TECH DATA CORP | 2013 | FY | 3

NOTE 16 — INTERIM FINANCIAL INFORMATION (UNAUDITED)

As discussed in greater detail in Note 2 - Restatement of Consolidated Financial Statements, the Company determined that it needed to restate its previously issued consolidated financial information for the quarterly periods ended April 30, 2012, July 31, 2012, October 31, 2012 and each of the quarterly periods in the fiscal year ended January 31, 2012 and the unaudited financial results for the quarterly period ended January 31, 2013 previously announced and filed in a Current Report on Form 8-K on March 4, 2013. The following tables summarize the effects of the restatement, a subsequent event unrelated to the restatement as discussed further in Note 14 - Commitments and Contingencies, and presentation reclassifications on our previously issued unaudited condensed consolidated financial statements:
 
Quarter ended 
AS RESTATED
April 30 
 
July 31 
 
October 31 
 
January 31 (1)(2)(3)
 
(In thousands, except per share amounts)
Fiscal year 2013:
 
 
 
 
 
 
 
Net sales
$
5,910,063

 
$
5,968,419

 
$
6,037,475

 
$
7,442,372

Gross profit
323,408

 
302,593

 
306,079

 
370,974

Operating income
82,458

 
60,311

 
63,595

 
57,356

Consolidated net income
56,012

 
38,527

 
44,060

 
44,441

Net income attributable to shareholders of Tech Data Corporation
$
54,178

 
$
34,699

 
$
42,937

 
$
44,441

Net income per share attributable to shareholders of Tech Data Corporation:
 
 
 
 
 
 
 
Basic
$
1.32

 
$
0.89

 
$
1.14

 
$
1.18

Diluted
$
1.30

 
$
0.89

 
$
1.13

 
$
1.17

 
 
 
 
 
 
 
 
 
Quarter ended 
AS RESTATED
April 30 
 
July 31 
 
October 31 
 
January 31 (4)
 
(In thousands, except per share amounts)
Fiscal year 2012:
 
 
 
 
 
 
 
Net sales
$
6,154,033

 
$
6,214,304

 
$
6,404,585

 
$
6,874,391

Gross profit
337,315

 
336,085

 
337,778

 
366,263

Operating income
77,552

 
73,138

 
83,252

 
70,604

Consolidated net income
51,585

 
46,995

 
53,506

 
49,116

Net income attributable to shareholders of Tech Data Corporation
$
51,566

 
$
45,346

 
$
49,862

 
$
43,976

Net income per share attributable to shareholders of Tech Data Corporation:
 
 
 
 
 
 
 
Basic
$
1.10

 
$
1.01

 
$
1.18

 
$
1.07

Diluted
$
1.09

 
$
0.99

 
$
1.17

 
$
1.05

 
 
 
 
 
 
 
 
(1)
Amounts presented for the fourth quarter of fiscal 2013 are not restated, however the amounts presented herein include adjustments to previously reported amounts furnished in a Current Report on Form 8-K filed on March 4, 2013.
(2)
During the fourth quarter of fiscal 2013, the Company recorded a $41.0 million increase in an accrual for various value added tax matters in one of the Company’s subsidiaries in Spain, which decreased earnings per diluted share by $0.89 for the quarter ended January 31, 2013 (see Note 14 - Commitments and Contingencies for further discussion).
(3)
During the fourth quarter of fiscal 2013, the Company recorded an income tax benefit of $25.1 million for the reversal of deferred tax valuation allowances related to a specific jurisdiction in Europe which had been recorded in prior fiscal years, which increased earnings per diluted share by $0.66 for the quarter ended January 31, 2013 (see further discussion in Note 9 - Income Taxes).
(4)
During the fourth quarter of fiscal 2012, the Company recorded a $28.3 million loss on disposal of subsidiaries related to the closure of the commercial operations in Brazil and Colombia, which decreased earnings per diluted share by $0.46 for the quarter ended January 31, 2012 (see also Note 7 - Loss on Disposal of Subsidiaries).



















Consolidated Statement of Income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter ended 
AS RESTATED
April 30 
 
July 31 
 
October 31 
 
January 31
 
(In thousands, except per share amounts)
Fiscal year 2013:
 
Net sales
$
5,910,063

 
$
5,968,419

 
$
6,037,475

 
$
7,442,372

Cost of products sold
5,586,655

 
5,665,826

 
5,731,396

 
7,071,398

Gross profit
323,408

 
302,593

 
306,079

 
370,974

Operating expenses:
 
 
 
 
 
 
 
Selling, general and administrative expense
240,950

 
242,282

 
242,484

 
284,156

Value added tax assessment
0

 
0

 
0

 
29,462

 
240,950

 
242,282

 
242,484

 
313,618

Operating income
82,458

 
60,311

 
63,595

 
57,356

Interest expense
3,069

 
3,422

 
4,359

 
19,276

Other expense, net
235

 
1,812

 
1,070

 
1,011

Income before income taxes
79,154

 
55,077

 
58,166

 
37,069

Provision for income taxes
23,142

 
16,550

 
14,106

 
(7,372
)
Consolidated net income
56,012

 
38,527

 
44,060

 
44,441

Net income attributable to noncontrolling interest
(1,834
)
 
(3,828
)
 
(1,123
)
 
0

Net income attributable to shareholders of
Tech Data Corporation
$
54,178

 
$
34,699

 
$
42,937

 
$
44,441

Net income per share attributable to shareholders of Tech Data Corporation:
 
 
 
 
 
 
 
Basic
$
1.32

 
$
0.89

 
$
1.14

 
$
1.18

Diluted
$
1.30

 
$
0.89

 
$
1.13

 
$
1.17


 
Quarter ended 
AS REPORTED
April 30 
 
July 31 
 
October 31 
 
January 31 (1)
 
(In thousands, except per share amounts)
Fiscal year 2013:
 
Net sales
$
5,895,561

 
$
5,961,500

 
$
6,040,556

 
$
7,463,400

Cost of products sold
5,575,344

 
5,660,256

 
5,732,295

 
7,083,520

Gross profit
320,217

 
301,244

 
308,261

 
379,880

Operating expenses:
 
 
 
 
 
 
 
Selling, general and administrative expense
239,324

 
241,988

 
238,715

 
286,350

Value added tax assessment
0

 
0

 
0

 
0

 
239,324

 
241,988

 
238,715

 
286,350

Operating income
80,893

 
59,256

 
69,546

 
93,530

Interest expense
3,069

 
3,422

 
4,359

 
7,691

Other expense, net
1,344

 
1,178

 
2,044

 
2,503

Income before income taxes
76,480

 
54,656

 
63,143

 
83,336

Provision for income taxes
22,954

 
16,370

 
16,122

 
794

Consolidated net income
53,526

 
38,286

 
47,021

 
82,542

Net income attributable to noncontrolling interest
(1,834
)
 
(3,828
)
 
(1,123
)
 
0

Net income attributable to shareholders of
Tech Data Corporation
$
51,692

 
$
34,458

 
$
45,898

 
$
82,542

Net income per share attributable to shareholders of Tech Data Corporation:
 
 
 
 
 
 
 
Basic
$
1.26

 
$
0.89

 
$
1.22

 
$
2.18

Diluted
$
1.24

 
$
0.88

 
$
1.21

 
$
2.17

 
Quarter ended 
ADJUSTMENTS (2)
April 30 
 
July 31 
 
October 31 
 
January 31 (3)
 
(In thousands, except per share amounts)
Fiscal year 2013:
 
Net sales
$
14,502

 
$
6,919

 
$
(3,081
)
 
$
(21,028
)
Cost of products sold
11,311

 
5,570

 
(899
)
 
(12,122
)
Gross profit
3,191

 
1,349

 
(2,182
)
 
(8,906
)
Operating expenses:
 
 
 
 
 
 
 
Selling, general and administrative expense
1,626

 
294

 
3,769

 
(2,194
)
Value added tax assessment
0

 
0

 
0

 
29,462

 
1,626

 
294

 
3,769

 
27,268

Operating income
1,565

 
1,055

 
(5,951
)
 
(36,174
)
Interest expense
0

 
0

 
0

 
11,585

Other expense, net
(1,109
)
 
634

 
(974
)
 
(1,492
)
Income before income taxes
2,674

 
421

 
(4,977
)
 
(46,267
)
Provision for income taxes
188

 
180

 
(2,016
)
 
(8,166
)
Consolidated net income
2,486

 
241

 
(2,961
)
 
(38,101
)
Net income attributable to noncontrolling interest
0

 
0

 
0

 
0

Net income attributable to shareholders of
Tech Data Corporation
$
2,486

 
$
241

 
$
(2,961
)
 
$
(38,101
)
Net income per share attributable to shareholders of Tech Data Corporation:
 
 
 
 
 
 
 
Basic
$
0.06

 
$
0.00

 
$
(0.08
)
 
$
(1.00
)
Diluted
$
0.06

 
$
0.01

 
$
(0.08
)
 
$
(1.00
)
(1)
As previously reported in Current Report on Form 8-K filed on March 4, 2013.
(2)
The adjustments are to correct errors previously discussed in Note 2 - Restatement of Consolidated Financial Statements.
(3)
Adjustments to previously reported amounts in Current Report on Form 8-K filed March 4, 2013 (see Note 2 - Restatement of Consolidated Financial Statements).

 
Quarter ended 
AS RESTATED
April 30 
 
July 31 
 
October 31 
 
January 31
 
(In thousands, except per share amounts)
Fiscal year 2012:
 
Net sales
$
6,154,033

 
$
6,214,304

 
$
6,404,585

 
$
6,874,391

Cost of products sold
5,816,718

 
5,878,219

 
6,066,807

 
6,508,128

Gross profit
337,315

 
336,085

 
337,778

 
366,263

Operating expenses:
 
 
 
 
 
 


Selling, general and administrative expense
259,763

 
262,947

 
254,526

 
267,365

Loss on disposal of subsidiaries
0

 
0

 
0

 
28,294

 
259,763

 
262,947

 
254,526

 
295,659

Operating income
77,552

 
73,138

 
83,252

 
70,604

Interest expense
8,675

 
8,089

 
8,378

 
6,235

Other expense (income), net
(1,298
)
 
958

 
1,868

 
(670
)
Income before income taxes
70,175

 
64,091

 
73,006

 
65,039

Provision for income taxes
18,590

 
17,096

 
19,500

 
15,923

Consolidated net income
51,585

 
46,995

 
53,506

 
49,116

Net income attributable to noncontrolling interest
(19
)
 
(1,649
)
 
(3,644
)
 
(5,140
)
Net income attributable to shareholders of
Tech Data Corporation
$
51,566

 
$
45,346

 
$
49,862

 
$
43,976

Net income per share attributable to shareholders of Tech Data Corporation:
 
 
 
 
 
 
 
Basic
$
1.10

 
$
1.01

 
$
1.18

 
$
1.07

Diluted
$
1.09

 
$
0.99

 
$
1.17

 
$
1.05


 
Quarter ended 
AS REPORTED
April 30 
 
July 31 
 
October 31 
 
January 31
 
(In thousands, except per share amounts)
Fiscal year 2012:
 
Net sales
$
6,332,128

 
$
6,449,461

 
$
6,593,983

 
$
7,112,552

Cost of products sold
5,998,666

 
6,108,623

 
6,249,236

 
6,737,608

Gross profit
333,462

 
340,838

 
344,747

 
374,944

Operating expenses:
 
 
 
 
 
 
 
Selling, general and administrative expense
257,779

 
262,063

 
255,178

 
262,819

Loss on disposal of subsidiaries
0

 
0

 
0

 
28,294

 
257,779

 
262,063

 
255,178

 
291,113

Operating income
75,683

 
78,775

 
89,569

 
83,831

Interest expense
8,641

 
8,089

 
8,378

 
6,235

Other expense (income), net
666

 
(212
)
 
428

 
311

Income before income taxes
66,376

 
70,898

 
80,763

 
77,285

Provision for income taxes
17,656

 
19,142

 
23,600

 
18,076

Consolidated net income
48,720

 
51,756

 
57,163

 
59,209

Net income attributable to noncontrolling interest
(19
)
 
(1,649
)
 
(3,644
)
 
(5,140
)
Net income attributable to shareholders of
Tech Data Corporation
$
48,701

 
$
50,107

 
$
53,519

 
$
54,069

Net income per share attributable to shareholders of Tech Data Corporation:
 
 
 
 
 
 
 
Basic
$
1.04

 
$
1.11

 
$
1.27

 
$
1.31

Diluted
$
1.03

 
$
1.10

 
$
1.26

 
$
1.29

 
Quarter ended 
ADJUSTMENTS (1)
April 30 
 
July 31 
 
October 31 
 
January 31
 
(In thousands, except per share amounts)
Fiscal year 2012:
 
Net sales
$
(178,095
)
 
$
(235,157
)
 
$
(189,398
)
 
$
(238,161
)
Cost of products sold
(181,948
)
 
(230,404
)
 
(182,429
)
 
(229,480
)
Gross profit
3,853

 
(4,753
)
 
(6,969
)
 
(8,681
)
Operating expenses:
 
 
 
 
 
 
 
Selling, general and administrative expense
1,984

 
884

 
(652
)
 
4,546

Loss on disposal of subsidiaries
0

 
0

 
0

 
0

 
1,984

 
884

 
(652
)
 
4,546

Operating income
1,869

 
(5,637
)
 
(6,317
)
 
(13,227
)
Interest expense
34

 
0

 
0

 
0

Other expense (income), net
(1,964
)
 
1,170

 
1,440

 
(981
)
Income before income taxes
3,799

 
(6,807
)
 
(7,757
)
 
(12,246
)
Provision for income taxes
934

 
(2,046
)
 
(4,100
)
 
(2,153
)
Consolidated net income
2,865

 
(4,761
)
 
(3,657
)
 
(10,093
)
Net income attributable to noncontrolling interest
0

 
0

 
0

 
0

Net income attributable to shareholders of
Tech Data Corporation
$
2,865

 
$
(4,761
)
 
$
(3,657
)
 
$
(10,093
)
Net income per share attributable to shareholders of Tech Data Corporation:
 
 
 
 
 
 
 
Basic
$
0.06

 
$
(0.10
)
 
$
(0.09
)
 
$
(0.24
)
Diluted
$
0.06

 
$
(0.11
)
 
$
(0.09
)
 
$
(0.24
)
(1)
The adjustments are to correct errors previously discussed in Note 2 - Restatement of Consolidated Financial Statements.

Consolidated Balance Sheet
 
 
 
 
 
 
 
 
As of
AS RESTATED
April 30 
 
July 31 
 
October 31 
 
January 31
 
(In thousands)
Fiscal year 2013:
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
Cash and cash equivalents
$
409,529

 
$
235,402

 
$
473,386

 
$
340,564

Accounts receivable
2,595,886

 
2,574,108

 
2,729,523

 
3,215,920

Inventories
2,067,543

 
1,946,033

 
2,100,482

 
2,254,510

Prepaid expenses and other assets
180,364

 
191,358

 
199,963

 
334,431

Total current assets
5,253,322

 
4,946,901

 
5,503,354

 
6,145,425

Property and equipment, net
89,093

 
82,770

 
83,373

 
84,395

Other assets, net
317,882

 
299,599

 
309,730

 
601,140

Total assets
$
5,660,297

 
$
5,329,270

 
$
5,896,457

 
$
6,830,960

 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
Accounts payable
$
2,998,673

 
$
2,924,397

 
$
3,123,351

 
$
3,657,251

Accrued expenses and other liabilities
471,216

 
429,744

 
458,493

 
620,167

Revolving credit loans and current maturities of long-term debt, net
30,933

 
37,912

 
65,848

 
167,522

Total current liabilities
3,500,822

 
3,392,053

 
3,647,692

 
4,444,940

Long-term debt, less current maturities
57,816

 
53,659

 
354,267

 
354,458

Other long-term liabilities
82,078

 
80,531

 
80,911

 
113,193

Total liabilities
3,640,716

 
3,526,243

 
4,082,870

 
4,912,591

 
 
 
 
 
 
 
 
Shareholders’ equity:
 
 
 
 
 
 
 
Common stock
89

 
89

 
89

 
89

Additional paid-in capital
754,300

 
756,008

 
673,489

 
680,715

Treasury stock, at cost
(766,558
)
 
(907,777
)
 
(907,533
)
 
(905,900
)
Retained earnings
1,691,281

 
1,725,980

 
1,768,917

 
1,813,358

Accumulated other comprehensive income
309,960

 
200,887

 
278,625

 
330,107

Equity attributable to shareholders of Tech Data Corporation
1,989,072

 
1,775,187

 
1,813,587

 
1,918,369

Noncontrolling interest
30,509

 
27,840

 
0
 
0
Total equity
2,019,581

 
1,803,027

 
1,813,587

 
1,918,369

Total liabilities and equity
$
5,660,297

 
$
5,329,270

 
$
5,896,457

 
$
6,830,960

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of
AS REPORTED
April 30 
 
July 31 
 
October 31 
 
January 31
 
(In thousands)
Fiscal year 2013:
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
Cash and cash equivalents
$
447,038

 
$
277,633

 
$
515,788

 
$
392,132

Accounts receivable
2,656,030

 
2,622,811

 
2,781,490

 
3,262,751

Inventories
1,949,279

 
1,819,233

 
2,025,424

 
2,132,760

Prepaid expenses and other assets
184,928

 
199,185

 
206,095

 
343,425

Total current assets
5,237,275

 
4,918,862

 
5,528,797

 
6,131,068

Property and equipment, net
88,246

 
81,953

 
83,049

 
84,220

Other assets, net
318,662

 
300,248

 
310,471

 
590,965

Total assets
$
5,644,183

 
$
5,301,063

 
$
5,922,317

 
$
6,806,253

 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
Accounts payable
$
2,952,182

 
$
2,862,684

 
$
3,111,391

 
$
3,603,038

Accrued expenses and other liabilities
483,060

 
444,899

 
469,171

 
588,766

Revolving credit loans and current maturities of long-term debt, net
30,933

 
37,913

 
65,848

 
164,341

Total current liabilities
3,466,175

 
3,345,496

 
3,646,410

 
4,356,145

Long-term debt, less current maturities
57,816

 
53,659

 
354,267

 
354,458

Other long-term liabilities
82,414

 
80,862

 
86,780

 
118,020

Total liabilities
3,606,405

 
3,480,017

 
4,087,457

 
4,828,623

 
 
 
 
 
 
 
 
Shareholders’ equity:
 
 
 
 
 
 
 
Common stock
89

 
89

 
89

 
89

Additional paid-in capital
750,878

 
752,763

 
670,346

 
677,682

Treasury stock, at cost
(766,558
)
 
(907,777
)
 
(907,533
)
 
(905,900
)
Retained earnings
1,711,459

 
1,745,917

 
1,791,815

 
1,874,357

Accumulated other comprehensive income
311,401

 
202,214

 
280,143

 
331,402

Equity attributable to shareholders of Tech Data Corporation
2,007,269

 
1,793,206

 
1,834,860

 
1,977,630

Noncontrolling interest
30,509

 
27,840

 
0
 
0
Total equity
2,037,778

 
1,821,046

 
1,834,860

 
1,977,630

Total liabilities and equity
$
5,644,183

 
$
5,301,063

 
$
5,922,317

 
$
6,806,253

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of
ADJUSTMENTS (1)
April 30 
 
July 31 
 
October 31 
 
January 31
 
(In thousands)
Fiscal year 2013:
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
Cash and cash equivalents
$
(37,509
)
 
$
(42,231
)
 
$
(42,402
)
 
$
(51,568
)
Accounts receivable
(60,144
)
 
(48,703
)
 
(51,967
)
 
(46,831
)
Inventories
118,264

 
126,800

 
75,058

 
121,750

Prepaid expenses and other assets
(4,564
)
 
(7,827
)
 
(6,132
)
 
(8,994
)
Total current assets
16,047

 
28,039

 
(25,443
)
 
14,357

Property and equipment, net
847

 
817

 
324

 
175

Other assets, net
(780
)
 
(649
)
 
(741
)
 
10,175

Total assets
$
16,114

 
$
28,207

 
$
(25,860
)
 
$
24,707

 

 

 

 

Current liabilities:

 

 

 

Accounts payable
$
46,491

 
$
61,713

 
$
11,960

 
$
54,213

Accrued expenses and other liabilities
(11,844
)
 
(15,155
)
 
(10,678
)
 
31,401

Revolving credit loans and current maturities of long-term debt, net
0

 
(1
)
 
0

 
3,181

Total current liabilities
34,647

 
46,557

 
1,282

 
88,795

Long-term debt, less current maturities
0

 
0

 
0

 
0

Other long-term liabilities
(336
)
 
(331
)
 
(5,869
)
 
(4,827
)
Total liabilities
34,311

 
46,226

 
(4,587
)
 
83,968

 

 

 

 

Shareholders’ equity:

 

 

 

Common stock
0

 
0

 
0

 
0

Additional paid-in capital
3,422

 
3,245

 
3,143

 
3,033

Treasury stock, at cost
0

 
0

 
0

 
0

Retained earnings
(20,178
)
 
(19,937
)
 
(22,898
)
 
(60,999
)
Accumulated other comprehensive income
(1,441
)
 
(1,327
)
 
(1,518
)
 
(1,295
)
Equity attributable to shareholders of Tech Data Corporation
(18,197
)
 
(18,019
)
 
(21,273
)
 
(59,261
)
Noncontrolling interest
0

 
0

 
0

 
0

Total equity
(18,197
)
 
(18,019
)
 
(21,273
)
 
(59,261
)
Total liabilities and equity
$
16,114

 
$
28,207

 
$
(25,860
)
 
$
24,707

(1)
The adjustments are to correct errors previously discussed in Note 2 - Restatement of Consolidated Financial Statements.


 
As of
AS RESTATED
April 30 
 
July 31 
 
October 31 
 
January 31
 
(In thousands)
Fiscal year 2012:
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
Cash and cash equivalents
$
652,315

 
$
791,557

 
$
796,895

 
$
486,262

Accounts receivable
2,863,654

 
2,750,223

 
2,863,609

 
2,778,641

Inventories
2,439,798

 
2,085,967

 
2,098,746

 
1,932,289

Prepaid expenses and other assets
206,074

 
192,681

 
207,351

 
197,308

Total current assets
6,161,841

 
5,820,428

 
5,966,601

 
5,394,500

Property and equipment, net
96,045

 
91,330

 
88,178

 
88,881

Other assets, net
293,053

 
287,816

 
317,443

 
312,887

Total assets
$
6,550,939

 
$
6,199,574

 
$
6,372,222

 
$
5,796,268

 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
Accounts payable
$
3,179,558

 
$
3,005,199

 
$
3,279,802

 
$
3,091,611

Accrued expenses and other liabilities
528,053

 
494,456

 
508,790

 
533,835

Revolving credit loans and current maturities of long-term debt, net
418,444

 
424,320

 
411,909

 
48,490

Total current liabilities
4,126,055

 
3,923,975

 
4,200,501

 
3,673,936

Long-term debt, less current maturities
64,889

 
62,810

 
61,223

 
57,253

Other long-term liabilities
67,847

 
63,796

 
76,809

 
82,950

Total liabilities
4,258,791

 
4,050,581

 
4,338,533

 
3,814,139

 
 
 
 
 
 
 
 
Shareholders’ equity:
 
 
 
 
 
 
 
Common stock
89

 
89

 
89

 
89

Additional paid-in capital
764,574

 
765,055

 
767,933

 
773,087

Treasury stock, at cost
(486,330
)
 
(632,154
)
 
(728,600
)
 
(739,614
)
Retained earnings
1,497,919

 
1,543,265

 
1,593,127

 
1,637,103

Accumulated other comprehensive income
489,962

 
445,928

 
371,476

 
283,139

Equity attributable to shareholders of Tech Data Corporation
2,266,214

 
2,122,183

 
2,004,025

 
1,953,804

Noncontrolling interest
25,934

 
26,810

 
29,664

 
28,325

Total equity
2,292,148

 
2,148,993

 
2,033,689

 
1,982,129

Total liabilities and equity
$
6,550,939

 
$
6,199,574

 
$
6,372,222

 
$
5,796,268

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of
AS REPORTED
April 30 
 
July 31 
 
October 31 
 
January 31
 
(In thousands)
Fiscal year 2012:
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
Cash and cash equivalents
$
807,554

 
$
905,138

 
$
899,666

 
$
505,178

Accounts receivable
2,916,549

 
2,833,724

 
2,928,041

 
2,871,243

Inventories
2,271,537

 
1,878,911

 
1,961,299

 
1,802,976

Prepaid expenses and other assets
210,514

 
198,006

 
213,952

 
202,505

Total current assets
6,206,154

 
5,815,779

 
6,002,958

 
5,381,902

Property and equipment, net
95,955

 
91,242

 
88,092

 
88,595

Other assets, net
295,378

 
290,045

 
319,583

 
314,921

Total assets
$
6,597,487

 
$
6,197,066

 
$
6,410,633

 
$
5,785,418

 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
Accounts payable
$
3,211,201

 
$
2,985,230

 
$
3,295,867

 
$
3,042,809

Accrued expenses and other liabilities
539,169

 
503,413

 
520,751

 
551,280

Revolving credit loans and current maturities of long-term debt, net
418,444

 
424,320

 
411,909

 
48,490

Total current liabilities
4,168,814

 
3,912,963

 
4,228,527

 
3,642,579

Long-term debt, less current maturities
64,889

 
62,810

 
61,223

 
57,253

Other long-term liabilities
69,368

 
65,315

 
76,864

 
83,438

Total liabilities
4,303,071

 
4,041,088

 
4,366,614

 
3,783,270

 
 
 
 
 
 
 
 
Shareholders’ equity:
 
 
 
 
 
 
 
Common stock
89

 
89

 
89

 
89

Additional paid-in capital
762,873

 
763,025

 
765,525

 
769,826

Treasury stock, at cost
(486,330
)
 
(632,154
)
 
(728,600
)
 
(739,614
)
Retained earnings
1,502,072

 
1,552,179

 
1,605,698

 
1,659,767

Accumulated other comprehensive income
489,778

 
446,029

 
371,643

 
283,755

Equity attributable to shareholders of Tech Data Corporation
2,268,482

 
2,129,168

 
2,014,355

 
1,973,823

Noncontrolling interest
25,934

 
26,810

 
29,664

 
28,325

Total equity
2,294,416

 
2,155,978

 
2,044,019

 
2,002,148

Total liabilities and equity
$
6,597,487

 
$
6,197,066

 
$
6,410,633

 
$
5,785,418

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of
ADJUSTMENTS (1)
April 30 
 
July 31 
 
October 31 
 
January 31
 
(In thousands)
Fiscal year 2012:
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
Cash and cash equivalents
$
(155,239
)
 
$
(113,581
)
 
$
(102,771
)
 
$
(18,916
)
Accounts receivable
(52,895
)
 
(83,501
)
 
(64,432
)
 
(92,602
)
Inventories
168,261

 
207,056

 
137,447

 
129,313

Prepaid expenses and other assets
(4,440
)
 
(5,325
)
 
(6,601
)
 
(5,197
)
Total current assets
(44,313
)
 
4,649

 
(36,357
)
 
12,598

Property and equipment, net
90

 
88

 
86

 
286

Other assets, net
(2,325
)
 
(2,229
)
 
(2,140
)
 
(2,034
)
Total assets
$
(46,548
)
 
$
2,508

 
$
(38,411
)
 
$
10,850

 

 

 

 

Current liabilities:

 

 

 

Accounts payable
$
(31,643
)
 
$
19,969

 
$
(16,065
)
 
$
48,802

Accrued expenses and other liabilities
(11,116
)
 
(8,957
)
 
(11,961
)
 
(17,445
)
Revolving credit loans and current maturities of long-term debt, net
0

 
0

 
0

 
0

Total current liabilities
(42,759
)
 
11,012

 
(28,026
)
 
31,357

Long-term debt, less current maturities
0

 
0

 
0

 
0

Other long-term liabilities
(1,521
)
 
(1,519
)
 
(55
)
 
(488
)
Total liabilities
(44,280
)
 
9,493

 
(28,081
)
 
30,869

 

 

 

 

Shareholders’ equity:

 

 

 

Common stock
0

 
0

 
0

 
0

Additional paid-in capital
1,701

 
2,030

 
2,408

 
3,261

Treasury stock, at cost
0

 
0

 
0

 
0

Retained earnings
(4,153
)
 
(8,914
)
 
(12,571
)
 
(22,664
)
Accumulated other comprehensive income
184

 
(101
)
 
(167
)
 
(616
)
Equity attributable to shareholders of Tech Data Corporation
(2,268
)
 
(6,985
)
 
(10,330
)
 
(20,019
)
Noncontrolling interest
0

 
0

 
0

 
0

Total equity
(2,268
)
 
(6,985
)
 
(10,330
)
 
(20,019
)
Total liabilities and equity
$
(46,548
)
 
$
2,508

 
$
(38,411
)
 
$
10,850


(1)
The adjustments are to correct errors previously discussed in Note 2 - Restatement of Consolidated Financial Statements.

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