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Interim Financial Information (Unaudited)
 12 Months Ended
Jan. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
Interim Financial Information
NOTE 15 — INTERIM FINANCIAL INFORMATION (UNAUDITED)
Interim financial information for fiscal years 2017 and 2016 is as follows (in thousands, except per share amounts):
Fiscal year 2017:
 
 
 
 
 
 
 
Quarter ended:
April 30 (1)
 
July 31 (1)(2)
 
October 31 (2)
 
January 31 (2)(3)
Net sales
$
5,963,362

 
$
6,353,739

 
$
6,490,265

 
$
7,427,510

Gross profit
298,611

 
316,450

 
315,839

 
371,027

Operating income
52,558

 
73,355

 
62,872

 
103,117

Net income
$
33,373

 
$
46,394

 
$
36,506

 
$
78,822

 
 
 
 
 
 
 
 
Earnings per share:
 
 
 
 
 
 
 
Basic
$
0.95

 
$
1.32

 
$
1.04

 
$
2.24

Diluted
$
0.94

 
$
1.31

 
$
1.03

 
$
2.22

Fiscal year 2016:
 
 
 
 
 
 
 
Quarter ended:
April 30 (4)
 
July 31 (4)(5)
 
October 31 (4)
 
January 31 (4)(5)
Net sales
$
5,887,229

 
$
6,580,393

 
$
6,428,540

 
$
7,483,621

Gross profit
291,889

 
325,279

 
314,844

 
354,649

Operating income
81,938

 
106,235

 
68,053

 
145,202

Net income
$
51,277

 
$
76,412

 
$
41,900

 
$
96,147

 
 
 
 
 
 
 
 
Earnings per share:
 
 
 
 
 
 
 
Basic
$
1.39

 
$
2.09

 
$
1.19

 
$
2.74

Diluted
$
1.38

 
$
2.09

 
$
1.18

 
$
2.72


(1)
During the first and second quarters of fiscal 2017, the Company recorded a gain of $0.4 million and $3.7 million, respectively, in LCD settlements and other, net (see further discussion in Note 1 - Business and Summary of Significant Accounting Policies).
(2)
During the second, third and fourth quarters of fiscal 2017, the Company recorded $2.0 million, $13.0 million and $14.0 million of acquisition and integration expenses, respectively (see further discussion in Note 5 - Acquisitions).
(3)
The Company recorded an income tax benefit of $12.5 million in the fourth quarter of fiscal 2017 primarily related to the reversal of deferred tax valuation allowances in certain jurisdictions in Europe.
(4)
During the first, second, third and fourth quarters of fiscal 2016, the Company recorded a gain of $38.5 million, $21.5 million, $3.0 million and $35.4 million, respectively, in LCD Settlements and other, net (see further discussion in Note 1 – Business and Summary of Significant Accounting Policies).
(5)
The Company recorded a net benefit of $9.6 million in the second quarter and an expense of $0.8 million in the fourth quarter of fiscal 2016 related to various VAT matters in two European subsidiaries (see further discussion in Note 13 – Commitments and Contingencies).