Audit Information |
12 Months Ended |
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Nov. 30, 2024 | |
Audit Information [Abstract] | |
Auditor Name | KPMG LLP |
Auditor Location | Tampa, FL |
Auditor Firm ID | 185 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Nov. 30, 2024 |
Nov. 30, 2023 |
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Statement of Financial Position [Abstract] | ||
Preferred Stock, par value, per share (USD per share) | $ 0.001 | $ 0.001 |
Preferred Stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common Stock, par value, per share (USD per share) | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares, Issued | 99,012,000 | |
Treasury stock, beginning balance (in shares) | 15,289,000 | 10,343,000 |
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
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Income Statement [Abstract] | |||
Revenue | $ 58,452,436 | $ 57,555,416 | $ 62,343,810 |
Cost of revenue | (54,471,130) | (53,598,587) | (58,443,611) |
Gross profit | 3,981,306 | 3,956,829 | 3,900,199 |
Selling, general and administrative expenses | (2,715,781) | (2,672,562) | (2,627,007) |
Acquisition, integration and restructuring costs | (71,314) | (206,235) | (222,319) |
Operating income | 1,194,211 | 1,078,032 | 1,050,873 |
Interest expense and finance charges, net | (319,458) | (288,318) | (222,578) |
Other expense, net | (8,718) | (206) | (1,165) |
Income before income taxes | 866,035 | 789,508 | 827,130 |
Provision for income taxes | (176,944) | (162,597) | (175,823) |
Net income | $ 689,091 | $ 626,911 | $ 651,307 |
Earnings per common share: | |||
Basic (in USD per share) | $ 7.99 | $ 6.72 | $ 6.79 |
Diluted (in USD per share) | $ 7.95 | $ 6.70 | $ 6.77 |
Weighted-average common shares outstanding: | |||
Basic (in shares) | 85,494 | 92,572 | 95,225 |
Diluted (in shares) | 85,874 | 92,853 | 95,509 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (PARENTHETICAL) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
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Statement of Comprehensive Income [Abstract] | |||
Tax on unrealized gains (losses) on cash flow hedges | $ 0 | $ (235) | $ (11,457) |
Tax on reclassification of cash flow hedges to earnings | 0 | 2,623 | (6,517) |
Tax on foreign currency translation adjustments | (189) | $ 7,160 | $ 3,192 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Tax | $ 0 |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (PARENTHETICAL) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
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Statement of Stockholders' Equity [Abstract] | |||
Cumulative cash dividends declared per share (in USD per share) | $ 1.60 | $ 1.40 | $ 1.20 |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands |
Total |
Common stock |
Additional paid-in capital |
Treasury stock |
Accumulated other comprehensive income (loss) |
Retained earnings |
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Beginning Balance (in shares) at Nov. 30, 2021 | 98,204,000 | 2,633,000 | |||||||
Beginning balance at Nov. 30, 2021 | $ 7,905,975 | $ 98 | $ 7,271,337 | $ (201,139) | $ (336,194) | $ 1,171,873 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Share-based compensation | 91,167 | 91,167 | |||||||
Issuance of common stock and reissuance of treasury stock on exercise of options, for employee stock purchase plan and vesting of restricted stock, net of shares withheld for employee taxes (in shares) | 492,000 | 119,000 | |||||||
Issuance of common stock on exercise of options, for employee stock purchase plan and vesting of restricted stock, net of shares withheld for employee taxes | (2,827) | $ 1 | 8,234 | $ (11,062) | |||||
Repurchases of common stock | 125,016 | ||||||||
Repurchases of common stock (in shares) | (1,297,000) | ||||||||
Repurchases of common stock | $ 125,016 | ||||||||
Cash dividends declared | (114,946) | (114,946) | |||||||
Other comprehensive loss | (383,516) | (383,516) | |||||||
Purchase of noncontrolling interest | 3,362 | 3,362 | |||||||
Net income | 651,307 | 651,307 | |||||||
Ending Balance (in shares) at Nov. 30, 2022 | 98,696,000 | 4,049,000 | |||||||
Ending Balance at Nov. 30, 2022 | 8,025,506 | $ 99 | 7,374,100 | $ (337,217) | (719,710) | 1,708,234 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Share-based compensation | 84,983 | 84,983 | |||||||
Issuance of common stock and reissuance of treasury stock on exercise of options, for employee stock purchase plan and vesting of restricted stock, net of shares withheld for employee taxes (in shares) | 316,000 | (176,000) | |||||||
Issuance of common stock on exercise of options, for employee stock purchase plan and vesting of restricted stock, net of shares withheld for employee taxes | (10,080) | (23,809) | $ 13,729 | ||||||
Repurchases of common stock (in shares) | (6,470,000) | ||||||||
Repurchases of common stock | 626,226 | $ 626,226 | |||||||
Cash dividends declared | (130,374) | (130,374) | |||||||
Other comprehensive loss | 212,462 | 212,462 | |||||||
Net income | 626,911 | 626,911 | |||||||
Ending Balance (in shares) at Nov. 30, 2023 | 99,012,000 | 10,343,000 | |||||||
Ending Balance at Nov. 30, 2023 | 8,183,182 | $ 99 | 7,435,274 | $ (949,714) | (507,248) | 2,204,771 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Share-based compensation | 69,201 | 69,201 | |||||||
Issuance of common stock and reissuance of treasury stock on exercise of options, for employee stock purchase plan and vesting of restricted stock, net of shares withheld for employee taxes (in shares) | (601,000) | ||||||||
Issuance of common stock on exercise of options, for employee stock purchase plan and vesting of restricted stock, net of shares withheld for employee taxes | $ (12,707) | (66,787) | $ 54,080 | ||||||
Repurchases of common stock (in shares) | (5,547,000) | [1] | (5,547,000) | ||||||
Repurchases of common stock | $ 617,383 | $ 617,383 | |||||||
Cash dividends declared | (138,081) | (138,081) | |||||||
Other comprehensive loss | (137,869) | (137,869) | |||||||
Net income | 689,091 | 689,091 | |||||||
Ending Balance (in shares) at Nov. 30, 2024 | 99,012,000 | 15,289,000 | |||||||
Ending Balance at Nov. 30, 2024 | $ 8,035,434 | $ 99 | $ 7,437,688 | $ (1,513,017) | $ (645,117) | $ 2,755,781 | |||
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
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Cash flows from operating activities: | |||
Net income | $ 689,091 | $ 626,911 | $ 651,307 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 407,532 | 418,315 | 463,365 |
Share-based compensation | 69,201 | 84,983 | 91,167 |
Provision for doubtful accounts | 862 | 44,742 | 34,741 |
Deferred income taxes | (28,813) | (91,572) | (92,381) |
Impairment of long-lived assets | 0 | 0 | 4,726 |
Other | 2,635 | (2,757) | 4,376 |
Changes in operating assets and liabilities, net of acquisition of businesses: | |||
Accounts receivable, net | (195,615) | (656,630) | (1,497,995) |
Receivables from vendors, net | (6,606) | (127,046) | 241,242 |
Inventories | (1,214,505) | 2,032,202 | (2,636,759) |
Accounts payable | 1,930,252 | (971,747) | 2,375,952 |
Other operating assets and liabilities | (436,310) | 49,972 | 310,655 |
Net cash provided by (used in) operating activities | 1,217,724 | 1,407,373 | (49,604) |
Cash flows from investing activities: | |||
Proceeds from sale of fixed assets | 42,890 | 0 | 0 |
Purchases of property and equipment | (175,112) | (150,007) | (117,049) |
Acquisition of businesses, net of cash acquired | (43,677) | 0 | 0 |
Payments for (Proceeds from) Hedge, Investing Activities | (14,840) | (556) | 0 |
Other | (3,099) | (5,848) | 1,541 |
Net cash used in investing activities | (193,838) | (156,411) | (115,508) |
Cash flows from financing activities: | |||
Dividends paid | (138,081) | (130,374) | (114,946) |
Proceeds from issuance of common stock and reissuances of treasury stock | 11,996 | 8,846 | 8,234 |
Repurchases of common stock | (611,892) | (620,659) | (125,016) |
Repurchases of common stock for tax withholdings on equity awards | (24,703) | (18,926) | (11,062) |
Net (repayments) borrowings on revolving credit loans | (39,530) | (2,571) | 96,592 |
Principal payments on long-term debt | (1,486,397) | (74,408) | (128,728) |
Borrowings on long-term debt | 1,349,376 | 51,837 | 0 |
Cash paid for debt issuance costs | (13,869) | 0 | 0 |
Other | 0 | 375 | (665) |
Net cash used in financing activities | (953,100) | (785,880) | (275,591) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (45,184) | 45,838 | (31,354) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 25,602 | 510,920 | (472,057) |
Cash, cash equivalents and restricted cash at beginning of year | 1,033,776 | 522,856 | 994,913 |
Cash, cash equivalents and restricted cash at end of year | 1,059,378 | 1,033,776 | 522,856 |
Supplemental disclosures of cash flow information: | |||
Interest paid on borrowings | 358,828 | 318,236 | 220,760 |
Income taxes paid | $ 240,931 | $ 282,512 | $ 178,035 |
Organization and Basis of Presentation |
12 Months Ended |
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Nov. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | ORGANIZATION AND BASIS OF PRESENTATION: TD SYNNEX Corporation (together with its subsidiaries, herein referred to as “SYNNEX”, “TD SYNNEX” or the “Company”) is a leading global distributor and solutions aggregator for the information technology ("IT") ecosystem, headquartered in Fremont, California and Clearwater, Florida and has operations in North and South America, Europe and Asia-Pacific and Japan. The Company operates on a fiscal year that ends on November 30. Certain columns and rows may not add or compute due to the use of rounded numbers.
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Summary of Significant Accounting Policies |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expense during the reporting period. The Company evaluates these estimates on a regular basis and bases them on historical experience and on various assumptions that the Company believes are reasonable. Actual results could differ from the estimates. Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company, its wholly-owned subsidiaries and variable interest entities if the Company is the primary beneficiary. All intercompany accounts and transactions have been eliminated. Investments in 20% through 50% owned affiliated companies are accounted under the equity method where the Company exercises significant influence over operating and financial affairs of the investee and is not the primary beneficiary. Investments in less than 20% owned companies, where the Company does not have significant influence, are recorded at cost or fair value based on whether the equity securities have readily determinable fair values. Segment Reporting Operating segments are based on components of the Company that engage in business activity that earn revenue and incur expenses and (a) whose operating results are regularly reviewed by the Company’s chief operating decision maker to make decisions about resource allocation and performance and (b) for which discrete financial information is available. The Company’s chief executive officer, who is also the chief operating decision maker, reviews and allocates resources based on geographic regions. As a result, the Company operates in three reportable segments based on its geographic regions: the Americas, Europe and Asia-Pacific and Japan ("APJ"). Cash and Cash Equivalents The Company considers all highly liquid debt instruments purchased with an original maturity or remaining maturity at the date of purchase of three months or less to be cash equivalents. Cash equivalents consist principally of money market deposit accounts and money market funds that are stated at cost, which approximates fair value. The Company is exposed to credit risk in the event of default by financial institutions to the extent that cash balances with financial institutions are in excess of amounts that are insured. Accounts Receivable The Company maintains an allowance for doubtful accounts as an estimate to cover the future expected credit losses resulting from uncertainty regarding collections from customers or OEM vendors to make payments for outstanding balances. In estimating the required allowance, the Company takes into consideration historical credit losses, current conditions and reasonable and supportable forecasts. Adjustments to historical loss information are made for differences in current conditions as well as changes in forecasted macroeconomic conditions, such as changes in unemployment rates or gross domestic product growth. Expected credit losses are estimated on a pool basis when similar risk characteristics exist using an age-based reserve model. Receivables that do not share risk characteristics are evaluated on an individual basis. The Company has uncommitted accounts receivable purchase agreements with global financial institutions under which trade accounts receivable of certain customers and their affiliates may be acquired, without recourse, by the financial institutions. Available capacity under these programs is dependent on the level of the Company’s trade accounts receivable with these customers and the financial institutions’ willingness to purchase such receivables. In addition, certain of these programs also require that the Company continue to service, administer and collect the sold accounts receivable. As of November 30, 2024 and 2023, accounts receivable sold to and held by the financial institutions under these programs were $1.2 billion and $864.6 million, respectively. Discount fees related to the sale of trade accounts receivable under these facilities are included in “Interest expense and finance charges, net” in the Consolidated Statements of Operations. During the fiscal years ended November 30, 2024, 2023 and 2022, discount fees were $67.8 million, $51.1 million and $26.2 million, respectively. Inventories Inventories are stated at the lower of cost and net realizable value. Cost is computed based on the weighted-average method. Inventories are comprised of finished goods and work-in-process. Finished goods include products purchased for resale, system components purchased for both resale and for use in the Company’s systems design and integration business and completed systems. Work-in-process inventories are not material to the Consolidated Financial Statements. Derivative Financial Instruments The Company accounts for its derivative instruments as either assets or liabilities and carries them at fair value. For derivative instruments that hedge the exposure to variability in expected future cash flows that are designated as cash flow hedges, the gain or loss on the derivative instrument is reported as a component of “Accumulated other comprehensive income (loss)” in stockholders’ equity and reclassified into earnings in the same line associated with the hedged transactions, in the same period or periods during which the hedged transaction affects earnings. To receive hedge accounting treatment, cash flow hedges must be highly effective in offsetting changes to expected future cash flows on hedged transactions. The company classifies cash flows related to the settlement of its cash flow hedges as operating activities in the Consolidated Statements of Cash Flows. For derivative instruments that hedge a portion of the Company's net investment in foreign-currency denominated operations that are designated as net investment hedges, the gain or loss on the derivative instrument is included within the caption "Foreign currency translation adjustments and other" on the Consolidated Statements of Comprehensive Income and is reported as a component of “Accumulated other comprehensive income (loss)” in stockholders’ equity until the sale or substantially complete liquidation of the underlying assets of the Company's investment. The initial fair value of hedge components excluded from the assessment of effectiveness is recognized in the Consolidated Statement of Operations under a systematic and rational method over the life of the hedging instrument. The excluded component is recognized in "Interest expense and finance charges, net" on the Consolidated Statement of Operations. The Company classifies cash flows related to the settlement of its net investment hedges as investing activities in the Consolidated Statements of Cash Flows. For derivative instruments that are not designated as hedges, gains and losses resulting from changes in fair value on derivative instruments are reported in the Consolidated Statements of Operations in the current period. Property and Equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method based upon the shorter of the estimated useful lives of the assets, or the lease term of the respective assets, if applicable. Maintenance and repairs are charged to expense as incurred, and improvements are capitalized. When assets are retired or otherwise disposed of, the cost and accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is reflected in operations in the period realized. The Company’s capitalized software has been obtained or developed for internal use only. Development and acquisition costs are capitalized for computer software only when management authorizes and commits to funding a computer software project through the approval of a capital expenditure requisition, and the software project is either for the development of new software, to increase the life of existing software or to add significantly to the functionality of existing software. Once these requirements have been met, capitalization would begin at the point that conceptual formulation, evaluation, design and testing of possible software project alternatives have been completed. Capitalization ceases when the software project is substantially complete and ready for its intended use. The ranges of estimated useful lives for property and equipment categories are as follows:
Business Combinations The purchase price is allocated to the assets acquired, liabilities assumed, and noncontrolling interests in the acquired entity generally based on their fair values at the acquisition date. The excess of the fair value of purchase consideration over the fair value of these assets acquired, liabilities assumed and noncontrolling interests in the acquired entity is recorded as goodwill. The primary items that generate goodwill include the value of the synergies between the acquired entity and the Company and the value of the acquired assembled workforce, neither of which qualify for recognition as an intangible asset. Amounts recorded in a business combination may change during the measurement period, which is a period not to exceed one year from the date of acquisition, as additional information about conditions existing at the acquisition date becomes available. The Company includes the results of operations of the acquired business in the Consolidated Financial Statements prospectively from the date of acquisition. Acquisition-related charges are recognized separately from the business combination and are expensed as incurred. These charges primarily include direct third-party professional and legal fees, and integration-related costs. Goodwill and Intangible Assets The values assigned to intangible assets include estimates and judgment regarding expectations for the length of customer relationships acquired in a business combination. Included within intangible assets is an indefinite lived trade name intangible asset. The Company's indefinite lived trade name intangible asset is considered a single unit of accounting and is tested for impairment at the consolidated level annually as of September 1, and more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired. Other purchased intangible assets are amortized over the useful lives based on estimates of the use of the economic benefit of the asset or on the straight-line amortization method. The Company allocates goodwill to reporting units based on the reporting unit expected to benefit from the business combination and tests for impairment annually as of September 1, or more frequently if events or changes in circumstances indicate that it may be impaired. Goodwill is tested for impairment at the reporting unit level by first performing a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. The factors that are considered in the qualitative analysis include macroeconomic conditions, industry and market considerations, cost factors such as increases in product cost, labor, or other costs that would have a negative effect on earnings and cash flows; and other relevant entity-specific events and information. The Company also has the option to bypass the qualitative assessment for any reporting unit in any period. If the reporting unit does not pass or the Company chooses to bypass the qualitative assessment, then the reporting unit’s carrying value is compared to its fair value. The fair values of the reporting units are estimated using market and discounted cash flow approaches. The assumptions used in the market approach are based on the value of a business through an analysis of sales and other multiples of guideline companies and recent sales or offerings of a comparable entity. The assumptions used in the discounted cash flow approach are based on historical and forecasted revenue, operating costs, working capital requirements, future economic conditions, discount rates and other relevant factors. Goodwill is considered impaired if the carrying value of the reporting unit exceeds its fair value and the excess is recognized as an impairment loss. No goodwill impairment has been identified for any of the years presented. Finite-lived intangible assets consist primarily of customer relationships, vendor lists and other intangible assets. Amortization is based on the pattern in which the economic benefits of the intangible assets will be consumed or on a straight-line basis when the consumption pattern is not apparent over the following useful lives:
Impairment of Long-Lived Assets The Company reviews the recoverability of its long-lived assets, including finite-lived intangible assets, property and equipment, right-of-use ("ROU") assets and certain other assets, when events or changes in circumstances occur that indicate the carrying value of the asset or asset group may not be recoverable. The assessment of possible impairment is based on the Company’s ability to recover the carrying value of the asset or asset group from the expected future pre-tax cash flows, undiscounted and without interest charges, of the related operations. If these cash flows are less than the carrying value of such assets, an impairment loss is recognized for the difference between estimated fair value and carrying value. Leases The Company enters into leases as a lessee for property and equipment in the ordinary course of business. When procuring goods or services, or upon entering into a contract with its customers, the Company determines whether an arrangement contains a lease at its inception. As part of that evaluation, the Company considers whether there is an implicitly or explicitly identified asset in the arrangement and whether the Company, as the lessee, or the customer, if the Company is the lessor, has the right to control the use of that asset. When the Company is the lessee, all leases with a term of more than 12 months are recognized as ROU assets and associated lease liabilities in the Consolidated Balance Sheet. Lease liabilities are recorded at the lease commencement date and determined using the present value of the lease payments not yet paid, at the Company’s incremental borrowing rate, which approximates the rate at which the Company would borrow on a secured basis in the country where the lease was executed. The interest rate implicit in the lease is generally not determinable in transactions where the Company is the lessee. The ROU asset equals the lease liability adjusted for any initial direct costs, prepaid rent and lease incentives. The Company’s variable lease payments generally relate to payments tied to various indexes, non-lease components and payments above a contractual minimum fixed amount. Operating leases are included in other assets, net, other accrued liabilities and other long-term liabilities in the Consolidated Balance Sheet. Substantially all of the Company's leases are classified as operating leases and the Company’s finance leases are not material. The lease term includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company made a policy election to not recognize leases with a lease term of 12 months or less in the Consolidated Balance Sheet. Lease expenses are recorded within "Selling, general and administrative expenses" and "Cost of revenue" in the Consolidated Statements of Operations. Operating lease payments are presented within “Cash flows from operating activities” in the Consolidated Statements of Cash Flows. Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentration of credit risk consist principally of cash and cash equivalents, accounts receivable, receivables from vendors and derivative instruments. The Company’s cash and cash equivalents and derivative instruments are transacted and maintained with financial institutions with high credit standing, and their compositions and maturities are regularly monitored by management. Through November 30, 2024, the Company has not experienced any material credit losses on such deposits and derivative instruments. Accounts receivable include amounts due from customers, including related party customers. Receivables from vendors, net, includes amounts due from OEM vendors primarily in the technology industry. The Company performs ongoing credit evaluations of its customers’ financial condition and limits the amount of credit extended when deemed necessary, but generally requires no collateral. The Company also maintains allowances for potential credit losses. In estimating the required allowances, the Company takes into consideration the overall quality and aging of its receivable portfolio, the existence of credit insurance and specifically identified customer and vendor risks. The following table provides revenue generated from products purchased from vendors that exceeded 10% of our consolidated revenue for the periods indicated (as a percent of consolidated revenue):
__________________ (1) Revenue generated from products purchased from this vendor was less than 10% of consolidated revenue during the period presented. One customer accounted for 12%, 11% and 10% of the Company’s total revenue in fiscal years 2024, 2023 and 2022, respectively. As of November 30, 2024 and 2023, no single customer comprised more than 10% of the consolidated accounts receivable balance. Book Overdrafts Book overdrafts, representing checks issued in excess of balances on deposit in the applicable bank accounts and which have not been paid by the applicable bank at the balance sheet date are classified as “Borrowings, current” in the Company’s Consolidated Balance Sheets. Under the terms of the Company’s banking arrangements, the respective financial institutions are not legally obligated to honor the book overdraft balances. The Company’s policy is to report the change in book overdrafts as a financing activity in the Consolidated Statements of Cash Flows. Revenue Recognition The Company generates revenue primarily from the sale of various IT products. The Company recognizes revenues from the sale of IT hardware and software as control is transferred to customers, which is at the point in time when the product is shipped or delivered. The Company accounts for a contract with a customer when it has written approval, the contract is committed, the rights of the parties, including payment terms, are identified, the contract has commercial substance and consideration is probable of collection. Binding purchase orders from customers together with agreement to the Company's terms and conditions of sale by way of an executed agreement or other signed documents are considered to be the contract with a customer. Products sold by the Company are delivered via shipment from the Company’s facilities, drop-shipment directly from the vendor, or by electronic delivery of software products. In situations where arrangements include customer acceptance provisions, revenue is recognized when the Company can objectively verify the products comply with specifications underlying acceptance and the customer has control of the products. Revenue is presented net of taxes collected from customers and remitted to government authorities. The Company generally invoices a customer upon shipment, or in accordance with specific contractual provisions. Payments are due as per contract terms and do not contain a significant financing component. In relation to product support, supply chain management and other services performed by the Company, revenue is recognized over time as the services are performed. Provisions for sales returns and allowances are estimated based on historical data and are recorded concurrently with the recognition of revenue. A liability is recorded at the time of sale for estimated product returns based upon historical experience and an asset is recognized for the amount expected to be recorded in inventory upon product return. These provisions are reviewed and adjusted periodically by the Company. Revenue is reduced for early payment discounts and volume incentive rebates offered to customers, which are considered variable consideration, at the time of sale based on an evaluation of the contract terms and historical experience. The Company recognizes revenue on a net basis on certain contracts, where the Company’s performance obligation is to arrange for the products or services to be provided by another party or the rendering of logistics services for the delivery of inventory for which the Company does not assume the risks and rewards of ownership, by recognizing the margins earned in revenue with no associated cost of revenue. Such arrangements include supplier service contracts, post-contract software support services, cloud computing and software as a service arrangements, certain fulfillment contracts, extended warranty contracts and certain of the Company's systems design and integration solutions arrangements which operate under a customer-owned procurement model. The Company considers shipping and handling activities as costs to fulfill the sale of products. Shipping revenue is included in revenue when control of the product is transferred to the customer, and the related shipping and handling costs are included in cost of revenue. The Company disaggregates its operating segment revenue by geography, which the Company believes provides a meaningful depiction of the nature of its revenue. Disaggregated revenue disclosure is presented in Note 12 – Segment Information. Cost of Revenue Cost of revenue includes the product price paid to OEM suppliers, net of any incentives, rebates, price protection and purchase discounts received from the OEM suppliers. Cost of revenue also consists of provisions for inventory losses and write-downs, shipping and handling costs and royalties due to OEM vendors. In addition, cost of revenue includes the cost of materials, labor and overhead and warranty for design and integration activities. Selling, General and Administrative Expenses Selling, general and administrative expenses are charged to income as incurred. Expenses of promoting and selling products and services are classified as selling expense and include such items as compensation, sales commissions and travel. General and administrative expenses include such items as compensation, cost of warehouse, delivery centers and other non-integration facilities, legal and professional costs, office supplies, non-income taxes, insurance and utility expenses. In addition, selling, general and administrative expenses include other operating items such as allowances for credit losses, depreciation and amortization of intangible assets. OEM Supplier Programs Funds received from OEM suppliers for volume promotion programs, price protection and product rebates are recorded as adjustments to cost of revenue and/or the carrying value of inventories, as appropriate. Where there is a binding agreement, the Company tracks vendor promotional programs for volume discounts on a program-by-program basis and records them as a reduction to cost of revenue based on a systematic and rational allocation. The Company monitors the balances of vendor receivables on a quarterly basis and adjusts the balances due for differences between expected and actual sales volume. Vendor receivables are generally collected through reductions authorized by the vendor to accounts payable. Funds received for specific marketing and infrastructure reimbursements, net of related costs, are recorded as adjustments to “Selling, general and administrative expenses,” and any excess reimbursement amount is recorded as an adjustment to cost of revenue. Royalties The Company’s software product purchases include products licensed from OEM vendors, which are subsequently distributed to resellers. Royalties to OEM vendors are accrued and recorded in cost of revenue when software products are shipped and revenue is recognized. Warranties The Company’s OEM suppliers generally warrant the products distributed by the Company and allow returns of defective products. The Company generally does not independently warrant the products it distributes; however, the Company does warrant the following: (1) products that it builds to order from components purchased from other sources, (2) services with regard to products integrated for its customers; and (3) products sold in countries where the Company is responsible for defective product as a matter of law. The time period required by law in certain countries exceeds the warranty period provided by the manufacturer. The Company is obligated to provide warranty protection for sales of certain IT products within the European Union (“EU”) for up to two years as required under the EU directive where vendors have not affirmatively agreed to provide pass-through protection. Warranty expense and the accrual for warranty costs were not material to the Company’s Consolidated Financial Statements for any of the periods presented. Advertising Costs related to advertising and product promotion expenditures are charged to “Selling, general and administrative expenses” as incurred and are primarily offset by OEM marketing reimbursements. Net costs related to advertising and promotion expenditures were not material to the Company’s Consolidated Financial Statements for any of the periods presented. Income Taxes The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts in the financial statements using enacted tax rates and laws that will be in effect when the difference is expected to reverse. Tax on global low-taxed intangible income is accounted for as a current expense in the period in which the income is included in a tax return using the “period cost” method. Valuation allowances are provided against deferred tax assets that are not likely to be realized. The Company recognizes tax benefits from uncertain tax positions only if that tax position is more likely than not to be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. The Company recognizes interest and penalties related to unrecognized tax benefits in the provision for income taxes. Foreign Currency Translations The financial statements of the Company’s international subsidiaries whose functional currencies are the local currencies are translated into U.S. dollars for consolidation as follows: assets and liabilities at the exchange rate as of the balance sheet date, stockholders’ equity at the historical rates of exchange, and income and expense amounts at the average exchange rate for the month. Translation adjustments resulting from the translation of the subsidiaries’ accounts are included in “Accumulated other comprehensive income (loss)” in stockholders’ equity. Transactions denominated in currencies other than the applicable functional currency are converted to the functional currency at the exchange rate on the transaction date. At period end, monetary assets and liabilities are remeasured to the functional currency using exchange rates in effect at the balance sheet date. Non-monetary assets and liabilities are remeasured at historical exchange rates. Gains and losses resulting from foreign currency transactions are included in earnings within “Cost of revenue” and “Other expense, net.” Comprehensive Income Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. The primary components of comprehensive income for the Company include net income, foreign currency translation adjustments arising from the consolidation of the Company’s international subsidiaries and unrealized gains and losses on cash flow hedges. Share-based Compensation The Company accounts for share-based payment transactions in which the Company receives services in exchange for equity instruments of the Company. Share-based compensation cost for stock options, restricted stock awards and units, performance-based restricted stock units and employee stock purchase plans is determined based on the fair value at the grant date. The Company recognizes share-based compensation cost as expense for awards other than its performance-based restricted stock units ratably on a straight-line basis over the requisite service period. The Company recognizes share-based compensation cost associated with its performance-based restricted stock units over the requisite service period if it is probable that the performance conditions will be satisfied. The Company accounts for expense reductions that result from the forfeiture of unvested awards in the period that the forfeitures occur. Earnings Per Common Share Earnings per share is calculated using the two-class method. The two-class method is an earnings allocation proportional to the respective ownership among holders of common stock and participating securities. Basic earnings per common share is computed by dividing net income attributable to the Company’s common stockholders by the weighted-average of common shares outstanding during the period. Diluted earnings per common share also considers the dilutive effect of in-the-money stock options and restricted stock units, calculated using the treasury stock method. Treasury Stock Repurchases of shares of common stock are accounted for at cost, which includes brokerage fees and excise taxes, and are included as a component of stockholders’ equity in the Consolidated Balance Sheets. Shares repurchased by the Company are held in treasury for general corporate purposes, including issuances under stock incentive plans. The reissuance of shares from treasury stock is based on the weighted average purchase price of the shares. Reclassifications Certain reclassifications have been made to prior period amounts in the Consolidated Financial Statements to conform to the current period presentation. These reclassifications did not have a material impact on previously reported amounts. Recently Adopted Accounting Pronouncements In September 2022, the FASB issued an accounting standards update, ASU 2022-04, which requires new enhanced disclosures by the buyer in supplier finance programs. Disclosures will include key terms of the program, including payment terms, along with the amount of related obligations, the financial statement caption that includes such obligations, and a rollforward of activity related to the obligations during the period. The new accounting standard must be adopted retrospectively to the earliest comparative period presented, except for the rollforward requirement, which should be adopted prospectively. The Company adopted this standard during the fiscal quarter ended February 29, 2024, except for the annual rollforward requirement which will be effective for the Company beginning with the fiscal year ending November 30, 2025. The adoption of the new standard did not have an impact on the Company’s results of operations, financial condition, or cash flows. For the required disclosures of key terms and amounts outstanding under the Company’s Supplier Finance Programs, see Note 11 – Supplier Finance Programs. Recently Issued Accounting Pronouncements In November 2023, the FASB issued an accounting standards update, ASU 2023-07, which requires the following enhanced segment disclosures on an annual and interim basis: (1) significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, (2) other segment items by reportable segment and a description of its composition, and (3) the title of the chief operating decision maker, an explanation of how they use the reported measures of segment profit/loss in assessing segment performance and decide how to allocate resources, as well as clarifications if they use more than one measure of a segment’s profit or loss in assessing segment performance. The amendments in ASU 2023-07 are effective for annual periods beginning after December 15, 2023, which for the Company would be for the fiscal year ending November 30, 2025, and for subsequent interim periods. Early adoption is permitted. The Company is currently evaluating the impact the new accounting standard will have on its segment reporting disclosures in the notes to the consolidated financial statements. In December 2023, the FASB issued an accounting standards update, ASU 2023-09, which requires enhanced income tax disclosures. The enhanced disclosures required include disclosure of specific categories and disaggregation of information in the rate reconciliation table. ASU 2023-09 also requires disclosure of disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024, which for the Company would be the fiscal year ending November 30, 2026. Early adoption is permitted and the amendments should be applied on a prospective basis. Retrospective application is permitted. The Company is currently evaluating the impact the new accounting standard will have on its income tax disclosures in the notes to the consolidated financial statements. In November 2024, the FASB issued an accounting standards update, ASU 2024-03, which requires new tabular disclosures in the notes to consolidated financial statements, disaggregating certain cost and expense categories within relevant captions on the Consolidated Statements of Operations. The prescribed cost and expense categories requiring disaggregated disclosures include purchases of inventory, employee compensation, depreciation and intangible asset amortization, along with certain other expense disclosures already required by U.S. GAAP that would need to be integrated within the new tabular disaggregated expense disclosures. Additionally, the amendments also require the disclosure of total selling expenses and an entity's definition of those expenses. The amendments in ASU 2024-03 are effective for annual periods beginning after December 15, 2026, which for the Company would be the fiscal year ending November 30, 2028, and for subsequent interim periods. Early adoption is permitted and the amendments should be applied on a prospective basis. Retrospective application is permitted. The Company is currently evaluating the impact the new accounting standard will have on its expense disclosures in the notes to the consolidated financial statements.
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Acquisition, Integration and Restructuring Expenses Costs |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AQUISITION, INTEGRATION AND RESTRUCTURING COSTS | ACQUISITION, INTEGRATION AND RESTRUCTURING COSTS: Acquisition, integration and restructuring costs are primarily comprised of costs related to the Merger and costs related to the Global Business Optimization 2 Program initiated by Tech Data prior to the Merger (the “GBO 2 Program”) of $3.9 million, $9.4 million and $31.5 million during the fiscal years ended November 30, 2024, 2023 and 2022, respectively. Acquisition, integration and restructuring costs related to other acquisitions were $3.0 million for fiscal year 2024. The Company does not expect to incur additional costs under the GBO 2 Program in future periods. The Merger On March 22, 2021, the Company entered into an agreement and plan of merger (the “Merger Agreement”) which provided that legacy SYNNEX Corporation would acquire legacy Tech Data Corporation, a Florida corporation (“Tech Data”) through a series of mergers, which would result in Tech Data becoming an indirect subsidiary of TD SYNNEX Corporation (collectively, the "Merger"). On September 1, 2021, pursuant to the terms of the Merger Agreement, the Company acquired all the outstanding shares of common stock of Tiger Parent (AP) Corporation, the parent corporation of Tech Data, for consideration of $1.6 billion in cash ($1.1 billion in cash after giving effect to a $500.0 million equity contribution by Tiger Parent Holdings, L.P., Tiger Parent (AP) Corporation’s sole stockholder and an affiliate of Apollo Global Management, Inc., to Tiger Parent (AP) Corporation prior to the effective time of the Merger) and 44 million shares of common stock of SYNNEX valued at approximately $5.6 billion. The combined company is referred to as TD SYNNEX. The Company substantially completed the acquisition, integration and restructuring activities related to the Merger during the first half of fiscal year 2024, and there are no material related expenses expected in future periods. The Company previously incurred acquisition, integration and restructuring costs related to the completion of the Merger, including professional services costs, personnel and other costs, long-lived assets charges and termination fees, and stock-based compensation expense. Professional services costs are primarily comprised of IT and other consulting services, as well as legal expenses. Personnel and other costs are primarily comprised of costs related to retention and other bonuses, severance and duplicative labor costs. Long-lived asset charges and termination fees include accelerated depreciation and amortization expense of $5.5 million, $17.4 million and $64.4 million during fiscal years 2024, 2023 and 2022, respectively due to changes in asset useful lives in conjunction with the consolidation of certain IT systems. Long-lived asset charges and termination fees also include $17.0 million and $24.4 million recorded during fiscal years 2024 and 2023, respectively for termination fees related to certain IT systems, along with $4.7 million for impairment charges recorded during fiscal year 2022. Stock-based compensation expense primarily relates to costs associated with the conversion of certain Tech Data performance-based equity awards issued prior to the Merger into restricted shares of TD SYNNEX (refer to Note 4 – Share Based Compensation for further information) and expenses for certain restricted stock awards issued in conjunction with the Merger. In July 2023, the Company offered a voluntary severance program ("VSP") to certain co-workers in the United States as part of the Company's cost optimization efforts related to the Merger. The Company incurred $10.1 million of costs in connection with the VSP during fiscal year 2024, including $8.0 million of severance costs and $2.1 million of duplicative labor costs. The Company incurred $52.1 million of costs in connection with the VSP during fiscal year 2023, including $42.3 million of severance costs and $9.8 million of duplicative labor costs. Acquisition and integration expenses related to the Merger were composed of the following during the periods presented:
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Share-Based Compensation |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION: Overview of TD SYNNEX Stock Incentive Plans The Company’s stock incentive plans include plans adopted in 2020 and 2013 (the “TD SYNNEX Plan(s)”). The TD SYNNEX Plans, as amended, provide for the direct award or sale of shares of common stock, restricted stock awards ("RSAs"), restricted stock units ("RSUs"), the grant of options to purchase shares of common stock and the award of stock appreciation rights to employees and non-employee directors and consultants. No further grants may be made under the 2013 TD SYNNEX Plan and all outstanding awards under the 2013 TD SYNNEX Plan continue to be governed by their existing terms. As of November 30, 2024, there were 2.3 million shares of common stock authorized under the 2020 TD SYNNEX Plan available for future grants. Under the TD SYNNEX Plans, qualified employees are eligible for the grant of incentive stock options to purchase shares of common stock. Qualified employees and outside directors and consultants are eligible for the grant of non-qualified stock options, stock appreciation rights, RSAs and RSUs. The outstanding RSAs and RSUs generally vest ratably on an annual basis over a period of to five years, with certain awards subject to other vesting periods as defined per the grant agreement. RSAs granted to qualified non-employee directors vest one fourth on a quarterly basis over a one-year period. The holders of RSAs are entitled to the same voting, dividend and other rights as the Company’s common stockholders. Certain RSUs vest subject to the achievement of individual, divisional or company-wide performance goals. These performance-based RSUs vest at the end of three-year requisite service periods, subject to the achievement of company-wide financial performance goals approved by the Compensation Committee. The exercise price for stock options will not be less than 100% of the fair market value of the stock on the date of grant and the stock options have a contractual term of ten years. The majority of outstanding stock options vest as to one fifth of the stock underlying the stock options on the first anniversary date of the grant and the remaining vest monthly over a four-year period starting one month after the first anniversary of the date of grant. Unless terminated sooner, the 2020 TD SYNNEX Plan will terminate on March 17, 2030. The Company recognizes share-based compensation expense for all share-based awards made to employees and outside directors, including employee stock options, RSAs, RSUs, performance-based RSUs and employee stock purchase rights, based on estimated fair values. A summary of share-based compensation expense in the Consolidated Statements of Operations for TD SYNNEX stock incentive plans is presented below:
The Company settles all share-based award exercises with newly issued common shares or the reissuance of treasury shares. Valuation Assumptions The Company estimates the fair value of share-based payment awards on the grant date and recognizes as expense over the requisite service period in the Company’s Consolidated Financial Statements. The Company uses the Black-Scholes valuation model to estimate the fair value of stock options. The Black-Scholes option-pricing model was developed for use in estimating the fair value of short-lived exchange traded options that have no vesting restrictions and are fully transferable. In addition, option-pricing models require the input of highly subjective assumptions, including the option’s expected life and the price volatility of the underlying stock. The expected stock price volatility assumption is determined using historical volatility of the Company’s common stock. The fair value of stock awards is determined based on the stock price at the date of grant. For grants that do not accrue dividends or dividend equivalents, the fair value is the stock price reduced by the present value of estimated dividends over the vesting period. For performance-based RSUs, the grant-date fair value assumes that the targeted performance goals will be achieved. Over the performance period, the number of awards expected to vest will be adjusted higher or lower based on the probability of achievement of performance goals. The Company accounts for expense reductions that result from the forfeiture of unvested awards in the period that the forfeitures occur. Employee Stock Options A summary of the changes in the Company’s stock options is set forth below:
The following assumptions were used in the Black-Scholes valuation model in fiscal year 2022:
There were no new stock options granted during fiscal years 2024 or 2023. The weighted-average grant-date fair values of the stock options granted during fiscal year 2022 was $33.57. As of November 30, 2024, 482 thousand stock options were outstanding with a weighted-average remaining contractual term of 3.79 years, a weighted-average exercise price of $78.52 per share and an aggregate pre-tax intrinsic value of $19.5 million. As of November 30, 2024, 444 thousand options were vested and exercisable with a weighted-average remaining contractual term of 3.55 years, a weighted-average exercise price of $76.52 per share and an aggregate pre-tax intrinsic value of $18.9 million. The cash received from the exercise of stock options and the intrinsic values of stock options exercised during fiscal years 2024, 2023 and 2022 were as follows:
As of November 30, 2024, the unamortized share-based compensation expense related to unvested stock options under the TD SYNNEX Plans was $0.5 million which will be recognized over an estimated weighted-average amortization period of 1.57 years. Restricted Stock Awards and Restricted Stock Units A summary of the changes in the Company’s non-vested RSAs and RSUs during fiscal year 2024 is presented below:
__________________ (1) During the year ended November 30, 2024, the attainment on PRSUs vested was adjusted to reflect actual performance. The weighted-average grant-date fair value of the 635 thousand RSAs and RSUs granted during fiscal year 2023 was $96.75. The weighted-average grant-date fair value of the 691 thousand RSAs and RSUs granted during fiscal year 2022 was $93.95. The total fair value of RSAs and RSUs vested during fiscal years 2024, 2023, and 2022 was $73.0 million, $54.4 million, and $32.9 million, respectively. As of November 30, 2024, there was $82.7 million of total unamortized share-based compensation expense related to non-vested RSAs and RSUs granted under the TD SYNNEX Plans. That cost is expected to be recognized over an estimated weighted-average amortization period of 1.83 years. Tech Data Equity Awards Prior to the Merger, certain of Tech Data’s employees were granted performance-based equity awards in Tiger Parent Holdings L.P., a partnership entity that was the parent company of Tiger Parent (AP) Corporation and Tech Data, that were unvested at the time of the closing of the Merger. Upon closing of the Merger, the unvested performance-based equity awards were converted into restricted shares of TD SYNNEX that vested over two years. The restricted shares had a fair value of $127.60 per share upon closing of the Merger which was recorded as share-based compensation expense on a straight-line basis over the vesting period in “Acquisition, integration, and restructuring costs” in the Consolidated Statement of Operations. Vesting of the restricted shares was completed as of September 1, 2023, therefore there was no related share-based compensation expense recorded by the Company during fiscal year 2024. The Company recorded $29.2 million and $45.7 million of share-based compensation expense related to these restricted shares in "Acquisition, integration, and restructuring costs" during fiscal years 2023 and 2022, respectively. Employee Stock Purchase Plan On January 10, 2024, the Board of Directors approved the adoption of the 2024 Employee Stock Purchase Plan (“2024 ESPP”) to succeed the Company's 2014 Employee Stock Purchase Plan. The 2024 ESPP commenced with 750 thousand authorized shares. Under the 2024 ESPP, there are two offering periods per calendar year. Eligible employees in the United States and Canada can choose to have a fixed percentage deducted from their bi-weekly compensation to purchase the Company's common stock at a discount of 15%, subject to a maximum purchase limit of $25 thousand in fair market value of common stock in a calendar year. Share-based compensation expense related to the Company's employee stock purchase plans was immaterial during fiscal years 2024, 2023 and 2022. Tax Benefit of Share-Based Compensation Expense During fiscal years 2024, 2023 and 2022, the Company recognized income tax benefits related to the plans discussed above of $15.6 million, $12.6 million, and $8.2 million, respectively, within the provision for income taxes.
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Stockholders' Equity |
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Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY: Share Repurchase Program In January 2023, the Board of Directors authorized a three-year $1.0 billion share repurchase program. In March 2024, the Board of Directors authorized a new $2.0 billion share repurchase program (the "March 2024 share repurchase program"), supplementing the $196.7 million remaining authorization under the prior program, pursuant to which the Company may repurchase its outstanding common stock from time to time in the open market or through privately negotiated transactions, including pursuant to one or more Rule 10b5-1 trading plans adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. The March 2024 share repurchase program does not have an expiration date. On January 31, 2024, March 27, 2024, and April 4, 2024, the Company announced the closing of secondary public offerings (the "Offerings") of an aggregate of 26.2 million shares in total (which includes approximately 2.7 million of additional shares that underwriters had the option to purchase) of its common stock that were sold by certain entities managed by affiliates of Apollo Global Management, Inc. (the "Selling Stockholders"). All the shares in the Offerings were sold by the Selling Stockholders. The Company did not receive any of the proceeds from the sale of shares by the Selling Stockholders in the Offerings. Also pursuant to the related underwriting agreements, the Company repurchased a total of 3.6 million shares of its common stock from the respective underwriters as part of the Offerings, for a total purchase price in the aggregate of approximately $392.3 million (the "Concurrent Share Repurchases"). The Offerings reduced the Selling Stockholders' ownership interest in the Company to zero. The Concurrent Share Repurchases were all made under the Company's share repurchase programs described above, and are included within the caption "Shares of treasury stock purchased under share repurchase program" in the table below. As of November 30, 2024, the Company had $1.8 billion available for future repurchases of its common stock under the authorized share repurchase program. The Company's treasury stock activity during the year ended November 30, 2024, including common share repurchases, is summarized as follows:
__________________ (1) Weighted-average price per share excludes broker's commissions and excise taxes. "Repurchases of common stock" in the Consolidated Statements of Cash Flows for the twelve months ended November 30, 2024 and 2023 excludes amounts related to excise tax that when accrued are recorded in "Other current liabilities" and "Treasury stock" on the Consolidated Balance Sheets. Excise taxes paid are classified as operating activities in the Consolidated Statements of Cash Flows. Dividends The Company declared cumulative cash dividends of $1.60, $1.40 and $1.20 per share during the years ended November 30, 2024, 2023 and 2022, respectively. On January 10, 2025, the Company announced a cash dividend of $0.44 per share to stockholders of record as of January 24, 2025, payable on January 31, 2025. Dividends are subject to continued capital availability and the declaration by the Board of Directors in the best interest of the Company’s stockholders.
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Earnings Per Common Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE: The following table sets forth the computation of basic and diluted earnings per common share for the periods indicated:
__________________ (1) RSAs granted by the Company are considered participating securities. Income available to participating securities was immaterial in all periods presented.
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Balance Sheet Components |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE SHEET COMPONENTS | BALANCE SHEET COMPONENTS: Accounts receivable, net: The following table summarizes accounts receivable, net:
Allowance for doubtful trade receivables: The following table summarizes the changes to the allowance for doubtful trade receivables (currency in thousands):
Property and equipment, net: The following table summarizes property and equipment, net:
Depreciation and amortization expense for fiscal years 2024, 2023 and 2022, was $115.2 million, $124.6 million and $164.2 million, respectively. Fiscal years 2024, 2023 and 2022 include accelerated depreciation and amortization expense of $5.5 million, $17.4 million and $64.4 million, respectively due to changes in asset useful lives in conjunction with the consolidation of certain IT systems, which is recorded in "Acquisition, integration and restructuring costs" in the Consolidated Statements of Operations. Goodwill: The following table summarizes changes in the carrying amount of goodwill:
Intangible assets, net: The following table summarizes intangible assets, net:
Amortization expense for fiscal years 2024, 2023 and 2022, was $292.3 million, $293.7 million and $299.2 million, respectively. Estimated future amortization expense of the Company’s intangible assets is as follows:
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Derivative Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS: In the ordinary course of business, the Company is exposed to foreign currency risk, interest rate risk, equity risk, commodity price changes and credit risk. The Company enters into transactions, and owns monetary assets and liabilities, that are denominated in currencies other than the legal entity’s functional currency. The Company may enter into forward contracts, option contracts, swaps, or other derivative instruments to offset a portion of the risk on expected future cash flows, earnings, net investments in certain international subsidiaries and certain existing assets and liabilities. However, the Company may choose not to hedge certain exposures for a variety of reasons including, but not limited to, accounting considerations and the prohibitive economic cost of hedging particular exposures. There can be no assurance the hedges will offset more than a portion of the financial impact resulting from movements in foreign currency exchange or interest rates. The Company does not use derivative instruments to cover equity risk and credit risk. The Company’s hedging program is not used for trading or speculative purposes. All derivatives are recognized on the balance sheet at their fair value. Changes in the fair value of derivatives are recorded in the Consolidated Statements of Operations, or as a component of accumulated other comprehensive loss ("AOCI") in the Consolidated Balance Sheets, as discussed below. Cash Flow Hedges The Company uses interest rate swap derivative contracts to economically convert a portion of its variable-rate debt to fixed-rate debt. Gains and losses on cash flow hedges are recorded in AOCI until the hedged item is recognized in earnings. Deferred gains and losses associated with cash flow hedges of interest payments are recognized in “Interest expense and finance charges, net” in the same period as the related expense is recognized. Derivative instruments designated as cash flow hedges must be de-designated as hedges when it is probable the forecasted hedged transaction will not occur in the initially identified time period or within a subsequent two-month time period. Deferred gains and losses in AOCI associated with such derivative instruments are reclassified into earnings in the period of de-designation. Any subsequent changes in fair value of such derivative instruments are recorded in earnings unless they are re-designated as hedges of other transactions. The Company terminated its remaining interest rate swaps in May 2023 and had no interest rate swaps designated as cash flow hedges outstanding as of November 30, 2024. Net Investment Hedges The Company has entered into foreign currency forward contracts, as well as foreign currency forward contracts combined with zero cost foreign exchange collar contracts, to hedge a portion of its net investment in euro denominated foreign operations which are designated as net investment hedges. The Company entered into the net investment hedges to offset the risk of change in the U.S. dollar value of the Company's investment in a euro functional subsidiary due to fluctuating foreign exchange rates. The Company's net investment hedges mature in various periods through 2031. Non-Designated Derivatives The Company uses short-term forward contracts to offset the foreign exchange risk of assets and liabilities denominated in currencies other than the functional currency of the respective entities. These contracts, which are not designated as hedging instruments, mature or settle within twelve months. Derivatives that are not designated as hedging instruments are adjusted to fair value through earnings in the financial statement line item to which the derivative relates. Fair Values of Derivative Instruments in the Consolidated Balance Sheets The fair values of the Company’s derivative instruments are disclosed in Note 9 - Fair Value Measurements and summarized in the table below:
Volume of Activity The notional amounts of foreign exchange forward contracts represent the gross amounts of foreign currency, including, principally, the Australian dollar, Brazilian real, British pound, Canadian dollar, Chinese yuan, Czech koruna, Danish krone, Euro, Indian rupee, Indonesian rupiah, Japanese yen, Mexican peso, Norwegian krone, Polish zloty, Romanian leu, Singapore dollar, Swedish krona, Swiss franc and Turkish lira that will be bought or sold at maturity. The notional amounts of foreign exchange collar contracts represent the amounts of put and call options to sell or purchase Euros at a predetermined strike price. The notional amounts for outstanding derivative instruments provide one measure of the transaction volume outstanding and do not represent the amount of the Company’s exposure to credit or market loss. The Company’s exposure to credit loss and market risk will vary over time as currency and interest rates change. The Effect of Derivative Instruments on AOCI and the Consolidated Statements of Operations The following table shows the gains and losses, before taxes, of the Company's derivative instruments designated as cash flow hedges and net investment hedges in Other Comprehensive Income (“OCI”), and not designated as hedging instruments in the Consolidated Statements of Operations for the periods presented:
__________________ (1) The gains and losses largely offset the currency gains and losses that resulted from changes in the assets and liabilities denominated in nonfunctional currencies. (2) The company had no foreign exchange collar contracts outstanding during the fiscal years ended November 30, 2023 or 2022. The Company terminated interest rate swaps with a notional value of $400.0 million in December 2021 (the "December 2021 Terminations"). Cumulative losses from the December 2021 Terminations totaled $16.0 million and were reclassified from AOCI to "Interest expense and finance charges, net" over the period through September 2023. The Company additionally terminated interest rate swaps with a notional value of $1.0 billion in May 2023 (the "May 2023 Terminations"). Cumulative gains from the May 2023 Terminations totaled $10.0 million and were reclassified from AOCI to "Interest expense and finance charges, net" over the period through October 2023. Except for the net investment hedge amounts shown above, there were no material gain or loss amounts excluded from the assessment of effectiveness. There are no existing gains or losses in AOCI expected to be reclassified into earnings in the normal course of business within the next 12 months. Credit exposure for derivative financial instruments is limited to the amounts, if any, by which the counterparties’ obligations under the contracts exceed the Company’s obligations to the counterparties. The Company manages the potential risk of credit losses through careful evaluation of counterparty credit standing and selection of counterparties from a limited group of financial institutions.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS: The Company’s fair value measurements are classified and disclosed in one of the following three categories: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). The following table summarizes the valuation of the Company’s financial instruments that are measured at fair value on a recurring basis:
(1) The company had no foreign exchange collar contracts outstanding as of November 30, 2023. The fair values of forward exchange contracts are measured based on the foreign currency spot and forward rates quoted by the banks or foreign currency dealers. The fair values of foreign exchange collar contracts are measured using the cash flow of the contracts, discount rates to account for the passage of time, implied volatility and current foreign exchange market data, which are all based on inputs readily available in public markets. The effect of nonperformance risk on the fair value of derivative instruments was not material as of November 30, 2024 and 2023. The carrying values of accounts receivable, accounts payable and short-term debt approximate fair value due to their short maturities and interest rates which are variable in nature. The carrying value of the Company’s term loans approximate their fair value since they bear interest rates that are similar to existing market rates. The estimated fair value of the Senior Notes was approximately $2.3 billion and $2.2 billion at November 30, 2024 and 2023, respectively. During the fiscal year ended November 30, 2024 there were no transfers between the fair value measurement category levels.
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Borrowings |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BORROWINGS | BORROWINGS: Borrowings consist of the following:
(1) The interest rate payable on each of these series of Senior Notes is subject to adjustment from time to time if the credit rating assigned to such series of Senior Notes is downgraded (or downgraded and subsequently upgraded). (2) The Company pays interest semi-annually on the Senior Notes on each of February 9 and August 9, except for the 2034 Senior Notes in which the Company pays interest semi-annually on each of April 12 and October 12, which commenced on October 12, 2024. TD SYNNEX U.S. Accounts Receivable Securitization Arrangement In the U.S., the Company has an accounts receivable securitization program to provide additional capital for its operations (the “U.S. AR Arrangement”). Under the terms of the U.S. AR Arrangement, as amended, the Company and its subsidiaries that are party to the U.S. AR Arrangement can borrow based on the key terms in the table below (currency in thousands):
(1) Based on eligible trade accounts receivable. (2) Based upon the composition of the lenders, that includes prevailing dealer commercial paper rates and a rate based upon SOFR. (3) Payable on the used portion of the lenders’ commitment; accrues per annum. (4) Payable on the adjusted commitment of the lenders, accrues at different tiers per annum depending on the amount of outstanding advances from time to time. Under the terms of the U.S. AR Arrangement, the Company and certain of its U.S. subsidiaries sell, on a revolving basis, their receivables to a wholly-owned, bankruptcy-remote subsidiary. Such receivables, which are recorded in the Consolidated Balance Sheet, totaled approximately $3.4 billion as of both November 30, 2024 and 2023. The borrowings are funded by pledging all of the rights, title and interest in the receivables acquired by the Company's bankruptcy-remote subsidiary as security. Any amounts borrowed under the U.S. AR Arrangement are recorded as debt on the Company's Consolidated Balance Sheets. There were no amounts outstanding under the U.S. AR Arrangement at November 30, 2024 or 2023. TD SYNNEX Credit Agreement The Company is party to an amended and restated credit agreement, dated as of April 16, 2024 (as amended, the “TD SYNNEX Credit Agreement”) with the lenders party thereto and Citibank, N.A., as agent, pursuant to which the Company received commitments for the extension of a senior unsecured revolving credit facility (the “TD SYNNEX Revolving Credit Facility”) not to exceed an aggregate principal amount of $3.5 billion, which may, at the request of the Company but subject to the lenders’ discretion, potentially be increased by up to an aggregate amount of $500.0 million. The borrowers under the TD SYNNEX Credit Agreement are TD SYNNEX Corporation and certain subsidiaries of the Company. There were no amounts outstanding under the TD SYNNEX Revolving Credit Facility at November 30, 2024 or 2023. Borrowings under the TD SYNNEX Revolving Credit Facility bear interest at a per annum rate equal to the applicable SOFR rate, plus a credit spread adjustment, plus the applicable margin, as well as a commitment fee as referenced in the table below:
(1) As amended, the TD SYNNEX Revolving Credit Facility will mature on April 16, 2029, subject, in the lender's discretion to two one-year extensions upon the Company's prior notice to lenders. (2) The margin is based on the Company’s Public Debt Rating (as defined in the TD SYNNEX Credit Agreement). The applicable margin on base rate loans is 1.00% less than the corresponding margin on SOFR rate based loans. (3) The commitment fee range is applied to any unused commitment under the TD SYNNEX Revolving Credit Facility based on the Company’s Public Debt Rating. The TD SYNNEX Credit Agreement also includes a senior unsecured term loan (the “TD SYNNEX Term Loan”) in an original aggregate principal amount of $1.5 billion, that was fully funded in connection with the closing of the Merger. There was $581.3 million and $1.4 billion outstanding on the TD SYNNEX Term Loan as of November 30, 2024 and 2023, respectively. Loans borrowed under the TD SYNNEX Credit Agreement bear interest at a per annum rate equal to the applicable SOFR rate, plus a credit spread adjustment, plus the applicable margin, as well as a commitment fee as referenced in the table below:
(1) The maturity of the TD SYNNEX Term Loan is on the fifth anniversary of the September 1, 2021 closing date, to occur on September 1, 2026. (2) The margin is based on the Company’s Public Debt Rating. The applicable margin on base rate loans is 1.00% less than the corresponding margin on SOFR rate based loans. TD SYNNEX Term Loan Credit Agreement On April 19, 2024, the Company entered into a Term Loan Credit Agreement ("the "2024 Term Loan Credit Agreement") with the initial lenders party thereto, Bank of America N.A., as administrative agent for the lenders, and BOFA Securities, Inc. as lead arranger and lead bookrunner. The 2024 Term Loan Credit Agreement provides for a senior unsecured term loan in the aggregate principal amount of $750.0 million (the "2024 Term Loan"). The proceeds from the 2024 Term Loan were used to repay a portion of the TD SYNNEX Term Loan. The borrower under the 2024 Term Loan is the Company. Loans borrowed under the 2024 Term Loan Credit Agreement bear interest at a per annum rate equal to the applicable SOFR rate, plus credit spread adjustment, plus the applicable margin within a range based on the Company’s Public Debt Rating (as defined in the 2024 Term Loan Credit Agreement). Key terms for the 2024 Term Loan Credit Agreement are as follows:
TD SYNNEX Senior Notes On August 9, 2021, the Company completed its offering of $2.5 billion aggregate principal amount of senior unsecured notes due in 2024, 2026, 2028 and 2031 (collectively, the “Senior Notes,” and such offering, the “Senior Notes Offering”). In July 2022, the Company completed an offer to exchange (the "Exchange Offer") its outstanding unregistered Senior Notes for new registered notes (the "Exchange Notes"). The aggregate principal amount of Exchange Notes that were issued was equal to the aggregate principal amount of Senior Notes that were surrendered pursuant to the Exchange Offer. The terms of the Exchange Notes are substantially identical to the terms of the respective series of the Senior Notes, except that the Exchange Notes are registered under the Securities Act, and certain transfer restrictions, registration rights, and additional interest provisions relating to the Senior Notes do not apply to the Exchange Notes. On April 12, 2024, the Company issued and sold $600.0 million senior notes due in 2034 (the "2034 Senior Notes" and such offering, the "2034 Senior Notes Offering"). The Company used the net proceeds from the 2034 Senior Notes Offering, together with other available funds, to repay the $700.0 million aggregate principal amount of the 1.250% Senior Notes that were due August 9, 2024 and for general corporate purposes. The Company incurred $6.1 million towards issuance costs on the 2034 Senior Notes. References to the collective Senior Notes hereafter also include the 2034 Senior Notes. The Company may redeem the outstanding Senior Notes, in whole or in part, at any time and from time to time, prior to respective Par Call Dates at a redemption price equal to the greater of (x) 100% of the aggregate principal amount of the applicable Senior Notes to be redeemed and (y) the sum of the present values of the remaining scheduled payments of the principal and interest on the Senior Notes, in each case discounted to the date of redemption (assuming the applicable Senior Notes matured on the applicable Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the sum of the applicable treasury rate (as defined in the supplemental indenture establishing the terms of the applicable Senior Notes) plus the applicable spread, as shown in the table below, plus in each case, accrued and unpaid interest thereon to, but excluding, the redemption date. The Company may also redeem the Senior Notes of any series at its option, in whole or in part, at any time and from time to time on or after the applicable Par Call Date, at a redemption price equal to 100% of the principal amount of the Senior Notes to be redeemed. Par Call Dates and the spread to the applicable treasury rate for the respective outstanding Senior Notes are as follows:
Other Short-Term Borrowings The Company has various other committed and uncommitted lines of credit with financial institutions, short-term loans, term loans, credit facilities, and book overdraft facilities, totaling approximately $570.5 million in borrowing capacity as of November 30, 2024. Most of these facilities are provided on a short-term basis and are reviewed periodically for renewal. Interest rates and other terms of borrowing under these lines of credit vary by country, depending on local market conditions. There was $171.1 million outstanding on these facilities at November 30, 2024, at a weighted average interest rate of 7.91%, and there was $208.7 million outstanding at November 30, 2023, at a weighted average interest rate of 7.52%. Borrowings under these lines of credit facilities are guaranteed by the Company or secured by eligible accounts receivable. At November 30, 2024, the Company was also contingently liable for reimbursement obligations with respect to issued standby letters of credit in the aggregate outstanding amount of $47.8 million. These letters of credit typically act as a guarantee of payment to certain third parties in accordance with specified terms and conditions. The maximum commitment amounts for local currency credit facilities have been translated into U.S. dollars at November 30, 2024 exchange rates. Future Principal Payments As of November 30, 2024, future principal payments under the above loans are as follows:
Covenant Compliance The Company's credit facilities have a number of covenants and restrictions that require the Company to maintain specified financial ratios, including a maximum debt to EBITDA ratio and a minimum interest coverage ratio, in each case tested on the last day of each fiscal quarter. The covenants also limit the Company’s ability to incur additional debt, create liens, enter into agreements with affiliates, modify the nature of the Company’s business, and merge or consolidate. As of November 30, 2024, the Company was in compliance with all material covenants for the above arrangements.
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Supplier Finance Programs |
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Nov. 30, 2024 | |
Payables and Accruals [Abstract] | |
SUPPLIER FINANCE PROGRAMS | SUPPLIER FINANCE PROGRAMS: The Company has certain arrangements with third-party financial institutions ("Supplier Finance Programs"), which facilitate the participating vendors’ ability to sell their accounts receivable from the Company to third-party financial institutions, at the sole discretion of these vendors. The Company is not party to the agreements between the vendor and the third-party financial institution. As part of these arrangements, the Company generally receives more favorable payment terms from its vendors. The Company’s rights and obligations to its vendors, including amounts due, are generally not impacted by Supplier Finance Programs. However, the Company agrees to make all payments to the third-party financial institutions, and the Company’s right to offset balances due from vendors against payment obligations is restricted by the agreements for those payment obligations that have been sold by the respective vendors. The Company generally does not incur any fees under Supplier Finance Programs; however, the Company did recognize an immaterial amount of fees during fiscal year 2024 within "Cost of revenue" in the Company's Consolidated Statements of Operations related to an arrangement with a certain vendor. As of November 30, 2024 and November 30, 2023, the Company had $3.2 billion and $2.7 billion, respectively, in obligations outstanding under these programs included in “ | ” in the Company’s Consolidated Balance Sheets and all activity related to the obligations is presented within operating activities in the Consolidated Statements of Cash Flows.
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION | SEGMENT INFORMATION: Summarized financial information related to the Company’s reportable business segments for the periods presented is shown below:
(1) Excludes purchases of capitalized software and application software. The Company attributes revenues from external customers to the country from where products are delivered. Except for the U.S., no other country accounted for 10% or more of the Company’s revenue for the periods presented.
Except for the U.S. and France, no other country accounted for 10% or more of the Company’s property and equipment, net, less capitalized software and application software, for the periods presented:
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Employee Benefit Plans |
12 Months Ended |
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Nov. 30, 2024 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFITS PLANS: The Company has 401(k) plans in the U.S. under which eligible co-workers may contribute up to the maximum amount as provided by law. Co-workers generally become eligible to participate in these plans on the first day of the month after their employment date. The Company may make discretionary contributions under the plans. During fiscal years 2024, 2023 and 2022, the Company contributed $17.0 million, $17.3 million and $15.8 million, respectively, to these 401(k) plans. Co-workers in certain of the Company's international subsidiaries are covered by government mandated defined contribution plans, which are not material to operations. Additionally, the Company has defined benefit plans sponsored by certain international subsidiaries which are not material to its operations.
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LEASES | LEASES: The Company leases certain of its facilities and equipment under noncancellable operating lease agreements, which expire in various periods through 2039. The Company’s finance leases are not material. The following table presents the various components of lease costs:
The following table presents a maturity analysis of expected undiscounted cash flows for operating leases on an annual basis for the next five years and thereafter as of November 30, 2024:
__________________ (1) Imputed interest represents the difference between undiscounted cash flows and discounted cash flows. The following amounts were recorded in the Company's Consolidated Balance Sheet as of November 30, 2024 and 2023:
The following table presents supplemental cash flow information related to the Company's operating leases for fiscal years 2024, 2023 and 2022. Cash payments related to variable lease costs and short-term leases are not included in the measurement of operating lease liabilities, and, as such, are excluded from the amounts below:
The weighted-average remaining lease term and discount rate as of November 30, 2024 and 2023 were as follows:
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAXES | INCOME TAXES: The components of pretax income are as follows:
Significant components of the provision for income taxes are as follows:
The breakdown of net deferred tax assets and liabilities are as follows:
The significant components of the Company’s deferred tax assets and liabilities are as follows:
The decrease in the Company's net deferred tax liability position is primarily due to a reversal of a portion of the Company's deferred tax liabilities. The net change in the deferred tax valuation allowances in fiscal 2024 was a decrease of $11.7 million primarily resulting from the release of valuation allowances on foreign tax credits in certain jurisdictions for which a valuation allowance had previously been established. The valuation allowance at November 30, 2024 and November 30, 2023 primarily relates to carryforwards for foreign net operating losses and foreign tax credits in the United States. The Company considers all positive and negative evidence available in determining the potential of realizing deferred tax assets. To the extent that the Company generates consistent taxable income within those operations with valuation allowances, the Company may reduce the valuation allowances, thereby reducing income tax expense and increasing net income in the period the determination is made. The Company’s net operating loss carryforwards totaled $265.1 million at November 30, 2024. The majority of the net operating losses have an indefinite carryforward period with the remaining portion expiring in fiscal years 2025 through 2043. In addition, the Company has a $22.4 million net amount of state net operating losses with the majority having an indefinite carryforward period. The Company’s foreign tax credit carryforwards in the United States totaled $36.3 million at November 30, 2024. The foreign tax credits have a ten-year carryforward period, and the majority is set to expire in fiscal year 2025. The reconciliation of the statutory United States federal income tax rate to the Company’s effective income tax rate is as follows:
The Company’s U.S. business has sufficient cash flow and liquidity to fund its operating requirements and the Company expects and intends that profits earned outside the U.S. will be utilized and reinvested outside of the U.S. As of November 30, 2024, the Company had approximately $1.9 billion of undistributed earnings of its non-U.S. subsidiaries. The Company intends to indefinitely reinvest the remaining earnings from its foreign subsidiaries for which a deferred tax liability has not already been recorded. It is not practicable to determine the amount of applicable taxes that would be due if such earnings were distributed. Accordingly, the Company has not provisioned United States state taxes and foreign withholding taxes on non-U.S. subsidiaries for which the earnings are permanently reinvested. The Company has been granted tax holidays in certain jurisdictions, primarily, China. The tax holidays provide for lower rates of taxation and require various thresholds of investment and business activities in those jurisdictions. Certain tax holidays will begin to expire in fiscal year 2025. The tax benefits from the above tax holidays for fiscal years 2024, 2023 and 2022 were not material. The estimates and assumptions used by the Company in computing the income taxes reflected in the Company’s consolidated financial statements could differ from the actual results reflected in the income tax returns filed during the subsequent year. Adjustments are recorded based on filed returns when such returns are finalized or the related adjustments are identified. The Organization for Economic Co-operation and Development has published a proposal to establish a new global minimum corporate tax rate of 15%, commonly referred to as Pillar Two. While the U.S. has not yet adopted the Pillar Two framework into law, several countries in which we operate have enacted tax legislation based on the Pillar Two framework with certain components of the minimum tax rules effective beginning in 2024 (fiscal year 2025 for the Company) and further rules becoming effective beginning in 2025. These rules are not expected to materially impact the Company's Consolidated Financial Statements. The Company will continue to monitor U.S. and global legislative action related to Pillar Two for potential impacts. The aggregate changes in the balances of gross unrecognized tax benefits, excluding accrued interest and penalties, during fiscal years 2024, 2023 and 2022 were as follows (currency in thousands):
As of November 30, 2024, the amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate was $16.8 million. Unrecognized tax benefits that have a reasonable possibility of significantly decreasing within the 12 months following November 30, 2024 would not have a material impact on the tax rate. The Company recognizes interest and penalties related to unrecognized tax benefits in the provision for income taxes. The Company’s accrued interest and penalties at November 30, 2024 would not have a material impact on the effective tax rate if reversed. The provision for income taxes for each of the fiscal years ended November 30, 2024, 2023 and 2022 includes interest expense on unrecognized income tax benefits for current and prior years which is not significant to the Company’s Consolidated Statement of Income. The change in the balance of accrued interest for fiscal 2024, 2023 and 2022, includes the current year end accrual, an interest benefit resulting from the expiration of statutes of limitation, and the translation adjustments on foreign currencies. The Company conducts business primarily in the Americas, Europe and APJ, and as a result, one or more of its subsidiaries files income tax returns in the U.S. federal, various state, local and foreign tax jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities. The Company is no longer subject to examinations by the Internal Revenue Service for years before fiscal 2021. The Company is no longer subject to foreign or state income tax audits for returns covering years through 2011, and fiscal year 2017, respectively. On December 1, 2020, the Company completed the previously announced separation of its customer experience services business (the “Separation”), in a tax-free transaction for federal income tax purposes, which was accomplished by the distribution of one hundred percent of the outstanding common stock of Concentrix Corporation (“Concentrix”). SYNNEX stockholders received one share of Concentrix common stock for every share of SYNNEX common stock held at the close of business on the record date. In preparation of the Separation, SYNNEX entered into a Tax Matters Agreement with Concentrix effective on December 1, 2020 that governs the rights and obligations of SYNNEX and Concentrix for certain pre-Separation tax liabilities. The Tax Matters Agreement provides that SYNNEX and Concentrix will share certain pre-Separation income tax liabilities that arise from adjustments made by tax authorities to SYNNEX and Concentrix’ U.S. and certain non-U.S. income tax returns. In certain jurisdictions SYNNEX and Concentrix have joint and several liability for past income tax liabilities and accordingly, SYNNEX could be legally liable under applicable tax law for such liabilities and required to make additional tax payments. In addition, if the distribution of Concentrix' common shares to the SYNNEX stockholders is determined to be taxable, Concentrix and SYNNEX would share the tax liability equally, unless the taxability of the distribution is the direct result of action taken by either Concentrix or SYNNEX subsequent to the distribution in which case the party causing the distribution to be taxable would be responsible for any taxes imposed on the distribution.
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Commitments and Contingencies |
12 Months Ended |
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Nov. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES: As is customary in the technology industry, to encourage certain customers to purchase products from us, the Company also has other financing agreements with financial institutions to provide inventory financing facilities to the Company’s customers and allow certain customers of the Company to finance their purchases directly with the financial institutions. The Company is contingently liable to repurchase inventory sold under these agreements in the event of any default by its customers under the agreement and such inventory being repossessed by the financial institutions. 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. Losses, if any, would be the difference between the repossession cost and the resale value of the inventory. Repurchases under these arrangements have been insignificant to date and the Company is not aware of any pending customer defaults or repossession obligations. The Company believes that, based on historical experience, the likelihood of a material loss pursuant to these inventory repurchase obligations is remote. In 2013, the French Autorité de la Concurrence (“Competition Authority”) began an investigation into the French market for certain products of Apple, Inc., (“Apple”) for which the Company is a distributor. In March 2020, the Competition Authority imposed fines on the Company, on another distributor, and on Apple, finding that the Company entered into an anticompetitive agreement with Apple regarding volume allocations of Apple products. The initial fine imposed on the Company was €76.1 million. The Company appealed its determination to the French courts, seeking to set aside or reduce the fine. On October 6, 2022, the appeals court issued a ruling that reduced the fine imposed on the Company from €76.1 million to €24.9 million. As a result of the appeals court ruling, the Company paid €24.9 million through fiscal year 2022. The Company decreased its accrual established for this matter by $10.8 million during fiscal year 2022 which is recorded in "Other expense, net" in the Consolidated Statement of Operations. The Company continues to contest the arguments of the Competition Authority and has further appealed this matter. A civil lawsuit related to this matter, alleging anticompetitive actions in association with the established distribution networks for Apple, the Company and another distributor was filed by eBizcuss. On November 25, 2024, the Paris Commercial Court ruled in favor of the Company and the other defendants and dismissed the claims in the eBizcuss civil lawsuit. An appeal to the ruling has since been made by eBizcuss, and while the Company continues to evaluate this matter, based on the favorable ruling from the Paris Commercial Court, the Company believes the likelihood of a material loss related to the eBizcuss lawsuit is remote. From time to time, the Company receives notices from third parties, including customers and suppliers, seeking indemnification, payment of money or other actions in connection with claims made against them. Also, from time to time, the Company has been involved in various bankruptcy preference actions where the Company was a supplier to the companies now in bankruptcy. In addition, the Company is subject to various other claims, both asserted and unasserted, that arise in the ordinary course of business. The Company evaluates these claims and records the related liabilities in cases where a contingent obligation is deemed probable and reasonably estimable. It is possible that the ultimate liabilities could differ from the amounts recorded. The Company does not believe that the above commitments and contingencies will have a material adverse effect on the Company’s results of operations, financial position or cash flows.
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Schedule II-Valuation and Qualifying Accounts |
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SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS For the Fiscal Years Ended November 30, 2024, 2023 and 2022 (in thousands) (Amounts may not add or compute due to rounding)
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
12 Months Ended | ||
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Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
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Pay vs Performance Disclosure | |||
Net income | $ 689,091 | $ 626,911 | $ 651,307 |
Insider Trading Arrangements |
3 Months Ended | 12 Months Ended |
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Nov. 30, 2024
shares
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Nov. 30, 2024
shares
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Trading Arrangements, by Individual | ||
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Dennis Polk [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On October 13, 2024, Dennis Polk, a member of the Company’s Board of Directors and Hyve Solutions Executive, adopted a trading arrangement on behalf of the Polk family trust of which Mr. Polk is a trustee, for the sale of securities of the Company’s common stock that is intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c). The Rule 10b5-1 trading arrangement provides for the sale of up to 35,853 shares of common stock until February 3, 2026 pursuant to the terms of the plan.
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Name | Dennis Polk | |
Title | member of the Company’s Board of Directors and Hyve Solutions Executive | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | October 13, 2024 | |
Expiration Date | February 3, 2026 | |
Arrangement Duration | 478 days | |
Aggregate Available | 35,853 | 35,853 |
Insider Trading Policies and Procedures |
12 Months Ended |
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Nov. 30, 2024 | |
Insider Trading Policies and Procedures [Line Items] | |
Insider Trading Policies and Procedures Adopted | true |
Cybersecurity Risk Management and Strategy Disclosure |
12 Months Ended |
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Nov. 30, 2024 | |
Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | Risk Management and Strategy Our cybersecurity program is designed to protect the confidentiality, integrity and availability of critical assets and information, using a proactive and risk-based approach. We utilize the National Institute of Standards and Technology ("NIST") Cybersecurity Framework as well as other globally recognized standards. The NIST framework is structured around six Core Functions (Govern, Identify, Protect, Detect, Recover and Respond) and is a comprehensive approach to information and cybersecurity risk management. Our program includes policies, practices, procedures and controls designed to manage material risks from cybersecurity threats, including training requirements, threat monitoring and detection, threat containment and risk assessments. Our process for identifying and assessing material risks from cybersecurity threats operates alongside our company’s broader overall risk assessment process. We refine our cybersecurity program by staying informed on security threats, conducting tabletop exercises to proactively identify areas for improvements, and leveraging third-party cybersecurity firms and investing in enhancements to our preventive and defensive capabilities. We utilize a third-party remediation team on retainer for assistance in investigating and addressing cybersecurity incidents or threats. We maintain procedures for screening and evaluating third-party providers prior to granting them access to our information systems. Depending on the nature of the product or service to be provided, we screen any third-parties that could present a cybersecurity risk through a cyber risk assessment, and we review third-party suppliers post-engagement to identify changes in their security risk profile, including the occurrence of cybersecurity events affecting such suppliers. Contractual and statutory provisions require third-party suppliers to inform us of cyber incidents, in most cases. Additionally, we maintain cybersecurity insurance coverage that we believe is appropriate for the size and complexity of our business to cover certain costs related to cybersecurity incidents. While we focus on prevention and detection, we also have incident response and recovery plans in place designed to analyze, contain, remediate and communicate cybersecurity matters to help ensure a timely and robust response to actual or attempted incidents. In the event of a cybersecurity incident, our incident response process involves assessing incident severity, conducting root cause analysis, creating and implementing plans to address the incident, mobilizing appropriate resources and identifying potential remedial measures and other appropriate next steps. We also have on retainer a third-party consultant to assist us in our incident response and remediation. As of the date of this report, we are not aware of any risks from cybersecurity threats that have materially affected the Company, including our business strategy, results of operations or financial condition. However, we cannot provide assurance that these threats will not result in such an impact in the future. For more information regarding risks relating to information technology and cybersecurity, see “Item 1A. Risk Factors.”
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Cybersecurity Risk Management Processes Integrated [Flag] | true |
Cybersecurity Risk Management Processes Integrated [Text Block] | We refine our cybersecurity program by staying informed on security threats, conducting tabletop exercises to proactively identify areas for improvements, and leveraging third-party cybersecurity firms and investing in enhancements to our preventive and defensive capabilities. |
Cybersecurity Risk Management Third Party Engaged [Flag] | true |
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false |
Cybersecurity Risk Board of Directors Oversight [Text Block] | We have a team of information security professionals who lead our enterprise-wide cybersecurity strategy, risk management, cyber defense, software security, security monitoring and other related functions. This team is overseen by our Chief Information Security Officer (“CISO”), who reports to our Chief Information Officer (“CIO”) and works with our Chief Legal Officer. Our CISO has over 30 years of experience in the fields of cybersecurity and intelligence with the Department of Defense, the defense contracting community and with publicly traded companies, and holds various technical credentials in the field, including a CIO Program Certificate from the College of Information and Cyberspace, National Defense University, and maintains a Certified Information System Security Professional ("CISSP") designation as well as a Certified Information Privacy Professional ("CIPP") designation. The Board of Directors is responsible for overseeing our enterprise risk management process, including our information security program, compliance and risk management and cybersecurity risks. The CISO regularly provides reporting on cybersecurity matters to senior management and reports to the Board of Directors on at least a semi-annual basis and, going forward, to the newly formed Technology Committee of the Board of Directors on at least a quarterly basis. This reporting includes updates on our information security strategy, key cyber risks and threats, progress towards protecting the Company from such risks and threats, and assessments of our cybersecurity program with regard to emerging trends. Depending on the magnitude of a cybersecurity incident, certain matters are required to be reported promptly to the Board of Directors, as appropriate, in accordance with our security incident response plan. The Board of Directors is in the process of creating a Technology Committee to have an oversight role regarding technology-based issues, including in relation to cybersecurity and generative artificial intelligence. With respect to cybersecurity, the committee's role may include assisting the Board of Directors in evaluating management’s role in preparing, presenting and assessing our IT systems, reviewing our cyber risks and strategies as well as any significant incidents, and providing guidance regarding the Company’s cybersecurity compliance obligations.
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Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | The Board of Directors is in the process of creating a Technology Committee to have an oversight role regarding technology-based issues, including in relation to cybersecurity and generative artificial intelligence. |
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | The CISO regularly provides reporting on cybersecurity matters to senior management and reports to the Board of Directors on at least a semi-annual basis and, going forward, to the newly formed Technology Committee of the Board of Directors on at least a quarterly basis. This reporting includes updates on our information security strategy, key cyber risks and threats, progress towards protecting the Company from such risks and threats, and assessments of our cybersecurity program with regard to emerging trends. Depending on the magnitude of a cybersecurity incident, certain matters are required to be reported promptly to the Board of Directors, as appropriate, in accordance with our security incident response plan. |
Cybersecurity Risk Role of Management [Text Block] | We have a team of information security professionals who lead our enterprise-wide cybersecurity strategy, risk management, cyber defense, software security, security monitoring and other related functions. This team is overseen by our Chief Information Security Officer (“CISO”), who reports to our Chief Information Officer (“CIO”) and works with our Chief Legal Officer. Our CISO has over 30 years of experience in the fields of cybersecurity and intelligence with the Department of Defense, the defense contracting community and with publicly traded companies, and holds various technical credentials in the field, including a CIO Program Certificate from the College of Information and Cyberspace, National Defense University, and maintains a Certified Information System Security Professional ("CISSP") designation as well as a Certified Information Privacy Professional ("CIPP") designation. The Board of Directors is responsible for overseeing our enterprise risk management process, including our information security program, compliance and risk management and cybersecurity risks. The CISO regularly provides reporting on cybersecurity matters to senior management and reports to the Board of Directors on at least a semi-annual basis and, going forward, to the newly formed Technology Committee of the Board of Directors on at least a quarterly basis. This reporting includes updates on our information security strategy, key cyber risks and threats, progress towards protecting the Company from such risks and threats, and assessments of our cybersecurity program with regard to emerging trends. Depending on the magnitude of a cybersecurity incident, certain matters are required to be reported promptly to the Board of Directors, as appropriate, in accordance with our security incident response plan.
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Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | We have a team of information security professionals who lead our enterprise-wide cybersecurity strategy, risk management, cyber defense, software security, security monitoring and other related functions. This team is overseen by our Chief Information Security Officer (“CISO”), who reports to our Chief Information Officer (“CIO”) and works with our Chief Legal Officer. |
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | Our CISO has over 30 years of experience in the fields of cybersecurity and intelligence with the Department of Defense, the defense contracting community and with publicly traded companies, and holds various technical credentials in the field, including a CIO Program Certificate from the College of Information and Cyberspace, National Defense University, and maintains a Certified Information System Security Professional ("CISSP") designation as well as a Certified Information Privacy Professional ("CIPP") designation. |
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | The CISO regularly provides reporting on cybersecurity matters to senior management and reports to the Board of Directors on at least a semi-annual basis and, going forward, to the newly formed Technology Committee of the Board of Directors on at least a quarterly basis. This reporting includes updates on our information security strategy, key cyber risks and threats, progress towards protecting the Company from such risks and threats, and assessments of our cybersecurity program with regard to emerging trends. Depending on the magnitude of a cybersecurity incident, certain matters are required to be reported promptly to the Board of Directors, as appropriate, in accordance with our security incident response plan. |
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Summary of Significant Accounting Policies (Policies) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Use of estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expense during the reporting period. The Company evaluates these estimates on a regular basis and bases them on historical experience and on various assumptions that the Company believes are reasonable. Actual results could differ from the estimates.
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Principles of consolidation | Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company, its wholly-owned subsidiaries and variable interest entities if the Company is the primary beneficiary. All intercompany accounts and transactions have been eliminated. Investments in 20% through 50% owned affiliated companies are accounted under the equity method where the Company exercises significant influence over operating and financial affairs of the investee and is not the primary beneficiary. Investments in less than 20% owned companies, where the Company does not have significant influence, are recorded at cost or fair value based on whether the equity securities have readily determinable fair values.
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Segment reporting | Segment Reporting Operating segments are based on components of the Company that engage in business activity that earn revenue and incur expenses and (a) whose operating results are regularly reviewed by the Company’s chief operating decision maker to make decisions about resource allocation and performance and (b) for which discrete financial information is available. The Company’s chief executive officer, who is also the chief operating decision maker, reviews and allocates resources based on geographic regions. As a result, the Company operates in three reportable segments based on its geographic regions: the Americas, Europe and Asia-Pacific and Japan ("APJ").
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Cash and cash equivalents | Cash and Cash Equivalents The Company considers all highly liquid debt instruments purchased with an original maturity or remaining maturity at the date of purchase of three months or less to be cash equivalents. Cash equivalents consist principally of money market deposit accounts and money market funds that are stated at cost, which approximates fair value. The Company is exposed to credit risk in the event of default by financial institutions to the extent that cash balances with financial institutions are in excess of amounts that are insured.
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Accounts receivable | Accounts Receivable The Company maintains an allowance for doubtful accounts as an estimate to cover the future expected credit losses resulting from uncertainty regarding collections from customers or OEM vendors to make payments for outstanding balances. In estimating the required allowance, the Company takes into consideration historical credit losses, current conditions and reasonable and supportable forecasts. Adjustments to historical loss information are made for differences in current conditions as well as changes in forecasted macroeconomic conditions, such as changes in unemployment rates or gross domestic product growth. Expected credit losses are estimated on a pool basis when similar risk characteristics exist using an age-based reserve model. Receivables that do not share risk characteristics are evaluated on an individual basis. The Company has uncommitted accounts receivable purchase agreements with global financial institutions under which trade accounts receivable of certain customers and their affiliates may be acquired, without recourse, by the financial institutions. Available capacity under these programs is dependent on the level of the Company’s trade accounts receivable with these customers and the financial institutions’ willingness to purchase such receivables. In addition, certain of these programs also require that the Company continue to service, administer and collect the sold accounts receivable. As of November 30, 2024 and 2023, accounts receivable sold to and held by the financial institutions under these programs were $1.2 billion and $864.6 million, respectively. Discount fees related to the sale of trade accounts receivable under these facilities are included in “Interest expense and finance charges, net” in the Consolidated Statements of Operations. During the fiscal years ended November 30, 2024, 2023 and 2022, discount fees were $67.8 million, $51.1 million and $26.2 million, respectively.
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Inventories | Inventories Inventories are stated at the lower of cost and net realizable value. Cost is computed based on the weighted-average method. Inventories are comprised of finished goods and work-in-process. Finished goods include products purchased for resale, system components purchased for both resale and for use in the Company’s systems design and integration business and completed systems. Work-in-process inventories are not material to the Consolidated Financial Statements.
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Derivatives Financial Instruments | Derivative Financial Instruments The Company accounts for its derivative instruments as either assets or liabilities and carries them at fair value. For derivative instruments that hedge the exposure to variability in expected future cash flows that are designated as cash flow hedges, the gain or loss on the derivative instrument is reported as a component of “Accumulated other comprehensive income (loss)” in stockholders’ equity and reclassified into earnings in the same line associated with the hedged transactions, in the same period or periods during which the hedged transaction affects earnings. To receive hedge accounting treatment, cash flow hedges must be highly effective in offsetting changes to expected future cash flows on hedged transactions. The company classifies cash flows related to the settlement of its cash flow hedges as operating activities in the Consolidated Statements of Cash Flows. For derivative instruments that hedge a portion of the Company's net investment in foreign-currency denominated operations that are designated as net investment hedges, the gain or loss on the derivative instrument is included within the caption "Foreign currency translation adjustments and other" on the Consolidated Statements of Comprehensive Income and is reported as a component of “Accumulated other comprehensive income (loss)” in stockholders’ equity until the sale or substantially complete liquidation of the underlying assets of the Company's investment. The initial fair value of hedge components excluded from the assessment of effectiveness is recognized in the Consolidated Statement of Operations under a systematic and rational method over the life of the hedging instrument. The excluded component is recognized in "Interest expense and finance charges, net" on the Consolidated Statement of Operations. The Company classifies cash flows related to the settlement of its net investment hedges as investing activities in the Consolidated Statements of Cash Flows. For derivative instruments that are not designated as hedges, gains and losses resulting from changes in fair value on derivative instruments are reported in the Consolidated Statements of Operations in the current period.
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Property and equipment | Property and Equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method based upon the shorter of the estimated useful lives of the assets, or the lease term of the respective assets, if applicable. Maintenance and repairs are charged to expense as incurred, and improvements are capitalized. When assets are retired or otherwise disposed of, the cost and accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is reflected in operations in the period realized. The Company’s capitalized software has been obtained or developed for internal use only. Development and acquisition costs are capitalized for computer software only when management authorizes and commits to funding a computer software project through the approval of a capital expenditure requisition, and the software project is either for the development of new software, to increase the life of existing software or to add significantly to the functionality of existing software. Once these requirements have been met, capitalization would begin at the point that conceptual formulation, evaluation, design and testing of possible software project alternatives have been completed. Capitalization ceases when the software project is substantially complete and ready for its intended use. The ranges of estimated useful lives for property and equipment categories are as follows:
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Business Combinations | Business Combinations The purchase price is allocated to the assets acquired, liabilities assumed, and noncontrolling interests in the acquired entity generally based on their fair values at the acquisition date. The excess of the fair value of purchase consideration over the fair value of these assets acquired, liabilities assumed and noncontrolling interests in the acquired entity is recorded as goodwill. The primary items that generate goodwill include the value of the synergies between the acquired entity and the Company and the value of the acquired assembled workforce, neither of which qualify for recognition as an intangible asset. Amounts recorded in a business combination may change during the measurement period, which is a period not to exceed one year from the date of acquisition, as additional information about conditions existing at the acquisition date becomes available. The Company includes the results of operations of the acquired business in the Consolidated Financial Statements prospectively from the date of acquisition. Acquisition-related charges are recognized separately from the business combination and are expensed as incurred. These charges primarily include direct third-party professional and legal fees, and integration-related costs.
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Goodwill and intangible assets | Goodwill and Intangible Assets The values assigned to intangible assets include estimates and judgment regarding expectations for the length of customer relationships acquired in a business combination. Included within intangible assets is an indefinite lived trade name intangible asset. The Company's indefinite lived trade name intangible asset is considered a single unit of accounting and is tested for impairment at the consolidated level annually as of September 1, and more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired. Other purchased intangible assets are amortized over the useful lives based on estimates of the use of the economic benefit of the asset or on the straight-line amortization method. The Company allocates goodwill to reporting units based on the reporting unit expected to benefit from the business combination and tests for impairment annually as of September 1, or more frequently if events or changes in circumstances indicate that it may be impaired. Goodwill is tested for impairment at the reporting unit level by first performing a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. The factors that are considered in the qualitative analysis include macroeconomic conditions, industry and market considerations, cost factors such as increases in product cost, labor, or other costs that would have a negative effect on earnings and cash flows; and other relevant entity-specific events and information. The Company also has the option to bypass the qualitative assessment for any reporting unit in any period. If the reporting unit does not pass or the Company chooses to bypass the qualitative assessment, then the reporting unit’s carrying value is compared to its fair value. The fair values of the reporting units are estimated using market and discounted cash flow approaches. The assumptions used in the market approach are based on the value of a business through an analysis of sales and other multiples of guideline companies and recent sales or offerings of a comparable entity. The assumptions used in the discounted cash flow approach are based on historical and forecasted revenue, operating costs, working capital requirements, future economic conditions, discount rates and other relevant factors. Goodwill is considered impaired if the carrying value of the reporting unit exceeds its fair value and the excess is recognized as an impairment loss. No goodwill impairment has been identified for any of the years presented. Finite-lived intangible assets consist primarily of customer relationships, vendor lists and other intangible assets. Amortization is based on the pattern in which the economic benefits of the intangible assets will be consumed or on a straight-line basis when the consumption pattern is not apparent over the following useful lives:
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Impairment of long-lived assets | Impairment of Long-Lived Assets The Company reviews the recoverability of its long-lived assets, including finite-lived intangible assets, property and equipment, right-of-use ("ROU") assets and certain other assets, when events or changes in circumstances occur that indicate the carrying value of the asset or asset group may not be recoverable. The assessment of possible impairment is based on the Company’s ability to recover the carrying value of the asset or asset group from the expected future pre-tax cash flows, undiscounted and without interest charges, of the related operations. If these cash flows are less than the carrying value of such assets, an impairment loss is recognized for the difference between estimated fair value and carrying value.
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Leases | Leases The Company enters into leases as a lessee for property and equipment in the ordinary course of business. When procuring goods or services, or upon entering into a contract with its customers, the Company determines whether an arrangement contains a lease at its inception. As part of that evaluation, the Company considers whether there is an implicitly or explicitly identified asset in the arrangement and whether the Company, as the lessee, or the customer, if the Company is the lessor, has the right to control the use of that asset. When the Company is the lessee, all leases with a term of more than 12 months are recognized as ROU assets and associated lease liabilities in the Consolidated Balance Sheet. Lease liabilities are recorded at the lease commencement date and determined using the present value of the lease payments not yet paid, at the Company’s incremental borrowing rate, which approximates the rate at which the Company would borrow on a secured basis in the country where the lease was executed. The interest rate implicit in the lease is generally not determinable in transactions where the Company is the lessee. The ROU asset equals the lease liability adjusted for any initial direct costs, prepaid rent and lease incentives. The Company’s variable lease payments generally relate to payments tied to various indexes, non-lease components and payments above a contractual minimum fixed amount. Operating leases are included in other assets, net, other accrued liabilities and other long-term liabilities in the Consolidated Balance Sheet. Substantially all of the Company's leases are classified as operating leases and the Company’s finance leases are not material. The lease term includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company made a policy election to not recognize leases with a lease term of 12 months or less in the Consolidated Balance Sheet. Lease expenses are recorded within "Selling, general and administrative expenses" and "Cost of revenue" in the Consolidated Statements of Operations. Operating lease payments are presented within “Cash flows from operating activities” in the Consolidated Statements of Cash Flows.
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Concentration of credit risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentration of credit risk consist principally of cash and cash equivalents, accounts receivable, receivables from vendors and derivative instruments. The Company’s cash and cash equivalents and derivative instruments are transacted and maintained with financial institutions with high credit standing, and their compositions and maturities are regularly monitored by management. Through November 30, 2024, the Company has not experienced any material credit losses on such deposits and derivative instruments. Accounts receivable include amounts due from customers, including related party customers. Receivables from vendors, net, includes amounts due from OEM vendors primarily in the technology industry. The Company performs ongoing credit evaluations of its customers’ financial condition and limits the amount of credit extended when deemed necessary, but generally requires no collateral. The Company also maintains allowances for potential credit losses. In estimating the required allowances, the Company takes into consideration the overall quality and aging of its receivable portfolio, the existence of credit insurance and specifically identified customer and vendor risks. The following table provides revenue generated from products purchased from vendors that exceeded 10% of our consolidated revenue for the periods indicated (as a percent of consolidated revenue):
__________________ (1) Revenue generated from products purchased from this vendor was less than 10% of consolidated revenue during the period presented. One customer accounted for 12%, 11% and 10% of the Company’s total revenue in fiscal years 2024, 2023 and 2022, respectively. As of November 30, 2024 and 2023, no single customer comprised more than 10% of the consolidated accounts receivable balance.
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Book overdrafts | Book Overdrafts Book overdrafts, representing checks issued in excess of balances on deposit in the applicable bank accounts and which have not been paid by the applicable bank at the balance sheet date are classified as “Borrowings, current” in the Company’s Consolidated Balance Sheets. Under the terms of the Company’s banking arrangements, the respective financial institutions are not legally obligated to honor the book overdraft balances. The Company’s policy is to report the change in book overdrafts as a financing activity in the Consolidated Statements of Cash Flows.
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Revenue recognition | Revenue Recognition The Company generates revenue primarily from the sale of various IT products. The Company recognizes revenues from the sale of IT hardware and software as control is transferred to customers, which is at the point in time when the product is shipped or delivered. The Company accounts for a contract with a customer when it has written approval, the contract is committed, the rights of the parties, including payment terms, are identified, the contract has commercial substance and consideration is probable of collection. Binding purchase orders from customers together with agreement to the Company's terms and conditions of sale by way of an executed agreement or other signed documents are considered to be the contract with a customer. Products sold by the Company are delivered via shipment from the Company’s facilities, drop-shipment directly from the vendor, or by electronic delivery of software products. In situations where arrangements include customer acceptance provisions, revenue is recognized when the Company can objectively verify the products comply with specifications underlying acceptance and the customer has control of the products. Revenue is presented net of taxes collected from customers and remitted to government authorities. The Company generally invoices a customer upon shipment, or in accordance with specific contractual provisions. Payments are due as per contract terms and do not contain a significant financing component. In relation to product support, supply chain management and other services performed by the Company, revenue is recognized over time as the services are performed. Provisions for sales returns and allowances are estimated based on historical data and are recorded concurrently with the recognition of revenue. A liability is recorded at the time of sale for estimated product returns based upon historical experience and an asset is recognized for the amount expected to be recorded in inventory upon product return. These provisions are reviewed and adjusted periodically by the Company. Revenue is reduced for early payment discounts and volume incentive rebates offered to customers, which are considered variable consideration, at the time of sale based on an evaluation of the contract terms and historical experience. The Company recognizes revenue on a net basis on certain contracts, where the Company’s performance obligation is to arrange for the products or services to be provided by another party or the rendering of logistics services for the delivery of inventory for which the Company does not assume the risks and rewards of ownership, by recognizing the margins earned in revenue with no associated cost of revenue. Such arrangements include supplier service contracts, post-contract software support services, cloud computing and software as a service arrangements, certain fulfillment contracts, extended warranty contracts and certain of the Company's systems design and integration solutions arrangements which operate under a customer-owned procurement model. The Company considers shipping and handling activities as costs to fulfill the sale of products. Shipping revenue is included in revenue when control of the product is transferred to the customer, and the related shipping and handling costs are included in cost of revenue. The Company disaggregates its operating segment revenue by geography, which the Company believes provides a meaningful depiction of the nature of its revenue. Disaggregated revenue disclosure is presented in Note 12 – Segment Information.
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Cost of revenue | Cost of Revenue Cost of revenue includes the product price paid to OEM suppliers, net of any incentives, rebates, price protection and purchase discounts received from the OEM suppliers. Cost of revenue also consists of provisions for inventory losses and write-downs, shipping and handling costs and royalties due to OEM vendors. In addition, cost of revenue includes the cost of materials, labor and overhead and warranty for design and integration activities.
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Selling, General and Administrative expenses | Selling, General and Administrative Expenses Selling, general and administrative expenses are charged to income as incurred. Expenses of promoting and selling products and services are classified as selling expense and include such items as compensation, sales commissions and travel. General and administrative expenses include such items as compensation, cost of warehouse, delivery centers and other non-integration facilities, legal and professional costs, office supplies, non-income taxes, insurance and utility expenses. In addition, selling, general and administrative expenses include other operating items such as allowances for credit losses, depreciation and amortization of intangible assets.
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OEM supplier programs | OEM Supplier Programs Funds received from OEM suppliers for volume promotion programs, price protection and product rebates are recorded as adjustments to cost of revenue and/or the carrying value of inventories, as appropriate. Where there is a binding agreement, the Company tracks vendor promotional programs for volume discounts on a program-by-program basis and records them as a reduction to cost of revenue based on a systematic and rational allocation. The Company monitors the balances of vendor receivables on a quarterly basis and adjusts the balances due for differences between expected and actual sales volume. Vendor receivables are generally collected through reductions authorized by the vendor to accounts payable. Funds received for specific marketing and infrastructure reimbursements, net of related costs, are recorded as adjustments to “Selling, general and administrative expenses,” and any excess reimbursement amount is recorded as an adjustment to cost of revenue.
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Royalties | Royalties The Company’s software product purchases include products licensed from OEM vendors, which are subsequently distributed to resellers. Royalties to OEM vendors are accrued and recorded in cost of revenue when software products are shipped and revenue is recognized.
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Warranties | Warranties The Company’s OEM suppliers generally warrant the products distributed by the Company and allow returns of defective products. The Company generally does not independently warrant the products it distributes; however, the Company does warrant the following: (1) products that it builds to order from components purchased from other sources, (2) services with regard to products integrated for its customers; and (3) products sold in countries where the Company is responsible for defective product as a matter of law. The time period required by law in certain countries exceeds the warranty period provided by the manufacturer. The Company is obligated to provide warranty protection for sales of certain IT products within the European Union (“EU”) for up to two years as required under the EU directive where vendors have not affirmatively agreed to provide pass-through protection. Warranty expense and the accrual for warranty costs were not material to the Company’s Consolidated Financial Statements for any of the periods presented.
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Advertising | Advertising Costs related to advertising and product promotion expenditures are charged to “Selling, general and administrative expenses” as incurred and are primarily offset by OEM marketing reimbursements. Net costs related to advertising and promotion expenditures were not material to the Company’s Consolidated Financial Statements for any of the periods presented.
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Income taxes | Income Taxes The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts in the financial statements using enacted tax rates and laws that will be in effect when the difference is expected to reverse. Tax on global low-taxed intangible income is accounted for as a current expense in the period in which the income is included in a tax return using the “period cost” method. Valuation allowances are provided against deferred tax assets that are not likely to be realized. The Company recognizes tax benefits from uncertain tax positions only if that tax position is more likely than not to be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. The Company recognizes interest and penalties related to unrecognized tax benefits in the provision for income taxes.
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Foreign currency translations | Foreign Currency Translations The financial statements of the Company’s international subsidiaries whose functional currencies are the local currencies are translated into U.S. dollars for consolidation as follows: assets and liabilities at the exchange rate as of the balance sheet date, stockholders’ equity at the historical rates of exchange, and income and expense amounts at the average exchange rate for the month. Translation adjustments resulting from the translation of the subsidiaries’ accounts are included in “Accumulated other comprehensive income (loss)” in stockholders’ equity. Transactions denominated in currencies other than the applicable functional currency are converted to the functional currency at the exchange rate on the transaction date. At period end, monetary assets and liabilities are remeasured to the functional currency using exchange rates in effect at the balance sheet date. Non-monetary assets and liabilities are remeasured at historical exchange rates. Gains and losses resulting from foreign currency transactions are included in earnings within “Cost of revenue” and “Other expense, net.”
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Comprehensive income | Comprehensive Income Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. The primary components of comprehensive income for the Company include net income, foreign currency translation adjustments arising from the consolidation of the Company’s international subsidiaries and unrealized gains and losses on cash flow hedges.
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Share-based compensation | Share-based Compensation The Company accounts for share-based payment transactions in which the Company receives services in exchange for equity instruments of the Company. Share-based compensation cost for stock options, restricted stock awards and units, performance-based restricted stock units and employee stock purchase plans is determined based on the fair value at the grant date. The Company recognizes share-based compensation cost as expense for awards other than its performance-based restricted stock units ratably on a straight-line basis over the requisite service period. The Company recognizes share-based compensation cost associated with its performance-based restricted stock units over the requisite service period if it is probable that the performance conditions will be satisfied. The Company accounts for expense reductions that result from the forfeiture of unvested awards in the period that the forfeitures occur.
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Earnings per common share | Earnings Per Common Share Earnings per share is calculated using the two-class method. The two-class method is an earnings allocation proportional to the respective ownership among holders of common stock and participating securities. Basic earnings per common share is computed by dividing net income attributable to the Company’s common stockholders by the weighted-average of common shares outstanding during the period. Diluted earnings per common share also considers the dilutive effect of in-the-money stock options and restricted stock units, calculated using the treasury stock method.
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Treasury Stock | Treasury Stock Repurchases of shares of common stock are accounted for at cost, which includes brokerage fees and excise taxes, and are included as a component of stockholders’ equity in the Consolidated Balance Sheets. Shares repurchased by the Company are held in treasury for general corporate purposes, including issuances under stock incentive plans. The reissuance of shares from treasury stock is based on the weighted average purchase price of the shares.
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Reclassifications | Reclassifications Certain reclassifications have been made to prior period amounts in the Consolidated Financial Statements to conform to the current period presentation. These reclassifications did not have a material impact on previously reported amounts.
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Recently adopted and issued accounting pronouncements | Recently Adopted Accounting Pronouncements In September 2022, the FASB issued an accounting standards update, ASU 2022-04, which requires new enhanced disclosures by the buyer in supplier finance programs. Disclosures will include key terms of the program, including payment terms, along with the amount of related obligations, the financial statement caption that includes such obligations, and a rollforward of activity related to the obligations during the period. The new accounting standard must be adopted retrospectively to the earliest comparative period presented, except for the rollforward requirement, which should be adopted prospectively. The Company adopted this standard during the fiscal quarter ended February 29, 2024, except for the annual rollforward requirement which will be effective for the Company beginning with the fiscal year ending November 30, 2025. The adoption of the new standard did not have an impact on the Company’s results of operations, financial condition, or cash flows. For the required disclosures of key terms and amounts outstanding under the Company’s Supplier Finance Programs, see Note 11 – Supplier Finance Programs. Recently Issued Accounting Pronouncements In November 2023, the FASB issued an accounting standards update, ASU 2023-07, which requires the following enhanced segment disclosures on an annual and interim basis: (1) significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, (2) other segment items by reportable segment and a description of its composition, and (3) the title of the chief operating decision maker, an explanation of how they use the reported measures of segment profit/loss in assessing segment performance and decide how to allocate resources, as well as clarifications if they use more than one measure of a segment’s profit or loss in assessing segment performance. The amendments in ASU 2023-07 are effective for annual periods beginning after December 15, 2023, which for the Company would be for the fiscal year ending November 30, 2025, and for subsequent interim periods. Early adoption is permitted. The Company is currently evaluating the impact the new accounting standard will have on its segment reporting disclosures in the notes to the consolidated financial statements. In December 2023, the FASB issued an accounting standards update, ASU 2023-09, which requires enhanced income tax disclosures. The enhanced disclosures required include disclosure of specific categories and disaggregation of information in the rate reconciliation table. ASU 2023-09 also requires disclosure of disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024, which for the Company would be the fiscal year ending November 30, 2026. Early adoption is permitted and the amendments should be applied on a prospective basis. Retrospective application is permitted. The Company is currently evaluating the impact the new accounting standard will have on its income tax disclosures in the notes to the consolidated financial statements. In November 2024, the FASB issued an accounting standards update, ASU 2024-03, which requires new tabular disclosures in the notes to consolidated financial statements, disaggregating certain cost and expense categories within relevant captions on the Consolidated Statements of Operations. The prescribed cost and expense categories requiring disaggregated disclosures include purchases of inventory, employee compensation, depreciation and intangible asset amortization, along with certain other expense disclosures already required by U.S. GAAP that would need to be integrated within the new tabular disaggregated expense disclosures. Additionally, the amendments also require the disclosure of total selling expenses and an entity's definition of those expenses. The amendments in ASU 2024-03 are effective for annual periods beginning after December 15, 2026, which for the Company would be the fiscal year ending November 30, 2028, and for subsequent interim periods. Early adoption is permitted and the amendments should be applied on a prospective basis. Retrospective application is permitted. The Company is currently evaluating the impact the new accounting standard will have on its expense disclosures in the notes to the consolidated financial statements.
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Summary of Significant Accounting Policies (Tables) |
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Nov. 30, 2024 | |||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||
Schedule of Ranges of Estimated Useful Lives For Property and Equipment | The ranges of estimated useful lives for property and equipment categories are as follows:
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Schedule of Finite-Lived Intangible Asset, Useful Life | Amortization is based on the pattern in which the economic benefits of the intangible assets will be consumed or on a straight-line basis when the consumption pattern is not apparent over the following useful lives:
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Acquisition, Integration and Restructuring Expenses Costs (Tables) |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Acquisition and Integration Expenses | cquisition and integration expenses related to the Merger were composed of the following during the periods presented:
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Share-Based Compensation (Tables) |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-Based Compensation Expense | A summary of share-based compensation expense in the Consolidated Statements of Operations for TD SYNNEX stock incentive plans is presented below:
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Summary of Changes in Company Stock Option Activity | A summary of the changes in the Company’s stock options is set forth below:
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Schedule of Assumptions Used in Black-Scholes Valuation Model | The following assumptions were used in the Black-Scholes valuation model in fiscal year 2022:
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Schedule of Cash Received from Exercise of Options and intrinsic Values of Options Exercised | The cash received from the exercise of stock options and the intrinsic values of stock options exercised during fiscal years 2024, 2023 and 2022 were as follows:
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Summary Changes in Non-vested Restricted Stock Awards and Stock Units | A summary of the changes in the Company’s non-vested RSAs and RSUs during fiscal year 2024 is presented below:
__________________ (1) During the year ended November 30, 2024, the attainment on PRSUs vested was adjusted to reflect actual performance.
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Stockholders' Equity (Tables) |
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Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Repurchase Agreements | The Company's treasury stock activity during the year ended November 30, 2024, including common share repurchases, is summarized as follows:
__________________ (1) Weighted-average price per share excludes broker's commissions and excise taxes. "Repurchases of common stock" in the Consolidated Statements of Cash Flows for the twelve months ended November 30, 2024 and 2023 excludes amounts related to excise tax that when accrued are recorded in "Other current liabilities" and "Treasury stock" on the Consolidated Balance Sheets. Excise taxes paid are classified as operating activities in the Consolidated Statements of Cash Flows.
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Earnings Per Common Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Basic and Diluted Earnings Per Common Share | The following table sets forth the computation of basic and diluted earnings per common share for the periods indicated:
__________________ (1) RSAs granted by the Company are considered participating securities. Income available to participating securities was immaterial in all periods presented.
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Balance Sheet Components (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Nov. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable, net | Accounts receivable, net: The following table summarizes accounts receivable, net:
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Allowance for doubtful trade receivables and receivables from vendors | Allowance for doubtful trade receivables: The following table summarizes the changes to the allowance for doubtful trade receivables (currency in thousands):
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Property and equipment, net | Property and equipment, net: The following table summarizes property and equipment, net:
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Goodwill | Goodwill: The following table summarizes changes in the carrying amount of goodwill:
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Intangible assets, net | Intangible assets, net: The following table summarizes intangible assets, net:
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Estimated future amortization expense | Estimated future amortization expense of the Company’s intangible assets is as follows:
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Derivative Instruments (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Nov. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Fair Values of Derivative Instruments | The fair values of the Company’s derivative instruments are disclosed in Note 9 - Fair Value Measurements and summarized in the table below:
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Effect of Derivative Instruments on AOCI and Consolidated Statements of Earnings | The Effect of Derivative Instruments on AOCI and the Consolidated Statements of Operations The following table shows the gains and losses, before taxes, of the Company's derivative instruments designated as cash flow hedges and net investment hedges in Other Comprehensive Income (“OCI”), and not designated as hedging instruments in the Consolidated Statements of Operations for the periods presented:
__________________ (1) The gains and losses largely offset the currency gains and losses that resulted from changes in the assets and liabilities denominated in nonfunctional currencies. (2) The company had no foreign exchange collar contracts outstanding during the fiscal years ended November 30, 2023 or 2022.
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Fair Value Measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Nov. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Valuation of Investments and Financial Instruments Measured at Fair Value on Recurring Basis | The following table summarizes the valuation of the Company’s financial instruments that are measured at fair value on a recurring basis:
(1) The company had no foreign exchange collar contracts outstanding as of November 30, 2023.
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Borrowings (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Nov. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Borrowings | Borrowings consist of the following:
(1) The interest rate payable on each of these series of Senior Notes is subject to adjustment from time to time if the credit rating assigned to such series of Senior Notes is downgraded (or downgraded and subsequently upgraded). (2) The Company pays interest semi-annually on the Senior Notes on each of February 9 and August 9, except for the 2034 Senior Notes in which the Company pays interest semi-annually on each of April 12 and October 12, which commenced on October 12, 2024.
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Schedule of Line of Credit Facilities | Under the terms of the U.S. AR Arrangement, as amended, the Company and its subsidiaries that are party to the U.S. AR Arrangement can borrow based on the key terms in the table below (currency in thousands):
(1) Based on eligible trade accounts receivable. (2) Based upon the composition of the lenders, that includes prevailing dealer commercial paper rates and a rate based upon SOFR. (3) Payable on the used portion of the lenders’ commitment; accrues per annum. (4) Payable on the adjusted commitment of the lenders, accrues at different tiers per annum depending on the amount of outstanding advances from time to time. Borrowings under the TD SYNNEX Revolving Credit Facility bear interest at a per annum rate equal to the applicable SOFR rate, plus a credit spread adjustment, plus the applicable margin, as well as a commitment fee as referenced in the table below:
(1) As amended, the TD SYNNEX Revolving Credit Facility will mature on April 16, 2029, subject, in the lender's discretion to two one-year extensions upon the Company's prior notice to lenders. (2) The margin is based on the Company’s Public Debt Rating (as defined in the TD SYNNEX Credit Agreement). The applicable margin on base rate loans is 1.00% less than the corresponding margin on SOFR rate based loans. (3) The commitment fee range is applied to any unused commitment under the TD SYNNEX Revolving Credit Facility based on the Company’s Public Debt Rating. Loans borrowed under the TD SYNNEX Credit Agreement bear interest at a per annum rate equal to the applicable SOFR rate, plus a credit spread adjustment, plus the applicable margin, as well as a commitment fee as referenced in the table below:
(1) The maturity of the TD SYNNEX Term Loan is on the fifth anniversary of the September 1, 2021 closing date, to occur on September 1, 2026. (2) The margin is based on the Company’s Public Debt Rating. The applicable margin on base rate loans is 1.00% less than the corresponding margin on SOFR rate based loans. Key terms for the 2024 Term Loan Credit Agreement are as follows:
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TD SYNNEX Senior Notes | Par Call Dates and the spread to the applicable treasury rate for the respective outstanding Senior Notes are as follows:
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Schedule of Future Principal Payments | As of November 30, 2024, future principal payments under the above loans are as follows:
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Segment Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Nov. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Financial Information Related to Company's Reportable Business Segments | Summarized financial information related to the Company’s reportable business segments for the periods presented is shown below:
(1) Excludes purchases of capitalized software and application software.
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Summary of Revenue and Property and Equipment, Net | The Company attributes revenues from external customers to the country from where products are delivered. Except for the U.S., no other country accounted for 10% or more of the Company’s revenue for the periods presented.
Except for the U.S. and France, no other country accounted for 10% or more of the Company’s property and equipment, net, less capitalized software and application software, for the periods presented:
|
Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Nov. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Various Components of Lease Costs | The following table presents the various components of lease costs:
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Schedule of Maturity Analysis of Expected Undiscounted Cash Flows for Operating Leases on an Annual Basis | The following table presents a maturity analysis of expected undiscounted cash flows for operating leases on an annual basis for the next five years and thereafter as of November 30, 2024:
__________________ (1) Imputed interest represents the difference between undiscounted cash flows and discounted cash flows.
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Schedule of Amounts Recorded in Consolidated Balance Sheet | The following amounts were recorded in the Company's Consolidated Balance Sheet as of November 30, 2024 and 2023:
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Schedule of Supplemental Cash Flow Information Related to Operating Leases | The following table presents supplemental cash flow information related to the Company's operating leases for fiscal years 2024, 2023 and 2022. Cash payments related to variable lease costs and short-term leases are not included in the measurement of operating lease liabilities, and, as such, are excluded from the amounts below:
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Schedule of Weighted-Average Remaining Lease Term and Discount Rate | The weighted-average remaining lease term and discount rate as of November 30, 2024 and 2023 were as follows:
|
Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Nov. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Pretax Income | The components of pretax income are as follows:
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Schedule of Provisions for Income Taxes | Significant components of the provision for income taxes are as follows:
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Schedules of Deferred Tax Assets and Liabilities | The breakdown of net deferred tax assets and liabilities are as follows:
The significant components of the Company’s deferred tax assets and liabilities are as follows:
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Schedule of Reconciliation of Statutory U.S. Federal Income Tax Rate to Company's Effective Income Tax Rate | The reconciliation of the statutory United States federal income tax rate to the Company’s effective income tax rate is as follows:
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Schedule of Unrecognized Tax Benefits Roll Forward | The aggregate changes in the balances of gross unrecognized tax benefits, excluding accrued interest and penalties, during fiscal years 2024, 2023 and 2022 were as follows (currency in thousands):
|
Organization and Basis of Presentation - Additional Information (Details) shares in Millions, $ in Millions |
Sep. 01, 2021
USD ($)
shares
|
Dec. 01, 2020 |
---|---|---|
Spinoff | Concentrix | ||
Segment Reporting Information [Line Items] | ||
Stockholders of parent received share of common stock for every share converted | 1 | |
Tiger Parent A P Corporation | Merger Agreement | ||
Segment Reporting Information [Line Items] | ||
Cash payments to acquire businesses | $ 1,600.0 | |
Cash acquired from acquisition | 1,100.0 | |
Payments to acquire equity contribution | $ 500.0 | |
Number of shares, consideration (in shares) | shares | 44 | |
Value assigned for shares, consideration | $ 5,600.0 |
Summary of Significant Accounting Policies - Principles of Consolidation and Segment Reporting (Details) - segment |
12 Months Ended | |
---|---|---|
Sep. 01, 2021 |
Nov. 30, 2024 |
|
Consolidation, Less than Wholly Owned Subsidiary, parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Number of reportable segments | 3 | |
Minimum | ||
Consolidation, Less than Wholly Owned Subsidiary, parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Equity method investment, percentage of ownership | 20.00% | |
Maximum | ||
Consolidation, Less than Wholly Owned Subsidiary, parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Equity method investment, percentage of ownership | 50.00% | |
Cost or fair value method investment, percentage of ownership | 20.00% |
Summary of Significant Accounting Policies - Cash and Cash Equivalent (Details) |
12 Months Ended |
---|---|
Nov. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Cash equivalents, maximum maturity period | 3 months |
Summary of Significant Accounting Policies - Accounts Receivable (Details) - Supply-chain Financing Program - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
Accounts Notes And Loans Receivable [Line Items] | |||
Accounts receivable sold to and held by financial institution | $ 1,200.0 | $ 864.6 | |
Discount fees | $ 67.8 | $ 51.1 | $ 26.2 |
Summary of Significant Accounting Policies - Schedule of Range of Estimated Useful Lives for Property and Equipment (Details) |
Nov. 30, 2024 |
---|---|
Equipment and Furniture | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant, and equipment, useful life (in years) | 3 years |
Equipment and Furniture | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant, and equipment, useful life (in years) | 10 years |
Software | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant, and equipment, useful life (in years) | 3 years |
Software | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant, and equipment, useful life (in years) | 10 years |
Leasehold Improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant, and equipment, useful life (in years) | 2 years |
Leasehold Improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant, and equipment, useful life (in years) | 15 years |
Buildings and Building Improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant, and equipment, useful life (in years) | 10 years |
Buildings and Building Improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant, and equipment, useful life (in years) | 40 years |
Summary of Significant Accounting Policies - Goodwill and Intangible Assets (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Goodwill impairment | $ 0 | $ 0 | $ 0 |
Summary of Significant Accounting Policies - Schedule of Amortizable Intangible Assets (Details) |
Nov. 30, 2024 |
---|---|
Customer relationships | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets amortization period (in years) | 4 years |
Customer relationships | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets amortization period (in years) | 15 years |
Vendor lists | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets amortization period (in years) | 10 years |
Other intangible assets | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets amortization period (in years) | 1 year |
Other intangible assets | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets amortization period (in years) | 10 years |
Summary of Significant Accounting Policies - Concentration of Credit Risk and Revenue Recognition (Details) - Sales Revenue, Net |
12 Months Ended | ||
---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
Supplier Concentration Risk | Apple, Inc. | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 12.00% | 11.00% | 11.00% |
Supplier Concentration Risk | HP Inc. | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 100.00% | 100.00% | 10.00% |
One Customer | Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 12.00% | 11.00% | 10.00% |
Summary of Significant Accounting Policies - Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Thousands |
Nov. 30, 2024 |
Nov. 30, 2023 |
---|---|---|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Accounts payable estimated to be within scope of standard | $ 15,084,107 | $ 13,347,281 |
Acquisition, Integration and Restructuring Expenses Costs - Additional Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
Restructuring Cost And Reserve [Line Items] | |||
Acquisition, integration, and restructuring costs under the GBO 2 Program | $ 71,314 | $ 206,235 | $ 222,319 |
Impairment of Long-Lived Assets to be Disposed of | 0 | 0 | 4,726 |
GBO 2 Program | |||
Restructuring Cost And Reserve [Line Items] | |||
Acquisition, integration, and restructuring costs under the GBO 2 Program | 3,900 | 9,400 | 31,500 |
Other Acquisitions | |||
Restructuring Cost And Reserve [Line Items] | |||
Acquisition, integration, and restructuring costs under the GBO 2 Program | 3,000 | ||
Tech Data Corporation | |||
Restructuring Cost And Reserve [Line Items] | |||
Acquisition, integration, and restructuring costs under the GBO 2 Program | 64,381 | 196,851 | 190,796 |
Restructuring related accelerated depreciation and amortization expense | 5,500 | 17,400 | 64,400 |
Termination fees related to certain IT systems | 17,000 | 24,400 | |
Impairment of Long-Lived Assets to be Disposed of | 4,700 | ||
Voluntary severance program costs | 10,113 | 52,091 | $ 0 |
Tech Data Corporation | Severance Costs | |||
Restructuring Cost And Reserve [Line Items] | |||
Voluntary severance program costs | 8,000 | 42,300 | |
Tech Data Corporation | Duplicative Labor Costs | |||
Restructuring Cost And Reserve [Line Items] | |||
Voluntary severance program costs | $ 2,100 | $ 9,800 |
Acquisition, Integration and Restructuring Expenses Costs - Summary of Acquisition and Integration Expenses - Merger (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
Restructuring Cost And Reserve [Line Items] | |||
Stock-based compensation | $ 69,201 | $ 55,799 | $ 45,508 |
Total | 71,314 | 206,235 | 222,319 |
Tech Data Corporation | |||
Restructuring Cost And Reserve [Line Items] | |||
Professional services costs | 16,456 | 20,775 | 29,352 |
Personnel and other costs | 15,279 | 46,464 | 40,220 |
Long-lived assets charges and termination fees | 22,533 | 41,812 | 69,053 |
Stock-based compensation | 0 | 35,709 | 52,171 |
Voluntary severance program costs | 10,113 | 52,091 | 0 |
Total | $ 64,381 | $ 196,851 | $ 190,796 |
Share-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Nov. 30, 2024
USD ($)
Period
$ / shares
shares
|
Nov. 30, 2023
USD ($)
$ / shares
shares
|
Nov. 30, 2022
USD ($)
$ / shares
shares
|
|
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock options contractual term | 10 years | ||
Weighted-average grant-date fair value per option (in USD per share) | $ / shares | $ 33.57 | ||
Outstanding options (in shares) | shares | 482,000 | 594,000 | |
Outstanding options, remaining contractual term (in years) | 3 years 9 months 14 days | ||
Weighted average exercise price (in USD per share) | $ / shares | $ 78.52 | ||
Outstanding options, intrinsic value | $ 19,500 | ||
Vested and exercisable options (in shares) | shares | 444,000 | ||
Vested and exercisable options, remaining contractual term (in years) | 3 years 6 months 18 days | ||
Options vested and exercisable, weighted average exercise price (in USD per share) | $ / shares | $ 76.52 | ||
Vested options, intrinsic value | $ 18,900 | ||
Stock-based compensation | 69,201 | $ 55,799 | $ 45,508 |
Income tax benefits | $ 15,600 | 12,600 | 8,200 |
Restricted Stock Awards and Units (RSUs) | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Granted (in shares) | shares | 674,000 | ||
Granted (in USD per share) | $ / shares | $ 115.33 | ||
Total fair value of RSAs and RUSs vested | $ 73,000 | $ 54,400 | $ 32,900 |
Fair value per share (in usd per share) | $ / shares | $ 106.70 | $ 94.92 | |
Restricted Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Granted (in shares) | shares | 635,000 | 691,000 | |
Granted (in USD per share) | $ / shares | $ 96,750 | $ 93,950 | |
TD SYNNEX Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock, shares reserved for future issuance (in shares) | shares | 2,300,000 | ||
Exercise price as percentage of fair market value on grant date | 100.00% | ||
TD SYNNEX Plan | Restricted Stock Awards and Units (RSUs) | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unamortized share-based compensation related to non-vested share-based awards | $ 82,700 | ||
TD SYNNEX Plan | Employee Stock Options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unamortized share-based compensation related to non-vested share-based awards | $ 500 | ||
Estimated weighted-average amortization period (in years) | 1 year 6 months 25 days | ||
TD SYNNEX Plan | Restricted Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Award vesting period | 2 years | ||
Fair value per share (in usd per share) | $ / shares | $ 127.60 | ||
Stock-based compensation | $ 29,200 | $ 45,700 | |
TD SYNNEX Plan | Share-Based Payment Arrangement | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Estimated weighted-average amortization period (in years) | 1 year 9 months 29 days | ||
TD SYNNEX Plan | Qualified Employees | Restricted Stock Awards and Units (RSUs) | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Award vesting percentage | 20.00% | ||
TD SYNNEX Plan | Qualified Employees | Restricted Stock Awards and Units (RSUs) | Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Award requisite service period | 3 years | ||
TD SYNNEX Plan | Qualified Employees | Restricted Stock Awards and Units (RSUs) | Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Award requisite service period | 5 years | ||
TD SYNNEX Plan | Qualified Employees | Performance-Based Restricted Stock Units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Award requisite service period | 3 years | ||
TD SYNNEX Plan | Qualified Nonemployee | Restricted Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Award requisite service period | 1 year | ||
TD SYNNEX Plan | Monthly Vesting | Qualified Employees | Employee Stock Options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Award vesting period | 4 years | ||
TD SYNNEX Plan | First Anniversary of the Grant | Qualified Employees | Employee Stock Options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Award vesting percentage | 20.00% | ||
TD SYNNEX Plan | First Anniversary of the Grant | Qualified Non-employee Directors | Employee Stock Options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Award vesting percentage | 25.00% | ||
A2024 ESPP | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Maximum number of shares authorized (in shares) | shares | 750,000 | ||
Number of offering periods in calendar year | Period | 2 | ||
Participant purchase price discount | 15.00% | ||
Maximum purchase limit | $ 25 |
Share-Based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation | $ 69,201 | $ 55,799 | $ 45,508 |
Selling, general and administrative expenses | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation | 69,201 | 49,273 | 38,994 |
Acquisition, integration and restructuring costs | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation | $ 0 | $ 6,526 | $ 6,514 |
Share-Based Compensation - Summary of Changes in Company Stock Option Activity (Details) |
12 Months Ended |
---|---|
Nov. 30, 2024
$ / shares
shares
| |
Number of shares | |
Beginning options outstanding (in shares) | shares | 594,000 |
Options exercised (in shares) | shares | (112,000) |
Ending options outstanding (in shares) | shares | 482,000 |
Weighted- average exercise price per share | |
Options outstanding, beginning (in USD per share) | $ / shares | $ 74.93 |
Options exercised (in USD per share) | $ / shares | 59.50 |
Options outstanding, ending (in USD per share) | $ / shares | $ 78.52 |
Share-Based Compensation - Schedule of Assumptions Used in Black-Scholes Valuation Model (Details) - Employee Stock |
12 Months Ended |
---|---|
Nov. 30, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected life (years) | 5 years 6 months |
Risk free interest rate, minimum | 1.73% |
Risk free interest rate, maximum | 3.92% |
Minimum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected volatility | 39.10% |
Dividend yield | 1.13% |
Maximum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected volatility | 40.18% |
Dividend yield | 1.37% |
Share-Based Compensation - Schedule of Cash Received from Exercise of Options and Intrinsic Values of Options Exercised (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
Share-Based Payment Arrangement [Abstract] | |||
Intrinsic value of options exercised | $ 6,004 | $ 3,570 | $ 4,682 |
Cash received from exercise of options | $ 6,681 | $ 4,448 | $ 3,216 |
Share-Based Compensation - Summary Changes in Non-vested Restricted Stock Awards and Stock Units (Details) - $ / shares |
12 Months Ended | ||||
---|---|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|||
Restricted Stock Awards and Units (RSUs) | |||||
Number of shares | |||||
Non-vested shares, beginning (in shares) | 1,307,000 | ||||
Granted (in shares) | 674,000 | ||||
Vested (in shares) | (647,000) | ||||
Attainment adjustments (in shares) | [1] | (16,000) | |||
Cancelled (in shares) | (66,000) | ||||
Non-vested shares, ending (in shares) | 1,252,000 | 1,307,000 | |||
Weighted-average, grant-date fair value per share | |||||
Non-vested, beginning (in USD per share) | $ 94.92 | ||||
Granted (in USD per share) | 115.33 | ||||
Vested (in USD per share) | 93.16 | ||||
Attainment adjustments (in USD per share) | [1] | 97.47 | |||
Cancelled (in USD per share) | 97.05 | ||||
Non-vested, ending (in USD per share) | $ 106.70 | $ 94.92 | |||
Restricted Stock | |||||
Number of shares | |||||
Granted (in shares) | 635,000 | 691,000 | |||
Weighted-average, grant-date fair value per share | |||||
Granted (in USD per share) | $ 96,750 | $ 93,950 | |||
|
Share-Based Compensation - Summary of Changes in Company Restricted Shares (Details) - shares |
12 Months Ended | ||||
---|---|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Non-vested, Number of Shares [Roll Forward] | |||||
Granted (in shares) | 635,000 | 691,000 | |||
Restricted Stock Awards and Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Non-vested, Number of Shares [Roll Forward] | |||||
Non-vested shares, beginning (in shares) | 1,307,000 | ||||
Granted (in shares) | 674,000 | ||||
Vested (in shares) | (647,000) | ||||
Attainment adjustments (in shares) | [1] | (16,000) | |||
Cancelled (in shares) | (66,000) | ||||
Non-vested shares, ending (in shares) | 1,252,000 | 1,307,000 | |||
|
Stockholders' Equity - Share Repurchase Programs - Additional Information (Details) - USD ($) $ in Thousands |
2 Months Ended | 9 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Apr. 04, 2024 |
Aug. 31, 2022 |
Nov. 30, 2024 |
Mar. 31, 2024 |
Nov. 30, 2023 |
Jan. 31, 2023 |
|||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Stock repurchase program, period in force | 3 years | |||||||
Issuance of common stock (in shares) | 26,200,000 | |||||||
Treasury stock, acquired (in shares) | [1] | 5,547,000 | ||||||
Treasury stock, value | $ 1,513,017 | $ 949,714 | ||||||
Underwriters | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Issuance of common stock (in shares) | 2,700,000 | |||||||
2020 Share Repurchase Program | October Offering | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Stock repurchase program, authorized amount | $ 1,000,000 | |||||||
A2023 Share Repurchase Program | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Stock repurchase program, remaining authorized repurchase amount | $ 1,800,000 | $ 196,700 | ||||||
Treasury stock, acquired (in shares) | 3,600,000 | |||||||
Treasury stock, value | $ 392,300 | |||||||
A2024 Share Repurchase Program | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Stock repurchase program, authorized amount | $ 2,000,000 | |||||||
|
Stockholders' Equity - Schedule of Share Repurchases (Details) |
12 Months Ended | |||
---|---|---|---|---|
Nov. 30, 2024
$ / shares
shares
| ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||||
Treasury stock, beginning balance (in shares) | shares | 10,343,000 | |||
Shares of treasury stock repurchased for tax withholdings on equity awards (in shares) | shares | 5,547,000 | [1] | ||
Shares of treasury stock repurchased for tax withholdings on equity awards (in shares) | shares | 219,000 | |||
Shares of treasury stock reissued for employee benefit plans | shares | (820,000) | |||
Treasury stock, ending balance (in shares) | shares | 15,289,000 | |||
Disclosure of Repurchase Agreements [Abstract] | ||||
Weighted-average price per share, beginning balance (in USD per share) | $ / shares | $ 91.82 | |||
Weighted-average price per share (in USD per share) | $ / shares | 110.31 | [1] | ||
Weighted-average price per share, equity awards (in USD per share) | $ / shares | 112.84 | |||
Weighted-average price per share, reissued for employee benefit plans (in USD per share) | $ / shares | 96.08 | |||
Weighted-average price per share, ending balance (in USD per share) | $ / shares | $ 98,960 | |||
|
Stockholders' Equity - Dividends - Additional Information (Details) - $ / shares |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Jan. 24, 2025 |
Jan. 21, 2025 |
Jan. 09, 2025 |
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
Dividends [Line Items] | ||||||
Cumulative cash dividends declared per share (in USD per share) | $ 1.60 | $ 1.40 | $ 1.20 | |||
Subsequent Event | ||||||
Dividends [Line Items] | ||||||
Cumulative cash dividends declared per share (in USD per share) | $ 0.44 | |||||
Subsequent Event | O 2024 Q4 Dividends | ||||||
Dividends [Line Items] | ||||||
Dividends declared date | Jan. 10, 2025 | |||||
Dividends record date | Jan. 24, 2025 | |||||
Dividends payable date | Jan. 31, 2025 |
Earnings Per Common Share - Schedule of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|||
Basic earnings per common share: | |||||
Net income attributable to common stockholders | [1] | $ 682,987 | $ 622,045 | $ 646,963 | |
Weighted-average common share - basic (in shares) | 85,494 | 92,572 | 95,225 | ||
Basic earnings per common share (in USD per share) | $ 7.99 | $ 6.72 | $ 6.79 | ||
Diluted earnings per common share: | |||||
Net income attributable to common stockholders | [1] | $ 683,009 | $ 622,056 | $ 646,974 | |
Weighted-average common share - basic (in shares) | 85,494 | 92,572 | 95,225 | ||
Stock options and restricted stock units (in shares) | 380 | 281 | 284 | ||
Weighted-average common shares-diluted (in shares) | 85,874 | 92,853 | 95,509 | ||
Diluted earnings per common share (in USD per share) | $ 7.95 | $ 6.70 | $ 6.77 | ||
Anti-dilutive shares excluded from diluted earnings per share calculation (in shares) | 123 | 287 | 260 | ||
|
Balance Sheet Components - Accounts Receivable, Net (Details) - USD ($) $ in Thousands |
Nov. 30, 2024 |
Nov. 30, 2023 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accounts receivable | $ 10,443,290 | $ 10,448,567 |
Less: Allowance for doubtful accounts | (101,665) | (150,753) |
Accounts receivable, net | $ 10,341,625 | $ 10,297,814 |
Balance Sheet Components - Allowance for Doubtful Accounts Receivables and Allowance for Receivables from Vendors (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Allowance, beginning balance | $ 150,753 | ||
Allowance, ending balance | 101,665 | $ 150,753 | |
Allowance for Doubtful Trade Receivables | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Allowance, beginning balance | 150,753 | 129,742 | $ 114,836 |
Additions | 862 | 44,742 | 34,741 |
Write-offs, recoveries, reclassifications and foreign exchange translation | (49,950) | (23,731) | (19,835) |
Allowance, ending balance | $ 101,665 | $ 150,753 | $ 129,742 |
Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands |
Nov. 30, 2024 |
Nov. 30, 2023 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 816,583 | $ 859,490 |
Total accumulated depreciation | (359,559) | (409,466) |
Property and equipment, net | 457,024 | 450,024 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 27,384 | 27,871 |
Equipment, computers and software | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 483,948 | 513,030 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 64,103 | 64,429 |
Buildings, building improvements and leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 239,918 | 236,479 |
Construction-in-progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 1,230 | $ 17,681 |
Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Depreciation and amortization | $ 115,200 | $ 124,600 | $ 164,200 |
Amortization expense | $ (292,300) | $ (293,700) | $ (299,200) |
Balance Sheet Components - Goodwill (Details) $ in Thousands |
12 Months Ended |
---|---|
Nov. 30, 2024
USD ($)
| |
Goodwill [Roll Forward] | |
Balance, beginning of year | $ 3,904,170 |
Additions from acquisitions | 24,713 |
Foreign exchange translation | (33,806) |
Balance, end of year | 3,895,077 |
Americas | |
Goodwill [Roll Forward] | |
Balance, beginning of year | 2,480,078 |
Additions from acquisitions | 13,247 |
Foreign exchange translation | 444 |
Balance, end of year | 2,493,769 |
Europe | |
Goodwill [Roll Forward] | |
Balance, beginning of year | 1,349,740 |
Additions from acquisitions | 6,309 |
Foreign exchange translation | (33,496) |
Balance, end of year | 1,322,553 |
APJ | |
Goodwill [Roll Forward] | |
Balance, beginning of year | 74,352 |
Additions from acquisitions | 5,157 |
Foreign exchange translation | (754) |
Balance, end of year | $ 78,755 |
Balance Sheet Components - Intangible Assets (Details) - USD ($) $ in Thousands |
Nov. 30, 2024 |
Nov. 30, 2023 |
---|---|---|
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Amounts | $ 5,080,900 | $ 5,138,395 |
Accumulated Amortization | (1,168,633) | (894,081) |
Net Amounts | 3,912,267 | 4,244,314 |
Trade name | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract] | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 1,018,208 | 1,033,378 |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 1,018,208 | 1,033,378 |
Customer relationships | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Amounts | 3,858,727 | 3,898,701 |
Accumulated Amortization | (1,001,886) | (741,388) |
Net Amounts | 2,856,841 | 3,157,313 |
Vendor lists | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Amounts | 175,865 | 177,737 |
Accumulated Amortization | (144,692) | (132,440) |
Net Amounts | 31,173 | 45,297 |
Other intangible assets | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Amounts | 28,100 | 28,579 |
Accumulated Amortization | (22,055) | (20,253) |
Net Amounts | $ 6,045 | $ 8,326 |
Balance Sheet Components - Schedule of Estimated Future Amortization Expense of Intangible Assets Including Preliminary Estimate of Amortization of Assets Acquired (Details) $ in Thousands |
Nov. 30, 2024
USD ($)
|
---|---|
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |
2025 | $ 286,585 |
2026 | 283,890 |
2027 | 280,837 |
2028 | 264,655 |
2029 | 262,696 |
Thereafter | 1,515,396 |
Total | $ 2,894,059 |
Derivative Instruments - Additional Information (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | |
---|---|---|---|
May 31, 2023 |
Nov. 30, 2024 |
Dec. 31, 2021 |
|
Derivative [Line Items] | |||
Derivative, Subsequent Period To De-Designation | 2 months | ||
Foreign exchange forward contracts (notional value) | Not Designated as Hedging Instrument | Maximum | |||
Derivative [Line Items] | |||
Foreign exchange forward contracts, maturity | 12 months | ||
Cash Flow Hedging | Interest rate swaps (notional value) | |||
Derivative [Line Items] | |||
Terminated interest rate swaps with notional value | $ 1,000.0 | $ 400.0 | |
Terminated Interest Rate Swaps, Cumulative Losses | $ 10.0 | $ 16.0 |
Derivative Instruments - Summary of Fair Values of Derivative Instruments (Details) - USD ($) $ in Thousands |
Nov. 30, 2024 |
Nov. 30, 2023 |
---|---|---|
Not Designated as Hedging Instrument | Foreign exchange forward contracts (notional value) | ||
Derivative [Line Items] | ||
Notional value | $ 1,962,852 | $ 1,456,110 |
Not Designated as Hedging Instrument | Foreign exchange forward contracts (notional value) | Other current assets | ||
Derivative [Line Items] | ||
Assets, fair value | 11,863 | 4,326 |
Not Designated as Hedging Instrument | Foreign exchange forward contracts (notional value) | Other accrued liabilities | ||
Derivative [Line Items] | ||
Other accrued liabilities | 8,096 | 9,756 |
Designated as Hedging Instrument | Foreign currency forward contracts (notional value) | Net Investment Hedging | ||
Derivative [Line Items] | ||
Notional value | 687,475 | 516,250 |
Designated as Hedging Instrument | Foreign currency forward contracts (notional value) | Net Investment Hedging | Other current assets | ||
Derivative [Line Items] | ||
Assets, fair value | 220 | 0 |
Designated as Hedging Instrument | Foreign currency forward contracts (notional value) | Net Investment Hedging | Other accrued liabilities | ||
Derivative [Line Items] | ||
Assets, fair value | 91 | 18,335 |
Designated as Hedging Instrument | Foreign currency forward contracts (notional value) | Net Investment Hedging | Other Noncurrent Liabilities | ||
Derivative [Line Items] | ||
Assets, fair value | 7,889 | 18,041 |
Designated as Hedging Instrument | Foreign currency forward contracts (notional value) | Net Investment Hedging | Other Noncurrent Assets | ||
Derivative [Line Items] | ||
Assets, fair value | 2,320 | 0 |
Designated as Hedging Instrument | Foreign Exchange Contract | Net Investment Hedging | ||
Derivative [Line Items] | ||
Notional value | 300,000 | 0 |
Designated as Hedging Instrument | Foreign Exchange Contract | Net Investment Hedging | Other Noncurrent Assets | ||
Derivative [Line Items] | ||
Assets, fair value | $ 1,792 | $ 0 |
Derivative Instruments - Effect of Derivative Instruments on AOCI and Consolidated Statements of Operations (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
Derivative Instruments Gain Loss [Line Items] | |||
Derivative, Excluded Component, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest expense and finance charges, net | Interest expense and finance charges, net | Interest expense and finance charges, net |
Total | $ 32,880 | $ (49,550) | $ 27,856 |
Derivative instruments not designated as hedging instruments: | Foreign Exchange | Other expense, net | |||
Derivative Instruments Gain Loss [Line Items] | |||
Gains (losses) recognized from foreign exchange forward contracts, net | (4,091) | (6,212) | (10,504) |
Derivative instruments not designated as hedging instruments: | Foreign Exchange | Cost of revenue | |||
Derivative Instruments Gain Loss [Line Items] | |||
Gains (losses) recognized from foreign exchange forward contracts, net | 36,971 | (43,338) | 38,360 |
Derivative instruments designated as net investment hedges: | Interest Rate Swap | |||
Derivative Instruments Gain Loss [Line Items] | |||
Gains recognized in income (amount excluded from effectiveness testing) | 10,323 | 9,149 | 1,802 |
Derivative instruments designated as net investment hedges: | Foreign Exchange | |||
Derivative Instruments Gain Loss [Line Items] | |||
Gains (losses) recognized in OCI | 5,579 | (29,405) | (18,477) |
Derivative instruments designated as net investment hedges: | Foreign Exchange Contract | |||
Derivative Instruments Gain Loss [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 1,791 | 0 | 0 |
Derivative instruments designated as cash flow hedges: | Interest Rate Swap | |||
Derivative Instruments Gain Loss [Line Items] | |||
Gains (losses) recognized in OCI | 0 | 937 | 46,502 |
Derivative instruments designated as cash flow hedges: | Interest Rate Swap | Interest expense and finance charges, net | |||
Derivative Instruments Gain Loss [Line Items] | |||
Gains (losses) on interest rate swaps reclassified from AOCI into income | $ 0 | $ 9,494 | $ (26,443) |
Fair Value Measurements - Schedule of Valuation of Investments and Financial Instruments Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands |
Nov. 30, 2024 |
Nov. 30, 2023 |
---|---|---|
Designated as Hedging Instrument | ||
Assets: | ||
Forward foreign currency exchange contracts | $ 2,540 | $ 0 |
Interest rate swaps | 1,792 | 0 |
Liabilities: | ||
Forward foreign currency exchange contracts not designated as hedges | 7,980 | 36,376 |
Not Designated as Hedging Instrument | ||
Assets: | ||
Forward foreign currency exchange contracts | 11,863 | 4,326 |
Liabilities: | ||
Forward foreign currency exchange contracts not designated as hedges | 8,096 | 9,756 |
Level 1 | Designated as Hedging Instrument | ||
Assets: | ||
Forward foreign currency exchange contracts | 0 | 0 |
Interest rate swaps | 0 | 0 |
Liabilities: | ||
Forward foreign currency exchange contracts not designated as hedges | 0 | 0 |
Level 1 | Not Designated as Hedging Instrument | ||
Assets: | ||
Forward foreign currency exchange contracts | 0 | 0 |
Liabilities: | ||
Forward foreign currency exchange contracts not designated as hedges | 0 | 0 |
Level 2 | Designated as Hedging Instrument | ||
Assets: | ||
Forward foreign currency exchange contracts | 2,540 | 0 |
Interest rate swaps | 1,792 | 0 |
Liabilities: | ||
Forward foreign currency exchange contracts not designated as hedges | 7,980 | 36,376 |
Level 2 | Not Designated as Hedging Instrument | ||
Assets: | ||
Forward foreign currency exchange contracts | 11,863 | 4,326 |
Liabilities: | ||
Forward foreign currency exchange contracts not designated as hedges | 8,096 | 9,756 |
Level 3 | Designated as Hedging Instrument | ||
Assets: | ||
Forward foreign currency exchange contracts | 0 | 0 |
Interest rate swaps | 0 | 0 |
Liabilities: | ||
Forward foreign currency exchange contracts not designated as hedges | 0 | 0 |
Level 3 | Not Designated as Hedging Instrument | ||
Assets: | ||
Forward foreign currency exchange contracts | 0 | 0 |
Liabilities: | ||
Forward foreign currency exchange contracts not designated as hedges | $ 0 | $ 0 |
Fair Value Measurements - Additional Information (Details) - USD ($) |
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
---|---|---|---|
Fair Value Disclosures [Abstract] | |||
Estimated fair value | $ 2,300,000,000 | $ 2,200,000,000 | |
Transfers between fair value measurement category levels | $ 0 | $ 0 | $ 0 |
Borrowings - Schedule of Borrowings (Details) - USD ($) $ in Thousands |
Apr. 12, 2024 |
Aug. 09, 2021 |
Nov. 30, 2024 |
Apr. 19, 2024 |
Nov. 30, 2023 |
||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Debt Instrument [Line Items] | |||||||||||
Borrowings, current | $ 171,092 | $ 983,585 | |||||||||
Short-term borrowings before debt discount and issuance costs | 171,092 | 983,694 | |||||||||
Less: current portion of unamortized debt discount and issuance costs | 0 | (109) | |||||||||
Long-term borrowings, before unamortized debt discount and issuance costs | 3,756,206 | 3,116,985 | |||||||||
Less: unamortized debt discount and issuance costs | (19,807) | (17,792) | |||||||||
Long-term borrowings | 3,736,399 | 3,099,193 | |||||||||
Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Term loan borrowing amount | $ 2,500,000 | ||||||||||
1.75% Senior Notes due 2026 | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Term loan borrowing amount | 700,000 | [1],[2] | 700,000 | ||||||||
Interest rate | 1.75% | ||||||||||
Maturity date | Aug. 09, 2026 | ||||||||||
2.375% Senior Notes due 2028 | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Term loan borrowing amount | 600,000 | [1],[2] | 600,000 | ||||||||
Interest rate | 2.375% | ||||||||||
Maturity date | Aug. 09, 2028 | ||||||||||
2.65% Senior Notes due 2031 | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Term loan borrowing amount | 500,000 | [1],[2] | 500,000 | ||||||||
Interest rate | 2.65% | ||||||||||
Maturity date | Aug. 09, 2031 | ||||||||||
6.10% Senior Notes Due 2034 | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Term loan borrowing amount | $ 600,000 | 600,000 | [1] | 0 | [1] | ||||||
Interest rate | 6.10% | ||||||||||
Maturity date | Apr. 12, 2034 | ||||||||||
1.25% Senior Notes due 2024 | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Term loan borrowing amount | $ 700,000 | ||||||||||
Interest rate | 1.25% | ||||||||||
Maturity date | Aug. 09, 2024 | ||||||||||
Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Borrowings, current | [1],[2] | 0 | 700,000 | ||||||||
Senior Notes | TD SYNNEX Plan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term borrowings, before unamortized debt discount and issuance costs | 2,400,000 | 1,800,000 | |||||||||
Other Long Term Debt | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Borrowings, current | 0 | 75,000 | |||||||||
Line of Credit | TD SYNNEX Plan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Borrowings, current | 171,092 | 208,694 | |||||||||
Line of Credit | Other Entities | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Borrowings, current | 208,700 | ||||||||||
New Credit Agreement | TD SYNNEX Plan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term borrowings, before unamortized debt discount and issuance costs | 581,250 | 1,275,000 | |||||||||
2024 TD SYNNEX Credit Agreement | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | $ 750,000 | ||||||||||
2024 TD SYNNEX Credit Agreement | TD SYNNEX Plan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term borrowings, before unamortized debt discount and issuance costs | 0 | ||||||||||
Credit Agreement | TD SYNNEX Plan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term borrowings, before unamortized debt discount and issuance costs | 1,331,250 | 1,275,000 | |||||||||
Term Loan | Other Entities | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term borrowings, before unamortized debt discount and issuance costs | $ 24,956 | $ 41,985 | |||||||||
|
Borrowings - TD SYNNEX U.S. Accounts Receivable Securitization Arrangement (Details) - Trade Accounts Receivable - AR Arrangement - TD SYNNEX U.S. $ in Thousands |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Nov. 30, 2024
USD ($)
| ||||||||
Line of Credit Facility [Line Items] | ||||||||
Line of credit facility, accordion feature amount | $ 1,500,000 | [1] | ||||||
Interest rate | 0.85% | [2] | ||||||
Minimum | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Unused line fees or commitment fees | 0.30% | [3] | ||||||
Maximum | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Unused line fees or commitment fees | 0.40% | [3] | ||||||
|
Borrowings - TD SYNNEX U.S. Accounts Receivable Securitization Arrangement (Narrative) (Details) - USD ($) $ in Thousands |
Nov. 30, 2024 |
Nov. 30, 2023 |
---|---|---|
Line of Credit Facility [Line Items] | ||
Accounts receivable, net | $ 10,341,625 | $ 10,297,814 |
Trade Accounts Receivable | AR Arrangement | TD SYNNEX U.S. | ||
Line of Credit Facility [Line Items] | ||
Accounts receivable, net | 3,400,000 | 3,400,000 |
Outstanding lines of credit facilities | $ 0 | $ 0 |
Borrowings - TD SYNNEX Credit Agreement (Narrative) (Details) - USD ($) |
Apr. 16, 2021 |
Nov. 30, 2024 |
Nov. 30, 2023 |
---|---|---|---|
Line of Credit Facility [Line Items] | |||
Long-term borrowings, before unamortized debt discount and issuance costs | $ 3,756,206,000 | $ 3,116,985,000 | |
New Credit Agreement | TD SYNNEX Plan | |||
Line of Credit Facility [Line Items] | |||
Long-term borrowings, before unamortized debt discount and issuance costs | $ 581,250,000 | 1,275,000,000 | |
Tech Data Corporation | New Credit Agreement | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 3,500,000,000 | ||
Tech Data Corporation | New Credit Agreement | Senior Unsecured Term Loan | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 1,500,000,000 | ||
Long-term borrowings, before unamortized debt discount and issuance costs | $ 1,400,000,000 | ||
Tech Data Corporation | New Credit Agreement | Maximum | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility, potential increase in borrowing capacity amount | $ 500,000,000.0 |
Borrowings - TD SYNNEX Credit Agreement (Details) - installment |
Apr. 19, 2024 |
Apr. 16, 2021 |
Nov. 30, 2024 |
Nov. 30, 2023 |
||||||
---|---|---|---|---|---|---|---|---|---|---|
2024 TD SYNNEX Credit Agreement | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Credit spread adjustment and margin | 1.625% | |||||||||
2024 TD SYNNEX Credit Agreement | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Credit spread adjustment and margin | 1.00% | |||||||||
Tech Data Corporation | 2024 TD SYNNEX Credit Agreement | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Effective interest rate | 6.04% | |||||||||
Tech Data Corporation | 2024 TD SYNNEX Credit Agreement | Credit Spread Adjustment | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Credit spread adjustment and margin | 0.10% | |||||||||
Tech Data Corporation | TD SYNNEX Credit Agreement | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Effective interest rate | 6.05% | 6.82% | ||||||||
Tech Data Corporation | TD SYNNEX Credit Agreement | Credit Spread Adjustment | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Credit spread adjustment and margin | 0.10% | |||||||||
Tech Data Corporation | TD SYNNEX Credit Agreement | Maximum | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Commitment fee | [1] | 0.30% | ||||||||
Tech Data Corporation | TD SYNNEX Credit Agreement | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Credit spread adjustment and margin | [2] | 1.75% | ||||||||
Tech Data Corporation | TD SYNNEX Credit Agreement | Maximum | Base Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Credit spread adjustment and margin | 1.00% | |||||||||
Tech Data Corporation | TD SYNNEX Credit Agreement | Minimum | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Commitment fee | [1] | 0.10% | ||||||||
Tech Data Corporation | TD SYNNEX Credit Agreement | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Credit spread adjustment and margin | [2] | 1.125% | ||||||||
Tech Data Corporation | New Credit Agreement | Senior Unsecured Term Loan | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of credit facility, number of extensions | 2 | |||||||||
Line of credit facility, extension period | 1 year | |||||||||
Tech Data Corporation | New Credit Agreement | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Credit spread adjustment and margin | [3] | 1.75% | ||||||||
Tech Data Corporation | New Credit Agreement | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Credit spread adjustment and margin | [3] | 1.00% | ||||||||
|
Borrowings - TD SYNNEX Term Loan Credit Agreement (Narrative) (Details) $ in Thousands |
Apr. 19, 2024
USD ($)
|
---|---|
2024 TD SYNNEX Credit Agreement | |
Line of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | $ 750,000 |
Borrowings - TD SYNNEX Term Loan Credit Agreement (Details) - 2024 TD SYNNEX Credit Agreement |
Apr. 19, 2024 |
Nov. 30, 2024 |
---|---|---|
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum | ||
Line of Credit Facility [Line Items] | ||
Credit spread adjustment and margin | 1.00% | |
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum | ||
Line of Credit Facility [Line Items] | ||
Credit spread adjustment and margin | 1.625% | |
Tech Data Corporation | ||
Line of Credit Facility [Line Items] | ||
Effective interest rate | 6.04% | |
Tech Data Corporation | Credit Spread Adjustment | ||
Line of Credit Facility [Line Items] | ||
Credit spread adjustment and margin | 0.10% |
Borrowings - TD SYNNEX Senior Notes (Narrative) (Details) - Senior Notes - USD ($) $ in Thousands |
Apr. 12, 2024 |
Aug. 09, 2021 |
Nov. 30, 2024 |
[1] | Nov. 30, 2023 |
[1] | ||
---|---|---|---|---|---|---|---|---|
Line of Credit Facility [Line Items] | ||||||||
Term loan borrowing amount | $ 2,500,000 | |||||||
Minimum | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt instrument redemption price percentage of aggregate principal amount redeemed | 100.00% | |||||||
Six Point One Senior Notes Due Two Thousand and Thirty Four | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Term loan borrowing amount | $ 600,000 | $ 600,000 | $ 0 | |||||
Interest rate | 6.10% | |||||||
Maturity date | Apr. 12, 2034 | |||||||
Payments of Debt Issuance Costs | $ 6,100 | |||||||
1.25% Senior Notes due 2024 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Term loan borrowing amount | $ 700,000 | |||||||
Interest rate | 1.25% | |||||||
Maturity date | Aug. 09, 2024 | |||||||
|
Borrowings - TD SYNNEX Senior Notes (Details) - Senior Notes |
Apr. 12, 2024 |
Aug. 09, 2021 |
---|---|---|
Senior Notes due 2026 | ||
Line of Credit Facility [Line Items] | ||
Spread (in basis points) | 2000.00% | |
Senior Notes due 2028 | ||
Line of Credit Facility [Line Items] | ||
Spread (in basis points) | 2500.00% | |
Senior Notes due 2031 | ||
Line of Credit Facility [Line Items] | ||
Spread (in basis points) | 2500.00% | |
Senior Notes due 2034 | ||
Line of Credit Facility [Line Items] | ||
Spread (in basis points) | 3000.00% | |
Maximum | Senior Notes due 2026 | ||
Line of Credit Facility [Line Items] | ||
Par Call Date | Jul. 09, 2026 | |
Maximum | Senior Notes due 2028 | ||
Line of Credit Facility [Line Items] | ||
Par Call Date | Jun. 09, 2028 | |
Maximum | Senior Notes due 2031 | ||
Line of Credit Facility [Line Items] | ||
Par Call Date | May 09, 2031 | |
Maximum | Senior Notes due 2034 | ||
Line of Credit Facility [Line Items] | ||
Par Call Date | Jan. 12, 2034 |
Borrowings - Other Short-Term Borrowings (Narrative) (Details) - USD ($) $ in Thousands |
Nov. 30, 2024 |
Nov. 30, 2023 |
---|---|---|
Debt Instrument [Line Items] | ||
Borrowings, current | $ 171,092 | $ 983,585 |
Line of Credit | Other Entities | ||
Debt Instrument [Line Items] | ||
Outstanding lines of credit facilities | 570,500 | |
Borrowings, current | $ 208,700 | |
Debt weighted average interest rate | 7.91% | 7.52% |
Line of Credit | Other Entities | Standby Letters of Credit | ||
Debt Instrument [Line Items] | ||
Obligation payment aggregate outstanding amount | $ 47,800 | |
Line of Credit | TD SYNNEX Plan | ||
Debt Instrument [Line Items] | ||
Borrowings, current | $ 171,092 | $ 208,694 |
Borrowings - Schedule of Future Principal Payments (Details) $ in Thousands |
Nov. 30, 2024
USD ($)
|
---|---|
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2025 | $ 171,092 |
2026 | 1,294,806 |
2027 | 761,400 |
2028 | 600,000 |
2029 | 0 |
Thereafter | 1,100,000 |
Total | $ 3,927,298 |
Supplier Finance Programs (Details) - USD ($) $ in Billions |
Nov. 30, 2024 |
Nov. 30, 2023 |
---|---|---|
Payables and Accruals [Abstract] | ||
Supplier Finance Program, Obligation, Current | $ 3.2 | $ 2.7 |
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration] | Accounts payable | Accounts payable |
Segment Information - Summary of Financial Information Related to Company's Reportable Business Segments (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|||
Segment Reporting Information [Line Items] | |||||
Revenue | $ 58,452,436 | $ 57,555,416 | $ 62,343,810 | ||
Operating income | 1,194,211 | 1,078,032 | 1,050,873 | ||
Depreciation and amortization expense | (407,532) | (418,315) | (463,365) | ||
Purchases of property and equipment | [1] | (125,075) | (94,534) | (65,291) | |
Total assets | 30,274,479 | 29,412,814 | |||
Americas | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 34,791,848 | 34,573,859 | 38,791,102 | ||
Operating income | 817,548 | 736,605 | 734,103 | ||
Depreciation and amortization expense | (239,481) | (256,911) | (280,113) | ||
Purchases of property and equipment | [1] | (99,238) | (68,667) | (44,373) | |
Total assets | 16,842,254 | 16,693,727 | |||
Europe | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 19,634,156 | 19,422,297 | 20,289,211 | ||
Operating income | 263,913 | 236,477 | 227,249 | ||
Depreciation and amortization expense | (157,546) | (151,712) | (174,019) | ||
Purchases of property and equipment | [1] | (20,832) | (21,027) | (15,754) | |
Total assets | 11,259,735 | 11,006,064 | |||
APJ | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 4,026,432 | 3,559,260 | 3,263,497 | ||
Operating income | 112,750 | 104,950 | 89,521 | ||
Depreciation and amortization expense | (10,505) | (9,692) | (9,233) | ||
Purchases of property and equipment | [1] | (5,005) | (4,840) | $ (5,164) | |
Total assets | $ 2,172,490 | $ 1,713,023 | |||
|
Segment Information - Summary of Revenue and Property and Equipment, Net (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Revenue | $ 58,452,436 | $ 57,555,416 | $ 62,343,810 |
Property and equipment, net | 342,492 | 336,866 | |
Geographic Concentration Risk | United States | Revenue: | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Revenue | 31,075,984 | 30,418,425 | 34,104,786 |
Geographic Concentration Risk | United States | Long-lived assets: | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Property and equipment, net | 225,885 | 221,411 | |
Geographic Concentration Risk | France | Long-lived assets: | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Property and equipment, net | 42,254 | 36,796 | |
Geographic Concentration Risk | Others | Revenue: | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Revenue | 27,376,452 | 27,136,991 | $ 28,239,024 |
Geographic Concentration Risk | Others | Long-lived assets: | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Property and equipment, net | $ 74,353 | $ 78,659 |
Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
Retirement Benefits [Abstract] | |||
Employer contribution to defined contribution plan | $ 17,000 | $ 17,300 | $ 15,800 |
Leases - Additional Information (Details) |
12 Months Ended |
---|---|
Nov. 30, 2024 | |
Leases [Abstract] | |
Lease maturity period | 2039 |
Leases - Schedule of Various Components of Lease Costs (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
Leases [Abstract] | |||
Operating lease cost | $ 108,898 | $ 109,789 | $ 113,878 |
Short-term and variable lease cost | 28,672 | 26,022 | 13,031 |
Sublease income | (606) | (950) | (1,067) |
Total operating lease cost | $ 136,964 | $ 134,861 | $ 125,842 |
Leases - Schedule of Maturity Analysis of Expected Undiscounted Cash Flows for Operating Leases on an Annual Basis (Details) $ in Thousands |
Nov. 30, 2024
USD ($)
|
|||
---|---|---|---|---|
Leases [Abstract] | ||||
2025 | $ 104,065 | |||
2026 | 96,001 | |||
2027 | 80,263 | |||
2028 | 66,750 | |||
2029 | 52,923 | |||
Thereafter | 202,651 | |||
Total payments | 602,653 | |||
Less: imputed interest | (108,156) | [1] | ||
Total present value of lease payments | $ 494,497 | |||
|
Leases - Schedule of Amounts Recorded in Consolidated Balance Sheet (Details) - USD ($) $ in Thousands |
Nov. 30, 2024 |
Nov. 30, 2023 |
---|---|---|
Leases [Abstract] | ||
Operating lease ROU assets | $ 471,889 | $ 450,966 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets, net | Other assets, net |
Current operating lease liabilities | $ 103,789 | $ 95,128 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other accrued liabilities | Other accrued liabilities |
Non-current operating lease liabilities | $ 390,708 | $ 372,944 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other long-term liabilities | Other long-term liabilities |
Leases - Schedule of Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
Leases [Abstract] | |||
Cash paid for amounts included in the measurement of lease liabilities | $ 103,803 | $ 108,880 | $ 114,558 |
Non-cash ROU assets obtained in exchange for lease liabilities | $ 111,123 | $ 128,953 | $ 72,885 |
Leases - Schedule of Weighted-Average Remaining Lease Term and Discount Rate (Details) |
Nov. 30, 2024 |
Nov. 30, 2023 |
---|---|---|
Leases [Abstract] | ||
Weighted-average remaining lease term (years) | 7 years 8 months 8 days | 7 years 7 months 17 days |
Weighted-average discount rate | 4.86% | 4.53% |
Income Taxes - Schedule of Pretax Income (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract] | |||
United States | $ 263,321 | $ 283,233 | $ 334,994 |
Foreign | 602,714 | 506,275 | 492,136 |
Income before income taxes | $ 866,035 | $ 789,508 | $ 827,130 |
Income Taxes - Schedule of Provisions for Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
Current tax provision: | |||
Federal | $ 12,163 | $ 78,239 | $ 88,745 |
State | 24,501 | 40,436 | 35,320 |
Foreign | 169,093 | 135,494 | 144,139 |
Current tax provision | 205,757 | 254,169 | 268,204 |
Deferred tax provision (benefit): | |||
Federal | 18,006 | (30,499) | (31,143) |
State | (12,836) | (24,771) | (9,471) |
Foreign | (33,983) | (36,302) | (51,767) |
Deferred tax provision (benefit) | (28,813) | (91,572) | (92,381) |
Total tax provision | $ 176,944 | $ 162,597 | $ 175,823 |
Income Taxes - Schedules of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
Nov. 30, 2024 |
Nov. 30, 2023 |
---|---|---|
Deferred Tax Assets and Liabilities [Abstract] | ||
Deferred tax assets | $ 36,059 | $ 79,512 |
Deferred tax liabilities | (812,763) | (893,021) |
Total net deferred tax assets (liabilities) | (776,704) | (813,509) |
Assets: | ||
Loss carryforwards | 87,043 | 82,014 |
Lease liabilities | 110,166 | 103,013 |
Accrued liabilities | 118,272 | 127,399 |
Foreign tax credit carryforwards | 36,290 | 45,732 |
Disallowed interest expense | 21,976 | 23,368 |
Allowance for doubtful accounts and sales return reserves | 19,713 | 34,476 |
Capitalized inventory costs | 11,974 | 12,106 |
Unrealized losses on hedges | 11,971 | 13,806 |
Acquisition and transaction related costs | 5,255 | 7,617 |
Share-based compensation expense | 15,575 | 16,548 |
Deferred revenue | 12,129 | 7,016 |
Long-lived assets | 4,665 | 6,188 |
Other, net | 3,251 | 688 |
Total deferred tax assets gross | 458,280 | 479,971 |
Less: valuation allowance | (80,640) | (92,371) |
Total deferred tax assets | 377,640 | 387,600 |
Liabilities: | ||
Long-lived assets | (1,017,777) | (1,090,615) |
Lease right-of-use assets | (106,821) | (99,831) |
Deferred costs | (12,279) | (3,905) |
Deferred taxes on unremitted earnings | (5,116) | 0 |
Other, net | (12,351) | (6,758) |
Total deferred tax liabilities | (1,154,344) | (1,201,109) |
Net deferred tax liability | $ 776,704 | $ 813,509 |
Income Taxes - Additional Information (Details) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 01, 2020 |
Nov. 30, 2024
USD ($)
|
Nov. 30, 2023
USD ($)
|
Nov. 30, 2022
USD ($)
|
|
Income Tax [Line Items] | ||||
Change in the deferred tax valuation allowances | $ 11,700 | |||
Operating loss carryforwards | 265,100 | |||
Foreign tax credit carryforwards | $ 36,290 | $ 45,732 | ||
Foreign tax credits carryforward period | 10 years | |||
Foreign tax credit carryforward expiration year | 2025 | |||
Income tax expense (benefit) | $ 176,944 | $ 162,597 | $ 175,823 | |
Undistributed earnings of its non-U.S. subsidiaries | 1,900,000 | |||
Unrecognized tax benefits that would affect effective tax rate if realized | $ 16,800 | |||
Spinoff | Concentrix | ||||
Income Tax [Line Items] | ||||
Stockholders of parent received share of common stock for every share converted | 1 | |||
Foreign Tax Authority | ||||
Income Tax [Line Items] | ||||
Income tax holidays begin to expire in period | 2025 |
Income Taxes - Schedule of Reconciliation of Statutory U.S. Federal Income Tax Rate to Company's Effective Income Tax Rate (Details) |
12 Months Ended | ||
---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
United States federal statutory income tax rate | 21.00% | 21.00% | 21.00% |
State income taxes, net of federal income tax benefit | 1.00% | 1.10% | 1.80% |
Global intangible low taxed income | 0.40% | 0.70% | 0.20% |
Tax on foreign earnings different than US federal rate | (2.50%) | (3.00%) | (2.50%) |
Net changes in deferred tax valuation allowances | (1.40%) | (0.20%) | (0.90%) |
Interest not subject to tax, net | 0.10% | 0.10% | 0.30% |
Foreign withholding taxes | 2.40% | 0.60% | 0.00% |
Capital loss carryback | 0.00% | 0.00% | (1.00%) |
Net changes in reserves for uncertain tax positions | (0.30%) | 0.00% | (0.10%) |
Stock compensation related to Tech Data equity awards | 0.00% | 0.90% | 1.40% |
Other, net | (0.30%) | (0.60%) | 1.10% |
Effective income tax rate | 20.40% | 20.60% | 21.30% |
Income Taxes - Summary of Aggregate Changes in Balances of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Gross unrecognized tax benefits at beginning of period | $ 18,940 | $ 20,695 | $ 26,330 |
Increases in tax positions for prior years | 1,068 | 859 | 1,069 |
Decreases in tax positions for prior years | (1,219) | (3,093) | (189) |
Increases in tax positions for current year | 1,390 | 3,101 | 955 |
Expiration of statutes of limitation | (3,167) | (2,874) | (3,074) |
Settlements | 0 | 0 | 3,375 |
Changes due to translation of foreign currencies | (215) | ||
Changes due to translation of foreign currencies | 252 | 1,021 | |
Gross unrecognized tax benefits at end of period | $ 16,797 | $ 18,940 | $ 20,695 |
Commitments and Contingencies - Additional Information (Details) - Tech Data Corporation € in Millions, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Nov. 30, 2024
USD ($)
|
Nov. 30, 2024
EUR (€)
|
Oct. 06, 2022
EUR (€)
|
|
Loss Contingencies [Line Items] | |||
Loss contingency fine imposed | € | € 76.1 | € 24.9 | |
Favorable impact on statement of operations, amount | $ | $ 10.8 |
Schedule II-Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
Allowance for sales returns-gross | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balances at Beginning of Fiscal Year | $ 170,035 | $ 205,825 | $ 171,869 |
Additions/Deductions Charged to Revenue and Expense, net | 35,468 | 21,342 | 43,127 |
Additions and Measurement Period Adjustments Related to Acquisitions | 0 | 0 | 0 |
Deductions, Reclassifications and Write-offs | (29,543) | (57,132) | (9,172) |
Balances at End of Fiscal Year | 175,960 | 170,035 | 205,825 |
Allowance for deferred tax assets | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balances at Beginning of Fiscal Year | 92,371 | 102,891 | 123,435 |
Additions/Deductions Charged to Revenue and Expense, net | (15,701) | (933) | (10,837) |
Additions and Measurement Period Adjustments Related to Acquisitions | 5,545 | 0 | 19,445 |
Deductions, Reclassifications and Write-offs | (1,575) | (9,587) | 9,738 |
Balances at End of Fiscal Year | $ 80,640 | $ 92,371 | $ 102,891 |