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, 2014

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 x    No   ¨

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 November 25, 2014
Common stock, par value $.0015 per share	38,254,851

1

TECH DATA CORPORATION AND SUBSIDIARIES

Form 10-Q for the Three and Nine Months Ended October 31, 2014

INDEX

		PAGE
PART I.	FINANCIAL INFORMATION
ITEM 1.	Financial Statements	3
	Consolidated Balance Sheet	3
	Consolidated Statement of Income	4
	Consolidated Statement of Comprehensive Income	5
	Consolidated Statement of Cash Flows	6
	Notes to Consolidated Financial Statements	7
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
ITEM 3.	Quantitative and Qualitative Disclosures about Market Risk	29
ITEM 4.	Controls and Procedures	30
PART II.	OTHER INFORMATION	32
ITEM 1.	Legal Proceedings	32
ITEM 1A.	Risk Factors	32
ITEM 2	Unregistered Sales of Equity Securities and Use of Proceeds	32
ITEM 3.	Defaults Upon Senior Securities	33
ITEM 4.	Mine Safety Disclosures	33
ITEM 5.	Other Information	33
ITEM 6.	Exhibits	33
SIGNATURES		34
EXHIBITS
CERTIFICATIONS

2

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,
	2014			2014
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	465,738		$	570,101
Accounts receivable, less allowances of $55,378 and $58,754	3,064,553			3,215,729
Inventories	2,321,088			2,450,782
Prepaid expenses and other assets	190,704			232,423
Total current assets	6,042,083			6,469,035
Property and equipment, net	66,103			77,631
Other assets, net	557,055			623,000
Total assets	$	6,665,241		$	7,169,666
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	3,530,956		$	3,959,410
Accrued expenses and other liabilities	555,944			614,697
Revolving credit loans and current maturities of long-term debt, net	46,463			43,481
Total current liabilities	4,133,363			4,617,588
Long-term debt, less current maturities	353,549			354,121
Other long-term liabilities	92,626			99,346
Total liabilities	4,579,538			5,071,055
Commitments and contingencies (Note 7)
Shareholders’ equity:
Common stock, par value $.0015; 200,000,000 shares authorized; 59,245,585 shares issued at October 31, 2014 and January 31, 2014	89			89
Additional paid-in capital	674,044			675,597
Treasury stock, at cost (20,990,734 and 21,177,130 shares at October 31, 2014 and January 31, 2014)	(887,059		)	(894,936		)
Retained earnings	2,087,785			1,993,290
Accumulated other comprehensive income	210,844			324,571
Total shareholders' equity	2,085,703			2,098,611
Total liabilities and shareholders' equity	$	6,665,241		$	7,169,666

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

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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,
	2014			2013			2014			2013
Net sales	$	6,761,181		$	6,373,564		$	20,331,141		$	18,848,797
Cost of products sold	6,426,196			6,047,488			19,309,456			17,884,467
Gross profit	334,985			326,076			1,021,685			964,330
Operating expenses:
Selling, general and administrative expenses	271,235			270,131			847,344			828,509
Restatement and remediation related expenses (Note 1)	2,064			14,979			19,678			28,965
LCD settlements (Note 1)	(5,059		)	(22,914		)	(5,059		)	(22,914		)
Value added tax assessment (Note 7)	0			0			(6,229		)	0
	268,240			262,196			855,734			834,560
Operating income	66,745			63,880			165,951			129,770
Interest expense	6,491			6,134			20,639			19,451
Other (income) expense, net	(225		)	(410		)	842			(1,920		)
Income before income taxes	60,479			58,156			144,470			112,239
Provision for income taxes	18,779			20,440			49,975			42,068
Net income	$	41,700		$	37,716		$	94,495		$	70,171
Net income per share:
Basic	$	1.09		$	0.99		$	2.47		$	1.85
Diluted	$	1.09		$	0.99		$	2.46		$	1.84
Weighted average common shares outstanding:
Basic	38,253			38,060			38,212			38,004
Diluted	38,433			38,228			38,376			38,206

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

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TECH DATA CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(In thousands)

(Unaudited)

	Three months ended October 31,					Nine months ended  October 31,
	2014			2013		2014			2013
Net income	$	41,700		$	37,716	$	94,495		$	70,171
Other comprehensive (loss) income:
Foreign currency translation adjustment	(112,792		)	51,408		(113,727		)	1,843
Total comprehensive (loss) income	$	(71,092	)	$	89,124	$	(19,232	)	$	72,014

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

5

TECH DATA CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS

(In thousands)

(Unaudited)

	Nine months ended October 31,
	2014			2013
Cash flows from operating activities:
Cash received from customers	$	21,579,962		$	19,980,970
Cash paid to vendors and employees	(21,574,482		)	(19,640,516		)
Interest paid, net	(21,698		)	(20,252		)
Income taxes paid	(41,761		)	(54,229		)
Net cash (used in) provided by operating activities	(57,979		)	265,973
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired	0			8,044
Acquisition of trademark	0			(1,519		)
Proceeds from sale of property and equipment	7,121			0
Expenditures for property and equipment	(11,879		)	(10,405		)
Software and software development costs	(7,341		)	(10,532		)
Net cash used in investing activities	(12,099		)	(14,412		)
Cash flows from financing activities:
Proceeds from the reissuance of treasury stock	774			1,139
Acquisition earn-out payment	(5,060		)	(6,183		)
Net borrowings (repayments) on revolving credit loans	2,826			(120,602		)
Principal payments on long-term debt	(419		)	(398		)
Excess tax benefit from stock-based compensation	667			907
Net cash used in financing activities	(1,212		)	(125,137		)
Effect of exchange rate changes on cash and cash equivalents	(33,073		)	4,037
Net (decrease) increase in cash and cash equivalents	(104,363		)	130,461
Cash and cash equivalents at beginning of year	570,101			340,564
Cash and cash equivalents at end of period	$	465,738		$	471,025
Reconciliation of net income to net cash (used in) provided by operating activities:
Net income	$	94,495		$	70,171
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	52,691			54,438
Gain on sale of building	(2,350		)	0
Provision for losses on accounts receivable	8,668			9,748
Stock-based compensation expense	9,698			6,949
Accretion of debt discount on Senior Notes	198			198
Excess tax benefits from stock-based compensation	(667		)	(907		)
Changes in operating assets and liabilities:
Accounts receivable	18,399			85,503
Inventories	45,731			(13,240		)
Prepaid expenses and other assets	31,691			103,881
Accounts payable	(300,804		)	(29,968		)
Accrued expenses and other liabilities	(15,729		)	(20,800		)
Total adjustments	(152,474		)	195,802
Net cash (used in) provided by operating activities	$	(57,979	)	$	265,973

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

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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. The Company operates on a fiscal year that ends on January 31.

Basis of Presentation

The consolidated financial statements have been prepared by the Company, without audit, pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). The Company prepares its financial statements in conformity with generally accepted accounting principles in the United States (“GAAP”). These principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the consolidated financial position of the Company as of October 31, 2014, its consolidated statements of income and comprehensive income for the three and nine months ended October 31, 2014 and 2013, and its consolidated cash flows for the nine months ended October 31, 2014 and 2013.

Seasonality

The Company’s quarterly operating results have fluctuated significantly in the past and will likely continue to do so in the future as a result of currency fluctuations and seasonal variations in the demand for the products and services offered. Narrow operating margins may magnify the impact of these factors on the Company's operating results. Recent historical seasonal variations have included an increase in European demand during the Company’s fiscal fourth quarter and decreased demand in other fiscal quarters. Given that the majority of the Company’s revenues are derived from Europe, the worldwide results closely follow the seasonality trends in Europe. The seasonal trend in Europe typically results in greater operating leverage, and therefore, lower selling, general and administrative expenses as a percentage of net sales in the region and on a consolidated basis during the second semester of the Company's fiscal year, particularly in the Company's fourth quarter. Additionally, the life cycles of major products, as well as the impact of future acquisitions and dispositions, may also materially impact the Company’s business, financial condition, or consolidated results of operations. Therefore, the results of operations for the three and nine months ended October 31, 2014 and 2013 are not necessarily indicative of the results that can be expected for the entire fiscal year ended January 31, 2015.

Restatement and remediation related expenses

Restatement and remediation related expenses primarily include legal, accounting and third party consulting fees associated with (i) the restatement of certain of the Company's consolidated financial statements and other financial information from fiscal 2009 to fiscal 2013, (ii) the Audit Committee investigation to review the Company's accounting practices, (iii) incremental external audit and supplemental procedures by the Company in connection with the preparation of its financial statements, and (iv) other incremental legal, accounting and consulting fees incurred as a result of the Company's restatement-related investigation or in conjunction with the Company's remediation of material weaknesses and other control deficiencies identified during the restatement. The Company incurred restatement and remediation related expenses of approximately $2.1 million and $15.0 million, respectively, during the three months ended October 31, 2014 and 2013 and $19.7 million and $29.0 million, respectively, during the nine months ended October 31, 2014 and 2013, which are recorded in “restatement and remediation related expenses” in the Consolidated Statement of Income.

7

LCD Settlements

The Company has been a claimant in proceedings seeking damages from certain manufacturers of LCD flat panel displays. During the three months ended October 31, 2014 and 2013 the Company reached settlement agreements with certain manufacturers in the amount of $5.1 million and $22.9 million, respectively, net of all attorney fees and expenses, which are recorded in "LCD settlements" in the Consolidated Statement of Income.

Accounts Receivable Purchase Agreements

The Company has uncommitted accounts receivable purchase agreements under which certain accounts receivable may be sold, without recourse, to third-party financial institutions. Under these programs, the Company may sell certain accounts receivable in exchange for cash less a discount, as defined in the agreements. Available capacity under these programs, which the Company uses as a source of working capital funding, is dependent on the level of accounts receivable eligible to be sold into these programs and the financial institutions' willingness to purchase such receivables. In addition, certain of these agreements also require that the Company continue to service, administer and collect the sold accounts receivable. At October 31, 2014 and January 31, 2014, the Company had a total of $333.3 million and $263.7 million, respectively, of accounts receivable sold to and held by financial institutions under these agreements. During the three months ended October 31, 2014 and 2013, discount fees recorded under these facilities were $0.7 million and $0.6 million, respectively, and during the nine months ended October 31, 2014 and 2013, discount fees recorded under these facilities were $3.4 million and $2.0 million, respectively. These discount fees are included as a component of "other (income) expense, net" in the Consolidated Statement of Income.

Recently Adopted Accounting Standards

In March 2013, the Financial Accounting Standards Board ("FASB") issued an accounting standard which clarifies the accounting for the derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. The guidance also requires the accounting for a business combination achieved in stages involving a foreign entity to be treated as a single event. The accounting standard was effective for the Company beginning with the quarter ended April 30, 2014 and is to be applied prospectively to derecognition events occurring after the effective date. The Company will apply the provisions of this accounting standard to all transactions described above prospectively from the date of adoption.

In April 2014, the FASB issued an accounting standard which modifies the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity's operations and financial results. This update also requires additional financial statement disclosures about discontinued operations, as well as disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation. The Company has early adopted this standard and will apply the provisions of this accounting standard to all transactions described above prospectively.

Recently Issued Accounting Standards

In May 2014, the FASB issued an accounting standard which will supersede all existing revenue recognition guidance under current GAAP. The new standard requires the recognition of revenue to depict the transfer of promised goods or services to customers while exercising extensive judgment and use of estimates. The accounting standard is effective for the Company beginning with the quarter ending April 30, 2017 and may be adopted using either a full retrospective or a modified retrospective approach. The Company is currently in the process of assessing what impact this new standard may have on its consolidated financial position and results of operations.

8

NOTE 2 — EARNINGS PER SHARE (“EPS”)

The Company reports a dual presentation of basic and diluted EPS. Basic EPS is computed by dividing net income by the weighted average number of shares outstanding during the reported period. Diluted EPS reflects the potential dilution related to equity-based incentives (further discussed in Note 4—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,
	2014		2013		2014		2013
	(In thousands, except per share data)
Net income	$	41,700	$	37,716	$	94,495	$	70,171
Weighted-average common shares - basic	38,253		38,060		38,212		38,004
Effect of dilutive securities:
Equity-based awards	180		168		164		202
Weighted-average common shares - diluted	38,433		38,228		38,376		38,206
Net income per share:
Basic	$	1.09	$	0.99	$	2.47	$	1.85
Diluted	$	1.09	$	0.99	$	2.46	$	1.84

For the three and nine months ended October 31, 2014 there were no shares excluded from the computation of diluted earnings per share because their effect would have been antidilutive. For the three and nine months ended October 31, 2013, there were 6,236 shares excluded from the computation of diluted earnings per share because their effect would have been antidilutive.

NOTE 3 — DEBT

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

	October 31, 2014			January 31, 2014
	(In thousands)
Senior Notes, interest at 3.75% payable semi-annually, due September 21, 2017	$	350,000		$	350,000
Less—unamortized debt discount	(776		)	(974		)
Senior Notes, net	349,224			349,026
Capital leases	4,862			5,662
Other committed and uncommitted revolving credit facilities, average interest rate of 5.14% and 6.15% at October 31, 2014 and January 31, 2014, respectively, expiring on various dates through fiscal 2017	45,926			42,914
	400,012			397,602
Less—current maturities (included as “Revolving credit loans and current maturities of long-term debt, net”)	(46,463		)	(43,481		)
Total long-term debt, less current maturities	$	353,549		$	354,121

Senior Notes

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

9

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, 2014 and January 31, 2014.

The Company also has an agreement with a syndicate of banks (the “Receivables Securitization Program”) that allows the Company to transfer an undivided interest in a designated pool of U.S. accounts receivable, on an ongoing basis, to provide security or collateral for borrowings up to a maximum of $400.0 million. Under this program, the Company legally isolates certain U.S. trade receivables into a wholly-owned bankruptcy remote special purpose entity. Such receivables, which are recorded in the Consolidated Balance Sheet, totaled $705.9 million and $623.0 million at October 31, 2014 and January 31, 2014, respectively. As collections reduce accounts receivable balances included in the security or collateral pool, the Company may transfer interests in new receivables to bring the amount available to be borrowed up to the maximum. This program was renewed in August 2014 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, 2014 and January 31, 2014.

In addition to the facilities described above, the Company has various other committed and uncommitted lines of credit and overdraft facilities totaling approximately $384.2 million at October 31, 2014 to support its operations. Most of these facilities are provided on an unsecured, short-term basis and are reviewed periodically for renewal. There was $45.9 million outstanding on these facilities at October 31, 2014, at a weighted average interest rate of 5.14%, and $42.9 million outstanding on these facilities at January 31, 2014, at a weighted average interest rate of 6.15%.

Certain of the Company’s credit facilities contain limitations on the amounts of annual dividends and repurchases of common stock and require compliance with other obligations, warranties and covenants. The financial ratio covenants under these credit facilities include a maximum debt to capitalization ratio and a minimum interest coverage ratio. At October 31, 2014, the Company was in compliance with all such financial covenants. In light of these financial covenants, the Company’s maximum borrowing availability on its credit facilities is approximately $966.1 million, of which $45.9 million was outstanding at October 31, 2014.

At October 31, 2014, the Company had also issued standby letters of credit of $77.0 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 4 — STOCK-BASED COMPENSATION

For the nine months ended October 31, 2014 and 2013, the Company recorded $9.7 million and $6.9 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, 2014, the Company had awards outstanding from two equity-based compensation plans, only one of which is currently active. The active plan was initially approved by the Company’s shareholders in June 2009 and includes 4.0 million shares available for grant of which approximately 2.6 million shares remain available for future grant at October 31, 2014. Under the active plan, the Company is authorized to award officers, employees, and non-employee members of the Board of Directors restricted stock, options to purchase common stock, maximum value stock-settled stock appreciation rights (“MV Stock-settled SARs”), maximum value options (“MVOs”), and performance awards that are dependent upon achievement of specified performance goals. Equity-based compensation awards have a maximum term of 10 years, unless a shorter period is specified by the Compensation Committee of the Board of Directors ("Compensation Committee") or is required under local law. Awards under the plans are priced as determined by the Compensation Committee, and under the terms of the Company’s active equity-based compensation plan, are required to be priced at, or above, the fair market value of the Company’s common stock on the date of grant. Awards generally vest between one and four years from the date of grant.

10

A summary of the Company’s restricted stock activity for the nine months ended October 31, 2014 is as follows:

	Shares
Outstanding at January 31, 2014	284,204
Granted	453,289
Vested	(154,423	)
Canceled	(27,570	)
Outstanding at October 31, 2014	555,500

A summary of the activity of the Company’s MV Stock-settled SARs, MVOs and stock options for the nine months ended October 31, 2014 is as follows:

	Shares
Outstanding at January 31, 2014	329,788
Exercised	(268,279	)
Outstanding at October 31, 2014	61,509

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.

NOTE 5 — 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, 2014					January 31, 2014
	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		$	7,083				$	6,160
Liabilities
Foreign currency forward contracts		$	1,432				$	2,423
Acquisition-related contingent consideration				$	3,634				$	10,571

The Company's foreign currency forward contracts are measured on a recurring basis based on foreign currency spot rates and forward rates quoted by banks or foreign currency dealers (Level 2 criteria) and are marked-to-market each period with gains and losses on these contracts recorded in the 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 6 – Derivative Instruments.

The acquisition-related contingent consideration represents the future earnout payments related to the Company's acquisitions. The Company estimates the fair value of this Level 3 contingent consideration liability at each reporting date using a discounted cash flow analysis, which requires the evaluation of significant unobservable inputs that include projected revenues, expenses and cash flows, and assumed discount rates. Approximately $7.0 million of the acquisition-related contingent consideration was paid during the nine months ended October 31, 2014.

11

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 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 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, 2014 was $40.9 million and $35.8 million, respectively.

The $350 million of Senior Notes (discussed in Note 3 - Debt), are carried at cost, less unamortized debt discount. The estimated fair value of the Senior Notes was approximately $365.5 million at October 31, 2014, based upon quoted market information (Level 1 criteria).The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value because of the short maturity of these items. The carrying amount of debt outstanding pursuant to revolving credit facilities and loans payable approximates fair value as the majority of these instruments have variable interest rates which approximate current market rates (Level 2 criteria).

NOTE 6 — DERIVATIVE INSTRUMENTS

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

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

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

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

The Company classifies foreign currency exchange gains and losses on its derivative instruments used to manage its exposures to foreign currency denominated accounts receivable and accounts payable as a component of “cost of products sold” which is consistent with the classification of the change in fair value upon remeasurement of the underlying hedged accounts receivable or accounts payable. The Company classifies foreign currency exchange gains and losses on its derivative instruments used to manage its exposures to foreign currency denominated financing transactions as a component of “other (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 gain of $7.6 million and a net foreign currency exchange loss of $6.9 million, respectively, for the three months ended October 31, 2014 and 2013 and a net foreign currency exchange gain of $2.1 million and $13.6 million, respectively, for the nine months ended October 31, 2014 and 2013. The gains and losses on the Company’s foreign currency forward contracts are largely offset by the change in the fair value of the underlying hedged assets or liabilities.

The notional amount of forward exchange contracts is the amount of foreign currency to be bought or sold at maturity. Notional amounts are indicative of the extent of the Company’s involvement in the various types and uses of derivative financial instruments

12

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 three months ended October 31, 2014 and 2013 were $0.6 billion and $1.4 billion, respectively, with average maturities of 35 days and 30 days, respectively. As discussed above, under the Company's hedging policies, gains and losses on the derivative financial instruments are 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 5 – Fair Value Measurements.

NOTE 7 — COMMITMENTS AND CONTINGENCIES

Synthetic Lease Facility

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

Upon not less than 30 days' notice, the Company, at its option, may purchase one or any combination of the properties, at an amount equal to each of the property's cost, as long as the lease balance does not decrease below a defined amount. Upon not less than 270 days, nor more than 360 days, prior to the lease expiration, the Company may, at its option, i) purchase a minimum of two of the properties, at an amount equal to each of the property's cost, ii) exercise the option to renew the lease for a minimum of two of the properties or iii) exercise the option to remarket a minimum of two of the properties and cause a sale of the properties. If the Company elects to remarket the properties, the Company has guaranteed the lessor a percentage of the cost of each property, in the aggregate amount of approximately $133.8 million. Future annual lease payments under the Synthetic Lease are approximately $2.6 million per year.

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, 2014 and January 31, 2014, the outstanding amount of guarantees under these arrangements totaled $7.0 million and $13.4 million, respectively. The Company believes that, based on historical experience, the likelihood of a material loss pursuant to the above guarantees is remote.

Contingencies

Prior to fiscal 2004, one of the Company’s subsidiaries, located in Spain, was audited in relation to various value-added tax (“VAT”) matters. As a result of those audits, the Spanish subsidiary received notices of assessment from the Regional Inspection Unit of Spain's taxing authority that allege the subsidiary did not properly collect and remit VAT. The Spanish subsidiary appealed these assessments to the Madrid Central Economic Administrative Courts beginning in March 2010. Following the administrative court proceedings the matter was appealed to the Spanish National Appellate Court. During the fourth quarter of fiscal year 2014, the Spanish National Appellate Court issued an opinion upholding the assessment for several of the assessed years. During the second quarter of fiscal year 2015, the Madrid Central Economic Administrative Court issued a decision revoking the penalties for certain of the assessed years. As a result of this decision, during the nine months ended October 31, 2014 the Company decreased its accrual for costs associated with this matter by $6.2 million, which is recorded in “value added tax assessment” in the Consolidated Statement of Income. The Company believes that the Spanish subsidiary's defense to the remaining assessments has solid legal grounds and is continuing to

13

vigorously defend its position by appealing to the Spanish Supreme Court. The Company estimates the total exposure for these assessments, including various penalties and interest, was approximately $48.1 million and $56.4 million at October 31, 2014 and January 31, 2014, respectively, which is included in "accrued expenses and other liabilities" in the Consolidated Balance Sheet.

In December 2010, in a non-unanimous decision, a Brazilian appellate court overturned a 2003 trial court which had previously ruled in favor of the Company’s Brazilian subsidiary related to the imposition of certain taxes on payments abroad related to the licensing of commercial software products, commonly referred to as “CIDE tax.” The Company estimates the total exposure where the CIDE tax, including interest, may be considered due to be approximately $25.6 million and $25.3 million at October 31, 2014 and January 31, 2014, respectively. The Brazilian subsidiary has appealed the unfavorable ruling to the Supreme Court and Superior Court, Brazil's two highest appellate courts. Based on the legal opinion of outside counsel, the Company believes that the chances of success on appeal of this matter are favorable and the Brazilian subsidiary intends to vigorously defend its position that the CIDE tax is not due. However, due to the lack of predictability of the Brazilian court system, the Company has concluded that it is reasonably possible that the Brazilian subsidiary may incur a loss up to the total exposure described above. The Company believes the resolution of this litigation will not be material to the Company’s consolidated net assets or liquidity; however, it could be material to the Company’s operating results for any particular period, depending upon the level of income for such period. In addition to the CIDE tax matter discussed above, the Company’s Brazilian subsidiary has been undergoing several examinations of non-income related taxes. Given the 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 or to 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 8 — 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 reports 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:

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	Three months ended  October 31,						Nine months ended October 31,
	2014			2013			2014			2013
	(In thousands)						(In thousands)
Net sales to unaffiliated customers:
Americas (1)	$	2,644,085		$	2,571,750		$	7,842,547		$	7,489,078
Europe	4,117,096			3,801,814			12,488,594			11,359,719
Total	$	6,761,181		$	6,373,564		$	20,331,141		$	18,848,797
Operating income:
Americas (2)	$	42,194		$	53,297		$	107,331		$	112,516
Europe (3) (4)	28,407			12,214			68,318			24,203
Stock-based compensation expense	(3,856		)	(1,631		)	(9,698		)	(6,949		)
Total	$	66,745		$	63,880		$	165,951		$	129,770
Depreciation and amortization:
Americas	$	4,224		$	4,067		$	12,530		$	12,564
Europe	12,538			14,296			40,161			41,874
Total	$	16,762		$	18,363		$	52,691		$	54,438
Capital expenditures:
Americas	$	3,391		$	1,730		$	8,243		$	5,348
Europe	4,361			4,273			10,977			15,589
Total	$	7,752		$	6,003		$	19,220		$	20,937

	As of
	October 31, 2014		January 31, 2014
	(In thousands)
Identifiable assets:
Americas	$	2,193,403	$	1,984,895
Europe	4,471,838		5,184,771
Total	$	6,665,241	$	7,169,666
Long-lived assets:
Americas(1)	$	22,508	$	28,091
Europe	43,595		49,540
Total	$	66,103	$	77,631
Goodwill & acquisition-related intangible assets, net:
Americas	$	8,979	$	8,936
Europe	344,350		386,919
Total	$	353,329	$	395,855

(1) Net sales to unaffiliated customers in the United States represented 86% and 87%, respectively, of the total Americas' net sales to unaffiliated customers for the three months ended October 31, 2014 and 2013. Net sales to unaffiliated customers in the United States represented 86% of the total Americas' net sales to unaffiliated customers for each of the nine months ended October 31, 2014 and 2013. Total long-lived assets in the United States represented 87% and 90% of the Americas' total long-lived assets at October 31, 2014 and January 31, 2014, respectively.

(2) Operating income in the Americas for the three months ended October 31, 2014 and 2013 includes restatement and remediation related expenses of $0.9 million and $3.3 million, respectively, and LCD settlements of $5.1 million and $22.9 million, respectively. Operating income in the Americas for the nine months ended October 31, 2014 and 2013 includes restatement and remediation related expenses of $3.9 million and $8.1 million, respectively, and LCD settlements of $5.1 million and $22.9 million, respectively.

(3) Operating income in Europe for the three months ended October 31, 2014 and 2013 includes restatement and remediation related expenses of $1.2 million and $11.6 million, respectively. Operating income in Europe for the nine months ended October 31, 2014 and 2013 includes restatement and remediation related expenses of $15.7 million and $20.9 million, respectively.

(4) Operating income in Europe for the nine months ended October 31, 2014 includes a decrease in an accrual for a value added tax assessment of $6.2 million in one of the Company's subsidiaries in Spain.

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NOTE 9 — SUBSEQUENT EVENTS

On December 4, 2014, the Company's Board of Directors authorized a share repurchase program of up to $100.0 million of the Company's common stock.

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

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, 2014 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, 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 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. More than 90% of the Company's net sales are on one common IT platform, which we believe provides us significant competitive advantages in the area of supply chain services, on-boarding new vendors and products faster and improving our ability to rapidly respond to changes in the market.

In addition to execution, our strategy includes ongoing diversification and realignment of our customer and product portfolios to better balance our overall performance and 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, tablets, peripherals, supplies and other similar products, remains a core part of our business and represents a significant percentage of our revenue, albeit not a majority. 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.

On November 1, 2012, we completed the acquisition of several distribution companies of Specialist Distribution Group (collectively “SDG”), the distribution arm of Specialist Computer Holdings PLC, a privately-held IT services company headquartered in the United Kingdom, for a final purchase price of approximately $358 million. 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

17

European value and broadline offerings in key markets and expanding our vendor and customer portfolios, while leveraging our existing pan-European infrastructure.

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 within our European mobility and broadline businesses in both geographies. These services have an extensive sales and implementation cycle and while their return on investment is not immediate, we remain confident about our ability to profitably grow this business. 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, including the integration of SDG, which was completed in the first quarter of fiscal 2015. 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.

We believe our strategy of execution, diversification and innovation has differentiated us in the markets we serve and we believe we have opportunities for further gains in market share as our customer satisfaction ratings continue to improve. 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, 2014, we had a debt to total capital ratio (calculated as total debt divided by the aggregate of total debt and total equity) of 16%.

Recent Accounting Pronouncements and Legislation

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

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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, 2014 and 2013:

	Three months ended October 31, 2014							Three months ended October 31, 2013
	$				% of net sales			$				% of net sales
Net sales by geographic region ($ in thousands):
Americas	$	2,644,085			39.1		%	$	2,571,750			40.4		%
Europe	4,117,096				60.9			3,801,814				59.6
Total	$	6,761,181			100.0		%	$	6,373,564			100.0		%
	Nine months ended October 31, 2014							Nine months ended October 31, 2013
	$				% of net sales			$				% of net sales
Net sales by geographic region ($ in thousands):
Americas	$	7,842,547			38.6		%	$	7,489,078			39.7		%
Europe	12,488,594				61.4			11,359,719				60.3
Total	$	20,331,141			100.0		%	$	18,848,797			100.0		%
	Three months ended October 31,							Nine months ended October 31,
	2014				2013			2014				2013
Year-over-year increase (decrease) in net sales (%):
Americas (US$)	2.8		%		8.6		%	4.7		%		3.5		%
Europe (US$)	8.3		%		3.6		%	9.9		%		6.3		%
Europe (Euro)	12.7		%		(1.5	)	%	8.1		%		3.3		%
Total (US$)	6.1		%		5.6		%	7.9		%		5.2		%
	Three months ended October 31, 2014							Three months ended October 31, 2013
	$				% of net sales			$				% of net sales
Operating income ($ in thousands):
Americas	$	42,194			1.60		%	$	53,297			2.07		%
Europe	28,407				0.69		%	12,214				0.32		%
Stock-based compensation expense	(3,856			)	(0.06	)	%	(1,631			)	(0.03	)	%
Total	$	66,745			0.99		%	$	63,880			1.00		%
	Nine months ended October 31, 2014							Nine months ended October 31, 2013
	$				% of net sales			$				% of net sales
Operating income ($ in thousands):
Americas	$	107,331			1.37		%	$	112,516			1.50		%
Europe	68,318				0.55		%	24,203				0.21		%
Stock-based compensation expense	(9,698			)	(0.05	)	%	(6,949			)	(0.04	)	%
Total	$	165,951			0.82		%	$	129,770			0.69		%

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	Three months ended October 31, 2014						Three months ended October 31, 2013
	$			% of net sales			$			% of net sales
Non-GAAP operating income ($ in thousands):
Americas	$	38,182		1.44		%	$	33,714		1.31		%
Europe	36,477			0.89		%	31,269			0.82		%
Stock-based compensation expense	(3,856		)	(0.06	)	%	(1,631		)	(0.03	)	%
Total	$	70,803		1.05		%	$	63,352		0.99		%
	Nine months ended October 31, 2014						Nine months ended October 31, 2013
	$			% of net sales			$			% of net sales
Non-GAAP operating income ($ in thousands):
Americas	$	106,719		1.36		%	$	97,699		1.30		%
Europe	99,231			0.79		%	66,902			0.59		%
Stock-based compensation expense	(9,698		)	(0.05	)	%	(6,949		)	(0.04	)	%
Total	$	196,252		0.97		%	$	157,652		0.84		%

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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,
	2014			2013
	(In thousands, except per share amounts)
GAAP to non-GAAP reconciliation of operating income - Americas:
Operating income - Americas	$	42,194		$	53,297
Restatement and remediation related expenses	877			3,331
LCD settlements	(5,059		)	(22,914		)
Acquisition-related intangible assets amortization expense	170			0
Non-GAAP operating income - Americas	$	38,182		$	33,714
GAAP to non-GAAP reconciliation of operating income - Europe:
Operating income - Europe	$	28,407		$	12,214
Restatement and remediation related expenses	1,187			11,648
Acquisition-related intangible assets amortization expense	6,883			7,407
Non-GAAP operating income - Europe	$	36,477		$	31,269
Consolidated GAAP to non-GAAP reconciliation of operating income:
Operating income	$	66,745		$	63,880
Restatement and remediation related expenses	2,064			14,979
LCD settlements	(5,059		)	(22,914		)
Acquisition-related intangible assets amortization expense	7,053			7,407
Non-GAAP operating income	$	70,803		$	63,352
GAAP to non-GAAP reconciliation of net income:
Net income	$	41,700		$	37,716
Restatement and remediation related expenses, net of tax	1,585			10,710
LCD settlements, net of tax	(3,162		)	(14,207		)
Acquisition-related intangible assets amortization expense, net of tax	5,181			5,418
Non-GAAP net income	$	45,304		$	39,637
GAAP to non-GAAP reconciliation of net income per share - diluted:
Net income per share - diluted	$	1.09		$	0.99
Restatement and remediation related expenses, net of tax	0.04			0.28
LCD settlements, net of tax	(0.08		)	(0.37		)
Acquisition-related intangible assets amortization expense, net of tax	0.13			0.14
Non-GAAP net income per share - diluted	$	1.18		$	1.04

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	Nine months ended October 31,
	2014			2013
	(In thousands, except per share amounts)
GAAP to non-GAAP reconciliation of operating income - Americas:
Operating income - Americas	$	107,331		$	112,516
Restatement and remediation related expenses	3,937			8,097
LCD settlements	(5,059		)	(22,914		)
Acquisition-related intangible assets amortization expense	510			0
Non-GAAP operating income - Americas	$	106,719		$	97,699
GAAP to non-GAAP reconciliation of operating income - Europe:
Operating income - Europe	$	68,318		$	24,203
Restatement and remediation related expenses	15,741			20,868
Value added tax assessment	(6,229		)	0
Acquisition-related intangible assets amortization expense	21,401			21,831
Non-GAAP operating income - Europe	$	99,231		$	66,902
Consolidated GAAP to non-GAAP reconciliation of operating income:
Operating income	$	165,951		$	129,770
Restatement and remediation related expenses	19,678			28,965
LCD settlements	(5,059		)	(22,914		)
Value added tax assessment	(6,229		)	0
Acquisition-related intangible assets amortization expense	21,911			21,831
Non-GAAP operating income	$	196,252		$	157,652
GAAP to non-GAAP reconciliation of net income:
Net income	$	94,495		$	70,171
Restatement and remediation related expenses, net of tax	14,672			20,657
LCD settlements, net of tax	(3,162		)	(14,207		)
Value added tax assessment, net of tax	(6,229		)	0
Acquisition-related intangible assets amortization expense, net of tax	16,064			15,968
Non-GAAP net income	$	115,840		$	92,589
GAAP to non-GAAP reconciliation of net income per share - diluted:
Net income per share - diluted	$	2.46		$	1.84
Restatement and remediation related expenses, net of tax	0.38			0.54
LCD settlements, net of tax	(0.08		)	(0.37		)
Value added tax assessment, net of tax	(0.16		)	0.00
Acquisition-related intangible assets amortization expense, net of tax	0.42			0.41
Non-GAAP net income per share - diluted	$	3.02		$	2.42

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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, 2014 and 2013, as follows:

	Three months ended October 31,						Nine months ended October 31,
	2014			2013			2014			2013
Net sales	100.00		%	100.00		%	100.00		%	100.00		%
Cost of products sold	95.05			94.88			94.97			94.88
Gross profit	4.95			5.12			5.03			5.12
Operating expenses:
Selling, general and administrative expenses	4.01			4.24			4.17			4.40
Restatement and remediation related expenses	0.03			0.24			0.10			0.15
LCD settlements	(0.08	)		(0.36	)		(0.03	)		(0.12	)
Value added tax assessment	0.00			0.00			(0.03	)		0.00
	3.96			4.12			4.21			4.43
Operating income	0.99			1.00			0.82			0.69
Interest expense	0.10			0.10			0.10			0.10
Other (income) expense, net	0.00			(0.01	)		0.01			(0.01	)
Income before income taxes	0.89			0.91			0.71			0.60
Provision for income taxes	0.27			0.32			0.25			0.23
Net income	0.62		%	0.59		%	0.46		%	0.37		%

Three and nine months ended October 31, 2014 and 2013

Net Sales

Our consolidated net sales were $6.8 billion in the third quarter of fiscal 2015, an increase of 6.1% when compared to the third quarter of fiscal 2014. The weakening of certain foreign currencies against the U.S. dollar negatively impacted our year-over-year net sales comparison by approximately three percentage points. Excluding the negative impact of the weakening of certain foreign currencies against the U.S. dollar in fiscal 2015, consolidated net sales increased by approximately 9% in comparison with the same period of the prior fiscal year. On a regional basis, during the third quarter of fiscal 2015, net sales in the Americas were $2.6 billion, an increase of 2.8% when compared to the third quarter of the prior year. Net sales in Europe were $4.1 billion in the third quarter of fiscal 2015, an increase of 8.3% when compared to the third quarter of the prior year (an increase of 12.7% on a euro basis).

On a year-to-date basis, net sales were $20.3 billion during the first nine months of fiscal 2015, an increase of 7.9% when compared to the first nine months of fiscal 2014. The strengthening of certain foreign currencies against the U.S. dollar positively impacted our year-over-year net sales comparison by approximately one percentage point. Excluding the positive impact of the strengthening of certain foreign currencies against the U.S. dollar in fiscal 2015, consolidated net sales increased by approximately 7% in comparison with the same period of the prior fiscal year. On a regional basis, during the first nine months of fiscal 2015, net sales in the Americas increased by 4.7% when compared to the first nine months of fiscal 2014 and increased by 9.9% in Europe (an increase of 8.1% on a euro basis).

The increase in net sales in the Americas during the third quarter and first nine months of fiscal 2015 is primarily attributable to stronger demand for broadline products, particularly personal computer systems. The increase in net sales in Europe (in Euros) during the third quarter and first nine months of fiscal 2015 is primarily attributable to stronger demand for broadline products, particularly personal computer systems, and mobility products.

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 20% and 16%, respectively, of our net sales for the three months ended October 31, 2014 and approximated 20% and 14%, respectively, of our net sales for the nine months ended October 31, 2014. Products purchased from Hewlett Packard Company and Apple, Inc. approximated 23% and 11%, respectively, of our net sales for the three months ended October 31, 2013 and approximated 21% and 11%, respectively, of our net sales for the nine months ended October 31, 2013. 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, 2014 and 2013.

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Gross Profit

Gross profit as a percentage of net sales (“gross margin”) during the third quarter of fiscal 2015 was 4.95%, a decrease of 17 basis points compared to the 5.12% gross margin in the third quarter of fiscal 2014. On a year-to-date basis, gross margin decreased to5.03% for the first nine months of fiscal 2015 compared to 5.12% in the comparable period of the prior fiscal year. The decrease in gross margin in the third quarter and first nine months of fiscal 2015 compared to the same period of the prior year is primarily attributable to changes in product and customer mix.

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

SG&A as a percentage of net sales decreased to 4.01% in the third quarter of fiscal 2015, compared to 4.24% in the third quarter of fiscal 2014. On a year-to-date basis, SG&A as a percentage of net sales decreased to 4.17% compared to 4.40% in the first nine months of the prior fiscal year. The year-over-year decrease in SG&A as a percentage of net sales is primarily due to greater operating leverage as we generated solid sales growth while keeping our costs relatively flat, primarily in Europe. In absolute dollars, SG&A increased by $1.1 million to $271.2 million in the third quarter of fiscal 2015 compared to the third quarter of fiscal 2014 and increased by $18.8 million to $847.3 million in the first nine months of fiscal 2015 compared to the same period of the prior year. The increase in SG&A during the first nine months of fiscal 2015 compared to the same periods of the prior year is primarily attributable to the impact of the strengthening of certain foreign currencies against the U.S. dollar.

Restatement and remediation related expenses

Restatement and remediation related expenses primarily include legal, accounting and third party consulting fees associated with (i) the restatement of certain of the Company's consolidated financial statements and other financial information from fiscal 2009 to fiscal 2013, (ii) the Audit Committee investigation to review the Company's accounting practices, (iii) incremental external audit and supplemental procedures by the Company in connection with the preparation of the Company's financial statements, and (iv) other incremental legal, accounting and consulting fees incurred as a result of the Company's restatement related investigation or in connection with the Company's remediation of material weaknesses and other control deficiencies identified during the restatement. During the third quarter of fiscal 2015 and 2014, the Company incurred restatement and remediation related expenses of approximately $2.1 million and $15.0 million, respectively. During the first nine months of fiscal 2015 and 2014, the Company incurred restatement and remediation related expenses of approximately $19.7 million and $29.0 million, respectively.

LCD Settlements

The Company has been a claimant in proceedings seeking damages from certain manufacturers of LCD flat panel displays. During the third quarter of fiscal 2015 and 2014, the Company reached settlement agreements with certain manufacturers in the amount of $5.1 million and $22.9 million, respectively, net of all attorney fees and expenses, which is recorded in "LCD settlements" in the Consolidated Statement of Income.

Value Added Tax Assessment

Prior to fiscal 2004, one of our subsidiaries in Spain was audited in relation to various value-added tax (“VAT”) matters. As a result of those audits, the subsidiary received notices of assessment that allege the subsidiary did not properly collect and remit VAT. During the second quarter of fiscal year 2015, an administrative court issued a decision revoking the penalties for certain of the assessed years. As a result of this decision, during the nine months ended October 31, 2014 the Company decreased its accrual for costs associated with this matter by $6.2 million (see Note 7 of Notes to Consolidated Financial Statements for further discussion).

Other (Income) Expense, Net

Other (income) expense, net consists primarily of gains and 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 and losses on certain financing transactions and the related derivative instruments used to hedge such financing transactions. Other (income) expense, net, was $0.2 million of income in the third quarter of fiscal 2015 compared to $0.4 million of income in the third quarter of the prior year. On a year-to-date basis, other (income) expense, net, was $0.8 million of expense in the first nine months of fiscal 2015 compared to $1.9 million of income in the first nine months of the prior year. The change in other (income) expense, net, during the first nine months of fiscal 2015 is primarily attributable to a decrease in net foreign currency exchange gains on certain financing transactions and an increase in discount expense on the sale of accounts receivable, as compared to the same period of the prior fiscal year.

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Provision for Income Taxes

Our effective tax rate was 31.1% in the third quarter of fiscal 2015 and 35.1% in the third quarter of fiscal 2014. Our effective tax rate was 34.6% for the first nine months of fiscal 2015 compared to 37.5% for the same period of the prior year. The change in the effective rate for both the third quarter and first nine months of fiscal 2015 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, including decreases in losses in tax jurisdictions where we are not able to record a tax benefit, as well as the resolution of certain discrete tax items.

On an absolute dollar basis, the provision for income taxes decreased 8.1% to $18.8 million for the third quarter of fiscal 2015 compared to $20.4 million in the same period of fiscal 2014. The decrease in the provision for income taxes in the third quarter of fiscal 2015 compared to the same period of the prior year is primarily due to the lower effective tax rate as a result of the relative mix of earnings and losses within the tax jurisdictions in which we operate. The provision for income taxes increased 18.8% to $50.0 million for the first nine months of fiscal 2015 compared to $42.1 million for the same period of the prior fiscal year. The increase in the provision for income taxes in the first nine months of fiscal 2015 compared to the same period of the prior fiscal year is primarily due to an increase in taxable earnings in certain countries in which we operate and the impact of discrete tax items.

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 our 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.

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, 2014 and 2013:

	Nine months ended October 31,
	2014			2013
	(In thousands)
Net cash (used in) provided by:
Operating activities	$	(57,979	)	$	265,973
Investing activities	(12,099		)	(14,412		)
Financing activities	(1,212		)	(125,137		)
Effect of exchange rate changes on cash and cash equivalents	(33,073		)	4,037
Net (decrease) increase in cash and cash equivalents	$	(104,363	)	$	130,461

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. An 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

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(“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, 2014 and January 31, 2014:

	As of October 31, 2014	As of January 31, 2014
Days of sales outstanding	41	37
Days of supply in inventory	33	29
Days of purchases outstanding	(50)	(47)
Cash conversion cycle (days)	24	19

We experienced a five day increase in cash days at October 31, 2014 compared to January 31, 2014 which is largely due to the timing of both cash receipts from customers and payments to our vendors. Our cash days at October 31, 2014 remains within the higher end of our targeted range.

Net cash used in operating activities was $58.0 million in the first nine months of fiscal 2015 compared to net cash provided by operating activities of $266.0 million for the same period of the prior year. The decrease in cash resulting from operating activities in the first nine months of fiscal 2015 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 of $12.1 million during the first nine months of fiscal 2015 is the result of 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 $7.1 million of proceeds from the sale of a building. We expect to make total capital expenditures of approximately $32.0 million during fiscal 2015 for equipment and machinery in our logistics centers, office facilities and IT systems.

Net cash used in investing activities of $14.4 million during the first nine months of fiscal 2014 is 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 final settlement of the SDG purchase price during the first quarter of fiscal 2014.

Net cash used in financing activities of $1.2 million during the first nine months of fiscal 2015 is primarily due to $5.0 million of acquisition earnout payments, partially offset by $2.8 million of net borrowings on our revolving credit lines. 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 related to acquisition earn-out payments.

Capital Resources and Debt Compliance

Our debt to total capital ratio was 16% at October 31, 2014. We believe a conservative approach to our capital structure will continue to support us in the current global economic environment. 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. At October 31, 2014, we had approximately $466 million in cash and cash equivalents, of which $400 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:

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Senior Notes

In September 2012, the Company issued $350.0 million aggregate principal amount of 3.75% Senior Notes in a public offering (the “Senior Notes”), resulting in cash proceeds of approximately $345.8 million, net of debt discount and debt issuance costs of approximately $1.3 million and $2.9 million, respectively. The debt issuance costs incurred in connection with the public offering are amortized over the life of the Senior Notes as additional interest expense using the effective interest method. We pay interest on the Senior Notes semi-annually in arrears on March 21 and September 21 of each year, ending on the maturity date of September 21, 2017. We may, at our option, redeem the Senior Notes at any time in whole or in part, at a redemption price equal to the greater of (i) 100% of the principal amount of the Senior Notes to be redeemed or (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Senior Notes being redeemed, discounted at a rate equal to the sum of the applicable Treasury Rate plus 50 basis points, plus accrued and unpaid interest up to the date of redemption. The Senior Notes are senior, unsecured obligations of the Company and rank equally in right of payment with all of 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, 2014 and January 31, 2014.

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. 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 $705.9 million and $623.0 million at October 31, 2014 and January 31, 2014, respectively. As collections reduce accounts receivable balances included in the security or collateral pool, the Company may transfer interests in new receivables to bring the amount available to be borrowed up to the maximum. The Receivables Securitization Program was renewed in August 2014 for a period of two years and interest is to be paid on advances at the applicable commercial paper or LIBOR rate plus an agreed-upon margin. There were no amounts outstanding under this program at October 31, 2014 and January 31, 2014.

In addition to the facilities described above, we have various other committed and uncommitted lines of credit and overdraft facilities totaling approximately $384.2 million at October 31, 2014 to support our operations. Most of these facilities are provided on an unsecured, short-term basis and are reviewed periodically for renewal. There was $45.9 million outstanding on these facilities at October 31, 2014, at a weighted average interest rate of 5.14%, and $42.9 million outstanding at January 31, 2014, at a weighted average interest rate of 6.15%.

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 within these credit facilities include a debt to capitalization ratio and a minimum interest coverage ratio. At October 31, 2014, we were in compliance with all such financial covenants. In light of these financial covenants, the Company’s maximum borrowing availability on its credit facilities is approximately $966.1 million, of which $45.9 million was outstanding at October 31, 2014.

At October 31, 2014, we had also issued standby letters of credit of $77.0 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, 2014 and January 31, 2014, the Company had a total of $333.3 million and $263.7 million, respectively, of accounts receivable sold to and held by financial institutions under these agreements. During the three months ended October 31, 2014 and 2013, discount fees recorded under these facilities were $0.7 million and $0.6 million,

27

respectively, and during the nine months ended October 31, 2014 and 2013, discount fees recorded under these facilities were $3.4 million and $2.0 million, respectively. These discount fees are included as a component of "other (income) expense, net" in our Consolidated Statement of Income.

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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, 2014. No material changes have occurred in our market risks since January 31, 2014.

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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, 2014. 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, 2014, the Company’s CEO and CFO concluded that the Company’s disclosure controls and procedures were not effective as of October 31, 2014.

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

Changes in Internal Control Over Financial Reporting

Except as discussed below, 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 2015 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Previously Identified Material Weaknesses

As reported in our Annual Report on Form 10-K for the fiscal year ended January 31, 2014, management identified the following material weaknesses in internal control over financial reporting: (i) inadequate control environment in a United Kingdom subsidiary 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.

We are engaged in various stages of remedial action to address the material weaknesses described above. These actions include the following:

• The Audit Committee, Board and executives have increased communication to all employees regarding the ethical values of the Company, and the requirement for all employees to comply with laws and the Company's Code of Conduct and accounting policies.

• The Company has evaluated its organizational structure and changed roles and responsibilities or created new roles to enhance controls and compliance. Some of these changes include:

◦ Certain personnel are no longer employed by the Company.

◦ The accounting organization has added resources to address standardization, training and competencies related to the use of accounting systems and to enhance all accounting personnel’s understanding of accounting policy.

◦ The Company has engaged external experts to perform the internal audit function and to assist with the implementation of specific fraud detection procedures.

◦ The Company has appointed a Chief Ethics and Compliance Officer and has made changes to enhance its ethics and compliance training and communication strategy throughout the organization to increase employee awareness of the Company’s compliance policies.

• The Company has implemented changes to its compensation programs to better motivate accurate financial reporting and compliance.

• The Company has engaged internal and external resources to evaluate potential enhancements to the accounting and enterprise computer systems to improve systematic controls and account reconciliation processes. Certain improvements which have been implemented or are in process of evaluation include:

◦ New tools to document, support and review manual journal entries.

◦ Automation of certain financial reporting processes and tools that previously required or allowed manual adjustment.

◦ Restrictions to user access rights and improved tracking and monitoring procedures to further strengthen segregation of duties within the organization.

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In addition, management has undertaken a comprehensive review of its internal control structure to ensure that key controls are adequately designed, clearly documented and communicated throughout the finance organization. In connection with this review, the Company has implemented two new internal controls to address the material weaknesses surrounding manual journal entries and inadequate reconciliation procedures over certain aspects of vendor accounting. The Company has implemented new metrics and standards for the proper documentation, approval and review of manual journal entries and has engaged regional and corporate accounting personnel along with external consultants to review and assess the propriety of manual journal entries. This review involves a selection of manual journal entries on a periodic basis throughout each quarter using risk-based criteria for the purpose of early identification of potential errors. In connection with the new control surrounding inadequate reconciliation procedures over vendor accounting, the Company has engaged similar resources to perform account review procedures surrounding the balance sheet accounts impacted by the material weakness. These on-site procedures are coordinated and managed centrally.

The Company believes the remedial actions described above have strengthened the Company's internal control over financial reporting and will remediate the material weaknesses identified. However, as of October 31, 2014, these remediation measures are ongoing and had not been in operation long enough to measure their operating effectiveness in order to conclude that the identified material weaknesses were fully remediated. The Company will continue to monitor the effectiveness of these remediation activities and expects to make further changes to improve its internal control over financial reporting.

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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. During the second quarter of fiscal year 2015, the Madrid Central Economic Administrative Court issued a decision revoking the penalties for certain of the assessed years. As a result of this decision, during the nine months ended October 31, 2014 the Company decreased its accrual for costs associated with this matter by $6.2 million, which is recorded in “value added tax assessment” in the Consolidated Statement of Income. The Company believes that the Spanish subsidiary's defense to the remaining assessments has solid legal grounds and is continuing to vigorously defend its position by appealing to the Spanish Supreme Court. The Company estimates the total exposure for these assessments, including various penalties and interest, was approximately $48.1 million and $56.4 million at October 31, 2014 and January 31, 2014, respectively, which is included in "accrued expenses and other liabilities" in the Consolidated Balance Sheet.

In December 2010, in a non-unanimous decision, a Brazilian appellate court overturned a 2003 trial court which had previously ruled in favor of the Company’s Brazilian subsidiary related to the imposition of certain taxes on payments abroad related to the licensing of commercial software products, commonly referred to as “CIDE tax." The Company estimates the total exposure where the CIDE tax, including interest, may be considered due to be approximately $25.6 million and $25.3 million at October 31, 2014 and January 31, 2014, respectively. The Brazilian subsidiary has appealed the unfavorable ruling to the Supreme Court and Superior Court, Brazil's two highest appellate courts. Based on the legal opinion of outside counsel, the Company believes that the chances of success on appeal of this matter are favorable and the Brazilian subsidiary intends to vigorously defend its position that the CIDE tax is not due. However, due to the lack of predictability of the Brazilian court system, the Company has concluded that it is reasonably possible that the Brazilian subsidiary may incur a loss up to the total exposure described above. The Company believes the resolution of this litigation will not be material to the Company’s consolidated net assets or liquidity; however, it could be material to the Company’s operating results for any particular period, depending upon the level of income for such period. In addition to the CIDE tax matter discussed above, the Company’s Brazilian subsidiary has been undergoing several examinations of non-income related taxes. Given the 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 or to estimate the amount of loss, if any, that may be reasonably possible if such assessment were to be made.

The SEC has requested information from the Company with respect to the restatement of certain of our consolidated financial statements and other financial information from fiscal 2009 to 2013, and the Company has cooperated 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, 2014, 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, 2014.

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

Not applicable.

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ITEM 3.    Defaults Upon Senior Securities

Not applicable.

ITEM 4.    Mine Safety Disclosures.

Not applicable.

ITEM 5. Other Information

Not applicable.

ITEM 6. Exhibits

(a) Exhibits

10-BBak	Amendment Number 20 to Transfer and Administration Agreement dated as of August 20, 2014
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, 2014 and January 31, 2014; (ii) Consolidated Statement of Income for the three and nine months ended October 31, 2014 and 2013; (iii) Consolidated Statement of Comprehensive Income for the three and nine months ended October 31, 2014 and 2013; (iv) Consolidated Statement of Cash Flows for the nine months ended October 31, 2014 and 2013; 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.

33

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	December 5, 2014
Robert M. Dutkowsky
/s/    JEFFERY P. HOWELLS	Executive Vice President and Chief Financial Officer; Director (principal financial officer)	December 5, 2014
Jeffery P. Howells
/s/    JOSEPH B. TREPANI	Senior Vice President and Corporate Controller (principal accounting officer)	December 5, 2014
Joseph B. Trepani

34

EX-10.BBAK

AMENDMENT NUMBER 20 TO

TRANSFER AND ADMINISTRATION AGREEMENT

AMENDMENT NUMBER 20 TO TRANSFER AND ADMINISTRATION AGREEMENT, dated as of August 27, 2014 (this "Amendment"), 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 LLC, a Delaware limited liability company ("Liberty"), CHARIOT FUNDING LLC, a Delaware limited liability company, as successor by merger to Falcon Asset Securitization Company LLC ("Chariot"), as a Class Conduit and a Chariot Bank Investor, VICTORY RECEIVABLES CORPORATION, a Delaware corporation ("Victory" and collectively with Liberty and Chariot, the "Class Conduits"), THE BANK OF NOVA SCOTIA, a banking corporation organized and existing under the laws of Canada, acting through its New York Agency ("Scotia Bank"), as a Liberty Bank Investor and as agent for Liberty and the Liberty Bank Investors (in such capacity, the "Liberty Agent"), THE BANK OF TOKYO-MITSUBISHI UFJ, LTD, NEW YORK BRANCH, a bank organized under the laws of Japan acting out of its New York Branch ("BTMU") as a Victory Bank Investor and as agent for Victory and the Victory Bank Investors (in such capacity, the "Victory Agent"), SUNTRUST BANK, a Georgia banking corporation ("SunTrust"), as a SunTrust Bank Investor, and JPMORGAN CHASE BANK, N.A. (successor by merger to Bank One, N.A.), a national banking association ("JPMorgan Chase"), as agent for Chariot and the Chariot Bank Investors (in such capacity, the "Chariot Agent") and as successor administrative agent for Liberty, Chariot, Victory, the Liberty Bank Investors, the Victory Bank Investors, the SunTrust Bank Investors and the Chariot Bank Investors (in such capacity, the "Administrative Agent"), amending that certain Transfer and Administration Agreement dated as of May 19, 2000, among the Transferor, the Collection Agent, the Class Conduits (as defined thereunder) and the Bank Investors (as defined thereunder) (as amended to the date hereof, the "Original Agreement" and said agreement as amended hereby, the "Agreement").

WHEREAS, the parties desire to amend the Original Agreement to reflect the assignment of portions of the Commitment to BTMU, Victory and SunTrust and assignment of the role of Chariot Bank Investor to Chariot, in each case pursuant to an Assignment and Assumption Agreement, dated of even date herewith (the "Assignment"), and to make certain other revisions to the Original Agreement;

WHEREAS, capitalized terms used herein shall have the meanings assigned to such terms in the Original Agreement;

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the parties hereto agree as follows:

SECTION 1.Amendment to Original Agreement. The Original Agreement shall be amended in the manner specified in this Section 1.

(a)Section 1.1 if the Original Agreement is hereby amended by adding thereto the following new definition:

"Anti-Corruption Laws" shall mean all laws, rules, and regulations of any jurisdiction applicable to the Seller Parties or their respective Subsidiaries from time to time concerning or

relating to bribery or corruption.

(b)The definition of "Base Rate" in the Original Agreement is hereby amended by replacing the word "greater" with "greatest" in the first line of the definition and replacing clause (iii) thereof with the following: "(iii) the one-month LIBOR Rate plus 1.00% or, in the case of Chariot or the Chariot Bank Investors, the Daily/90 Day LIBOR Rate plus 1.00%."

(c)The definition of "Commitment" in the Original Agreement is hereby amended by adding the following proviso to clause (i) thereof:

"; provided, that, notwithstanding the foregoing, "Commitment" shall mean the dollar amounts set forth opposite such Bank Investor's signature on the signature page of the most recent amendment to this Agreement which contains such dollar amounts on its signature page,"

(d)The definition of "Commitment Termination Date" in the Original Agreement is hereby amended by replacing the reference to "October 31, 2014" with a reference to "August 25, 2016" in clause (ii) of such definition.

(e)The definition of "Concentration Factor" in the Original Agreement is hereby amended by replacing "2.40%" with "3.00%" in the last row of the second column entitled "Individual Obligor Percentage."

(f)The definition of "Conduit Assignee" in the Original Agreement is hereby deleted in its entirety and replaced with the following:

"Conduit Assignee" means, with respect to a Class Conduit, any commercial paper conduit that finances its activities directly or indirectly through asset backed commercial paper and is administered by the related Class Agent with respect to such Class Conduit or any of its Affiliates and designated by such Class Agent from time to time to accept an assignment from such Class Conduit of all or a portion of the Net Investment and/or Commitment of such Class Conduit.

(g)Section 1.1 of the Original Agreement is hereby amended by adding thereto the following new definition:

"Daily/90 Day LIBOR Rate" shall mean, for any day, a rate per annum equal to the three month London-Interbank Offered Rate administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate) appearing on Reuters Screen LIBOR01 Page (or on any successor or substitute page of such service, providing rate quotations comparable to those currently provided on such page of such service, as determined by the Administrative Agent from time to time in accordance with its customary practices for purposes of providing quotations of interest rates applicable to U.S. Dollar deposits in the London interbank market) at approximately 11:00 a.m. (London time) on such day or, if such day is not a Business Day in London, the immediately preceding Business Day in London. In the event that such rate is not available on any day at such time for any reason, then the "Daily/90 Day LIBOR Rate" for such day shall be the rate at which three month U.S. Dollar deposits of $5,000,000 are offered by the principal London office of the Administrative Agent in immediately available funds in the London interbank market at approximately 11:00 a.m. (London time) on such day; and if the Administrative Agent is for any reason unable to determine the Daily/90 Day LIBOR Rate in the foregoing manner or has determined in good faith that the Daily/90 Day LIBOR Rate determined in such manner does not accurately reflect the cost of acquiring, funding or maintaining a Purchaser Interest, then the "Daily/90 Day LIBOR Rate" for such day shall be the Base Rate.

(h)The definition of "Dilution Reserve Percentage" shall be amended to remove the subtraction of "ECDR" (and deleting the definition of Expected Contractual Dilution Ratio) such that the calculation shall read as

follows:

[(2.25 x EDR)] + [(DS - EDR) x (DS /EDR)] x DHR

(i)The definition of "Eligible Receivable" in the Original Agreement is hereby amended by:

(i)deleting clause (ii) thereof and replacing it with the following:

"(ii)except as permitted by clause (xix) hereof, the Obligor of which is a resident of the United States or one of its instrumentalities, is a Designated Obligor at the time of the initial creation of an interest therein hereunder, is not an Affiliate or employee of any of the parties hereto, and is not a government or a governmental subdivision or agency;"

(ii)adding thereto the following new clause (xix):

"(xix)with respect to not more than 5% of the Receivables, the Obligor with respect to which is a resident of any jurisdiction other than the United States or one of its instrumentalities."

(iii) deleting the word "and" after existing clause (xvii) and replacing the period after existing clause (xviii) with "; and".

(j)The definition of "Eurodollar Rate" in the Original Agreement is hereby amended by (i) replacing each reference to "SUSI Issuer Bank Investor" with "SunTrust Bank Investor" in the first parenthetical proviso of such definition, (ii) replacing each reference to "Bank of America as a Bank Investor" with "SunTrust Bank Investor" in the first parenthetical proviso of such definition, and (iii) replacing clause (i) thereof with the following: "(i) the applicable LIBOR Rate or, in the case of Chariot or the Chariot Bank Investors, the Daily/90 Day LIBOR Rate or, in the case of the SunTrust Bank Investors, a rate per annum determined on the basis of the offered rate for deposits in U.S. dollars of amounts equal or comparable to the principal amount of the related Incremental Transfer offered for a term comparable to such Eurodollar Tranche Period, which rates appear on page BBAM on the Bloomberg Terminal (successor to Telerate page 3750) (“Page BBAM”) (or any other page that may replace such page from time to time for the purpose of displaying offered rates of leading banks for London interbank deposits for such Eurodollar Tranche Period in United States dollars) at approximately 11:00 a.m. (London time), two Business Days prior to the first day of such Eurodollar Tranche Period, provided that if no such offered rates appear on such page, the LIBO Rate for such Eurodollar Tranche Period will be the arithmetic average (rounded upwards, if necessary, to the next higher 1/100th of 1%) of rates quoted by not less than three (3) major banks in New York, New York, selected by the Administrative Agent, at approximately 10:00 a.m. (New York City time), two Business Days prior to the first day of such Eurodollar Tranche Period, for deposits in U.S. dollars offered by leading European banks for a period comparable to such Eurodollar Tranche Period in an amount comparable to the principal amount of such Incremental Transfer".

(k)The definition of "Facility Limit" in the Original Agreement is hereby deleted in its entirety and replaced by the following:

"Facility Limit" shall mean (i) with respect to the Class of which BTMU is a member, $100,000,000; provided that such amount may not at any time exceed the aggregate Commitments with respect to the BTMU Bank Investors, (ii) with respect to the Class of which Liberty is a member, $100,000,000; provided that such amount may not at any time exceed the aggregate Commitments with respect to the Liberty Bank Investors, in each case, at any time in effect, (iii) with respect to the Class of which Chariot is a member, $100,000,000; provided that such amount may not at any time exceed the aggregate Commitments with respect to the Chariot Bank Investors, in each case, at any time in effect, (iv) with respect to the Class of which SunTrust is a member, $100,000,000; provided that such amount may not at any time exceed the aggregate Commitments with respect to the SunTrust Bank Investors, in each case, at any time in

effect, and (v) with respect to any other Class, the amount specified as such in any supplement hereto for such Class; provided that, with respect to any other Class, the Facility Limit for such Class shall not at any time exceed the aggregate Commitments for the Bank Investors in such Class."

(l)The Original Agreement is hereby amended by deleting the definition of "Falcon" and replacing it with the following new definition, inserted in proper alphabetical order:

"Chariot" shall mean Chariot Funding LLC, as successor by merger to Falcon Asset Securitization Company LLC, and its successors and assigns.

(m)The Original Agreement is hereby amended by replacing each instance of "Falcon," "Falcon Agent" and "Falcon Bank Investors" with, respectively, "Chariot," "Chariot Agent" and "Chariot Bank Investors."

(n)The Original Agreement is hereby amended by deleting the definition of "Falcon Bank Investors" and replacing it with the following new definition, inserted in proper alphabetical order:

"Chariot Bank Investors" shall mean Chariot and its successors and assigns who are or become parties to this Agreement as such pursuant to an Assignment and Assumption Agreement."

(o)Section 1.1 of the Original Agreement is hereby amended by adding thereto the following new definition:

"FATCA" shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version), any current or future regulations or official interpretations thereof and any agreement (including any intergovernmental agreement or any law implementing such intergovernmental agreement) entered into in connection therewith.

(p)Section 1.1 of the Original Agreement is hereby amended by adding thereto the following new definition:

"Internal Revenue Code" shall mean the Internal Revenue Code of 1986, as amended.

(q)The definition of "Maximum Percentage Factor" in the Original Agreement is hereby amended by replacing the reference to "98%" with "100%".

(r)The definition of "Proceeds" in the Original Agreement is hereby amended by replacing the reference to "Section 9-306(1) of the UCC" with "Section 9-102(a)(64) of the UCC".

(s)Section 1.1 of the Original Agreement is hereby amended by adding thereto the following new definitions:

"Sanctions" shall mean economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control ("OFAC") of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the United Nations Security Council, the European Union or Her Majesty's Treasury of the United Kingdom.

"Sanctioned Country" shall mean, at any time, a country or territory which is the subject or target of Sanctions that broadly prohibit or restrict dealings with such country (currently Cuba, Iran, North Korea, Sudan, and Syria).

"Sanctioned Person" shall mean, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the OFAC, the U.S. Department of State, the

United Nations Security Council, the European Union or any EU member state, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person 50% or more owned by or otherwise controlled by a Person described in foregoing clauses (a) or (b).

(t)The definition of "Yield and Servicing Fee Reserve" in the Original Agreement is hereby amended by replacing the reference to "2.0%" in clause (i) thereof with "1.0%".

(u)Section 2.2 of the Original Agreement is hereby amended by

(i) replacing the first proviso contained in the first sentence of the first paragraph thereof with the following:

"; provided that either such Bank Investors shall have previously accepted the assignment by the related Class Conduit of all of such Class Conduit's interest in the Affected Assets or there is no related Class Conduit in the Class to which a Bank Investor belongs,"

(ii) deleting in its entirety the second paragraph of Section 2.2 thereof and replacing it with the following language:

"The Transferor shall, by notice to the Administrative Agent given by telecopy, offer to convey, transfer and assign to the Administrative Agent, on behalf of any of the applicable Class Investors, undivided percentage ownership interests in the Receivables and the other Affected Assets relating thereto not later than 3:00 p.m. (New York time) on the Business Day prior to the proposed date of any Incremental Transfer; provided, that the Transferor may make a same-day Incremental Transfer on up to 2 days during any one week, in which case the Transferor shall provide the notice and make the transfer required hereunder by not later than 9:30 a.m. (New York time) on the Business Day of such Incremental Transfer and such notice shall be provided directly to each Class Investor. With respect to each Class, each such notice shall specify (w) whether such request is made to the Administrative Agent on behalf of the Class Conduit for such Class or the related Bank Investors for such Class , or, in the case of a same-day Incremental Transfer, directly to the Class Conduit for such Class or the related Bank Investors for such Class (it being understood and agreed that with respect to Bank Investors in a Class which has not related Class Conduit and Bank Investors who acquire any interest in the Transferred Interest hereunder in lieu of their related Class Conduit, such Bank Investors shall be required to purchase all of the portion of the Transferred Interest held by the related Class Conduit in accordance with Section 10.7 and thereafter such Class Conduit shall no longer accept any additional Incremental Transfers hereunder), (x) the desired Transfer Price (which shall be at least $5,000,000 per Class or integral multiples of $1,000,000 in excess thereof and, in the case of same-day Incremental Transfer, not greater than $50,000,000) or, to the extent that the then available unused portion of the Aggregate Maximum Net Investment is less than such amount, such lesser amount equal to such available portion of such Aggregate Maximum Net Investment), (y) the desired date of such Incremental Transfer and (z) the desired Tranche Period(s) and allocations of the Net Investment for such Class of such Incremental Transfer thereto as required by Section 2.3. The Administrative Agent will promptly notify each Class Agent and each Class Conduit or related Bank Investors for such Class, as applicable, of the Administrative Agent's receipt of any request for an Incremental Transfer to be made to such Person, other than in the case of any same-day Incremental Transfer. To the extent that any such Incremental Transfer is requested of a Class Conduit, such Class Conduit shall accept or reject such offer by notice given to the Transferor and the Administrative Agent by telephone or telecopy by no later than the close of its business on the Business Day following its receipt of any such request or, in the case of any same-day Incremental Transfer, as soon as commercially

reasonable. Each notice of proposed Transfer shall be irrevocable and binding on the Transferor and the Transferor shall indemnify each Class Investor against any loss or expense incurred by such Class Investor, either directly or through a Liquidity Provider Agreement, as a result of any failure by the Transferor to complete such Incremental Transfer including, without limitation, any loss (including loss of anticipated profits) or expense incurred by such Class Investor, either directly or pursuant to a Liquidity Provider Agreement by reason of the liquidation or reemployment of funds acquired by such Class Investor (or a related Liquidity Provider) (including, without limitation, funds obtained by issuing commercial paper or promissory notes or obtaining deposits as loans from third parties) to fund such Incremental Transfer."

(iii) deleting the first sentence of the fourth paragraph of Section 2.2 thereof and replacing it with the following language:

"By not later than 11:00 a.m. (New York time) on any Transfer Date or, in the case of any Transfer Date on which a same-day Incremental Transfer is to occur, as soon as commercially reasonable, each Class Investor participating in the Incremental Transfer occurring on such date shall remit its share (which, in the case of an Incremental Transfer to the Bank Investors for any Class shall be equal to each such Bank Investor's Pro Rata Share) of the aggregate Transfer Price for such Transfer to the account of the Administrative Agent specified therefor from time to time by the Administrative Agent by notice to such Persons."

(iv) by adding the following at the end of the first sentence of the first paragraph of Section 2.6:

"provided, that the Transferor may also voluntarily pay to the Administrative Agent, for the benefit of the Class Investors from previously received Collections, any other amount to be applied in reduction of the Aggregate Net Investment. Any such voluntary payment may be made after notice to the Administrative Agent given by telecopy, not later than 3:00 p.m. (New York time) on the Business Day prior to the proposed date of such payment; provided, that the Transferor may make a same-day voluntary payment on up to 2 days during any one week (any such same-day voluntary payment not to exceed $20 million), in which case the Transferor shall provide notice thereof not later than 9:30 a.m. (New York time) on the Business Day of such voluntary payment and such notice shall be provided directly to each Class Investor."

(v)Section 2.3(c) of the Original Agreement is hereby amended by deleting the third sentence thereof and replacing is with the following:

"If no Termination Event shall have occurred and the only portion of the Transferred Interest which is funded by reference to the Eurodollar Rate is the portion thereof held by the SunTrust Bank Investor, the margin applicable to the Eurodollar Rate shall be adjusted as provided in the definition thereof."

(w)Section 2.8(a) of the Original Agreement is hereby amended by deleting the fifth sentence thereof and replacing it with the following:

"The Transferor shall not, and shall not permit the Seller to, change its respective name, identity or corporate structure, type of organization or jurisdiction of organization, place of business or, if more than one, chief executive office, or any office where Records are kept unless it shall have: (i) given the Administrative Agent at least thirty (30) days prior notice thereof and (ii) prepared at Transferor's expense and delivered to the Administrative Agent all financing statements, instruments and other documents necessary to preserve and protect the Transferred Interest or requested by the Administrative Agent or any Class Agent in connection with such

change or relocation."

(x)The Original Agreement is hereby amended by adding thereto the following new Section 2.15:

"Section 2.15Compliance with FATCA.Each Class Investor shall deliver to the Transferor and the Administrative Agent at the time or times prescribed by law or at such time or times reasonably requested by the Transferor or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional documentation reasonably requested by the Transferor or the Administrative Agent as may be necessary for the Transferor and the Administrative Agent to comply with their obligations under FATCA and to determine that such Class Investor has complied with such Class Investor's obligations under FATCA or to determine the amount to deduct and withhold from such payment. Notwithstanding any other provision herein, if the Transferor or Administrative Agent is required to withhold taxes under FATCA, the Transferor and the Administrative Agent shall be authorized to deduct from payments to be made to such Class Investor amounts representing taxes payable by such Class Investor under FATCA, as determined in the sole discretion of the Transferor or the Administrative Agent, and to remit such amounts to the applicable governmental authorities.

(y)Section 3.1 of the Original Agreement is hereby amended by

(i)replacing existing clause (o) thereof with the following:

"(o)Not an Investment Company. The Transferor is not and, will not as a result of the transactions contemplated hereby be, required to register as an "investment company" under the Investment Company Act of 1940, as amended, without reliance on the exceptions contained in Sections 3(c)(1) or 3(c)(7) thereunder unless the Transferor is entitled to the benefit of the exclusion for loan securitizations in the Volcker Rule under C.F.R. 75.10(c)(8)."

(ii)adding the following new clause (u) thereto:

"(u)Anti-Corruption Laws and Sanctions. The Transferor has implemented and shall continue to implement and maintain in effect policies and procedures reasonably designed to ensure compliance by it and its directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Transferor and its officers and employees and, to the knowledge of the Transferor, its directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of the Transferor or, to the knowledge of the Transferor, any of its directors, officers, employees or agents that will act in any capacity in connection with or benefit from the facility established hereby, is a Sanctioned Person. The Transferor will not employ the proceeds obtained, or related transactions contemplated, under this Agreement in such a manner as would violate Sanctions or Anti-Corruption Laws."

(z)Section 3.3 of the Original Agreement is hereby amended by adding the following new clause (o) thereto:

"(o)Anti-Corruption Laws and Sanctions. Tech Data has implemented and shall continue to implement and maintain in effect policies and procedures reasonably designed to ensure compliance by it and its Subsidiaries, directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and Tech Data, its Subsidiaries and its officers and employees and to the knowledge of Tech Data, its directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of Tech Data or any of its Subsidiaries or, to the knowledge of Tech Data, any of its directors, officers,

employees or agents that will act in any capacity in connection with or benefit from the facility established hereby, is a Sanctioned Person. Tech Data will not employ the proceeds obtained, or related transactions contemplated, under this Agreement in such a manner as would violate Sanctions or Anti-Corruption Laws."

(aa)Section 5.1(j) of the Original Agreement is hereby amended by replacing the first sentence thereof with the following:

"The Transferor shall not (i) account for (including for accounting and tax purposes), or otherwise treat, the transactions contemplated by the Purchase Agreement in any manner other than as a sale of Receivables by Tech Data to the Transferor, or (ii) treat (other than for accounting or tax purposes) the transactions contemplated hereby in any manner other than as a sale of the Receivables by the Transferor to the Administrative Agent on behalf of the Class Investors."

(bb)Section 5.1 of the Original Agreement is hereby amended by adding the following new clause (p) thereto:

"(p)The Transferor will maintain in effect and enforce policies and procedures reasonably designed to ensure compliance by it and its directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions."

(cc)Section 5.2 of the Original Agreement is hereby amended by adding the following new clause (l) thereto:

"(l)The Transferor shall not use the proceeds of any Incremental Transfer, or allow the proceeds of any Incremental Transfer to be used (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing or facilitating any activities, business or transactions of or with any Sanctioned Person, or in any Sanctioned Country, or (C) in any manner, in each case, as would result in the violation of any Sanctions applicable to any party hereto."

(dd)Section 5.3 of the Original Agreement is hereby amended by adding the following new clause (m) thereto:

"(m)Tech Data will maintain in effect and enforce policies and procedures reasonably designed to ensure compliance by it and its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions."

(ee)Section 5.4 of the Original Agreement is hereby amended by adding thereto the following new clause (h):

"(h)Tech Data shall not use any Incremental Transfer or allow the proceeds of any Incremental Transfer to be used (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (C) in any manner, in each case, as would result in the violation of any Sanctions applicable to any party hereto."

(ff)Section 5.5 of the Original Agreement is hereby deleted in its entirety and replaced by the following new section:

"Section 5.5Financial Covenants of the Collection Agent. At all times from the date hereof to the later to occur of (i) the Termination Dates or (ii) the date on which the Aggregate Net Investment has been reduced to zero, all accrued Discount and Servicing Fees shall have been paid in full and all other Aggregate Unpaids shall have been paid in full, in cash, unless the Administrative Agent, each Class Conduit (so long as such Class Conduit holds any portion of the Transferred Interest), each Class Agent and the Majority Investors shall otherwise consent in writing, the Collection Agent shall not permit (i) its Consolidated Debt to Capitalization Ratio, as of the last day of each of its fiscal quarters, to be greater than 0.40 to 1.0 or (ii) its Consolidated Interest Coverage Ratio, as of the last day of each of its fiscal quarters, to be less than 3.00 to 1.00. The effect of currency translation adjustments resulting from any change in currency exchange rates occurring after July 31, 2011 will be excluded from the calculation of the Consolidated Debt-to-Capitalization Ratio. Defined terms used in this Section 5.5 and not defined in Section 1.1 hereof are defined in Annex 5 hereto."

(gg)Section 7.1(m) of the Original Agreement is hereby amended by deleting the reference therein to "98%" and replacing it with "100%".

(hh)The definition of "Majority Investor" contained in Section 10.1(a) of the Original Agreement is hereby amended by deleting the words "in excess of 66 and 2/3%" and replacing them with the following "to 50% or more".

(ii)The Original Agreement is hereby amended by replacing the definition of "CP Rate" in Annex 2 thereto (CP Rate Definition for Chariot) with the following:

"CP Rate" shall mean the Daily/90 Day LIBOR Rate.

(jj)The Original Agreement is hereby amended by adding thereto new Annex 4 which shall be titled "CP Rate Definition for Victory" and shall contain the following definition:

"CP Rate" shall mean, if applicable, for any period and with respect to any Rate Tranche funded by Commercial Paper Notes, the per annum rate equivalent to the weighted average cost (as determined by Agent and which shall include commissions and fees of placement agents and dealers, incremental carrying costs incurred with respect to Commercial Paper Notes maturing on dates other than those on which corresponding funds are received by Conduit Purchaser, other borrowings by Conduit Purchaser (other than under any Liquidity Agreement) and any other costs and expenses associated with the issuance of Commercial Paper Notes) of or related to the issuance of Commercial Paper Notes that are allocated, in whole or in part, by Conduit Purchaser or Agent to fund or maintain such Rate Tranche (and which may be also allocated in part to the funding of other assets of Conduit Purchaser (determined in the case of Commercial Paper Notes issued on a discount by converting the discount to an interest equivalent rate per annum); provided that notwithstanding anything in this Agreement or the other Transaction Documents to the contrary, Seller agrees that any amounts payable to Conduit Purchaser in respect of Yield for any Yield Period with respect to any Rate Tranche funded by Conduit Purchaser at the CP Rate shall include an amount equal to the portion of the face amount of the outstanding Commercial Paper Notes issued to fund or maintain such Rate Tranche that corresponds to the portion of the proceeds of such Commercial Paper Notes that was used to pay the interest component of maturing Commercial Paper Notes issued to fund or maintain such Rate Tranche, to the extent that Conduit Purchaser had not received payments of interest in respect of such interest component prior to the maturity date of such maturing Commercial Paper Notes (for purposes of the foregoing, the “interest component” of Commercial Paper Notes equals the excess of the face amount thereof over the net proceeds received by Conduit Purchaser from the issuance of Commercial Paper Notes, except that if such Commercial Paper Notes are issued on an interest-bearing basis its “interest component” will equal the amount of interest accruing on such Notes through maturity).

(kk)The Original Agreement is hereby amended by updating Exhibit B thereto with the following account numbers:

for JPMorgan,

811108778

811108786

905692513

938018827

and for Bank of America,

4427213557

3751372055

1596071264

3751045874

3751277435

3750654732

4426371704

4426371717

4426497413

4426497426

4426497439

4426497442

4426815998

4426853824

4426855990

SECTION 2.Acknowledgement of Assignment.

(a)The parties hereto acknowledge the assignment of the role of the Administrative Agent to JPMorgan and the assignment of all or portions of each Bank Investor's Commitment to BTMU and SunTrust that was effected in each case pursuant to the Assignment. The Administrative Agent and the Transferor each acknowledge that (i) there is no Class Conduit related to the SunTrust Bank Investors and that notices of Incremental Transfers shall be delivered directly to, and funded in each case by, SunTrust, as a SunTrust Bank Investor, and (ii) Chariot shall perform the duties and obligations of both a Class Conduit and a Chariot Bank Investor under the Agreement.

(b)In order to reflect the Assignment, the Original Agreement is further amended by deleting therefrom all references to SUSI Issuer, SUSI Issuer Bank Investor and SUSI Issuer Agent and all references to Bank of America as a Bank Investor.

(c)In order to reflect the Assignment, the Original Agreement is further amended by adding thereto the following terms or, if such term already exists, deleting the definition thereof in its entirety and replacing it with the definition set forth below:

"Bank Investor" shall mean (i) with respect to the Class of which Chariot is a member, the Chariot Bank Investors, (ii) with respect to the Class of which Liberty is a member, the Liberty Bank Investors, (iii) with respect to the Class of which SunTrust is a member, the SunTrust Bank Investors, (iv) with respect to the Class of which Victory is a member, the Victory Bank Investors, and (v) with respect to any other Class, the financial institutions specified as such in any supplement hereto and their respective successors and permitted assigns.

"Class" means each of the following groups of Class Investors: (i) Chariot and the Chariot Bank Investors, (ii) Liberty and the Liberty Bank Investors, (iii) the SunTrust Bank Investors, (iv) Victory and the Victory Bank Investors, or (v) any other Class consisting of either a multi seller commercial paper conduit and its related Bank Investors or only Bank Investors and, in both cases, the assigns and participants of such Class, as added from time to time with the consent of the Administrative Agent and the Transferor as set forth in Section 11.2(b) hereof.

"Class Agent" means (i) with respect to the Class of which Chariot is a member, the Chariot Agent,

(ii) with respect to the Class of which Liberty is a member, the Liberty Agent, (iii) with respect to the Class of which SunTrust is a member, the SunTrust Agent, (iv) with respect to the Class of which Victory is a member, the Victory Agent, and (v) with respect to any other Class, the financial institution or other Person specified as such in any amendment or supplement hereto for such Class.

"Class Investors" means (i) with respect to the Class of which Chariot is a member, Chariot and the Chariot Bank Investors, (ii) with respect to the Class of which Liberty is a member, Liberty and the Liberty Bank Investors, (iii) with respect to the Class of which SunTrust is a member, the Sun Trust Bank Investors, (iv) with respect to the Class of which Victory is a member, Victory and the Victory Bank Investors and (v) with respect to any other Class, the related Class Conduit and the related Bank Investors or only the Bank Investors with respect to any Class that does not have a Class Conduit.

"BTMU" shall mean The Bank of Tokyo-Mitsubishi UFJ, LTD, New York Branch, and its successors and assigns.

"SunTrust" shall mean SunTrust Bank, and its successors and assigns.

"SunTrust Agent" shall mean SunTrust, in its capacity as agent for the SunTrust Bank Investors, and any successor thereto appointed pursuant to Article IX.

"SunTrust Bank Investors" shall mean SunTrust and its successors and assigns who are or become parties to this Agreement as such pursuant to an Assignment and Assumption Agreement.

"Victory" shall mean Victory Receivables Corporation, and its successors and assigns.

"Victory Agent" shall mean BTMU, its capacity as agent for Victory and the Victory Bank Investors, and any successor thereto appointed pursuant to Article IX.

"Victory Bank Investors" shall mean BTMU and its successors and assigns who are or become parties to this Agreement as such pursuant to an Assignment and Assumption Agreement.

SECTION 3.Affirmations. All parties hereto agree and acknowledge that with respect to each Bank Investor party hereto, each Bank Investor has a Commitment and such Commitment of such Bank Investor shall be the dollar amount set forth opposite such Bank Investor's signature on the signature page hereto, which may be different from the Original Agreement.

SECTION 4. Conditions Precedent. This Amendment shall become effective on the day on which the Administrative Agent shall have received a copy of this Amendment executed by each party hereto.

SECTION 5. Representations and Warranties. The Transferor hereby makes to the Class Investors, the Class Agents and the Administrative Agent, on and as of the date hereof, all of the representations and warranties set forth in Section 3.1 of the Original Agreement, subject, to the extent applicable, to the limitations with respect to certain waived matters more particularly identified in the Limited Waiver, dated as of April 29, 2013, as amended by (i) the First Amendment thereto, dated as of July 29, 2013, (ii) the Second Amendment thereto, dated as of October 16, 2013 and (iii) the Third Amendment thereto, dated as of January 27, 2014 (the "Limited Waiver"), each among the parties hereto. In addition, the Collection Agent hereby makes to the Class Investors, the Class Agents and the Administrative Agent, on the date hereof, all the representations and warranties set forth in Section 3.3 of the Original Agreement, subject, to the extent applicable, to the limitations with respect to certain waived matters more particularly identified in the Limited Waiver.

SECTION 6. Successors and Assigns. This Amendment shall bind, and the benefits hereof shall inure to the parties hereof and their respective successors and permitted assigns.

SECTION 7. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. THE TRANSFEROR HEREBY SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING IN THE CITY OF NEW YORK FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AMENDMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

SECTION 8. Severability; Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same instrument. Any provisions of this Amendment which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

SECTION 9. Captions. The captions in this Amendment are for convenience of reference only and shall not define or limit any of the terms or provisions hereof.

SECTION 10. Ratification. Except as expressly affected by the provisions hereof, the Original Agreement as amended by this Amendment shall remain in full force and effect in accordance with its terms and ratified and confirmed by the parties hereto. On and after the date hereof, each reference in the Original Agreement to "this Agreement", "hereunder", "herein" or words of like import shall mean and be a reference to the Original Agreement as amended by this Amendment.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Amendment as of the date first written above.

TECH DATA FINANCE SPV, INC.,

as Transferor

By: /s/ SCOTT W. WALKER

Name: Scott W. Walker

Title: Vice President & Treasurer

TECH DATA CORPORATION,

as Collection Agent

By: /s/ SCOTT W. WALKER

Name: Scott W. Walker

Title: Vice President & Treasurer

LIBERTY STREET FUNDING LLC

By:/s/ JILL A. RUSSO

Name: Jill A. Russo

Title: Vice President

Commitment:THE BANK OF NOVA SCOTIA,

$100,000,000as Liberty Agent and as a Liberty Bank Investor

By: /s/ EUGENE DEMPSEY

Name: Eugene Dempsey

Title: Director

VICTORY RECEIVABLES CORPORATION

By:/s/ DAVID V. DEANGELIS

Name: David V. DeAngelis

Title: Vice President

Commitment:THE BANK OF TOKYO-MITSUBISHI UFJ, LTD,

$100,000,000NEW YORK BRANCH,

as Victory Bank Investor

By: /s/ MATTHEW ANTIOCO

Name: Matthew Antioco

Title: Vice President

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD,

NEW YORK BRANCH,

as Victory Agent

By: /s/ CHRISTOPHER POHL

Name: Christopher Pohl

Title: Managing Director

Commitment:SUNTRUST BANK, as a SunTrust Bank Investor

$100,000,000

By:/s/ KYLE SHENTON

Name: Kyle Shenton

Title: Vice President

Commitment:CHARIOT FUNDING LLC,

$100,000,000as a Class Conduit and as a Chariot Bank Investor

By JPMorgan Chase Bank, N.A., as its Attorney-in-Fact

By: /s/ CORINA MILLS

Name: Corina Mills

Title: Executive Director

JPMORGAN CHASE BANK, N.A, as Chariot Agent and as Administrative Agent

By: /s/ CORINA MILLS

Name: Corina Mills

Title: Executive Director

ANNEX 5

Definitions for Tech Data Financial Covenants (Section 5.5)

"Consolidated Debt‑to‑Capitalization Ratio" means, as of any date of determination, subject to Section 8.13(c), the ratio of (a) Consolidated Funded Indebtedness as of such date to (b) Consolidated Total Capitalization as of such date.

"Consolidated Funded Indebtedness" means, as of any date of determination, for Tech Data and its Subsidiaries on a consolidated basis, the sum of (a) the outstanding principal amount of all obligations, whether current or long‑term, for borrowed money (including Obligations hereunder) and all obligations evidenced by bonds, debentures (including all Convertible Debentures), notes, loan agreements or other similar instruments, (b) all purchase money Indebtedness, (c) all direct obligations arising under letters of credit (including standby and commercial), bankers' acceptances, bank guaranties, surety bonds and similar instruments, (d) all obligations in respect of the deferred purchase price of property or services (other than trade accounts payable in the ordinary course of business), (e) all Attributable Indebtedness in respect of capital leases, obligations under the Real Estate Financing Facilities and asset securitization transactions, (f) without duplication, all Guarantees with respect to outstanding Indebtedness of the types specified in clauses (a) through (e) above of Persons other than Tech Data or any Subsidiary, and (g) all Indebtedness of the types referred to in clauses (a) through (f) above of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which Tech Data or a Subsidiary is a general partner or joint venturer, unless such Indebtedness is expressly made non-recourse to Tech Data or such Subsidiary. "Consolidated Funded Indebtedness" of a Person shall not include (x) any true sale by such Person of accounts receivable, as determined in accordance with GAAP, which sale is not, and is not made in connection with, an obligation under any Real Estate Financing Facility or an asset securitization transaction and (y) any obligation arising under a sale and lease back transaction that is an operating lease.

"Consolidated Total Capitalization" means, as of any date of determination, the sum of Consolidated Funded Indebtedness plus Shareholders' Equity; provided that solely for any determination of Consolidated Total Capitalization for any date ending on or prior to January 31, 2012, the amount of dividends and stock redemptions made by Tech Data shall be excluded from such calculation in an aggregate amount not to exceed $300,000,000.

"Convertible Debentures" means convertible debenturesissued pursuant to a Tech Data Indenture, which may be offered in a single transaction, a series of transactions, or in separate transactions.The Convertible Debentures may be either senior or subordinated debentures.

"Obligations" means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document or otherwise with respect to any Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding.

"Shareholders' Equity" means, as of any date of determination, consolidated shareholders' equity of Tech Data and its Subsidiaries as of that date determined in accordance with GAAP.

"Subsidiary" of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a "Subsidiary" or to "Subsidiaries" shall refer to a Subsidiary or Subsidiaries of Tech Data.

"Tech Data Indenture" means any existing or future indenture between Tech Data and a trustee relating to the offering of Convertible Debentures.

EX-31.A

Exhibit 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: December 5, 2014

/s/ ROBERT M. DUTKOWSKY

Robert M. Dutkowsky

Chief Executive Officer

EX-31.B

Exhibit 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: December 5, 2014

/s/ JEFFERY P. HOWELLS

Jeffery P. Howells

Executive Vice President and

Chief Financial Officer

EX-32.A

Exhibit 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, 2014 (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.

Date: December 5, 2014

/s/ ROBERT M. DUTKOWSKY

Robert M. Dutkowsky

Chief Executive Officer

EX-32.B

Exhibit 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, 2014 (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.

Date: December 5, 2014

/s/ JEFFERY P. HOWELLS

Jeffery P. Howells

Executive Vice President and

Chief Financial Officer

XML

Commitments And Contingencies (Narrative) (Details) (USD $)	3 Months Ended		9 Months Ended
	Oct. 31, 2014	Oct. 31, 2013	Oct. 31, 2014	Oct. 31, 2013	Jan. 31, 2014
Loss Contingencies [Line Items]
Accrual for Value Added Tax Matters Increase (Decrease)	$ 0	$ 0	$ 6,229,000	$ 0
CIDE tax	25,600,000		25,600,000		25,300,000
Synthetic Lease Facility
Loss Contingencies [Line Items]
Residual value guarantee, aggregate amount	133,800,000		133,800,000
Future minimum payments	2,600,000		2,600,000
Financial Guarantee
Loss Contingencies [Line Items]
Aggregate amount of guarantees	7,000,000		7,000,000		13,400,000
SPAIN
Loss Contingencies [Line Items]
Loss Contingency Accrual	48,100,000		48,100,000		56,400,000
Interest Expense | SPAIN
Loss Contingencies [Line Items]
Accrual for Value Added Tax Matters Increase (Decrease)			$ 6,200,000

XML

Debt (Senior Notes) (Narrative) (Details) (Senior Notes, USD $)	1 Months Ended
	Sep. 30, 2012	Oct. 31, 2014	Jan. 31, 2014
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount	$ 1,300,000	$ 776,000	$ 974,000
Debt, face value	350,000,000	350,000,000	350,000,000
Debt Instrument, Interest Rate, Stated Percentage	3.75%	3.75%	3.75%
Proceeds from Issuance of Long-term Debt	345,800,000
Payments of Debt Issuance Costs	2,900,000
Debt Instrument, Redemption Price, Percentage	100.00%
Senior Notes		$ 349,224,000	$ 349,026,000
Treasury Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Discounted Scheduled Payments, Discount Rate, Basis Spread on Variable Rate	5000.00%

XML

Debt

9 Months Ended

Oct. 31, 2014

Debt Disclosure [Abstract]

Debt

DEBT

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

	October 31, 2014			January 31, 2014
	(In thousands)
Senior Notes, interest at 3.75% payable semi-annually, due September 21, 2017	$	350,000		$	350,000
Less—unamortized debt discount	(776		)	(974		)
Senior Notes, net	349,224			349,026
Capital leases	4,862			5,662
Other committed and uncommitted revolving credit facilities, average interest rate of 5.14% and 6.15% at October 31, 2014 and January 31, 2014, respectively, expiring on various dates through fiscal 2017	45,926			42,914
	400,012			397,602
Less—current maturities (included as “Revolving credit loans and current maturities of long-term debt, net”)	(46,463		)	(43,481		)
Total long-term debt, less current maturities	$	353,549		$	354,121

Senior Notes

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

Other Credit Facilities

The Company has a $500.0 million revolving credit facility with a syndicate of banks (the “Credit Agreement”), which among other things, i) provides for a maturity date of September 27, 2016, ii) provides for an interest rate on borrowings, facility fees and letter of credit fees based on the Company’s non-credit enhanced senior unsecured debt rating as determined by Standard & Poor’s Rating Service and Moody’s Investor Service, and iii) may be increased to a maximum of $750.0 million, subject to certain conditions. The Credit Agreement includes various covenants, limitations and events of default customary for similar facilities for similarly rated borrowers, including a maximum debt to capitalization ratio and a minimum interest coverage ratio. The Company pays interest on advances under the Credit Agreement at the applicable LIBOR rate plus a predetermined margin that is based on the Company’s debt rating. There were no amounts outstanding under the Credit Agreement at October 31, 2014 and January 31, 2014.

The Company also has an agreement with a syndicate of banks (the “Receivables Securitization Program”) that allows the Company to transfer an undivided interest in a designated pool of U.S. accounts receivable, on an ongoing basis, to provide security or collateral for borrowings up to a maximum of $400.0 million. Under this program, the Company legally isolates certain U.S. trade receivables into a wholly-owned bankruptcy remote special purpose entity. Such receivables, which are recorded in the Consolidated Balance Sheet, totaled $705.9 million and $623.0 million at October 31, 2014 and January 31, 2014, respectively. As collections reduce accounts receivable balances included in the security or collateral pool, the Company may transfer interests in new receivables to bring the amount available to be borrowed up to the maximum. This program was renewed in August 2014 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, 2014 and January 31, 2014.

In addition to the facilities described above, the Company has various other committed and uncommitted lines of credit and overdraft facilities totaling approximately $384.2 million at October 31, 2014 to support its operations. Most of these facilities are provided on an unsecured, short-term basis and are reviewed periodically for renewal. There was $45.9 million outstanding on these facilities at October 31, 2014, at a weighted average interest rate of 5.14%, and $42.9 million outstanding on these facilities at January 31, 2014, at a weighted average interest rate of 6.15%.

Certain of the Company’s credit facilities contain limitations on the amounts of annual dividends and repurchases of common stock and require compliance with other obligations, warranties and covenants. The financial ratio covenants under these credit facilities include a maximum debt to capitalization ratio and a minimum interest coverage ratio. At October 31, 2014, the Company was in compliance with all such financial covenants. In light of these financial covenants, the Company’s maximum borrowing availability on its credit facilities is approximately $966.1 million, of which $45.9 million was outstanding at October 31, 2014.

At October 31, 2014, the Company had also issued standby letters of credit of $77.0 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.

XML

Stock Based Compensation (Schedule Of Restricted Stock Units Activity) (Details)	9 Months Ended
	Oct. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares, Outstanding at January 31, 2013	284,204
Shares, Granted	453,289
Shares, Vested	(154,423)
Shares, Canceled	(27,570)
Shares, Outstanding at July 31, 2013	555,500

XML

Stock Based Compensation (Narrative) (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Oct. 31, 2014	Oct. 31, 2013	Oct. 31, 2014	Oct. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number of shares available for grant	2,600,000		2,600,000
Number of shares authorized for grant	4,000,000		4,000,000
Stock-based compensation expense	$ 3,856	$ 1,631	$ 9,698	$ 6,949

XML

Stock Based Compensation (Schedule Of Stock Options Activity) (Details)	9 Months Ended
	Oct. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Shares, Outstanding at January 31, 2013	329,788
Shares, Exercised	(268,279)
Shares, Outstanding at July 31, 2013	61,509

XML

Fair Value Of Financial Instruments (Details) (USD $)	9 Months Ended
	Oct. 31, 2014	Oct. 31, 2014 Senior Notes	Jan. 31, 2014 Senior Notes	Sep. 30, 2012 Senior Notes	Oct. 31, 2014 Level 1 Senior Notes	Oct. 31, 2014 Level 2 Fair Value, Measurements, Recurring	Jan. 31, 2014 Level 2 Fair Value, Measurements, Recurring	Oct. 31, 2014 Fair Value, Inputs, Level 3 [Member] Fair Value, Measurements, Recurring	Jan. 31, 2014 Fair Value, Inputs, Level 3 [Member] Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency forward contracts, Assets						$ 7,083,000	$ 6,160,000
Foreign currency forward contracts, Liabilities						1,432,000	2,423,000
Deferred compensation plan assets, fair value disclosure	40,900,000
Deferred compensation liability, fair value disclosure	35,800,000
Convertible senior debentures, face value		350,000,000	350,000,000	350,000,000
Convertible debt, fair value disclosures					365,500,000
Payments for Previous Acquisition	7,000,000
Business Combination, Contingent Consideration, Liability								$ 3,634,000	$ 10,571,000

XML

Earnings Per Share ("EPS")

9 Months Ended

Oct. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share ("EPS")

EARNINGS PER SHARE (“EPS”)

The Company reports a dual presentation of basic and diluted EPS. Basic EPS is computed by dividing net income by the weighted average number of shares outstanding during the reported period. Diluted EPS reflects the potential dilution related to equity-based incentives (further discussed in Note 4—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,
	2014		2013		2014		2013
	(In thousands, except per share data)
Net income	$	41,700	$	37,716	$	94,495	$	70,171
Weighted-average common shares - basic	38,253		38,060		38,212		38,004
Effect of dilutive securities:
Equity-based awards	180		168		164		202
Weighted-average common shares - diluted	38,433		38,228		38,376		38,206
Net income per share:
Basic	$	1.09	$	0.99	$	2.47	$	1.85
Diluted	$	1.09	$	0.99	$	2.46	$	1.84

For the three and nine months ended October 31, 2014 there were no shares excluded from the computation of diluted earnings per share because their effect would have been antidilutive. For the three and nine months ended October 31, 2013, there were 6,236 shares excluded from the computation of diluted earnings per share because their effect would have been antidilutive.

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Derivative Instruments (Narrative) (Details) (USD $)	3 Months Ended		9 Months Ended
	Oct. 31, 2014	Oct. 31, 2013	Oct. 31, 2014	Oct. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Net foreign currency exchange (gain) loss	$ 7,600,000	$ (6,900,000)	$ 2,100,000	$ 13,600,000
Notional amount of derivative financial instruments outstanding	$ 600,000,000	$ 1,400,000,000
Average maturities of derivatives, days	35 days	30 days

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Consolidated Balance Sheet (USD $) In Thousands, unless otherwise specified	Oct. 31, 2014	Jan. 31, 2014
Current assets:
Cash and cash equivalents	$ 465,738	$ 570,101
Accounts receivable, less allowances of $55,378 and $58,754	3,064,553	3,215,729
Inventories	2,321,088	2,450,782
Prepaid expenses and other assets	190,704	232,423
Total current assets	6,042,083	6,469,035
Property and equipment, net	66,103	77,631
Other assets, net	557,055	623,000
Total assets	6,665,241	7,169,666
Current liabilities:
Accounts payable	3,530,956	3,959,410
Accrued expenses and other liabilities	555,944	614,697
Revolving credit loans and current maturities of long-term debt, net	46,463	43,481
Total current liabilities	4,133,363	4,617,588
Long-term debt, less current maturities	353,549	354,121
Other long-term liabilities	92,626	99,346
Total liabilities	4,579,538	5,071,055
Commitments and contingencies (Note 7)
Shareholders’ equity:
Common stock, par value $.0015; 200,000,000 shares authorized; 59,245,585 shares issued at October 31, 2014 and January 31, 2014	89	89
Additional paid-in capital	674,044	675,597
Treasury stock, at cost (20,990,734 and 21,177,130 shares at October 31, 2014 and January 31, 2014)	(887,059)	(894,936)
Retained earnings	2,087,785	1,993,290
Accumulated other comprehensive income	210,844	324,571
Total shareholders' equity	2,085,703	2,098,611
Total liabilities and shareholders' equity	$ 6,665,241	$ 7,169,666

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Consolidated Statement Of Cash Flows (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Oct. 31, 2014	Oct. 31, 2013
Cash flows from operating activities:
Cash received from customers	$ 21,579,962	$ 19,980,970
Cash paid to vendors and employees	(21,574,482)	(19,640,516)
Interest paid, net	(21,698)	(20,252)
Income taxes paid	(41,761)	(54,229)
Net cash (used in) provided by operating activities	(57,979)	265,973
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired	0	8,044
Acquisition of trademarks	0	(1,519)
Proceeds from sale of property and equipment	7,121	0
Expenditures for property and equipment	(11,879)	(10,405)
Software and software development costs	(7,341)	(10,532)
Net cash used in investing activities	(12,099)	(14,412)
Cash flows from financing activities:
Proceeds from the reissuance of treasury stock	774	1,139
Acquisition earn-out payment	(5,060)	(6,183)
Net borrowings (repayments) on revolving credit loans	2,826	(120,602)
Principal payments on long-term debt	(419)	(398)
Excess tax benefit from stock-based compensation	667	907
Net cash used in financing activities	(1,212)	(125,137)
Effect of exchange rate changes on cash and cash equivalents	(33,073)	4,037
Net (decrease) increase in cash and cash equivalents	(104,363)	130,461
Cash and cash equivalents at beginning of year	570,101	340,564
Cash and cash equivalents at end of period	465,738	471,025
Reconciliation of net income to net cash provided by operating activities:
Net income	94,495	70,171
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	52,691	54,438
Gain on sale of building	(2,350)	0
Provision for losses on accounts receivable	8,668	9,748
Stock-based compensation expense	9,698	6,949
Accretion of debt discount on Senior Notes	198	198
Excess tax benefits from stock-based compensation	(667)	(907)
Changes in operating assets and liabilities:
Accounts receivable	18,399	85,503
Inventories	45,731	(13,240)
Prepaid expenses and other assets	31,691	103,881
Accounts payable	(300,804)	(29,968)
Accrued expenses and other liabilities	(15,729)	(20,800)
Total adjustments	(152,474)	195,802
Net cash (used in) provided by operating activities	$ (57,979)	$ 265,973

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Subsequent Events (Details) (December 2014 Program [Member], USD $) In Thousands, unless otherwise specified	Dec. 04, 2014
December 2014 Program [Member]
Subsequent Event [Line Items]
Stock Repurchase Program, Authorized Amount	$ 100,000

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Business And Summary Of Significant Accounting Policies (Details) (USD $)	3 Months Ended		9 Months Ended
	Oct. 31, 2014	Oct. 31, 2013	Oct. 31, 2014	Oct. 31, 2013	Jan. 31, 2014
Accounting Policies [Abstract]
Operating Expenses, Restatement and Remediation Related	$ 2,064,000	$ 14,979,000	$ 19,678,000	$ 28,965,000
Accounts receivable sold	333,300,000		333,300,000		263,700,000
Discount fees on sale of accounts receivable	700,000	600,000	3,400,000	2,000,000
Gain (Loss) Related to Litigation Settlement	$ 5,059,000	$ 22,914,000	$ 5,059,000	$ 22,914,000

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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, 2014	Oct. 31, 2013	Oct. 31, 2014	Oct. 31, 2013
Earnings Per Share [Abstract]
Net income	$ 41,700	$ 37,716	$ 94,495	$ 70,171
Weighted average shares, basic	38,253	38,060	38,212	38,004
Equity-based awards, Weighted average shares	180	168	164	202
Weighted average shares, diluted	38,433	38,228	38,376	38,206
Basic (in USD per share)	$ 1.09	$ 0.99	$ 2.47	$ 1.85
Diluted (in USD per share)	$ 1.09	$ 0.99	$ 2.46	$ 1.84

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Business And Summary Of Significant Accounting Policies

9 Months Ended

Oct. 31, 2014

Accounting Policies [Abstract]

Business And Summary Of Significant Accounting Policies

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Description of Business

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

Principles of Consolidation

The consolidated financial statements include the accounts of Tech Data and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company operates on a fiscal year that ends on January 31.

Basis of Presentation

The consolidated financial statements have been prepared by the Company, without audit, pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). The Company prepares its financial statements in conformity with generally accepted accounting principles in the United States (“GAAP”). These principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the consolidated financial position of the Company as of October 31, 2014, its consolidated statements of income and comprehensive income for the three and nine months ended October 31, 2014 and 2013, and its consolidated cash flows for the nine months ended October 31, 2014 and 2013.

Seasonality

The Company’s quarterly operating results have fluctuated significantly in the past and will likely continue to do so in the future as a result of currency fluctuations and seasonal variations in the demand for the products and services offered. Narrow operating margins may magnify the impact of these factors on the Company's operating results. Recent historical seasonal variations have included an increase in European demand during the Company’s fiscal fourth quarter and decreased demand in other fiscal quarters. Given that the majority of the Company’s revenues are derived from Europe, the worldwide results closely follow the seasonality trends in Europe. The seasonal trend in Europe typically results in greater operating leverage, and therefore, lower selling, general and administrative expenses as a percentage of net sales in the region and on a consolidated basis during the second semester of the Company's fiscal year, particularly in the Company's fourth quarter. Additionally, the life cycles of major products, as well as the impact of future acquisitions and dispositions, may also materially impact the Company’s business, financial condition, or consolidated results of operations. Therefore, the results of operations for the three and nine months ended October 31, 2014 and 2013 are not necessarily indicative of the results that can be expected for the entire fiscal year ended January 31, 2015.

Restatement and remediation related expenses

Restatement and remediation related expenses primarily include legal, accounting and third party consulting fees associated with (i) the restatement of certain of the Company's consolidated financial statements and other financial information from fiscal 2009 to fiscal 2013, (ii) the Audit Committee investigation to review the Company's accounting practices, (iii) incremental external audit and supplemental procedures by the Company in connection with the preparation of its financial statements, and (iv) other incremental legal, accounting and consulting fees incurred as a result of the Company's restatement-related investigation or in conjunction with the Company's remediation of material weaknesses and other control deficiencies identified during the restatement. The Company incurred restatement and remediation related expenses of approximately $2.1 million and $15.0 million, respectively, during the three months ended October 31, 2014 and 2013 and $19.7 million and $29.0 million, respectively, during the nine months ended October 31, 2014 and 2013, which are recorded in “restatement and remediation related expenses” in the Consolidated Statement of Income.

LCD Settlements

The Company has been a claimant in proceedings seeking damages from certain manufacturers of LCD flat panel displays. During the three months ended October 31, 2014 and 2013 the Company reached settlement agreements with certain manufacturers in the amount of $5.1 million and $22.9 million, respectively, net of all attorney fees and expenses, which are recorded in "LCD settlements" in the Consolidated Statement of Income.

Accounts Receivable Purchase Agreements

The Company has uncommitted accounts receivable purchase agreements under which certain accounts receivable may be sold, without recourse, to third-party financial institutions. Under these programs, the Company may sell certain accounts receivable in exchange for cash less a discount, as defined in the agreements. Available capacity under these programs, which the Company uses as a source of working capital funding, is dependent on the level of accounts receivable eligible to be sold into these programs and the financial institutions' willingness to purchase such receivables. In addition, certain of these agreements also require that the Company continue to service, administer and collect the sold accounts receivable. At October 31, 2014 and January 31, 2014, the Company had a total of $333.3 million and $263.7 million, respectively, of accounts receivable sold to and held by financial institutions under these agreements. During the three months ended October 31, 2014 and 2013, discount fees recorded under these facilities were $0.7 million and $0.6 million, respectively, and during the nine months ended October 31, 2014 and 2013, discount fees recorded under these facilities were $3.4 million and $2.0 million, respectively. These discount fees are included as a component of "other (income) expense, net" in the Consolidated Statement of Income.

Recently Adopted Accounting Standards

In March 2013, the Financial Accounting Standards Board ("FASB") issued an accounting standard which clarifies the accounting for the derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. The guidance also requires the accounting for a business combination achieved in stages involving a foreign entity to be treated as a single event. The accounting standard was effective for the Company beginning with the quarter ended April 30, 2014 and is to be applied prospectively to derecognition events occurring after the effective date. The Company will apply the provisions of this accounting standard to all transactions described above prospectively from the date of adoption.

In April 2014, the FASB issued an accounting standard which modifies the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity's operations and financial results. This update also requires additional financial statement disclosures about discontinued operations, as well as disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation. The Company has early adopted this standard and will apply the provisions of this accounting standard to all transactions described above prospectively.

Recently Issued Accounting Standards

In May 2014, the FASB issued an accounting standard which will supersede all existing revenue recognition guidance under current GAAP. The new standard requires the recognition of revenue to depict the transfer of promised goods or services to customers while exercising extensive judgment and use of estimates. The accounting standard is effective for the Company beginning with the quarter ending April 30, 2017 and may be adopted using either a full retrospective or a modified retrospective approach. The Company is currently in the process of assessing what impact this new standard may have on its consolidated financial position and results of operations.

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Consolidated Balance Sheet (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Oct. 31, 2014	Jan. 31, 2014
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 55,378	$ 58,754
Common stock, par value	$ 0.0015	$ 0.0015
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	59,245,585	59,245,585
Treasury stock, shares	20,990,734	21,177,130

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Earnings Per Share ("EPS") (Tables)

9 Months Ended

Oct. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share Basic And Diluted

	Three months ended October 31,				Nine months ended October 31,
	2014		2013		2014		2013
	(In thousands, except per share data)
Net income	$	41,700	$	37,716	$	94,495	$	70,171
Weighted-average common shares - basic	38,253		38,060		38,212		38,004
Effect of dilutive securities:
Equity-based awards	180		168		164		202
Weighted-average common shares - diluted	38,433		38,228		38,376		38,206
Net income per share:
Basic	$	1.09	$	0.99	$	2.47	$	1.85
Diluted	$	1.09	$	0.99	$	2.46	$	1.84

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Document And Entity Information	9 Months Ended
	Oct. 31, 2014	Nov. 25, 2014
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 31, 2014
Document Fiscal Year Focus	2015
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	No
Entity Common Stock, Shares Outstanding		38,254,851

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Debt (Tables)

9 Months Ended

Oct. 31, 2014

Debt Disclosure [Abstract]

Components of Debt

	October 31, 2014			January 31, 2014
	(In thousands)
Senior Notes, interest at 3.75% payable semi-annually, due September 21, 2017	$	350,000		$	350,000
Less—unamortized debt discount	(776		)	(974		)
Senior Notes, net	349,224			349,026
Capital leases	4,862			5,662
Other committed and uncommitted revolving credit facilities, average interest rate of 5.14% and 6.15% at October 31, 2014 and January 31, 2014, respectively, expiring on various dates through fiscal 2017	45,926			42,914
	400,012			397,602
Less—current maturities (included as “Revolving credit loans and current maturities of long-term debt, net”)	(46,463		)	(43,481		)
Total long-term debt, less current maturities	$	353,549		$	354,121

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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, 2014	Oct. 31, 2013	Oct. 31, 2014	Oct. 31, 2013
Income Statement [Abstract]
Net sales	$ 6,761,181	$ 6,373,564	$ 20,331,141	$ 18,848,797
Cost of products sold	6,426,196	6,047,488	19,309,456	17,884,467
Gross profit	334,985	326,076	1,021,685	964,330
Selling, general and administrative expenses	271,235	270,131	847,344	828,509
Operating expenses:	2,064	14,979	19,678	28,965
LCD settlements (Note 1)	(5,059)	(22,914)	(5,059)	(22,914)
Value added tax assessment (Note 7)	0	0	(6,229)	0
Operating expenses:	268,240	262,196	855,734	834,560
Operating income	66,745	63,880	165,951	129,770
Interest expense	6,491	6,134	20,639	19,451
Other (income) expense, net	(225)	(410)	842	(1,920)
Income before income taxes	60,479	58,156	144,470	112,239
Provision for income taxes	18,779	20,440	49,975	42,068
Net income	$ 41,700	$ 37,716	$ 94,495	$ 70,171
Net income per share:
Basic (in USD per share)	$ 1.09	$ 0.99	$ 2.47	$ 1.85
Diluted (in USD per share)	$ 1.09	$ 0.99	$ 2.46	$ 1.84
Weighted average common shares outstanding:
Basic (shares)	38,253	38,060	38,212	38,004
Diluted (shares)	38,433	38,228	38,376	38,206

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Derivative Instruments

9 Months Ended

Oct. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

DERIVATIVE INSTRUMENTS

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

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

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

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

The Company classifies foreign currency exchange gains and losses on its derivative instruments used to manage its exposures to foreign currency denominated accounts receivable and accounts payable as a component of “cost of products sold” which is consistent with the classification of the change in fair value upon remeasurement of the underlying hedged accounts receivable or accounts payable. The Company classifies foreign currency exchange gains and losses on its derivative instruments used to manage its exposures to foreign currency denominated financing transactions as a component of “other (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 gain of $7.6 million and a net foreign currency exchange loss of $6.9 million, respectively, for the three months ended October 31, 2014 and 2013 and a net foreign currency exchange gain of $2.1 million and $13.6 million, respectively, for the nine months ended October 31, 2014 and 2013. The gains and losses on the Company’s foreign currency forward contracts are largely offset by the change in the fair value of the underlying hedged assets or liabilities.

The notional amount of forward exchange contracts is the amount of foreign currency to be bought or sold at maturity. Notional amounts are indicative of the extent of the Company’s involvement in the various types and uses of derivative financial instruments and are not a measure of the Company’s exposure to credit or market risks through its use of derivatives. The estimated fair value of derivative financial instruments represents the amount required to enter into similar offsetting contracts with similar remaining maturities based on quoted market prices.

The Company's monthly average notional amounts of derivative financial instruments outstanding during the three months ended October 31, 2014 and 2013 were $0.6 billion and $1.4 billion, respectively, with average maturities of 35 days and 30 days, respectively. As discussed above, under the Company's hedging policies, gains and losses on the derivative financial instruments are 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 5 – Fair Value Measurements.

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Fair Value Of Financial Instruments

9 Months Ended

Oct. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value Of Financial Instruments

FAIR VALUE MEASUREMENTS

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

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

	October 31, 2014					January 31, 2014
	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		$	7,083				$	6,160
Liabilities
Foreign currency forward contracts		$	1,432				$	2,423
Acquisition-related contingent consideration				$	3,634				$	10,571

The Company's foreign currency forward contracts are measured on a recurring basis based on foreign currency spot rates and forward rates quoted by banks or foreign currency dealers (Level 2 criteria) and are marked-to-market each period with gains and losses on these contracts recorded in the 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 6 – Derivative Instruments.

The acquisition-related contingent consideration represents the future earnout payments related to the Company's acquisitions. The Company estimates the fair value of this Level 3 contingent consideration liability at each reporting date using a discounted cash flow analysis, which requires the evaluation of significant unobservable inputs that include projected revenues, expenses and cash flows, and assumed discount rates. Approximately $7.0 million of the acquisition-related contingent consideration was paid during the nine months ended October 31, 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 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 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, 2014 was $40.9 million and $35.8 million, respectively.

The $350 million of Senior Notes (discussed in Note 3 - Debt), are carried at cost, less unamortized debt discount. The estimated fair value of the Senior Notes was approximately $365.5 million at October 31, 2014, based upon quoted market information (Level 1 criteria).The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value because of the short maturity of these items. The carrying amount of debt outstanding pursuant to revolving credit facilities and loans payable approximates fair value as the majority of these instruments have variable interest rates which approximate current market rates (Level 2 criteria).

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Earnings Per Share ("EPS") (Narrative) (Details)	3 Months Ended		9 Months Ended
	Oct. 31, 2014	Oct. 31, 2013	Oct. 31, 2014	Oct. 31, 2013
Earnings Per Share [Abstract]
Shares excluded from the computation of diluted earnings	0	6,236	0	6,236

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Stock Based Compensation (Tables)

9 Months Ended

Oct. 31, 2014

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

Schedule Of Restricted Stock Units Activity

A summary of the Company’s restricted stock activity for the nine months ended October 31, 2014 is as follows:

	Shares
Outstanding at January 31, 2014	284,204
Granted	453,289
Vested	(154,423	)
Canceled	(27,570	)
Outstanding at October 31, 2014	555,500

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, 2014 is as follows:

	Shares
Outstanding at January 31, 2014	329,788
Exercised	(268,279	)
Outstanding at October 31, 2014	61,509

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Subsequent Events (Notes)

9 Months Ended

Oct. 31, 2014

Subsequent Events [Abstract]

Subsequent Events [Text Block]

NOTE 9 — SUBSEQUENT EVENTS

On December 4, 2014, the Company's Board of Directors authorized a share repurchase program of up to $100.0 million of the Company's common stock.

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Commitments And Contingencies

9 Months Ended

Oct. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments And Contingencies

COMMITMENTS AND CONTINGENCIES

Synthetic Lease Facility

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

Upon not less than 30 days' notice, the Company, at its option, may purchase one or any combination of the properties, at an amount equal to each of the property's cost, as long as the lease balance does not decrease below a defined amount. Upon not less than 270 days, nor more than 360 days, prior to the lease expiration, the Company may, at its option, i) purchase a minimum of two of the properties, at an amount equal to each of the property's cost, ii) exercise the option to renew the lease for a minimum of two of the properties or iii) exercise the option to remarket a minimum of two of the properties and cause a sale of the properties. If the Company elects to remarket the properties, the Company has guaranteed the lessor a percentage of the cost of each property, in the aggregate amount of approximately $133.8 million. Future annual lease payments under the Synthetic Lease are approximately $2.6 million per year.

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, 2014 and January 31, 2014, the outstanding amount of guarantees under these arrangements totaled $7.0 million and $13.4 million, respectively. The Company believes that, based on historical experience, the likelihood of a material loss pursuant to the above guarantees is remote.

Contingencies

Prior to fiscal 2004, one of the Company’s subsidiaries, located in Spain, was audited in relation to various value-added tax (“VAT”) matters. As a result of those audits, the Spanish subsidiary received notices of assessment from the Regional Inspection Unit of Spain's taxing authority that allege the subsidiary did not properly collect and remit VAT. The Spanish subsidiary appealed these assessments to the Madrid Central Economic Administrative Courts beginning in March 2010. Following the administrative court proceedings the matter was appealed to the Spanish National Appellate Court. During the fourth quarter of fiscal year 2014, the Spanish National Appellate Court issued an opinion upholding the assessment for several of the assessed years. During the second quarter of fiscal year 2015, the Madrid Central Economic Administrative Court issued a decision revoking the penalties for certain of the assessed years. As a result of this decision, during the nine months ended October 31, 2014 the Company decreased its accrual for costs associated with this matter by $6.2 million, which is recorded in “value added tax assessment” in the Consolidated Statement of Income. The Company believes that the Spanish subsidiary's defense to the remaining assessments has solid legal grounds and is continuing to vigorously defend its position by appealing to the Spanish Supreme Court. The Company estimates the total exposure for these assessments, including various penalties and interest, was approximately $48.1 million and $56.4 million at October 31, 2014 and January 31, 2014, respectively, which is included in "accrued expenses and other liabilities" in the Consolidated Balance Sheet.

In December 2010, in a non-unanimous decision, a Brazilian appellate court overturned a 2003 trial court which had previously ruled in favor of the Company’s Brazilian subsidiary related to the imposition of certain taxes on payments abroad related to the licensing of commercial software products, commonly referred to as “CIDE tax.” The Company estimates the total exposure where the CIDE tax, including interest, may be considered due to be approximately $25.6 million and $25.3 million at October 31, 2014 and January 31, 2014, respectively. The Brazilian subsidiary has appealed the unfavorable ruling to the Supreme Court and Superior Court, Brazil's two highest appellate courts. Based on the legal opinion of outside counsel, the Company believes that the chances of success on appeal of this matter are favorable and the Brazilian subsidiary intends to vigorously defend its position that the CIDE tax is not due. However, due to the lack of predictability of the Brazilian court system, the Company has concluded that it is reasonably possible that the Brazilian subsidiary may incur a loss up to the total exposure described above. The Company believes the resolution of this litigation will not be material to the Company’s consolidated net assets or liquidity; however, it could be material to the Company’s operating results for any particular period, depending upon the level of income for such period. In addition to the CIDE tax matter discussed above, the Company’s Brazilian subsidiary has been undergoing several examinations of non-income related taxes. Given the 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 or to 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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Segment Information

9 Months Ended

Oct. 31, 2014

Segment Reporting Information, Additional Information [Abstract]

Segment Information

SEGMENT INFORMATION

Tech Data operates predominantly in a single industry segment as a distributor of technology products, logistics management, and other value-added services. While the Company operates primarily in one industry, it is managed based on geographic segments: the Americas (including North America and South America) and Europe. The Company assesses performance of and makes decisions on how to allocate resources to its operating segments based on multiple factors including current and projected operating income and market opportunities. The Company does not consider stock-based compensation expense in assessing the performance of its operating segments, and therefore the Company reports 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,
	2014			2013			2014			2013
	(In thousands)						(In thousands)
Net sales to unaffiliated customers:
Americas (1)	$	2,644,085		$	2,571,750		$	7,842,547		$	7,489,078
Europe	4,117,096			3,801,814			12,488,594			11,359,719
Total	$	6,761,181		$	6,373,564		$	20,331,141		$	18,848,797
Operating income:
Americas (2)	$	42,194		$	53,297		$	107,331		$	112,516
Europe (3) (4)	28,407			12,214			68,318			24,203
Stock-based compensation expense	(3,856		)	(1,631		)	(9,698		)	(6,949		)
Total	$	66,745		$	63,880		$	165,951		$	129,770
Depreciation and amortization:
Americas	$	4,224		$	4,067		$	12,530		$	12,564
Europe	12,538			14,296			40,161			41,874
Total	$	16,762		$	18,363		$	52,691		$	54,438
Capital expenditures:
Americas	$	3,391		$	1,730		$	8,243		$	5,348
Europe	4,361			4,273			10,977			15,589
Total	$	7,752		$	6,003		$	19,220		$	20,937

	As of
	October 31, 2014		January 31, 2014
	(In thousands)
Identifiable assets:
Americas	$	2,193,403	$	1,984,895
Europe	4,471,838		5,184,771
Total	$	6,665,241	$	7,169,666
Long-lived assets:
Americas(1)	$	22,508	$	28,091
Europe	43,595		49,540
Total	$	66,103	$	77,631
Goodwill & acquisition-related intangible assets, net:
Americas	$	8,979	$	8,936
Europe	344,350		386,919
Total	$	353,329	$	395,855

(1) Net sales to unaffiliated customers in the United States represented 86% and 87%, respectively, of the total Americas' net sales to unaffiliated customers for the three months ended October 31, 2014 and 2013. Net sales to unaffiliated customers in the United States represented 86% of the total Americas' net sales to unaffiliated customers for each of the nine months ended October 31, 2014 and 2013. Total long-lived assets in the United States represented 87% and 90% of the Americas' total long-lived assets at October 31, 2014 and January 31, 2014, respectively.

(2) Operating income in the Americas for the three months ended October 31, 2014 and 2013 includes restatement and remediation related expenses of $0.9 million and $3.3 million, respectively, and LCD settlements of $5.1 million and $22.9 million, respectively. Operating income in the Americas for the nine months ended October 31, 2014 and 2013 includes restatement and remediation related expenses of $3.9 million and $8.1 million, respectively, and LCD settlements of $5.1 million and $22.9 million, respectively.

(3) Operating income in Europe for the three months ended October 31, 2014 and 2013 includes restatement and remediation related expenses of $1.2 million and $11.6 million, respectively. Operating income in Europe for the nine months ended October 31, 2014 and 2013 includes restatement and remediation related expenses of $15.7 million and $20.9 million, respectively.

(4) Operating income in Europe for the nine months ended October 31, 2014 includes a decrease in an accrual for a value added tax assessment of $6.2 million in one of the Company's subsidiaries in Spain.

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Business And Summary Of Significant Accounting Policies (Policy)

9 Months Ended

Oct. 31, 2014

Accounting Policies [Abstract]

Gain (Loss) Related to Litigation Settlement [Policy Text Block]

LCD Settlements

The Company has been a claimant in proceedings seeking damages from certain manufacturers of LCD flat panel displays. During the three months ended October 31, 2014 and 2013 the Company reached settlement agreements with certain manufacturers in the amount of $5.1 million and $22.9 million, respectively, net of all attorney fees and expenses, which are recorded in "LCD settlements" in the Consolidated Statement of Income.

Nature of Operations [Text Block]

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.

Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Description of Business

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

Principles of Consolidation

The consolidated financial statements include the accounts of Tech Data and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company operates on a fiscal year that ends on January 31.

Basis of Presentation

The consolidated financial statements have been prepared by the Company, without audit, pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). The Company prepares its financial statements in conformity with generally accepted accounting principles in the United States (“GAAP”). These principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the consolidated financial position of the Company as of October 31, 2014, its consolidated statements of income and comprehensive income for the three and nine months ended October 31, 2014 and 2013, and its consolidated cash flows for the nine months ended October 31, 2014 and 2013.

Seasonality

The Company’s quarterly operating results have fluctuated significantly in the past and will likely continue to do so in the future as a result of currency fluctuations and seasonal variations in the demand for the products and services offered. Narrow operating margins may magnify the impact of these factors on the Company's operating results. Recent historical seasonal variations have included an increase in European demand during the Company’s fiscal fourth quarter and decreased demand in other fiscal quarters. Given that the majority of the Company’s revenues are derived from Europe, the worldwide results closely follow the seasonality trends in Europe. The seasonal trend in Europe typically results in greater operating leverage, and therefore, lower selling, general and administrative expenses as a percentage of net sales in the region and on a consolidated basis during the second semester of the Company's fiscal year, particularly in the Company's fourth quarter. Additionally, the life cycles of major products, as well as the impact of future acquisitions and dispositions, may also materially impact the Company’s business, financial condition, or consolidated results of operations. Therefore, the results of operations for the three and nine months ended October 31, 2014 and 2013 are not necessarily indicative of the results that can be expected for the entire fiscal year ended January 31, 2015.

Restatement and remediation related expenses

Restatement and remediation related expenses primarily include legal, accounting and third party consulting fees associated with (i) the restatement of certain of the Company's consolidated financial statements and other financial information from fiscal 2009 to fiscal 2013, (ii) the Audit Committee investigation to review the Company's accounting practices, (iii) incremental external audit and supplemental procedures by the Company in connection with the preparation of its financial statements, and (iv) other incremental legal, accounting and consulting fees incurred as a result of the Company's restatement-related investigation or in conjunction with the Company's remediation of material weaknesses and other control deficiencies identified during the restatement. The Company incurred restatement and remediation related expenses of approximately $2.1 million and $15.0 million, respectively, during the three months ended October 31, 2014 and 2013 and $19.7 million and $29.0 million, respectively, during the nine months ended October 31, 2014 and 2013, which are recorded in “restatement and remediation related expenses” in the Consolidated Statement of Income.

LCD Settlements

The Company has been a claimant in proceedings seeking damages from certain manufacturers of LCD flat panel displays. During the three months ended October 31, 2014 and 2013 the Company reached settlement agreements with certain manufacturers in the amount of $5.1 million and $22.9 million, respectively, net of all attorney fees and expenses, which are recorded in "LCD settlements" in the Consolidated Statement of Income.

Accounts Receivable Purchase Agreements

The Company has uncommitted accounts receivable purchase agreements under which certain accounts receivable may be sold, without recourse, to third-party financial institutions. Under these programs, the Company may sell certain accounts receivable in exchange for cash less a discount, as defined in the agreements. Available capacity under these programs, which the Company uses as a source of working capital funding, is dependent on the level of accounts receivable eligible to be sold into these programs and the financial institutions' willingness to purchase such receivables. In addition, certain of these agreements also require that the Company continue to service, administer and collect the sold accounts receivable. At October 31, 2014 and January 31, 2014, the Company had a total of $333.3 million and $263.7 million, respectively, of accounts receivable sold to and held by financial institutions under these agreements. During the three months ended October 31, 2014 and 2013, discount fees recorded under these facilities were $0.7 million and $0.6 million, respectively, and during the nine months ended October 31, 2014 and 2013, discount fees recorded under these facilities were $3.4 million and $2.0 million, respectively. These discount fees are included as a component of "other (income) expense, net" in the Consolidated Statement of Income.

Recently Adopted Accounting Standards

In March 2013, the Financial Accounting Standards Board ("FASB") issued an accounting standard which clarifies the accounting for the derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. The guidance also requires the accounting for a business combination achieved in stages involving a foreign entity to be treated as a single event. The accounting standard was effective for the Company beginning with the quarter ended April 30, 2014 and is to be applied prospectively to derecognition events occurring after the effective date. The Company will apply the provisions of this accounting standard to all transactions described above prospectively from the date of adoption.

In April 2014, the FASB issued an accounting standard which modifies the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity's operations and financial results. This update also requires additional financial statement disclosures about discontinued operations, as well as disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation. The Company has early adopted this standard and will apply the provisions of this accounting standard to all transactions described above prospectively.

Recently Issued Accounting Standards

In May 2014, the FASB issued an accounting standard which will supersede all existing revenue recognition guidance under current GAAP. The new standard requires the recognition of revenue to depict the transfer of promised goods or services to customers while exercising extensive judgment and use of estimates. The accounting standard is effective for the Company beginning with the quarter ending April 30, 2017 and may be adopted using either a full retrospective or a modified retrospective approach. The Company is currently in the process of assessing what impact this new standard may have on its consolidated financial position and results of operations.

Principles Of Consolidation

Principles of Consolidation

The consolidated financial statements include the accounts of Tech Data and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company operates on a fiscal year that ends on January 31.

Basis Of Presentation

Basis of Presentation

The consolidated financial statements have been prepared by the Company, without audit, pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). The Company prepares its financial statements in conformity with generally accepted accounting principles in the United States (“GAAP”). These principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the consolidated financial position of the Company as of October 31, 2014, its consolidated statements of income and comprehensive income for the three and nine months ended October 31, 2014 and 2013, and its consolidated cash flows for the nine months ended October 31, 2014 and 2013.

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, the Company may sell certain accounts receivable in exchange for cash less a discount, as defined in the agreements. Available capacity under these programs, which the Company uses as a source of working capital funding, is dependent on the level of accounts receivable eligible to be sold into these programs and the financial institutions' willingness to purchase such receivables. In addition, certain of these agreements also require that the Company continue to service, administer and collect the sold accounts receivable. At October 31, 2014 and January 31, 2014, the Company had a total of $333.3 million and $263.7 million, respectively, of accounts receivable sold to and held by financial institutions under these agreements. During the three months ended October 31, 2014 and 2013, discount fees recorded under these facilities were $0.7 million and $0.6 million, respectively, and during the nine months ended October 31, 2014 and 2013, discount fees recorded under these facilities were $3.4 million and $2.0 million, respectively. These discount fees are included as a component of "other (income) expense, net" in the 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. Given that the majority of the Company’s revenues are derived from Europe, the worldwide results closely follow the seasonality trends in Europe. The seasonal trend in Europe typically results in greater operating leverage, and therefore, lower selling, general and administrative expenses as a percentage of net sales in the region and on a consolidated basis during the second semester of the Company's fiscal year, particularly in the Company's fourth quarter. Additionally, the life cycles of major products, as well as the impact of future acquisitions and dispositions, may also materially impact the Company’s business, financial condition, or consolidated results of operations. Therefore, the results of operations for the three and nine months ended October 31, 2014 and 2013 are not necessarily indicative of the results that can be expected for the entire fiscal year ended January 31, 2015.

Recently Adopted Accounting Standards

Recently Adopted Accounting Standards

In March 2013, the Financial Accounting Standards Board ("FASB") issued an accounting standard which clarifies the accounting for the derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. The guidance also requires the accounting for a business combination achieved in stages involving a foreign entity to be treated as a single event. The accounting standard was effective for the Company beginning with the quarter ended April 30, 2014 and is to be applied prospectively to derecognition events occurring after the effective date. The Company will apply the provisions of this accounting standard to all transactions described above prospectively from the date of adoption.

In April 2014, the FASB issued an accounting standard which modifies the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity's operations and financial results. This update also requires additional financial statement disclosures about discontinued operations, as well as disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation. The Company has early adopted this standard and will apply the provisions of this accounting standard to all transactions described above prospectively.

Recently Issued Accounting Standards

In May 2014, the FASB issued an accounting standard which will supersede all existing revenue recognition guidance under current GAAP. The new standard requires the recognition of revenue to depict the transfer of promised goods or services to customers while exercising extensive judgment and use of estimates. The accounting standard is effective for the Company beginning with the quarter ending April 30, 2017 and may be adopted using either a full retrospective or a modified retrospective approach. The Company is currently in the process of assessing what impact this new standard may have on its consolidated financial position and results of operations.

Operating Expenses Restatement and Remediation Related [Policy Text Block]

Restatement and remediation related expenses

Restatement and remediation related expenses primarily include legal, accounting and third party consulting fees associated with (i) the restatement of certain of the Company's consolidated financial statements and other financial information from fiscal 2009 to fiscal 2013, (ii) the Audit Committee investigation to review the Company's accounting practices, (iii) incremental external audit and supplemental procedures by the Company in connection with the preparation of its financial statements, and (iv) other incremental legal, accounting and consulting fees incurred as a result of the Company's restatement-related investigation or in conjunction with the Company's remediation of material weaknesses and other control deficiencies identified during the restatement. The Company incurred restatement and remediation related expenses of approximately $2.1 million and $15.0 million, respectively, during the three months ended October 31, 2014 and 2013 and $19.7 million and $29.0 million, respectively, during the nine months ended October 31, 2014 and 2013, which are recorded in “restatement and remediation related expenses” in the Consolidated Statement of Income.

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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, 2014		Oct. 31, 2013		Oct. 31, 2014		Oct. 31, 2013		Jan. 31, 2014
Segment Reporting Information [Line Items]
Net sales	$ 6,761,181		$ 6,373,564		$ 20,331,141		$ 18,848,797
Operating Income (Loss)	66,745		63,880		165,951		129,770
Stock-based compensation expense	(3,856)		(1,631)		(9,698)		(6,949)
Depreciation and amortization:	16,762		18,363		52,691		54,438
Capital expenditures	7,752		6,003		19,220		20,937
Identifiable assets	6,665,241				6,665,241				7,169,666
Long-lived assets	66,103				66,103				77,631
Goodwill and acquisition-related intangible assets, net	353,329				353,329				395,855
Operating Expenses, Restatement and Remediation Related	2,064		14,979		19,678		28,965
Gain (Loss) Related to Litigation Settlement	5,059		22,914		5,059		22,914
Loss Contingency Accrual, Period Increase (Decrease)	0		0		(6,229)		0
Americas [Member]
Segment Reporting Information [Line Items]
Net sales	2,644,085	[1]	2,571,750	[1]	7,842,547	[1]	7,489,078	[1]
Operating Income (Loss)	42,194	[2]	53,297	[2]	107,331	[2]	112,516	[2]
Depreciation and amortization:	4,224		4,067		12,530		12,564
Capital expenditures	3,391		1,730		8,243		5,348
Identifiable assets	2,193,403				2,193,403				1,984,895
Long-lived assets	22,508	[1]			22,508	[1]			28,091	[1]
Goodwill and acquisition-related intangible assets, net	8,979				8,979				8,936
Sales to unaffiliated customers, as percentage of total sales	86.00%		87.00%		86.00%		86.00%
Long-lived assets, as percentage of total assets	87.00%				87.00%				90.00%
Operating Expenses, Restatement and Remediation Related	877		3,331		3,933		8,097
Gain (Loss) Related to Litigation Settlement	5,100		22,900		5,100		22,900
Europe
Segment Reporting Information [Line Items]
Net sales	4,117,096		3,801,814		12,488,594		11,359,719
Operating Income (Loss)	28,407	[3],[4]	12,214	[3]	68,318	[3],[4]	24,203	[3]
Depreciation and amortization:	12,538		14,296		40,161		41,874
Capital expenditures	4,361		4,273		10,977		15,589
Identifiable assets	4,471,838				4,471,838				5,184,771
Long-lived assets	43,595				43,595				49,540
Goodwill and acquisition-related intangible assets, net	344,350				344,350				386,919
Operating Expenses, Restatement and Remediation Related	1,187		11,648		15,741		20,868
Loss Contingency Accrual, Period Increase (Decrease)	$ 6,200

[1] Net sales to unaffiliated customers in the United States represented 86% and 87%, respectively, of the total Americas' net sales to unaffiliated customers for the three months ended October 31, 2014 and 2013. Net sales to unaffiliated customers in the United States represented 86% of the total Americas' net sales to unaffiliated customers for each of the nine months ended October 31, 2014 and 2013. Total long-lived assets in the United States represented 87% and 90% of the Americas' total long-lived assets at October 31, 2014 and January 31, 2014, respectively.

[2] Operating income in the Americas for the three months ended October 31, 2014 and 2013 includes restatement and remediation related expenses of $0.9 million and $3.3 million, respectively, and LCD settlements of $5.1 million and $22.9 million, respectively. Operating income in the Americas for the nine months ended October 31, 2014 and 2013 includes restatement and remediation related expenses of $3.9 million and $8.1 million, respectively, and LCD settlements of $5.1 million and $22.9 million, respectively.

[3] Operating income in Europe for the three months ended October 31, 2014 and 2013 includes restatement and remediation related expenses of $1.2 million and $11.6 million, respectively. Operating income in Europe for the nine months ended October 31, 2014 and 2013 includes restatement and remediation related expenses of $15.7 million and $20.9 million, respectively.

[4] Operating income in Europe for the nine months ended October 31, 2014 includes a decrease in an accrual for a value added tax assessment of $6.2 million in one of the Company's subsidiaries in Spain.

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Segment Information (Tables)

9 Months Ended

Oct. 31, 2014

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,
	2014			2013			2014			2013
	(In thousands)						(In thousands)
Net sales to unaffiliated customers:
Americas (1)	$	2,644,085		$	2,571,750		$	7,842,547		$	7,489,078
Europe	4,117,096			3,801,814			12,488,594			11,359,719
Total	$	6,761,181		$	6,373,564		$	20,331,141		$	18,848,797
Operating income:
Americas (2)	$	42,194		$	53,297		$	107,331		$	112,516
Europe (3) (4)	28,407			12,214			68,318			24,203
Stock-based compensation expense	(3,856		)	(1,631		)	(9,698		)	(6,949		)
Total	$	66,745		$	63,880		$	165,951		$	129,770
Depreciation and amortization:
Americas	$	4,224		$	4,067		$	12,530		$	12,564
Europe	12,538			14,296			40,161			41,874
Total	$	16,762		$	18,363		$	52,691		$	54,438
Capital expenditures:
Americas	$	3,391		$	1,730		$	8,243		$	5,348
Europe	4,361			4,273			10,977			15,589
Total	$	7,752		$	6,003		$	19,220		$	20,937

	As of
	October 31, 2014		January 31, 2014
	(In thousands)
Identifiable assets:
Americas	$	2,193,403	$	1,984,895
Europe	4,471,838		5,184,771
Total	$	6,665,241	$	7,169,666
Long-lived assets:
Americas(1)	$	22,508	$	28,091
Europe	43,595		49,540
Total	$	66,103	$	77,631
Goodwill & acquisition-related intangible assets, net:
Americas	$	8,979	$	8,936
Europe	344,350		386,919
Total	$	353,329	$	395,855

(1) Net sales to unaffiliated customers in the United States represented 86% and 87%, respectively, of the total Americas' net sales to unaffiliated customers for the three months ended October 31, 2014 and 2013. Net sales to unaffiliated customers in the United States represented 86% of the total Americas' net sales to unaffiliated customers for each of the nine months ended October 31, 2014 and 2013. Total long-lived assets in the United States represented 87% and 90% of the Americas' total long-lived assets at October 31, 2014 and January 31, 2014, respectively.

(2) Operating income in the Americas for the three months ended October 31, 2014 and 2013 includes restatement and remediation related expenses of $0.9 million and $3.3 million, respectively, and LCD settlements of $5.1 million and $22.9 million, respectively. Operating income in the Americas for the nine months ended October 31, 2014 and 2013 includes restatement and remediation related expenses of $3.9 million and $8.1 million, respectively, and LCD settlements of $5.1 million and $22.9 million, respectively.

(3) Operating income in Europe for the three months ended October 31, 2014 and 2013 includes restatement and remediation related expenses of $1.2 million and $11.6 million, respectively. Operating income in Europe for the nine months ended October 31, 2014 and 2013 includes restatement and remediation related expenses of $15.7 million and $20.9 million, respectively.

(4) Operating income in Europe for the nine months ended October 31, 2014 includes a decrease in an accrual for a value added tax assessment of $6.2 million in one of the Company's subsidiaries in Spain.

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Debt (Other Facilities) (Narrative) (Details) (USD $)	Oct. 31, 2014	Jan. 31, 2014	Sep. 30, 2012
Debt Instrument [Line Items]
US trade receivables	$ 3,064,553,000	$ 3,215,729,000
Long-term Line of Credit	45,900,000
Standby Letters Of Credit	77,000,000
Receivables Securitization Program [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	400,000,000.0
US trade receivables	705,900,000	623,000,000
Long-term Line of Credit	0	0
Credit Agreement [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	500,000,000.0
Line Of Credit Facility Possible Future Increase To Maximum Borrowing Capacity	750,000,000.0
Long-term Line of Credit	0	0
Other Committed And Uncommitted Revolving Credit Facilities Expiring on Various Dates Through Fiscal Two Thousand and Seventeen [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	384,200,000
Debt, Weighted Average Interest Rate	5.14%	6.15%
Long-term Line of Credit	45,900,000	42,900,000
Other Committed And Uncommitted Revolving Credit Facilities Expiring on Various Dates Through Fiscal Two Thousand and Seventeen [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	5.14%	6.15%
Line of Credit Facility, Current Borrowing Capacity	966,100,000
Long-term Line of Credit	$ 45,926,000	$ 42,914,000
Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.75%	3.75%	3.75%

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Consolidated Statement Of Comprehensive Income (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Oct. 31, 2014	Oct. 31, 2013	Oct. 31, 2014	Oct. 31, 2013
Statement of Comprehensive Income [Abstract]
Net income	$ 41,700	$ 37,716	$ 94,495	$ 70,171
Other comprehensive income [Abstract]
Foreign currency translation adjustment	(112,792)	51,408	(113,727)	1,843
Total comprehensive (loss) income	$ (71,092)	$ 89,124	$ (19,232)	$ 72,014

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Stock Based Compensation

9 Months Ended

Oct. 31, 2014

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

Stock Based Compensation

STOCK-BASED COMPENSATION

For the nine months ended October 31, 2014 and 2013, the Company recorded $9.7 million and $6.9 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, 2014, the Company had awards outstanding from two equity-based compensation plans, only one of which is currently active. The active plan was initially approved by the Company’s shareholders in June 2009 and includes 4.0 million shares available for grant of which approximately 2.6 million shares remain available for future grant at October 31, 2014. Under the active plan, the Company is authorized to award officers, employees, and non-employee members of the Board of Directors restricted stock, options to purchase common stock, maximum value stock-settled stock appreciation rights (“MV Stock-settled SARs”), maximum value options (“MVOs”), and performance awards that are dependent upon achievement of specified performance goals. Equity-based compensation awards have a maximum term of 10 years, unless a shorter period is specified by the Compensation Committee of the Board of Directors ("Compensation Committee") or is required under local law. Awards under the plans are priced as determined by the Compensation Committee, and under the terms of the Company’s active equity-based compensation plan, are required to be priced at, or above, the fair market value of the Company’s common stock on the date of grant. Awards generally vest between one and four years from the date of grant.

A summary of the Company’s restricted stock activity for the nine months ended October 31, 2014 is as follows:

	Shares
Outstanding at January 31, 2014	284,204
Granted	453,289
Vested	(154,423	)
Canceled	(27,570	)
Outstanding at October 31, 2014	555,500

A summary of the activity of the Company’s MV Stock-settled SARs, MVOs and stock options for the nine months ended October 31, 2014 is as follows:

	Shares
Outstanding at January 31, 2014	329,788
Exercised	(268,279	)
Outstanding at October 31, 2014	61,509

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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Debt (Components Of Debt) (Details) (USD $)	Oct. 31, 2014	Jan. 31, 2014	Sep. 30, 2012
Debt Instrument [Line Items]
Capital Lease Obligations	$ 4,862,000	$ 5,662,000
Less-current maturities (included as "Revolving credit loans and current portion of long-term debt, net")	(46,463,000)	(43,481,000)
Long-term debt, less current maturities	353,549,000	354,121,000
Long-term Line of Credit	45,900,000
Debt and Capital Lease Obligations	400,012,000	397,602,000
Senior Notes
Debt Instrument [Line Items]
Debt, face value	350,000,000	350,000,000	350,000,000
Debt Instrument, Unamortized Discount	776,000	974,000	1,300,000
Senior Notes	349,224,000	349,026,000
Other Committed And Uncommitted Revolving Credit Facilities Expiring on Various Dates Through Fiscal Two Thousand and Seventeen [Member]
Debt Instrument [Line Items]
Long-term Line of Credit	$ 45,926,000	$ 42,914,000

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Fair Value Of Financial Instruments Fair Value Measurements (Tables)

9 Months Ended

Oct. 31, 2014

Fair Value Disclosures [Abstract]

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

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

	October 31, 2014					January 31, 2014
	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		$	7,083				$	6,160
Liabilities
Foreign currency forward contracts		$	1,432				$	2,423
Acquisition-related contingent consideration				$	3,634				$	10,571