Segment Information (Notes)

3 Months Ended

Apr. 30, 2020

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,
	2020			2019
Net sales:
Americas ⁽¹⁾	$	3,944,760		$	3,789,198
Europe	3,971,130			4,309,500
Asia-Pacific	259,284			307,726
Total	$	8,175,174		$	8,406,424

Operating income (loss):
Americas ⁽²⁾	$	49,783		$	68,633
Europe	45,884			36,420
Asia-Pacific	(3,245		)	876
Stock-based compensation expense	(6,307		)	(8,305		)
Total	$	86,115		$	97,624

Depreciation and amortization:
Americas	$	28,213		$	23,649
Europe	11,992			11,510
Asia-Pacific	1,786			2,098
Total	$	41,991		$	37,257

Capital expenditures:
Americas	$	9,385		$	8,272
Europe	8,880			6,127
Asia-Pacific	1,275			880
Total	$	19,540		$	15,279



As of:	April 30, 2020		January 31, 2020
Identifiable assets:
Americas	$	5,494,992	$	6,147,771
Europe	6,391,331		6,518,761
Asia-Pacific	490,285		602,077
Total	$	12,376,608	$	13,268,609

Long-lived assets:
Americas⁽¹⁾	$	226,234	$	231,401
Europe	50,124		51,331
Asia-Pacific	4,378		4,418
Total	$	280,736	$	287,150

Goodwill & acquisition-related intangible assets, net:
Americas	$	1,321,621	$	1,339,375
Europe	517,584		541,102
Asia-Pacific	51,159		54,090
Total	$	1,890,364	$	1,934,567


(1)	Net sales in the United States represented 89% and 88%, respectively, of the total Americas' net sales for the three months ended April 30, 2020 and 2019. Total long-lived assets in the United States represented 97% and 96%, respectively, of the Americas' total long-lived assets at April 30, 2020 and January 31, 2020.

(2)

Operating income in the Americas for the three months ended April 30, 2020 and 2019 includes acquisition, integration and restructuring expenses of $17.0 million and $2.9 million, respectively (see further discussion in Note 4 – Acquisition, Integration and Restructuring Expenses).