CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Feb. 28, 2025 |
Nov. 30, 2024 |
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Statement of Financial Position [Abstract] | ||
Preferred stock, par value, per share (in USD per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value, per share (in USD per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares, issued (in shares) | 99,012,000 | 99,012,000 |
Treasury stock, beginning balance (in shares) | 15,796,000 | 15,289,000 |
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | |
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Feb. 28, 2025 |
Feb. 29, 2024 |
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Income Statement [Abstract] | ||
Revenue | $ 14,531,707 | $ 13,975,253 |
Cost of revenue | (13,533,701) | (12,969,487) |
Gross profit | 998,006 | 1,005,766 |
Selling, general and administrative expenses | (692,485) | (671,545) |
Acquisition, integration and restructuring costs | (1,062) | (31,649) |
Operating income | 304,459 | 302,572 |
Interest expense and finance charges, net | (87,880) | (75,891) |
Other expense, net | (1,696) | (2,884) |
Income before income taxes | 214,883 | 223,797 |
Provision for income taxes | (47,346) | (51,669) |
Net income | $ 167,537 | $ 172,128 |
Earnings per common share: | ||
Basic (in USD per share) | $ 1.98 | $ 1.94 |
Diluted (in USD per share) | $ 1.98 | $ 1.93 |
Weighted-average common shares outstanding: | ||
Basic (in shares) | 83,615 | 87,891 |
Diluted (in shares) | 83,970 | 88,203 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands |
3 Months Ended | |
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Feb. 28, 2025 |
Feb. 29, 2024 |
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Statement of Comprehensive Income [Abstract] | ||
Net income | $ 167,537 | $ 172,128 |
Other comprehensive income (loss): | ||
Unrealized losses on cash flow hedges during the period, net of tax benefit of $0 and $0 for the three months ended February 28, 2025 and February 29, 2024, respectively. | (7) | 0 |
Reclassification of net gains on cash flow hedges to net income, net of tax benefit of ($3) and $0 for the three months ended February 28, 2025 and February 29, 2024, respectively. | (356) | 0 |
Total change in unrealized losses on cash flow hedges, net of taxes | (363) | 0 |
Foreign currency translation adjustments and other, net of tax expense of ($3,602) and ($1,348) for the three months ended February 28, 2025 and February 29, 2024, respectively. | (41,125) | (31,824) |
Other comprehensive loss | (41,488) | (31,824) |
Comprehensive income | $ 126,049 | $ 140,304 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (PARENTHETICAL) - USD ($) $ in Thousands |
3 Months Ended | |
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Feb. 28, 2025 |
Feb. 29, 2024 |
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Statement of Comprehensive Income [Abstract] | ||
Tax expense (benefit) on unrealized gains (losses) on cash flow hedges | $ 0 | $ 0 |
Tax on reclassification of cash flow hedges to earnings | (3) | 0 |
Tax expense (benefit) on foreign currency translation adjustment | $ (3,602) | $ (1,348) |
Organization and Basis of Presentation |
3 Months Ended |
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Feb. 28, 2025 | |
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 "TD SYNNEX", "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 in three reportable segments based on its geographic regions: the Americas, Europe and Asia-Pacific and Japan ("APJ"). 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. The Company operates on a fiscal year that ends on November 30. The accompanying interim unaudited Consolidated Financial Statements as of February 28, 2025 and for the three months ended February 28, 2025 and February 29, 2024 have been prepared by the Company, without audit, in accordance with the rules and regulations of the United States ("U.S.") Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the U.S. have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, the accompanying unaudited Consolidated Financial Statements reflect all adjustments, consisting only of normal recurring adjustments, necessary to state fairly the financial position of the Company and its results of operations and cash flows as of and for the periods presented. These financial statements should be read in conjunction with the annual audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2024. Interim results of operations are not necessarily indicative of financial results for a full year, and the Company makes no representations related thereto. 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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Feb. 28, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: For a discussion of the Company’s significant accounting policies, refer to the discussion in the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2024. Use of Estimates The preparation of financial statements in conformity with GAAP 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. 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 February 28, 2025, the Company has not experienced any material credit losses on such deposits and derivative instruments. Accounts receivable include amounts due from customers, including related parties. Receivables from vendors, net, includes amounts due from original equipment manufacturer ("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 expected 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 10% of the Company's total revenue during both the three months ended February 28, 2025 and February 29, 2024. As of February 28, 2025 and November 30, 2024, no single customer comprised more than 10% of the consolidated accounts receivable balance. 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 February 28, 2025 and November 30, 2024, accounts receivable sold to and held by the financial institutions under these programs were $1.3 billion and $1.2 billion, 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. Discount fees for these programs totaled $12.0 million and $16.0 million in the three months ended February 28, 2025 and February 29, 2024, respectively. Seasonality The Company's operating results are affected by the seasonality of the IT products industry. The Company has historically experienced slightly higher sales in the first and fourth fiscal quarters due to patterns in capital budgeting, federal government spending and purchasing cycles of its customers and end-users. These historical patterns may not be repeated in subsequent periods. Revenue Recognition The Company generates revenue primarily from the sale of various IT products. The Company recognizes revenue 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. 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 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 will first be applied in the Company's Annual Report on Form 10-K for the fiscal year ending November 30, 2025, and for subsequent interim periods. 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 Costs |
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Feb. 28, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACQUISITION, INTEGRATION AND RESTRUCTURING COSTS | ACQUISITION, INTEGRATION AND RESTRUCTURING COSTS: Acquisition, integration and restructuring costs during the three months ended February 29, 2024 were comprised of costs related to the Merger (as defined below). There were no acquisition, integration and restructuring costs related to other acquisitions during the three months ended February 29, 2024. Acquisition, integration and restructuring costs related to other acquisitions were $1.1 million during the three months ended February 28, 2025. 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 Company completed the acquisition, integration and restructuring activities related to the Merger during the first half of fiscal year 2024. There were no related expenses recognized during the three months ended February 28, 2025 and there are no 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, and long-lived assets charges and termination fees. 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 assets charges and termination fees include accelerated depreciation and amortization expense of $0.4 million recorded during the three months ended February 29, 2024 due to changes in asset useful lives in conjunction with the consolidation of certain IT systems, along with $6.6 million recorded during the three months ended February 29, 2024 for termination fees related to certain IT systems. In July 2023, the Company offered a voluntary severance program ("VSP") to certain co-workers in the U.S. as part of the Company's cost optimization efforts related to the Merger. The Company incurred $7.2 million of costs in connection with the VSP during the three months ended February 29, 2024, including $6.0 million of severance costs and $1.2 million of duplicative labor costs. During the three months ended February 29, 2024, acquisition and integration expenses related to the Merger were composed of the following:
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Share-Based Compensation |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION: Overview of Stock Incentive Plans The Company recognizes share-based compensation expense for all share-based awards made to employees and outside directors, including employee stock options, restricted stock awards ("RSAs"), restricted stock units ("RSUs"), performance-based RSUs ("PRSUs") and employee stock purchase rights, based on estimated fair values. The following tables summarize the Company's share-based awards activity for stock incentive plans during the three months ended February 28, 2025. A summary of the changes in the Company's stock options is set forth below:
A summary of the changes in the Company's non-vested RSAs and RSUs is presented below:
__________________ (1) During the three months ended February 28, 2025, the attainment on PRSUs vested was adjusted to reflect actual performance. The Company recorded $21.9 million and $17.5 million of share-based compensation expense during the three months ended February 28, 2025 and February 29, 2024, respectively within "Selling, general and administrative expenses" in the Consolidated Statements of Operations for stock incentive plans.
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Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 $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. As of February 28, 2025, the Company had $1.7 billion available for future repurchases of its common stock under the March 2024 share repurchase program. The Company's common share repurchase activity for the three months ended February 28, 2025 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 three months ended February 28, 2025 and February 29, 2024 excludes amounts related to excise tax that when accrued are included 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 On March 27, 2025, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.44 per common share payable on April 25, 2025 to stockholders of record as of the close of business on April 11, 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) Diluted EPS is calculated using the two-class method. Unvested restricted stock awards granted to employees are considered participating securities. For purposes of calculating Diluted EPS, net income allocated to participating securities was approximately 0.9% of net income for both the three months ended February 28, 2025 and February 29, 2024.
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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):
Accumulated other comprehensive loss: The components of accumulated other comprehensive loss (“AOCI”), net of taxes, were as follows:
Refer to Note 8 - Derivative Instruments for the location of gains and losses reclassified from AOCI to the Consolidated Statements of Operations.
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Derivative Instruments |
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Feb. 28, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 income (loss) ("AOCI") in the Consolidated Balance Sheets, as discussed below. Cash Flow Hedges The Company designates certain foreign currency forward contracts used to hedge forecasted inventory purchases and forecasted operating expenses that are denominated in currencies other than the legal entity's functional currency as cash flow hedges. These foreign currency forward contracts generally have terms up to 24 months. 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 forecasted inventory purchases are recognized in "Cost of revenue" in the same period as the related expense is recognized. Deferred gains and losses associated with cash flow hedges of forecasted operating expenses are recognized in "Selling, general and administrative expenses" 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 classifies cash flows related to the settlement of its cash flow hedges as operating activities in the Consolidated Statements of Cash Flows. 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. Gains and losses on the net investment hedges, which have been recorded in AOCI and will remain in AOCI until the sale or substantial liquidation of the underlying assets of the Company's investment, are included within the "Foreign currency translation adjustments and other" caption on the Consolidated Statements of Comprehensive Income. The initial fair value of hedge components excluded from the assessment of effectiveness is being recognized in the Consolidated Statements of Operations under a systematic and rational method over the life of the hedging instrument. The Company classifies cash flows related to the settlement of its net investment hedges as investing activities in the Consolidated Statements of Cash Flows. 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:
(1) The Company had no material cash flow hedges outstanding as of November 30, 2024. 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, Costa Rican colón, 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 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 material cash flow hedges outstanding during the three months ended February 29, 2024. (3) The Company had no foreign exchange collar contracts outstanding during the three months ended February 29, 2024. Except for the net investment hedge amounts shown above, there were no gain or loss amounts excluded from the assessment of effectiveness. Existing net losses in AOCI that are expected to be reclassified into earnings in the normal course of business within the next twelve months are $0.3 million. 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 material cash flow hedges outstanding as of November 30, 2024. 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 flows 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 February 28, 2025 and November 30, 2024. 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 as of both February 28, 2025 and November 30, 2024. During the three months ended February 28, 2025, 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. 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 $3.1 billion and $3.4 billion as of February 28, 2025 and November 30, 2024, respectively. 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 was $390.0 million outstanding under the U.S. AR Arrangement at February 28, 2025 at an interest rate of 5.33%. There were no amounts outstanding under the U.S. AR Arrangement at November 30, 2024. 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 February 28, 2025 or November 30, 2024. 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. There was $581.3 million outstanding on the TD SYNNEX Term Loan as of both February 28, 2025 and November 30, 2024. 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 referenced in the table below:
(1) 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 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 of 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 (as reflected in the table below) 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 $566.0 million in borrowing capacity as of February 28, 2025. 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 $201.0 million outstanding on these facilities at February 28, 2025, at a weighted average interest rate of 5.78%, and there was $171.1 million outstanding at November 30, 2024, at a weighted average interest rate of 7.91%. Borrowings under these lines of credit facilities are guaranteed by the Company or secured by eligible accounts receivable. At February 28, 2025, the Company was also contingently liable for reimbursement obligations with respect to issued standby letters of credit in the aggregate outstanding amount of $56.2 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 February 28, 2025 exchange rates. 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 cash 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 February 28, 2025, the Company was in compliance with all material financial covenants for the above arrangements.
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Supplier Finance Programs |
3 Months Ended |
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Feb. 28, 2025 | |
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 the 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 the three months ended February 28, 2025 and February 29, 2024 within "Cost of revenue" in the Company's Consolidated Statements of Operations related to an arrangement with a certain vendor. As of February 28, 2025 and November 30, 2024, the Company had $2.7 billion and $3.2 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. |
Segment Information |
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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:
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Commitments and Contingencies |
3 Months Ended |
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Feb. 28, 2025 | |
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 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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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | |
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Feb. 28, 2025 |
Feb. 29, 2024 |
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Pay vs Performance Disclosure | ||
Net income | $ 167,537 | $ 172,128 |
Insider Trading Arrangements |
3 Months Ended |
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Feb. 28, 2025 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accounting Policies (Policies) |
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Feb. 28, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Use of estimates | Use of Estimates The preparation of financial statements in conformity with GAAP 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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Concentration of credit risk and accounts receivable | 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 February 28, 2025, the Company has not experienced any material credit losses on such deposits and derivative instruments. Accounts receivable include amounts due from customers, including related parties. Receivables from vendors, net, includes amounts due from original equipment manufacturer ("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 expected 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 10% of the Company's total revenue during both the three months ended February 28, 2025 and February 29, 2024. As of February 28, 2025 and November 30, 2024, no single customer comprised more than 10% of the consolidated accounts receivable balance. 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 February 28, 2025 and November 30, 2024, accounts receivable sold to and held by the financial institutions under these programs were $1.3 billion and $1.2 billion, 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. Discount fees for these programs totaled $12.0 million and $16.0 million in the three months ended February 28, 2025 and February 29, 2024, respectively.
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Seasonality | Seasonality The Company's operating results are affected by the seasonality of the IT products industry. The Company has historically experienced slightly higher sales in the first and fourth fiscal quarters due to patterns in capital budgeting, federal government spending and purchasing cycles of its customers and end-users. These historical patterns may not be repeated in subsequent periods.
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Revenue Recognition | Revenue Recognition The Company generates revenue primarily from the sale of various IT products. The Company recognizes revenue 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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Recently adopted and issued accounting pronouncements | 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 will first be applied in the Company's Annual Report on Form 10-K for the fiscal year ending November 30, 2025, and for subsequent interim periods. 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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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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Summary of Significant Accounting Policies (Tables) |
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Feb. 28, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Concentration of Risk | 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.
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Acquisition, Integration and Restructuring Costs (Tables) |
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Feb. 28, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Costs | During the three months ended February 29, 2024, acquisition and integration expenses related to the Merger were composed of the following:
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Share-Based Compensation (Tables) |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share Based Awards Granted | The following tables summarize the Company's share-based awards activity for stock incentive plans during the three months ended February 28, 2025. A summary of the changes in the Company's stock options is set forth below:
A summary of the changes in the Company's non-vested RSAs and RSUs is presented below:
__________________ (1) During the three months ended February 28, 2025, the attainment on PRSUs vested was adjusted to reflect actual performance.
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Equity (Tables) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share Repurchases | The Company's common share repurchase activity for the three months ended February 28, 2025 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 three months ended February 28, 2025 and February 29, 2024 excludes amounts related to excise tax that when accrued are included 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) Diluted EPS is calculated using the two-class method. Unvested restricted stock awards granted to employees are considered participating securities. For purposes of calculating Diluted EPS, net income allocated to participating securities was approximately 0.9% of net income for both the three months ended February 28, 2025 and February 29, 2024.
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Balance Sheet Components (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 28, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 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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Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive loss: The components of accumulated other comprehensive loss (“AOCI”), net of taxes, were as follows:
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Derivative Instruments (Tables) |
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Feb. 28, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
(1) The Company had no material cash flow hedges outstanding as of November 30, 2024.
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Effect of Derivative Instruments on AOCI and Consolidated Statements of Earnings | The following table shows the gains and losses, before taxes, of the Company’s derivative instruments designated as 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 material cash flow hedges outstanding during the three months ended February 29, 2024. (3) The Company had no foreign exchange collar contracts outstanding during the three months ended February 29, 2024.
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Fair Value Measurements (Tables) |
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Feb. 28, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 material cash flow hedges outstanding as of November 30, 2024.
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Borrowings (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 28, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
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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 referenced in the table below:
(1) 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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Debt Instrument Redemption | Par Call Dates and the spread to the applicable treasury rate for the respective outstanding Senior Notes are as follows:
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Segment Information (Tables) |
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Feb. 28, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Summarized financial information related to the Company’s reportable business segments for the periods presented is shown below:
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Organization and Basis of Presentation - Additional Information (Details) |
3 Months Ended |
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Feb. 28, 2025
segment
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 3 |
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | ||
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Feb. 28, 2025 |
Feb. 29, 2024 |
Nov. 30, 2024 |
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Supply-chain Financing Program | |||
Recently Adopted Accounting Pronouncements [Line Items] | |||
Accounts receivable sold to and held by financial institution | $ 1,300.0 | $ 1,200.0 | |
Discount fees | $ (12.0) | $ (16.0) | |
Sales Revenue, Net | Supplier Concentration Risk | Apple, Inc. | |||
Recently Adopted Accounting Pronouncements [Line Items] | |||
Concentration risk, percentage | 13.00% | 12.00% | |
Sales Revenue, Net | Supplier Concentration Risk | HP Inc. | |||
Recently Adopted Accounting Pronouncements [Line Items] | |||
Concentration risk, percentage | 10.00% | 100.00% | |
Sales Revenue, Net | Customer Concentration Risk | Customer1 | |||
Recently Adopted Accounting Pronouncements [Line Items] | |||
Concentration risk, percentage | 10.00% |
Acquisition, Integration and Restructuring Costs - Restructuring and Related Costs (The Merger) - (Details) - USD ($) $ in Thousands |
3 Months Ended | |
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Feb. 28, 2025 |
Feb. 29, 2024 |
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Restructuring Cost and Reserve [Line Items] | ||
Acquisition, integration and restructuring costs | $ 1,062 | $ 31,649 |
Tech Data Corporation | ||
Restructuring Cost and Reserve [Line Items] | ||
Professional services costs | 9,429 | |
Personnel and other costs | 7,963 | |
Long-lived assets charges and termination fees | 7,037 | |
Voluntary severance program costs | 7,220 | |
Acquisition, integration and restructuring costs | $ 31,649 |
Share-Based Compensation - Schedule of Share Based Awards Granted TD Synnex (Details) |
3 Months Ended |
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Feb. 28, 2025
shares
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Stock options | |
Stock options, beginning (in shares) | 482,000 |
Exercised (in shares) | (58,000) |
Stock options, ending (in shares) | 424,000 |
RSAs and RSUs | |
RSAs and RSUs | |
Restricted stock, beginning (in shares) | 1,252,000 |
Granted (in shares) | 66,000 |
Vested (in shares) | (111,000) |
Attainment adjustments (in shares) | (12,000) |
Canceled (in shares) | (25,000) |
Restricted stock, ending (in shares) | 1,170,000 |
Share-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |
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Feb. 28, 2025 |
Feb. 29, 2024 |
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RSAs and RSUs | TD SYNNEX | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation | $ 21,900 | $ 17,500 |
Equity - Share Repurchase Program - Additional Information (Details) - USD ($) $ in Millions |
1 Months Ended | ||
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Jan. 31, 2023 |
Feb. 28, 2025 |
Mar. 31, 2024 |
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Equity Class Of Treasury Stock [Line Items] | |||
Stock repurchase program, period in force (in years) | 3 years | ||
A2023 Share Repurchase Program | |||
Equity Class Of Treasury Stock [Line Items] | |||
Stock repurchase program, authorized amount | $ 1,000.0 | ||
Stock repurchase program, remaining authorized repurchase amount | $ 196.7 | $ 1,700.0 | |
A2024 Share Repurchase Program | |||
Equity Class Of Treasury Stock [Line Items] | |||
Stock repurchase program, authorized amount | $ 2,000.0 |
Equity - Dividends - Additional Information (Details) - $ / shares |
3 Months Ended | ||||
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Apr. 25, 2025 |
Apr. 11, 2025 |
Mar. 27, 2025 |
Feb. 28, 2025 |
Feb. 29, 2024 |
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Equity Class Of Treasury Stock [Line Items] | |||||
Cash dividends declared per share (in USD per shares) | $ 0.44 | $ 0.40 | |||
Subsequent Event | |||||
Equity Class Of Treasury Stock [Line Items] | |||||
Cash dividends declared per share (in USD per shares) | $ 0.44 | ||||
Subsequent Event | O 2024 Q3 Dividends | |||||
Equity Class Of Treasury Stock [Line Items] | |||||
Dividends declared date | Mar. 27, 2025 | ||||
Dividends payable date | Apr. 25, 2025 | ||||
Dividends record date | Apr. 11, 2025 |
Earnings Per Common Share - Schedule of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |||
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Feb. 28, 2025 |
Feb. 29, 2024 |
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Basic earnings per common share: | ||||
Net income attributable to common stockholders | [1] | $ 165,963 | $ 170,624 | |
Weighted-average common shares - basic (in shares) | 83,615 | 87,891 | ||
Basic (in USD per share) | $ 1.98 | $ 1.94 | ||
Diluted earnings per common share: | ||||
Net income attributable to common stockholders | [1] | $ 165,969 | $ 170,628 | |
Basic (in shares) | 83,615 | 87,891 | ||
Stock options and restricted stock units (shares) | 355 | 312 | ||
Weighted-average number of common shares - diluted (in shares) | 83,970 | 88,203 | ||
Diluted earnings per common share (in USD per share) | $ 1.98 | $ 1.93 | ||
Anti-dilutive shares excluded from diluted earnings per share calculation (in shares) | 0 | 220 | ||
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Balance Sheet Components - Accounts Receivable, Net (Details) - USD ($) $ in Thousands |
Feb. 28, 2025 |
Nov. 30, 2024 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accounts receivable | $ 9,522,513 | $ 10,443,290 |
Less: Allowance for doubtful accounts | (98,413) | (101,665) |
Accounts receivable, net | $ 9,424,100 | $ 10,341,625 |
Balance Sheet Components - Allowance for Doubtful Receivables (Details) $ in Thousands |
3 Months Ended |
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Feb. 28, 2025
USD ($)
| |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Beginning balance | $ 101,665 |
Ending balance | 98,413 |
Allowance For Doubtful Trade Receivables | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Beginning balance | 101,665 |
Additions | 6,366 |
Write-offs, recoveries, reclassifications and foreign exchange translation | (9,618) |
Ending balance | $ 98,413 |
Balance Sheet Components - Summary of Accumulated Other Comprehensive Loss ("AOCI") (Details) $ in Thousands |
3 Months Ended |
---|---|
Feb. 28, 2025
USD ($)
| |
Accumulated Other Comprehensive Income (Loss), net of taxes | |
Accumulated other comprehensive income (loss), beginning balance | $ (645,117) |
Other comprehensive loss before reclassification | (41,132) |
Reclassification of gains from accumulated other comprehensive loss | (356) |
Accumulated other comprehensive income (loss), ending balance | (686,605) |
Unrealized (losses) gains on cash flow hedges, net of taxes | |
Accumulated Other Comprehensive Income (Loss), net of taxes | |
Accumulated other comprehensive income (loss), beginning balance | (110) |
Other comprehensive loss before reclassification | (7) |
Reclassification of gains from accumulated other comprehensive loss | (356) |
Accumulated other comprehensive income (loss), ending balance | (473) |
Foreign currency translation adjustment and other, net of taxes | |
Accumulated Other Comprehensive Income (Loss), net of taxes | |
Accumulated other comprehensive income (loss), beginning balance | (645,007) |
Other comprehensive loss before reclassification | (41,125) |
Reclassification of gains from accumulated other comprehensive loss | 0 |
Accumulated other comprehensive income (loss), ending balance | $ (686,132) |
Derivative Instruments - Additional Information (Details) $ in Thousands |
3 Months Ended |
---|---|
Feb. 28, 2025
USD ($)
| |
Derivative [Line Items] | |
Cash Flow Hedge Gain (Loss) to be Reclassified within 12 Months | $ (300) |
Foreign exchange forward contracts (notional value) | Derivative instruments not designated as hedging instruments: | Maximum | |
Derivative [Line Items] | |
Foreign exchange forward contracts, maturity | 12 months |
Derivative Instruments - Summary of Fair Values of Derivative Instruments (Details) - USD ($) $ in Thousands |
Feb. 28, 2025 |
Nov. 30, 2024 |
---|---|---|
Derivative instruments not designated as hedging instruments: | Foreign exchange forward contracts (notional value) | ||
Derivative [Line Items] | ||
Notional value | $ 2,156,020 | $ 1,962,852 |
Derivative instruments not designated as hedging instruments: | Foreign exchange forward contracts (notional value) | Other current assets | ||
Derivative [Line Items] | ||
Assets, fair value | 9,185 | 11,863 |
Derivative instruments not designated as hedging instruments: | Foreign exchange forward contracts (notional value) | Other accrued and current liabilities | ||
Derivative [Line Items] | ||
Other accrued liabilities | 9,418 | 8,096 |
Designated as hedging instrument | Foreign exchange forward contracts (notional value) | Derivative instruments designated as cash flow hedges(2): | ||
Derivative [Line Items] | ||
Notional value | 30,340 | 0 |
Designated as hedging instrument | Foreign exchange forward contracts (notional value) | Derivative instruments designated as cash flow hedges(2): | Other current assets | ||
Derivative [Line Items] | ||
Foreign Currency Fair Value Hedge Asset at Fair Value | 37 | 0 |
Designated as hedging instrument | Foreign exchange forward contracts (notional value) | Derivative instruments designated as cash flow hedges(2): | Other accrued and current liabilities | ||
Derivative [Line Items] | ||
Foreign Currency Fair Value Hedge Liability at Fair Value | 291 | 0 |
Designated as hedging instrument | Foreign currency forward contracts (notional value) | Derivative instruments designated as net investment hedges: | ||
Derivative [Line Items] | ||
Notional value | 680,559 | 687,475 |
Designated as hedging instrument | Foreign currency forward contracts (notional value) | Derivative instruments designated as net investment hedges: | Other current assets | ||
Derivative [Line Items] | ||
Foreign Currency Fair Value Hedge Asset at Fair Value | 375 | 220 |
Designated as hedging instrument | Foreign currency forward contracts (notional value) | Derivative instruments designated as net investment hedges: | Other accrued and current liabilities | ||
Derivative [Line Items] | ||
Foreign Currency Fair Value Hedge Liability at Fair Value | 22 | 91 |
Designated as hedging instrument | Foreign currency forward contracts (notional value) | Derivative instruments designated as net investment hedges: | Other long-term assets | ||
Derivative [Line Items] | ||
Foreign Currency Fair Value Hedge Asset at Fair Value | 11,269 | 2,320 |
Designated as hedging instrument | Foreign currency forward contracts (notional value) | Derivative instruments designated as net investment hedges: | Other long-term liabilities | ||
Derivative [Line Items] | ||
Foreign Currency Fair Value Hedge Liability at Fair Value | 2,526 | 7,889 |
Designated as hedging instrument | Foreign Exchange Contract | Derivative instruments designated as net investment hedges: | ||
Derivative [Line Items] | ||
Notional value | 300,000 | 300,000 |
Designated as hedging instrument | Foreign Exchange Contract | Derivative instruments designated as net investment hedges: | Other long-term assets | ||
Derivative [Line Items] | ||
Foreign Currency Fair Value Hedge Asset at Fair Value | $ 3,693 | $ 1,792 |
Derivative Instruments - Effect of Derivative Instruments on AOCI and Consolidated Statements of Operations (Details) - USD ($) $ in Thousands |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Feb. 28, 2025 |
Feb. 29, 2024 |
|||||
Derivative Instruments Gain Loss [Line Items] | ||||||
Total | $ 12,510 | $ 8,178 | ||||
Interest expense and finance charges, net | Interest expense and finance charges, net | Interest expense and finance charges, net | ||||
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 | [1] | $ 14,997 | $ 6,122 | |||
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 | [1] | (2,487) | 2,056 | |||
Derivative instruments designated as cash flow hedges(2): | Foreign exchange forward | ||||||
Derivative Instruments Gain Loss [Line Items] | ||||||
Gains (losses) recognized in OCI | (7) | 0 | ||||
Derivative instruments designated as cash flow hedges(2): | Foreign exchange forward | Cost of revenue | ||||||
Derivative Instruments Gain Loss [Line Items] | ||||||
Gains (losses) recognized in OCI | 408 | 0 | ||||
Derivative instruments designated as cash flow hedges(2): | Foreign exchange forward | Selling, general and administrative expenses | ||||||
Derivative Instruments Gain Loss [Line Items] | ||||||
Gains (losses) recognized in OCI | (55) | 0 | ||||
Derivative instruments designated as net investment hedges: | Foreign exchange forward | ||||||
Derivative Instruments Gain Loss [Line Items] | ||||||
Gains (losses) recognized in OCI | 12,224 | 5,444 | ||||
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) | 2,523 | 2,256 | ||||
Derivative instruments designated as net investment hedges: | Foreign exchange collar contract | ||||||
Derivative Instruments Gain Loss [Line Items] | ||||||
Gains (losses) recognized in OCI | [2] | $ 1,901 | $ 0 | |||
|
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 |
Feb. 28, 2025 |
Nov. 30, 2024 |
---|---|---|
Assets: | ||
Forward foreign currency exchange contracts not designated as hedges | $ 9,185 | $ 11,863 |
Forward foreign currency exchange contracts designated as net investment hedges | 9,185 | 11,863 |
Liabilities: | ||
Forward foreign currency exchange contracts not designated as hedges | 9,418 | 8,096 |
Forward foreign currency exchange contracts designated as net investment hedges | 9,418 | 8,096 |
Designated as hedging instrument | ||
Assets: | ||
Forward foreign currency exchange contracts not designated as hedges | 11,644 | 2,540 |
Forward foreign currency exchange contracts designated as net investment hedges | 11,644 | 2,540 |
Forward foreign currency exchange contracts designated as net investment hedges | 3,693 | 1,792 |
Liabilities: | ||
Forward foreign currency exchange contracts not designated as hedges | 2,548 | 7,980 |
Forward foreign currency exchange contracts designated as net investment hedges | 2,548 | 7,980 |
Derivative instruments designated as cash flow hedges(2): | ||
Assets: | ||
Forward foreign currency exchange contracts not designated as hedges | 37 | 0 |
Forward foreign currency exchange contracts designated as net investment hedges | 37 | 0 |
Liabilities: | ||
Forward foreign currency exchange contracts not designated as hedges | 291 | 0 |
Forward foreign currency exchange contracts designated as net investment hedges | 291 | 0 |
Level 1 | ||
Assets: | ||
Forward foreign currency exchange contracts not designated as hedges | 0 | 0 |
Forward foreign currency exchange contracts designated as net investment hedges | 0 | 0 |
Liabilities: | ||
Forward foreign currency exchange contracts not designated as hedges | 0 | 0 |
Forward foreign currency exchange contracts designated as net investment hedges | 0 | 0 |
Level 1 | Designated as hedging instrument | ||
Assets: | ||
Forward foreign currency exchange contracts not designated as hedges | 0 | 0 |
Forward foreign currency exchange contracts designated as net investment hedges | 0 | 0 |
Forward foreign currency exchange contracts designated as net investment hedges | 0 | 0 |
Liabilities: | ||
Forward foreign currency exchange contracts not designated as hedges | 0 | 0 |
Forward foreign currency exchange contracts designated as net investment hedges | 0 | 0 |
Level 1 | Derivative instruments designated as cash flow hedges(2): | ||
Assets: | ||
Forward foreign currency exchange contracts not designated as hedges | 0 | 0 |
Forward foreign currency exchange contracts designated as net investment hedges | 0 | 0 |
Liabilities: | ||
Forward foreign currency exchange contracts not designated as hedges | 0 | 0 |
Forward foreign currency exchange contracts designated as net investment hedges | 0 | 0 |
Level 2 | ||
Assets: | ||
Forward foreign currency exchange contracts not designated as hedges | 9,185 | 11,863 |
Forward foreign currency exchange contracts designated as net investment hedges | 9,185 | 11,863 |
Liabilities: | ||
Forward foreign currency exchange contracts not designated as hedges | 9,418 | 8,096 |
Forward foreign currency exchange contracts designated as net investment hedges | 9,418 | 8,096 |
Level 2 | Designated as hedging instrument | ||
Assets: | ||
Forward foreign currency exchange contracts not designated as hedges | 11,644 | 2,540 |
Forward foreign currency exchange contracts designated as net investment hedges | 11,644 | 2,540 |
Forward foreign currency exchange contracts designated as net investment hedges | 3,693 | 1,792 |
Liabilities: | ||
Forward foreign currency exchange contracts not designated as hedges | 2,548 | 7,980 |
Forward foreign currency exchange contracts designated as net investment hedges | 2,548 | 7,980 |
Level 2 | Derivative instruments designated as cash flow hedges(2): | ||
Assets: | ||
Forward foreign currency exchange contracts not designated as hedges | 37 | 0 |
Forward foreign currency exchange contracts designated as net investment hedges | 37 | 0 |
Liabilities: | ||
Forward foreign currency exchange contracts not designated as hedges | 291 | 0 |
Forward foreign currency exchange contracts designated as net investment hedges | 291 | 0 |
Level 3 | ||
Assets: | ||
Forward foreign currency exchange contracts not designated as hedges | 0 | 0 |
Forward foreign currency exchange contracts designated as net investment hedges | 0 | 0 |
Liabilities: | ||
Forward foreign currency exchange contracts not designated as hedges | 0 | 0 |
Forward foreign currency exchange contracts designated as net investment hedges | 0 | 0 |
Level 3 | Designated as hedging instrument | ||
Assets: | ||
Forward foreign currency exchange contracts not designated as hedges | 0 | 0 |
Forward foreign currency exchange contracts designated as net investment hedges | 0 | 0 |
Forward foreign currency exchange contracts designated as net investment hedges | 0 | 0 |
Liabilities: | ||
Forward foreign currency exchange contracts not designated as hedges | 0 | 0 |
Forward foreign currency exchange contracts designated as net investment hedges | 0 | 0 |
Level 3 | Derivative instruments designated as cash flow hedges(2): | ||
Assets: | ||
Forward foreign currency exchange contracts not designated as hedges | 0 | 0 |
Forward foreign currency exchange contracts designated as net investment hedges | 0 | 0 |
Liabilities: | ||
Forward foreign currency exchange contracts not designated as hedges | 0 | 0 |
Forward foreign currency exchange contracts designated as net investment hedges | $ 0 | $ 0 |
Fair Value Measurements - Additional Information (Details) |
Feb. 28, 2025
USD ($)
|
---|---|
Fair Value Disclosures [Abstract] | |
Estimated fair value | $ 2,300,000,000 |
Transfers between fair value measurement category levels | $ 0 |
Borrowings - Schedule of Borrowings (Details) - USD ($) $ in Thousands |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Feb. 28, 2025 |
Nov. 30, 2024 |
Apr. 19, 2024 |
|||||
Debt Instrument [Line Items] | |||||||
Borrowings, current | $ 590,956 | $ 171,092 | |||||
Long-term debt | 3,755,633 | 3,756,206 | |||||
Less: unamortized debt discount and issuance costs | (18,624) | (19,807) | |||||
Long-term borrowings | 3,737,009 | 3,736,399 | |||||
TD SYNNEX | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 1,331,250 | 1,331,250 | |||||
New Senior Notes | 1.75% Senior Notes due 2026 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 1.75% | ||||||
Maturity date | Aug. 09, 2026 | ||||||
New Senior Notes | 2.375% Senior Notes due 2028 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 2.375% | ||||||
Maturity date | Aug. 09, 2028 | ||||||
New Senior Notes | 2.65% Senior Notes due 2031 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 2.65% | ||||||
Maturity date | Aug. 09, 2031 | ||||||
New Senior Notes | 6.10% Senior Notes due 2034 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 6.10% | ||||||
Maturity date | Apr. 12, 2034 | ||||||
New Senior Notes | TD SYNNEX | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 2,400,000 | 2,400,000 | |||||
New Senior Notes | TD SYNNEX | 2.375% Senior Notes due 2028 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | [1],[2] | 600,000 | 600,000 | ||||
New Senior Notes | TD SYNNEX | 2.65% Senior Notes due 2031 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | [1],[2] | 500,000 | 500,000 | ||||
New Senior Notes | TD SYNNEX | 6.10% Senior Notes due 2034 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | [1] | 600,000 | 600,000 | ||||
TD SYNNEX U.S. Accounts Receivable Securitization Agreement | TD SYNNEX US | Trade Accounts Receivable | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility, outstanding borrowings | $ 390,000 | 0 | |||||
Interest rate | 5.33% | ||||||
Other short-term borrowings | TD SYNNEX | |||||||
Debt Instrument [Line Items] | |||||||
Borrowings, current | $ 200,956 | 171,092 | |||||
Other short-term borrowings | Other Entities | |||||||
Debt Instrument [Line Items] | |||||||
2024 Term Loan | 566,000 | ||||||
New Senior Notes | New Senior Notes | TD SYNNEX | 1.75% Senior Notes due 2026 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | [1],[2] | 700,000 | 700,000 | ||||
TD SYNNEX Term Loan | TD SYNNEX | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | 581,250 | 581,250 | |||||
Other credit agreements and long-term debt | Other Entities | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | 24,383 | 24,956 | |||||
2024 TD SYNNEX Credit Agreement | |||||||
Debt Instrument [Line Items] | |||||||
2024 Term Loan | $ 750,000 | $ 750,000 | $ 750,000 | ||||
|
Borrowings - TD SYNNEX U.S. Accounts Receivable Securitization Arrangement (Details) - AR Arrangement - TD SYNNEX US - Trade Accounts Receivable |
1 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2021 | ||||||
Line of Credit Facility [Line Items] | ||||||
Program Fee Payable | 0.85% | [1] | ||||
Minimum | ||||||
Line of Credit Facility [Line Items] | ||||||
Unused line fees or commitment fees | 0.30% | [2] | ||||
Maximum | ||||||
Line of Credit Facility [Line Items] | ||||||
Unused line fees or commitment fees | 0.40% | [2] | ||||
|
Borrowings - TD SYNNEX U.S. Accounts Receivable Securitization Arrangement (Narrative) (Details) - USD ($) $ in Thousands |
Feb. 28, 2025 |
Nov. 30, 2024 |
---|---|---|
Line of Credit Facility [Line Items] | ||
Accounts Receivable, after Allowance for Credit Loss, Current | $ 9,424,100 | $ 10,341,625 |
Trade Accounts Receivable | AR Arrangement | TD SYNNEX US | ||
Line of Credit Facility [Line Items] | ||
Accounts Receivable, after Allowance for Credit Loss, Current | 3,100,000 | 3,400,000 |
Credit facility, outstanding borrowings | $ 390,000 | $ 0 |
Interest rate | 5.33% |
Borrowings - TD SYNNEX Credit Agreement (Narrative) (Details) - USD ($) |
Apr. 16, 2021 |
Feb. 28, 2025 |
Nov. 30, 2024 |
Apr. 19, 2024 |
||
---|---|---|---|---|---|---|
Line of Credit Facility [Line Items] | ||||||
Borrowings, current | $ 590,956,000 | $ 171,092,000 | ||||
Long-term borrowings, before unamortized debt discount and issuance costs | 3,755,633,000 | 3,756,206,000 | ||||
TD SYNNEX | ||||||
Line of Credit Facility [Line Items] | ||||||
Long-term borrowings, before unamortized debt discount and issuance costs | 1,331,250,000 | 1,331,250,000 | ||||
Senior Notes | TD SYNNEX | ||||||
Line of Credit Facility [Line Items] | ||||||
Long-term borrowings, before unamortized debt discount and issuance costs | 2,400,000,000 | 2,400,000,000 | ||||
New Credit Agreement | TD SYNNEX | ||||||
Line of Credit Facility [Line Items] | ||||||
Long-term borrowings, before unamortized debt discount and issuance costs | 581,250,000 | 581,250,000 | ||||
New Credit Agreement | Tech Data Corporation | ||||||
Line of Credit Facility [Line Items] | ||||||
2024 Term Loan | $ 3,500,000,000 | |||||
New Credit Agreement | Tech Data Corporation | Maximum | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit facility, potential increase in borrowing capacity amount | $ 500,000,000.0 | |||||
2024 TD SYNNEX Credit Agreement | ||||||
Line of Credit Facility [Line Items] | ||||||
2024 Term Loan | 750,000,000 | 750,000,000 | $ 750,000,000.0 | |||
AR Arrangement | TD SYNNEX US | Trade Accounts Receivable | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit facility, accordion feature amount | [1] | 1,500,000,000 | ||||
Other long-term liabilities | ||||||
Line of Credit Facility [Line Items] | ||||||
Borrowings, current | $ 0 | $ 0 | ||||
|
Borrowings - TD SYNNEX Credit Agreement (Details) - installment |
Apr. 19, 2024 |
Apr. 16, 2021 |
Feb. 28, 2025 |
Nov. 30, 2024 |
||||
---|---|---|---|---|---|---|---|---|
2024 TD SYNNEX Credit Agreement | Secured Overnight Financing Rate (SOFR) | Minimum | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Interest rate | 1.00% | |||||||
2024 TD SYNNEX Credit Agreement | Secured Overnight Financing Rate (SOFR) | Maximum | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Interest rate | 1.625% | |||||||
Tech Data Corporation | 2024 TD SYNNEX Credit Agreement | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Effective interest rate | 5.67% | 6.04% | ||||||
Tech Data Corporation | 2024 TD SYNNEX Credit Agreement | Credit Spread Adjustment | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Interest rate | 0.10% | |||||||
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 | Secured Overnight Financing Rate (SOFR) | Minimum | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Interest rate | 1.00% | |||||||
Tech Data Corporation | New Credit Agreement | Secured Overnight Financing Rate (SOFR) | Maximum | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Interest rate | 1.75% | |||||||
Tech Data Corporation | TD SYNNEX Credit Agreement | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Effective interest rate | 5.80% | 6.05% | ||||||
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 | Maximum | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Commitment fee | [1] | 0.30% | ||||||
Tech Data Corporation | TD SYNNEX Credit Agreement | Base Rate | Maximum | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Interest rate | 1.00% | |||||||
Tech Data Corporation | TD SYNNEX Credit Agreement | Secured Overnight Financing Rate (SOFR) | Minimum | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Interest rate | [2] | 1.125% | ||||||
Tech Data Corporation | TD SYNNEX Credit Agreement | Secured Overnight Financing Rate (SOFR) | Maximum | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Interest rate | [2] | 1.75% | ||||||
|
Borrowings - TD SYNNEX Term Loan Credit Agreement (Narrative) (Details) - USD ($) $ in Thousands |
Feb. 28, 2025 |
Nov. 30, 2024 |
Apr. 19, 2024 |
---|---|---|---|
2024 TD SYNNEX Credit Agreement | |||
Line of Credit Facility [Line Items] | |||
2024 Term Loan | $ 750,000 | $ 750,000 | $ 750,000 |
Borrowings - TD SYNNEX Term Loan Credit Agreement (Details) - 2024 TD SYNNEX Credit Agreement |
Apr. 19, 2024 |
Feb. 28, 2025 |
Nov. 30, 2024 |
---|---|---|---|
Secured Overnight Financing Rate (SOFR) | Minimum | |||
Line of Credit Facility [Line Items] | |||
Interest rate | 1.00% | ||
Secured Overnight Financing Rate (SOFR) | Maximum | |||
Line of Credit Facility [Line Items] | |||
Interest rate | 1.625% | ||
Tech Data Corporation | |||
Line of Credit Facility [Line Items] | |||
Effective interest rate | 5.67% | 6.04% | |
Tech Data Corporation | Credit Spread Adjustment | |||
Line of Credit Facility [Line Items] | |||
Interest rate | 0.10% |
Borrowings - TD SYNNEX Senior Notes (Narrative) (Details) - Senior Notes - USD ($) $ in Millions |
Aug. 09, 2021 |
Feb. 28, 2025 |
Apr. 12, 2024 |
---|---|---|---|
Line of Credit Facility [Line Items] | |||
Aggregate principal amount | $ 2,500.0 | ||
Debt issuance cost | $ 6.1 | ||
Minimum | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, redemption price, percentage of principal amount redeemed | 100.00% | ||
6.10% Senior Notes due 2034 | |||
Line of Credit Facility [Line Items] | |||
Interest rate | 6.10% | ||
1.25% Senior Notes due 2024 | |||
Line of Credit Facility [Line Items] | |||
Aggregate principal amount | $ 700.0 | ||
Interest rate | 1.25% | ||
Maturity date | Aug. 09, 2024 |
Borrowings - TD SYNNEX Senior Notes (Details) - Senior Notes |
Apr. 12, 2024 |
Aug. 09, 2021 |
---|---|---|
1.75% Senior Notes due 2026 | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, redemption discount rate basis spread on treasury rate | 0.20% | |
1.75% Senior Notes due 2026 | Maximum | ||
Line of Credit Facility [Line Items] | ||
Debt instrument redemption par call date | Jul. 09, 2026 | |
2.375% Senior Notes due 2028 | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, redemption discount rate basis spread on treasury rate | 0.25% | |
2.375% Senior Notes due 2028 | Maximum | ||
Line of Credit Facility [Line Items] | ||
Debt instrument redemption par call date | Jun. 09, 2028 | |
2.65% Senior Notes due 2031 | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, redemption discount rate basis spread on treasury rate | 0.25% | |
2.65% Senior Notes due 2031 | Maximum | ||
Line of Credit Facility [Line Items] | ||
Debt instrument redemption par call date | May 09, 2031 | |
6.10% Senior Notes due 2034 | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, redemption discount rate basis spread on treasury rate | 0.30% | |
6.10% Senior Notes due 2034 | Maximum | ||
Line of Credit Facility [Line Items] | ||
Debt instrument redemption par call date | Jan. 12, 2034 |
Borrowings - Other Short-Term Borrowings (Narrative) (Details) - USD ($) $ in Thousands |
Feb. 28, 2025 |
Nov. 30, 2024 |
---|---|---|
Debt Instrument [Line Items] | ||
Borrowings, current | $ 590,956 | $ 171,092 |
Line of Credit | Other Entities | ||
Debt Instrument [Line Items] | ||
2024 Term Loan | $ 566,000 | |
Debt, weighted average interest rate | 5.78% | 7.91% |
Line of Credit | Other Entities | Financial Standby Letter of Credit | ||
Debt Instrument [Line Items] | ||
Guarantor obligations, current carrying value | $ 56,200 | |
Line of Credit | TD SYNNEX | ||
Debt Instrument [Line Items] | ||
Borrowings, current | $ 200,956 | $ 171,092 |
Supplier Finance Programs (Details) - USD ($) $ in Billions |
Feb. 28, 2025 |
Nov. 30, 2024 |
---|---|---|
Payables and Accruals [Abstract] | ||
Supplier finance program, obligations | $ 2.7 | $ 3.2 |
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration] | Accounts payable | Accounts payable |
Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Feb. 28, 2025 |
Feb. 29, 2024 |
|
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Revenue | $ 14,531,707 | $ 13,975,253 |
Operating income | 304,459 | 302,572 |
Americas [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Revenue | 8,389,338 | 7,903,096 |
Operating income | 193,722 | 159,682 |
Europe [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Revenue | 5,137,765 | 5,117,252 |
Operating income | 85,892 | 108,325 |
APJ | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Revenue | 1,004,604 | 954,905 |
Operating income | $ 24,845 | $ 34,565 |
Commitments and Contingencies (Details) - EUR (€) € in Millions |
Feb. 28, 2025 |
Oct. 06, 2022 |
---|---|---|
Tech Data Corporation | ||
Loss Contingencies [Line Items] | ||
Loss contingency fine imposed | € 76.1 | € 24.9 |