Segment Information (Notes)

3 Months Ended

Apr. 30, 2019

NOTE 11 — SEGMENT INFORMATION

The Company 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 three geographic segments: the Americas, Europe and Asia-Pacific. The Company does not consider stock-based compensation expense in assessing the performance of its operating segments, and therefore the Company excludes stock-based compensation expense from segment information. The accounting policies of the segments are the same as those described in Note 1 – Business and Summary of Significant Accounting Policies.

Financial information by geographic segment is as follows (in thousands):



	Three months ended April 30,
	2019			2018
Net sales:
Americas ⁽¹⁾	$	3,789,198		$	3,618,206
Europe	4,309,500			4,661,702
Asia-Pacific	307,726			268,411
Total	$	8,406,424		$	8,548,319

Operating income (loss):
Americas ⁽²⁾	$	68,633		$	61,342
Europe ⁽³⁾	36,420			17,318
Asia-Pacific	876			(577		)
Stock-based compensation expense	(8,305		)	(7,587		)
Total	$	97,624		$	70,496

Depreciation and amortization:
Americas	$	23,649		$	23,259
Europe	11,510			14,991
Asia-Pacific	2,098			2,231
Total	$	37,257		$	40,481

Capital expenditures:
Americas	$	8,272		$	4,379
Europe	6,127			3,717
Asia-Pacific	880			359
Total	$	15,279		$	8,455



As of:	April 30, 2019		January 31, 2019
Identifiable assets:
Americas	$	5,517,978	$	5,402,316
Europe	6,194,424		6,970,822
Asia-Pacific	599,347		613,414
Total	$	12,311,749	$	12,986,552

Long-lived assets:
Americas⁽¹⁾	$	215,504	$	217,863
Europe	51,481		52,162
Asia-Pacific	4,921		4,892
Total	$	271,906	$	274,917

Goodwill & acquisition-related intangible assets, net:
Americas	$	1,070,187	$	1,083,699
Europe	560,214		575,776
Asia-Pacific	58,582		60,154
Total	$	1,688,983	$	1,719,629


(1)	Net sales in the United States represented 88% and 87%, respectively, of the total Americas' net sales for the three months ended April 30, 2019 and 2018. Total long-lived assets in the United States represented 96% of the Americas' total long-lived assets at both April 30, 2019 and January 31, 2019.

(2)

Operating income in the Americas for the three months ended April 30, 2019 and 2018 includes acquisition, integration and restructuring expenses of $2.9 million and $13.9 million, respectively (see further discussion in Note 3 – Acquisition, Integration and Restructuring Expenses). Operating income in the Americas includes a gain related to legal settlements and other, net, of $0.3 million and $3.0 million for the three months ended April 30, 2019 and 2018 (see further discussion in Note 1 - Business and Summary of Significant Accounting Policies).

(3)

Operating income in Europe for the three months ended April 30, 2019 and 2018 includes acquisition, integration and restructuring expenses of $3.0 million and $18.0 million, respectively.