income	47,021			(2,961		)		44,060
Net income attributable to noncontrolling interest	(1,123		)	0				(1,123		)
Net income attributable to shareholders of Tech Data Corporation	$	45,898		$	(2,961	)		$	42,937
Net income per share attributable to shareholders of Tech Data Corporation:
Basic	$	1.22		$	(0.08	)		$	1.14
Diluted	$	1.21		$	(0.08	)		$	1.13

(1) Gross profit adjustments primarily reflect the impact of vendor accounting errors of $3.5 million, partially offset by various other immaterial errors.

(2) Selling, general and administrative expenses adjustments primarily reflect the impact of errors in the Company's primary operating subsidiary in the UK and two other European subsidiaries of $2.9 million and an adjustment to reclassify investment income of $0.9 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.

(3) Other expense (income), primarily includes an adjustment to reclassify investment income of $0.9 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.

(4) The provision for income taxes has been adjusted primarily to decrease tax expense as a result of the decrease in profit resulting from the restatement adjustments described herein.

11

	Nine months ended October 31, 2012
	As Previously Reported			Adjustments				As Restated
	(In thousands, except per share amounts)
Net sales	$	17,897,617		$	18,340		(1)	$	17,915,957
Cost of products sold	16,967,895			15,982			(1)	16,983,877
Gross profit	929,722			2,358			(2)	932,080
Selling, general and administrative expenses	720,027			5,689			(3)	725,716
Operating income	209,695			(3,331		)		206,364
Interest expense	10,850			0				10,850
Other expense (income), net	4,566			(1,449		)	(4)	3,117
Income before income taxes	194,279			(1,882		)		192,397
Provision for income taxes	55,446			(1,648		)	(5)	53,798
Consolidated net income	138,833			(234		)		138,599
Net income attributable to noncontrolling interest	(6,785		)	0				(6,785		)
Net income attributable to shareholders of Tech Data Corporation	$	132,048		$	(234	)		$	131,814
Net income per share attributable to shareholders of Tech Data Corporation:
Basic	$	3.37		$	(0.01	)		$	3.36
Diluted	$	3.34		$	(0.01	)		$	3.33

(1) 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.

(2) Gross profit adjustments primarily reflect the impact of vendor accounting errors in the Company's primary operating subsidiary in the UK and two other European subsidiaries of $4.8 million, partially offset by various other immaterial errors.

(3) Selling, general and administrative expenses adjustments primarily reflect the impact of errors in the Company's primary operating subsidiary in the UK and two other European subsidiaries of $3.1 million, an adjustment to reclassify investment income of $1.4 million related to the Company’s deferred compensation plan assets from selling, general and administrative expenses where it was recorded as a reduction of the corresponding payroll expense related to the plan to other expense (income), net and various other adjustments to correct immaterial errors.

(4) Other expense (income), primarily includes an adjustment to reclassify investment income of $1.4 million related to the Company’s deferred compensation plan assets from selling, general and administrative expenses where it was recorded as a reduction of the corresponding payroll expense related to the plan.

(5) The provision for income taxes has been adjusted primarily to reduce tax expense as a result of the reduction in profit resulting from the restatement adjustments described herein.

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Consolidated Statement of Comprehensive Income
	Three months ended October 31, 2012
	As Previously Reported			Adjustments			As Restated
	(In thousands)
Consolidated net income	$	47,021		$	(2,961	)	$	44,060
Other comprehensive income:
Foreign currency translation adjustment	81,127			(191		)	80,936
Total comprehensive income	128,148			(3,152		)	124,996
Comprehensive income attributable to noncontrolling interest	(1,795		)	0			(1,795		)
Comprehensive income attributable to shareholders of Tech Data Corporation	$	126,353		$	(3,152	)	$	123,201

	Nine months ended October 31, 2012
	As Previously Reported			Adjustments			As Restated
	(In thousands)
Consolidated net income	$	138,833		$	(234	)	$	138,599
Other comprehensive loss:
Foreign currency translation adjustment	(2,134		)	(902		)	(3,036		)
Total comprehensive income	136,699			(1,136		)	135,563
Comprehensive income attributable to noncontrolling interest	(5,736		)	0			(5,736		)
Comprehensive income attributable to shareholders of Tech Data Corporation	$	130,963		$	(1,136	)	$	129,827

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Consolidated Statement of Cash Flows
	Nine months ended October 31, 2012
	As Previously Reported			Adjustments			As Restated
	(In thousands)
Cash flows from operating activities:
Cash received from customers	$	17,996,786		$	888,612		$	18,885,398
Cash paid to vendors and employees	(17,875,711		)	(907,754		)	(18,783,465		)
Interest paid, net	(8,238		)	0			(8,238		)
Income taxes paid	(75,629		)	0			(75,629		)
Net cash provided by operating activities	37,208			(19,142		)	18,066
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired	(8,782		)	0			(8,782		)
Expenditures for property and equipment	(10,512		)	(1,988		)	(12,500		)
Software development costs	(18,097		)	(1,274		)	(19,371		)
Net cash used in investing activities	(37,391		)	(3,262		)	(40,653		)
Cash flows from financing activities:
Proceeds from the reissuance of treasury stock	3,172			0			3,172
Cash paid for purchase of treasury stock	(180,781		)	0			(180,781		)
Repayments on long-term loans from joint venture partner	(49,549		)	0			(49,549		)
Acquisition of noncontrolling interest in joint venture	(117,220		)	0			(117,220		)
Return of capital to joint venture partner	(9,074		)	0			(9,074		)
Proceeds from issuance of Senior Notes, net of expense	345,810			0			345,810
Net borrowings on revolving credit loans	17,412			0			17,412
Principal payments on long-term debt	(372		)	0			(372		)
Excess tax benefit from stock-based compensation	5,229			(214		)	5,015
Net cash provided by financing activities	14,627			(214		)	14,413
Effect of exchange rate changes on cash and cash equivalents	(3,834		)	(868		)	(4,702		)
Net increase (decrease) in cash and cash equivalents	10,610			(23,486		)	(12,876		)
Cash and cash equivalents at beginning of year	505,178			(18,916		)	486,262
Cash and cash equivalents at end of year	$	515,788		$	(42,402	)	$	473,386
Reconciliation of net income to net cash provided by operating activities:
Net income attributable to shareholders of Tech Data Corporation	$	132,048		$	(234	)	$	131,814
Net income attributable to noncontrolling interest	6,785			0			6,785
Consolidated net income	138,833			(234		)	138,599
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	40,114			0			40,114
Provision for losses on accounts receivable	9,346			110			9,456
Stock-based compensation expense	10,328			(176		)	10,152
Accretion of debt discount on Senior Notes	22			0			22
Excess tax benefit from stock-based compensation	(5,229		)	214			(5,015		)
Changes in operating assets and liabilities:
Accounts receivable	95,330			(39,987		)	55,343
Inventories	(218,175		)	53,127			(165,048		)
Prepaid expenses and other assets	15,817			(5,901		)	9,916
Accounts payable	53,352			(36,618		)	16,734
Accrued expenses and other liabilities	(102,530		)	10,323			(92,207		)
Total adjustments	(101,625		)	(18,908		)	(120,533		)
Net cash provided by operating activities	$	37,208		$	(19,142	)	$	18,066

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NOTE 3— EARNINGS PER SHARE (“EPS”)

The Company reports a dual presentation of basic and diluted EPS. Basic EPS is computed by dividing net income attributable to shareholders of Tech Data by the weighted average number of shares outstanding during the reported period. Diluted EPS reflects the potential dilution related to equity-based incentives (further discussed in Note 7—Stock-Based Compensation) using the treasury stock method. The composition of basic and diluted EPS is as follows:

	Three months ended October 31,				Nine months ended October 31,
	2013		2012		2013		2012
			(As restated)				(As restated)
Net income attributable to shareholders of Tech Data Corporation	$	37,716	$	42,937	$	70,171	$	131,814
Weighted-average common shares - basic	38,060		37,765		38,004		39,234
Effect of dilutive securities:
Equity-based awards	168		260		202		312
Weighted-average common shares - diluted	38,228		38,025		38,206		39,546
Net income per share attributable to shareholders of Tech Data Corporation
Basic	$	0.99	$	1.14	$	1.85	$	3.36
Diluted	$	0.99	$	1.13	$	1.84	$	3.33

At October 31, 2013 and 2012, there were 6,236 shares and 9,456 shares respectively, excluded from the computation of diluted earnings per share because their effect would have been antidilutive.

NOTE 4— ACQUISITIONS

Acquisition of SDG

On November 1, 2012, the Company acquired several distribution companies of Specialist Distribution Group, the distribution arm of Specialist Computer Holdings PLC (“SCH”), a privately-held IT services company headquartered in the United Kingdom, for a purchase price, which was finalized during the first quarter of fiscal 2014, of approximately $358 million. The acquired distribution companies were Specialist Distribution Group (SDG) Limited; ETC Metrologie SARL; Best’Ware France SA; ETC Africa SAS and SDG BV (collectively “SDG”). SDG is a leading distributor of value and broadline IT products in the UK, France and the Netherlands. Management believes the acquisition of SDG supports the Company’s diversification strategy by strengthening its European value and broadline IT offerings in key markets and expanding the Company’s vendor and customer portfolios, while leveraging the Company’s existing pan-European infrastructure. Simultaneously with the acquisition of SDG, the Company entered into a preferred supplier agreement whereby SCH, through its IT reseller business, will have annual purchase commitments through Tech Data for a period of five years, which the Company estimated would add incremental annual sales of approximately $500 million. In November 2013, the preferred supplier agreement was amended to extend the term of the agreement from five years to six years, expiring in January 2019. In connection with this amendment, while we expect the total sales during the extended term to be higher than originally forecast, we expect the incremental sales to be approximately $450 million to $475 million annually over six years versus the original forecast of $500 million annually over five years. SDG's results of operations are included in the Company's consolidated financial statements subsequent to the date of acquisition.

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The Company has accounted for the SDG acquisition as a business combination and allocated the purchase price to the estimated fair values of assets acquired and liabilities assumed (in thousands, translated using the foreign currency exchange rates on the date of acquisition):

Cash	$	65,000
Accounts receivable	260,800
Inventories	126,100
Tangible assets (includes property and equipment, deferred tax assets and other assets)	6,200
Goodwill	122,600
Identifiable intangible assets	134,300
Accounts payable	(265,200		)
Liabilities (includes accrued expenses, deferred tax liability and other liabilities)	(91,800		)
	$	358,000

The allocation of identifiable intangible assets is comprised of approximately $103.1 million related to customer and vendor relationship assets with an estimated useful life of ten years and approximately $31.2 million related to the preferred supplier agreement to be amortized over the five year life of the agreement. As discussed previously, in November 2013, the preferred supplier agreement was amended to extend the term of the agreement from five years to six years, expiring in January 2019.

The following table presents supplemental proforma information as if the SDG acquisition and the execution of the related preferred supplier agreement had both occurred at the beginning of fiscal 2012. The proforma results include business combination accounting effects from the acquisition including amortization of acquired intangible assets and interest expense associated with the issuance of our Senior Notes (as defined herein) due in September 2017 used to fund the acquisition. This proforma information does not reflect any impact from business synergies that may be achieved by the combined business, and is presented for comparative purposes only. It is not necessarily indicative of the results of operations that actually would have been achieved had the acquisition been consummated on the date indicated or that may result in the future:

	Three months ended October 31, 2012		Nine months ended October 31, 2012
	(In thousands, unaudited)
Net sales
As reported (1)	$	6,037,475	$	17,915,957
Proforma	$	6,576,227	$	19,632,912
Net income attributable to shareholders of Tech Data Corporation
As reported (1)	$	42,937	$	131,814
Proforma	$	46,625	$	141,191

(1) As restated

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NOTE 5 — DEBT

The carrying value of the Company's outstanding debt consists of the following:

	October 31, 2013			January 31, 2013
	(In thousands)
Senior Notes, interest at 3.75% payable semi-annually, due September 21, 2017	$	350,000		$	350,000
Less—unamortized debt discount	(1,039		)	(1,238		)
Senior Notes, net	348,961			348,762
Capital leases	5,841			6,243
Other committed and uncommitted revolving credit facilities, average interest rate of 6.13% and 2.09% at October 31, 2013 and January 31, 2013, respectively, expiring on various dates through fiscal 2017	45,587			166,975
	400,389			521,980
Less—current maturities (included as “Revolving credit loans and current maturities of long-term debt, net”)	(46,154		)	(167,522		)
Total Long-term debt	$	354,235		$	354,458

Senior Notes

In September 2012, the Company issued $350.0 million aggregate principal amount of 3.75% Senior Notes in a public offering, resulting in cash proceeds of approximately $345.8 million, net of debt discount and debt issuance costs of approximately $1.3 million and $2.9 million, respectively (the “Senior Notes”). The debt issuance costs incurred in connection with the public offering will be amortized over the life of the Senior Notes as additional interest expense using the effective interest method. The Company pays interest on the Senior Notes semi-annually in arrears on March 21 and September 21 of each year, beginning on March 21, 2013 and ending on the maturity date of September 21, 2017. The Company, at its option, may redeem the Senior Notes at any time in whole or from time to time in part, at a redemption price equal to the greater of (i) 100% of the principal amount of the Senior Notes to be redeemed or (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Senior Notes being redeemed, discounted at a rate equal to the sum of the applicable Treasury Rate plus 50 basis points, plus accrued and unpaid interest up to the date of redemption. The Senior Notes are senior, unsecured obligations of the Company and rank equally in right of payment with all of the Company’s other unsecured and unsubordinated indebtedness.

Other Credit Facilities

The Company has a $500.0 million revolving credit facility with a syndicate of banks (the “Credit Agreement”), which among other things, i) provides for a maturity date of September 27, 2016, ii) provides for an interest rate on borrowings, facility fees and letter of credit fees based on the Company’s non-credit enhanced senior unsecured debt rating as determined by Standard & Poor’s Rating Service and Moody’s Investor Service, and iii) may be increased to a maximum of $750.0 million, subject to certain conditions. The Credit Agreement includes various covenants, limitations and events of default customary for similar facilities for similarly rated borrowers, including a maximum debt to capitalization ratio and a minimum interest coverage ratio. The Company pays interest on advances under the Credit Agreement at the applicable LIBOR rate plus a predetermined margin that is based on the Company’s debt rating. There were no amounts outstanding under the Credit Agreement at October 31, 2013. There was $42.9 million outstanding under the Credit Agreement at January 31, 2013, at an interest rate of 1.65%.

The Company also has an agreement with a syndicate of banks (the “Receivables Securitization Program”) that allows the Company to transfer an undivided interest in a designated pool of U.S. accounts receivable, on an ongoing basis, to provide security or collateral for borrowings up to a maximum of $400.0 million. Under this program, the Company legally isolates certain U.S. trade receivables into a wholly-owned bankruptcy remote special purpose entity. Such receivables, which are recorded in the Consolidated Balance Sheet, totaled $806.6 million and $690.6 million at October 31 and January 31, 2013, respectively. As collections reduce accounts receivable balances included in the security or collateral pool, the Company may transfer interests in new receivables to bring the amount available to be borrowed up to the maximum. This program was renewed in October 2012 for a period of two years and interest is to be paid on advances under the Receivables Securitization Program at the applicable commercial paper or LIBOR rate plus an agreed-upon margin. There were no amounts outstanding under this program at October 31, 2013. There was $83.5 million outstanding under this program at January 31, 2013, at an interest rate of 1.02%.

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In addition to the facilities described above, the Company has various other committed and uncommitted lines of credit and overdraft facilities totaling approximately $454.6 million at October 31, 2013 to support its operations. Most of these facilities are provided on an unsecured, short-term basis and are reviewed periodically for renewal. There was $45.6 million outstanding on these facilities at October 31, 2013, at a weighted average interest rate of 6.13%, and $40.6 million outstanding on these facilities at January 31, 2013, at a weighted average interest rate of 4.76%.

In consideration of the financial covenants discussed below, the Company’s maximum borrowing availability on its credit facilities is approximately $815.3 million, of which $45.6 million was outstanding at October 31, 2013. Certain of the Company’s credit facilities contain limitations on the amounts of annual dividends and repurchases of common stock and require compliance with other obligations, warranties and covenants. The financial ratio covenants contained within these credit facilities include a debt to capitalization ratio and a minimum interest coverage ratio. The Company has entered into waiver agreements with respect to these and other obligations within certain of the Company's credit facilities, including the Credit Agreement and Receivables Securitization Program, in connection with the Company’s restatement as discussed in Note 2 - Restatement of Consolidated Financial Statements. Each of the waiver agreements relates primarily to representations that may have been incorrect when made, the Company’s potential failure to comply with specific covenants, including principally financial reporting covenants, as well as the potential defaults and events of default that may have arisen or could arise as a result of the foregoing. The ability to draw funds under certain credit facilities is dependent upon maintaining sufficient collateral (in the case of the Receivables Securitization Program) and meeting the aforementioned financial covenants, which may limit the Company’s ability to draw the full amount of these facilities.

At October 31, 2013, the Company had also issued standby letters of credit of $83.9 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.

NOTE 6 — INCOME TAXES

The Company's effective tax rate was 35.1% in the third quarter of fiscal 2014 and 24.3% in the third quarter of fiscal 2013. The Company's effective tax rate was 37.5% for the nine months of fiscal 2014 compared to 28.0% for the same period of the prior year. The increase in the effective rate for both the third quarter and first nine months of fiscal 2014 compared to the same periods of the prior year is primarily the result of the relative mix of earnings and losses within the tax jurisdictions in which the Company operates.

On an absolute dollar basis, the provision for income taxes increased 44.9% to $20.4 million for the third quarter of fiscal 2014 compared to $14.1 million in the same period of fiscal 2013 and decreased 21.8% to $42.1 million for the first nine months of fiscal 2014 compared to $53.8 million for the same period of the prior year. The provision for income taxes increased in the third quarter of fiscal 2014 as compared to the same period of the prior year primarily due to the Company’s higher effective tax rate in the period due to the relative mix of earnings and losses within the tax jurisdictions in which the Company operates. The provision for income taxes decreased in the first nine months of fiscal 2014 as compared to the same period of the prior year primarily due to the decrease in taxable earnings in certain countries in which the company operates.

The effective tax rate differed from the U.S. federal statutory rate of 35% during these periods primarily due to the relative mix of earnings or losses within the tax jurisdictions in which the Company operates such as: i) losses in tax jurisdictions where the Company is not able to record a tax benefit; ii) earnings in tax jurisdictions where the Company has previously recorded a valuation allowance on deferred tax assets; and iii) earnings in lower-tax jurisdictions for which no U.S. taxes have been provided because such earnings are planned to be reinvested indefinitely outside the United States.

The Company's future effective tax rates will continue to be affected by changes in the relative mix of taxable income and taxable loss jurisdictions, changes in the valuation of deferred tax assets or liabilities or changes in tax laws or interpretations thereof. The Company monitors the assumptions used in estimating the annual effective tax rate and makes adjustments, if required, throughout the year. If actual results differ from the assumptions used in estimating the Company's annual effective income tax rates, future income tax expense could be materially affected.

In addition, the Company's income tax returns are subject to continuous examination by the Internal Revenue Service and other tax authorities. The Company regularly assesses the likelihood of adverse outcomes from these examinations to determine the adequacy of the Company's provision for income taxes. To the extent the Company prevails in matters for which accruals have been established or is required to pay amounts in excess of such accruals, the effective tax rate could be materially affected.

NOTE 7 — STOCK-BASED COMPENSATION

For the nine months ended October 31, 2013 and 2012, the Company recorded $6.9 million and $10.2 million, respectively, of stock-based compensation expense, which is included in “selling, general and administrative expenses” in the Consolidated Statement of Income.

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At October, 31, 2013, the Company had awards outstanding from three equity-based compensation plans, only one of which is currently active. The active plan was approved by the Company’s shareholders in June 2009 and includes 4.0 million shares available for grant of which approximately 3.0 million shares remain available for future grant at October 31, 2013. Under the active plan, the Company is authorized to award officers, employees, and non-employee members of the Board of Directors restricted stock, options to purchase common stock, maximum value stock-settled stock appreciation rights (“MV Stock-settled SARs”), maximum value options (“MVOs”), and performance awards that are dependent upon achievement of specified performance goals. Equity-based compensation awards have a maximum term of 10 years, unless a shorter period is specified by the Compensation Committee of the Board of Directors ("Compensation Committee") or is required under local law. Awards under the plans are priced as determined by the Compensation Committee, and under the terms of the Company’s active equity-based compensation plan, are required to be priced at, or above, the fair market value of the Company’s common stock on the date of grant. Awards generally vest between one and four years from the date of grant.

A summary of the Company’s restricted stock activity for the nine months ended October 31, 2013 is as follows:

	Shares
Outstanding at January 31, 2013	606,767
Vested	(268,037	)
Canceled	(41,697	)
Outstanding at October 31, 2013	297,033

A summary of the activity of the Company’s MV Stock-settled SARs, MVOs and stock options for the nine months ended October 31, 2013 is as follows:

	Shares
Outstanding at January 31, 2013	502,225
Exercised	(169,246	)
Canceled	(3,191	)
Outstanding at October 31, 2013	329,788

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.

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NOTE 8 — SHAREHOLDERS’ EQUITY

The Company’s common share issuance activity for the nine months ended October 31, 2013 is summarized as follows:

	Shares		Weighted- average price per share
Treasury stock balance at January 31, 2013	21,436,566		$	42.26
Shares of treasury stock reissued	(252,836	)
Treasury stock balance at October 31, 2013	21,183,730		$	42.26

There were no common shares repurchased by the Company during the first nine months of fiscal 2014. The reissuance of shares from treasury stock is based on the weighted average purchase price of the shares.

NOTE 9 — 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:

	October 31, 2013					January 31, 2013
	Fair value measurement category					Fair value measurement category
	Level 1	Level 2		Level 3		Level 1	Level 2		Level 3
	(in thousands)
Assets
Foreign currency forward contracts		$	2,848				$	19,835
Liabilities
Foreign currency forward contracts		$	2,755				$	19,628
Acquisition-related contingent consideration				$	10,234				$	18,147

The Company's foreign currency forward contracts are measured on a recurring basis based on foreign currency spot rates and forward rates quoted by banks or foreign currency dealers (level 2 criteria) and are marked-to-market each period with gains and losses on these contracts recorded in the Company's Consolidated Statement of Income on a basis consistent with the classification of the change in the fair value of the underlying transactions giving rise to these foreign currency exchange gains and losses in the period in which their value changes, with the offsetting amount for unsettled positions being included in either other current assets or other current liabilities in the Consolidated Balance Sheet. See further discussion below in Note 10 – Derivative Instruments.r

The acquisition-related contingent consideration represents the future earnout payments related to the Company's acquisitions. The Company estimates the fair value of this Level 3 contingent consideration liability at each reporting date using a discounted cash flow analysis, which requires the evaluation of significant unobservable inputs that include projected revenues, expenses and cash flows, and assumed discount rates. During the first nine months of fiscal 2014, adjustments to the fair value of acquisition-related contingent consideration of $0.5 million were recorded as a component of "selling, general and administrative expenses" and $0.4 million were recorded to "other (income) expense, net" in the Company's Consolidated Statement of Income. Approximately $8.7 million of the acquisition-related contingent consideration was paid during the first quarter of fiscal 2014.

The Company utilizes life insurance policies to fund the Company’s nonqualified deferred compensation plan. The life insurance asset recorded by the Company is the amount that would be realized upon the assumed surrender of the policy. This amount is based on the underlying fair value of the invested assets contained within the life insurance policies. The gains and losses are recorded in the Company’s Consolidated Statement of Income within "other (income) expense, net". The related deferred compensation liability is also marked-to-market each period based upon the various investment return alternatives selected by the plan participants and the gains and losses are recorded in the Company’s Consolidated Statement of Income within "selling, general and administrative

20

expenses". The net realizable value of the Company's life insurance investments and related deferred compensation liability at October 31, 2013 was $38.4 million and $35.1 million, respectively.

The $350 million of Senior Notes discussed in Note 5 - Debt, are carried at cost, less unamortized debt discount. The estimated fair value of the Senior Notes was approximately $360.5 million at October 31, 2013, based upon quoted market information (level 1 criteria).

The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value because of the short maturity of these items. The carrying amount of debt outstanding pursuant to revolving credit facilities and loans payable approximates fair value as the majority of these instruments have variable interest rates which approximate current market rates (level 2 criteria).

NOTE 10 — DERIVATIVE INSTRUMENTS

In the ordinary course of business, the Company is exposed to movements in foreign currency exchange rates. The Company’s foreign currency risk management objective is to protect earnings and cash flows from the impact of exchange rate changes primarily through the use of foreign currency forward contracts to hedge both intercompany and third party loans, accounts receivable and accounts payable. These derivatives are not designated as hedging instruments.

The Company employs established policies and procedures to manage the exposure to fluctuations in the value of foreign currencies. It is the Company’s policy to utilize financial instruments to reduce risks where internal netting cannot be effectively employed. Additionally, the Company does not enter into derivative instruments for speculative or trading purposes.

The Company’s foreign currency exposure relates primarily to international transactions in Europe, Canada and Latin America, where the currency collected from customers can be different from the currency used to purchase the product. The Company’s transactions in its foreign operations are denominated primarily in the following currencies: U.S. dollar, British pound, Canadian dollar, Chilean peso, Czech koruna, Danish krone, euro, Mexican peso, Norwegian krone, Peruvian new sol, Polish zloty, Romanian leu, Swedish krona and Swiss franc.

The Company considers inventory as an economic hedge against foreign currency exposure in accounts payable in certain circumstances. This practice offsets such inventory against corresponding accounts payable denominated in currencies other than the functional currency of the subsidiary buying the inventory, when determining the net exposure to be hedged using traditional forward contracts. Under this strategy, the Company would expect to increase or decrease selling prices for products purchased in foreign currencies based on fluctuations in foreign currency exchange rates affecting the underlying accounts payable. To the extent the Company incurs a foreign currency exchange loss (gain) on the underlying accounts payable denominated in the foreign currency, a corresponding increase (decrease) in cost of products sold would be expected as the related inventory is sold. This strategy can result in a certain degree of quarterly earnings volatility as the underlying accounts payable is remeasured using the foreign currency exchange rate prevailing at the end of each period, or settlement date if earlier, whereas the corresponding increase (decrease) in cost of products sold is not realized until the related inventory is sold.

The Company classifies foreign currency exchange gains and losses on its derivative instruments used to manage its exposures to foreign currency denominated accounts receivable and accounts payable as a component of “cost of products sold” which is consistent with the classification of the change in fair value upon remeasurement of the underlying hedged accounts receivable or accounts payable. The Company classifies foreign currency exchange gains and losses on its derivative instruments used to manage its exposures to foreign currency denominated financing transactions as a component of “other (income) expense, net” which is consistent with the classification of the change in fair value upon remeasurement of the underlying hedged loans. The total amount recognized in earnings on the Company's foreign currency forward contracts, which is included as a component of either “cost of products sold” or “other (income) expense, net”, was a net foreign currency exchange loss of $6.9 million and a net foreign currency exchange gain of $1.9 million, respectively, for the three months ended October 31, 2013 and 2012 and a net foreign currency exchange gain of $13.6 million and a net foreign currency exchange loss of $9.8 million, respectively, for the nine months ended October 31, 2013 and 2012. 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 monthly average notional amounts of derivative financial instruments outstanding during the third quarter of fiscal 2014 and 2013 were $1.4 billion and $1.8 billion, respectively, with average maturities of 30 days and 28 days, respectively. As

21

discussed above, under the Company's hedging policies, gains and losses on the derivative financial instruments would be expected to be largely offset by the gains and losses on the underlying assets or liabilities being hedged.

The Company’s foreign currency forward contracts are also discussed in Note 9 – Fair Value Measurements.

NOTE 11 — COMMITMENTS AND CONTINGENCIES

Synthetic Lease Facility

The Company has a synthetic lease facility with a group of financial institutions under which the Company leases certain logistics centers and office facilities from a third-party lessor. During June 2013, the Company replaced its previous synthetic lease facility with a new lease agreement that expires in June 2018 (the "Synthetic Lease"). Properties leased under the Synthetic Lease are located in Clearwater and Miami, Florida; Fort Worth, Texas; Fontana, California; Suwanee, Georgia; Swedesboro, New Jersey; and South Bend, Indiana. The Synthetic Lease has been accounted for as an operating lease and rental payments are calculated at the applicable LIBOR rate plus a margin based on the Company's credit ratings.

Upon not less than 30 days' notice, the Company, at its option, may purchase one or any combination of the properties, at an amount equal to each of the property's cost, as long as the lease balance does not decrease below a defined amount. Upon not less than 270 days, nor more than 360 days, prior to the lease expiration, the Company may, at its option, i) purchase a minimum of two of the properties, at an amount equal to each of the property's cost, ii) exercise the option to renew the lease for a minimum of two of the properties or iii) exercise the option to remarket a minimum of two of the properties and cause a sale of the properties. If the Company elects to remarket the properties, the Company has guaranteed the lessor a percentage of the cost of each property, in the aggregate amount of approximately $133.8 million. Future annual lease payments under the Synthetic Lease are approximately $2.8 million per year.

The Synthetic Lease contains covenants that must be complied with, similar to the covenants described in certain of the credit facilities discussed in Note 5 - Debt. The Company has entered into waiver agreements with respect to the Synthetic Lease in connection with the Company’s restatement discussed in Note 2 - Restatement of Consolidated Financial Statements. Each of the waiver agreements relates primarily to representations that may have been incorrect when made, the Company’s potential failure to comply with specific covenants, including principally financial reporting covenants, as well as the potential defaults and events of default that may have arisen or could arise as a result of the foregoing.

Guarantees

As is customary in the technology industry, to encourage certain customers to purchase products from Tech Data, the Company has arrangements with certain finance companies that provide inventory financing facilities to the Company’s customers. In conjunction with certain of these arrangements, the Company would be required to purchase certain inventory in the event the inventory is repossessed from the customers by the finance companies. As the Company does not have access to information regarding the amount of inventory purchased from the Company still on hand with the customer at any point in time, the Company’s repurchase obligations relating to inventory cannot be reasonably estimated. Repurchases of inventory by the Company under these arrangements have been insignificant to date. The Company believes that, based on historical experience, the likelihood of a material loss pursuant to these inventory repurchase obligations is remote.

The Company provides additional financial guarantees to finance companies on behalf of certain customers. The majority of these guarantees are for an indefinite period of time, where the Company would be required to perform if the customer is in default with the finance company related to purchases made from the Company. The Company reviews the underlying credit for these guarantees on at least an annual basis. As of October 31, 2013 and January 31, 2013, the outstanding amount of guarantees under these arrangements totaled $47.4 million and $31.3 million, respectively. The Company believes that, based on historical experience, the likelihood of a material loss pursuant to the above guarantees is remote.

Contingencies

Prior to fiscal 2004, one of the Company’s European subsidiaries, located in Spain, was audited in relation to various value-added tax (“VAT”) matters. As a result of those audits, the Spanish subsidiary received notices of assessment from the Regional Inspection Unit of Spain's taxing authority that allege the subsidiary did not properly collect and remit VAT. The Spanish subsidiary appealed these assessments to the Madrid Central Economic Administrative Courts beginning in March 2010. Following the administrative court proceedings the matter was appealed to the Spanish National Appellate Court. During the fourth quarter of fiscal year 2014, the Spanish National Appellate Court issued an opinion upholding the assessment for several of the assessed years. Although the Company believes that the Spanish subsidiary's defense to the assessments has solid legal grounds and is continuing to vigorously defend its position by appealing to the Spanish Supreme Court, the risk that the assessments will be upheld has significantly

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increased. The Company increased its accrual by $41.0 million in the fourth quarter of fiscal 2013, including $29.5 million to cover the assessment and various penalties and $11.5 million for interest that could be assessed. The Company estimates the total exposure for these assessments, including various penalties and interest, is approximately $56.6 million, including previously accrued amounts, which is reflected in "accrued expenses and other liabilities" in the Consolidated Balance Sheet at October 31, 2013.

In December 2010, in a non-unanimous decision, a Brazilian appellate court overturned a 2003 trial court which had previously ruled in favor of the Company’s Brazilian subsidiary related to the imposition of certain taxes on payments abroad related to the licensing of commercial software products, commonly referred to as “CIDE tax.” The Company estimates the total exposure where the CIDE tax, including interest, may be considered due to be approximately $27.0 million at October 31, 2013. The Brazilian subsidiary has appealed the unfavorable ruling to the Supreme Court and Superior Court, Brazil's two highest appellate courts. Based on the legal opinion of outside counsel, the Company believes that the chances of success on appeal of this matter are favorable and the Brazilian subsidiary intends to vigorously defend its position that the CIDE tax is not due. However, due to the lack of predictability of the Brazilian court system, the Company has concluded that it is reasonably possible that the Brazilian subsidiary may incur a loss up to the total exposure described above. The Company believes the resolution of this litigation will not be material to the Company’s consolidated net assets or liquidity; however, it could be material to the Company’s operating results for any particular period, depending upon the level of income for such period. In addition to the discussion regarding the CIDE tax above, the Company’s Brazilian subsidiary has been undergoing several examinations of non-income related taxes. Given the complexity and lack of predictability of the Brazilian tax system, the Company believes that it is reasonably possible that a loss may have been incurred. However, due to the early stages of the examination, the complex nature of the Brazilian tax system and the absence of communication from the local tax authorities regarding these examinations, the Company is currently unable to determine the likelihood of these examinations resulting in assessments nor estimate the amount of loss, if any, that may be reasonably possible if such assessment were to be made.

The Company is subject to various other legal proceedings and claims arising in the ordinary course of business. The Company’s management does not expect that the outcome in any of these other legal proceedings, individually or collectively, will have a material adverse effect on the Company’s financial condition, results of operations, or cash flows.

NOTE 12 — SEGMENT INFORMATION

Tech Data operates predominantly in a single industry segment as a distributor of technology products, logistics management, and other value-added services. While the Company operates primarily in one industry, it is managed based on geographic segments: the Americas (including North America and South America) and Europe. The Company assesses performance of and makes decisions on how to allocate resources to its operating segments based on multiple factors including current and projected operating income and market opportunities. The Company does not consider stock-based compensation expense in assessing the performance of its operating segments, and therefore the Company is reporting stock-based compensation expense as a separate amount. The accounting policies of the segments are the same as those described in Note 1—Business and Summary of Significant Accounting Policies.

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Financial information by geographic segment is as follows:

	Three months ended October 31,						Nine months ended October 31,
	2013			2012			2013			2012
				(As restated)						(As restated)
	(In thousands)						(In thousands)
Net sales to unaffiliated customers
Americas (1)	$	2,571,750		$	2,368,243		$	7,489,078		$	7,232,899
Europe	3,801,814			3,669,232			11,359,719			10,683,058
Total	$	6,373,564		$	6,037,475		$	18,848,797		$	17,915,957
Operating income
Americas	$	53,297		$	32,624		$	112,516		$	112,270
Europe	12,214			34,516			24,203			104,246
Stock-based compensation expense	(1,631		)	(3,545		)	(6,949		)	(10,152		)
Total	$	63,880		$	63,595		$	129,770		$	206,364
Depreciation and amortization
Americas	$	4,067		$	4,079		$	12,564		$	11,900
Europe	14,296			9,445			41,874			28,214
Total	$	18,363		$	13,524		$	54,438		$	40,114
Capital expenditures
Americas	$	1,730		$	2,420		$	5,348		$	16,385
Europe	4,273			6,185			15,589			15,486
Total	$	6,003		$	8,605		$	20,937		$	31,871

	As of
	October 31, 2013		January 31, 2013
	(In thousands)
Identifiable assets
Americas	$	2,065,892	$	2,004,295
Europe	4,638,693		4,826,665
Total	$	6,704,585	$	6,830,960
Long-lived assets:
Americas (1)	$	26,572	$	30,492
Europe	51,786		53,903
Total	$	78,358	$	84,395
Goodwill & acquisition-related intangible assets, net:
Americas	$	2,966	$	2,966
Europe	390,026		409,534
Total	$	392,992	$	412,500

(1) Net sales to unaffiliated customers in the United States represented 87% and 85%, respectively, of the total Americas' net sales to unaffiliated customers for the fiscal quarters ended October 31, 2013 and October 31, 2012. Net sales to unaffiliated customers in the United States represented 86% and 84%, respectively, of the total Americas' net sales to unaffiliated customers for the nine months ended October 31, 2013 and October 31, 2012. Total long-lived assets in the United States represented 90% of the Americas' total long-lived assets at both October 31, 2013 and January 31, 2013.

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ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The financial information presented in this Item 2 reflects the impact of the restatement as more fully described in Note 2 of Notes to Consolidated Financial Statements included within Part I, Item 1 of this Quarterly Report on Form 10-Q.

Forward-Looking Statements

This Quarterly Report on Form 10-Q, including this Management's Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”), contains forward-looking statements, as described in the “safe harbor” provision of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks and uncertainties and actual results could differ materially from those projected. These forward-looking statements regarding future events and the future results of Tech Data Corporation (“Tech Data”, “we”, “our”, “us” or the “Company”) are based on current expectations, estimates, forecasts, and projections about the industries in which we operate and the beliefs and assumptions of our management. Words such as “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” variations of such words, and similar expressions are intended to identify such forward-looking statements. In addition, any statements that refer to projections of our future financial performance, our anticipated growth and trends in our businesses, and other characterizations of future events or circumstances, are forward-looking statements. Readers are cautioned that these forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Readers are referred to the cautionary statements and important factors discussed in Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended January 31, 2013 for further information. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.

Overview

Tech Data is one of the world’s largest wholesale distributors of technology products. We serve as an indispensable link in the technology supply chain by bringing products from the world’s leading technology vendors to market, as well as providing our customers with advanced logistics capabilities and value-added services. Our customers include value-added resellers (“VARs”) direct marketers, retailers and corporate resellers who support the diverse technology needs of end users. We manage our business in two geographic segments: the Americas (including North America and South America) and Europe.

Our financial objectives are to grow sales at or above the overall IT market growth rate by gaining share in select product areas, grow earnings in local currency, generate positive cash flow, and earn a return on invested capital above our weighted average cost of capital. To achieve this, we are focused on a strategy of execution, diversification and innovation that we believe differentiates our business in the marketplace.

The fundamental element of our strategy is superior execution. Our execution strategy is supported by our highly efficient infrastructure, combined with our multiple service offerings, to generate demand, develop markets and provide supply chain services for our vendors and customers. The technology distribution industry in which we operate is characterized by narrow gross profit as a percentage of sales (“gross margin”) and narrow income from operations as a percentage of sales (“operating margin”). Historically, our gross and operating margins have been impacted by intense price competition and declining average selling prices per unit, as well as changes in terms and conditions with our vendors, including those terms related to rebates, price protection, product returns and other incentives. We expect these conditions to continue in the foreseeable future and, therefore, we will continue to proactively evaluate our pricing policies and inventory management practices in response to potential changes in our vendor terms and conditions and the general market environment. In addition, during the second quarter of fiscal 2013, we implemented the sales, inventory and credit management modules of SAP in the United States (“U.S.”), which substantially completed the U.S. implementation of essentially the same SAP systems used in our European operations. More than 90% of the Company's net sales in the third quarter of fiscal 2014 are on one common IT platform, which we believe will give Tech Data significant competitive advantages in providing greater supply chain opportunities by expanding our value-added services to our customers, on-boarding new vendors and products faster and improving our ability to rapidly respond to changes in the market.

In addition to superior execution, our strategy includes ongoing diversification and realignment of our customer and product portfolios to improve long-term profitability throughout our operations. Our broadline distribution business, characterized as high volume, more commoditized offerings, and comprised primarily of personal computer systems, peripherals, supplies and other similar products, remains a core part of our business and represents a significant percentage of our revenue. However, as technology advances, we have continued to evolve our business model, product mix, and value-added offerings in order to provide our vendors with the most efficient distribution channel for their products, and our customers with a broad array of innovative solutions to sell. We have responded to a changing IT landscape with investments in specialty areas, including the data center, software, mobility and consumer electronics, which collectively now comprise more than 50% of our consolidated net sales.

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On November 1, 2012, we completed the acquisition of several distribution companies of Specialist Distribution Group, the distribution arm of Specialist Computer Holdings PLC (“SCH”), a privately-held IT services company headquartered in the United Kingdom, for a final purchase price of approximately $358 million. The acquired distribution companies were Specialist Distribution Group (SDG) Limited; ETC Metrologie SARL; Best’Ware France SA; ETC Africa SAS and SDG BV (collectively “SDG”). SDG is a leading distributor of value and broadline IT products in the UK, France and the Netherlands. We believe the acquisition of SDG supports our diversification strategy by strengthening our European value and broadline offerings in key markets and expanding our vendor and customer portfolios, while leveraging our existing pan-European infrastructure. Simultaneously with the acquisition of SDG, the Company entered into a preferred supplier agreement whereby SCH, through its IT reseller business, will have annual purchase commitments through Tech Data for a period of five years, which we estimated would add incremental annual sales of approximately $500 million. In November 2013, the preferred supplier agreement was amended to extend the term of the agreement from five years to six years, expiring in January 2019. In connection with this amendment, while we expect the total sales during the extended term to be higher than originally forecast, we expect the incremental sales to be approximately $450 million to $475 million annually over six years versus the original forecast of $500 million annually over five years.

Another strategic area of investment is our integrated supply chain services designed to provide innovative third party logistics and other offerings to our business partners. We have seen these offerings grow not only within our European mobility business but also within our consumer electronics and other businesses in both geographies. Our evolving mix of products, services, customers and geographies is important in achieving our strategic financial goals. As we execute our diversification strategy we continuously monitor the extension of credit and other terms and conditions offered to our customers to prudently balance risk, profitability and return on invested capital.

The final tenet of our strategy is innovation. Our IT systems and e-business tools and programs have provided our business with the flexibility to effectively navigate fluctuations in market conditions, structural changes in the technology industry, as well as changes created by the products we sell. An example of our investment in innovation and one that we believe is providing us with the flexibility to meet the demands of the ever-evolving technology market, is our continued deployment of internal IT systems across both our Americas and European regions. We believe our global IT systems provide us with a competitive advantage allowing us to drive efficiencies throughout our business while delivering innovative solutions for our business partners. In the past, we have implemented several components of our European IT systems into our North American IT infrastructure, including standardizing our North American financial systems and logistics network on SAP. During the second quarter of fiscal 2013, we implemented the sales, inventory and credit management modules of SAP within our U.S. operations, which substantially completed the implementation of the enterprise resource planning (“ERP”) systems used in our European operations.

We believe our strategy of execution, diversification and innovation has differentiated us in the markets we serve through our ability to deliver solid operating results and returns on invested capital over the last several years. While we initially experienced some performance degradation, we continue to believe that in the long-term, our U.S. implementation of SAP will provide us with a competitive advantage, giving us greater flexibility to meet the demands of our customers and vendors, and the ability to expand our reach into new markets and services. A positive indicator supporting this belief can be seen during the second and third quarters of fiscal 2014, when our Americas business grew net sales by approximately 9% over the same periods of the prior year. During these quarters, we began to gain back some of the market share we lost subsequent to the aforementioned SAP implementation. We believe we have opportunities for further gains in market share as our customer satisfaction ratings continue to improve. In addition, during the past twelve months, we have continued to gain traction on leveraging the new SAP capabilities we have in the United States, as we have added new customers to our integrated supply chain services. These services have an extensive sales and implementation cycle and while their return on investment is not immediate, we remain optimistic about our ability to profitably grow this business.

In Europe, we have seen a decline in net sales within many of our countries, although this decline was mitigated by our acquisition of SDG, as discussed above. Our decline in the region can be attributed to a decline in overall demand due to weak economic conditions in certain countries, as well as a loss of market share in several countries resulting from competitive pressures and our desire to exit or not participate in certain business opportunities due to a lack of profitability or return on capital. We have refrained from taking corresponding cost reduction or other actions in the region due to the uncertainty of the economic situation in the various countries in which we operate, as well as our desire to remain focused on completing the integration of SDG and our mobility and consumer electronics businesses in Belgium and the Netherlands. We are monitoring our performance in the region and are continuing to evaluate our ability to regain the proper level of profitable market share as well as the need for cost reductions or other actions.

Given the decline in our European business, the Company began the review of the three-year plan for the region and decided to complete a goodwill impairment assessment as of October 31, 2013. The carrying value of our European goodwill asset as of October 31, 2013 was $222.6 million. Our goodwill impairment assessment indicated the estimated fair value of our European reporting unit exceeded its carrying value by a smaller margin than in previous years. The estimated fair value of our European reporting unit exceeded the carrying value by approximately 5% in the most recent impairment test. Key assumptions used in determining fair value include projected growth and operating margin, working capital requirements and discount rates. While we do not believe that our European goodwill is impaired at this time, if actual results are substantially lower than the projections used in our valuation

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methodology, or if market discount rates or our market capitalization substantially increase or decrease, respectively, our future valuations could be adversely affected and a future impairment of goodwill is reasonably possible.

We also continually evaluate the current and potential profitability and return on our investments in all geographies and consider changes in current and future investments based on risks, opportunities and current and anticipated market conditions. In connection with these evaluations, we may incur additional costs to the extent we decide to increase or decrease our investments in certain geographies. We will also continue to evaluate targeted strategic investments across our operations and new business opportunities and invest in those markets and product segments we believe provide us with the greatest opportunities for profitable growth. Finally, from a balance sheet perspective, we require working capital primarily to finance accounts receivable and inventory. We have historically relied upon debt, trade credit from our vendors, and accounts receivable financing programs for our working capital needs. At October 31, 2013, we had a debt to total capital ratio (calculated as total debt divided by the aggregate of total debt and total equity) of 17%.

Recent Accounting Pronouncements and Legislation

See Note 1 of Notes to Consolidated Financial Statements for the discussion on recent accounting pronouncements.

Results of Operations

We do not consider stock-based compensation expense in assessing the performance of our operating segments, and therefore the Company reports stock-based compensation expense separately. The following table summarizes our net sales, change in net sales and operating income by geographic region for the three and nine months ended October 31, 2013 and 2012:

	Three months ended October 31, 2013					Three months ended October 31, 2012
	$			% of net sales		$			% of net sales
						(As restated)
Net sales by geographic region ($ in thousands):
Americas	$	2,571,750		40.4	%	$	2,368,243		39.2	%
Europe	3,801,814			59.6		3,669,232			60.8
Total	$	6,373,564		100.0	%	$	6,037,475		100.0	%
	Nine months ended October 31, 2013					Nine months ended October 31, 2012
	$			% of net sales		$			% of net sales
						(As restated)
Net sales by geographic region ($ in thousands):
Americas	$	7,489,078		39.7	%	$	7,232,899		40.4	%
Europe	11,359,719			60.3		10,683,058			59.6
Total	$	18,848,797		100.0	%	$	17,915,957		100.0	%
	Three months ended October 31,					Nine months ended October 31,
	2013			2012		2013			2012
Year-over-year increase (decrease) in net sales (%):
Americas (US$)	8.6		%	(11.9	)%	3.5		%	(6.9	)%
Europe (US$)	3.6		%	(1.3	)%	6.3		%	(2.9	)%
Europe (Euro)	(1.5		)%	7.4	%	3.3		%	6.7	%
Total (US$)	5.6		%	(5.7	)%	5.2		%	(4.6	)%

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	Three months ended October 31, 2013					Three months ended October 31, 2012
	$			% of net sales		$			% of net sales
						(As restated)
Operating income ($ in thousands):
Americas	$	53,297		2.07	%	$	32,624		1.38	%
Europe	12,214			0.32	%	34,516			0.94	%
Stock-based compensation expense	(1,631		)	(0.03	)%	(3,545		)	(0.06	)%
Total	$	63,880		1.00	%	$	63,595		1.05	%

	Nine months ended October 31, 2013					Nine months ended October 31, 2012
	$			% of net sales		$			% of net sales
						(As restated)
Operating income ($ in thousands):
Americas	$	112,516		1.50	%	$	112,270		1.55	%
Europe	24,203			0.21	%	104,246			0.98	%
Stock-based compensation expense	(6,949		)	(0.04	)%	(10,152		)	(0.06	)%
Total	$	129,770		0.69	%	$	206,364		1.15	%

	Three months ended October 31, 2013					Three months ended October 31, 2012
	$			% of net sales		$			% of net sales
						(As restated)
Non-GAAP operating income ($ in thousands):
Americas	$	33,714		1.31	%	$	32,624		1.38	%
Europe	31,269			0.82	%	37,697			1.03	%
Stock-based compensation expense	(1,631		)	(0.03	)%	(3,545		)	(0.06	)%
Total	$	63,352		0.99	%	$	66,776		1.11	%

	Nine months ended October 31, 2013					Nine months ended October 31, 2012
	$			% of net sales		$			% of net sales
						(As restated)
Non-GAAP operating income ($ in thousands):
Americas	$	97,699		1.30	%	$	112,270		1.55	%
Europe	66,902			0.59	%	113,955			1.07	%
Stock-based compensation expense	(6,949		)	(0.04	)%	(10,152		)	(0.06	)%
Total	$	157,652		0.84	%	$	216,073		1.21	%

For the three months ended October 31, 2013, non-GAAP operating income excludes amortization expense of acquisition-related intangible assets in Europe of $7.4 million, restatement expenses of $3.3 million in the Americas and $11.7 million in Europe and a gain associated with a legal settlement in the Americas of $22.9 million. For the three months ended October 31, 2012, non-GAAP operating income excludes acquisition-related intangible assets amortization expense in Europe of $3.2 million. For the nine months ended October 31, 2013, non-GAAP operating income excludes acquisition-related intangible assets amortization expense in Europe of $21.8 million, restatement expenses of $8.1 million in the Americas and $20.9 million in Europe and a gain associated with a legal settlement in the Americas of $22.9 million. For the nine months ended October 31, 2012, non-GAAP operating income excludes amortization expense of acquisition-related intangible assets in Europe of $9.7 million. Management believes that this non-GAAP measure is useful to investors because it provides a meaningful comparison of our performance between periods.

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We sell products purchased from the world’s leading peripheral, system, software and networking vendors. Products purchased from Hewlett Packard Company and Apple, Inc. approximated 23% and 11%, respectively, of our net sales for the third quarter of fiscal 2014 and approximated 21% and 11%, respectively, of our net sales for the first nine months of fiscal 2014. There were no other vendors or any customers that exceeded 10% of our consolidated net sales for the three and nine months ended October 31, 2013.

The following table sets forth our Consolidated Statement of Income as a percentage of net sales for the three and nine months ended October 31, 2013 and 2012, as follows:

	Three months ended October 31,						Nine months ended October 31,
	2013			2012			2013			2012
Net sales	100.00		%	100.00		%	100.00		%	100.00		%
Cost of products sold	94.88			94.93			94.88			94.80
Gross profit	5.12			5.07			5.12			5.20
Operating expense:
Selling, general and administrative expenses	4.24			4.02			4.40			4.05
Restatement expenses and LCD settlements, net	(0.12	)		0			0.03			0
	4.12			4.02			4.43			4.05
Operating income	1.00			1.05			0.69			1.15
Interest expense	0.10			0.07			0.10			0.06
Other (income) expense, net	(0.01	)		0.02			(0.01	)		0.02
Income before income taxes	0.91			0.96			0.60			1.07
Provision for income taxes	0.32			0.23			0.23			0.30
Consolidated net income	0.59			0.73			0.37			0.77
Net income attributable to noncontrolling interest	0.00			(0.02	)		0.00			(0.03	)
Net income attributable to shareholders of Tech Data Corporation	0.59		%	0.71		%	0.37		%	0.74		%

Three and nine months ended October 31, 2013 and 2012

Net Sales

Our consolidated net sales were $6.4 billion in the third quarter of fiscal 2014, an increase of 5.6% when compared to the third quarter of fiscal 2013. Our acquisition of the SDG value and broadline IT products distribution businesses in November 2012 positively impacted our year-over-year net sales comparison by approximately nine percentage points and the strengthening of certain foreign currencies against the U.S. dollar positively impacted our year-over-year net sales comparison by approximately three percentage points. Excluding the net sales of SDG and the positive impact of the strengthening of certain foreign currencies against the U.S. dollar in fiscal 2014, consolidated net sales decreased by approximately seven percent in comparison with the same period of the prior fiscal year. On a regional basis, during the third quarter of fiscal 2014, net sales in the Americas increased by 8.6% when compared to the third quarter of fiscal 2013 and increased by 3.6% in Europe (a decrease of 1.5% on a euro basis). Excluding SDG, net sales in our “legacy” European operations decreased by approximately 12 percent (a decrease of approximately 16 percent on a euro basis) in comparison with the same period of the prior fiscal year.

On a year-to-date basis, net sales were $18.8 billion during the first nine months of fiscal 2014, an increase of 5.2% when compared to the first nine months of fiscal 2013. Our acquisition of the SDG value and broadline IT products distribution businesses in November 2012 positively impacted our first nine months year-over-year net sales comparison by approximately nine percentage points and the strengthening of certain foreign currencies against the U.S. dollar positively impacted our first nine months year-over-year net sales comparison by approximately two percentage points. Excluding the net sales of SDG and the positive impact of the strengthening of certain foreign currencies against the U.S. dollar in fiscal 2014, consolidated net sales decreased by approximately five percent in comparison with the same period of the prior fiscal year. On a regional basis, during the first nine months of fiscal 2014, net sales in the Americas increased by 3.5% when compared to the first nine months of fiscal 2013 and increased by 6.3% in Europe (an increase of 3.3% on a euro basis). Excluding SDG, net sales in our legacy European operations decreased by approximately nine percent (a decrease of approximately 11 percent on a euro basis) in comparison with the same period of the prior fiscal year.

The increase in net sales in the Americas during the third quarter and first nine months of fiscal 2014 compared to the same period of the prior fiscal year is primarily attributable to a partial recovery of market share that we lost after we implemented the sales, inventory and credit management modules of SAP within our U.S. operations during the second quarter of fiscal 2013. The decline in our European net sales (in euro) within our legacy operations during the third quarter and first nine months of fiscal 2014 compared to

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the same periods of the prior fiscal year is primarily due to weak economic conditions in certain countries and a decline in market share within several of our operations due to competitive pressures and our focus on gross margin percentage.

Gross Profit

Gross profit as a percentage of net sales (“gross margin”) during the third quarter of fiscal 2014 was 5.12%, an increase of five basis points compared to the 5.07% gross margin in the third quarter of fiscal 2013. The slight increase in gross margin during the third quarter of fiscal 2014 compared to the same period of the prior fiscal year is due to better execution in Europe being offset by gross margin degradation in the Americas due to the competitive environment and the change in product mix in the region. On a year-to-date basis, gross margin decreased to 5.12% for the first nine months of fiscal 2014 compared to 5.20% in the comparable period of the prior fiscal year. The decline in gross margin during the first nine months of fiscal 2014 compared to the same period of the prior fiscal year is primarily due to the factors discussed above regarding the third quarter, as well as higher inventory costs in Europe, primarily in the first quarter of fiscal 2014.

Selling, general and administrative expenses (“SG&A”)

SG&A as a percentage of net sales increased to 4.24% in the third quarter of fiscal 2014, compared to 4.02% in the third quarter of fiscal 2013. On a year-to-date basis, SG&A as a percentage of net sales increased to 4.40% compared to 4.05% in the comparable period of the prior fiscal year. The increase in SG&A as a percentage of net sales in the third quarter and first nine months of fiscal 2014 compared to the same periods of the prior year is primarily attributable to the impact of the acquisition of SDG in the fourth quarter of fiscal 2013 and the lack of leverage resulting from lower sales in our legacy operations in Europe.

In absolute dollars, SG&A increased by $27.6 million to $270.1 million in the third quarter of fiscal 2014 compared to the third quarter of fiscal 2013 and increased by $102.8 million to $828.5 million in the first nine months of fiscal 2014 compared to the same period of the prior year. The increase in SG&A during the third quarter and first nine months of fiscal 2014 compared to the same periods of the prior year is primarily attributable to SG&A and integration costs associated with the SDG acquisition in the fourth quarter of fiscal 2013.

Restatement expenses and LCD settlements, net

Restatement expenses primarily include legal and accounting fees associated with the investigation, as well as third party consulting fees to support the Company's supplemental procedures to assist in reviewing its financial statements and accounting practices, and other activities in connection with the restatement discussed further in Note 2 of Notes to Consolidated Financial Statements. During the third quarter and first nine months of fiscal 2014, the Company incurred restatement expenses of approximately $15.0 million and $29.0 million, respectively. The Company will incur a total of approximately $54 million to $56 million ofrestatement expenses during the entire fiscal year ended January 31, 2014.

Additionally, the Company has been a claimant in proceedings seeking damages from certain manufacturers of LCD flat panel displays. During the third quarter of fiscal 2014, the Company reached settlement agreements with certain manufacturers in the amount of $22.9 million, net of all attorney fees and expenses, for the third quarter and first nine months of fiscal 2014. During the fourth quarter of fiscal 2014, the Company reached a settlement agreement with an additional manufacturer in the amount of approximately $12.6 million, net of estimated attorney fees and expenses. As this settlement agreement represents a subsequent event in relation to a gain contingency, the amount will be recorded as a reduction of operating expenses in the fourth quarter of fiscal 2014.

Interest Expense

Interest expense increased 40.7% to $6.1 million in the third quarter of fiscal 2014 compared to $4.4 million for the same period of the prior fiscal year. On a year-to-date basis, interest expense increased 79.3% to $19.5 million in the first nine months of fiscal 2014 from $10.9 million in the first nine months of the prior year. The significant increase in interest expense in fiscal 2014 is primarily attributable to the $350.0 million, 3.75% Senior Notes issued in September 2012.

Other (Income) Expense, Net

Other (income) expense, net consists primarily of (gains) losses on investments in life insurance policies to fund the Company's nonqualified deferred compensation plan, interest income, discounts on the sale of accounts receivable and net foreign currency exchange (gains) losses on certain financing transactions and the related derivative instruments used to hedge such financing transactions. Other (income) expense, net, was $0.4 million of income in the third quarter of fiscal 2014 compared to $1.1 million of expense in the third quarter of the prior year. On a year-to-date basis, other (income) expense, net, was $1.9 million of income in the first nine months of fiscal 2014 compared to $3.1 million of expense in the first nine months of the prior fiscal year. The change in other (income) expense, net, during the third quarter compared to the same period of the prior year is primarily attributable to an increase in gains on investments in life insurance policies related to the Company's nonqualified deferred compensation plan. The change in other (income) expense, net, during the first nine months of fiscal 2014 compared to the same period of the prior year is

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primarily attributable to an increase in gains on investments in life insurance policies related to the Company's nonqualified deferred compensation plan and an increase in net foreign currency exchange gains on certain financing transactions as compared to the same period of the prior fiscal year.

Provision for Income Taxes

Our effective tax rate was 35.1% in the third quarter of fiscal 2014 and 24.3% in the third quarter of fiscal 2013. Our effective tax rate was 37.5% for the first nine months of fiscal 2014 compared to 28.0% for the same period of the prior year. The increase in the effective rate for both the third quarter and first nine months of fiscal 2014 compared to the same periods of the prior year is primarily the result of the relative mix of earnings and losses within the tax jurisdictions in which we operate.

On an absolute dollar basis, the provision for income taxes increased 44.9% to $20.4 million for the third quarter of fiscal 2014 compared to $14.1 million in the same period of fiscal 2013 and decreased 21.8% to $42.1 million for the first nine months of fiscal 2014 compared to $53.8 million for the same period of the prior fiscal year. The provision for income taxes increased in the third quarter of fiscal 2014 as compared to the same period of the prior year primarily due to the Company’s higher effective tax rate in the period due to the relative mix of earnings and losses within the tax jurisdictions in which we operate. The provision for income taxes decreased in the first nine months of fiscal 2014 as compared to the same period of the prior year primarily due to the decrease in taxable earnings in certain countries in which we operate.

The effective tax rate differed from the U.S. federal statutory rate of 35% during these periods primarily due to the relative mix of earnings or losses within the tax jurisdictions in which we operate such as: i) losses in tax jurisdictions where we are not able to record a tax benefit; ii) earnings in tax jurisdictions where we have previously recorded a valuation allowance on deferred tax assets; and iii) earnings in lower-tax jurisdictions for which no U.S. taxes have been provided because such earnings are planned to be reinvested indefinitely outside the United States.

Our future effective tax rates will continue to be affected by changes in the relative mix of taxable income and taxable loss jurisdictions, changes in the valuation of deferred tax assets or liabilities or changes in tax laws or interpretations thereof. We monitor the assumptions used in estimating the annual effective tax rate and make adjustments, if required, throughout the year. If actual results differ from the assumptions used in estimating our annual effective income tax rates, future income tax expense could be materially affected.

In addition, our income tax returns are subject to continuous examination by the Internal Revenue Service and other tax authorities. We regularly assess the likelihood of adverse outcomes from these examinations to determine the adequacy of our provision for income taxes. To the extent we prevail in matters for which accruals have been established or we are required to pay amounts in excess of such accruals, our effective tax rate could be materially affected.

Net income attributable to noncontrolling interest

In September 2012, the Company completed the acquisition of our joint venture partner's fifty percent ownership interest in Brightstar Europe Limited ("BEL"), which was previously a consolidated joint venture between Tech Data and Brightstar. Net income attributable to noncontrolling interest was $1.1 million for the third quarter of fiscal 2013 and $6.8 million for the first nine months of fiscal 2013, which represents Brightstar's portion of the operating results of BEL for the respective periods.

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Non-GAAP financial data

Management believes that the presentation of non-GAAP operating income, non-GAAP net income and non-GAAP net income per diluted share is useful to investors because it provides a meaningful comparison of our performance between periods. The following tables provide a detailed reconciliation between results reported in accordance with generally accepted accounting principles in the United States ("GAAP") and non-GAAP financial measures.

	Three months ended October 31,
	2013			2012
	(In thousands, except per share amounts)
				(As restated)
GAAP to non-GAAP reconciliation of operating income:
Operating income	$	63,880		$	63,595
Restatement expenses and LCD settlements (1)	(7,935		)	0
Acquisition-related intangible assets amortization expense (2)	7,407			3,181
Non-GAAP operating income	$	63,352		$	66,776
GAAP to non-GAAP reconciliation of net income attributable to shareholders of Tech Data Corporation:
Net income attributable to shareholders of Tech Data Corporation	$	37,716		$	42,937
Restatement expenses and LCD settlements, net of tax (1)	(3,497		)	0
Acquisition-related intangible assets amortization expense, net of tax (2)	5,418			2,349
Non-GAAP net income attributable to shareholders of Tech Data Corporation	$	39,637		$	45,286
GAAP to non-GAAP reconciliation of net income per share attributable to shareholders of Tech Data Corporation—diluted:
Net income per share attributable to shareholders of Tech Data Corporation—diluted	$	0.99		$	1.13
Restatement expenses and LCD settlements, net of tax (1)	(0.09		)	0.00
Acquisition-related intangible assets amortization expense, net of tax (2)	0.14			0.06
Non-GAAP net income per share attributable to shareholders of Tech Data Corporation—diluted	$	1.04		$	1.19

(1) Fiscal 2014 non-GAAP operating income excludes restatement expenses of $15.0 million and a gain associated with a legal settlement of $22.9 million. Fiscal 2014 non-GAAP net income excludes restatement expenses of $15.0 million, net of the $4.3 million tax impact, and a gain associated with a legal settlement of $22.9 million, net of the $8.7 million tax impact.

(2) Fiscal 2014 and 2013 non-GAAP operating income excludes acquisition-related intangible assets amortization expense. Fiscal 2014 and 2013 non-GAAP net income excludes this expense, net of the related tax effects.

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	Nine months ended October 31,
	2013		2012
	(In thousands, except per share amounts)
			(As restated)
GAAP to non-GAAP reconciliation of operating income:
Operating income	$	129,770	$	206,364
Restatement expenses and LCD settlements (1)	6,051		0
Acquisition-related intangible assets amortization expense (2)	21,831		9,709
Non-GAAP operating income	$	157,652	$	216,073
GAAP to non-GAAP reconciliation of net income attributable to shareholders of Tech Data Corporation:
Net income attributable to shareholders of Tech Data Corporation	$	70,171	$	131,814
Restatement expenses and LCD settlements, net of tax (1)	6,450		0
Acquisition-related intangible assets amortization expense, net of tax (2)	15,968		7,182
Non-GAAP net income attributable to shareholders of Tech Data Corporation	$	92,589	$	138,996
GAAP to non-GAAP reconciliation of net income per share attributable to shareholders of Tech Data Corporation—diluted:
Net income per share attributable to shareholders of Tech Data Corporation—diluted	$	1.84	$	3.33
Restatement expenses and LCD settlements, net of tax (1)	0.17		0.00
Acquisition-related intangible assets amortization expense, net of tax (2)	0.41		0.18
Non-GAAP net income per share attributable to shareholders of Tech Data Corporation—diluted	$	2.42	$	3.51

(1) Fiscal 2014 non-GAAP operating income excludes restatement expenses of $29.0 million and a gain associated with a legal settlement of $22.9 million. Fiscal 2014 non-GAAP net income excludes restatement expenses of $29.0 million, net of the $8.3 million tax impact, and a gain associated with a legal settlement of $22.9 million, net of the $8.7 million tax impact.

(2) Fiscal 2014 and 2013 non-GAAP operating income excludes acquisition-related intangible assets amortization expense. Fiscal 2014 and 2013 non-GAAP net income excludes this expense, net of the related tax effects.

Liquidity and Capital Resources

Our discussion of liquidity and capital resources includes an analysis of our cash flows and capital structure for all periods presented.

Cash Flows

The following table summarizes our Consolidated Statement of Cash Flows for the nine months ended October 31, 2013 and 2012:

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	Nine months ended October 31,
	2013			2012
	(In thousands)
				(As restated)
Net cash provided by (used in):
Operating activities	$	265,973		$	18,066
Investing activities	(14,412		)	(40,653		)
Financing activities	(125,137		)	14,413
Effect of exchange rate changes on cash and cash equivalents	4,037			(4,702		)
Net increase (decrease) in cash and cash equivalents	$	130,461		$	(12,876	)

As a distribution company, our business requires significant investment in working capital, particularly accounts receivable and inventory, partially financed through our accounts payable to vendors. Overall, as our sales volume increases, our net investment in working capital typically increases, which, in general, results in decreased cash flow from operating activities. Conversely, when sales volume decreases, our net investment in working capital typically decreases, which, in general, results in increased cash flow from operating activities. Another important driver of our operating cash flows is our cash conversion cycle (also referred to as “net cash days”). Our net cash days are defined as days of sales outstanding in accounts receivable (“DSO”) plus days of supply on hand in inventory (“DOS”), less days of purchases outstanding in accounts payable (“DPO”). We manage our cash conversion cycle on a daily basis throughout the year and our reported financial results reflect that cash conversion cycle at the balance sheet date. The following table presents the components of our cash conversion cycle, in days, as of October 31, 2013 and January 31, 2013:

	As of October 31,	As of January 31,
	2013	2013
Days of sales outstanding	44	39
Days of supply in inventory	34	29
Days of purchases outstanding	(54)	(47)
Cash conversion cycle (days)	24	21

Net cash provided by operating activities was $266.0 million in the first nine months of fiscal 2014 compared to $18.1 million for the same period of the prior year. The increase in cash resulting from operating activities in the first nine months of fiscal 2014 compared to the same period of the prior year can be primarily attributed to the timing of both cash receipts from our customers and payments to our vendors.

Net cash used in investing activities for the first nine months of fiscal 2014 of $14.4 million was primarily the result of $20.9 million of expenditures for the continuing expansion and upgrading of our IT systems, office facilities and equipment for our logistics centers in both the Americas and Europe, partially offset by $8.0 million of cash received related to the finalization of the SDG purchase price. We expect to make total capital expenditures of approximately $29.0 million during fiscal 2014 for equipment and machinery in our logistics centers, office facilities and IT systems.

Net cash used in investing activities of $40.7 million during the first nine months of fiscal 2013 is primarily the result of $31.9 million of expenditures for the continuing expansion and upgrading of our IT systems, office facilities and equipment for our logistics centers and $8.8 million for installment payments on acquisitions made in the prior fiscal year.

Net cash used in financing activities of $125.1 million during the first nine months of fiscal 2014 is primarily the result of $120.6 million of net repayments on our revolving credit lines and $6.2 million of payments made on earn-outs related to prior years' acquisitions, partially offset by $1.1 million of proceeds received from the reissuance of treasury stock related to the vesting and exercise of equity-based incentive awards and purchases made through our Employee Stock Purchase Plan ("ESPP").

Net cash provided by financing activities of $14.4 million during the first nine months of fiscal 2013 primarily includes $345.8 million in net proceeds from the issuance of Senior Notes, $17.4 million of net borrowings on our revolving credit lines and $3.2 million of proceeds received from the reissuance of treasury stock related to the vesting and exercise of equity-based incentive awards and purchases made through our ESPP, partially offset by $180.8 million of cash used for the repurchase of shares of our common stock under our share repurchase program and other share repurchases, $117.2 million of cash used for the acquisition of the noncontrolling

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interest in BEL, $49.5 million for repayment of loans due to our former joint venture partner, and $9.1 million for the return of capital to our former joint venture partner.

Capital Resources and Debt Compliance

Our debt to total capital ratio was 17% at October 31, 2013. We believe a conservative approach to our capital structure will continue to support us in a global economic environment that remains uncertain. As part of our capital structure and to provide us with significant liquidity, we have a diverse range of financing facilities across our geographic regions with various financial institutions. Also providing us liquidity are our cash and cash equivalents balances across our regions which are deposited and/or invested with various financial institutions. We are exposed to risk of loss on funds deposited with these financial institutions, however, we monitor our financing and depository financial institution partners regularly for credit quality. We believe that our existing sources of liquidity, including our financing facilities, cash resources and cash provided by operating activities are sufficient to meet our working capital needs and cash requirements for at least the next 12 months.

Our credit facilities contain various obligations, financial and other covenants that may limit our ability to borrow or limit our flexibility in responding to business conditions. The Company has entered into waiver agreements with respect to these and other obligations within certain of the Company's credit facilities, including the Credit Agreement and Receivables Securitization Program (each as defined herein), in connection with the restatement of our financial statements as discussed in Note 2 of Notes to Consolidated Financial Statements. Each of the waiver agreements relates primarily to representations that may have been incorrect when made, the Company’s potential failure to comply with specific covenants, including principally financial reporting covenants, as well as the potential defaults and events of default that may have arisen or could arise as a result of the foregoing.

At October 31, 2013, we had approximately $471.0 million in cash and cash equivalents, of which $409.7 million was held in our foreign subsidiaries. As discussed above, the Company currently has sufficient resources, cash flows and liquidity within the United States to fund current and expected future working capital requirements. Historically, the Company has utilized and reinvested cash earned outside the United States to fund foreign operations and expansion, and plans to continue reinvesting such earnings and future earnings indefinitely outside of the United States. If the Company’s plans for the use of cash earned outside of the United States change in the future, cash and cash equivalents held by our foreign subsidiaries could not be repatriated to the United States without potential negative income tax consequences.

The following is a discussion of our various financing facilities:

Senior Notes

In September 2012, the Company issued $350.0 million aggregate principal amount of 3.75% Senior Notes in a public offering, resulting in cash proceeds of approximately $345.8 million, net of debt discount and debt issuance costs of approximately $1.3 million and $2.9 million, respectively (the “Senior Notes”). The debt issuance costs incurred in connection with the public offering will be amortized over the life of the Senior Notes as additional interest expense using the effective interest method. We pay interest on the Senior Notes semi-annually in arrears on March 21 and September 21 of each year, beginning on March 21, 2013 and ending on the maturity date of September 21, 2017. We may, at our option, redeem the Senior Notes at any time in whole or from time to time in part, at a redemption price equal to the greater of (i) 100% of the principal amount of the Senior Notes to be redeemed or (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Senior Notes being redeemed, discounted at a rate equal to the sum of the applicable Treasury Rate plus 50 basis points, plus accrued and unpaid interest up to the date of redemption. The Senior Notes are senior, unsecured obligations of the Company and rank equally in right of payment with all of our other unsecured and unsubordinated indebtedness.

Other Credit Facilities

We have a $500.0 million revolving credit facility with a syndicate of banks (the “Credit Agreement”), which among other things, i) provides for a maturity date of September 27, 2016, ii) provides for an interest rate on borrowings, facility fees and letter of credit fees based on our non-credit enhanced senior unsecured debt rating as determined by Standard & Poor’s Rating Service and Moody’s Investor Service, and iii) may be increased to a maximum of $750.0 million, subject to certain conditions. The Credit Agreement includes various covenants, limitations and events of default customary for similar facilities for similarly rated borrowers, including a maximum debt to capitalization ratio and a minimum interest coverage ratio. We pay interest on advances under the Credit Agreement at the applicable LIBOR rate plus a predetermined margin that is based on our debt rating. There were no amounts outstanding under the Credit Agreement at October 31, 2013 and there was $42.9 million outstanding under the Credit Agreement at January 31, 2013, at an interest rate of 1.65%.

We also have an agreement with a syndicate of banks (the "Receivables Securitization Program") that allows us to transfer an undivided interest in a designated pool of U.S. accounts receivable, on an ongoing basis, to provide security or collateral for borrowings up to a maximum of $400.0 million. This program was renewed in October 2012 for a period of two years and interest is

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to be paid on advances under the Receivables Securitization Program at the applicable commercial paper or LIBOR rate plus an agreed-upon margin. There were no amounts outstanding under this program at October 31, 2013. There was $83.5 million outstanding under this program at January 31, 2013, at an interest rate of 1.02%.

In addition to the facilities described above, we have various other committed and uncommitted lines of credit and overdraft facilities totaling approximately $454.6 million at October 31, 2013 to support our operations. Most of these facilities are provided on an unsecured, short-term basis and are reviewed periodically for renewal. There was $45.6 million and $40.6 million, respectively, outstanding on these facilities at October 31, 2013 and January 31, 2013, at weighted average interest rates of 6.13% and 4.76%, respectively.

In consideration of the financial covenants discussed below, our maximum borrowing availability on our credit facilities isapproximately $815.3 million, of which $45.6 million was outstanding at October 31, 2013. Certain of our credit facilities contain limitations on the amounts of annual dividends and repurchases of common stock and require compliance with other obligations, warranties and covenants. The financial ratio covenants contained within these credit facilities include a debt to capitalization ratio and a minimum interest coverage ratio. At October 31, 2013, we were in compliance with all such financial covenants, however, as discussed above, the Company has entered into waiver agreements with certain of its financial counterparties in connection with the restatement of our financial statements as discussed in Note 2 of Notes to Consolidated Financial Statements. The ability to draw funds under certain credit facilities is dependent upon maintaining sufficient collateral (in the case of the Receivables Securitization Program) and meeting the aforementioned financial covenants, which may limit our ability to draw the full amount of these facilities.

At October 31, 2013, we had also issued standby letters of credit of $83.9 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 our borrowing availability under certain of the above-mentioned credit facilities.

Accounts Receivable Purchase Agreements

We have uncommitted accounts receivable purchase agreements under which certain accounts receivable may be sold, without recourse, to third-party financial institutions. Under these programs, we may sell certain accounts receivable in exchange for cash less a discount, as defined in the agreements. Available capacity under these programs, which we use 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 we continue to service, administer and collect the sold accounts receivable. At October 31, 2013 and January 31, 2013, the Company had a total of $190.4 million and $284.7 million, respectively, of accounts receivable sold to and held by financial institutions under these agreements. During the third quarters of fiscal 2014 and 2013, discount fees recorded under these facilities were $0.6 million and $0.8 million, respectively, and during the first nine months of fiscal 2014 and 2013, discount fees recorded under these facilities were $2.0 million and $1.7 million, respectively. These discount fees are included as a component of "other (income) expense, net" in our Consolidated Statement of Income.

Off-Balance Sheet Arrangements

Synthetic Lease Facility

We have a synthetic lease facility with a group of financial institutions under which we lease certain logistics centers and office facilities from a third-party lessor. During June 2013, we replaced the previous synthetic lease facility with a new lease agreement that expires in June 2018 (the "Synthetic Lease"). Properties leased under the Synthetic Lease are located in Clearwater and Miami, Florida; Fort Worth, Texas; Fontana, California; Suwanee, Georgia; Swedesboro, New Jersey; and South Bend, Indiana. The Synthetic Lease is accounted for as an operating lease and rental payments are calculated at the applicable LIBOR rate plus a margin based on our credit ratings.

Upon not less than 30 days' notice, we may, at our option, purchase one or any combination of the properties, at an amount equal to each of the property's cost, as long as the lease balance does not decrease below a defined amount. Upon not less than 270 days, nor more than 360 days, prior to the lease expiration, we may, at our option, i) purchase a minimum of two of the properties, at an amount equal to each of the property's cost, ii) exercise the option to renew the lease for a minimum of two of the properties or iii) exercise the option to remarket a minimum of two of the properties and cause a sale of the properties. If we elect to remarket the properties, we have guaranteed the lessor a percentage of the cost of each property, in the aggregate amount of approximately $133.8 million. Future annual lease payments under the Synthetic Lease are approximately $2.8 million per year.

The Synthetic Lease contains covenants that must be complied with, similar to the covenants described in certain of the credit facilities discussed in Note 5 of Notes to Consolidated Financial Statements. The Company has entered into waiver agreements with respect to the Synthetic Lease in connection with the Company’s restatement as more fully described in Note 2 of Notes to Consolidated Financial Statements. Each of the waiver agreements relates primarily to representations that may have been incorrect

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when made, the Company’s potential failure to comply with certain covenants, including principally financial reporting covenants, as well as potential defaults and events of default that may have arisen or could arise as a result of the foregoing.

Guarantees

As is customary in the technology industry, to encourage certain customers to purchase products from us, we have arrangements with certain finance companies that provide inventory financing facilities for our customers. In conjunction with certain of these arrangements, we have agreements with finance companies that would require us to repurchase certain inventory, which might be repossessed from the customers by the finance companies. Due to various reasons, including among other items, the lack of information regarding the amount of saleable inventory purchased from us still on hand with the customer at any point in time, our repurchase obligations relating to inventory cannot be reasonably estimated. Repurchases of inventory by us under these arrangements have been insignificant to date. We also provide additional financial guarantees to finance companies on behalf of certain customers. The majority of these guarantees are for an indefinite period of time, where we would be required to perform if the customer is in default with the finance company related to purchases made from us. We review the underlying credit for these guarantees on at least an annual basis. As of October 31, 2013 and January 31, 2013, the aggregate amount of guarantees under these arrangements totaled $47.4 million and $31.3 million, respectively. We believe that, based on historical experience, the likelihood of a material loss pursuant to the above inventory repurchase obligations and guarantees is remote.

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ITEM 3.    Quantitative and Qualitative Disclosures About Market Risk.

For a description of the Company’s market risks, see “Part II, Item 7A. Qualitative and Quantitative Disclosures About Market Risk” in our Annual Report on Form 10-K for the fiscal year ended January 31, 2013. No material changes have occurred in our market risks since January 31, 2013.

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ITEM 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

The Company maintains disclosure controls and procedures designed to ensure that information required to be disclosed in reports filed under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the specified time period. Tech Data’s management, with the participation of the Company’s Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), has evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of October 31, 2013. Based on that evaluation and considering the material weaknesses in internal control over financial reporting reported in Part II, Item 9A of the Annual Report on Form 10-K for the fiscal year ended January 31, 2013, the Company’s CEO and CFO concluded that the Company’s disclosure controls and procedures were not effective as of October 31, 2013.

The Company engaged significant internal and external resources to perform supplemental procedures to assist in reviewing its financial statements and accounting practices in light of the material weaknesses referred to above.

Changes in Internal Control Over Financial Reporting

As reported in the Annual Report on Form 10-K for the fiscal year ended January 31, 2013, we are engaged in remedial actions relating to our reported material weaknesses in internal control over financial reporting. However, there were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) identified in connection with management’s evaluation during our third quarter of fiscal 2014 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

As reported in our Annual Report on Form 10-K for the fiscal year ended January 31, 2013, management identified the following material weaknesses in internal control over financial reporting: (i) inadequate control environment in the primary operating subsidiary in the UK and two other European subsidiaries; (ii) inadequate controls over manual journal entries in Europe and in two subsidiaries in Latin America; (iii) inadequate account reconciliation procedures in Europe over certain aspects of vendor accounting; and (iv) inadequate anti-fraud program controls and monitoring.

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PART II

ITEM 1. Legal Proceedings.

Prior to fiscal 2004, one of the Company’s subsidiaries, located in Spain, was audited in relation to various value added tax (“VAT”) matters. As a result of those audits, the Spanish subsidiary received notices of assessment from the Regional Inspection Unit of Spain’s taxing authority that allege the subsidiary did not properly collect and remit VAT. The Spanish subsidiary appealed these assessments to the Madrid Central Economic Administrative Courts beginning in March 2010. Following the administrative court proceedings the matter was appealed to the Spanish National Appellate Court. During the fourth quarter of fiscal year 2014, the Spanish National Appellate Court issued an opinion upholding the assessment for several of the assessed years. Although the Company believes that the Spanish subsidiary's defense to the assessments has solid legal grounds and is continuing to vigorously defend its position by appealing to the Spanish Supreme Court, the risk that the assessments will be upheld has significantly increased. The Spanish National Appellate Court opinion represents a subsequent event that occurred prior to the issuance of the fiscal 2013 financial statements in relation to a loss contingency that existed as of January 31, 2013. The Company increased its accrual for costs associated with this matter by recording a charge of $41.0 million in the fourth quarter of fiscal 2013, including $29.5 million to cover the assessment and various penalties and $11.5 million for interest that could be assessed. The Company estimates the total exposure for these assessments, including various penalties and interest, is approximately $56.6 million, including previously accrued amounts, which is reflected in "accrued expenses and other liabilities" in the Consolidated Balance Sheet at October 31, 2013.

In December 2010, in a non-unanimous decision, a Brazilian appellate court overturned a 2003 trial court which had previously ruled in favor of the Company’s Brazilian subsidiary related to the imposition of certain taxes on payments abroad related to the licensing of commercial software products, commonly referred to as “CIDE tax.” The Company estimates the total exposure where the CIDE tax, including interest, may be considered due to be approximately $27.0 million at October 31, 2013. The Brazilian subsidiary has appealed the unfavorable ruling to the Supreme Court and Superior Court, Brazil's two highest appellate courts. Based on the legal opinion of outside counsel, the Company believes that the chances of success on appeal of this matter are favorable and the Brazilian subsidiary intends to vigorously defend its position that the CIDE tax is not due. However, due to the lack of predictability of the Brazilian court system, the Company has concluded that it is reasonably possible that the Brazilian subsidiary may incur a loss up to the total exposure described above. The Company believes the resolution of this litigation will not be material to the Company’s consolidated net assets or liquidity; however, it could be material to the Company’s operating results for any particular period, depending upon the level of income for such period. In addition to the discussion regarding the CIDE tax above, the Company’s Brazilian subsidiary has been undergoing several examinations of non-income related taxes. Given the complexity and lack of predictability of the Brazilian tax system, the Company believes that it is reasonably possible that a loss may have been incurred. However, due to the early stages of the examination, the complex nature of the Brazilian tax system and the absence of communication from the local tax authorities regarding these examinations, the Company is currently unable to determine the likelihood of these examinations resulting in assessments nor estimate the amount of loss, if any, that may be reasonably possible if such assessment were to be made.

In connection with the restatement of our prior financial statements, the Securities and Exchange Commission ("SEC") has requested information from the Company with respect to these matters. The Company is cooperating with the SEC’s request for information.

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.

ITEM 1A. Risk Factors.

In addition to other information set forth in this report, you should carefully consider the factors discussed in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended January 31, 2013, which could materially affect our business, financial position and results of operations. Risk factors which could cause actual results to differ materially from those suggested by forward-looking statements include but are not limited to those discussed or identified in this document, in our public filings with the SEC, and those incorporated by reference in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended January 31, 2013.

ITEM 2. Unregistered Sales of Equity Securities and Use Of Proceeds

Not applicable.

40

ITEM 3.     Defaults Upon Senior Securities

Not applicable.

ITEM 4.    Mine Safety Disclosures.

Not applicable.

ITEM 5. Other Information

Annual Shareholders’ Meeting

The 2014 annual meeting of shareholders will be held on June 4, 2014. At the meeting, the Company will elect directors, ratify the appointment of the Company’s independent registered public accounting firm and conduct such other business as may properly come before the annual meeting.

Rule 14a-8 Proposal Deadline

In accordance with Rule 14a-8 under the Exchange Act, shareholder proposals for inclusion in the proxy or related materials for the 2014 annual meeting of shareholders must be delivered to, or mailed to, and received by Secretary, Tech Data Corporation, 5350 Tech Data Drive, Clearwater, Florida, 33760 on or before the close of business on March 13, 2014. Shareholder proposals must comply with the requirements of Rule 14a-8.

Bylaws Advance Notice Deadline

Shareholders who want to bring a nominee for director or other business before the 2014 annual meeting of shareholders, other than through a shareholder proposal pursuant to the SEC’s rules described above, must notify the Secretary of the Company in writing and provide the information required by the provision of our Bylaws dealing with advance notice of shareholder proposals. In accordance with the requirements for advance notice set forth in the Company’s Bylaws, shareholders must provide notice in writing that must be delivered to, or mailed to, and received by Secretary, Tech Data Corporation, 5350 Tech Data Drive, Clearwater, Florida, 33760 on or before the close of business on March 7, 2014. Such notices must comply with the requirements of the Company’s Bylaws, including the information required by the provisions of the Company’s Bylaws dealing with advance notice of shareholder proposals.

The Company’s bylaws are available on the Corporate Governance section of the Investor Relations area of our website at www.techdata.com/investor. Information on the Company’s website is not incorporated into this Form 10-Q or the Company’s other securities filings and is not a part of them.

41

ITEM 6. Exhibits

(a) Exhibits

10-BBac	Second Waiver Agreement and Amendment to the Fourth Amended and Restated Participation Agreement, Fourth Amended and Restated Lease Agreement and Fourth Amended and Restated Credit Agreement, dated as of October 16, 2013
10-BBad	Second Amendment to the Limited Waiver to the Transfer and Administration Agreement, as last amended by Amendment No. 19 thereto, dated as of October 16, 2013
10-BBae	Second Amendment to the Waiver Agreement to the Credit Agreement, dated as of October 16, 2013
31-A	Certification of Chief Executive Officer Pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31-B	Certification of Chief Financial Officer Pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32-A	Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32-B	Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101(1)	Interactive data files pursuant to Rule 405 of Regulation S-T: (i) Consolidated Balance Sheet as of October 31, 2013 and January 31, 2013; (ii) Consolidated Statement of Income for the three and nine months ended October 31, 2013 and 2012; (iii) Consolidated Statement of Comprehensive Income for the three and nine months ended October 31, 2013 and 2012; (iv) Consolidated Statement of Cash Flows for the nine months ended October 31, 2013 and 2012; and (v) Notes to Consolidated Financial Statements, detail tagged.

__

⁽¹⁾ XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 and 12 of the Securities Act of 1933, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections.

42

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

TECH DATA CORPORATION

            (Registrant)

Signature	Title	Date
/s/    ROBERT M. DUTKOWSKY	Chief Executive Officer; Director	February 25, 2014
Robert M. Dutkowsky
/s/    JEFFERY P. HOWELLS	Executive Vice President and Chief Financial Officer; Director (principal financial officer)	February 25, 2014
Jeffery P. Howells
/s/    JOSEPH B. TREPANI	Senior Vice President and Corporate Controller (principal accounting officer)	February 25, 2014
Joseph B. Trepani

43

EX-10.BBAC

SECOND WAIVER AGREEMENT AND AMENDMENT

THIS SECOND WAIVER AGREEMENT AND AMENDMENT dated as of October 16, 2013 (this “Agreement”) is entered into among Tech Data Corporation, a Florida corporation (the “Lessee”), SunTrust Bank, a Georgia banking corporation (the “Lessor”), the Lenders party hereto, the Alternative Lessees party hereto, the Guarantors party hereto and SunTrust Equity Funding, LLC, as agent (the “Agent”). All capitalized terms used herein and not otherwise defined herein shall have the meanings given to such terms in the Participation Agreement (as defined below).

RECITALS

WHEREAS, the Lessee, the Lessor, the Lenders and the Agent entered into that certain Fourth Amended and Restated Participation Agreement, dated as of June 27, 2013 (as further amended or modified from time to time, the “Participation Agreement”), which has been acknowledged and agreed to by the Alternative Lessees;

WHEREAS, the Lessor and the Lessee entered into that certain Fourth Amended and Restated Lease Agreement, dated as of June 27, 2013 (as further amended or modified from time to time, the “Lease Agreement”), which has been acknowledged and agreed to by the Alternative Lessees;

WHEREAS, the Lessee, the Subsidiaries of the Lessee party thereto, the Agent and the Lessor entered into that certain Third Amended and Restated Guaranty Agreement (Lessee Obligations), dated as of June 27, 2013 (as further amended or modified from time to time, the “Guaranty Agreement”);

WHEREAS, the Lessor, the several lenders from time to time parties thereto and the Agent entered into that certain Fourth Amended and Restated Credit Agreement, dated as of June 27, 2013 (as further amended or modified from time to time, the “Lease Credit Agreement”);

WHEREAS, the Lessee has informed the Agent, the Lessor and the Lenders that, as a result of the Specified Matters, certain defaults may have occurred or may occur under certain of the Lessee’s agreements or instruments relating to Indebtedness or Guarantees (collectively, the “Prior Potential Cross Events of Default”);

WHEREAS, the Prior Potential Cross Events of Default, if not waived by the Majority Financing Parties and the Agent, may have resulted in or will result in Lease Events of Default pursuant to Section 17.1(h) of the Lease Agreement, and therefore the Lessee has requested that the Financing Parties and the Agent agree to waive, and the Financing Parties signatories hereto (which include at least the Majority Financing Parties) and the Agent have agreed to waive, any Lease Event of Default under Section 17.1(h) of the Lease Agreement that may have occurred due to or resulting from the Prior Potential Cross Events of Default to the extent set forth in this Agreement;

WHEREAS, the Lessee has also informed the Agent, the Lessor and the Lenders that the Lessee’s delivery of certain restated financial statements may be further delayed and has requested that the Majority Financing Parties and the Agent agree to an extension for such delivery; and

WHEREAS, the Financing Parties signatories hereto (which include at least the Majority Financing Parties) and the Agent have agreed to extend the time for the delivery of the Lessee’s restated financial statements to the extent set forth in this Agreement;

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1.Waiver of Certain Cross Defaults. Effective as of the Waiver Effective Date (as defined below), the Financing Parties that are signatories hereto hereby agree, and the Agent hereby consents and agrees, to waive any Lease Event of Default that may occur pursuant to Section 17.1(h) of the Lease or any Event of Default that may occur pursuant to Section 6(f) of the Guaranty Agreement as a result of violations of any agreement or instrument governing Indebtedness or a Guarantee of the Lessee due to (i) the Specified Matters or (ii) the failure to file with the Securities and Exchange Commission or to transmit to holders thereunder the Lessee’s financial statements for the fiscal year ended January 31, 2013 or for the fiscal quarters ended April 30, 2013, July 31, 2013 or October 31, 2013 as and when required by the terms thereof (A) in the case of any agreement or instrument governing Indebtedness of the Lessee (other than Material Debt Agreements (as defined below)), until the earlier of (x) December 31, 2013 and (y) the date of acceleration of such Indebtedness or enforcement of a lien securing such Indebtedness, and (B) in the case of Material Debt Agreements, until the earlier of (x) November 15, 2013 and (y) the date of acceleration of such Indebtedness or enforcement of a lien securing such Indebtedness.

The above waivers are limited solely to the specific waivers identified above and nothing contained in this Agreement shall be deemed to constitute a waiver of any other rights or remedies the Agent or any Financing Party may have under the Participation Agreement, Lease Agreement or any other Operative Agreement or under applicable law.

The following agreements shall constitute the “Material Debt Agreements”: (i) the Tech Data Credit Agreement, (ii) the Transfer and Administration Agreement, dated as of May 19, 2000, among the Lessee, as collection agent, Tech Data Finance SPV, Inc., as transferor, Liberty Street Funding Corp., Chariot Funding LLC, The Bank of Nova Scotia, JPMorgan Chase Bank, N.A. and Bank of America, National Association, as has been further amended (the “Transfer and Administration Agreement”), (iii) ISDA 2002 Master Agreement and the related Schedule thereto, each dated as of August 30, 2010 among Bank of America, N.A., the Lessee and the affiliates of the Lessee listed in Exhibit A to the Schedule thereto, (iv) the ISDA Master Agreement and related Schedule thereto, each dated as of April 30, 2003 between Citibank, N.A. and Tech Data Global Finance L.P. and (v) the ISDA 2002 Master Agreement and related Schedule thereto, each dated as of December 14, 2011 among JPMorgan Chase Bank, N.A. and Tech Data Europe GMBH and the affiliates listed in Exhibit A to the Schedule thereto.

2

2.Lease Credit Agreement Waiver. The Agent and the Lenders hereby confirm that no Lease Event of Default or Event of Default pursuant to the Guaranty that has been waived in Section 1 of this Agreement shall constitute an Event of Default under Section 5(f) of the Lease Credit Agreement or under any other provision of any other Operative Agreement.

3.No Liquidated Damages. The Agent, the Lessor and each Lender acknowledge and agree that none of them has any right to recover final liquidated damages as provided in Section 17.5 of the Lease Agreement with respect to any Lease Event of Default that has been waived hereunder, solely to the extent of such waiver.

4.Amendment to Participation Agreement. The Participation Agreement is hereby amended as follows:

(a)In Section 7.3A(a) of the Participation Agreement, the fourth sentence is hereby amended and restated in its entirety to read as follows

“The Financing Parties and the Agent hereby consent to a waiver of compliance, which waiver shall be identical in scope to the waiver agreement dated as of April 30, 2013, as amended by the first amendment to waiver agreement dated as of July 29, 2013, and as further amended by the second amendment to waiver agreement dated as of October 15, 2013, entered into among the Lessee, the lenders party thereto, the guarantors party thereto and Bank of America, N.A., regarding Sections 7.01(a), 7.01(b), 7.02(a), 7.02(b), 7.03(a), 7.08, 7.09(a), 7.09(b) and 7.13 of the Incorporated Covenants as they relate to the Specified Matters, which waiver of compliance shall only remain effective through January 31, 2014.”

(b)In Section 7.3A(b) of the Participation Agreement, the second parenthetical is hereby amended and restated in its entirety to read as follows:

“(except to the extent waived in Section 7.3A(a) immediately above regarding Sections 7.01(a), 7.01(b), 7.02(a) and 7.02(b) of the Incorporated Covenants as it relates to the provision of the financial statements and related compliance certificates for (i) the fiscal quarter and year ended January 31, 2013 and (ii) the fiscal quarters ended April 30, 2013, July 31, 2013 and October 31, 2013, each as they relate to the Specified Matters, which waiver of compliance shall remain effective only through January 31, 2014)”

5.Amendment to Lease Agreement. The Lease Agreement is hereby amended as follows:

(a)In Section 17.1 of the Lease Agreement, the reference to “October 31, 2013” is hereby replaced with a reference to “January 31, 2014”.

(b)In Section 20.1(d) of the Lease Agreement, the reference to “October 31, 2013” is hereby replaced with a reference to “January 31, 2014”.

3

6.Condition Precedent. This Agreement shall be effective upon receipt by the Agent of (i) counterparts of this Agreement duly executed by the Lessee, the Alternative Lessees, the Guarantors, the Majority Financing Parties and the Agent and (ii) a fee equal to 5 basis points (0.05%) of the aggregate Commitment of each Financing Party that executes this Agreement in immediately available funds (the date of such receipt of both of the foregoing items, the “Waiver Effective Date”).

7.Miscellaneous.

(a)The Participation Agreement, the Lease Agreement, the Guaranty Agreement and the obligations of the Lessee thereunder and under the other Operative Agreements, as amended as expressly set forth in this Agreement, are hereby ratified and confirmed and shall remain in full force and effect according to their terms.

(b)Each Alternative Lessee (i) acknowledges and consents to all of the terms and conditions of this Agreement, (ii) affirms all of its obligations under the Operative Agreements to which it is a party and (iii) agrees that this Agreement and all documents executed in connection herewith do not operate to reduce or discharge its obligations under the Operative Agreements to which it is a party.

(c)Each Guarantor (i) acknowledges and consents to all of the terms and conditions of this Agreement, (ii) affirms all of its obligations under the Operative Agreements to which it is a party and (iii) agrees that this Agreement and all documents executed in connection herewith do not operate to reduce or discharge its obligations under the Guaranty Agreement or the other Operative Agreements to which it is a party.

(d)After giving effect to this Agreement, the Lessee represents and warrants to the Agent and the Financing Parties that, except with respect to any Lease Event of Default that may occur pursuant to Section 17.1(h) of the Lease waived pursuant to this Agreement, no event has occurred and is continuing which constitutes a Default or an Event of Default (as defined in the Participation Agreement).

(e)This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument. Delivery of an executed counterpart of this Agreement by facsimile or by email shall be effective as an original and shall constitute a representation that an executed original shall be delivered.

(f)The headings of this Agreement are for purposes of reference only and shall not limit or otherwise affect the meaning thereof.

(g)THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND

4

CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF FLORIDA, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE PRINCIPLES OF CONFLICT OF LAWS.

(h)The Lessee shall pay, or reimburse the Agent for, any and all out-of-pocket costs and expenses incurred by the Agent in connection with this Agreement, including, without limitation, reasonable and documented attorneys’ fees, within thirty (30) days of receipt by the Lessee of an invoice for any such costs and expenses.

[remainder of page intentionally left blank]

5

Each of the parties hereto has caused a counterpart of this Agreement to be duly executed and delivered as of the date first above written.

LESSEE & GUARANTOR:    

TECH DATA CORPORATION,

a Florida corporation

By:/s/ JEFFERY P. HOWELLS                

Name: Jeffery P. Howells

Title: Executive Vice President and Chief Financial Officer

ALTERNATIVE LESSEE & GUARANTOR:    

TECH DATA PRODUCT MANAGEMENT, INC.,

a Florida corporation

By: /s/ JEFFERY P. HOWELLS                

Name: Jeffery P. Howells

Title: Executive Vice President and Chief Financial Officer

ALTERNATIVE LESSEE:    

TD FACILITIES, LTD.,

a Texas Partnership

By: /s/ JEFFERY P. HOWELLS                

Tech Data Corporation as its General Partner

Name: Jeffery P. Howells

Title: Executive Vice President and Chief Financial Officer

GUARANTOR:

TECH DATA FINANCE PARTNER, INC.,

a Florida corporation

By: /s/ JEFFERY P. HOWELLS                

Tech Data Corporation as its General Partner

Name: Jeffery P. Howells

Title: Executive Vice President and Chief Financial Officer

S-1

SUNTRUST BANK, as Lessor

By: /s/ SHAWN WILSON                

Name: Shawn Wilson

Title: Director

S-2

SUNTRUST EQUITY FUNDING, LLC, as Agent

By: /s/ ALLISON MCLEOD                    

Name: Allison McLeod

Title: Manager

S-3

THE BANK OF NOVA SCOTIA, as a Lender

By: /s/ EUGENE DEMPSEY            

Name: Eugene Dempsey

Title: Director

S-4

FIFTH THIRD BANK, an Ohio banking corporation, as a Lender

By: /s/ JOHN MARIAN            

Name: John Marian

Title: Vice President

S-5

U.S. BANK NATIONAL ASSOCIATION, as a Lender

By: /s/ KENNETH R. FIELER             

Name: Kenneth R. Fieler

Title: Vice President

S-6

MERCANTIL COMMERCEBANK, N.A., as a Lender

By:

Name:

Title:

S-7

EX-10.BBAD

SECOND AMENDMENT TO

LIMITED WAIVER

THIS SECOND AMENDMENT TO LIMITED WAIVER dated as of October 16, 2013 (the “Agreement”) is entered into among TECH DATA CORPORATION, a Florida corporation (“Tech Data”), as collection agent (in such capacity, the “Collection Agent”), TECH DATA FINANCE SPV, INC., a Delaware corporation, as transferor (in such capacity, the “Transferor”), LIBERTY STREET FUNDING CORP., a Delaware corporation, as a Class Conduit and as a Class Investor, CHARIOT FUNDING LLC, a Delaware limited liability company, as successor by merger to Falcon Asset Securitization Company LLC, as a Class Conduit and as a Class Investor, THE BANK OF NOVA SCOTIA, a banking corporation organized and existing under the laws of Canada, acting through its New York Agency, as a Class Agent and as a Class Investor, JPMORGAN CHASE BANK, N.A. (successor by merger to Bank One, N.A.), a national banking association, as a Class Agent and as a Class Investor, and BANK OF AMERICA, NATIONAL ASSOCIATION, a national banking association, as a Class Investor and as Administrative Agent, under and in connection with that certain Transfer and Administration Agreement dated as of May 19, 2000, as last amended by Amendment No. 19 thereto, dated as of August 12, 2013 (as amended, the “Transfer and Administration Agreement”), among the parties hereto. All capitalized terms used herein and not otherwise defined herein shall have the meanings given to such terms in the Transfer and Administration Agreement.

RECITALS

WHEREAS, Tech Data, including in its capacity as the Collection Agent and the Transferor (collectively, the “Tech Data Parties”) and the Administrative Agent, the Class Agents, the Class Conduits and the Class Investors (collectively, the “Waiving Parties”) entered into the Transfer and Administration Agreement;

WHEREAS, the Tech Data Parties and the Waiving Parties entered into that certain Limited Waiver dated as of April 29, 2013, as amended by the First Amendment thereto, dated as of July 29, 2013, attached hereto as Exhibit A (as amended, the “Limited Waiver”); and

WHEREAS, the Tech Data Parties have requested, and the Waiving Parties have agreed, to enter into certain amendments to the Limited Waiver, on the terms and conditions set forth herein;

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1.    Amendment. Upon the satisfaction of the conditions set forth in Section 3, the Limited Waiver is hereby amended as follows:

(a)    In the fourth Recital to the Limited Waiver, clause (i), which includes the definition of “TransferorAffected Quarterly Financial Statements”, is hereby amended to refer to “its financial statements for its fiscal quarters ending April 30, 2013, July 31, 2013, and October 31, 2013”.

(b)    In the fourth Recital to the Limited Waiver, clause (ii), which includes the definition of “Tech DataAffected Quarterly Financial Statements”, is hereby amended to refer to “its financial statements for its fiscal quarters ending April 30, 2013, July 31, 2013, and October 31, 2013”.

(c)    In Section 1(a) and 1(b) of the Limited Waiver, each reference to “October 31, 2013” is hereby replaced with a reference to “January 31, 2014”.

(d)    The proviso at the end of Section 1(b) of the Limited Waiver is hereby amended and restated in its entirety to read as follows:

“provided that it is understood and agreed that failure of the Tech Data Parties to deliver restated Prior Financial Statements and restated 2013 Financial Statements on or before January 31, 2014 (which, in the case of Tech Data, may be provided as part of Tech Data’s Annual Report on Form 10-K for fiscal year ended January 31, 2013) showing results for consolidated net income that are substantially consistent (within $20,000,000) with the estimates of consolidated net income reductions included in Part IV of the  SEC Filing, shall constitute an immediate Event of Default, except as may be further amended upon mutual agreement between the Tech Data Parties and the Waiving Parties; and”

2.    Consent to Second Amendment to Waiver for Transaction Documents. The Waiving Parties hereby consent, pursuant to Section 5.2(h) of the Transfer and Administration Agreement, to the entry by the Tech Data Parties into a second amendment to thelimited waiver with respect to the Purchase Agreement, the Credit Agreement and the Promissory Note, which shall be substantially in the form attached hereto as Exhibit B (the “Second Amendment to the Transaction Documents Waiver”).

3.    Conditions Precedent. This Agreement shall be effective upon the satisfaction of each of the following conditions:

(a)    the Administrative Agent shall have received counterparts of this Agreement duly executed by the Tech Data Parties and the Waiving Parties;

(b)    the Administrative Agent shall have received counterparts of the Second Amendment to the Transaction Documents Waiver duly executed by the Tech Data Parties; and

(c)    the Transferor shall have paid to each Class Agent, by wire transfer of immediately available funds, a waiver fee in the amount of 0.05% of the applicable Maximum Net Investment of each respective Class.

4.    Miscellaneous.

(a)    The Transfer and Administration Agreement, and the obligations of the Tech Data Parties thereunder and under the other Transaction Documents, are hereby ratified and confirmed and shall remain in full force and effect according to their terms.

(b)    Both immediately before and after giving effect to this Agreement, each Tech Data Party represents and warrants to the Waiving Parties that, to its knowledge: (i) the Specified Financial Reporting Matters, as defined in the Limited Waiver, as amended hereby, will not affect the value or collectability of the Receivables; (ii) except as provided in clause (iii) below, any Receivables that, as a result of the Specified Financial Reporting Matters, may be the subject of restatement or with respect to which Section 5.1(e) or 5.3(e) may have been violated, were not Eligible Receivables during any time period affected by the foregoing; (iii) to the extent any Receivables affected by the correction of previously unadjusted differences as part of the restatement constituted Eligible Receivables during any relevant period, such Receivables have been collected or do not currently constitute Eligible Receivables; and (iv) to the extent any of the matters waived in the Limited Waiver, as amended hereby (collectively, the “Waived Matters”), would or would reasonably be expected to result in any default, acceleration or similar event under any other Indebtedness of the Tech Data Parties, such Waived Matters have been waived as of the date hereof by the parties entitled to waive the same, or will be waived by the parties entitled to waive the same on or before the earlier of (y) November 15, 2013 in the case of Material Debt Agreements (as defined below) or (z) December 31, 2013 in the case of any agreement or instrument governing Indebtedness of the Tech Data Parties (other than Material Debt Agreements).

The following agreements shall constitute the “Material Debt Agreements”: (i) the Fourth Amended and Restated Participation Agreement, dated as of June 27, 2013, among the Tech Data, as lessee, SunTrust Bank, as lessor, SunTrust Equity Funding, LLC, as agent, and the Lenders party thereto from time to time, (ii) the Fourth Amended and Restated Lease Agreement, dated as of June 27, 2013, between SunTrust Bank, as lessor and the Tech Data, as lessee, (iii) the Credit Agreement, dated as of September 27, 2011, among Tech Data, the Lenders party thereto, the Guarantors party thereto and Bank of America, N.A., as Administrative Agent, (iv) ISDA 2002 Master Agreement and the related Schedule thereto, each dated as of August 30, 2010 among Bank of America, N.A., Tech Data and the affiliates of Tech Data listed in Exhibit A to the Schedule thereto, (v) the ISDA Master Agreement and related Schedule thereto, each dated as of April 30, 2003 between Citibank, N.A. and Tech Data Global Finance L.P. and (vi) the ISDA 2002 Master Agreement and related Schedule thereto, each dated as of December 14, 2011 among JPMorgan Chase Bank, N.A. and Tech Data Europe GMBH and the affiliates listed in Exhibit A to the Schedule thereto.

(c)    The amendments herein do not modify or affect the Tech Data Parties’ obligations to comply fully with (i) the terms of the Transfer and Administration Agreement (including, without limitation, Sections 3.1, 3.2, 3.3, 3.4, 5.1, 5.2, 5.3 and 7.1) for any future periods with respect to the Waived Matters, or any other duty, term, condition or covenant contained in the Transfer and Administration Agreement or any other Transaction Document, except as expressly set forth herein, (ii) the terms of Section 5.5 for any past period (including the periods covered by the Prior Financial Statements and the 2013 Financial Statements, each as defined in the Limited Waiver, as amended hereby) or any subsequent period, or (iii) the obligations of any Tech Data Party to comply with the terms of any other Indebtedness, it being understood that no Termination Event under Section 7.1(f) is being waived hereunder, except to the extent the amendments set forth herein modify the waivers granted under Section 1(b)(v) of the Limited Waiver. Except as expressly set forth herein, nothing contained in this Agreement shall be deemed to constitute a waiver of any other rights or remedies the Administrative Agent or any other Waiving Party may have under the Transfer and Administration Agreement or any other Transaction Document or under applicable law.

(d)    The Transferor represents and warrants to the Waiving Parties that (i) except with respect to the Waived Matters, the representations and warranties of the Transferor set forth in Section 3.1 of the Transfer and Administration Agreement and in each other Transaction Document are true and correct in all material respects as of the date hereof with the same effect as if made on and as of the date hereof, except to the extent such representations and warranties expressly relate solely to an earlier date, in which case they were true and correct as of such earlier date and (ii) except with respect to the Waived Matters, no event has occurred and is continuing which constitutes a Termination Event or a Potential Termination Event.

(e)    The Collection Agent represents and warrants to the Waiving Parties that (i) except with respect to the Waived Matters, the representations and warranties of the Collection Agent set forth in Section 3.3 of the Transfer and Administration Agreement and in each other Transaction Document are true and correct in all material respects as of the date hereof with the same effect as if made on and as of the date hereof, except to the extent such representations and warranties expressly relate solely to an earlier date, in which case they were true and correct as of such earlier date and (ii) except with respect to the Waived Matters, no event has occurred and is continuing which constitutes a Termination Event or a Potential Termination Event.

(f)    This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument. Delivery of an executed counterpart of this Agreement by telecopy shall be effective as an original and shall constitute a representation that an executed original shall be delivered.

(g)    The headings of this Agreement are for purposes of reference only and shall not limit or otherwise affect the meaning thereof.

(h)    THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

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Each of the parties hereto has caused a counterpart of this Agreement to be duly executed and delivered as of the date first above written.

TECH DATA FINANCE SPV, INC.,

as Transferor

By: /s/ CHARLES V. DANNEWITZ

Name: Charles V. Dannewitz

Title: Senior Vice President & Treasurer

TECH DATA CORPORATION,

as Collection Agent

By: /s/ CHARLES V. DANNEWITZ    

Name: Charles V. Dannewitz

Title: Senior Vice President & Treasurer

LIBERTY STREET FUNDING CORP.

By: /s/ JILL A. RUSSO                 

Name: Jill A. Russo

Title: Vice President

THE BANK OF NOVA SCOTIA, as Liberty

Agent and as a Liberty Bank Investor

By:      /s/ DIANE EMANUEL                

Name: Diane Emanuel

    Title: Managing Director

CHARIOT FUNDING LLC

By:    JPMorgan Chase Bank, N.A., its attorney-in-fact

By:      /s/ JOHN KUHNS                    

Name: John Kuhns

    Title: Executive Director

JPMORGAN CHASE BANK, N.A, as Falcon Agent

and as a Falcon Bank Investor

By:      /s/ John Kuhns                    

    Name: JOHN KUHNS

    Title: Executive Director

BANK OF AMERICA, NATIONAL ASSOCIATION, as

Administrative Agent and as a SUSI Issuer Bank Investor

By:     /s/ G. WHITFIELD MCDOWELL        

    Name: G. Whitefield McDowell

    Title: Managing Director

EXHIBIT A

EXHIBIT B

SECOND AMENDMENT TO

LIMITED WAIVER

THIS SECOND AMENDMENT TO LIMITED WAIVER dated as of October 16, 2013 (the “Agreement”) is entered into between TECH DATA CORPORATION, a Florida corporation (“Tech Data”), and TECH DATA FINANCE SPV, INC., a Delaware corporation (the “SPV”), in connection with (i) that certain Receivables Purchase and Servicing Agreement dated as of May 19, 2000 between Tech Data, as seller, and the SPV, as purchaser (the “Purchase Agreement”), (ii) that certain Credit Agreement dated as of May 19, 2000 between Tech Data, as borrower, and the SPV, as lender (the “Receivables Credit Agreement”) and (iii) that certain Promissory Note dated as of May 19, 2000 by Tech Data, as borrower, in favor of the SPV, as lender (the “Promissory Note” and, together with the Purchase Agreement and the Receivables Credit Agreement, the “Transaction Documents”). All capitalized terms used herein and not otherwise defined herein shall have the meanings given to such terms in the Purchase Agreement or the Receivables Credit Agreement, as applicable.

RECITALS

WHEREAS, Tech Data and the SPV entered into the Transaction Documents;

WHEREAS, the Tech Data and the SPV entered into that certain Limited Waiver dated as of April 29, 2013, as amended by the First Amendment thereto, dated as of July 29, 2013, attached hereto as Exhibit A (as amended, the “Limited Waiver”); and

WHEREAS, concurrent with the entry into this Agreement, a Second Amendment to the Limited Waiver dated as of April 29, 2013, as amended by the First Amendment thereto, dated as of July 29, 2013, relating to the Transfer and Administration Agreement dated May 19, 2000, as last amended by Amendment No. 19 thereto, dated as of August 12, 2013 (the “TAA”), will be entered into among Tech Data, the SPV and the Waiving Parties (as defined therein) (the “Second Amendment to the TAA Waiver”);

WHEREAS, the Waiving Parties have consented in the Second Amendment to the TAA Waiver, as required by Section 5.2(h) of the TAA, to the entry into this Agreement; and

WHEREAS, Tech Data has requested, and the SPV has agreed, to certain amendments to the Limited Waiver, as more specifically set forth herein;

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1.    Amendment. Upon the satisfaction of the conditions set forth in Section 2, the Limited Waiver is hereby amended as follows:

(a)     In Section 1(a) of the Limited Waiver, each reference to “October 31, 2013” is hereby replaced with a reference to “January 31, 2014”.

(b)    The proviso at the end of Section 1(a) of the Limited Waiver is hereby amended and restated in its entirety to read as follows:

“provided that it is understood and agreed that failure of Tech Data to deliver restated Prior Financial Statements on or before January 31, 2014 (which may be provided as part of Tech Data’s Annual Report on Form 10-K for fiscal year ended January 31, 2013)showing results for consolidated net income that are substantially consistent (within $20,000,000) with the estimates of consolidated net income reductions included in Part IV of the  SEC Filing, shall constitute an immediate Termination Event under the Purchase Agreement and default under the Receivables Credit Agreement, except as may be further amended upon mutual agreement between Tech Data and the SPV;”

2.    Conditions Precedent.    This Agreement shall be effective upon the satisfaction of each of the following conditions:

(a)    the SPV shall have received counterparts of this Agreement duly executed by Tech Data and the SPV; and

(b)    the Second Amendment to the TAA Waiver shall have become effective in accordance with its terms.

3.    Miscellaneous.

(a)    The Transaction Documents, and the obligations of Tech Data thereunder, are hereby ratified and confirmed and shall remain in full force and effect according to their terms.

(b)    Except as expressly provided herein, the above amendments do not modify or affect (i) Tech Data’s obligations to comply fully with the terms of the Transaction Documents for any future periods or any other duty, term, condition or covenant contained in the Transaction Documents or (ii) the obligation of Tech Data to comply with the terms of any other Indebtedness. Except as expressly set forth herein, nothing contained in thisAgreement shall be deemed to constitute a waiver of any other rights or remedies the SPV may have under the Transaction Documents or under applicable law.

(c)    Tech Data represents and warrants to the SPV that (i) except with respect to the matters waived in the Limited Waiver, as amended hereby (collectively, the “Waived Matters”), the representations and warranties of Tech Data set forth in Section 4.1 of the Purchase Agreement and Section 8 of the Receivables Credit Agreement are true and correct in all material respects as of the date hereof with the same effect as if made on and as of the date hereof, except to the extent such representations and warranties expressly relate solely to an earlier date, in which case they were true and correct as of such earlier date and (ii) except with respect to the Waived Matters, no event has occurred and is continuing which constitutes a Termination Event under the Purchase Agreement or a default under the Receivables Credit Agreement.

(d)    This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument. Delivery of an executed counterpart of this Agreement by telecopy shall be effective as an original and shall constitute a representation that an executed original shall be delivered.

(e)    The headings of this Agreement are for purposes of reference only and shall not limit or otherwise affect the meaning thereof.

(f)    THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

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Each of the parties hereto has caused a counterpart of this Agreement to be duly executed and delivered as of the date first above written.

TECH DATA CORPORATION

By:/s/ CHARLES V. DANNEWITZ                 

Name: Charles V. Dannewitz

Title: Senior Vice President & Treasurer

TECH DATA FINANCE SPV, INC.

By: /s/ CHARLES V. DANNEWITZ        

Name: Charles V. Dannewitz

Title: Senior Vice President & Treasurer

EXHIBIT A

EX-10.BBAE

SECOND AMENDMENT TO

WAIVER AGREEMENT

THIS SECOND AMENDMENT TO WAIVER AGREEMENT dated as of October 16, 2013 (the “Agreement”) is entered into among Tech Data Corporation, a Florida corporation (the “Borrower”), the Lenders party hereto, the Guarantors party hereto and Bank of America, N.A., as Administrative Agent. All capitalized terms used herein and not otherwise defined herein shall have the meanings given to such terms in the Credit Agreement (as defined below).

RECITALS

WHEREAS, the Borrower, the Lenders and Bank of America, N.A., as Administrative Agent, Swing Line Lender and an L/C Issuer entered into that certain Credit Agreement dated as of September 27, 2011 (as amended or modified from time to time, the “Credit Agreement”);

WHEREAS, the Borrower, the Required Lenders and Bank of America, N.A., as Administrative Agent entered into that certain Waiver Agreement dated as of April 30, 2013, as amended by that certain First Amendment (the “First Amendment”) to Waiver Agreement dated as of July 29, 2013 (as amended, the “Waiver Agreement”); and

WHEREAS, the Borrower has requested, and the Required Lenders have agreed, to certain amendments to the Waiver Agreement, as more specifically set forth herein;

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1.    Amendment. The Waiver Agreement is hereby amended as follows:

(a)    In the fifth Recital to the Waiver Agreement, clause (i), which includes the definition of “Affected Quarterly Financial Statements”, is hereby amended to refer to “its financial statements for the fiscal quarters ending April 30, 2013, July 31, 2013 and October 31, 2013”.

(b)    In Section 1(a) of the Waiver Agreement, each reference to “October 31, 2013” is hereby replaced with a reference to “January 31, 2014”.

(c)    In the proviso at the end of Section 1(b) of the Waiver Agreement, which, for the avoidance of doubt, was further amended by the First Amendment, the reference to “October 31, 2013” in the as-amended proviso set forth in the First Amendment is hereby replaced with a reference to “January 31, 2014”.

(d)    Section 1(c) of the Waiver Agreement is hereby amended and restated in its entirety to read as follows:

“(c)    waive any Default that may occur pursuant to Section 9.01(e) of the Credit Agreement as a result of violations of any agreement or instrument governing Indebtedness or a Guarantee of the Borrower due to (i) the Specified Matters or (ii) the failure to file with the SEC or to transmit to holders thereunder the 2013 Financial Statements or the Affected Quarterly Financial Statements as and when required by the terms thereof (A) in the case of the any agreement or

1

CHAR2\1536559v3

instrument governing Indebtedness of the Borrower (other than Material Debt Agreements (as defined below)), until the earlier of (x) December 31, 2013 and (y) the date of acceleration of such Indebtedness or enforcement of a lien securing such Indebtedness, and (B) in the case of Material Debt Agreements, until the earlier of (x) November 15, 2013 and (y) the date of acceleration of such Indebtedness or enforcement of a lien securing such Indebtedness.”

2.    Condition Precedent. This Agreement shall be effective upon receipt by the Administrative Agent of the following:

(a)    counterparts of this Agreement duly executed by the Borrower, the Guarantors, the Required Lenders and the Administrative Agent;

(b)    a fee equal to 5 basis points (0.05%) on the aggregate Commitment of each Lender that executes this Agreement, payable to the Administrative Agent for the account of each such Lender; and

(c)    counterparts of a letter agreement dated as of the date hereof and duly executed by the Borrower and Merrill Lynch, Pierce, Fenner & Smith Incorporated.

3.    Miscellaneous.

(a)    The Credit Agreement, and the obligations of the Loan Parties thereunder and under the other Loan Documents, are hereby ratified and confirmed and shall remain in full force and effect according to their terms.

(b)    Each Guarantor (i) acknowledges and consents to all of the terms and conditions of this Agreement, (ii) affirms all of its obligations under the Loan Documents and (iii) agrees that this Agreement and all documents executed in connection herewith do not operate to reduce or discharge its obligations under the Facility Guaranty or the Loan Documents.

(c)    Except as expressly provided herein, the amendments set forth herein do not modify or affect the Loan Parties’ obligations to comply fully with (i) the terms of Sections 5.02, 7.01, 7.02, 7.03, 7.08, 7.09 or 7.13 of the Credit Agreement for any future periods or any other duty, term, condition or covenant contained in the Credit Agreement or any other Loan Document, including, but not limited, to satisfaction of Section 8.13 for the fiscal year ending January 31, 2013 or (ii) the terms of Section 8.13 for any period covered by the Prior Financial Statements. The above amendments are limited solely to the waivers provided in the Waiver Agreement and nothing contained in this Agreement shall be deemed to constitute a waiver of any other rights or remedies the Administrative Agent or any Lender may have under the Credit Agreement or any other Loan Document or under applicable law.

(d)    After giving effect to this Agreement, the Borrower represents and warrants to the Lenders that (i) except with respect to the Specified Matters, the representations and warranties of the Borrower set forth in Article VI of the Credit Agreement and in each other Loan Document are true and correct in all material respects as of the date hereof with the same effect as if made on and as of the date hereof, except to the extent such representations and warranties expressly relate solely to an earlier date, in which case they were true and correct as of such earlier date and (ii) except with respect to the Specified Matters, no event has occurred and is continuing which constitutes a Default or an Event of Default.

2

CHAR2\1536559v3

(e)    This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument. Delivery of an executed counterpart of this Agreement by telecopy shall be effective as an original and shall constitute a representation that an executed original shall be delivered.

(f)    The headings of this Agreement are for purposes of reference only and shall not limit or otherwise affect the meaning thereof.

(g)    THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF FLORIDA.

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3

CHAR2\1536559v3

Each of the parties hereto has caused a counterpart of this Agreement to be duly executed and delivered as of the date first above written.

BORROWER:            TECH DATA CORPORATION,

a Florida corporation

By: /s/ CHARLES V. DANNEWITZ        

Name: Charles V. Dannewitz    

Title: Senior Vice President, Treasurer

GUARANTORS:        TECH DATA PRODUCT MANAGEMENT, INC.,

a Florida corporation

By: /s/ CHARLES V. DANNEWITZ     

Name: Charles V. Dannewitz    

Title: Senior Vice President, Treasurer    

TECH DATA FINANCE PARTNER, INC.,

a Florida corporation

By: /s/ CHARLES V. DANNEWITZ     

Name: Charles V. Dannewitz

Title: Senior Vice President, Treasurer    

TECH DATA CORPORATION

SECOND AMENDMENT TO WAIVER AGREEMENT

ADMINISTRATIVE

AGENT:            BANK OF AMERICA, N.A.,

as Administrative Agent

By: /s/ ROBERT RITTELMEYER    

Name: Robert Rittelmeyer

Title: Vice President

LENDERS:            BANK OF AMERICA, N.A.,

as a Lender

By: /s/ PATRICK MARTIN

Name: Patrick Martin

Title: Director

TECH DATA CORPORATION

SECOND AMENDMENT TO WAIVER AGREEMENT

_SunTrust Bank __________________,

as a Lender

By: /s/ SHAWN WILSON        

Name: Shawn Wilson

Title: Director

_The Bank of Nova Scotia___________,

as a Lender

By: /s/ EUGENE DEMPSEY        

Name: Eugene Dempsey

Title: Director

Citibank, N.A. ___________,

as a Lender

By: /s/ JAMES M. WALSH     

Name: James M. Walsh

Title: Vice President and Managing Director

Skandinaviska Enskilda Banken AB_____,

as a Lender

By: /s/ PENNY NEVILLE-PARK     

Name: Penny Neville-Park

Title: Authorized Signatory

Skandinaviska Enskilda Banken AB_____,

as a Lender

By: /s/ DUNCAN NASH     

Name: Duncan Nash

Title: Authorized Signatory

JPMorgan Chase Bank N.A.,____,

as a Lender

By: /s/ JUSTIN KELLEY     

Name: Justin Kelley

Title: Authorized Signatory

The Royal Bank of Scotland PLC.,____,

as a Lender

By: /s/ MATHEW PENNACHIO     

Name: Mathew Pennachio

Title: Director

TECH DATA CORPORATION

SECOND AMENDMENT TO WAIVER AGREEMENT

Branch Banking & Trust Company

as a Lender

By: /s/ ANTHONY NIGRO     

Name: Anthony Nigro

Title: Senior Vice President

U.S. Bank National Association

as a Lender

By: /s/ KENNETH R. FIELER     

Name: Kenneth R. Fieler

Title: Vice President

UniCredit Bank AG

as a Lender

By: /s/ DOUGLAS V. RIAHI     

Name: Douglas V. Riahi

Title: Managing Director

By: /s/ PRANAV SURENDRANATH     

Name: Pranav Surendranath

Title: Vice President, Risk Underwriter

TECH DATA CORPORATION

SECOND AMENDMENT TO WAIVER AGREEMENT

EX-31.A

Certification of Chief Executive Officer

Pursuant to

Exchange Act Rules 13a-14(a) and 15d-14(a)

As Adopted Pursuant to

Section 302 of The Sarbanes-Oxley Act of 2002

I, Robert M. Dutkowsky, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Tech Data Corporation (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)), and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 25, 2014

/s/ ROBERT M. DUTKOWSKY

Robert M. Dutkowsky

Chief Executive Officer

EX-31.B

Certification of Chief Financial Officer

Pursuant to

Exchange Act Rules 13a-14(a) and 15d-14(a)

As Adopted Pursuant to

Section 302 of The Sarbanes-Oxley Act of 2002

I, Jeffery P. Howells, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Tech Data Corporation (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)), and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 25, 2014

/s/ JEFFERY P. HOWELLS

Jeffery P. Howells

Executive Vice President and

Chief Financial Officer

EX-32.A

Certification of Chief Executive Officer

Pursuant to

18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of The Sarbanes-Oxley Act of 2002

I, Robert M. Dutkowsky, Chief Executive Officer of Tech Data Corporation (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that, to my knowledge:

(i) The Quarterly Report on Form 10-Q of Tech Data Corporation for the quarter ended October 31, 2013 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, (15 U.S.C. 78m), and

(ii) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: February 25, 2014

/s/ ROBERT M. DUTKOWSKY

Robert M. Dutkowsky

Chief Executive Officer

EX-32.B

Certification of Chief Financial Officer

Pursuant to

18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of The Sarbanes-Oxley Act of 2002

I, Jeffery P. Howells, Executive Vice President and Chief Financial Officer of Tech Data Corporation (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that, to my knowledge:

(i) The Quarterly Report on Form 10-Q of Tech Data Corporation for the quarter ended October 31, 2013 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, (15 U.S.C. 78m), and

(ii) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: February 25, 2014

/s/ JEFFERY P. HOWELLS

Jeffery P. Howells

Executive Vice President and

Chief Financial Officer

XML

Stock Based Compensation (Narrative) (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Oct. 31, 2013	Oct. 31, 2012	Oct. 31, 2013	Oct. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1,631	$ 3,545	$ 6,949	$ 10,152	[1]
Number of shares authorized for grant	4,000,000		4,000,000
Number of shares available for grant	3,000,000		3,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term			10 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards vesting period, (in years)			1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards vesting period, (in years)			4 years

[1] See Note 2 - Restatement of Consolidated Financial Statements.

XML

Commitments And Contingencies (Narrative) (Details) (USD $) In Millions, unless otherwise specified				3 Months Ended	9 Months Ended	3 Months Ended						1 Months Ended	3 Months Ended
	Oct. 31, 2013	Oct. 31, 2013 Financial Guarantee	Jan. 31, 2013 Financial Guarantee	Jan. 31, 2013 SPAIN	Oct. 31, 2013 SPAIN subsidiary	Jan. 31, 2013 Litigation Charge SPAIN	Jan. 31, 2013 Interest Expense SPAIN	Jul. 31, 2013 Option One property	Jul. 31, 2013 Option Two property	Jul. 31, 2013 Option Three property	Oct. 31, 2013 Accrued Expenses and Other Liabilities SPAIN	Jun. 30, 2013 Synthetic Lease Facility property	Jul. 31, 2013 Synthetic Lease Facility	Jul. 31, 2013 Synthetic Lease Facility Minimum	Jul. 31, 2013 Synthetic Lease Facility Maximum
Loss Contingencies [Line Items]
Expiration date													Jun. 01, 2018
Option for Purchase During Lease, Minimum Number of Days Notice, Days													30 days
Number of Properties Subject to Purchase Options, During Lease												1
Option expiration, days until lease expiration, days														270 days	360 days
Minimum number of properties, for which an option needs to be elected								2	2	2
Residual value guarantee, aggregate amount													$ 133.8
Future minimum payments													2.8
Aggregate amount of guarantees		47.4	31.3
Number of Subsidiaries Subject to Audit					1
Accrual for Value Added Tax Matters Increase (Decrease)				41.0		29.5	11.5
Value Added Tax Payable											56.6
CIDE tax	$ 27.0

XML

Acquisitions Acquisitions (Details) (SDG, USD $) In Thousands, unless otherwise specified	Nov. 02, 2012
SDG
Business Acquisition [Line Items]
Cash	$ 65,000
Accounts receivable	260,800
Inventories	126,100
Tangible assets (includes property and equipment, deferred tax assets and other assets)	6,200
Goodwill	122,600
Identifiable intangible assets	134,300
Accounts payable	(265,200)
Liabilities (includes accrued expenses, deferred tax liability and other liabilities)	(91,800)
Purchase price of acquired entity	$ 358,000

XML

Shareholders' Equity (Tables)

9 Months Ended

Oct. 31, 2013

Equity [Abstract]

Company's Common Share Repurchase And Issuance Activity

The Company’s common share issuance activity for the nine months ended October 31, 2013 is summarized as follows:

	Shares		Weighted- average price per share
Treasury stock balance at January 31, 2013	21,436,566		$	42.26
Shares of treasury stock reissued	(252,836	)
Treasury stock balance at October 31, 2013	21,183,730		$	42.26

XML

Shareholders' Equity (Narrative) (Details)	9 Months Ended
	Oct. 31, 2013
Equity [Abstract]
Common shares repurchased	0

XML

Debt (Components Of Debt) (Details) (USD $)	Oct. 31, 2013	Jan. 31, 2013	Oct. 31, 2013 Senior Notes	Jan. 31, 2013 Senior Notes	Sep. 30, 2012 Senior Notes	Oct. 31, 2013 Other Committed And Uncommitted Revolving Credit Facilities Expiring on Various Dates Through Fiscal 2017	Jul. 31, 2013 Other Committed And Uncommitted Revolving Credit Facilities Expiring on Various Dates Through Fiscal 2017	Jan. 31, 2013 Other Committed And Uncommitted Revolving Credit Facilities Expiring on Various Dates Through Fiscal 2017
Debt Instrument [Line Items]
Debt, face value			$ 350,000,000	$ 350,000,000	$ 350,000,000
Less-unamortized debt discount			(1,039,000)	(1,238,000)	(1,300,000)
Senior Notes			348,961,000	348,762,000
Capital leases	5,841,000	6,243,000
Revolving credit loan						45,587,000		166,975,000
Debt and Capital Lease Obligations	400,389,000	521,980,000
Less-current maturities (included as "Revolving credit loans and current portion of long-term debt, net")	(46,154,000)	(167,522,000)
Long-term debt, less current maturities	$ 354,235,000	$ 354,458,000
Debt instrument expiration year							2017

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Segment Information (Financial Information By Geographic Segment) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended				9 Months Ended
	Oct. 31, 2013		Oct. 31, 2012		Oct. 31, 2013		Oct. 31, 2012		Jan. 31, 2013
Segment Reporting Information [Line Items]
Net sales	$ 6,373,564		$ 6,037,475	[1]	$ 18,848,797		$ 17,915,957	[1]
Operating Income (Loss)	63,880		63,595	[1]	129,770		206,364
Stock-based compensation expense	(1,631)		(3,545)		(6,949)		(10,152)	[1]
Depreciation and amortization	18,363		13,524		54,438		40,114	[1]
PropertyPlantandEquipmentandSoftware	6,003		8,605		20,937		31,871
Identifiable assets	6,704,585				6,704,585				6,830,960
Long-lived assets:	78,358				78,358				84,395
Goodwill and acquisition-related intangible assets, net:	392,992				392,992				412,500
Americas
Segment Reporting Information [Line Items]
Net sales	2,571,750	[2]	2,368,243	[2]	7,489,078	[2]	7,232,899	[2]
Operating Income (Loss)	53,297		32,624		112,516		112,270
Depreciation and amortization	4,067		4,079		12,564		11,900
PropertyPlantandEquipmentandSoftware	1,730		2,420		5,348		16,385
Identifiable assets	2,065,892				2,065,892				2,004,295
Long-lived assets:	26,572	[2]			26,572	[2]			30,492	[2]
Goodwill and acquisition-related intangible assets, net:	2,966				2,966				2,966
Sales to unaffiliated customers, as percentage of total sales	87.00%		85.00%		86.00%		84.00%
Long-lived assets, as percentage of total assets	90.00%				90.00%				90.00%
Europe
Segment Reporting Information [Line Items]
Net sales	3,801,814		3,669,232		11,359,719		10,683,058
Operating Income (Loss)	12,214		34,516		24,203		104,246
Depreciation and amortization	14,296		9,445		41,874		28,214
PropertyPlantandEquipmentandSoftware	4,273		6,185		15,589		15,486
Identifiable assets	4,638,693				4,638,693				4,826,665
Long-lived assets:	51,786				51,786				53,903
Goodwill and acquisition-related intangible assets, net:	$ 390,026				$ 390,026				$ 409,534

[1] See Note 2 - Restatement of Consolidated Financial Statements.

[2] Net sales to unaffiliated customers in the United States represented 87% and 85%, respectively, of the total Americas' net sales to unaffiliated customers for the fiscal quarters ended October 31, 2013 and October 31, 2012. Net sales to unaffiliated customers in the United States represented 86% and 84%, respectively, of the total Americas' net sales to unaffiliated customers for the nine months ended October 31, 2013 and October 31, 2012. Total long-lived assets in the United States represented 90% of the Americas' total long-lived assets at both October 31, 2013 and January 31, 2013.

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Earnings Per Share ("EPS")

9 Months Ended

Oct. 31, 2013

Earnings Per Share [Abstract]

Earnings Per Share ("EPS")

EARNINGS PER SHARE (“EPS”)

The Company reports a dual presentation of basic and diluted EPS. Basic EPS is computed by dividing net income attributable to shareholders of Tech Data by the weighted average number of shares outstanding during the reported period. Diluted EPS reflects the potential dilution related to equity-based incentives (further discussed in Note 7—Stock-Based Compensation) using the treasury stock method. The composition of basic and diluted EPS is as follows:

	Three months ended October 31,				Nine months ended October 31,
	2013		2012		2013		2012
			(As restated)				(As restated)
Net income attributable to shareholders of Tech Data Corporation	$	37,716	$	42,937	$	70,171	$	131,814
Weighted-average common shares - basic	38,060		37,765		38,004		39,234
Effect of dilutive securities:
Equity-based awards	168		260		202		312
Weighted-average common shares - diluted	38,228		38,025		38,206		39,546
Net income per share attributable to shareholders of Tech Data Corporation
Basic	$	0.99	$	1.14	$	1.85	$	3.36
Diluted	$	0.99	$	1.13	$	1.84	$	3.33

At October 31, 2013 and 2012, there were 6,236 shares and 9,456 shares respectively, excluded from the computation of diluted earnings per share because their effect would have been antidilutive.

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Shareholders' Equity (Company's Common Share Repurchase And Issuance Activity) (Details) (USD $)	9 Months Ended
	Oct. 31, 2013
Increase (Decrease) in Treasury Stock [Roll Forward]
Treasury stock, beginning balance, Shares	21,436,566
Treasury stock, beginning balance, Weighted-average price per share	$ 42.26
Shares of treasury stock reissued	(252,836)
Treasury stock, ending balance, Shares	21,183,730
Treasury stock, ending balance, Weighted-average price per share	$ 42.26

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Restatement of Consolidated Financial Statements (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended			9 Months Ended
	Oct. 31, 2013	Oct. 31, 2012		Oct. 31, 2013	Oct. 31, 2012		Jan. 31, 2013	Jan. 31, 2012
Consolidated Statement of Income [Abstract]
Net sales	$ 6,373,564	$ 6,037,475	[1]	$ 18,848,797	$ 17,915,957	[1]
Cost of products sold	6,047,488	5,731,396	[1]	17,884,467	16,983,877
Gross profit	326,076	306,079	[1]	964,330	932,080
Selling, general and administrative expenses	270,131	242,484	[1]	828,509	725,716
Operating income	63,880	63,595	[1]	129,770	206,364
Interest expense	6,134	4,359	[1]	19,451	10,850
Other (income) expense, net	(410)	1,070	[1]	(1,920)	3,117
Income before income taxes	58,156	58,166	[1]	112,239	192,397
Provision for income taxes	20,440	14,106	[1]	42,068	53,798
Consolidated net income	37,716	44,060	[1]	70,171	138,599	[1]
Net income attributable to noncontrolling interest	0	(1,123)	[1]	0	(6,785)	[1]
Net income attributable to shareholders of Tech Data Corporation	37,716	42,937	[1]	70,171	131,814	[1]
Net income per share attributable to shareholders of Tech Data Corporation
Basic (in USD per share)	$ 0.99	$ 1.14	[1]	$ 1.85	$ 3.36
Diluted (in USD per share)	$ 0.99	$ 1.13	[1]	$ 1.84	$ 3.33
Other comprehensive income:
Foreign currency translation adjustment	51,408	80,936	[1]	1,843	(3,036)	[1]
Total comprehensive income	89,124	124,996	[1]	72,014	135,563	[1]
Comprehensive income attributable to noncontrolling interest	0	(1,795)	[1]	0	(5,736)	[1]
Comprehensive income attributable to shareholders of Tech Data Corporation	89,124	123,201	[1]	72,014	129,827	[1]
Cash flows from operating activities:
Cash received from customers				19,980,970	18,885,398	[1]
Cash paid to vendors and employees				(19,640,516)	(18,783,465)	[1]
Interest paid, net				(20,252)	(8,238)	[1]
Income taxes paid				(54,229)	(75,629)	[1]
Net cash provided by operating activities				265,973	18,066	[1]
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired				8,044	(8,782)	[1]
Expenditures for property and equipment				(10,405)	(12,500)	[1]
Software and software development costs				(10,532)	(19,371)	[1]
Net cash used in investing activities				(14,412)	(40,653)	[1]
Cash flows from financing activities:
Proceeds from the reissuance of treasury stock				1,139	3,172	[1]
Cash paid for purchase of treasury stock				0	(180,781)	[1]
Proceeds from Contributions from Affiliates				0	(49,549)	[1]
Payments to Acquire Interest in Joint Venture				0	(117,220)	[1]
Return of capital to joint venture partner				0	(9,074)	[1]
Acquisition earn-out payment				(6,183)	0	[1]
Proceeds from Issuance of Senior Long-term Debt				0	345,810	[1]
Net (repayments) borrowings on revolving credit loans				(120,602)	17,412	[1]
Principal payments on long-term debt				398	372	[1]
Excess tax benefit from stock-based compensation				907	5,015	[1]
Net cash (used in) provided by financing activities				(125,137)	14,413	[1]
Effect of exchange rate changes on cash and cash equivalents				4,037	(4,702)	[1]
Cash and Cash Equivalents, Period Increase (Decrease)				130,461	(12,876)	[1]
Cash and cash equivalents	471,025	473,386	[1]	471,025	473,386	[1]	340,564	486,262	[1]
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization	18,363	13,524		54,438	40,114	[1]
Provision for losses on accounts receivable				9,748	9,456	[1]
Stock-based compensation expense	1,631	3,545		6,949	10,152	[1]
Accretion of debt discount on Senior Notes				198	22	[1]
Excess tax benefits from stock-based compensation				(907)	(5,015)	[1]
Changes in operating assets and liabilities:
Accounts receivable				85,503	55,343	[1]
Inventories				(13,240)	(165,048)	[1]
Prepaid expenses and other assets				103,881	9,916	[1]
Accounts payable				(29,968)	16,734	[1]
Accrued expenses and other liabilities				(20,800)	(92,207)	[1]
Total adjustments				195,802	(120,533)	[1]
Adjustments
Consolidated Statement of Income [Abstract]
Net sales		(3,081)			18,340	[2]
Cost of products sold		(899)			15,982	[2]
Gross profit		(2,182)	[3]		2,358	[4]
Selling, general and administrative expenses		3,769	[5]		5,689	[6]
Operating income		(5,951)			(3,331)
Interest expense		0			0
Other (income) expense, net		974	[7]		(1,449)	[8]
Income before income taxes		(4,977)			(1,882)
Provision for income taxes		(2,016)	[9]		(1,648)	[10]
Consolidated net income		(2,961)			(234)
Net income attributable to noncontrolling interest		0			0
Net income attributable to shareholders of Tech Data Corporation		(2,961)			(234)
Net income per share attributable to shareholders of Tech Data Corporation
Basic (in USD per share)		$ (0.08)			$ (0.01)
Diluted (in USD per share)		$ (0.08)			$ (0.01)
Other comprehensive income:
Foreign currency translation adjustment		(191)			(902)
Total comprehensive income		(3,152)			(1,136)
Comprehensive income attributable to noncontrolling interest		0			0
Comprehensive income attributable to shareholders of Tech Data Corporation		(3,152)			(1,136)
Cash flows from operating activities:
Cash received from customers					888,612
Cash paid to vendors and employees					(907,754)
Interest paid, net					0
Income taxes paid					0
Net cash provided by operating activities					(19,142)
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired					0
Expenditures for property and equipment					(1,988)
Software and software development costs					(1,274)
Net cash used in investing activities					(3,262)
Cash flows from financing activities:
Proceeds from the reissuance of treasury stock					0
Cash paid for purchase of treasury stock					0
Proceeds from Contributions from Affiliates					0
Payments to Acquire Interest in Joint Venture					0
Return of capital to joint venture partner					0
Proceeds from Issuance of Senior Long-term Debt					0
Net (repayments) borrowings on revolving credit loans					0
Principal payments on long-term debt					0
Excess tax benefit from stock-based compensation					(214)
Net cash (used in) provided by financing activities					(214)
Effect of exchange rate changes on cash and cash equivalents					(868)
Cash and Cash Equivalents, Period Increase (Decrease)					(23,486)
Cash and cash equivalents		(42,402)			(42,402)			(18,916)
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization					0
Provision for losses on accounts receivable					110
Stock-based compensation expense					(176)
Accretion of debt discount on Senior Notes					0
Excess tax benefits from stock-based compensation					214
Changes in operating assets and liabilities:
Accounts receivable					(39,987)
Inventories					53,127
Prepaid expenses and other assets					(5,901)
Accounts payable					(36,618)
Accrued expenses and other liabilities					10,323
Total adjustments					(18,908)
As Previously Reported
Consolidated Statement of Income [Abstract]
Net sales		6,040,556			17,897,617
Cost of products sold		5,732,295			16,967,895
Gross profit		308,261			929,722
Selling, general and administrative expenses		238,715			720,027
Operating income		69,546			209,695
Interest expense		4,359			10,850
Other (income) expense, net		2,044			4,566
Income before income taxes		63,143			194,279
Provision for income taxes		16,122			55,446
Consolidated net income		47,021			138,833
Net income attributable to noncontrolling interest		(1,123)			(6,785)
Net income attributable to shareholders of Tech Data Corporation		45,898			132,048
Net income per share attributable to shareholders of Tech Data Corporation
Basic (in USD per share)		$ 1.22			$ 3.37
Diluted (in USD per share)		$ 1.21			$ 3.34
Other comprehensive income:
Foreign currency translation adjustment		81,127			(2,134)
Total comprehensive income		128,148			136,699
Comprehensive income attributable to noncontrolling interest		(1,795)			(5,736)
Comprehensive income attributable to shareholders of Tech Data Corporation		126,353			130,963
Cash flows from operating activities:
Cash received from customers					17,996,786
Cash paid to vendors and employees					(17,875,711)
Interest paid, net					(8,238)
Income taxes paid					(75,629)
Net cash provided by operating activities					37,208
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired					(8,782)
Expenditures for property and equipment					(10,512)
Software and software development costs					(18,097)
Net cash used in investing activities					(37,391)
Cash flows from financing activities:
Proceeds from the reissuance of treasury stock					3,172
Cash paid for purchase of treasury stock					(180,781)
Proceeds from Contributions from Affiliates					(49,549)
Payments to Acquire Interest in Joint Venture					(117,220)
Return of capital to joint venture partner					(9,074)
Proceeds from Issuance of Senior Long-term Debt					345,810
Net (repayments) borrowings on revolving credit loans					17,412
Principal payments on long-term debt					372
Excess tax benefit from stock-based compensation					5,229
Net cash (used in) provided by financing activities					14,627
Effect of exchange rate changes on cash and cash equivalents					(3,834)
Cash and Cash Equivalents, Period Increase (Decrease)					10,610
Cash and cash equivalents		515,788			515,788			505,178
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization					40,114
Provision for losses on accounts receivable					9,346
Stock-based compensation expense					10,328
Accretion of debt discount on Senior Notes					22
Excess tax benefits from stock-based compensation					(5,229)
Changes in operating assets and liabilities:
Accounts receivable					95,330
Inventories					(218,175)
Prepaid expenses and other assets					15,817
Accounts payable					53,352
Accrued expenses and other liabilities					(102,530)
Total adjustments					(101,625)
Vendor Accounting Errors | Adjustments
Consolidated Statement of Income [Abstract]
Gross profit		(3,500)			4,800
Selling, general and administrative expenses		2,900			3,100
Investment Income | Adjustments
Consolidated Statement of Income [Abstract]
Selling, general and administrative expenses		900			1,400
Other (income) expense, net		$ 900			$ 1,400
Europe | Vendor Accounting Errors | Adjustments
Number of subsidiaries		2			2

[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 vendor accounting errors of $3.5 million, partially offset by various other immaterial errors.

[4] Gross profit adjustments primarily reflect the impact of vendor accounting errors in the Company's primary operating subsidiary in the UK and two other European subsidiaries of $4.8 million, partially offset by various other immaterial errors.

[5] Selling, general and administrative expenses adjustments primarily reflect the impact of errors in the Company's primary operating subsidiary in the UK and two other European subsidiaries of $2.9 million and an adjustment to reclassify investment income of $0.9 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.

[6] Selling, general and administrative expenses adjustments primarily reflect the impact of errors in the Company's primary operating subsidiary in the UK and two other European subsidiaries of $3.1 million, an adjustment to reclassify investment income of $1.4 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.

[7] Other expense (income), primarily includes an adjustment to reclassify investment income of $0.9 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] Other expense (income), primarily includes an adjustment to reclassify investment income of $1.4 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.

[9] The provision for income taxes has been adjusted primarily to decrease tax expense as a result of the decrease in profit resulting from the restatement adjustments described herein.

[10] The provision for income taxes has been adjusted primarily to reduce tax expense as a result of the reduction in profit resulting from the restatement adjustments described herein.

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Business And Summary Of Significant Accounting Policies Business And Summary Of Significant Accounting Policies (Details) (USD $)	3 Months Ended			9 Months Ended			3 Months Ended		9 Months Ended	12 Months Ended
	Oct. 31, 2013	Oct. 31, 2012		Oct. 31, 2013	Oct. 31, 2012	Jan. 31, 2013	Jan. 31, 2014 Subsequent Event	Oct. 31, 2013 Special Charges	Oct. 31, 2013 Special Charges	Jan. 31, 2014 Minimum Subsequent Event	Jan. 31, 2014 Maximum Subsequent Event
Subsequent Event [Line Items]
Operating Expenses, Restatement	$ (7,935,000)	$ 0	[1]	$ 6,051,000	$ 0			$ 15,000,000	$ 29,000,000	$ 54,000,000	$ 56,000,000
Litigation Settlement, Amount	22,900,000			22,900,000			12,600,000
Accounts receivable sold	190,400,000			190,400,000		284,700,000
Discount fees on sale of accounts receivable	$ 600,000	$ 800,000		$ 2,000,000	$ 1,700,000

[1] See Note 2 - Restatement of Consolidated Financial Statements.

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Fair Value Of Financial Instruments (Details) (USD $)	3 Months Ended										9 Months Ended
	Apr. 30, 2013	Oct. 31, 2013 Senior Notes	Jan. 31, 2013 Senior Notes	Sep. 30, 2012 Senior Notes	Oct. 31, 2013 Fair Value, Measurements, Recurring	Oct. 31, 2013 Level 1 Senior Notes	Oct. 31, 2013 Level 2 Fair Value, Measurements, Recurring	Jan. 31, 2013 Level 2 Fair Value, Measurements, Recurring	Oct. 31, 2013 Fair Value, Inputs, Level 3 [Member] Fair Value, Measurements, Recurring	Jan. 31, 2013 Fair Value, Inputs, Level 3 [Member] Fair Value, Measurements, Recurring	Oct. 31, 2013 Selling, General and Administrative Expenses	Oct. 31, 2013 Other Expense
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency forward contracts, Assets							$ 2,848,000	$ 19,835,000
Foreign currency forward contracts, Liabilities							2,755,000	19,628,000
Acquisition-related contingent consideration									10,234,000	18,147,000
Adjustments to the fair value of acquisition-related contingent consideration											500,000	400,000
Payments for Previous Acquisition	8,700,000
Deferred compensation plan assets, fair value disclosure					38,400,000
Deferred compensation liability, fair value disclosure					35,100,000
Convertible senior debentures, face value		350,000,000	350,000,000	350,000,000
Convertible debt, fair value disclosures						$ 360,500,000

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Earnings Per Share ("EPS") (Narrative) (Details)	9 Months Ended
	Oct. 31, 2013	Oct. 31, 2012
Earnings Per Share [Abstract]
Shares excluded from the computation of diluted earnings	6,236	9,456

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Earnings Per Share ("EPS") (Earnings Per Share Basic And Diluted) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended			9 Months Ended
	Oct. 31, 2013	Oct. 31, 2012		Oct. 31, 2013	Oct. 31, 2012
Earnings Per Share [Abstract]
Net income per common share-attributable to shareholders of Tech Data Corporation - basic	$ 37,716	$ 42,937		$ 70,171	$ 131,814
Weighted average shares, basic	38,060	37,765	[1]	38,004	39,234	[1]
Equity-based awards, Weighted average shares	168	260		202	312
Weighted average shares, diluted	38,228	38,025	[1]	38,206	39,546	[1]
Basic (in USD per share)	$ 0.99	$ 1.14	[1]	$ 1.85	$ 3.36
Diluted (in USD per share)	$ 0.99	$ 1.13	[1]	$ 1.84	$ 3.33

[1] See Note 2 - Restatement of Consolidated Financial Statements.

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Restatement of Consolidated Financial Statements

9 Months Ended

Oct. 31, 2013

Accounting Changes and Error Corrections [Abstract]

Restatement of Consolidated Financial Statements

RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS

On March 21, 2013, the Company announced that it would restate previously issued quarterly and audited annual financial statements to correct accounting improprieties involving vendor accounting within the Company's primary operating subsidiary in the UK. The Company further stated that financial statements as of and for the fiscal years ended 2011, 2012, and 2013 and each of the fiscal quarters in 2011, 2012 and 2013 should no longer be relied upon. Thereafter, the Audit Committee initiated an independent investigation by outside counsel, to review certain of the Company’s accounting practices throughout Europe. Concurrently, the Company engaged significant internal and external resources to perform supplemental procedures to assist in reviewing its financial statements and accounting practices (the "Supplemental Procedures"). The Audit Committee has completed its investigation and has identified certain accounting irregularities in the UK subsidiary and certain other European subsidiaries. As disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended January, 31, 2013, filed with the SEC on February 5, 2014, the Company has restated its financial statements as of January 31, 2012, for the fiscal years ended January 31, 2011 and 2012 and as of and for the fiscal 2013 quarters ended April 30, 2012, July 31, 2012 and October 31, 2012.

The restatement reflects two primary categories of adjustments:

• Adjustments relating to the inadequate control environment identified within the Company’s primary operating subsidiary in the UK and two other European subsidiaries. These adjustments are necessary primarily to correct errors arising as a result of the following:

• Improper accounting for transactions with the Company’s product suppliers (also referred to as “vendor accounting”), including the recognition of vendor incentives, product discounts/price variances, promotions and other vendor credits. These errors primarily affected inventory, accounts payable and cost of goods sold.

• Improper manual journal entries and the override of key balance sheet reconciliation controls by local management. These errors affected multiple accounts within the Company’s balance sheet and income statement.

• Improper recognition of net foreign currency exchange losses, which resulted in an overstatement of cost of goods sold during fiscal 2013. Multiple accounts on the balance sheet were affected during this period.

• Improper accounting for accounts receivable, including improper cash application and recording of value added taxes. These errors primarily affected accounts receivable, accrued expenses and net sales.

• Improper cutoff of certain inventory transactions at period end, which resulted in a net understatement of inventory and understatement of accounts payable or cost of goods sold.

• Improper cutoff of certain cash receipts at period end, which resulted in an overstatement of cash and understatement of accounts receivable.

• Adjustments identified within subsidiaries in addition to the UK subsidiary and two other European subsidiaries noted above, including the following:

• Adjustments for errors primarily related to the timing of recognition and classification of various vendor accounting transactions.

• Certain adjustments previously identified and considered immaterial, including:

• Reclassification of gains (losses) on investments related to the Company’s nonqualified deferred compensation plan, which had no impact on previously reported pre-tax or net income. This reclassification impacted selling, general and administrative expenses and other (income) expense, net.

• Adjustments to accounts receivable, inventory, sales and cost of goods sold to record the impact of estimated sales returns for which the Company had previously only recorded the net impact on gross profit.

• Other immaterial adjustments to correct errors in sales or inventory cutoff and accrued expenses. These adjustments primarily affected accounts receivable, inventory, accrued expenses, and the Consolidated Statement of Income.

Income taxes, retained earnings and other comprehensive income have been adjusted primarily to consider the net impacts of the adjustments discussed above.

The following tables present the impact of the restatement on the Company’s previously issued consolidated financial statements.

Consolidated Statement of Income
	Three months ended October 31, 2012
	As Previously Reported			Adjustments				As Restated
	(In thousands, except per share amounts)
Net sales	$	6,040,556		$	(3,081	)		$	6,037,475
Cost of products sold	5,732,295			(899		)		5,731,396
Gross profit	308,261			(2,182		)	(1)	306,079
Selling, general and administrative expenses	238,715			3,769			(2)	242,484
Operating income	69,546			(5,951		)		63,595
Interest expense	4,359			0				4,359
Other expense (income), net	2,044			(974		)	(3)	1,070
Income before income taxes	63,143			(4,977		)		58,166
Provision for income taxes	16,122			(2,016		)	(4)	14,106
Consolidated net income	47,021			(2,961		)		44,060
Net income attributable to noncontrolling interest	(1,123		)	0				(1,123		)
Net income attributable to shareholders of Tech Data Corporation	$	45,898		$	(2,961	)		$	42,937
Net income per share attributable to shareholders of Tech Data Corporation:
Basic	$	1.22		$	(0.08	)		$	1.14
Diluted	$	1.21		$	(0.08	)		$	1.13

(1) Gross profit adjustments primarily reflect the impact of vendor accounting errors of $3.5 million, partially offset by various other immaterial errors.

(2) Selling, general and administrative expenses adjustments primarily reflect the impact of errors in the Company's primary operating subsidiary in the UK and two other European subsidiaries of $2.9 million and an adjustment to reclassify investment income of $0.9 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.

(3) Other expense (income), primarily includes an adjustment to reclassify investment income of $0.9 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.

(4) The provision for income taxes has been adjusted primarily to decrease tax expense as a result of the decrease in profit resulting from the restatement adjustments described herein.

	Nine months ended October 31, 2012
	As Previously Reported			Adjustments				As Restated
	(In thousands, except per share amounts)
Net sales	$	17,897,617		$	18,340		(1)	$	17,915,957
Cost of products sold	16,967,895			15,982			(1)	16,983,877
Gross profit	929,722			2,358			(2)	932,080
Selling, general and administrative expenses	720,027			5,689			(3)	725,716
Operating income	209,695			(3,331		)		206,364
Interest expense	10,850			0				10,850
Other expense (income), net	4,566			(1,449		)	(4)	3,117
Income before income taxes	194,279			(1,882		)		192,397
Provision for income taxes	55,446			(1,648		)	(5)	53,798
Consolidated net income	138,833			(234		)		138,599
Net income attributable to noncontrolling interest	(6,785		)	0				(6,785		)
Net income attributable to shareholders of Tech Data Corporation	$	132,048		$	(234	)		$	131,814
Net income per share attributable to shareholders of Tech Data Corporation:
Basic	$	3.37		$	(0.01	)		$	3.36
Diluted	$	3.34		$	(0.01	)		$	3.33

(1) 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.

(2) Gross profit adjustments primarily reflect the impact of vendor accounting errors in the Company's primary operating subsidiary in the UK and two other European subsidiaries of $4.8 million, partially offset by various other immaterial errors.

(3) Selling, general and administrative expenses adjustments primarily reflect the impact of errors in the Company's primary operating subsidiary in the UK and two other European subsidiaries of $3.1 million, an adjustment to reclassify investment income of $1.4 million related to the Company’s deferred compensation plan assets from selling, general and administrative expenses where it was recorded as a reduction of the corresponding payroll expense related to the plan to other expense (income), net and various other adjustments to correct immaterial errors.

(4) Other expense (income), primarily includes an adjustment to reclassify investment income of $1.4 million related to the Company’s deferred compensation plan assets from selling, general and administrative expenses where it was recorded as a reduction of the corresponding payroll expense related to the plan.

(5) The provision for income taxes has been adjusted primarily to reduce tax expense as a result of the reduction in profit resulting from the restatement adjustments described herein.

Consolidated Statement of Comprehensive Income
	Three months ended October 31, 2012
	As Previously Reported			Adjustments			As Restated
	(In thousands)
Consolidated net income	$	47,021		$	(2,961	)	$	44,060
Other comprehensive income:
Foreign currency translation adjustment	81,127			(191		)	80,936
Total comprehensive income	128,148			(3,152		)	124,996
Comprehensive income attributable to noncontrolling interest	(1,795		)	0			(1,795		)
Comprehensive income attributable to shareholders of Tech Data Corporation	$	126,353		$	(3,152	)	$	123,201

	Nine months ended October 31, 2012
	As Previously Reported			Adjustments			As Restated
	(In thousands)
Consolidated net income	$	138,833		$	(234	)	$	138,599
Other comprehensive loss:
Foreign currency translation adjustment	(2,134		)	(902		)	(3,036		)
Total comprehensive income	136,699			(1,136		)	135,563
Comprehensive income attributable to noncontrolling interest	(5,736		)	0			(5,736		)
Comprehensive income attributable to shareholders of Tech Data Corporation	$	130,963		$	(1,136	)	$	129,827

Consolidated Statement of Cash Flows
	Nine months ended October 31, 2012
	As Previously Reported			Adjustments			As Restated
	(In thousands)
Cash flows from operating activities:
Cash received from customers	$	17,996,786		$	888,612		$	18,885,398
Cash paid to vendors and employees	(17,875,711		)	(907,754		)	(18,783,465		)
Interest paid, net	(8,238		)	0			(8,238		)
Income taxes paid	(75,629		)	0			(75,629		)
Net cash provided by operating activities	37,208			(19,142		)	18,066
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired	(8,782		)	0			(8,782		)
Expenditures for property and equipment	(10,512		)	(1,988		)	(12,500		)
Software development costs	(18,097		)	(1,274		)	(19,371		)
Net cash used in investing activities	(37,391		)	(3,262		)	(40,653		)
Cash flows from financing activities:
Proceeds from the reissuance of treasury stock	3,172			0			3,172
Cash paid for purchase of treasury stock	(180,781		)	0			(180,781		)
Repayments on long-term loans from joint venture partner	(49,549		)	0			(49,549		)
Acquisition of noncontrolling interest in joint venture	(117,220		)	0			(117,220		)
Return of capital to joint venture partner	(9,074		)	0			(9,074		)
Proceeds from issuance of Senior Notes, net of expense	345,810			0			345,810
Net borrowings on revolving credit loans	17,412			0			17,412
Principal payments on long-term debt	(372		)	0			(372		)
Excess tax benefit from stock-based compensation	5,229			(214		)	5,015
Net cash provided by financing activities	14,627			(214		)	14,413
Effect of exchange rate changes on cash and cash equivalents	(3,834		)	(868		)	(4,702		)
Net increase (decrease) in cash and cash equivalents	10,610			(23,486		)	(12,876		)
Cash and cash equivalents at beginning of year	505,178			(18,916		)	486,262
Cash and cash equivalents at end of year	$	515,788		$	(42,402	)	$	473,386
Reconciliation of net income to net cash provided by operating activities:
Net income attributable to shareholders of Tech Data Corporation	$	132,048		$	(234	)	$	131,814
Net income attributable to noncontrolling interest	6,785			0			6,785
Consolidated net income	138,833			(234		)	138,599
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	40,114			0			40,114
Provision for losses on accounts receivable	9,346			110			9,456
Stock-based compensation expense	10,328			(176		)	10,152
Accretion of debt discount on Senior Notes	22			0			22
Excess tax benefit from stock-based compensation	(5,229		)	214			(5,015		)
Changes in operating assets and liabilities:
Accounts receivable	95,330			(39,987		)	55,343
Inventories	(218,175		)	53,127			(165,048		)
Prepaid expenses and other assets	15,817			(5,901		)	9,916
Accounts payable	53,352			(36,618		)	16,734
Accrued expenses and other liabilities	(102,530		)	10,323			(92,207		)
Total adjustments	(101,625		)	(18,908		)	(120,533		)
Net cash provided by operating activities	$	37,208		$	(19,142	)	$	18,066

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Acquisitions (Narrative) (Details) (SDG, USD $)	1 Months Ended	3 Months Ended	12 Months Ended			9 Months Ended		9 Months Ended		1 Months Ended
	Nov. 30, 2013	Jan. 31, 2013	Jan. 31, 2013	Apr. 30, 2013	Nov. 02, 2012	Oct. 31, 2013 Customer and Vendor Relationship	Nov. 02, 2012 Customer and Vendor Relationship	Oct. 31, 2013 Preferred Supplier Agreement	Nov. 02, 2012 Preferred Supplier Agreement	Nov. 30, 2013 Minimum	Nov. 30, 2013 Maximum
Business Acquisition [Line Items]
Consideration transferred				$ 358,000,000
Annual supply commitment, period of commitment	6 years	5 years
Annual supply commitment, incremental sales			500,000,000							450,000,000	475,000,000
Identifiable intangible assets					134,300,000		103,100,000
Identifiable intangible assets									$ 31,200,000
Acquired finite lived intangible assets, useful life (in years)						10 years		5 years

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Stock Based Compensation (Schedule Of Restricted Stock Units Activity) (Details)	9 Months Ended
	Oct. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Shares, Outstanding at January 31, 2013	606,767
Shares, Vested	(268,037)
Shares, Canceled	(41,697)
Shares, Outstanding at October 31, 2013	297,033

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Consolidated Balance Sheet (USD $) In Thousands, unless otherwise specified	Oct. 31, 2013	Jan. 31, 2013
Current assets:
Cash and cash equivalents	$ 471,025	$ 340,564
Accounts receivable, less allowances of $60,372 and $58,284	3,104,581	3,215,920
Inventories	2,262,179	2,254,510
Prepaid expenses and other assets	212,189	334,431
Total current assets	6,049,974	6,145,425
Property and equipment, net	78,358	84,395
Other assets, net	576,253	601,140
Total assets	6,704,585	6,830,960
Current liabilities:
Accounts payable	3,614,749	3,657,251
Accrued expenses and other liabilities	587,255	620,167
Revolving credit loans and current maturities of long-term debt, net	46,154	167,522
Total current liabilities	4,248,158	4,444,940
Long-term debt, less current maturities	354,235	354,458
Other long-term liabilities	108,780	113,193
Total liabilities	4,711,173	4,912,591
Commitments and contingencies (Note 11)
Shareholders’ equity:
Common stock, par value $.0015; 200,000,000 shares authorized; 59,239,085 shares issued at October 31, 2013 and January 31, 2013	89	89
Additional paid-in capital	673,059	680,715
Treasury stock, at cost (21,183,730 and 21,436,566 shares at October 31, 2013 and January 31, 2013)	(895,215)	(905,900)
Retained earnings	1,883,529	1,813,358
Accumulated other comprehensive income	331,950	330,107
Total shareholders' equity	1,993,412	1,918,369
Total liabilities and shareholders' equity	$ 6,704,585	$ 6,830,960

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Derivative Instruments (Narrative) (Details) (USD $)	3 Months Ended		9 Months Ended
	Oct. 31, 2013	Oct. 31, 2012	Oct. 31, 2013	Oct. 31, 2012
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Net foreign currency exchange loss	$ (6,900,000)	$ 1,900,000	$ (13,600,000)	$ 9,800,000
Notional amount of derivative financial instruments outstanding	$ 1,400,000,000	$ 1,800,000,000
Average maturities of derivatives, days	30 days	28 days

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Consolidated Statement Of Cash Flows (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Oct. 31, 2013	Oct. 31, 2012
Cash flows from operating activities:
Cash received from customers	$ 19,980,970	$ 18,885,398	[1]
Cash paid to vendors and employees	(19,640,516)	(18,783,465)	[1]
Interest paid, net	(20,252)	(8,238)	[1]
Income taxes paid	(54,229)	(75,629)	[1]
Net cash provided by operating activities	265,973	18,066	[1]
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired	8,044	(8,782)	[1]
Acquisition of trademarks	(1,519)	0	[1]
Expenditures for property and equipment	(10,405)	(12,500)	[1]
Software and software development costs	(10,532)	(19,371)	[1]
Net cash used in investing activities	(14,412)	(40,653)	[1]
Cash flows from financing activities:
Proceeds from the reissuance of treasury stock	1,139	3,172	[1]
Cash paid for purchase of treasury stock	0	(180,781)	[1]
Proceeds from Contributions from Affiliates	0	(49,549)	[1]
Payments to Acquire Interest in Joint Venture	0	(117,220)	[1]
Return of capital to joint venture partner	0	(9,074)	[1]
Acquisition earn-out payment	(6,183)	0	[1]
Proceeds from Issuance of Senior Long-term Debt	0	345,810	[1]
Net (repayments) borrowings on revolving credit loans	(120,602)	17,412	[1]
Principal payments on long-term debt	398	372	[1]
Excess tax benefit from stock-based compensation	907	5,015	[1]
Net cash (used in) provided by financing activities	(125,137)	14,413	[1]
Effect of exchange rate changes on cash and cash equivalents	4,037	(4,702)	[1]
Net increase (decrease) in cash and cash equivalents	130,461	(12,876)	[1]
Cash and cash equivalents at beginning of year	340,564	486,262	[1]
Cash and cash equivalents at end of period	471,025	473,386	[1]
Reconciliation of net income to net cash provided by operating activities:
Net income attributable to shareholders of Tech Data Corporation	70,171	131,814	[1]
Net income attributable to noncontrolling interest	0	6,785	[1]
Consolidated net income	70,171	138,599	[1]
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	54,438	40,114	[1]
Provision for losses on accounts receivable	9,748	9,456	[1]
Stock-based compensation expense	6,949	10,152	[1]
Accretion of debt discount on Senior Notes	198	22	[1]
Excess tax benefits from stock-based compensation	(907)	(5,015)	[1]
Changes in operating assets and liabilities:
Accounts receivable	85,503	55,343	[1]
Inventories	(13,240)	(165,048)	[1]
Prepaid expenses and other assets	103,881	9,916	[1]
Accounts payable	(29,968)	16,734	[1]
Accrued expenses and other liabilities	(20,800)	(92,207)	[1]
Total adjustments	195,802	(120,533)	[1]
Net cash provided by operating activities	$ 265,973	$ 18,066	[1]

[1] See Note 2 - Restatement of Consolidated Financial Statements.

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Debt (Senior Notes) (Narrative) (Details) (USD $)				1 Months Ended
	Oct. 31, 2013 Other Committed And Uncommitted Revolving Credit Facilities Expiring on Various Dates Through Fiscal 2017	Jul. 31, 2013 Other Committed And Uncommitted Revolving Credit Facilities Expiring on Various Dates Through Fiscal 2017	Jan. 31, 2013 Other Committed And Uncommitted Revolving Credit Facilities Expiring on Various Dates Through Fiscal 2017	Sep. 30, 2012 Senior Notes	Oct. 31, 2013 Senior Notes	Jan. 31, 2013 Senior Notes	Sep. 30, 2012 Treasury Rate Senior Notes
Debt Instrument [Line Items]
Line of Credit Facility Interest Rate At End of Period	6.13%		2.09%
Debt Instrument Expiration Year		2017
Debt, face value				$ 350,000,000	$ 350,000,000	$ 350,000,000
Debt, stated interest rate in percentage				3.75%		3.75%
Proceeds from issuance of long-term debt				345,800,000
Debt discount				1,300,000	1,039,000	1,238,000
Debt issuance costs				$ 2,900,000
Debt redemption price as a percent of principal amount				100.00%
Debt Instrument, Redemption Price, Discounted Scheduled Payments, Discount Rate, Basis Spread on Variable Rate							50.00%

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Acquisitions Acquisitions (Tables)

9 Months Ended

Oct. 31, 2013

Business Combinations [Abstract]

Schedule of Purchase Price Allocation

The Company has accounted for the SDG acquisition as a business combination and allocated the purchase price to the estimated fair values of assets acquired and liabilities assumed (in thousands, translated using the foreign currency exchange rates on the date of acquisition):

Cash	$	65,000
Accounts receivable	260,800
Inventories	126,100
Tangible assets (includes property and equipment, deferred tax assets and other assets)	6,200
Goodwill	122,600
Identifiable intangible assets	134,300
Accounts payable	(265,200		)
Liabilities (includes accrued expenses, deferred tax liability and other liabilities)	(91,800		)
	$	358,000

Business Acquisition, Pro Forma Information

The following table presents supplemental proforma information as if the SDG acquisition and the execution of the related preferred supplier agreement had both occurred at the beginning of fiscal 2012. The proforma results include business combination accounting effects from the acquisition including amortization of acquired intangible assets and interest expense associated with the issuance of our Senior Notes (as defined herein) due in September 2017 used to fund the acquisition. This proforma information does not reflect any impact from business synergies that may be achieved by the combined business, and is presented for comparative purposes only. It is not necessarily indicative of the results of operations that actually would have been achieved had the acquisition been consummated on the date indicated or that may result in the future:

	Three months ended October 31, 2012		Nine months ended October 31, 2012
	(In thousands, unaudited)
Net sales
As reported (1)	$	6,037,475	$	17,915,957
Proforma	$	6,576,227	$	19,632,912
Net income attributable to shareholders of Tech Data Corporation
As reported (1)	$	42,937	$	131,814
Proforma	$	46,625	$	141,191

(1) As restated

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Debt (Other Facilities) (Narrative) (Details) (USD $)	Oct. 31, 2013	Jan. 31, 2013
Debt Instrument [Line Items]
U.S. trade receivables	$ 3,104,581,000	$ 3,215,920,000
Line of credit, outstanding amount	45,600,000
Standby letters of credit issued	83,900,000
Credit Agreement [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	500,000,000.0
Possible future increase of maximum borrowing capacity	750,000,000.0
Line of credit, outstanding amount	0	42,900,000
Line of credit facility, interest rate at period end		1.65%
Receivables Securitization Program [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	400,000,000.0
U.S. trade receivables	806,600,000	690,600,000
Line of credit, outstanding amount	0	83,500,000
Line of credit facility, interest rate at period end		1.02%
Other Committed And Uncommitted Revolving Credit Facilities Expiring on Various Dates Through Fiscal 2017
Debt Instrument [Line Items]
Maximum borrowing capacity	454,600,000
Line of credit, outstanding amount	45,600,000	40,600,000
Weighted average interest rate	6.13%	4.76%
Other Committed And Uncommitted Revolving Credit Facilities Expiring on Various Dates Through Fiscal 2017
Debt Instrument [Line Items]
Other committed and uncommitted lines of credit and overdraft facilities	$ 815,300,000

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Stock Based Compensation (Tables)

9 Months Ended

Oct. 31, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule Of Restricted Stock Units Activity

A summary of the Company’s restricted stock activity for the nine months ended October 31, 2013 is as follows:

	Shares
Outstanding at January 31, 2013	606,767
Vested	(268,037	)
Canceled	(41,697	)
Outstanding at October 31, 2013	297,033

Schedule Of Stock Options Activity

A summary of the activity of the Company’s MV Stock-settled SARs, MVOs and stock options for the nine months ended October 31, 2013 is as follows:

	Shares
Outstanding at January 31, 2013	502,225
Exercised	(169,246	)
Canceled	(3,191	)
Outstanding at October 31, 2013	329,788

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Business And Summary Of Significant Accounting Policies

9 Months Ended

Oct. 31, 2013

Accounting Policies [Abstract]

Business And Summary Of Significant Accounting Policies

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Description of Business

Tech Data Corporation (“Tech Data” or the “Company”) is one of the world’s largest wholesale distributors of technology products.The Company serves as an indispensable link in the technology supply chain by bringing products from the world’s leading technology vendors to market, as well as providing customers with advanced logistics capabilities and value-added services. Tech Data’s customers include value-added resellers, direct marketers, retailers and corporate resellers who support the diverse technology needs of end users. The Company is managed in two geographic segments: the Americas (including North America and South America) and Europe.

Principles of Consolidation

The consolidated financial statements include the accounts of Tech Data and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Noncontrolling interest is recognized for the portion of a consolidated joint venture not owned by the Company. The noncontrolling interest of the consolidated joint venture was purchased by the Company during the third quarter of fiscal 2013. The Company operates on a fiscal year that ends on January 31.

Basis of Presentation

The consolidated financial statements have been prepared by the Company, without audit, pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). The Company prepares its financial statements in conformity with generally accepted accounting principles in the United States (“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. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the consolidated financial position of the Company as of October 31, 2013, its consolidated statements of income and comprehensive income for the three and nine months ended October 31, 2013 and 2012, and its consolidated cash flows for the nine months ended October 31, 2013 and 2012.

Accounts Receivable Purchase Agreements

The Company has uncommitted accounts receivable purchase agreements under which certain accounts receivable may be sold, without recourse, to third-party financial institutions. Under these programs, we may sell certain accounts receivable in exchange for cash less a discount, as defined in the agreements. Available capacity under these programs, which we use 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 we continue to service, administer and collect the sold accounts receivable. As of October 31, 2013 and January 31, 2013, the Company had a total of $190.4 million and $284.7 million, respectively, of accounts receivable sold to and held by financial institutions under these agreements. During the third quarters of fiscal 2014 and 2013, discount fees recorded under these facilities were $0.6 million and $0.8 million, respectively, and during the first nine months of fiscal 2014 and 2013, discount fees recorded under these facilities were $2.0 million and $1.7 million, respectively. These discount fees are included as a component of "other (income) expense, net" in the Company's Consolidated Statement of Income.

Seasonality

The Company’s quarterly operating results have fluctuated significantly in the past and will likely continue to do so in the future as a result of currency fluctuations and seasonal variations in the demand for the products and services offered. Narrow operating margins may magnify the impact of these factors on the Company's operating results. Recent historical seasonal variations have included an increase in European demand during the Company’s fiscal fourth quarter and decreased demand in other fiscal quarters, particularly quarters that include summer months. Given that more than one half of the Company’s revenues are derived from Europe, the worldwide results closely follow the seasonality trends in Europe. Additionally, the life cycles of major products, as well as the impact of future acquisitions and dispositions, may also materially impact the Company’s business, financial condition, or consolidated results of operations. Therefore, the results of operations for the three and nine months ended October 31, 2013 and 2012 are not necessarily indicative of the results that can be expected for the entire fiscal year ended January 31, 2014.

Restatement expenses and LCD settlements, net

Restatement expenses primarily include legal and accounting fees associated with the investigation, as well as third party consulting fees to support the Supplemental Procedures (as defined herein) and other activities in connection with the restatement discussed further in Note 2 - Restatement of Consolidated Financial Statements. During the third quarter and first nine months of fiscal 2014, the Company has incurred approximately $15.0 million and $29.0 million of restatement expenses, respectively, which are recorded in "restatement expenses and LCD settlements, net" in the Consolidated Statement of Income. The Company will incur a total of approximately $54 million to $56 million of restatement expenses during the entire fiscal year ended January 31, 2014.

Additionally, the Company has been a claimant in proceedings seeking damages from certain manufacturers of LCD flat panel displays. During the third quarter of fiscal 2014, the Company reached settlement agreements with certain manufacturers in the amount of $22.9 million, net of all attorney fees and expenses, which is recorded in "restatement expenses and LCD settlements, net" in the Consolidated Statement of Income for the third quarter and first nine months of fiscal 2014. During the fourth quarter of fiscal 2014, the Company reached a settlement agreement with an additional manufacturer in the amount of approximately $12.6 million, net of estimated attorney fees and expenses. As this settlement agreement represents a subsequent event in relation to a gain contingency, the amount will be recorded as a reduction of operating expenses in the fourth quarter of fiscal 2014.

Recently Adopted Accounting Standards

In July 2012, the FASB issued a new accounting standard which allows an entity to first assess qualitative factors to determine whether it is necessary to perform a quantitative impairment test for indefinite-lived intangible assets. The accounting standard states that an entity would not be required to calculate the fair value of an indefinite-lived intangible asset unless the entity determines, based on a qualitative assessment, that the indefinite-lived intangible asset is impaired. This standard was effective for the Company beginning February 1, 2013. As the Company currently has no material indefinite-lived intangible assets, other than goodwill, this standard had no impact on the Company's consolidated financial position, income, comprehensive income and cash flows.

In February 2013, the FASB issued an accounting standard which requires an entity to provide additional information regarding the amounts reclassified out of accumulated other comprehensive income by component, the income statement line item to which the reclassification was made and if applicable, cross-referenced to related footnote disclosures. The accounting standard was effective for the Company beginning with the quarter ending April 30, 2013. As the requirements of this standard are disclosure only, there was no impact on the Company's consolidated financial position, income, comprehensive income or cash flows.

Recently Issued Accounting Standards

In March 2013, the FASB issued an accounting standard which clarifies the accounting for the derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. The guidance also requires the accounting for a business combination achieved in stages involving a foreign entity to be treated as a single event. The accounting standard is effective for the Company beginning with the quarter ending April 30, 2014 and is to be applied prospectively to derecognition events occurring after the effective date. Early adoption is also permitted. If an entity elects to early adopt the accounting standard, it is to be adopted as of the beginning of the entity's fiscal year of adoption. The Company will apply the provisions of this accounting standard to all transactions described above prospectively from the date of adoption.

In March 2013, the FASB also issued an accounting standard which requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of the guidance is fixed at the reporting date as the sum of: i) the amount the reporting entity agreed to pay on the basis of its arrangements among its co-obligors and ii) any additional amount the reporting entity expects to pay on behalf of its co-obligors. The guidance also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. The accounting standard is effective for the Company beginning with the quarter ending April 30, 2014 and is to be applied retrospectively for all periods presented. Early adoption is also permitted. The Company does not anticipate that the adoption of this guidance will have a material impact on its consolidated financial position, income, comprehensive income or cash flows.

In July 2013, the FASB issued an accounting standard which requires presentation of certain unrecognized tax benefits as reductions to deferred tax assets rather than as liabilities when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The accounting standard is effective for the Company beginning with the quarter ending April 30, 2014 and is to be applied prospectively. The Company currently follows the guidance and this update will have no impact on its financial statement disclosures.

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Consolidated Balance Sheet (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Oct. 31, 2013	Jan. 31, 2013
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 60,372	$ 58,284
Common stock, par value	$ 0.0015	$ 0.0015
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	59,239,085	59,239,085
Treasury stock, shares	21,183,730	21,436,566

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Commitments And Contingencies

9 Months Ended

Oct. 31, 2013

Commitments and Contingencies Disclosure [Abstract]

Commitments And Contingencies

COMMITMENTS AND CONTINGENCIES

Synthetic Lease Facility

The Company has a synthetic lease facility with a group of financial institutions under which the Company leases certain logistics centers and office facilities from a third-party lessor. During June 2013, the Company replaced its previous synthetic lease facility with a new lease agreement that expires in June 2018 (the "Synthetic Lease"). Properties leased under the Synthetic Lease are located in Clearwater and Miami, Florida; Fort Worth, Texas; Fontana, California; Suwanee, Georgia; Swedesboro, New Jersey; and South Bend, Indiana. The Synthetic Lease has been accounted for as an operating lease and rental payments are calculated at the applicable LIBOR rate plus a margin based on the Company's credit ratings.

Upon not less than 30 days' notice, the Company, at its option, may purchase one or any combination of the properties, at an amount equal to each of the property's cost, as long as the lease balance does not decrease below a defined amount. Upon not less than 270 days, nor more than 360 days, prior to the lease expiration, the Company may, at its option, i) purchase a minimum of two of the properties, at an amount equal to each of the property's cost, ii) exercise the option to renew the lease for a minimum of two of the properties or iii) exercise the option to remarket a minimum of two of the properties and cause a sale of the properties. If the Company elects to remarket the properties, the Company has guaranteed the lessor a percentage of the cost of each property, in the aggregate amount of approximately $133.8 million. Future annual lease payments under the Synthetic Lease are approximately $2.8 million per year.

The Synthetic Lease contains covenants that must be complied with, similar to the covenants described in certain of the credit facilities discussed in Note 5 - Debt. The Company has entered into waiver agreements with respect to the Synthetic Lease in connection with the Company’s restatement discussed in Note 2 - Restatement of Consolidated Financial Statements. Each of the waiver agreements relates primarily to representations that may have been incorrect when made, the Company’s potential failure to comply with specific covenants, including principally financial reporting covenants, as well as the potential defaults and events of default that may have arisen or could arise as a result of the foregoing.

Guarantees

As is customary in the technology industry, to encourage certain customers to purchase products from Tech Data, the Company has arrangements with certain finance companies that provide inventory financing facilities to the Company’s customers. In conjunction with certain of these arrangements, the Company would be required to purchase certain inventory in the event the inventory is repossessed from the customers by the finance companies. As the Company does not have access to information regarding the amount of inventory purchased from the Company still on hand with the customer at any point in time, the Company’s repurchase obligations relating to inventory cannot be reasonably estimated. Repurchases of inventory by the Company under these arrangements have been insignificant to date. The Company believes that, based on historical experience, the likelihood of a material loss pursuant to these inventory repurchase obligations is remote.

The Company provides additional financial guarantees to finance companies on behalf of certain customers. The majority of these guarantees are for an indefinite period of time, where the Company would be required to perform if the customer is in default with the finance company related to purchases made from the Company. The Company reviews the underlying credit for these guarantees on at least an annual basis. As of October 31, 2013 and January 31, 2013, the outstanding amount of guarantees under these arrangements totaled $47.4 million and $31.3 million, respectively. The Company believes that, based on historical experience, the likelihood of a material loss pursuant to the above guarantees is remote.

Contingencies

Prior to fiscal 2004, one of the Company’s European subsidiaries, located in Spain, was audited in relation to various value-added tax (“VAT”) matters. As a result of those audits, the Spanish subsidiary received notices of assessment from the Regional Inspection Unit of Spain's taxing authority that allege the subsidiary did not properly collect and remit VAT. The Spanish subsidiary appealed these assessments to the Madrid Central Economic Administrative Courts beginning in March 2010. Following the administrative court proceedings the matter was appealed to the Spanish National Appellate Court. During the fourth quarter of fiscal year 2014, the Spanish National Appellate Court issued an opinion upholding the assessment for several of the assessed years. Although the Company believes that the Spanish subsidiary's defense to the assessments has solid legal grounds and is continuing to vigorously defend its position by appealing to the Spanish Supreme Court, the risk that the assessments will be upheld has significantly increased. The Company increased its accrual by $41.0 million in the fourth quarter of fiscal 2013, including $29.5 million to cover the assessment and various penalties and $11.5 million for interest that could be assessed. The Company estimates the total exposure for these assessments, including various penalties and interest, is approximately $56.6 million, including previously accrued amounts, which is reflected in "accrued expenses and other liabilities" in the Consolidated Balance Sheet at October 31, 2013.

In December 2010, in a non-unanimous decision, a Brazilian appellate court overturned a 2003 trial court which had previously ruled in favor of the Company’s Brazilian subsidiary related to the imposition of certain taxes on payments abroad related to the licensing of commercial software products, commonly referred to as “CIDE tax.” The Company estimates the total exposure where the CIDE tax, including interest, may be considered due to be approximately $27.0 million at October 31, 2013. The Brazilian subsidiary has appealed the unfavorable ruling to the Supreme Court and Superior Court, Brazil's two highest appellate courts. Based on the legal opinion of outside counsel, the Company believes that the chances of success on appeal of this matter are favorable and the Brazilian subsidiary intends to vigorously defend its position that the CIDE tax is not due. However, due to the lack of predictability of the Brazilian court system, the Company has concluded that it is reasonably possible that the Brazilian subsidiary may incur a loss up to the total exposure described above. The Company believes the resolution of this litigation will not be material to the Company’s consolidated net assets or liquidity; however, it could be material to the Company’s operating results for any particular period, depending upon the level of income for such period. In addition to the discussion regarding the CIDE tax above, the Company’s Brazilian subsidiary has been undergoing several examinations of non-income related taxes. Given the complexity and lack of predictability of the Brazilian tax system, the Company believes that it is reasonably possible that a loss may have been incurred. However, due to the early stages of the examination, the complex nature of the Brazilian tax system and the absence of communication from the local tax authorities regarding these examinations, the Company is currently unable to determine the likelihood of these examinations resulting in assessments nor estimate the amount of loss, if any, that may be reasonably possible if such assessment were to be made.

The Company is subject to various other legal proceedings and claims arising in the ordinary course of business. The Company’s management does not expect that the outcome in any of these other legal proceedings, individually or collectively, will have a material adverse effect on the Company’s financial condition, results of operations, or cash flows.

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Document And Entity Information	9 Months Ended
	Oct. 31, 2013	Oct. 31, 2012	Feb. 10, 2014
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 31, 2013
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q3
Trading Symbol	tecd
Entity Registrant Name	TECH DATA CORP
Entity Central Index Key	0000790703
Current Fiscal Year End Date	--01-31
Entity Filer Category	Large Accelerated Filer
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer		Yes
Entity Common Stock, Shares Outstanding			38,061,955

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Segment Information

9 Months Ended

Oct. 31, 2013

Segment Reporting Information, Additional Information [Abstract]

Segment Information

SEGMENT INFORMATION

Tech Data operates predominantly in a single industry segment as a distributor of technology products, logistics management, and other value-added services. While the Company operates primarily in one industry, it is managed based on geographic segments: the Americas (including North America and South America) and Europe. The Company assesses performance of and makes decisions on how to allocate resources to its operating segments based on multiple factors including current and projected operating income and market opportunities. The Company does not consider stock-based compensation expense in assessing the performance of its operating segments, and therefore the Company is reporting stock-based compensation expense as a separate amount. The accounting policies of the segments are the same as those described in Note 1—Business and Summary of Significant Accounting Policies.

Financial information by geographic segment is as follows:

	Three months ended October 31,						Nine months ended October 31,
	2013			2012			2013			2012
				(As restated)						(As restated)
	(In thousands)						(In thousands)
Net sales to unaffiliated customers
Americas (1)	$	2,571,750		$	2,368,243		$	7,489,078		$	7,232,899
Europe	3,801,814			3,669,232			11,359,719			10,683,058
Total	$	6,373,564		$	6,037,475		$	18,848,797		$	17,915,957
Operating income
Americas	$	53,297		$	32,624		$	112,516		$	112,270
Europe	12,214			34,516			24,203			104,246
Stock-based compensation expense	(1,631		)	(3,545		)	(6,949		)	(10,152		)
Total	$	63,880		$	63,595		$	129,770		$	206,364
Depreciation and amortization
Americas	$	4,067		$	4,079		$	12,564		$	11,900
Europe	14,296			9,445			41,874			28,214
Total	$	18,363		$	13,524		$	54,438		$	40,114
Capital expenditures
Americas	$	1,730		$	2,420		$	5,348		$	16,385
Europe	4,273			6,185			15,589			15,486
Total	$	6,003		$	8,605		$	20,937		$	31,871

	As of
	October 31, 2013		January 31, 2013
	(In thousands)
Identifiable assets
Americas	$	2,065,892	$	2,004,295
Europe	4,638,693		4,826,665
Total	$	6,704,585	$	6,830,960
Long-lived assets:
Americas (1)	$	26,572	$	30,492
Europe	51,786		53,903
Total	$	78,358	$	84,395
Goodwill & acquisition-related intangible assets, net:
Americas	$	2,966	$	2,966
Europe	390,026		409,534
Total	$	392,992	$	412,500

(1) Net sales to unaffiliated customers in the United States represented 87% and 85%, respectively, of the total Americas' net sales to unaffiliated customers for the fiscal quarters ended October 31, 2013 and October 31, 2012. Net sales to unaffiliated customers in the United States represented 86% and 84%, respectively, of the total Americas' net sales to unaffiliated customers for the nine months ended October 31, 2013 and October 31, 2012. Total long-lived assets in the United States represented 90% of the Americas' total long-lived assets at both October 31, 2013 and January 31, 2013.

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Consolidated Statement Of Income (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended			9 Months Ended
	Oct. 31, 2013	Oct. 31, 2012		Oct. 31, 2013	Oct. 31, 2012
Income Statement [Abstract]
Net sales	$ 6,373,564	$ 6,037,475	[1]	$ 18,848,797	$ 17,915,957	[1]
Cost of products sold	6,047,488	5,731,396	[1]	17,884,467	16,983,877
Gross profit	326,076	306,079	[1]	964,330	932,080
Selling, general and administrative expenses	270,131	242,484	[1]	828,509	725,716
Operating Expenses, Restatement	(7,935)	0	[1]	6,051	0
Operating Expenses	262,196	242,484	[1]	834,560	725,716
Operating income	63,880	63,595	[1]	129,770	206,364
Interest expense	6,134	4,359	[1]	19,451	10,850
Other (income) expense, net	(410)	1,070	[1]	(1,920)	3,117
Income before income taxes	58,156	58,166	[1]	112,239	192,397
Provision for income taxes	20,440	14,106	[1]	42,068	53,798
Consolidated net income	37,716	44,060	[1]	70,171	138,599	[1]
Net income attributable to noncontrolling interest	0	(1,123)	[1]	0	(6,785)	[1]
Net income attributable to shareholders of Tech Data Corporation	$ 37,716	$ 42,937	[1]	$ 70,171	$ 131,814	[1]
Net income per share attributable to shareholders of Tech Data Corporation
Basic (in USD per share)	$ 0.99	$ 1.14	[1]	$ 1.85	$ 3.36
Diluted (in USD per share)	$ 0.99	$ 1.13	[1]	$ 1.84	$ 3.33
Weighted average common shares outstanding:
Basic (shares)	38,060	37,765	[1]	38,004	39,234	[1]
Diluted (shares)	38,228	38,025	[1]	38,206	39,546	[1]

[1] See Note 2 - Restatement of Consolidated Financial Statements.

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Income Taxes

9 Months Ended

Oct. 31, 2013

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The Company's effective tax rate was 35.1% in the third quarter of fiscal 2014 and 24.3% in the third quarter of fiscal 2013. The Company's effective tax rate was 37.5% for the nine months of fiscal 2014 compared to 28.0% for the same period of the prior year. The increase in the effective rate for both the third quarter and first nine months of fiscal 2014 compared to the same periods of the prior year is primarily the result of the relative mix of earnings and losses within the tax jurisdictions in which the Company operates.

On an absolute dollar basis, the provision for income taxes increased 44.9% to $20.4 million for the third quarter of fiscal 2014 compared to $14.1 million in the same period of fiscal 2013 and decreased 21.8% to $42.1 million for the first nine months of fiscal 2014 compared to $53.8 million for the same period of the prior year. The provision for income taxes increased in the third quarter of fiscal 2014 as compared to the same period of the prior year primarily due to the Company’s higher effective tax rate in the period due to the relative mix of earnings and losses within the tax jurisdictions in which the Company operates. The provision for income taxes decreased in the first nine months of fiscal 2014 as compared to the same period of the prior year primarily due to the decrease in taxable earnings in certain countries in which the company operates.

The effective tax rate differed from the U.S. federal statutory rate of 35% during these periods primarily due to the relative mix of earnings or losses within the tax jurisdictions in which the Company operates such as: i) losses in tax jurisdictions where the Company is not able to record a tax benefit; ii) earnings in tax jurisdictions where the Company has previously recorded a valuation allowance on deferred tax assets; and iii) earnings in lower-tax jurisdictions for which no U.S. taxes have been provided because such earnings are planned to be reinvested indefinitely outside the United States.

The Company's future effective tax rates will continue to be affected by changes in the relative mix of taxable income and taxable loss jurisdictions, changes in the valuation of deferred tax assets or liabilities or changes in tax laws or interpretations thereof. The Company monitors the assumptions used in estimating the annual effective tax rate and makes adjustments, if required, throughout the year. If actual results differ from the assumptions used in estimating the Company's annual effective income tax rates, future income tax expense could be materially affected.

In addition, the Company's income tax returns are subject to continuous examination by the Internal Revenue Service and other tax authorities. The Company regularly assesses the likelihood of adverse outcomes from these examinations to determine the adequacy of the Company's provision for income taxes. To the extent the Company prevails in matters for which accruals have been established or is required to pay amounts in excess of such accruals, the effective tax rate could be materially affected.

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Debt

9 Months Ended

Oct. 31, 2013

Debt Disclosure [Abstract]

Debt

DEBT

The carrying value of the Company's outstanding debt consists of the following:

	October 31, 2013			January 31, 2013
	(In thousands)
Senior Notes, interest at 3.75% payable semi-annually, due September 21, 2017	$	350,000		$	350,000
Less—unamortized debt discount	(1,039		)	(1,238		)
Senior Notes, net	348,961			348,762
Capital leases	5,841			6,243
Other committed and uncommitted revolving credit facilities, average interest rate of 6.13% and 2.09% at October 31, 2013 and January 31, 2013, respectively, expiring on various dates through fiscal 2017	45,587			166,975
	400,389			521,980
Less—current maturities (included as “Revolving credit loans and current maturities of long-term debt, net”)	(46,154		)	(167,522		)
Total Long-term debt	$	354,235		$	354,458

Senior Notes

In September 2012, the Company issued $350.0 million aggregate principal amount of 3.75% Senior Notes in a public offering, resulting in cash proceeds of approximately $345.8 million, net of debt discount and debt issuance costs of approximately $1.3 million and $2.9 million, respectively (the “Senior Notes”). The debt issuance costs incurred in connection with the public offering will be amortized over the life of the Senior Notes as additional interest expense using the effective interest method. The Company pays interest on the Senior Notes semi-annually in arrears on March 21 and September 21 of each year, beginning on March 21, 2013 and ending on the maturity date of September 21, 2017. The Company, at its option, may redeem the Senior Notes at any time in whole or from time to time in part, at a redemption price equal to the greater of (i) 100% of the principal amount of the Senior Notes to be redeemed or (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Senior Notes being redeemed, discounted at a rate equal to the sum of the applicable Treasury Rate plus 50 basis points, plus accrued and unpaid interest up to the date of redemption. The Senior Notes are senior, unsecured obligations of the Company and rank equally in right of payment with all of the Company’s other unsecured and unsubordinated indebtedness.

Other Credit Facilities

The Company has a $500.0 million revolving credit facility with a syndicate of banks (the “Credit Agreement”), which among other things, i) provides for a maturity date of September 27, 2016, ii) provides for an interest rate on borrowings, facility fees and letter of credit fees based on the Company’s non-credit enhanced senior unsecured debt rating as determined by Standard & Poor’s Rating Service and Moody’s Investor Service, and iii) may be increased to a maximum of $750.0 million, subject to certain conditions. The Credit Agreement includes various covenants, limitations and events of default customary for similar facilities for similarly rated borrowers, including a maximum debt to capitalization ratio and a minimum interest coverage ratio. The Company pays interest on advances under the Credit Agreement at the applicable LIBOR rate plus a predetermined margin that is based on the Company’s debt rating. There were no amounts outstanding under the Credit Agreement at October 31, 2013. There was $42.9 million outstanding under the Credit Agreement at January 31, 2013, at an interest rate of 1.65%.

The Company also has an agreement with a syndicate of banks (the “Receivables Securitization Program”) that allows the Company to transfer an undivided interest in a designated pool of U.S. accounts receivable, on an ongoing basis, to provide security or collateral for borrowings up to a maximum of $400.0 million. Under this program, the Company legally isolates certain U.S. trade receivables into a wholly-owned bankruptcy remote special purpose entity. Such receivables, which are recorded in the Consolidated Balance Sheet, totaled $806.6 million and $690.6 million at October 31 and January 31, 2013, respectively. As collections reduce accounts receivable balances included in the security or collateral pool, the Company may transfer interests in new receivables to bring the amount available to be borrowed up to the maximum. This program was renewed in October 2012 for a period of two years and interest is to be paid on advances under the Receivables Securitization Program at the applicable commercial paper or LIBOR rate plus an agreed-upon margin. There were no amounts outstanding under this program at October 31, 2013. There was $83.5 million outstanding under this program at January 31, 2013, at an interest rate of 1.02%.

In addition to the facilities described above, the Company has various other committed and uncommitted lines of credit and overdraft facilities totaling approximately $454.6 million at October 31, 2013 to support its operations. Most of these facilities are provided on an unsecured, short-term basis and are reviewed periodically for renewal. There was $45.6 million outstanding on these facilities at October 31, 2013, at a weighted average interest rate of 6.13%, and $40.6 million outstanding on these facilities at January 31, 2013, at a weighted average interest rate of 4.76%.

In consideration of the financial covenants discussed below, the Company’s maximum borrowing availability on its credit facilities is approximately $815.3 million, of which $45.6 million was outstanding at October 31, 2013. Certain of the Company’s credit facilities contain limitations on the amounts of annual dividends and repurchases of common stock and require compliance with other obligations, warranties and covenants. The financial ratio covenants contained within these credit facilities include a debt to capitalization ratio and a minimum interest coverage ratio. The Company has entered into waiver agreements with respect to these and other obligations within certain of the Company's credit facilities, including the Credit Agreement and Receivables Securitization Program, in connection with the Company’s restatement as discussed in Note 2 - Restatement of Consolidated Financial Statements. Each of the waiver agreements relates primarily to representations that may have been incorrect when made, the Company’s potential failure to comply with specific covenants, including principally financial reporting covenants, as well as the potential defaults and events of default that may have arisen or could arise as a result of the foregoing. The ability to draw funds under certain credit facilities is dependent upon maintaining sufficient collateral (in the case of the Receivables Securitization Program) and meeting the aforementioned financial covenants, which may limit the Company’s ability to draw the full amount of these facilities.

At October 31, 2013, the Company had also issued standby letters of credit of $83.9 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.

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Debt (Tables)

9 Months Ended

Oct. 31, 2013

Debt Disclosure [Abstract]

Components Of Debt

The carrying value of the Company's outstanding debt consists of the following:

	October 31, 2013			January 31, 2013
	(In thousands)
Senior Notes, interest at 3.75% payable semi-annually, due September 21, 2017	$	350,000		$	350,000
Less—unamortized debt discount	(1,039		)	(1,238		)
Senior Notes, net	348,961			348,762
Capital leases	5,841			6,243
Other committed and uncommitted revolving credit facilities, average interest rate of 6.13% and 2.09% at October 31, 2013 and January 31, 2013, respectively, expiring on various dates through fiscal 2017	45,587			166,975
	400,389			521,980
Less—current maturities (included as “Revolving credit loans and current maturities of long-term debt, net”)	(46,154		)	(167,522		)
Total Long-term debt	$	354,235		$	354,458

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Business And Summary Of Significant Accounting Policies (Policy)

9 Months Ended

Oct. 31, 2013

Accounting Policies [Abstract]

Principles Of Consolidation

Principles of Consolidation

The consolidated financial statements include the accounts of Tech Data and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Noncontrolling interest is recognized for the portion of a consolidated joint venture not owned by the Company. The noncontrolling interest of the consolidated joint venture was purchased by the Company during the third quarter of fiscal 2013. The Company operates on a fiscal year that ends on January 31.

Basis Of Presentation

Basis of Presentation

The consolidated financial statements have been prepared by the Company, without audit, pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). The Company prepares its financial statements in conformity with generally accepted accounting principles in the United States (“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. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the consolidated financial position of the Company as of October 31, 2013, its consolidated statements of income and comprehensive income for the three and nine months ended October 31, 2013 and 2012, and its consolidated cash flows for the nine months ended October 31, 2013 and 2012.

Accounts Receivable Purchase Agreements

Accounts Receivable Purchase Agreements

The Company has uncommitted accounts receivable purchase agreements under which certain accounts receivable may be sold, without recourse, to third-party financial institutions. Under these programs, we may sell certain accounts receivable in exchange for cash less a discount, as defined in the agreements. Available capacity under these programs, which we use 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 we continue to service, administer and collect the sold accounts receivable. As of October 31, 2013 and January 31, 2013, the Company had a total of $190.4 million and $284.7 million, respectively, of accounts receivable sold to and held by financial institutions under these agreements. During the third quarters of fiscal 2014 and 2013, discount fees recorded under these facilities were $0.6 million and $0.8 million, respectively, and during the first nine months of fiscal 2014 and 2013, discount fees recorded under these facilities were $2.0 million and $1.7 million, respectively. These discount fees are included as a component of "other (income) expense, net" in the Company's Consolidated Statement of Income.

Seasonality

Seasonality

The Company’s quarterly operating results have fluctuated significantly in the past and will likely continue to do so in the future as a result of currency fluctuations and seasonal variations in the demand for the products and services offered. Narrow operating margins may magnify the impact of these factors on the Company's operating results. Recent historical seasonal variations have included an increase in European demand during the Company’s fiscal fourth quarter and decreased demand in other fiscal quarters, particularly quarters that include summer months. Given that more than one half of the Company’s revenues are derived from Europe, the worldwide results closely follow the seasonality trends in Europe. Additionally, the life cycles of major products, as well as the impact of future acquisitions and dispositions, may also materially impact the Company’s business, financial condition, or consolidated results of operations. Therefore, the results of operations for the three and nine months ended October 31, 2013 and 2012 are not necessarily indicative of the results that can be expected for the entire fiscal year ended January 31, 2014.

Recently Adopted Accounting Standards

Recently Adopted Accounting Standards

In July 2012, the FASB issued a new accounting standard which allows an entity to first assess qualitative factors to determine whether it is necessary to perform a quantitative impairment test for indefinite-lived intangible assets. The accounting standard states that an entity would not be required to calculate the fair value of an indefinite-lived intangible asset unless the entity determines, based on a qualitative assessment, that the indefinite-lived intangible asset is impaired. This standard was effective for the Company beginning February 1, 2013. As the Company currently has no material indefinite-lived intangible assets, other than goodwill, this standard had no impact on the Company's consolidated financial position, income, comprehensive income and cash flows.

In February 2013, the FASB issued an accounting standard which requires an entity to provide additional information regarding the amounts reclassified out of accumulated other comprehensive income by component, the income statement line item to which the reclassification was made and if applicable, cross-referenced to related footnote disclosures. The accounting standard was effective for the Company beginning with the quarter ending April 30, 2013. As the requirements of this standard are disclosure only, there was no impact on the Company's consolidated financial position, income, comprehensive income or cash flows.

Recently Issued Accounting Standards

In March 2013, the FASB issued an accounting standard which clarifies the accounting for the derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. The guidance also requires the accounting for a business combination achieved in stages involving a foreign entity to be treated as a single event. The accounting standard is effective for the Company beginning with the quarter ending April 30, 2014 and is to be applied prospectively to derecognition events occurring after the effective date. Early adoption is also permitted. If an entity elects to early adopt the accounting standard, it is to be adopted as of the beginning of the entity's fiscal year of adoption. The Company will apply the provisions of this accounting standard to all transactions described above prospectively from the date of adoption.

In March 2013, the FASB also issued an accounting standard which requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of the guidance is fixed at the reporting date as the sum of: i) the amount the reporting entity agreed to pay on the basis of its arrangements among its co-obligors and ii) any additional amount the reporting entity expects to pay on behalf of its co-obligors. The guidance also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. The accounting standard is effective for the Company beginning with the quarter ending April 30, 2014 and is to be applied retrospectively for all periods presented. Early adoption is also permitted. The Company does not anticipate that the adoption of this guidance will have a material impact on its consolidated financial position, income, comprehensive income or cash flows.

In July 2013, the FASB issued an accounting standard which requires presentation of certain unrecognized tax benefits as reductions to deferred tax assets rather than as liabilities when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The accounting standard is effective for the Company beginning with the quarter ending April 30, 2014 and is to be applied prospectively. The Company currently follows the guidance and this update will have no impact on its financial statement disclosures.

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Fair Value Of Financial Instruments

9 Months Ended

Oct. 31, 2013

Fair Value Disclosures [Abstract]

Fair Value Of Financial Instruments

FAIR VALUE MEASUREMENTS

The Company’s assets and liabilities carried or disclosed at fair value are classified in one of the following three categories: Level 1 – quoted market prices in active markets for identical assets and liabilities; Level 2 – inputs other than quoted market prices included in level 1 above that are observable for the asset or liability, either directly or indirectly; and, Level 3 – unobservable inputs for the asset or liability. The classification of an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

The following table summarizes the valuation of the Company's assets and liabilities that are measured at fair value on a recurring basis:

	October 31, 2013					January 31, 2013
	Fair value measurement category					Fair value measurement category
	Level 1	Level 2		Level 3		Level 1	Level 2		Level 3
	(in thousands)
Assets
Foreign currency forward contracts		$	2,848				$	19,835
Liabilities
Foreign currency forward contracts		$	2,755				$	19,628
Acquisition-related contingent consideration				$	10,234				$	18,147

The Company's foreign currency forward contracts are measured on a recurring basis based on foreign currency spot rates and forward rates quoted by banks or foreign currency dealers (level 2 criteria) and are marked-to-market each period with gains and losses on these contracts recorded in the Company's Consolidated Statement of Income on a basis consistent with the classification of the change in the fair value of the underlying transactions giving rise to these foreign currency exchange gains and losses in the period in which their value changes, with the offsetting amount for unsettled positions being included in either other current assets or other current liabilities in the Consolidated Balance Sheet. See further discussion below in Note 10 – Derivative Instruments.r

The acquisition-related contingent consideration represents the future earnout payments related to the Company's acquisitions. The Company estimates the fair value of this Level 3 contingent consideration liability at each reporting date using a discounted cash flow analysis, which requires the evaluation of significant unobservable inputs that include projected revenues, expenses and cash flows, and assumed discount rates. During the first nine months of fiscal 2014, adjustments to the fair value of acquisition-related contingent consideration of $0.5 million were recorded as a component of "selling, general and administrative expenses" and $0.4 million were recorded to "other (income) expense, net" in the Company's Consolidated Statement of Income. Approximately $8.7 million of the acquisition-related contingent consideration was paid during the first quarter of fiscal 2014.

The Company utilizes life insurance policies to fund the Company’s nonqualified deferred compensation plan. The life insurance asset recorded by the Company is the amount that would be realized upon the assumed surrender of the policy. This amount is based on the underlying fair value of the invested assets contained within the life insurance policies. The gains and losses are recorded in the Company’s Consolidated Statement of Income within "other (income) expense, net". The related deferred compensation liability is also marked-to-market each period based upon the various investment return alternatives selected by the plan participants and the gains and losses are recorded in the Company’s Consolidated Statement of Income within "selling, general and administrative expenses". The net realizable value of the Company's life insurance investments and related deferred compensation liability at October 31, 2013 was $38.4 million and $35.1 million, respectively.

The $350 million of Senior Notes discussed in Note 5 - Debt, are carried at cost, less unamortized debt discount. The estimated fair value of the Senior Notes was approximately $360.5 million at October 31, 2013, based upon quoted market information (level 1 criteria).

The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value because of the short maturity of these items. The carrying amount of debt outstanding pursuant to revolving credit facilities and loans payable approximates fair value as the majority of these instruments have variable interest rates which approximate current market rates (level 2 criteria).

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Stock Based Compensation

9 Months Ended

Oct. 31, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Based Compensation

STOCK-BASED COMPENSATION

For the nine months ended October 31, 2013 and 2012, the Company recorded $6.9 million and $10.2 million, respectively, of stock-based compensation expense, which is included in “selling, general and administrative expenses” in the Consolidated Statement of Income.

At October, 31, 2013, the Company had awards outstanding from three equity-based compensation plans, only one of which is currently active. The active plan was approved by the Company’s shareholders in June 2009 and includes 4.0 million shares available for grant of which approximately 3.0 million shares remain available for future grant at October 31, 2013. Under the active plan, the Company is authorized to award officers, employees, and non-employee members of the Board of Directors restricted stock, options to purchase common stock, maximum value stock-settled stock appreciation rights (“MV Stock-settled SARs”), maximum value options (“MVOs”), and performance awards that are dependent upon achievement of specified performance goals. Equity-based compensation awards have a maximum term of 10 years, unless a shorter period is specified by the Compensation Committee of the Board of Directors ("Compensation Committee") or is required under local law. Awards under the plans are priced as determined by the Compensation Committee, and under the terms of the Company’s active equity-based compensation plan, are required to be priced at, or above, the fair market value of the Company’s common stock on the date of grant. Awards generally vest between one and four years from the date of grant.

A summary of the Company’s restricted stock activity for the nine months ended October 31, 2013 is as follows:

	Shares
Outstanding at January 31, 2013	606,767
Vested	(268,037	)
Canceled	(41,697	)
Outstanding at October 31, 2013	297,033

A summary of the activity of the Company’s MV Stock-settled SARs, MVOs and stock options for the nine months ended October 31, 2013 is as follows:

	Shares
Outstanding at January 31, 2013	502,225
Exercised	(169,246	)
Canceled	(3,191	)
Outstanding at October 31, 2013	329,788

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.

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Shareholders' Equity

9 Months Ended

Oct. 31, 2013

Equity [Abstract]

Shareholders' Equity

SHAREHOLDERS’ EQUITY

The Company’s common share issuance activity for the nine months ended October 31, 2013 is summarized as follows:

	Shares		Weighted- average price per share
Treasury stock balance at January 31, 2013	21,436,566		$	42.26
Shares of treasury stock reissued	(252,836	)
Treasury stock balance at October 31, 2013	21,183,730		$	42.26

There were no common shares repurchased by the Company during the first nine months of fiscal 2014. The reissuance of shares from treasury stock is based on the weighted average purchase price of the shares.

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Derivative Instruments

9 Months Ended

Oct. 31, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

DERIVATIVE INSTRUMENTS

In the ordinary course of business, the Company is exposed to movements in foreign currency exchange rates. The Company’s foreign currency risk management objective is to protect earnings and cash flows from the impact of exchange rate changes primarily through the use of foreign currency forward contracts to hedge both intercompany and third party loans, accounts receivable and accounts payable. These derivatives are not designated as hedging instruments.

The Company employs established policies and procedures to manage the exposure to fluctuations in the value of foreign currencies. It is the Company’s policy to utilize financial instruments to reduce risks where internal netting cannot be effectively employed. Additionally, the Company does not enter into derivative instruments for speculative or trading purposes.

The Company’s foreign currency exposure relates primarily to international transactions in Europe, Canada and Latin America, where the currency collected from customers can be different from the currency used to purchase the product. The Company’s transactions in its foreign operations are denominated primarily in the following currencies: U.S. dollar, British pound, Canadian dollar, Chilean peso, Czech koruna, Danish krone, euro, Mexican peso, Norwegian krone, Peruvian new sol, Polish zloty, Romanian leu, Swedish krona and Swiss franc.

The Company considers inventory as an economic hedge against foreign currency exposure in accounts payable in certain circumstances. This practice offsets such inventory against corresponding accounts payable denominated in currencies other than the functional currency of the subsidiary buying the inventory, when determining the net exposure to be hedged using traditional forward contracts. Under this strategy, the Company would expect to increase or decrease selling prices for products purchased in foreign currencies based on fluctuations in foreign currency exchange rates affecting the underlying accounts payable. To the extent the Company incurs a foreign currency exchange loss (gain) on the underlying accounts payable denominated in the foreign currency, a corresponding increase (decrease) in cost of products sold would be expected as the related inventory is sold. This strategy can result in a certain degree of quarterly earnings volatility as the underlying accounts payable is remeasured using the foreign currency exchange rate prevailing at the end of each period, or settlement date if earlier, whereas the corresponding increase (decrease) in cost of products sold is not realized until the related inventory is sold.

The Company classifies foreign currency exchange gains and losses on its derivative instruments used to manage its exposures to foreign currency denominated accounts receivable and accounts payable as a component of “cost of products sold” which is consistent with the classification of the change in fair value upon remeasurement of the underlying hedged accounts receivable or accounts payable. The Company classifies foreign currency exchange gains and losses on its derivative instruments used to manage its exposures to foreign currency denominated financing transactions as a component of “other (income) expense, net” which is consistent with the classification of the change in fair value upon remeasurement of the underlying hedged loans. The total amount recognized in earnings on the Company's foreign currency forward contracts, which is included as a component of either “cost of products sold” or “other (income) expense, net”, was a net foreign currency exchange loss of $6.9 million and a net foreign currency exchange gain of $1.9 million, respectively, for the three months ended October 31, 2013 and 2012 and a net foreign currency exchange gain of $13.6 million and a net foreign currency exchange loss of $9.8 million, respectively, for the nine months ended October 31, 2013 and 2012. 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 monthly average notional amounts of derivative financial instruments outstanding during the third quarter of fiscal 2014 and 2013 were $1.4 billion and $1.8 billion, respectively, with average maturities of 30 days and 28 days, respectively. As discussed above, under the Company's hedging policies, gains and losses on the derivative financial instruments would be expected to be largely offset by the gains and losses on the underlying assets or liabilities being hedged.

The Company’s foreign currency forward contracts are also discussed in Note 9 – Fair Value Measurements.

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Acquisitions Acquisitions (Details 1) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended			9 Months Ended
	Oct. 31, 2013	Oct. 31, 2012		Oct. 31, 2013	Oct. 31, 2012
Net Sales
As reported (1)	$ 6,373,564	$ 6,037,475	[1]	$ 18,848,797	$ 17,915,957	[1]
Proforma		6,576,227			19,632,912
Net Income attributable to shareholders of Tech Data Corporation
As reported (1)	37,716	42,937	[1]	70,171	131,814	[1]
Proforma		$ 46,625			$ 141,191

[1] See Note 2 - Restatement of Consolidated Financial Statements.

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Earnings Per Share ("EPS") (Tables)

9 Months Ended

Oct. 31, 2013

Earnings Per Share [Abstract]

Earnings Per Share Basic And Diluted

The composition of basic and diluted EPS is as follows:

	Three months ended October 31,				Nine months ended October 31,
	2013		2012		2013		2012
			(As restated)				(As restated)
Net income attributable to shareholders of Tech Data Corporation	$	37,716	$	42,937	$	70,171	$	131,814
Weighted-average common shares - basic	38,060		37,765		38,004		39,234
Effect of dilutive securities:
Equity-based awards	168		260		202		312
Weighted-average common shares - diluted	38,228		38,025		38,206		39,546
Net income per share attributable to shareholders of Tech Data Corporation
Basic	$	0.99	$	1.14	$	1.85	$	3.36
Diluted	$	0.99	$	1.13	$	1.84	$	3.33

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Fair Value Of Financial Instruments Fair Value Measurements (Tables)

9 Months Ended

Oct. 31, 2013

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table summarizes the valuation of the Company's assets and liabilities that are measured at fair value on a recurring basis:

	October 31, 2013					January 31, 2013
	Fair value measurement category					Fair value measurement category
	Level 1	Level 2		Level 3		Level 1	Level 2		Level 3
	(in thousands)
Assets
Foreign currency forward contracts		$	2,848				$	19,835
Liabilities
Foreign currency forward contracts		$	2,755				$	19,628
Acquisition-related contingent consideration				$	10,234				$	18,147

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Stock Based Compensation (Schedule Of Stock Options Activity) (Details)	9 Months Ended
	Oct. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Shares, Outstanding at January 31, 2013	502,225
Shares, Exercised	(169,246)
Shares, Canceled	(3,191)
Shares, Outstanding at October 31, 2013	329,788

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Consolidated Statement Of Comprehensive Income (USD $) In Thousands, unless otherwise specified	3 Months Ended			9 Months Ended
	Oct. 31, 2013	Oct. 31, 2012		Oct. 31, 2013	Oct. 31, 2012
Statement of Other Comprehensive Income [Abstract]
Consolidated net income	$ 37,716	$ 44,060	[1]	$ 70,171	$ 138,599	[1]
Other comprehensive income:
Foreign currency translation adjustment	51,408	80,936	[1]	1,843	(3,036)	[1]
Total comprehensive income	89,124	124,996	[1]	72,014	135,563	[1]
Comprehensive income attributable to noncontrolling interest	0	(1,795)	[1]	0	(5,736)	[1]
Comprehensive income attributable to shareholders of Tech Data Corporation	$ 89,124	$ 123,201	[1]	$ 72,014	$ 129,827	[1]

[1] See Note 2 - Restatement of Consolidated Financial Statements.

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Acquisitions

9 Months Ended

Oct. 31, 2013

Business Combinations [Abstract]

Acquisitions

ACQUISITIONS

Acquisition of SDG

On November 1, 2012, the Company acquired several distribution companies of Specialist Distribution Group, the distribution arm of Specialist Computer Holdings PLC (“SCH”), a privately-held IT services company headquartered in the United Kingdom, for a purchase price, which was finalized during the first quarter of fiscal 2014, of approximately $358 million. The acquired distribution companies were Specialist Distribution Group (SDG) Limited; ETC Metrologie SARL; Best’Ware France SA; ETC Africa SAS and SDG BV (collectively “SDG”). SDG is a leading distributor of value and broadline IT products in the UK, France and the Netherlands. Management believes the acquisition of SDG supports the Company’s diversification strategy by strengthening its European value and broadline IT offerings in key markets and expanding the Company’s vendor and customer portfolios, while leveraging the Company’s existing pan-European infrastructure. Simultaneously with the acquisition of SDG, the Company entered into a preferred supplier agreement whereby SCH, through its IT reseller business, will have annual purchase commitments through Tech Data for a period of five years, which the Company estimated would add incremental annual sales of approximately $500 million. In November 2013, the preferred supplier agreement was amended to extend the term of the agreement from five years to six years, expiring in January 2019. In connection with this amendment, while we expect the total sales during the extended term to be higher than originally forecast, we expect the incremental sales to be approximately $450 million to $475 million annually over six years versus the original forecast of $500 million annually over five years. SDG's results of operations are included in the Company's consolidated financial statements subsequent to the date of acquisition.

The Company has accounted for the SDG acquisition as a business combination and allocated the purchase price to the estimated fair values of assets acquired and liabilities assumed (in thousands, translated using the foreign currency exchange rates on the date of acquisition):

Cash	$	65,000
Accounts receivable	260,800
Inventories	126,100
Tangible assets (includes property and equipment, deferred tax assets and other assets)	6,200
Goodwill	122,600
Identifiable intangible assets	134,300
Accounts payable	(265,200		)
Liabilities (includes accrued expenses, deferred tax liability and other liabilities)	(91,800		)
	$	358,000

The allocation of identifiable intangible assets is comprised of approximately $103.1 million related to customer and vendor relationship assets with an estimated useful life of ten years and approximately $31.2 million related to the preferred supplier agreement to be amortized over the five year life of the agreement. As discussed previously, in November 2013, the preferred supplier agreement was amended to extend the term of the agreement from five years to six years, expiring in January 2019.

The following table presents supplemental proforma information as if the SDG acquisition and the execution of the related preferred supplier agreement had both occurred at the beginning of fiscal 2012. The proforma results include business combination accounting effects from the acquisition including amortization of acquired intangible assets and interest expense associated with the issuance of our Senior Notes (as defined herein) due in September 2017 used to fund the acquisition. This proforma information does not reflect any impact from business synergies that may be achieved by the combined business, and is presented for comparative purposes only. It is not necessarily indicative of the results of operations that actually would have been achieved had the acquisition been consummated on the date indicated or that may result in the future:

	Three months ended October 31, 2012		Nine months ended October 31, 2012
	(In thousands, unaudited)
Net sales
As reported (1)	$	6,037,475	$	17,915,957
Proforma	$	6,576,227	$	19,632,912
Net income attributable to shareholders of Tech Data Corporation
As reported (1)	$	42,937	$	131,814
Proforma	$	46,625	$	141,191

(1) As restated

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Segment Information (Tables)

9 Months Ended

Oct. 31, 2013

Segment Reporting Information, Additional Information [Abstract]

Financial Information By Geographic Segment

Financial information by geographic segment is as follows:

	Three months ended October 31,						Nine months ended October 31,
	2013			2012			2013			2012
				(As restated)						(As restated)
	(In thousands)						(In thousands)
Net sales to unaffiliated customers
Americas (1)	$	2,571,750		$	2,368,243		$	7,489,078		$	7,232,899
Europe	3,801,814			3,669,232			11,359,719			10,683,058
Total	$	6,373,564		$	6,037,475		$	18,848,797		$	17,915,957
Operating income
Americas	$	53,297		$	32,624		$	112,516		$	112,270
Europe	12,214			34,516			24,203			104,246
Stock-based compensation expense	(1,631		)	(3,545		)	(6,949		)	(10,152		)
Total	$	63,880		$	63,595		$	129,770		$	206,364
Depreciation and amortization
Americas	$	4,067		$	4,079		$	12,564		$	11,900
Europe	14,296			9,445			41,874			28,214
Total	$	18,363		$	13,524		$	54,438		$	40,114
Capital expenditures
Americas	$	1,730		$	2,420		$	5,348		$	16,385
Europe	4,273			6,185			15,589			15,486
Total	$	6,003		$	8,605		$	20,937		$	31,871

	As of
	October 31, 2013		January 31, 2013
	(In thousands)
Identifiable assets
Americas	$	2,065,892	$	2,004,295
Europe	4,638,693		4,826,665
Total	$	6,704,585	$	6,830,960
Long-lived assets:
Americas (1)	$	26,572	$	30,492
Europe	51,786		53,903
Total	$	78,358	$	84,395
Goodwill & acquisition-related intangible assets, net:
Americas	$	2,966	$	2,966
Europe	390,026		409,534
Total	$	392,992	$	412,500

(1) Net sales to unaffiliated customers in the United States represented 87% and 85%, respectively, of the total Americas' net sales to unaffiliated customers for the fiscal quarters ended October 31, 2013 and October 31, 2012. Net sales to unaffiliated customers in the United States represented 86% and 84%, respectively, of the total Americas' net sales to unaffiliated customers for the nine months ended October 31, 2013 and October 31, 2012. Total long-lived assets in the United States represented 90% of the Americas' total long-lived assets at both October 31, 2013 and January 31, 2013.

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Income Taxes (Narrative) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended			9 Months Ended
	Oct. 31, 2013	Oct. 31, 2012		Oct. 31, 2013	Oct. 31, 2012
Income Tax Disclosure [Abstract]
Effective tax rate	35.10%	24.30%		37.50%	28.00%
Decrease in income tax provision	44.90%			21.80%
Provision for income taxes	$ 20,440	$ 14,106	[1]	$ 42,068	$ 53,798
Effective tax rate reconciliation, percentage				35.00%

[1] See Note 2 - Restatement of Consolidated Financial Statements.

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Restatement of Consolidated Financial Statements (Tables)

9 Months Ended

Oct. 31, 2012

Accounting Changes and Error Corrections [Abstract]

Restatement to Prior Year Consolidated Financial Statements

The following tables present the impact of the restatement on the Company’s previously issued consolidated financial statements.

Consolidated Statement of Income
	Three months ended October 31, 2012
	As Previously Reported			Adjustments				As Restated
	(In thousands, except per share amounts)
Net sales	$	6,040,556		$	(3,081	)		$	6,037,475
Cost of products sold	5,732,295			(899		)		5,731,396
Gross profit	308,261			(2,182		)	(1)	306,079
Selling, general and administrative expenses	238,715			3,769			(2)	242,484
Operating income	69,546			(5,951		)		63,595
Interest expense	4,359			0				4,359
Other expense (income), net	2,044			(974		)	(3)	1,070
Income before income taxes	63,143			(4,977		)		58,166
Provision for income taxes	16,122			(2,016		)	(4)	14,106
Consolidated net income	47,021			(2,961		)		44,060
Net income attributable to noncontrolling interest	(1,123		)	0				(1,123		)
Net income attributable to shareholders of Tech Data Corporation	$	45,898		$	(2,961	)		$	42,937
Net income per share attributable to shareholders of Tech Data Corporation:
Basic	$	1.22		$	(0.08	)		$	1.14
Diluted	$	1.21		$	(0.08	)		$	1.13

(1) Gross profit adjustments primarily reflect the impact of vendor accounting errors of $3.5 million, partially offset by various other immaterial errors.

(2) Selling, general and administrative expenses adjustments primarily reflect the impact of errors in the Company's primary operating subsidiary in the UK and two other European subsidiaries of $2.9 million and an adjustment to reclassify investment income of $0.9 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.

(3) Other expense (income), primarily includes an adjustment to reclassify investment income of $0.9 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.

(4) The provision for income taxes has been adjusted primarily to decrease tax expense as a result of the decrease in profit resulting from the restatement adjustments described herein.

	Nine months ended October 31, 2012
	As Previously Reported			Adjustments				As Restated
	(In thousands, except per share amounts)
Net sales	$	17,897,617		$	18,340		(1)	$	17,915,957
Cost of products sold	16,967,895			15,982			(1)	16,983,877
Gross profit	929,722			2,358			(2)	932,080
Selling, general and administrative expenses	720,027			5,689			(3)	725,716
Operating income	209,695			(3,331		)		206,364
Interest expense	10,850			0				10,850
Other expense (income), net	4,566			(1,449		)	(4)	3,117
Income before income taxes	194,279			(1,882		)		192,397
Provision for income taxes	55,446			(1,648		)	(5)	53,798
Consolidated net income	138,833			(234		)		138,599
Net income attributable to noncontrolling interest	(6,785		)	0				(6,785		)
Net income attributable to shareholders of Tech Data Corporation	$	132,048		$	(234	)		$	131,814
Net income per share attributable to shareholders of Tech Data Corporation:
Basic	$	3.37		$	(0.01	)		$	3.36
Diluted	$	3.34		$	(0.01	)		$	3.33

(1) 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.

(2) Gross profit adjustments primarily reflect the impact of vendor accounting errors in the Company's primary operating subsidiary in the UK and two other European subsidiaries of $4.8 million, partially offset by various other immaterial errors.

(3) Selling, general and administrative expenses adjustments primarily reflect the impact of errors in the Company's primary operating subsidiary in the UK and two other European subsidiaries of $3.1 million, an adjustment to reclassify investment income of $1.4 million related to the Company’s deferred compensation plan assets from selling, general and administrative expenses where it was recorded as a reduction of the corresponding payroll expense related to the plan to other expense (income), net and various other adjustments to correct immaterial errors.

(4) Other expense (income), primarily includes an adjustment to reclassify investment income of $1.4 million related to the Company’s deferred compensation plan assets from selling, general and administrative expenses where it was recorded as a reduction of the corresponding payroll expense related to the plan.

(5) The provision for income taxes has been adjusted primarily to reduce tax expense as a result of the reduction in profit resulting from the restatement adjustments described herein.

Consolidated Statement of Comprehensive Income
	Three months ended October 31, 2012
	As Previously Reported			Adjustments			As Restated
	(In thousands)
Consolidated net income	$	47,021		$	(2,961	)	$	44,060
Other comprehensive income:
Foreign currency translation adjustment	81,127			(191		)	80,936
Total comprehensive income	128,148			(3,152		)	124,996
Comprehensive income attributable to noncontrolling interest	(1,795		)	0			(1,795		)
Comprehensive income attributable to shareholders of Tech Data Corporation	$	126,353		$	(3,152	)	$	123,201

	Nine months ended October 31, 2012
	As Previously Reported			Adjustments			As Restated
	(In thousands)
Consolidated net income	$	138,833		$	(234	)	$	138,599
Other comprehensive loss:
Foreign currency translation adjustment	(2,134		)	(902		)	(3,036		)
Total comprehensive income	136,699			(1,136		)	135,563
Comprehensive income attributable to noncontrolling interest	(5,736		)	0			(5,736		)
Comprehensive income attributable to shareholders of Tech Data Corporation	$	130,963		$	(1,136	)	$	129,827

Consolidated Statement of Cash Flows
	Nine months ended October 31, 2012
	As Previously Reported			Adjustments			As Restated
	(In thousands)
Cash flows from operating activities:
Cash received from customers	$	17,996,786		$	888,612		$	18,885,398
Cash paid to vendors and employees	(17,875,711		)	(907,754		)	(18,783,465		)
Interest paid, net	(8,238		)	0			(8,238		)
Income taxes paid	(75,629		)	0			(75,629		)
Net cash provided by operating activities	37,208			(19,142		)	18,066
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired	(8,782		)	0			(8,782		)
Expenditures for property and equipment	(10,512		)	(1,988		)	(12,500		)
Software development costs	(18,097		)	(1,274		)	(19,371		)
Net cash used in investing activities	(37,391		)	(3,262		)	(40,653		)
Cash flows from financing activities:
Proceeds from the reissuance of treasury stock	3,172			0			3,172
Cash paid for purchase of treasury stock	(180,781		)	0			(180,781		)
Repayments on long-term loans from joint venture partner	(49,549		)	0			(49,549		)
Acquisition of noncontrolling interest in joint venture	(117,220		)	0			(117,220		)
Return of capital to joint venture partner	(9,074		)	0			(9,074		)
Proceeds from issuance of Senior Notes, net of expense	345,810			0			345,810
Net borrowings on revolving credit loans	17,412			0			17,412
Principal payments on long-term debt	(372		)	0			(372		)
Excess tax benefit from stock-based compensation	5,229			(214		)	5,015
Net cash provided by financing activities	14,627			(214		)	14,413
Effect of exchange rate changes on cash and cash equivalents	(3,834		)	(868		)	(4,702		)
Net increase (decrease) in cash and cash equivalents	10,610			(23,486		)	(12,876		)
Cash and cash equivalents at beginning of year	505,178			(18,916		)	486,262
Cash and cash equivalents at end of year	$	515,788		$	(42,402	)	$	473,386
Reconciliation of net income to net cash provided by operating activities:
Net income attributable to shareholders of Tech Data Corporation	$	132,048		$	(234	)	$	131,814
Net income attributable to noncontrolling interest	6,785			0			6,785
Consolidated net income	138,833			(234		)	138,599
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	40,114			0			40,114
Provision for losses on accounts receivable	9,346			110			9,456
Stock-based compensation expense	10,328			(176		)	10,152
Accretion of debt discount on Senior Notes	22			0			22
Excess tax benefit from stock-based compensation	(5,229		)	214			(5,015		)
Changes in operating assets and liabilities:
Accounts receivable	95,330			(39,987		)	55,343
Inventories	(218,175		)	53,127			(165,048		)
Prepaid expenses and other assets	15,817			(5,901		)	9,916
Accounts payable	53,352			(36,618		)	16,734
Accrued expenses and other liabilities	(102,530		)	10,323			(92,207		)
Total adjustments	(101,625		)	(18,908		)	(120,533		)
Net cash provided by operating activities	$	37,208		$	(19,142	)	$	18,066