SYNNEX CORP, 10-Q filed on 7/6/2012
Quarterly Report
Document and Entity Information
6 Months Ended
May 31, 2012
Jun. 29, 2012
Entity Information [Line Items]
 
 
Entity Registrant Name
SYNNEX CORP 
 
Entity Central Index Key
0001177394 
 
Current Fiscal Year End Date
--11-30 
 
Entity Filer Category
Large Accelerated Filer 
 
Document Type
10-Q 
 
Document Period End Date
May 31, 2012 
 
Document Fiscal Year Focus
2012 
 
Document Fiscal Period Focus
Q2 
 
Amendment Flag
false 
 
Entity Common Stock, Shares Outstanding
 
37,317,197 
CONSOLIDATED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
May 31, 2012
Nov. 30, 2011
Current assets:
 
 
Cash and cash equivalents
$ 97,214 
$ 67,571 
Short-term investments
15,175 
16,017 
Accounts receivable, net
1,113,182 
1,293,027 
Receivable from affiliates
1,346 
1,344 
Inventories
875,237 
975,047 
Current deferred tax assets
28,417 
28,241 
Other current assets
49,647 
57,168 
Total current assets
2,180,218 
2,438,415 
Property and equipment, net
123,722 
125,157 
Goodwill
181,255 
185,312 
Intangible assets, net
33,195 
37,539 
Deferred tax assets
557 
590 
Other assets
41,552 
46,282 
Total assets
2,560,499 
2,833,295 
Current liabilities:
 
 
Borrowings under securitization, term loans and lines of credit
66,626 
159,200 
Convertible Debt
138,748 
0 
Accounts payable
800,862 
1,035,691 
Payables to affiliates
479 
0 
Accrued liabilities
155,513 
172,226 
Income taxes payable
596 
5,136 
Total current liabilities
1,162,824 
1,372,253 
Long-term borrowings
85,330 
87,659 
Convertible debt
0 
136,163 
Long-term liabilities
58,286 
60,676 
Deferred tax liabilities
8,269 
8,086 
Total liabilities
1,314,709 
1,664,837 
Commitments and contingencies (Note 17)
   
   
SYNNEX Corporation stockholders’ equity:
 
 
Preferred stock, $0.001 par value, 5,000 shares authorized, no shares issued or outstanding
   
   
Common stock, $0.001 par value, 100,000 shares authorized, 37,093 and 36,571 shares issued as of May 31, 2012 and November 30, 2011, respectively
37 
37 
Additional paid-in capital
322,985 
310,316 
Treasury stock, 414 and 407 shares as of May 31, 2012 and November 30, 2011, respectively
(11,767)
(11,524)
Accumulated other comprehensive income
25,394 
30,026 
Retained earnings
902,121 
829,524 
Total SYNNEX Corporation stockholders’ equity
1,238,770 
1,158,379 
Noncontrolling interest
7,020 
10,079 
Total equity
1,245,790 
1,168,458 
Total liabilities and equity
$ 2,560,499 
$ 2,833,295 
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
In Thousands, except Per Share data, unless otherwise specified
May 31, 2012
Nov. 30, 2011
Stockholders' Equity:
 
 
Preferred stock, par value, per share
$ 0.001 
$ 0.001 
Preferred stock, shares authorized
5,000 
5,000 
Preferred stock, shares issued
0 
0 
Preferred stock, shares outstanding
0 
0 
Common stock, par value, per share
$ 0.001 
$ 0.001 
Common stock, shares authorized
100,000 
100,000 
Common stock, shares issued
37,093 
36,571 
Treasury stock, shares
414 
407 
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
May 31, 2012
May 31, 2011
May 31, 2012
May 31, 2011
Revenue
$ 2,482,799 
$ 2,495,802 
$ 4,943,493 
$ 4,996,736 
Cost of revenue
(2,326,363)
(2,350,694)
(4,617,785)
(4,707,832)
Gross profit
156,436 
145,108 
325,708 
288,904 
Selling, general and administrative expenses
(97,115)
(90,948)
(202,399)
(183,891)
Income before non-operating items, income taxes and noncontrolling interest
59,321 
54,160 
123,309 
105,013 
Interest expense and finance charges, net
(5,519)
(6,269)
(11,554)
(12,438)
Other income (expense), net
(382)
180 
1,717 
1,145 
Income before income taxes and noncontrolling interest
53,420 
48,071 
113,472 
93,720 
Provision for income taxes
(18,590)
(16,560)
(39,488)
(32,538)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
34,830 
31,511 
73,984 
61,182 
Net (income) loss attributable to noncontrolling interest
(456)
(110)
(1,387)
(60)
Net income attributable to SYNNEX Corporation
$ 34,374 
$ 31,401 
$ 72,597 
$ 61,122 
Earnings per share attributable to SYNNEX Corporation:
 
 
 
 
Basic
$ 0.94 
$ 0.88 
$ 1.99 
$ 1.71 
Diluted
$ 0.90 
$ 0.85 
$ 1.91 
$ 1.65 
Weighted Average Number of Shares Outstanding
 
 
 
 
Weighted-average common shares outstanding - basic
36,607 
35,693 
36,456 
35,661 
Weighted-average common shares outstanding - diluted
38,348 
37,098 
37,990 
37,045 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
May 31, 2012
May 31, 2011
May 31, 2012
May 31, 2011
Net income
$ 34,830 
$ 31,511 
$ 73,984 
$ 61,182 
Other comprehensive income (loss):
 
 
 
 
Unrealized gain on available-for-sale securities
(66)
25 
21 
97 
Foreign currency translation adjustment
(10,755)
2,580 
(4,954)
13,452 
Total other comprehensive income:
(10,821)
2,605 
(4,933)
13,549 
Comprehensive Income:
24,009 
34,116 
69,051 
74,731 
Comprehensive (income) Loss attributable to noncontrolling interest
(610)
(315)
(1,084)
(265)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent
$ 23,399 
$ 33,801 
$ 67,967 
$ 74,466 
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
6 Months Ended
May 31, 2012
May 31, 2011
Cash flows from operating activities:
 
 
Net income
$ 73,984 
$ 61,182 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
 
 
Depreciation expense
8,202 
8,295 
Amortization of intangible assets
4,146 
3,810 
Accretion of convertible notes discount
2,584 
2,389 
Share-based compensation
4,225 
3,916 
Provision for doubtful accounts
1,067 
3,527 
Tax benefits from employee stock plans
2,736 
2,456 
Excess tax benefit from share-based compensation
(2,691)
(2,604)
Realized/Unrealized (gain) loss on investments
(1,120)
(376)
Gain (Loss) on Disposition of Assets
(244)
0 
Income (Loss) from Equity Method Investments
(341)
0 
Changes in assets and liabilities, net of acquisition of businesses:
 
 
Accounts receivable
174,031 
295,767 
Receivables from affiliates, net
(3)
2,068 
Inventories
96,836 
67,481 
Other assets
(9,137)
393 
Accounts payable
(218,317)
(247,866)
Accrued liabilities
(22,965)
(31,054)
Deferred liabilities
9,376 
(7,130)
Net cash provided by (used in) operating activities
122,369 
162,254 
Cash flows from investing activities:
 
 
Purchase of trading investments
(3,711)
(884)
Proceeds from sale of trading investments
4,886 
1,538 
Proceeds from redemption of held-to-maturity term deposits
0 
910 
Acquisition of businesses, net of cash acquired
(269)
(41,435)
Purchase of property and equipment
(7,295)
(15,951)
Loans and deposits to third parties, net of payments received
635 
(2,052)
Investment in equity-method investee
3,480 
(4,782)
Changes in restricted cash
12,438 
(13,812)
Net cash provided by (used in) investing activities
10,164 
(76,468)
Cash flows from financing activities:
 
 
Proceeds from securitization and revolving line of credit
1,139,537 
2,167,329 
Payment of securitization and revolving line of credit
(1,231,978)
(2,230,376)
Proceeds from long-term credit facility and term loans
0 
84,943 
Payment of long-term bank loans, capital leases and other borrowings
(1,472)
(116,704)
Excess tax benefit from share-based compensation
2,691 
2,604 
Book overdraft
(14,288)
7,390 
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability
(1,052)
0 
Proceeds from issuance of common stock, net of taxes paid for settlement of equity awards
7,838 
344 
Capital contribution by noncontrolling interest
0 
6,408 
Payments to Acquire Additional Interest in Subsidiaries
(6,046)
0 
Net cash provided by (used in) financing activities
(104,770)
(78,062)
Effect of exchange rate changes on cash and cash equivalents
1,880 
(627)
Net increase (decrease) in cash and cash equivalents
29,643 
7,097 
Cash and cash equivalents at beginning of year
67,571 
88,038 
Cash and cash equivalents at end of year
$ 97,214 
$ 95,135 
ORGANIZATION AND BASIS OF PRESENTATION:
Organization and Basis of Presentation
ORGANIZATION AND BASIS OF PRESENTATION: 
SYNNEX Corporation (together with its subsidiaries, herein referred to as “SYNNEX” or the “Company”) is a business process services company offering a comprehensive range of services to resellers, retailers, and original equipment manufacturers (“OEMs”) worldwide. SYNNEX’s business process services include distribution and business process outsourcing (“BPO”) services. SYNNEX is headquartered in Fremont, California and has operations in North America, Central America, Asia and Europe.
The accompanying interim unaudited Consolidated Financial Statements as of May 31, 2012 and for the three and six month periods ended May 31, 2012 and 2011 have been prepared by the Company in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). The amounts as of November 30, 2011 have been derived from the Company’s annual audited financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States 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 as of and for the fiscal year ended November 30, 2011, included in the Company’s Annual Report on Form 10-K for the fiscal year then ended.
The results of operations for the three and six months ended May 31, 2012 are not necessarily indicative of the results that may be expected for the fiscal year ending November 30, 2012, or any future period and the Company makes no representations related thereto.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Summary of Significant Accounting Policies
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: 
The Company’s significant accounting policies are disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2011. There have been no material changes to these accounting policies, except as described below. For a discussion of the significant accounting policies, please see the discussion in the Annual Report on Form 10-K for the fiscal year ended November 30, 2011.
Restricted cash 
Restricted cash balances relate to temporary restrictions caused by the timing of lockbox collections under the Company’s borrowing arrangements, amounts held for outstanding letters of credit and future payments to contractors for the long-term projects at the Company’s Mexico operation.  
The following table summarizes the restricted cash balances as of May 31, 2012 and November 30, 2011 and the location where these amounts are recorded on the Consolidated Balance Sheets:
 
As of 
 
May 31, 2012
 
November 30, 2011
Related to borrowing arrangements and others:
 
 
 
        Other current assets
$
14,329

 
$
28,279

Related to long-term projects:
 
 
 
        Other assets
4,215

 
2,938

Total restricted cash
$
18,544

 
$
31,217

 
Concentration of credit risk 
Financial instruments that potentially subject the Company to significant concentration of credit risk consist principally of accounts receivable, and cash and cash equivalents. The Company’s cash and cash equivalents are maintained with high quality institutions, the compositions and maturities of which are regularly monitored by management. Through May 31, 2012, the Company had not experienced any losses on such deposits. 
Accounts receivable include amounts due from customers and vendors primarily in the technology industry. The Company performs ongoing credit evaluations of its customers’ financial condition and limits the amount of credit extended when deemed necessary, but generally requires no collateral. The Company also maintains allowances for potential credit losses. In estimating the required allowances, the Company takes into consideration the overall quality and aging of the receivable portfolio, the existence of a limited amount of credit insurance and specifically identified customer and vendor risks. Through May 31, 2012, such losses have been within management’s expectations. 
In the three and six months ended May 31, 2012, no customer accounted for 10% or more of the Company's total revenue. In the three months ended May 31, 2011, one customer accounted for 10% of the Company's total revenue. In the six months ended May 31, 2011, no customer accounted for 10% or more of the Company's total revenue. Products purchased from the Company’s largest OEM supplier, Hewlett-Packard Company (“HP”), accounted for approximately 36% of the total revenue for both the three and six months ended May 31, 2012, and approximately 34% of the total revenue for both the three and six months ended May 31, 2011.
As of May 31, 2012 and November 30, 2011, no customer exceeded 10% of the total consolidated accounts receivable balance.
Revenue recognition
The Company generally recognizes revenue on the sale of hardware and software products when they are shipped and on services when they are performed, if a purchase order exists, the sales price is fixed or determinable, collection of resulting accounts receivable is reasonably assured, risk of loss and title have transferred and product returns are reasonably estimable. Provisions for sales returns are estimated based on historical data and are recorded concurrently with the recognition of revenue. These provisions are reviewed and adjusted periodically by the Company. Revenue is reduced for early payment discounts and volume incentive rebates offered to customers. The Company recognizes revenue on certain service contracts, post-contract software support services, and extended warranty contracts, where it is not the primary obligor, on a net basis.
The Company provides services such as call center, renewals, maintenance and contract management services to its customers under contracts that typically consist of a master services agreement or statement of work, which contains the terms and conditions of each program and service offerings. Typically the contracts are time-based or transactions or volume based. Revenue is generally recognized over the term of the contract or when service has been rendered, the sales price is fixed or determinable and collection of the resulting accounts receivable is reasonably assured.
The Company's operation in Mexico primarily focuses on projects with the Mexican government and other local agencies that are long-term in nature. Under the agreements, the Company sells computers and equipment to contractors that provide services to the Mexican government. The Company also sells computer equipment and services directly to the Mexican government. The payments are due on a monthly basis and contingent upon the satisfactory performance of certain services, fulfillment of certain obligations and meeting certain conditions. The Company recognizes revenue and cost of revenue on a straight-line basis over the term of the contract, which coincides with payments no longer being contingent.
Net income per common share 
Net income per common share-basic is computed by dividing the net income attributable to SYNNEX Corporation for the period by the basic weighted-average number of outstanding common shares. 
Net income per common share-diluted is computed by adding the dilutive effect of in-the-money employee stock options, restricted stock awards, restricted stock units and similar equity instruments granted by the Company to the basic weighted-average number of outstanding common shares. The Company uses the treasury stock method, under which, the amount the employee must pay for exercising stock options, the amount of compensation cost for future services that the Company has not yet recognized and the amount of tax benefits that would be recorded in “Additional paid-in capital” when the award becomes deductible are assumed to be used to repurchase shares. 
With respect to the Company’s convertible debt, the Company intends to settle its conversion spread (i.e., the intrinsic value of convertible debt based on the conversion price and current market price) in shares. The Company accounts for its conversion spread using the treasury stock method. It is the Company’s intent to cash-settle the principal amount of the convertible debt; accordingly, the principal amount has been excluded from the determination of diluted earnings per share. 
The calculation of net income per common share attributable to SYNNEX Corporation is presented in Note 12. 
Reclassifications 
Certain reclassifications have been made to prior period amounts to conform to current period presentation. On the Consolidated Balance Sheets and the Consolidated Statements of Cash Flows, the Company combined the balances of "Receivable from vendors, net" with "Accounts receivable, net." This reclassification had no effect on "Total current assets" and "Net cash provided by operating activities."
Recent accounting pronouncements 
In June 2011, the Financial Accounting Standards Board (“FASB”) issued an accounting update that amends the presentation of “Comprehensive income” in the financial statements. The new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011, with early adoption permitted. The accounting update will be applicable to the Company beginning in the first quarter of fiscal year 2013 and the Company will update its presentation of “Comprehensive income” to comply with the updated disclosure requirements.
During fiscal year 2012, the following accounting standards are applicable:
In May 2011, the FASB issued an accounting update that amends existing guidance regarding fair value measurements and disclosure requirements. The amendments are effective during interim and annual periods beginning after December 15, 2011 and are to be applied prospectively. The accounting update was applicable to the Company beginning in the second quarter of fiscal year 2012. Application of this accounting update did not have a material impact on the Company's Consolidated Financial Statement.
In September 2011, the FASB issued an accounting update that gives companies the option to make a qualitative evaluation about the likelihood of goodwill impairment. Companies will be required to perform the two-step impairment test only if it concludes that the fair value of a reporting unit is more likely than not, less than its carrying value. The accounting update is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011, with early adoption permitted. The Company will adopt the accounting update for its goodwill impairment test to be performed for the fiscal year ending November 30, 2012.
In September 2011, the FASB issued an accounting update that requires additional qualitative and quantitative disclosures by employers that participate in multi-employer pension plans. The amendments are effective for annual periods for the fiscal years ending after December 15, 2011, with early adoption permitted. The Company adopts the new disclosure requirements in the fiscal year ending November 30, 2012. Application of this accounting update will not have a material impact on the Company's financial statements.
ACQUISITIONS AND DIVESTITURES:
Acquisitions and Divestitures
ACQUISITIONS AND DIVESTITURES:
Fiscal year 2011 acquisitions
On December 1, 2010, the Company acquired 70.0% of the capital stock of Marubeni Infotec Corporation, a subsidiary of Marubeni Corporation. SB Pacific Corporation Limited ("SB Pacific"), the Company's equity-method investee at that time, acquired the remaining 30.0% noncontrolling interest. The Company's total direct and indirect ownership of Marubeni Infotec Corporation was 80.0%. Marubeni Infotec Corporation, now known as SYNNEX Infotec Corporation (“Infotec Japan”) is a distributor of IT equipment, electronic components and software in Japan. This acquisition is in the distribution segment and enabled the Company's expansion into Japan. The aggregate consideration for the transaction initially was JPY700,000, or approximately $8,392, of which the Company's direct share was $5,888. In the first quarter of fiscal year 2012, the Company reached an agreement with the sellers to reduce the purchase price by JPY125,233. The purchase price as adjusted is JPY574,767 or approximately $6,891.
The purchase price allocation based on the fair value of the assets acquired and liabilities assumed is as follows:
 
Fair Value         
Purchase consideration:
 
Cash payment
$
4,824

Contribution from noncontrolling interest
2,067

 
$
6,891

Allocation:

Cash
$
1,371

Accounts receivable
186,909

Inventories
84,553

Other current assets
2,119

Property, plant and equipment
5,521

Goodwill
16,952

Intangible assets(1)
9,103

Other long-term assets
4,398

Short-term borrowings
(103,646
)
Accounts payable
(161,228
)
Accrued liabilities
(15,151
)
Long-term borrowings
(2,088
)
Other long-term liabilities
(21,922
)
 
$
6,891


(1) Intangibles will be amortized over a period of 3-10 years. 
On April 1, 2012, the Company purchased additional shares of Infotec Japan from SB Pacific for $6,046 resulting in an increase in its direct ownership interest in Infotec Japan from 70.0% to 81.0%. In April 2012, the Company reduced its ownership interest in SB Pacific from 33.3% to 19.7%, as a result, its total direct and indirect ownership interest increased from 80.0% to 84.7%.
During the fiscal year 2011, the Company acquired certain businesses of e4e, Inc. ("e4e"), 100.0% of the stock of the global email company limited ("gem") and certain assets of VisionMAX Solutions Inc. ("VisionMAX") for an aggregate purchase price of $43,349. The acquisitions were integrated into the Company's Global Business Services ("GBS") segment and brought additional BPO scale, complemented the Company’s service offerings in social media and cloud computing and expanded its customer base and geographic presence. The net tangible assets acquired were $10,155 and the Company recorded $33,194 in goodwill and intangibles on finalization of purchase price allocation.
With the exception of Infotec Japan, the above acquisitions in fiscal year 2011, individually and in the aggregate, did not meet the conditions of a material business combination and were not subject to the disclosure requirements of accounting guidance for business combinations utilizing the purchase method of accounting.
SHARE-BASED COMPENSATION:
Share-based compensation
SHARE-BASED COMPENSATION: 
The Company recognizes share-based compensation expense for all share-based awards made to employees and directors, including employee stock options, restricted stock awards, restricted stock units and employee stock purchases, based on estimated fair values.
The Company uses the Black-Scholes valuation model to estimate fair value of stock options. The Black-Scholes option-pricing model was developed for use in estimating the fair value of short-lived exchange traded options that have no vesting restrictions and are fully transferable. In addition, option-pricing models require the input of highly subjective assumptions, including the option’s expected life and the price volatility of the underlying stock. The expected stock price volatility assumption was determined using historical volatility of the Company’s common stock.
The following table summarizes the number of share-based awards granted under the Company’s Amended and Restated 2003 Stock Incentive Plan, as amended, during the three and six months ended May 31, 2012 and 2011 and the grant-date fair value of the awards:
 
Three Months Ended
 
Six Months Ended
 
May 31, 2012
 
May 31, 2011
 
May 31, 2012
 
May 31, 2011
 
Number of grants
 
Fair value of grants
 
Number of grants
 
Fair value of grants
 
Number of grants
 
Fair value of grants
 
Number of grants
 
Fair value of grants
Stock options
20

 
$
301

 
—

 
$
—

 
20

 
$
301

 
—

 
$
—

Restricted stock awards
32
 
1,196

 
22
 
719

 
36

1,350


27
 
887

Restricted stock units
46

 
1,964

 
10
 
324

 
46

 
1,964

 
10
 
324

 
98

 
$
3,461

 
32
 
$
1,043

 
102

 
$
3,615

 
37
 
$
1,211


The Company recorded share-based compensation expense of $2,216 and $4,225 in "Selling, general and administrative expenses" for the three and six months ended May 31, 2012, respectively, and $1,975 and $3,916 for the three and six months ended May 31, 2011, respectively.
BALANCE SHEET COMPONENTS:
Balance Sheet Components
BALANCE SHEET COMPONENTS:
 
As of
 
May 31, 2012
 
November 30, 2011
Short-term investments:
 
 
 
Trading securities
$
5,026

 
$
5,808

Available-for-sale securities
45

 
37

Held-to-maturity securities
7,980

 
7,843

Cost method investments
2,124

 
2,329

 
$
15,175

 
$
16,017

 
 
 
 
 
As of
 
May 31, 2012
 
November 30, 2011
Accounts receivable, net:
 
 
 
Accounts receivable
$
1,164,027

 
$
1,351,305

Less: Allowance for doubtful accounts
(23,357
)
 
(22,803
)
Less: Allowance for sales returns
(27,488
)
 
(35,475
)
 
$
1,113,182

 
$
1,293,027


The Company combined "Receivable from vendors, net" of $150,085 with "Accounts Receivable, net" as of November 30, 2011 to conform to the current year presentation as described in Note 2—Summary of Significant Accounting Policies.
 
As of
 
May 31, 2012
 
November 30, 2011
Property and equipment, net:
 
 
 
Land
$
18,476

 
$
18,566

Equipment and computers
98,726

 
95,149

Furniture and fixtures
21,447

 
19,566

Buildings and leasehold improvements
98,782

 
97,261

Construction in progress
408

 
1,762

Total property and equipment, gross
237,839

 
232,304

Less: Accumulated depreciation
(114,117
)
 
(107,147
)

$
123,722

 
$
125,157


Goodwill
 
Distribution
 
GBS
 
Total
Balance as of November 30, 2011
$
107,498

 
$
77,814

 
$
185,312

Goodwill adjustments during the period
(1,543
)
 
(991
)
 
(2,534
)
Translation
(854
)
 
(669
)
 
(1,523
)
Balance as of May 31, 2012
$
105,101

 
$
76,154

 
$
181,255

 
The adjustments recorded to "Goodwill" primarily pertain to the reduction of the purchase price of Infotec Japan in the distribution segment, and the finalization of holdback payments in the GBS segment.
Intangible assets, net
 
As of May 31, 2012
 
As of November 30, 2011
 
Gross
Amounts
 
Accumulated
Amortization
 
Net
Amounts
 
Gross
Amounts
 
Accumulated
Amortization
 
Net
Amounts
Vendor lists
$
36,940

 
$
(27,894
)
 
$
9,046

 
$
36,815

 
$
(27,104
)
 
$
9,711

Customer lists
50,123

 
(26,869
)
 
23,254

 
51,088

 
(23,879
)
 
27,209

Other intangible assets
4,893

 
(3,998
)
 
895

 
4,446

 
(3,827
)
 
619

 
$
91,956

 
$
(58,761
)
 
$
33,195

 
$
92,349

 
$
(54,810
)
 
$
37,539

 
Amortization expense for the three and six months ended May 31, 2012 was $2,071 and $4,146, respectively, and for the three and six months ended May 31, 2011 was $1,761 and $3,810, respectively.

INVESTMENTS:
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure
INVESTMENTS: 
The carrying amount of the Company’s investments is shown in the table below: 
 
As of
 
May 31, 2012
 
November 30, 2011
 
Cost Basis
 
Unrealized
(Losses)/
Gains
 
Carrying
Value
 
Cost Basis
 
Unrealized
(Losses)/
Gains
 
Carrying
Value
Short-term:
 
 
 
 
 
 
 
 
 
 
 
Trading securities
$
5,548

 
$
(522
)
 
$
5,026

 
$
11,503

 
$
(5,695
)
 
$
5,808

Available-for-sale securities
—

 
45

 
45

 
—

 
37

 
37

Held-to-maturity investments
7,980

 
—

 
7,980

 
7,843

 
—

 
7,843

Cost method securities
2,124

 
—

 
2,124

 
2,329

 
—

 
2,329

 
$
15,652

 
$
(477
)
 
$
15,175

 
$
21,675

 
$
(5,658
)
 
$
16,017

Long-term investments in other assets:
 
 
 
 
 
 
 
 
 
 
 
       Available-for-sale securities
$
1,097

 
$
41

 
$
1,138

 
$
939

 
$
168

 
$
1,107

 
Short-term trading securities generally consist of equity securities relating to the Company’s deferred compensation plan. Short-term and long-term available-for-sale securities primarily consist of investments in other companies’ equity securities. Held-to-maturity investments primarily consist of term deposits with maturities from the date of purchase greater than three months and less than one year. These term deposits are held until the maturity date and are not traded. Cost-method securities primarily consist of investments in a hedge fund and a private equity fund under the Company’s deferred compensation plan.
Trading securities and available-for-sale securities are recorded at fair value in each reporting period and therefore the carrying value of these securities equals their fair value. For cost-method securities, the Company records an impairment charge when the decline in fair value is determined to be other-than-temporary.
The following table summarizes the total realized and unrealized gains and losses recorded on the Company’s trading investments:
 
Three Months Ended
 
Six Months Ended
 
May 31, 2012
 
May 31, 2011
 
May 31, 2012
 
May 31, 2011
Realized and unrealized gains (losses) on trading investments
$
25

 
$
(250
)
 
$
1,114

 
$
472



DERIVATIVE INSTRUMENTS:
Derivative Instruments
DERIVATIVE INSTRUMENTS: 
In the ordinary course of business, the Company is exposed to foreign currency risk, interest risk, equity risk and credit risk. The Company’s transactions in some of its foreign operations are denominated in local currency. The Company’s foreign locations enter into transactions, and own monetary assets and liabilities, that are denominated in currencies other than their functional currency. As part of its risk management strategy, the Company uses short-term forward contracts in most of the above mentioned currencies to minimize its balance sheet exposure to foreign currency risk. These derivatives are not designated as hedging instruments. The forward exchange contracts are recorded at fair value in each reporting period and any gains or losses, resulting from the changes in fair value, are recorded in earnings in the period of change. Generally, the Company does not use derivative instruments to cover equity risk and credit risk. The Company’s policy is not to allow the use of derivatives for trading or speculative purposes. The fair value of the Company’s forward exchange contracts are also disclosed in Note 8. The following table summarizes the fair value of the Company’s foreign exchange forward contracts as of May 31, 2012 and November 30, 2011:
  
 
Fair Value as of
Location                 
 
May 31, 2012
 
November 30, 2011
Other current assets
 
$
1,741

 
$
1

Accrued liabilities
 
547

 
324


The notional amounts of the foreign exchange forward contracts that were outstanding as of May 31, 2012 and November 30, 2011 were $109,575 and $79,468, respectively. The notional amounts represent the gross amounts of foreign currency that will be bought or sold at maturity. During the three and six months ended May 31, 2012, in relation to its forward contracts, the Company recorded in “Other income, net” total realized and unrealized gains of $2,324 and $1,368, respectively. During the three and six months ended May 31, 2011, in relation to its forward contracts, the Company recorded in "Other income (expense), net" total realized and unrealized losses of $1,915 and $3,889, respectively.
FAIR VALUE MEASUREMENTS:
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;
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 investments and financial instruments that are measured at fair value on a recurring basis:  
 
As of May 31, 2012
 
As of November 30, 2011
 
Total
 
Fair value measurement category
 
Total
 
Fair value measurement category
 
Level 1
 
Level 2
 
Level 3
 
Level 1
 
Level 2
 
Level 3
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash equivalents
$
28,028

 
$
28,028

 
$
—

 
$
—

 
$
25,638

 
$
25,638

 
$
—

 
$
—

Trading securities
5,026

 
5,026

 
—

 
—

 
5,808

 
5,808

 
—

 
—

Available-for-sale securities in short-term investments
45

 
45

 
—

 
—

 
37

 
37

 
—

 
—

Available-for-sale securities in other assets
1,138

 
1,138

 
—

 
—

 
1,107

 
1,107

 
—

 
—

Forward foreign currency exchange contracts
1,741

 
—

 
1,741

 
—

 
1

 
—

 
1

 
—

Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Forward foreign currency exchange contracts
$
547

 
$
—

 
$
547

 
$
—

 
$
324

 
$
—

 
$
324

 
$
—

Acquisition-related contingent consideration
2,013

 
—

 
—

 
2,013

 
3,065

 
—

 
—

 
3,065

 
The Company’s investments in trading and available-for-sale securities consist of equity securities and are recorded at fair value based on quoted market prices. 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. Cash equivalents consist primarily of highly liquid investments in money market funds and term deposits with maturity periods of three months or less. The carrying value of the cash equivalents approximates the fair value since they are near their maturity.
The acquisition-related contingent consideration represents the future earn-out payments relating to the acquisitions in the GBS segment. The fair values of the contingent consideration are based on the Company’s probability assessment of the established profitability measures during the periods ranging from one year to three years from the date of the acquisitions. The change in the fair value of the contingent consideration liability from November 30, 2011 to May 31, 2012 is due to earn-out payments made during the six months ended May 31, 2012.
During the three and six months ended May 31, 2012, there were no transfers between the fair value measurement category levels.
The following table summarizes the realized and unrealized gains and losses recorded in “Other income, net” in the Consolidated Statements of Operations for the changes in the fair value of its financial instruments for trading securities and forward foreign currency contracts:  
 
Three Months Ended
 
Six Months Ended
 
May 31, 2012
 
May 31, 2011
 
May 31, 2012
 
May 31, 2011
Realized losses
$
2

 
$
(1,756
)
 
$
(1,216
)
 
$
(3,529
)
Unrealized gains (losses)
2,347

 
(410
)
 
3,698

 
112

Total realized and unrealized gains (losses)
$
2,349

 
$
(2,166
)
 
$
2,482

 
$
(3,417
)
 
The following table presents the assets and liabilities that are not carried at fair value as of May 31, 2012 and November 30, 2011:
 
As of May 31, 2012
 
As of November 30, 2011
 
Carrying
Value
 
Fair Value
 
Carrying
Value
 
Fair Value
Cost method investments in short-term investments
$
2,124

 
$
3,705

 
$
2,329

 
$
3,898

Long-term accounts receivable
6,956

 
6,956

 
5,853

 
5,853

SYNNEX Canada term loan
8,661

 
8,661

 
9,118

 
9,118

Long-term Infotec Japan credit facility
76,619

 
76,619

 
77,290

 
77,290

Infotec Japan term loans
14,111

 
14,111

 
15,136

 
15,136

Convertible debt
138,748

 
175,890

 
136,163

 
165,386

 
The Company’s cost-method securities in short-term investments consist of investments in a hedge fund and a private equity fund. The fair value of the cost-method investments is based on either (i) the published fund values or (ii) a valuation model developed internally based on the published value of the securities held by the fund. The Company records an impairment charge when the decline in fair value is determined to be other-than-temporary.
The fair value of long-term accounts receivable is based on customer rating and creditworthiness. The carrying values of the SYNNEX Canada Limited ("SYNNEX Canada") term loan, the long-term Infotec Japan credit facility and the Infotec Japan term loans approximate their fair value since interest rates offered to the Company for debt of similar terms and maturities are approximately the same. The fair value of convertible debt is based on the closing price of the convertible debt traded in a limited trading market.
Other investment
The cost method investments in “Other assets” consist of investments in equity securities of private entities. The carrying value of the investments was $3,323 and $3,575 as of May 31, 2012 and November 30, 2011, respectively. As of November 30, 2011, the fair value of these cost method investments is greater than the carrying value. There have been no significant changes to the fair value of the investments as of May 31, 2012.  
In fiscal year 2010, the Company acquired a 33.3% noncontrolling interest in SB Pacific, which was recorded under the equity method of accounting. On April 1, 2012, the Company reduced its noncontrolling interest to 19.7% and as a result began accounting for the investment under the cost method of accounting. As of May 31, 2012 and November 30, 2011, the carrying value of the investment was $3,082 and $5,950, respectively. As of May 31, 2012 and November 30, 2011, the fair value of this investment exceeded its carrying value. 
The carrying value of other financial instruments, such as held-to-maturity securities, accounts receivable, accounts payable and short-term debt, approximate fair value due to their short maturities or variable-rate nature of the respective borrowings.
The Company monitors its investments for impairment by considering current factors, including the economic environment, market conditions, operational performance and other specific factors relating to the business underlying the investment, and records reductions in carrying values when necessary. Any impairment loss is reported under “Other income, net” in the Consolidated Statements of Operations.
ACCOUNTS RECEIVABLE ARRANGEMENTS:
Accounts Receivable Arrangements
ACCOUNTS RECEIVABLE ARRANGEMENTS: 
The Company primarily finances its United States operations with an accounts receivable securitization program (the “U.S. Arrangement”). In November 2010, the Company amended and restated the U.S. Arrangement (“Amended and Restated U.S. Arrangement”) replacing the lenders and the lead agent. The Company can now pledge up to a maximum of $400,000 in U.S. trade accounts receivable (“U.S. Receivables”) as compared to a maximum of $350,000 under the previous U.S. Arrangement. The maturity date of the Amended and Restated U.S. Arrangement is November 12, 2013. The effective borrowing cost under the Amended and Restated U.S. Arrangement is a blend of the prevailing dealer commercial paper rates plus a program fee of 0.60% per annum based on the used portion of the commitment, and a facility fee of 0.60% per annum payable on the aggregate commitment of the lenders. Prior to the amendment, the effective borrowing cost was a blend of the prevailing dealer commercial paper rates, plus a program fee of 0.65% per annum based on the used portion of the commitment and a facility fee of 0.65% per annum payable on the aggregate commitment. As of May 31, 2012, there was no balance outstanding under the U.S. Arrangement; the balance outstanding as of November 30, 2011 was $64,500.
Under the terms of the Amended and Restated U.S. Arrangement, the Company sells, on a revolving basis, its U.S. Receivables to a wholly-owned, bankruptcy-remote subsidiary. The borrowings are funded by pledging all of the rights, title and interest in and to the U.S. Receivables as security. Any borrowings under the Amended and Restated U.S. Arrangement are recorded as debt on the Company’s Consolidated Balance Sheets. As is customary in trade accounts receivable securitization arrangements, a credit rating agency’s downgrade of the third party issuer of commercial paper or of a back-up liquidity provider (which provides a source of funding if the commercial paper market cannot be accessed) could result in an increase in the Company’s cost of borrowing or loss of the Company’s financing capacity under these programs if the commercial paper issuer or liquidity back-up provider is not replaced. Loss of such financing capacity could have a material adverse effect on the Company’s financial condition and results of operations.  
The Company also has other financing agreements in North America with various financial institutions (“Flooring Companies”) to allow certain customers of the Company to finance their purchases directly with the Flooring Companies. Under these agreements, the Flooring Companies pay to the Company the selling price of products sold to various customers, less a discount, within approximately 15 to 30 days from the date of sale. The Company is contingently liable to repurchase inventory sold under flooring agreements in the event of any default by its customers under the agreement and such inventory being repossessed by the Flooring Companies. Please see Note 17—Commitments and Contingencies for further information. The following table summarizes the net sales financed through the flooring agreements and the flooring fees incurred: 
 
Three Months Ended
 
Six Months Ended
 
May 31, 2012
 
May 31, 2011
 
May 31, 2012
 
May 31, 2011
Net sales financed
$
202,933

 
$
171,756

 
$
373,825

 
$
330,815

Flooring fees(1)
1,173

 
599

 
2,195

 
1,033

____________________________________
(1)
Flooring fees are included within “Interest expense and finance charges, net.”
As of May 31, 2012 and November 30, 2011, accounts receivable subject to flooring agreements were $53,934 and $63,031, respectively.
Infotec Japan has arrangements with various banks and financial institutions for the sale and financing of approved accounts receivable and notes receivable. The amount outstanding under these arrangements that was sold, but not collected as of May 31, 2012 and November 30, 2011 was $13,864 and $10,980, respectively.
BORROWINGS:
Borrowings
BORROWINGS: 
Borrowings consist of the following: 
 
As of
 
May 31, 2012
 
November 30, 2011
Convertible debt
$
138,748

 
$
136,163

SYNNEX U.S. securitization
—

 
64,500

SYNNEX Canada revolving line of credit
—

 
27,285

SYNNEX Canada term loan
8,661

 
9,118

Infotec Japan credit facility
127,698

 
128,816

Other borrowings and capital leases
15,597

 
17,140

Total borrowings
290,704

 
383,022

Less: Current portion
(205,374
)
 
(159,200
)
Non-current portion
$
85,330

 
$
223,822


Convertible debt 
In May 2008, the Company issued $143,750 of aggregate principal amount of its 4.0% Convertible Senior Notes due 2018 (the “Convertible Senior Notes”) in a private placement. The carrying amount of the Convertible Senior Notes, net of the unamortized debt discount, was $138,748 and $136,163 as of May 31, 2012 and November 30, 2011, respectively. The Convertible Senior Notes are senior unsecured obligations of the Company and have a cash coupon interest rate of 4.0% per annum. The Company may redeem the Convertible Senior Notes, in whole or in part, for cash on or after May 20, 2013, at a redemption price equal to 100% of the principal amount of the Convertible Senior Notes to be redeemed, plus any accrued and unpaid interest (including any additional interest and any contingent interest) up to, but excluding, the redemption date. See Note 11—Convertible Debt. Also, the Convertible Senior Notes contain various features which under certain circumstances could allow the holders to convert the Convertible Senior Notes into shares before their ten-year maturity. Further, the date of settlement of the Convertible Senior Notes is uncertain due to various features including put and call elements which occur in May, 2013. Because of the May 2013 put and call features, the Company has classified the Convertible Senior Notes as short term debt starting May 31, 2012 in the Consolidated Balance Sheets.
SYNNEX U.S. securitization 
The Company can pledge up to a maximum of $400,000 in U.S. Receivables under its Amended and Restated U.S. Arrangement. See Note 9—Accounts Receivable Arrangements. The effective borrowing cost under the Amended and Restated U.S. Arrangement is a blend of the prevailing dealer commercial paper rates, plus a program fee on the used portion of the commitment and a facility fee payable on the aggregate commitment.  
SYNNEX U.S. senior secured revolving line of credit 
The Company has a senior secured revolving line of credit arrangement (the “Revolver”) with a financial institution. In November 2010, the Company amended and restated the Revolver (the “Amended and Restated Revolver”) to remove one of the lenders and increase the maximum commitment of the remaining lender from $80,000 to $100,000. The Amended and Restated Revolver retains an accordion feature to increase the maximum commitment by an additional $50,000 to $150,000 at the Company’s request, in the event the current lender consents to such increase or another lender participates in the Amended and Restated Revolver. Interest on borrowings under the Amended and Restated Revolver is based on a base rate or London Interbank Offered Rate (“LIBOR”), at the Company’s option. The margin on the LIBOR is determined in accordance with its fixed charge coverage ratio under the Amended and Restated Revolver and is currently 2.25%. The Company’s base rate is determined based on the higher of (i) the financial institution’s prime rate, (ii) the overnight federal funds rate plus 0.50% or (iii) one month LIBOR plus 1.00%. An unused line fee of 0.50% per annum is payable if the outstanding principal amount of the Amended and Restated Revolver is less than half of the lenders’ commitments; however, that fee is reduced to 0.35% if the outstanding principal amount of the Amended and Restated Revolver is greater than half of the lenders’ commitments. The Amended and Restated Revolver is secured by the Company’s inventory and other assets and expires in November 2013. It would be an event of default under the Amended and Restated Revolver if (1) a lender under the Amended and Restated U.S. Arrangement declines to extend the maturity date at any point within sixty days prior to the maturity date of the Amended and Restated U.S. Arrangement, unless availability under the Amended and Restated Revolver exceeds $60,000 or the Company has a binding commitment in place to renew or replace the Amended and Restated U.S. Arrangement or (2) at least twenty days prior to the maturity date of the Amended and Restated U.S. Arrangement, the Company does not have in place a binding commitment to renew or replace the Amended and Restated U.S. Arrangement on substantially similar terms and conditions, unless the Company has no amounts outstanding under the Amended and Restated Revolver at such time. There was no borrowing outstanding as of both May 31, 2012 and November 30, 2011.
SYNNEX U.S. unsecured revolving line of credit
In February 2011, the Company entered into an arrangement with a financial institution to provide an unsecured revolving line of credit for general corporate purposes. The maximum commitment under the arrangement is $25,000. The arrangement includes an unused line fee of 0.50% per annum. Interest on borrowings under the line of credit is determined by either a base rate or LIBOR, at the Company’s option. The margin on the LIBOR is 2.00%. The Company’s base rate is the financial institution’s prime rate minus 0.25%. The agreement expires in February 2014. There was no borrowing outstanding under this arrangement, as of both May 31, 2012 and November 30, 2011.  
SYNNEX Canada revolving line of credit 
SYNNEX Canada has a revolving line of credit arrangement with a financial institution for a maximum commitment of C$125,000. On May 31, 2012, SYNNEX Canada completed the renewal of this arrangement (the “Renewed Canadian Revolving Arrangement”). The Renewed Canadian Revolving Arrangement maximum commitment under the Renewed Canadian Revolving Arrangement is C$100,000 and includes an accordion feature to increase the maximum commitment by an additional C$25,000 to C$125,000, at SYNNEX Canada's request. The Renewed Canadian Revolving Arrangement also provides a sublimit of $5,000 for the issuance of standby letters of credit. As of May 31, 2012 and November 30, 2011, outstanding standby letters of credit totaled $3,316 and $3,368 , respectively. SYNNEX Canada has granted a security interest in substantially all of its assets in favor of the lender under the Renewed Canadian Revolving Arrangement. In addition, the Company pledged its stock in SYNNEX Canada as collateral for the Renewed Canadian Revolving Arrangement. The Renewed Canadian Revolving Arrangement expires in May 2017. The interest rate applicable under the Renewed Canadian Revolving Arrangement is equal to (i) the Canadian base rate plus a margin of 0.75% for a Base Rate Loan in Canadian Dollar; whereas before the renewal, it was a minimum rate of 2.50% plus a margin of 1.25% for a Base Rate Loan in Canadian Dollars, (ii) the US base rate plus a margin of 0.75% for a Base Rate Loan in U.S. Dollars; whereas before the renewal, it was a minimum rate of 3.25% plus a margin of 2.50% for a Base Rate Loan in U.S. Dollars, and (iii) the Bankers' Acceptance rate ("BA") plus a margin of 2.00% for a BA Rate Loan; whereas before the renewal, it was a minimum rate of 1.00% plus a margin of 2.75% for a BA Rate Loan. The Canadian base rate means the greater of a) the prime rate determined by a major Canadian financial institution and b) the one month Canadian Dealer Offered Rate ("CDOR") rate (the average rate applicable to Canadian dollar bankers' acceptances for the applicable period) plus 1.50%. The US base rate means the greater of a) a reference rate determined by a major Canadian financial institution for US dollar loans made to Canadian borrowers and b) the US federal funds rate plus 0.50%. After the renewal, a fee of 0.25% per annum is payable with respect to the unused portion of the commitment; whereas before the renewal, this fee was 0.375% per annum.
SYNNEX Canada term loan
SYNNEX Canada has a term loan associated with the purchase of its logistics facility in Guelph, Canada. The interest rate for the unpaid principal amount is a fixed rate of 5.374% per annum. The final maturity date for repayment of the unpaid principal is April 1, 2017.
Infotec Japan credit facility
Infotec Japan has a credit agreement with a group of financial institutions for a maximum commitment of JPY10,000,000. The credit agreement is comprised of a JPY6,000,000 long-term loan and a JPY4,000,000 short-term revolving credit facility. The interest rate for the long-term and short-term loans is based on the Tokyo Interbank Offered Rate ("TIBOR") plus a margin of 2.25% per annum. The credit facility expires in November 2013. The long-term loan can be repaid at any time prior to maturity without penalty. The Company has issued a guarantee of JPY7,000,000 under this credit facility.
Other borrowings and capital leases
Infotec Japan has two term loans with financial institutions that consist of a short-term revolving credit facility of JPY1,000,000 and a term loan of JPY140,000. As of November 30, 2011, Infotec Japan had a short-term loan of JPY1,000,000, which was refinanced upon maturity for the same amount during the six months ended May 31, 2012, with a new lender. The new loan is a one-year revolving credit facility that expires in February 2013 and bears an interest rate that is based on TIBOR plus a margin of 1.75%. The term loan of JPY140,000, expires in December 2012 and bears a fixed interest rate of 1.50%. As of May 31, 2012 and November 30, 2011, the balances outstanding under these lines were $14,109 and $15,137, respectively.
In addition, as of May 31, 2012 and November 30, 2011, Infotec Japan had $229 and $536, respectively, outstanding under arrangements with various banks and financial institutions for the sale and financing of approved accounts receivable and notes receivable with recourse provisions to Infotec Japan.
As of May 31, 2012 and November 30, 2011, the Company had capital lease obligations of $1,259 and $1,467, respectively, primarily pertaining to Infotec Japan.
Interest expense and finance charges 
For the three and six months ended May 31, 2012, the total interest expense and finance charges for the Company's borrowings were $7,043 and $13,997, respectively, including non-cash interest expenses of $1,301 and $2,585, respectively, for the Convertible Senior Notes. For the three and six months ended May 31, 2011, the total interest expense and finance charges for the Company's borrowings were $7,014 and $13,947, respectively, including non-cash interest expenses of $1,202 and $2,389, respectively, for the Convertible Senior Notes. The variable interest rates ranged between 0.87% and 4.24% during both the three and six months ended May 31, 2012. The variable interest rates ranged between 0.86% and 4.30% and between 0.86% and 4.46%, respectively, during the three and six months ended May 31, 2011.
Covenants compliance 
In relation to the Amended and Restated U.S. Arrangement, Amended and Restated Revolver, Infotec Japan credit facility, Renewed Canadian Revolving Arrangement and the U.S. unsecured revolving line of credit, the Company has a number of covenants and restrictions that, among other things, require the Company to comply with certain financial and other covenants. These covenants require the Company to maintain specified financial ratios and satisfy certain financial condition tests, including minimum net worth and fixed charge coverage ratios. They also limit the Company’s ability to incur additional debt, make or forgive intercompany loans, pay dividends and make other types of distributions, make certain acquisitions, repurchase the Company’s stock, create liens, cancel debt owed to the Company, enter into agreements with affiliates, modify the nature of the Company’s business, enter into sale-leaseback transactions, make certain investments, enter into new real estate leases, transfer and sell assets, cancel or terminate any material contracts and merge or consolidate. The covenants also limit the Company’s ability to pay cash upon conversion, redemption or repurchase of the Convertible Senior Notes subject to certain liquidity tests. As of May 31, 2012, the Company was in compliance with all material covenants for the above arrangements. 
Guarantees 
The Company has issued guarantees to certain vendors and lenders of its subsidiaries for trade credit lines and loans, to a certain customer's lenders and to certain acquirers of the Company's divestitures to ensure compliance with subsidiary sales agreements, totaling $243,077 and $238,723 as of May 31, 2012 and November 30, 2011, respectively. The Company is obligated under these guarantees to pay amounts due should its subsidiaries or customer not pay valid amounts owed to their vendors or lenders or not comply with subsidiary sales agreements.
 
CONVERTIBLE DEBT:
Convertible Debt
CONVERTIBLE DEBT: 
 
As of
  
May 31, 2012
 
November 30, 2011
Principal amount
$
143,750

 
$
143,750

Less: Unamortized debt discount
(5,002
)
 
(7,587
)
Net carrying amount
$
138,748

 
$
136,163

 
In May 2008, the Company issued $143,750 of aggregate principal amount of the Convertible Senior Notes in a private placement. The Convertible Senior Notes have a cash coupon interest rate of 4.0% per annum. Interest on the Convertible Senior Notes is payable in cash semi-annually in arrears on May 15 and November 15 of each year, and commenced on November 15, 2008. In addition, the Company will pay contingent interest in respect of any six-month period from May 15 to November 14 or from November 15 to May 14, with the initial six-month period commencing May 15, 2013, if the trading price of the Convertible Senior Notes for each of the ten trading days immediately preceding the first day of the applicable six-month period equals 120% or more of the principal amount of the Convertible Senior Notes. During any interest period when contingent interest is payable, the contingent interest payable per Convertible Senior Note is equal to 0.55% of the average trading price of the Convertible Senior Notes during the ten trading days immediately preceding the first day of the applicable six-month interest period. The Convertible Senior Notes mature on May 15, 2018, subject to earlier redemption, repurchase or conversion.  
Holders may convert their Convertible Senior Notes at their option at any time prior to the close of business on the business day immediately preceding the maturity date for such Convertible Senior Notes under the following circumstances: (1) during any fiscal quarter after the fiscal quarter ended August 31, 2008 (and only during such fiscal quarter), if the last reported sale price of the Company’s common stock for at least twenty trading days in the period of thirty consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter is equal to or more than 130% of the conversion price of the Convertible Senior Notes on the last day of such preceding fiscal quarter; (2) during the five business-day period after any five consecutive trading-day period (the “Measurement Period”) in which the trading price per $1 principal amount of the Convertible Senior Notes for each day of that Measurement Period was less than 98% of the product of the last reported sale price of the common stock and the conversion rate of the Convertible Senior Notes on each such day; (3) if the Company has called the particular Convertible Senior Notes for redemption, until the close of business on the business day prior to the redemption date; or (4) upon the occurrence of certain corporate transactions. These contingencies were not triggered as of May 31, 2012. In addition, holders may also convert their Convertible Senior Notes at their option at any time beginning on November 15, 2017, and ending at the close of business on the business day immediately preceding the maturity date for the Convertible Senior Notes, without regard to the foregoing circumstances. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of the common stock or a combination thereof at the Company’s election. The initial conversion rate for the Convertible Senior Notes is 33.9945 shares of common stock per $1 principal amount of Convertible Senior Notes, equivalent to an initial conversion price of $29.42 per share of common stock. Such conversion rate will be subject to adjustment in certain events but will not be adjusted for accrued interest, including any additional interest and any contingent interest. The Company may enter into convertible hedge arrangements to hedge the in-the-money feature of the Convertible Senior Notes to counter the potential share dilution.
The Company may not redeem the Convertible Senior Notes prior to May 20, 2013. The Company may redeem the Convertible Senior Notes, in whole or in part, for cash on or after May 20, 2013, at a redemption price equal to 100% of the principal amount of the Convertible Senior Notes to be redeemed, plus any accrued and unpaid interest (including any additional interest and any contingent interest) up to, but excluding, the redemption date. Also, the Convertible Senior Notes contain various features which under certain circumstances could allow the holders to convert the Convertible Senior Notes into shares before their ten-year maturity.
Holders may require the Company to repurchase all or a portion of their Convertible Senior Notes for cash on May 15, 2013 at a purchase price equal to 100% of the principal amount of the Convertible Senior Notes to be repurchased, plus any accrued and unpaid interest (including any additional interest and any contingent interest) up to, but excluding, the repurchase date. Accordingly, the Convertible Senior Notes have been classified as a current obligation as of May 31, 2012 on the Consolidated Balance Sheets. If the Company undergoes a fundamental change, holders may require it to purchase all or a portion of their Convertible Senior Notes for cash at a price equal to 100% of the principal amount of the Convertible Senior Notes to be purchased, plus any accrued and unpaid interest (including any additional interest and any contingent interest,) up to, but excluding, the fundamental change repurchase date.  
The Convertible Senior Notes are senior unsecured obligations of the Company and rank equally in right of payment with other senior unsecured debt and rank senior to subordinated debt, if any. The Convertible Senior Notes effectively rank junior to any of the Company’s secured indebtedness to the extent of the assets securing such indebtedness. The Convertible Senior Notes are also structurally subordinated in right of payment to all indebtedness and other liabilities and commitments (including trade payables) of the Company’s subsidiaries. The net proceeds from the Convertible Senior Notes were used for general corporate purposes and to reduce outstanding balances under the U.S. Arrangement and the Revolver.  
The Convertible Senior Notes are governed by an indenture, dated as of May 12, 2008, between U.S. Bank National Association, as trustee, and the Company, which contains customary events of default. 
The Convertible Senior Notes as hybrid instruments are accounted for as convertible debt and are recorded at carrying value. The right of the holders of the Convertible Senior Notes to require the Company to repurchase the Convertible Senior Notes in the event of a fundamental change and the contingent interest feature would require separate measurement from the Convertible Senior Notes; however, the amount is insignificant. The additional shares issuable following certain corporate transactions do not require bifurcation and separate measurement from the Convertible Senior Notes. 
In accordance with the provisions of the standards for accounting for convertible debt, the Company recognized both a liability and an equity component of the Convertible Senior Notes in a manner that reflects its non-convertible debt borrowing rate at the date of issuance of 8.0%. The value assigned to the debt component, which is the estimated fair value, as of the issuance date, of a similar note without the conversion feature, was determined to be $120,332. The difference between the Convertible Senior Note cash proceeds and this estimated fair value was estimated to be $23,418 and was retroactively recorded as a debt discount and is amortized to “Interest expense and finance charges, net” over the five-year period to the first put date, utilizing the effective interest method.  
As of May 31, 2012, the remaining amortization period is approximately eleven months assuming the redemption of the Convertible Senior Notes at the first purchase date of May 20, 2013. Based on a cash coupon interest rate of 4.0%, the Company recorded contractual interest expense of $1,624 and $3,248, respectively, during the three and six months ended May 31, 2012, and the Company recorded contractual interest expense of $1,624 and $3,247, respectively, during the three and six months ended May 31, 2011. Based on an effective rate of 8.0%, the Company recorded non-cash interest expense of $1,301 and $2,585, respectively, during the three and six months ended May 31, 2012, and non-cash interest expense of $1,202 and $2,389, respectively, during the three and six months ended May 31, 2011. As of both May 31, 2012 and November 30, 2011, the carrying value of the equity component of the Convertible Senior Notes, net of allocated issuance costs, were $22,836.
The date of settlement of the Convertible Senior Notes is uncertain due to the various features of the Convertible Senior Notes including put and call elements. Because of the May 2013 put and call features, the Company has classified the Convertible Senior Notes as short term debt starting May 31, 2012 in the Consolidated Balance Sheets.
The Company currently intends to settle the Convertible Senior Notes using cash at some future date, the Company maintains within its Amended and Restated U.S. Arrangement, Amended and Restated Revolver and U.S. unsecured revolving line of credit ongoing features that allow the Company to utilize cash from these facilities to cash settle the Convertible Senior Notes.
NET INCOME PER COMMON SHARE:
Net Income Per Common Share
NET INCOME PER COMMON SHARE: 
The following table sets forth the computation of basic and diluted net income per common share for the periods indicated: 
 
Three Months Ended
 
Six Months Ended
 
May 31, 2012
 
May 31, 2011
 
May 31, 2012
 
May 31, 2011
Net income attributable to SYNNEX Corporation
$
34,374

 
$
31,401

 
$
72,597

 
$
61,122

Weighted-average common shares - basic
36,607

 
35,693

 
36,456

 
35,661

Effect of dilutive securities:
 
 
 
 
 
 
 
Stock options, restricted stock awards and restricted stock units
641

 
849

 
638

 
849

Conversion spread of convertible debt
1,100

 
556

 
896

 
535

Weighted-average common shares - diluted
38,348

 
37,098

 
37,990

 
37,045

Net income per share attributable to SYNNEX Corporation:
 
 
 
 
 
 
 
Basic
$
0.94

 
$
0.88

 
$
1.99

 
$
1.71

Diluted
$
0.90

 
$
0.85

 
$
1.91

 
$
1.65


Options to purchase 3 and 5 shares of common stock during the three and six months ended May 31, 2012, respectively, and 19 and 22 shares during the three and six months ended May 31, 2011, respectively, have not been included in the computation of diluted net income per share as their effect would have been anti-dilutive.
SEGMENT INFORMATION:
Segment Information
SEGMENT INFORMATION: 
Operating segments
Operating segments are based on components of the Company that engage in business activity that earns revenue and incurs expenses and (a) whose operating results are regularly reviewed by the chief operating decision maker to make decisions about resource allocation and performance and (b) for which discrete financial information is available.
The distribution services segment provides value-added services and distributes IT systems, peripherals, system components, software, networking equipment, consumer electronics ("CE") and complementary products. The distribution segment also provides contract assembly services.
The GBS services segment offers a range of BPO services to customers that include technical support, renewals management, lead management, direct sales, customer service, back office processing and information technology outsourcing ("ITO"). Many of these services are delivered and supported on the proprietary software platforms that the Company has developed to provide additional value to its customers.
Summarized financial information related to the Company’s reportable business segments for the three and six months ended May 31, 2012 and 2011 is shown below:
 
Distribution
 
GBS
 
Inter-Segment
Elimination
 
Consolidated
Three months ended May 31, 2012
 
 
 
 
 
 
 
Revenue
$
2,442,963

 
$
47,714

 
$
(7,878
)
 
$
2,482,799

Income from operations before non-operating items, income taxes and noncontrolling interest
56,387

 
2,578

 
356

 
59,321

Three months ended May 31, 2011
 
 
 
 
 
 
 
Revenue
2,463,789

 
38,752

 
(6,739
)
 
2,495,802

Income from operations before non-operating items, income taxes and noncontrolling interest
50,455

 
3,705

 
—

 
54,160

 
 
 
 
 
 
 
 
Six months ended May 31, 2012
 
 
 
 
 
 
 
Revenue
$
4,866,227

 
$
92,776

 
$
(15,510
)
 
$
4,943,493

Income from operations before non-operating items, income taxes and noncontrolling interest
118,752

 
4,570

 
(13
)
 
123,309

Six months ended May 31, 2011
 
 
 
 
 
 
 
Revenue
4,932,404

 
77,990

 
(13,658
)
 
4,996,736

Income from operations before non-operating items, income taxes and noncontrolling interest
97,674

 
7,339

 
—

 
105,013

 
 
 
 
 
 
 
 
Total assets as of May 31, 2012
$
2,461,841

 
$
304,156

 
$
(205,498
)
 
$
2,560,499

Total assets as of November 30, 2011
2,737,600

 
295,600

 
(199,905
)
 
2,833,295


The inter-segment elimination relates to the inter-segment, back office support services provided by the GBS segment to the distribution segment, elimination of inter-segment profit, inter-segment investments and inter-segment receivables.
Segment by geography
The Company primarily operates in North America. The United States and Canada are included in the “North America” operations. China, India, Japan and the Philippines are included in “Asia-Pacific” operations and Costa Rica, Hungary, Mexico, Nicaragua and the UK are included in “Other” operations. The revenues attributable to countries are based on geography of entities from where the products are distributed or services are provided. Long-lived assets include "Property and equipment, net" and certain "Other assets." Shown below is summarized financial information related to the geographic areas in which the Company operated during the three and six months ended May 31, 2012 and 2011:
 
Three Months Ended
 
Six Months Ended
 
May 31, 2012
 
May 31, 2011
 
May 31, 2012
 
May 31, 2011
Revenue:
 
 
 
 
 
 
 
North America
$
2,126,226

 
$
2,154,613

 
$
4,236,065

 
$
4,277,215

Asia-Pacific
333,944

 
332,242

 
671,077

 
649,718

Other
22,629

 
8,947

 
36,351

 
69,803

 
$
2,482,799

 
$
2,495,802

 
$
4,943,493

 
$
4,996,736

 
As of
 
May 31, 2012
 
November 30, 2011
Long-lived assets:
 
 
 
North America
$
104,672

 
$
105,318

Asia-Pacific
29,436

 
34,974

Other
19,828

 
22,313

 
$
153,936

 
$
162,605


Revenue in the United States was approximately 72% and 71% of the total revenue for the three and six months ended May 31, 2012, respectively, and 72% and 71% of the total revenue for the three and six months ended May 31, 2011, respectively. Revenue in Canada was approximately 14% of total revenue for both the three and six months ended May 31, 2012, and 15% of total revenue for both the three and six months ended May 31, 2011. Revenue in Japan was approximately 13% of the total revenue for both the three and six months ended May 31, 2012 and 13% and 12% of the total revenue for the three and six months ended May 31, 2011, respectively.
Long-lived assets in the United States were approximately 56% and 52% of total long-lived assets as of May 31, 2012 and November 30, 2011, respectively. Long-lived assets in Canada were 12% of total long-lived assets as of both May 31, 2012 and November 30, 2011. Long-lived assets in Japan were approximately 9% and 12% of total long-lived assets as of May 31, 2012 and November 30, 2011, respectively.
RELATED PARTY TRANSACTIONS:
Related party transactions
RELATED PARTY TRANSACTIONS: 
The Company has a business relationship with MiTAC International Corporation (“MiTAC International”), a publicly-traded company in Taiwan that began in 1992 when it became its primary investor through its affiliates. As of May 31, 2012 and November 30, 2011, MiTAC International and its affiliates beneficially owned approximately 27% and 29%, respectively, of the Company’s common stock. In addition, Matthew Miau, the Company’s Chairman Emeritus of the Board of Directors, is the Chairman of MiTAC International and a director or officer of MiTAC International’s affiliates. As a result, MiTAC International generally has significant influence over the Company and over the outcome of all matters submitted to stockholders for consideration, including any merger or acquisition of the Company. Among other things, this could have the effect of delaying, deterring or preventing a change of control over the Company.  
Until July 31, 2010, the Company worked with MiTAC International on OEM outsourcing and jointly marketed MiTAC International’s design and electronic manufacturing services and its contract assembly capabilities. This relationship enabled the Company to build relationships with MiTAC International’s customers. On July 31, 2010, MiTAC International purchased certain assets related to the Company’s contract assembly business, including inventory and customer contracts, primarily related to customers then being jointly serviced by MiTAC International and the Company. As part of this transaction, the Company provided MiTAC International certain transition services for the business for a monthly fee over a period of twelve months. The sales agreement also included earn-out and profit sharing provisions, which were based on operating performance metrics achieved over twelve to eighteen months from the closing date for the defined customers included in this transaction. During the three and six months ended May 31, 2012, the Company recorded $926 and $1,872, respectively, for service fees earned and reimbursements for facilities and overhead costs. During the three and six months ended May 31, 2011, the Company recorded $2,586 and $4,096, respectively, for service fees earned and reimbursements for facilities and overhead costs and the achieved earn-out condition.
The Company purchased inventories from MiTAC International and its affiliates totaling $738 and $979 during the three and six months ended May 31, 2012, respectively, and $941 and $2,328 during the three and six months ended May 31, 2011. The Company’s sales to MiTAC International and its affiliates during the three and six months ended May 31, 2012, totaled $1,089 and $2,223, respectively. The Company's sales to MiTAC International and its affiliates during the three and six months ended May 31, 2011, totaled $538 and $824, respectively.
The Company’s business relationship with MiTAC International has been informal and is not governed by long-term commitments or arrangements with respect to pricing terms, revenue or capacity commitments. 
During the period of time that the Company worked with MiTAC International, the Company negotiated manufacturing, pricing and other material terms on a case-by-case basis with MiTAC International and its contract assembly customers for a given project. While MiTAC International is a related party and a controlling stockholder, the Company believes that the significant terms under its arrangements with MiTAC International, including pricing, will not materially differ from the terms it could have negotiated with unaffiliated third parties, and it has adopted a policy requiring that material transactions with MiTAC International or its related parties be approved by its Audit Committee, which is composed solely of independent directors. In addition, Matthew Miau’s compensation is approved by the Nominating and Corporate Governance Committee, which is also composed solely of independent directors.  
Beneficial ownership of the Company’s common stock by MiTAC International 
As noted above, MiTAC International and its affiliates in the aggregate beneficially owned approximately 27% of the Company’s common stock as of May 31, 2012. These shares are owned by the following entities:  
 
As of May 31, 2012
MiTAC International(1)
5,908

Synnex Technology International Corp.(2)
4,283

Total
10,191

_____________________________________
(1)
Shares are held via Silver Star Developments Ltd., a wholly-owned subsidiary of MiTAC International. Excludes 591 shares (of which 381 shares are directly held and 210 shares are subject to exercisable options) held by Matthew Miau.
(2)
Synnex Technology International Corp. ("Synnex Technology International") is a separate entity from the Company and is a publicly-traded corporation in Taiwan. Shares are held via Peer Development Ltd., a wholly-owned subsidiary of Synnex Technology International. MiTAC International owns a noncontrolling interest of 8.7% in MiTAC Incorporated, a privately-held Taiwanese company, which in turn holds a noncontrolling interest of 13.7% in Synnex Technology International. Neither MiTAC International nor Mr. Miau is affiliated with any person(s), entity, or entities that hold a majority interest in MiTAC Incorporated.
Synnex Technology International is a publicly-traded corporation in Taiwan that currently provides distribution and fulfillment services to various markets in Asia and Australia, and is also a potential competitor of the Company. Neither MiTAC International, nor Synnex Technology International is restricted from competing with the Company.  
Others 
On August 31, 2010, the Company acquired a 33.3% noncontrolling interest in SB Pacific, which was recorded as an equity-method investment. The Company is not the primary beneficiary in SB Pacific. The controlling shareholder of SB Pacific is Robert Huang, who is the Company’s founder and former Chairman. On April 1, 2012, the Company sold a portion of its ownership to SB Pacific, thus reducing the ownership interest from 33.3% to 19.7%. A gain of $271 was recognized on this transaction representing the difference between the proceeds received and the carrying value of the investment. From April 1, 2012, the Company’s investment in SB Pacific is accounted for as a cost-method investment and is included in “Other assets.” The balances of the investment as of May 31, 2012 and November 30, 2011 were $3,082 and $5,950, respectively. The Company regards SB Pacific to be a variable interest entity and as of May 31, 2012, its maximum exposure to loss was limited to its investment of $3,082. As of May 31, 2012, SB Pacific owned a 19.0% noncontrolling interest in Infotec Japan.
PENSION AND EMPLOYEE BENEFITS PLANS:
Pension and Employee Benefits Plan
PENSION AND EMPLOYEE BENEFITS PLANS: 
The employees of SYNNEX Infotec Corporation ("Infotec Japan") are covered by certain defined benefit pension plans, including a multi-employer pension plan. Full-time employees are eligible to participate in the plans on the first day of February following their date of hire and are not required to contribute to the plans.
The components of net periodic pension costs pertaining to the Company's single employer benefit plan during the three and six months ended May 31, 2012 and 2011 were as follows:
 
Three Months Ended
 
Six Months Ended
 
May 31, 2012
 
May 31, 2011
 
May 31, 2012
 
May 31, 2011
Service cost
$
192

 
$
173

 
$
369

 
$
344

Interest cost
50

 
45

 
96

 
89

Expected return on plan assets
(30
)
 
(27
)
 
(58
)
 
(53
)
Net periodic pension costs
$
212

 
$
191

 
$
407

 
$
380


During the three and six months ended May 31, 2012, the Company contributed $236 and $434 to the plan respectively. During the three and six months ended May 31, 2011, the Company contributed $124 and $356 to the plan, respectively.
STOCKHOLDERS' EQUITY:
Stockholders' Equity Note Disclosure
EQUITY:
Share repurchase program 
In June 2011, the Board of Directors authorized a three-year $65,000 share repurchase program. No purchases were made during the six months ended May 31, 2012. As of November 30, 2011, the Company has purchased 62 shares for an aggregate cost of $1,676, under the program. The share purchases were made on the open market and the shares repurchased by the Company are held in treasury for general corporate purposes.
Changes in equity
A reconciliation of the changes in equity for the six months ended May 31, 2012 and 2011 is presented below:
 
 
 
Six Months Ended May 31, 2012
 
Six Months Ended May 31, 2011
 
 
  Attributable to  
SYNNEX
Corporation
 
  Attributable to  
Noncontrolling
interest
 
Total Equity    
 
Attributable
  to SYNNEX  
    Corporation     
 
  Attributable to  
Noncontrolling
interest
 
Total Equity    
Beginning balance of equity:
 
$
1,158,379

 
$
10,079

 
$
1,168,458

 
$
992,670

 
$
157

 
$
992,827

Proceeds from the issuance of common stock on exercise of options
 
7,402

 
—

 
7,402

 
2,908

 
—

 
2,908

Proceeds from the issuance of common stock for employee stock purchase plan
 
677

 
—

 
677

 
513

 
—

 
513

Tax benefit from exercise of non-qualified stock options
 
2,736

 
—

 
2,736

 
2,456

 
—

 
2,456

Taxes paid for the settlement of equity awards
 
(241
)
 
—

 
(241
)
 
(3,079
)
 
—

 
(3,079
)
Share-based compensation
 
4,221

 
4

 
4,225

 
3,916

 
—

 
3,916

Capital contribution by noncontrolling interest
 
—

 
—

 
—

 
—

 
9,024

 
9,024

Changes in ownership of noncontrolling interest
 
(2,371
)
 
(4,147
)
 
(6,518
)
 
—

 
—

 
—

Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
72,597

 
1,387

 
73,984

 
61,122

 
60

 
61,182

Other comprehensive income (loss):
 

 

 

 

 

 

Changes in unrealized gain on available-for-sale securities
 
(40
)
 
61

 
21

 
97

 
—

 
97

Net unrealized components of defined benefit pension plans

 
64

 
(64
)
 
—

 
—

 
—

 
—

Foreign currency translation adjustments
 
(4,654
)
 
(300
)
 
(4,954
)
 
13,247

 
205

 
13,452

Total other comprehensive income (loss)
 
(4,630
)
 
(303
)
 
(4,933
)
 
13,344

 
205

 
13,549

Total comprehensive income
 
67,967

 
1,084

 
69,051

 
74,466

 
265

 
74,731

Ending balance of equity:
 
$
1,238,770

 
$
7,020

 
$
1,245,790

 
$
1,073,850

 
$
9,446

 
$
1,083,296

COMMITMENTS AND CONTINGENCIES:
Commitments and Contingencies
COMMITMENTS AND CONTINGENCIES:
The Company was contingently liable as of May 31, 2012 under agreements to repurchase repossessed inventory acquired by Flooring Companies as a result of default on floor plan financing arrangements by the Company's customers. These arrangements are described in Note 9—Accounts Receivable Arrangements. Losses, if any, would be the difference between the repossession cost and the resale value of the inventory. There have been no repurchases through May 31, 2012 under these agreements and the Company is not aware of any pending customer defaults or repossession obligations. 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, the Company is 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 is not currently involved in any material proceedings.
On December 28, 2009, the Company sold China Civilink (Cayman), which operated in China as HiChina Web Solutions, to Alibaba.com Limited. In conjunction with this sale, the Company has recorded a contingent indemnification liability of $4,122.
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.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (Policies)
Restricted cash 
Restricted cash balances relate to temporary restrictions caused by the timing of lockbox collections under the Company’s borrowing arrangements, amounts held for outstanding letters of credit and future payments to contractors for the long-term projects at the Company’s Mexico operation.
Concentration of credit risk 
Financial instruments that potentially subject the Company to significant concentration of credit risk consist principally of accounts receivable, and cash and cash equivalents. The Company’s cash and cash equivalents are maintained with high quality institutions, the compositions and maturities of which are regularly monitored by management. Through May 31, 2012, the Company had not experienced any losses on such deposits. 
Accounts receivable include amounts due from customers and vendors primarily in the technology industry. The Company performs ongoing credit evaluations of its customers’ financial condition and limits the amount of credit extended when deemed necessary, but generally requires no collateral. The Company also maintains allowances for potential credit losses. In estimating the required allowances, the Company takes into consideration the overall quality and aging of the receivable portfolio, the existence of a limited amount of credit insurance and specifically identified customer and vendor risks. Through May 31, 2012, such losses have been within management’s expectations. 
In the three and six months ended May 31, 2012, no customer accounted for 10% or more of the Company's total revenue. In the three months ended May 31, 2011, one customer accounted for 10% of the Company's total revenue. In the six months ended May 31, 2011, no customer accounted for 10% or more of the Company's total revenue. Products purchased from the Company’s largest OEM supplier, Hewlett-Packard Company (“HP”), accounted for approximately 36% of the total revenue for both the three and six months ended May 31, 2012, and approximately 34% of the total revenue for both the three and six months ended May 31, 2011.
As of May 31, 2012 and November 30, 2011, no customer exceeded 10% of the total consolidated accounts receivable balance.
Revenue recognition 
The Company generally recognizes revenue on the sale of hardware and software products when they are shipped and on services when they are performed, if a purchase order exists, the sales price is fixed or determinable, collection of resulting accounts receivable is reasonably assured, risk of loss and title have transferred and product returns are reasonably estimable. Provisions for sales returns are estimated based on historical data and are recorded concurrently with the recognition of revenue. These provisions are reviewed and adjusted periodically by the Company. Revenue is reduced for early payment discounts and volume incentive rebates offered to customers. The Company recognizes revenue on certain service contracts, post-contract software support services, and extended warranty contracts, where it is not the primary obligor, on a net basis.
The Company provides services such as call center, renewals, maintenance and contract management services to its customers under contracts that typically consist of a master services agreement or statement of work, which contains the terms and conditions of each program and service offerings. Typically the contracts are time-based or transactions or volume based. Revenue is generally recognized over the term of the contract or when service has been rendered, the sales price is fixed or determinable and collection of the resulting accounts receivable is reasonably assured.
The Company's operation in Mexico primarily focuses on projects with the Mexican government and other local agencies that are long-term in nature. Under the agreements, the Company sells computers and equipment to contractors that provide services to the Mexican government. The Company also sells computer equipment and services directly to the Mexican government. The payments are due on a monthly basis and contingent upon the satisfactory performance of certain services, fulfillment of certain obligations and meeting certain conditions. The Company recognizes revenue and cost of revenue on a straight-line basis over the term of the contract, which coincides with payments no longer being contingent
Net income per common share 
Net income per common share-basic is computed by dividing the net income attributable to SYNNEX Corporation for the period by the basic weighted-average number of outstanding common shares. 
Net income per common share-diluted is computed by adding the dilutive effect of in-the-money employee stock options, restricted stock awards, restricted stock units and similar equity instruments granted by the Company to the basic weighted-average number of outstanding common shares. The Company uses the treasury stock method, under which, the amount the employee must pay for exercising stock options, the amount of compensation cost for future services that the Company has not yet recognized and the amount of tax benefits that would be recorded in “Additional paid-in capital” when the award becomes deductible are assumed to be used to repurchase shares. 
With respect to the Company’s convertible debt, the Company intends to settle its conversion spread (i.e., the intrinsic value of convertible debt based on the conversion price and current market price) in shares. The Company accounts for its conversion spread using the treasury stock method. It is the Company’s intent to cash-settle the principal amount of the convertible debt; accordingly, the principal amount has been excluded from the determination of diluted earnings per share. 
The calculation of net income per common share attributable to SYNNEX Corporation is presented in Note 12. 
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (Tables)
Schedule of restricted cash balances
The following table summarizes the restricted cash balances as of May 31, 2012 and November 30, 2011 and the location where these amounts are recorded on the Consolidated Balance Sheets:
 
As of 
 
May 31, 2012
 
November 30, 2011
Related to borrowing arrangements and others:
 
 
 
        Other current assets
$
14,329

 
$
28,279

Related to long-term projects:
 
 
 
        Other assets
4,215

 
2,938

Total restricted cash
$
18,544

 
$
31,217

ACQUISITIONS AND DIVESTITURES: (Tables)
Schedule of purchase price allocation
The purchase price allocation based on the fair value of the assets acquired and liabilities assumed is as follows:
 
Fair Value         
Purchase consideration:
 
Cash payment
$
4,824

Contribution from noncontrolling interest
2,067

 
$
6,891

Allocation:

Cash
$
1,371

Accounts receivable
186,909

Inventories
84,553

Other current assets
2,119

Property, plant and equipment
5,521

Goodwill
16,952

Intangible assets(1)
9,103

Other long-term assets
4,398

Short-term borrowings
(103,646
)
Accounts payable
(161,228
)
Accrued liabilities
(15,151
)
Long-term borrowings
(2,088
)
Other long-term liabilities
(21,922
)
 
$
6,891


(1) Intangibles will be amortized over a period of 3-10 years.
SHARE-BASED COMPENSATION: (Tables)
Schedule of stock based awards granted
The following table summarizes the number of share-based awards granted under the Company’s Amended and Restated 2003 Stock Incentive Plan, as amended, during the three and six months ended May 31, 2012 and 2011 and the grant-date fair value of the awards:
 
Three Months Ended
 
Six Months Ended
 
May 31, 2012
 
May 31, 2011
 
May 31, 2012
 
May 31, 2011
 
Number of grants
 
Fair value of grants
 
Number of grants
 
Fair value of grants
 
Number of grants
 
Fair value of grants
 
Number of grants
 
Fair value of grants
Stock options
20

 
$
301

 
—

 
$
—

 
20

 
$
301

 
—

 
$
—

Restricted stock awards
32
 
1,196

 
22
 
719

 
36

1,350


27
 
887

Restricted stock units
46

 
1,964

 
10
 
324

 
46

 
1,964

 
10
 
324

 
98

 
$
3,461

 
32
 
$
1,043

 
102

 
$
3,615

 
37
 
$
1,211

BALANCE SHEET COMPONENTS: (Tables)
Schedule of assets 
 
As of
 
May 31, 2012
 
November 30, 2011
Short-term investments:
 
 
 
Trading securities
$
5,026

 
$
5,808

Available-for-sale securities
45

 
37

Held-to-maturity securities
7,980

 
7,843

Cost method investments
2,124

 
2,329

 
$
15,175

 
$
16,017

 
 
 
 
 
As of
 
May 31, 2012
 
November 30, 2011
Accounts receivable, net:
 
 
 
Accounts receivable
$
1,164,027

 
$
1,351,305

Less: Allowance for doubtful accounts
(23,357
)
 
(22,803
)
Less: Allowance for sales returns
(27,488
)
 
(35,475
)
 
$
1,113,182

 
$
1,293,027

Property, Plant and Equipment 
 
As of
 
May 31, 2012
 
November 30, 2011
Property and equipment, net:
 
 
 
Land
$
18,476

 
$
18,566

Equipment and computers
98,726

 
95,149

Furniture and fixtures
21,447

 
19,566

Buildings and leasehold improvements
98,782

 
97,261

Construction in progress
408

 
1,762

Total property and equipment, gross
237,839

 
232,304

Less: Accumulated depreciation
(114,117
)
 
(107,147
)

$
123,722

 
$
125,157

Schedule of goodwill 
Goodwill
 
Distribution
 
GBS
 
Total
Balance as of November 30, 2011
$
107,498

 
$
77,814

 
$
185,312

Goodwill adjustments during the period
(1,543
)
 
(991
)
 
(2,534
)
Translation
(854
)
 
(669
)
 
(1,523
)
Balance as of May 31, 2012
$
105,101

 
$
76,154

 
$
181,255

Schedule of intangible assets, net 
Intangible assets, net
 
As of May 31, 2012
 
As of November 30, 2011
 
Gross
Amounts
 
Accumulated
Amortization
 
Net
Amounts
 
Gross
Amounts
 
Accumulated
Amortization
 
Net
Amounts
Vendor lists
$
36,940

 
$
(27,894
)
 
$
9,046

 
$
36,815

 
$
(27,104
)
 
$
9,711

Customer lists
50,123

 
(26,869
)
 
23,254

 
51,088

 
(23,879
)
 
27,209

Other intangible assets
4,893

 
(3,998
)
 
895

 
4,446

 
(3,827
)
 
619

 
$
91,956

 
$
(58,761
)
 
$
33,195

 
$
92,349

 
$
(54,810
)
 
$
37,539

INVESTMENTS: (Tables)
Schedule of carrying amount of investments 
The carrying amount of the Company’s investments is shown in the table below: 
 
As of
 
May 31, 2012
 
November 30, 2011
 
Cost Basis
 
Unrealized
(Losses)/
Gains
 
Carrying
Value
 
Cost Basis
 
Unrealized
(Losses)/
Gains
 
Carrying
Value
Short-term:
 
 
 
 
 
 
 
 
 
 
 
Trading securities
$
5,548

 
$
(522
)
 
$
5,026

 
$
11,503

 
$
(5,695
)
 
$
5,808

Available-for-sale securities
—

 
45

 
45

 
—

 
37

 
37

Held-to-maturity investments
7,980

 
—

 
7,980

 
7,843

 
—

 
7,843

Cost method securities
2,124

 
—

 
2,124

 
2,329

 
—

 
2,329

 
$
15,652

 
$
(477
)
 
$
15,175

 
$
21,675

 
$
(5,658
)
 
$
16,017

Long-term investments in other assets:
 
 
 
 
 
 
 
 
 
 
 
       Available-for-sale securities
$
1,097

 
$
41

 
$
1,138

 
$
939

 
$
168

 
$
1,107

Schedule of gains (losses) on trading investments 
The following table summarizes the total realized and unrealized gains and losses recorded on the Company’s trading investments:
 
Three Months Ended
 
Six Months Ended
 
May 31, 2012
 
May 31, 2011
 
May 31, 2012
 
May 31, 2011
Realized and unrealized gains (losses) on trading investments
$
25

 
$
(250
)
 
$
1,114

 
$
472

DERIVATIVE INSTRUMENTS: (Tables)
Schedule of fair value of foreign exchange forward contracts
The following table summarizes the fair value of the Company’s foreign exchange forward contracts as of May 31, 2012 and November 30, 2011:
  
 
Fair Value as of
Location                 
 
May 31, 2012
 
November 30, 2011
Other current assets
 
$
1,741

 
$
1

Accrued liabilities
 
547

 
324

FAIR VALUE MEASUREMENTS: (Tables)
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 investments and financial instruments that are measured at fair value on a recurring basis:  
 
As of May 31, 2012
 
As of November 30, 2011
 
Total
 
Fair value measurement category
 
Total
 
Fair value measurement category
 
Level 1
 
Level 2
 
Level 3
 
Level 1
 
Level 2
 
Level 3
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash equivalents
$
28,028

 
$
28,028

 
$
—

 
$
—

 
$
25,638

 
$
25,638

 
$
—

 
$
—

Trading securities
5,026

 
5,026

 
—

 
—

 
5,808

 
5,808

 
—

 
—

Available-for-sale securities in short-term investments
45

 
45

 
—

 
—

 
37

 
37

 
—

 
—

Available-for-sale securities in other assets
1,138

 
1,138

 
—

 
—

 
1,107

 
1,107

 
—

 
—

Forward foreign currency exchange contracts
1,741

 
—

 
1,741

 
—

 
1

 
—

 
1

 
—

Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Forward foreign currency exchange contracts
$
547

 
$
—

 
$
547

 
$
—

 
$
324

 
$
—

 
$
324

 
$
—

Acquisition-related contingent consideration
2,013

 
—

 
—

 
2,013

 
3,065

 
—

 
—

 
3,065

Schedule of realized and unrealized gains and losses for changes in fair value of financial instruments 
The following table summarizes the realized and unrealized gains and losses recorded in “Other income, net” in the Consolidated Statements of Operations for the changes in the fair value of its financial instruments for trading securities and forward foreign currency contracts:  
 
Three Months Ended
 
Six Months Ended
 
May 31, 2012
 
May 31, 2011
 
May 31, 2012
 
May 31, 2011
Realized losses
$
2

 
$
(1,756
)
 
$
(1,216
)
 
$
(3,529
)
Unrealized gains (losses)
2,347

 
(410
)
 
3,698

 
112

Total realized and unrealized gains (losses)
$
2,349

 
$
(2,166
)
 
$
2,482

 
$
(3,417
)
 
Schedule of assets and liabilities not carried at fair value 
The following table presents the assets and liabilities that are not carried at fair value as of May 31, 2012 and November 30, 2011:
 
As of May 31, 2012
 
As of November 30, 2011
 
Carrying
Value
 
Fair Value
 
Carrying
Value
 
Fair Value
Cost method investments in short-term investments
$
2,124

 
$
3,705

 
$
2,329

 
$
3,898

Long-term accounts receivable
6,956

 
6,956

 
5,853

 
5,853

SYNNEX Canada term loan
8,661

 
8,661

 
9,118

 
9,118

Long-term Infotec Japan credit facility
76,619

 
76,619

 
77,290

 
77,290

Infotec Japan term loans
14,111

 
14,111

 
15,136

 
15,136

Convertible debt
138,748

 
175,890

 
136,163

 
165,386

ACCOUNTS RECEIVABLE ARRANGEMENTS: (Tables)
Schedule of net sales financed through the flooring agreements and flooring fees incurred
The following table summarizes the net sales financed through the flooring agreements and the flooring fees incurred: 
 
Three Months Ended
 
Six Months Ended
 
May 31, 2012
 
May 31, 2011
 
May 31, 2012
 
May 31, 2011
Net sales financed
$
202,933

 
$
171,756

 
$
373,825

 
$
330,815

Flooring fees(1)
1,173

 
599

 
2,195

 
1,033

____________________________________
(1)
Flooring fees are included within “Interest expense and finance charges, net.”
BORROWINGS: (Tables)
Schedule of borrowings
Borrowings consist of the following: 
 
As of
 
May 31, 2012
 
November 30, 2011
Convertible debt
$
138,748

 
$
136,163

SYNNEX U.S. securitization
—

 
64,500

SYNNEX Canada revolving line of credit
—

 
27,285

SYNNEX Canada term loan
8,661

 
9,118

Infotec Japan credit facility
127,698

 
128,816

Other borrowings and capital leases
15,597

 
17,140

Total borrowings
290,704

 
383,022

Less: Current portion
(205,374
)
 
(159,200
)
Non-current portion
$
85,330

 
$
223,822

CONVERTIBLE DEBT: (Tables)
Schedule of convertible debt
 
As of
  
May 31, 2012
 
November 30, 2011
Principal amount
$
143,750

 
$
143,750

Less: Unamortized debt discount
(5,002
)
 
(7,587
)
Net carrying amount
$
138,748

 
$
136,163

NET INCOME PER COMMON SHARE: (Tables)
Schedule of basic and diluted net income per common share
The following table sets forth the computation of basic and diluted net income per common share for the periods indicated: 
 
Three Months Ended
 
Six Months Ended
 
May 31, 2012
 
May 31, 2011
 
May 31, 2012
 
May 31, 2011
Net income attributable to SYNNEX Corporation
$
34,374

 
$
31,401

 
$
72,597

 
$
61,122

Weighted-average common shares - basic
36,607

 
35,693

 
36,456

 
35,661

Effect of dilutive securities:
 
 
 
 
 
 
 
Stock options, restricted stock awards and restricted stock units
641

 
849

 
638

 
849

Conversion spread of convertible debt
1,100

 
556

 
896

 
535

Weighted-average common shares - diluted
38,348

 
37,098

 
37,990

 
37,045

Net income per share attributable to SYNNEX Corporation:
 
 
 
 
 
 
 
Basic
$
0.94

 
$
0.88

 
$
1.99

 
$
1.71

Diluted
$
0.90

 
$
0.85

 
$
1.91

 
$
1.65

SEGMENT INFORMATION: (Tables)
Schedule of summarized financial information related to Company's reportable business segments 
Summarized financial information related to the Company’s reportable business segments for the three and six months ended May 31, 2012 and 2011 is shown below:
 
Distribution
 
GBS
 
Inter-Segment
Elimination
 
Consolidated
Three months ended May 31, 2012
 
 
 
 
 
 
 
Revenue
$
2,442,963

 
$
47,714

 
$
(7,878
)
 
$
2,482,799

Income from operations before non-operating items, income taxes and noncontrolling interest
56,387

 
2,578

 
356

 
59,321

Three months ended May 31, 2011
 
 
 
 
 
 
 
Revenue
2,463,789

 
38,752

 
(6,739
)
 
2,495,802

Income from operations before non-operating items, income taxes and noncontrolling interest
50,455

 
3,705

 
—

 
54,160

 
 
 
 
 
 
 
 
Six months ended May 31, 2012
 
 
 
 
 
 
 
Revenue
$
4,866,227

 
$
92,776

 
$
(15,510
)
 
$
4,943,493

Income from operations before non-operating items, income taxes and noncontrolling interest
118,752

 
4,570

 
(13
)
 
123,309

Six months ended May 31, 2011
 
 
 
 
 
 
 
Revenue
4,932,404

 
77,990

 
(13,658
)
 
4,996,736

Income from operations before non-operating items, income taxes and noncontrolling interest
97,674

 
7,339

 
—

 
105,013

 
 
 
 
 
 
 
 
Total assets as of May 31, 2012
$
2,461,841

 
$
304,156

 
$
(205,498
)
 
$
2,560,499

Total assets as of November 30, 2011
2,737,600

 
295,600

 
(199,905
)
 
2,833,295

Schedule of summarized financial information related to the georgraphic areas 
Shown below is summarized financial information related to the geographic areas in which the Company operated during the three and six months ended May 31, 2012 and 2011:
 
Three Months Ended
 
Six Months Ended
 
May 31, 2012
 
May 31, 2011
 
May 31, 2012
 
May 31, 2011
Revenue:
 
 
 
 
 
 
 
North America
$
2,126,226

 
$
2,154,613

 
$
4,236,065

 
$
4,277,215

Asia-Pacific
333,944

 
332,242

 
671,077

 
649,718

Other
22,629

 
8,947

 
36,351

 
69,803

 
$
2,482,799

 
$
2,495,802

 
$
4,943,493

 
$
4,996,736

 
As of
 
May 31, 2012
 
November 30, 2011
Long-lived assets:
 
 
 
North America
$
104,672

 
$
105,318

Asia-Pacific
29,436

 
34,974

Other
19,828

 
22,313

 
$
153,936

 
$
162,605

RELATED PARTY TRANSACTIONS: (Tables)
Schedule of beneficial ownership of company's common stock by related party
As noted above, MiTAC International and its affiliates in the aggregate beneficially owned approximately 27% of the Company’s common stock as of May 31, 2012. These shares are owned by the following entities:  
 
As of May 31, 2012
MiTAC International(1)
5,908

Synnex Technology International Corp.(2)
4,283

Total
10,191

_____________________________________
(1)
Shares are held via Silver Star Developments Ltd., a wholly-owned subsidiary of MiTAC International. Excludes 591 shares (of which 381 shares are directly held and 210 shares are subject to exercisable options) held by Matthew Miau.
(2)
Synnex Technology International Corp. ("Synnex Technology International") is a separate entity from the Company and is a publicly-traded corporation in Taiwan. Shares are held via Peer Development Ltd., a wholly-owned subsidiary of Synnex Technology International. MiTAC International owns a noncontrolling interest of 8.7% in MiTAC Incorporated, a privately-held Taiwanese company, which in turn holds a noncontrolling interest of 13.7% in Synnex Technology International. Neither MiTAC International nor Mr. Miau is affiliated with any person(s), entity, or entities that hold a majority interest in MiTAC Incorporated
PENSION AND EMPLOYEE BENEFITS PLANS: (Tables)
Schedule of components of net periodic pension costs
The components of net periodic pension costs pertaining to the Company's single employer benefit plan during the three and six months ended May 31, 2012 and 2011 were as follows:
 
Three Months Ended
 
Six Months Ended
 
May 31, 2012
 
May 31, 2011
 
May 31, 2012
 
May 31, 2011
Service cost
$
192

 
$
173

 
$
369

 
$
344

Interest cost
50

 
45

 
96

 
89

Expected return on plan assets
(30
)
 
(27
)
 
(58
)
 
(53
)
Net periodic pension costs
$
212

 
$
191

 
$
407

 
$
380

STOCKHOLDERS' EQUITY: Changes in Equity (Tables)
Changes in Equity
A reconciliation of the changes in equity for the six months ended May 31, 2012 and 2011 is presented below:
 
 
 
Six Months Ended May 31, 2012
 
Six Months Ended May 31, 2011
 
 
  Attributable to  
SYNNEX
Corporation
 
  Attributable to  
Noncontrolling
interest
 
Total Equity    
 
Attributable
  to SYNNEX  
    Corporation     
 
  Attributable to  
Noncontrolling
interest
 
Total Equity    
Beginning balance of equity:
 
$
1,158,379

 
$
10,079

 
$
1,168,458

 
$
992,670

 
$
157

 
$
992,827

Proceeds from the issuance of common stock on exercise of options
 
7,402

 
—

 
7,402

 
2,908

 
—

 
2,908

Proceeds from the issuance of common stock for employee stock purchase plan
 
677

 
—

 
677

 
513

 
—

 
513

Tax benefit from exercise of non-qualified stock options
 
2,736

 
—

 
2,736

 
2,456

 
—

 
2,456

Taxes paid for the settlement of equity awards
 
(241
)
 
—

 
(241
)
 
(3,079
)
 
—

 
(3,079
)
Share-based compensation
 
4,221

 
4

 
4,225

 
3,916

 
—

 
3,916

Capital contribution by noncontrolling interest
 
—

 
—

 
—

 
—

 
9,024

 
9,024

Changes in ownership of noncontrolling interest
 
(2,371
)
 
(4,147
)
 
(6,518
)
 
—

 
—

 
—

Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
72,597

 
1,387

 
73,984

 
61,122

 
60

 
61,182

Other comprehensive income (loss):
 

 

 

 

 

 

Changes in unrealized gain on available-for-sale securities
 
(40
)
 
61

 
21

 
97

 
—

 
97

Net unrealized components of defined benefit pension plans

 
64

 
(64
)
 
—

 
—

 
—

 
—

Foreign currency translation adjustments
 
(4,654
)
 
(300
)
 
(4,954
)
 
13,247

 
205

 
13,452

Total other comprehensive income (loss)
 
(4,630
)
 
(303
)
 
(4,933
)
 
13,344

 
205

 
13,549

Total comprehensive income
 
67,967

 
1,084

 
69,051

 
74,466

 
265

 
74,731

Ending balance of equity:
 
$
1,238,770

 
$
7,020

 
$
1,245,790

 
$
1,073,850

 
$
9,446

 
$
1,083,296

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (Cash and Cash Equivalent, Restricted Cash, Investments) (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
May 31, 2012
months
Nov. 30, 2011
Restricted Cash and Cash Equivalents Items [Line Items]
 
 
Total restricted cash
$ 18,544 
$ 31,217 
Cash equivalents, maximum maturity period (in months)
3 
 
Other Current Assets [Member]
 
 
Restricted Cash and Cash Equivalents Items [Line Items]
 
 
Related to borrowing arrangements and others:
14,329 
28,279 
Other Assets, Balance Sheet Disclosure [Member]
 
 
Restricted Cash and Cash Equivalents Items [Line Items]
 
 
Related to long-term projects:
$ 4,215 
$ 2,938 
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (Concentration of Credit Risk and Revenue Recognition) (Details)
3 Months Ended 6 Months Ended
May 31, 2012
customers
May 31, 2011
customers
May 31, 2012
customers
May 31, 2011
customers
Nov. 30, 2011
Concentration Risk [Line Items]
 
 
 
 
 
Number of customers accounted for 10% of total revenue
0 
1 
0 
0 
 
Number of customers exceeded 10% of total consolidated accounts receivable balance
0 
 
0 
 
0 
Largest concentration of revenue compared to total company revenue [Member] |
Hewlett-Packard Company [Member]
 
 
 
 
 
Concentration Risk [Line Items]
 
 
 
 
 
Concentration risk as percentage of total
36.00% 
34.00% 
36.00% 
34.00% 
 
ACQUISITIONS AND DIVESTITURES: (Details)
In Thousands, unless otherwise specified
6 Months Ended 6 Months Ended
May 31, 2012
SB Pacific [Member]
Apr. 1, 2012
SB Pacific [Member]
May 31, 2012
SYNNEX Infotec Corporation [Member]
JPY (¥)
May 31, 2012
SYNNEX Infotec Corporation [Member]
USD ($)
Apr. 1, 2012
SYNNEX Infotec Corporation [Member]
Feb. 29, 2012
SYNNEX Infotec Corporation [Member]
USD ($)
Dec. 2, 2010
SYNNEX Infotec Corporation [Member]
USD ($)
Dec. 2, 2010
SYNNEX Infotec Corporation [Member]
JPY (¥)
May 31, 2012
SYNNEX Infotec Corporation [Member]
Minimum [Member]
years
May 31, 2012
SYNNEX Infotec Corporation [Member]
Maximum [Member]
years
Dec. 2, 2010
SYNNEX Infotec Corporation [Member]
SB Pacific [Member]
Apr. 1, 2012
SB Pacific Corporation Limited [Member]
USD ($)
Business Acquisition [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
Percentage of capital stock acquired
 
 
 
 
 
 
70.00% 
70.00% 
 
 
 
 
Noncontrolling interest acquired by SB Pacific of SYNNEX Infotec
 
 
 
 
 
 
 
 
 
 
30.00% 
 
Total direct and indirect ownership of SYNNEX Infotec
 
 
 
 
 
 
80.00% 
80.00% 
 
 
 
 
Purchase consideration:
 
 
 
 
 
 
 
 
 
 
 
 
Cash payment
 
 
 
$ 4,824 
 
$ 5,888 
 
 
 
 
 
$ 6,046 
Contribution from noncontrolling interest
 
 
 
2,067 
 
 
 
 
 
 
 
 
Aggregate payment to acquire interest in SYNNEX Infotec
 
 
 
 
 
 
8,392 
700,000 
 
 
 
 
Adjusted Purchase Price for Acquisition
 
 
574,767 
6,891 
 
 
 
 
 
 
 
 
Allocation:
 
 
 
 
 
 
 
 
 
 
 
 
Cash
 
 
 
1,371 
 
 
 
 
 
 
 
 
Accounts receivable
 
 
 
186,909 
 
 
 
 
 
 
 
 
Inventories
 
 
 
84,553 
 
 
 
 
 
 
 
 
Other current assets
 
 
 
2,119 
 
 
 
 
 
 
 
 
Property, plant and equipment
 
 
 
5,521 
 
 
 
 
 
 
 
 
Goodwill
 
 
 
16,952 
 
 
 
 
 
 
 
 
Intangible assets
 
 
 
9,103 1
 
 
 
 
 
 
 
 
Other long-term assets
 
 
 
4,398 
 
 
 
 
 
 
 
 
Short-term borrowings
 
 
 
(103,646)
 
 
 
 
 
 
 
 
Accounts payable
 
 
 
(161,228)
 
 
 
 
 
 
 
 
Accrued liabilities
 
 
 
(15,151)
 
 
 
 
 
 
 
 
Long-term borrowings
 
 
 
(2,088)
 
 
 
 
 
 
 
 
Other long-term liabilities
 
 
 
(21,922)
 
 
 
 
 
 
 
 
Intangibles amortization period (in years)
 
 
 
 
 
 
 
 
3 
10 
 
 
Goodwill, Purchase Accounting Adjustments
 
 
¥ 125,233 
 
 
 
 
 
 
 
 
 
Subsidiary ownership percentage - direct
 
 
 
 
81.00% 
 
70.00% 
70.00% 
 
 
 
 
Equity Method Investment, Ownership Percentage
33.30% 
19.70% 
 
 
 
 
 
 
 
 
 
 
Subsidiary ownership percentage indirect
 
 
 
 
84.70% 
 
80.00% 
80.00% 
 
 
 
 
ACQUISITIONS AND DIVESTITURES: (Additional Acquisitions) (Details) (USD $)
In Thousands, unless otherwise specified
Sep. 30, 2011
GEM [Member]
Nov. 30, 2011
e4e, gem, and VisionMAX [Member]
Business Acquisition [Line Items]
 
 
Percentage of stock acquired
100.00% 
 
Purchase price
 
$ 43,349 
Net tangible assets acquired
 
10,155 
Recorded goodwill and intangibles
 
$ 33,194 
SHARE-BASED COMPENSATION: Share-based Compensation Expense (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
May 31, 2012
May 31, 2011
May 31, 2012
May 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Awards granted in the period
98 
32 
102 
37 
Value of awards granted during period
$ 3,461 
$ 1,043 
$ 3,615 
$ 1,211 
Total share-based compensation
2,216 
1,975 
4,225 
3,916 
Stock Options [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Awards granted in the period
20 
0 
20 
0 
Value of awards granted during period
301 
0 
301 
0 
Restricted Stock [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Awards granted in the period
32 
22 
36 
27 
Value of awards granted during period
1,196 
719 
1,350 
887 
Restricted Stock Units (RSUs) [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Awards granted in the period
46 
10 
46 
10 
Value of awards granted during period
$ 1,964 
$ 324 
$ 1,964 
$ 324 
BALANCE SHEET COMPONENTS: (Details) (USD $)
In Thousands, unless otherwise specified
May 31, 2012
Nov. 30, 2011
Assets [Line Items]
 
 
Business Acquisition, Purchase Price Allocation, Current Assets, Receivable from Vendors
$ 150,085 
 
Short-term investments
 
 
Short-term investments
15,175 
16,017 
Accounts receivable, net
 
 
Accounts receivable
1,164,027 
1,351,305 
Less: Allowance for doubtful accounts
(23,357)
(22,803)
Less: Allowance for sales returns
(27,488)
(35,475)
Accounts Receivable, Net, Current
1,113,182 
1,293,027 
Property and equipment, net
 
 
Property and equipment, gross
237,839 
232,304 
Less: Accumulated depreciation
(114,117)
(107,147)
Property and equipment, net
123,722 
125,157 
Land [Member]
 
 
Property and equipment, net
 
 
Property and equipment, gross
18,476 
18,566 
Equipment and computers [Member]
 
 
Property and equipment, net
 
 
Property and equipment, gross
98,726 
95,149 
Furniture and fixtures [Member]
 
 
Property and equipment, net
 
 
Property and equipment, gross
21,447 
19,566 
Building, leasehold improvements [Member]
 
 
Property and equipment, net
 
 
Property and equipment, gross
98,782 
97,261 
Construction in progress [Member]
 
 
Property and equipment, net
 
 
Property and equipment, gross
408 
1,762 
Trading securities [Member]
 
 
Short-term investments
 
 
Short-term investments
5,026 
5,808 
Available-for-sale securities [Member]
 
 
Short-term investments
 
 
Short-term investments
45 
37 
Held-to-maturity securities [Member]
 
 
Short-term investments
 
 
Short-term investments
7,980 
7,843 
Cost-method investments [Member]
 
 
Short-term investments
 
 
Short-term investments
$ 2,124 
$ 2,329 
BALANCE SHEET COMPONENTS: (Goodwill) (Details) (USD $)
In Thousands, unless otherwise specified
6 Months Ended
May 31, 2012
Goodwill [Roll Forward]
 
Goodwill, Beginning balance
$ 185,312 
Adjustments
(2,534)
Translation
(1,523)
Goodwill, Ending balance
181,255 
Distribution [Member]
 
Goodwill [Roll Forward]
 
Goodwill, Beginning balance
107,498 
Adjustments
(1,543)
Translation
(854)
Goodwill, Ending balance
105,101 
GBS [Member]
 
Goodwill [Roll Forward]
 
Goodwill, Beginning balance
77,814 
Adjustments
(991)
Translation
(669)
Goodwill, Ending balance
$ 76,154 
BALANCE SHEET COMPONENTS: (Intangible Assets) (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
May 31, 2012
May 31, 2011
May 31, 2012
May 31, 2011
Nov. 30, 2011
Finite-Lived Intangible Assets [Line Items]
 
 
 
 
 
Amortization of Intangible Assets
$ 2,071 
$ 1,761 
$ 4,146 
$ 3,810 
 
Finite-Lived Intangible Assets, Net [Abstract]
 
 
 
 
 
Finite-Lived Intangible Assets, Gross
91,956 
 
91,956 
 
92,349 
Finite-Lived Intangible Assets, Accumulated Amortization
(58,761)
 
(58,761)
 
(54,810)
Intangible Assets, Net (Excluding Goodwill)
33,195 
 
33,195 
 
37,539 
Vendor lists [Member]
 
 
 
 
 
Finite-Lived Intangible Assets, Net [Abstract]
 
 
 
 
 
Finite-Lived Intangible Assets, Gross
36,940 
 
36,940 
 
36,815 
Finite-Lived Intangible Assets, Accumulated Amortization
(27,894)
 
(27,894)
 
(27,104)
Intangible Assets, Net (Excluding Goodwill)
9,046 
 
9,046 
 
9,711 
Customer lists [Member]
 
 
 
 
 
Finite-Lived Intangible Assets, Net [Abstract]
 
 
 
 
 
Finite-Lived Intangible Assets, Gross
50,123 
 
50,123 
 
51,088 
Finite-Lived Intangible Assets, Accumulated Amortization
(26,869)
 
(26,869)
 
(23,879)
Intangible Assets, Net (Excluding Goodwill)
23,254 
 
23,254 
 
27,209 
Other intangible assets [Member]
 
 
 
 
 
Finite-Lived Intangible Assets, Net [Abstract]
 
 
 
 
 
Finite-Lived Intangible Assets, Gross
4,893 
 
4,893 
 
4,446 
Finite-Lived Intangible Assets, Accumulated Amortization
(3,998)
 
(3,998)
 
(3,827)
Intangible Assets, Net (Excluding Goodwill)
$ 895 
 
$ 895 
 
$ 619 
INVESTMENTS: (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
May 31, 2012
May 31, 2011
May 31, 2012
May 31, 2011
Nov. 30, 2011
Marketable Securities, Current [Abstract]
 
 
 
 
 
Short-term investments, Cost Basis
$ 15,652 
 
$ 15,652 
 
$ 21,675 
Gross unrealized gain (loss) on investments
477 
 
477 
 
5,658 
Short-term investments, Carrying Value
15,175 
 
15,175 
 
16,017 
Held-to-maturity Securities, Debt Maturity, Date Range, Low
 
 
3 
 
 
Held-to-maturity Securities, Debt Maturity, Date Range, High
 
 
1 
 
 
Net Realized and Unrealized Gain (Loss) on Trading Securities [Abstract]
 
 
 
 
 
Realized and unrealized gain (loss) on trading investments
25 
(250)
1,114 
472 
 
Long-term investments in other assets [Member]
 
 
 
 
 
Marketable Securities, Noncurrent [Abstract]
 
 
 
 
 
Available-for-sale securities, Cost Basis
1,097 
 
1,097 
 
939 
Gross Unrealized (Losses)/Gains, Available-for-sale securities
(41)
 
(41)
 
(168)
Available-for-sale securities, Carrying Value
1,138 
 
1,138 
 
1,107 
Trading [Member]
 
 
 
 
 
Marketable Securities, Current [Abstract]
 
 
 
 
 
Short-term investments, Cost Basis
5,548 
 
5,548 
 
11,503 
Gross unrealized gain (loss) on investments
522 
 
522 
 
5,695 
Short-term investments, Carrying Value
5,026 
 
5,026 
 
5,808 
Available-for-sale [Member]
 
 
 
 
 
Marketable Securities, Current [Abstract]
 
 
 
 
 
Short-term investments, Cost Basis
0 
 
0 
 
0 
Short-term investments, Carrying Value
45 
 
45 
 
37 
Marketable Securities, Noncurrent [Abstract]
 
 
 
 
 
Gross Unrealized (Losses)/Gains, Available-for-sale securities
(45)
 
(45)
 
(37)
Held-to-maturity [Member]
 
 
 
 
 
Marketable Securities, Current [Abstract]
 
 
 
 
 
Short-term investments, Cost Basis
7,980 
 
7,980 
 
7,843 
Gross unrealized gain (loss) on investments
0 
 
0 
 
0 
Short-term investments, Carrying Value
7,980 
 
7,980 
 
7,843 
Cost method securities [Member]
 
 
 
 
 
Marketable Securities, Current [Abstract]
 
 
 
 
 
Short-term investments, Cost Basis
2,124 
 
2,124 
 
2,329 
Gross unrealized gain (loss) on investments
0 
 
0 
 
0 
Short-term investments, Carrying Value
$ 2,124 
 
$ 2,124 
 
$ 2,329 
DERIVATIVE INSTRUMENTS: (Details) (Foreign Exchange Forward Contracts [Member], USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
May 31, 2012
Nov. 30, 2011
May 31, 2012
Other Current Assets [Member]
Nov. 30, 2011
Other Current Assets [Member]
May 31, 2012
Accrued Liabilities [Member]
Nov. 30, 2011
Accrued Liabilities [Member]
May 31, 2012
Other Income (Expense), Net [Member]
May 31, 2011
Other Income (Expense), Net [Member]
May 31, 2012
Other Income (Expense), Net [Member]
May 31, 2011
Other Income (Expense), Net [Member]
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net [Abstract]
 
 
 
 
 
 
 
 
 
 
Other Current Assets, Fair Value
 
 
$ 1,741 
$ 1 
 
 
 
 
 
 
Accrued Liabilities, Fair Value
 
 
 
 
547 
324 
 
 
 
 
Outstanding notional amounts of foreign exchange forward contracts
109,575 
79,468 
 
 
 
 
 
 
 
 
Realized and unrealized losses
 
 
 
 
 
 
$ 2,324 
$ 1,915 
$ 1,368 
$ 3,889 
FAIR VALUE MEASUREMENTS: (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
May 31, 2012
months
May 31, 2012
Fair Value, Measurements, Recurring [Member]
Level 1 [Member]
Nov. 30, 2011
Fair Value, Measurements, Recurring [Member]
Level 1 [Member]
May 31, 2012
Fair Value, Measurements, Recurring [Member]
Level 1 [Member]
Short-term Investments [Member]
Nov. 30, 2011
Fair Value, Measurements, Recurring [Member]
Level 1 [Member]
Short-term Investments [Member]
May 31, 2012
Fair Value, Measurements, Recurring [Member]
Level 1 [Member]
Other Assets [Member]
Nov. 30, 2011
Fair Value, Measurements, Recurring [Member]
Level 1 [Member]
Other Assets [Member]
May 31, 2012
Fair Value, Measurements, Recurring [Member]
Level 2 [Member]
Nov. 30, 2011
Fair Value, Measurements, Recurring [Member]
Level 2 [Member]
May 31, 2012
Fair Value, Measurements, Recurring [Member]
Level 3 [Member]
Nov. 30, 2011
Fair Value, Measurements, Recurring [Member]
Level 3 [Member]
May 31, 2012
Fair Value, Measurements, Recurring [Member]
Total [Member]
Nov. 30, 2011
Fair Value, Measurements, Recurring [Member]
Total [Member]
May 31, 2012
Fair Value, Measurements, Recurring [Member]
Total [Member]
Short-term Investments [Member]
Nov. 30, 2011
Fair Value, Measurements, Recurring [Member]
Total [Member]
Short-term Investments [Member]
May 31, 2012
Fair Value, Measurements, Recurring [Member]
Total [Member]
Other Assets [Member]
Nov. 30, 2011
Fair Value, Measurements, Recurring [Member]
Total [Member]
Other Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash equivalents, maximum maturity period (in months)
3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash equivalents
 
$ 28,028 
$ 25,638 
 
 
 
 
 
 
 
 
$ 28,028 
$ 25,638 
 
 
 
 
Trading securities
 
5,026 
5,808 
 
 
 
 
 
 
 
 
5,026 
5,808 
 
 
 
 
Available-for-sale securities
 
 
 
45 
37 
1,138 
1,107 
 
 
 
 
 
 
45 
37 
1,138 
1,107 
Forward foreign currency exchange contracts
 
 
 
 
 
 
 
1,741 
1 
 
 
1,741 
1 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Forward foreign currency exchange contracts
 
 
 
 
 
 
 
547 
324 
 
 
547 
324 
 
 
 
 
Acquisition-related contingent consideration
 
 
 
 
 
 
 
 
 
$ 2,013 
$ 3,065 
$ 2,013 
$ 3,065 
 
 
 
 
FAIR VALUE MEASUREMENTS: (Acquisition Related Contingent Consideration) (Details) (USD $)
In Thousands, unless otherwise specified
6 Months Ended 1 Months Ended
May 31, 2012
May 31, 2011
Nov. 30, 2010
Aspire and Encover [Member]
Minimum [Member]
years
Nov. 30, 2010
Aspire and Encover [Member]
Maximum [Member]
years
May 31, 2012
SB Pacific Corporation Limited [Member]
Apr. 1, 2012
SB Pacific Corporation Limited [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
 
 
 
 
 
 
Equity Method Investment, Ownership Percentage
 
 
 
 
33.30% 
19.70% 
Periods of established profitability measures (in years)
 
 
1 
3 
 
 
Decrease in fair value of contingent consideration
$ (1,052)
$ 0 
 
 
 
 
FAIR VALUE MEASUREMENTS: (Assets and Liabilities Not Carried at Fair Value) (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended
May 31, 2012
May 31, 2011
May 31, 2012
May 31, 2011
May 31, 2012
SB Pacific [Member]
Apr. 1, 2012
SB Pacific [Member]
May 31, 2012
Carrying Value [Member]
Nov. 30, 2011
Carrying Value [Member]
May 31, 2012
Carrying Value [Member]
Other Assets [Member]
Nov. 30, 2011
Carrying Value [Member]
Other Assets [Member]
May 31, 2012
Carrying Value [Member]
Other Assets [Member]
SB Pacific [Member]
Nov. 30, 2011
Carrying Value [Member]
Other Assets [Member]
SB Pacific [Member]
May 31, 2012
Carrying Value [Member]
Short-term Investments [Member]
Nov. 30, 2011
Carrying Value [Member]
Short-term Investments [Member]
May 31, 2012
Carrying Value [Member]
SYNNEX Canada Corporation [Member]
Nov. 30, 2011
Carrying Value [Member]
SYNNEX Canada Corporation [Member]
May 31, 2012
Carrying Value [Member]
SYNNEX Infotec Corporation [Member]
Nov. 30, 2011
Carrying Value [Member]
SYNNEX Infotec Corporation [Member]
May 31, 2012
Fair Value [Member]
Nov. 30, 2011
Fair Value [Member]
May 31, 2012
Fair Value [Member]
Short-term Investments [Member]
Nov. 30, 2011
Fair Value [Member]
Short-term Investments [Member]
May 31, 2012
Fair Value [Member]
SYNNEX Canada Corporation [Member]
Nov. 30, 2011
Fair Value [Member]
SYNNEX Canada Corporation [Member]
May 31, 2012
Fair Value [Member]
SYNNEX Infotec Corporation [Member]
Nov. 30, 2011
Fair Value [Member]
SYNNEX Infotec Corporation [Member]
May 31, 2012
Realized gain (loss) [Member]
May 31, 2011
Realized gain (loss) [Member]
May 31, 2012
Realized gain (loss) [Member]
May 31, 2011
Realized gain (loss) [Member]
May 31, 2012
Unrealized Gain (Loss or Write-down) [Member]
May 31, 2011
Unrealized Gain (Loss or Write-down) [Member]
May 31, 2012
Unrealized Gain (Loss or Write-down) [Member]
May 31, 2011
Unrealized Gain (Loss or Write-down) [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings [Abstract]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total realized and unrealized gain (loss)
$ 2,349 
$ (2,166)
$ 2,482 
$ (3,417)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 2 
$ (1,756)
$ (1,216)
$ (3,529)
$ 2,347 
$ (410)
$ 3,698 
$ 112 
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost method investments
 
 
 
 
 
 
 
 
3,323 
3,575 
 
 
2,124 
2,329 
 
 
 
 
 
 
3,705 
3,898 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term accounts receivable
 
 
 
 
 
 
6,956 
5,853 
 
 
 
 
 
 
 
 
 
 
6,956 
5,853 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noncontrolling investment, percentage
 
 
 
 
33.30% 
19.70% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity method investment, carrying value
 
 
 
 
 
 
 
 
 
 
3,082 
5,950 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Term loans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8,661 
9,118 
14,111 
15,136 
 
 
 
 
8,661 
9,118 
14,111 
15,136 
 
 
 
 
 
 
 
 
Infotec Japan credit facility - long-term
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
76,619 
77,290 
 
 
 
 
 
 
76,619 
77,290 
 
 
 
 
 
 
 
 
Convertible debt
 
 
 
 
 
 
$ 138,748 
$ 136,163 
 
 
 
 
 
 
 
 
 
 
$ 175,890 
$ 165,386 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ACCOUNTS RECEIVABLE ARRANGEMENTS: (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 6 Months Ended
May 31, 2012
May 31, 2011
May 31, 2012
May 31, 2011
Nov. 30, 2011
May 31, 2012
Flooring Agreement [Member]
May 31, 2011
Flooring Agreement [Member]
May 31, 2012
Flooring Agreement [Member]
May 31, 2011
Flooring Agreement [Member]
Nov. 30, 2011
Flooring Agreement [Member]
May 31, 2012
Minimum [Member]
days
May 31, 2012
Maximum [Member]
days
May 31, 2012
Amended and Restated U.S. Arrangement [Member]
Program Fee [Member]
May 31, 2012
Amended and Restated U.S. Arrangement [Member]
Facility Fee [Member]
May 31, 2012
U.S. Arrangement [Member]
Program Fee [Member]
May 31, 2012
U.S. Arrangement [Member]
Facility Fee [Member]
May 31, 2012
Trade Accounts Receivable [Member]
Amended and Restated U.S. Arrangement [Member]
Nov. 30, 2011
Trade Accounts Receivable [Member]
U.S. Arrangement [Member]
Oct. 31, 2010
Trade Accounts Receivable [Member]
U.S. Arrangement [Member]
May 31, 2012
SYNNEX Infotec Corporation [Member]
Accounts and Notes Receivable [Member]
Nov. 30, 2011
SYNNEX Infotec Corporation [Member]
Accounts and Notes Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maximum pledge amount under accounts receivable securitization program
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 400,000 
 
$ 350,000 
 
 
Borrowing cost rates, program and facility fees
 
 
 
 
 
 
 
 
 
 
 
 
0.60% 
0.60% 
0.65% 
0.65% 
 
 
 
 
 
Outstanding amount under accounts receivable securitization program
0 
 
0 
 
64,500 
 
 
 
 
 
 
 
 
 
 
 
0 
64,500 
 
13,864 
10,980 
Payment period range from the date of sale (in days)
 
 
 
 
 
 
 
 
 
 
15 
30 
 
 
 
 
 
 
 
 
 
Net Sales Financed
2,482,799 
2,495,802 
4,943,493 
4,996,736 
 
202,933 
171,756 
373,825 
330,815 
 
 
 
 
 
 
 
 
 
 
 
 
Flooring Fees
(5,519)
(6,269)
(11,554)
(12,438)
 
1,173 1
599 1
2,195 1
1,033 1
 
 
 
 
 
 
 
 
 
 
 
 
Accounts receivable, net
$ 1,113,182 
 
$ 1,113,182 
 
$ 1,293,027 
$ 53,934 
 
$ 53,934 
 
$ 63,031 
 
 
 
 
 
 
 
 
 
 
 
BORROWINGS: (Long-term Debt and Convertible Debt) (Details) (USD $)
6 Months Ended
May 31, 2012
Nov. 30, 2011
May 31, 2008
Long-term Debt, by Current and Noncurrent [Abstract]
 
 
 
Convertible debt
$ 0 
$ 136,163,000 
 
Convertible Debt
138,748,000 
0 
 
Convertible Debt
138,748,000 
136,163,000 
 
SYNNEX U.S. securitization
0 
64,500,000 
 
Total borrowings
290,704,000 
383,022,000 
 
Long-term Debt, Current Maturities
205,374,000 
159,200,000 
 
Non-current portion
85,330,000 
223,822,000 
 
Convertible Debt [Member]
 
 
 
Long-term Debt, by Current and Noncurrent [Abstract]
 
 
 
Convertible debt
138,748,000 
136,163,000 
 
Convertible Debt [Abstract]
 
 
 
Aggregate principal amount of convertible senior notes
143,750,000 
143,750,000 
143,750,000 
Stated percentage of convertible senior notes
 
 
4.00% 
Maturity period
10 
 
 
Redemption price as percentage of principal amount
100.00% 
 
 
SYNNEX Canada [Member]
 
 
 
Long-term Debt, by Current and Noncurrent [Abstract]
 
 
 
Line of credit
0 
27,285,000 
 
SYNNEX Canada term loan
8,661,000 
9,118,000 
 
SYNNEX Infotec [Member]
 
 
 
Long-term Debt, by Current and Noncurrent [Abstract]
 
 
 
Line of credit
127,698,000 
128,816,000 
 
Term loans, capital leases & other borrowings
15,597,000 
17,140,000 
 
Amended and Restated U.S. Arrangement [Member] |
Trade Accounts Receivable [Member]
 
 
 
Long-term Debt, by Current and Noncurrent [Abstract]
 
 
 
SYNNEX U.S. securitization
0 
 
 
Convertible Debt [Abstract]
 
 
 
Maximum pledge amount under accounts receivable securitization program
$ 400,000,000 
 
 
BORROWINGS: (Line of Credit and Term Loans) (Details)
6 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended
May 31, 2012
USD ($)
Nov. 30, 2011
USD ($)
Oct. 31, 2010
Line of Credit, Senior Secured Revolving Facility [Member]
USD ($)
May 31, 2012
Line of Credit, Unsecured Revolving Facility [Member]
USD ($)
Nov. 30, 2011
Line of Credit, Unsecured Revolving Facility [Member]
USD ($)
May 31, 2012
Line of Credit, Senior Secured Revolving Facility, Amended and Restated [Member]
USD ($)
May 31, 2012
Line of Credit, Senior Secured Revolving Facility, Amended and Restated [Member]
Outstanding Amount Less than Half of Borrowing Capacity [Member]
May 31, 2012
Line of Credit, Senior Secured Revolving Facility, Amended and Restated [Member]
Outstanding Amount Greater than Half of Borrowing Capacity [Member]
May 31, 2012
Overnight Federal Funds Rate [Member]
Line of Credit, Senior Secured Revolving Facility, Amended and Restated [Member]
May 31, 2012
One month LIBOR [Member]
Line of Credit, Senior Secured Revolving Facility, Amended and Restated [Member]
May 31, 2012
LIBOR [Member]
Line of Credit, Unsecured Revolving Facility [Member]
May 31, 2012
LIBOR [Member]
Line of Credit, Senior Secured Revolving Facility, Amended and Restated [Member]
May 31, 2012
Prime Rate [Member]
Line of Credit, Unsecured Revolving Facility [Member]
May 31, 2012
SYNNEX Canada [Member]
USD ($)
Nov. 30, 2011
SYNNEX Canada [Member]
USD ($)
May 31, 2012
SYNNEX Canada [Member]
Standby Letter of Credit [Member]
USD ($)
Nov. 30, 2011
SYNNEX Canada [Member]
Standby Letter of Credit [Member]
USD ($)
Feb. 29, 2012
SYNNEX Canada [Member]
Line of Credit, Revolving Facility [Member]
CAD ($)
May 31, 2012
SYNNEX Canada [Member]
Line of Credit, Revolving Facility [Member]
USD ($)
May 31, 2012
SYNNEX Canada [Member]
Line of Credit, Revolving Facility [Member]
CAD ($)
May 31, 2012
SYNNEX Canada [Member]
Loans Payable [Member]
May 31, 2012
SYNNEX Canada [Member]
Base Rate Loan, Canadian Dollars [Member]
Line of Credit, Revolving Facility [Member]
Feb. 29, 2012
SYNNEX Canada [Member]
Base Rate Loan, Canadian Dollars [Member]
Line of Credit, Revolving Facility [Member]
May 31, 2012
SYNNEX Canada [Member]
Base Rate Loan, US Dollars [Member]
Line of Credit, Revolving Facility [Member]
Feb. 29, 2012
SYNNEX Canada [Member]
Base Rate Loan, US Dollars [Member]
Line of Credit, Revolving Facility [Member]
May 31, 2012
SYNNEX Canada [Member]
Bankers Acceptance Rate Loan [Member]
Line of Credit, Revolving Facility [Member]
Feb. 29, 2012
SYNNEX Canada [Member]
Bankers Acceptance Rate Loan [Member]
Line of Credit, Revolving Facility [Member]
May 31, 2012
SYNNEX Infotec [Member]
USD ($)
Nov. 30, 2011
SYNNEX Infotec [Member]
USD ($)
May 31, 2012
SYNNEX Infotec [Member]
Line of Credit [Member]
JPY (¥)
May 31, 2012
SYNNEX Infotec [Member]
Long-term Loan Payable [Member]
JPY (¥)
May 31, 2012
SYNNEX Infotec [Member]
Line of Credit, Short-term Revolving Facility [Member]
JPY (¥)
May 31, 2012
SYNNEX Infotec [Member]
Loans Payable [Member]
USD ($)
Nov. 30, 2011
SYNNEX Infotec [Member]
Loans Payable [Member]
USD ($)
May 31, 2012
SYNNEX Infotec [Member]
Notes Payable to Banks [Member]
JPY (¥)
May 31, 2012
Loans Payable [Member]
SYNNEX Infotec [Member]
JPY (¥)
Nov. 30, 2011
Loans Payable [Member]
SYNNEX Infotec [Member]
JPY (¥)
May 31, 2012
Maximum [Member]
May 31, 2011
Maximum [Member]
May 31, 2012
Maximum [Member]
May 31, 2011
Maximum [Member]
May 31, 2012
Minimum [Member]
May 31, 2011
Minimum [Member]
May 31, 2012
Minimum [Member]
May 31, 2011
Minimum [Member]
Line of Credit Facility [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current commitment
 
 
$ 80,000,000 
 
 
$ 100,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accordion feature amount
 
 
 
 
 
50,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
25,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maximum commitment
 
 
 
25,000,000 
 
150,000,000 
 
 
 
 
 
 
 
 
 
5,000,000 
 
125,000,000 
125,000,000 
100,000,000 
 
 
 
 
 
 
 
 
 
10,000,000,000 
6,000,000,000 
4,000,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stated interest rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5.374% 
1.50% 
2.50% 
0.50% 
3.25% 
 
1.00% 
 
 
 
 
 
 
 
1.50% 
 
 
 
 
 
 
 
 
 
 
Other Borrowings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
14,109,000 
15,137,000 
 
 
 
 
 
 
 
 
Basis spread percentage
 
 
 
 
 
 
 
 
0.50% 
1.00% 
2.00% 
2.25% 
(0.25%)
 
 
 
 
 
 
 
 
0.75% 
1.25% 
0.75% 
2.50% 
2.00% 
2.75% 
 
 
2.25% 
 
 
 
 
 
1.75% 
 
 
 
 
 
 
 
 
 
Unused line fees
 
 
 
0.50% 
 
 
0.50% 
0.35% 
 
 
 
 
 
 
 
 
 
0.375% 
0.25% 
0.25% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Event of default, minimum availability amount
 
 
 
 
 
60,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Event of default, outstanding amount
 
 
 
 
 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding borrowings
 
 
 
0 
0 
0 
 
 
 
 
 
 
 
0 
27,285,000 
 
 
 
 
 
 
 
 
 
 
 
 
127,698,000 
128,816,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding standby letters of credit
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3,316,000 
3,368,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Guarantees issued
243,077,000 
238,723,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7,000,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term loan
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,000,000,000 
1,000,000,000 
 
 
 
 
 
 
 
 
Term loan
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
140,000,000 
 
 
 
 
 
 
 
 
 
 
Amount outstanding under arrangements for sale and financing of accounts receivable
0 
64,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
229,000 
536,000 
 
 
 
 
 
 
 
 
 
 
 
Capital Lease Obligations
$ 1,259,000 
$ 1,467,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt, Variable Interest Percentage, Percentage Rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4.24% 
4.30% 
4.24% 
4.46% 
0.87% 
0.86% 
0.87% 
0.86% 
BORROWINGS: (Interest Expense and Guarantees) (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
May 31, 2012
May 31, 2011
May 31, 2012
May 31, 2011
Nov. 30, 2011
May 31, 2008
Interest Expense, Debt [Abstract]
 
 
 
 
 
 
Total interest expense and finance charges
$ 7,043 
$ 7,014 
$ 13,997 
$ 13,947 
 
 
Non-cash debt accretion expense
 
 
2,584 
2,389 
 
 
Guarantees issued
243,077 
 
243,077 
 
238,723 
 
Minimum [Member]
 
 
 
 
 
 
Interest Expense, Debt [Abstract]
 
 
 
 
 
 
Debt, Variable Interest Percentage, Percentage Rate
0.87% 
0.86% 
0.87% 
0.86% 
 
 
Maximum [Member]
 
 
 
 
 
 
Interest Expense, Debt [Abstract]
 
 
 
 
 
 
Debt, Variable Interest Percentage, Percentage Rate
4.24% 
4.30% 
4.24% 
4.46% 
 
 
Convertible Debt [Member]
 
 
 
 
 
 
Debt Instrument [Line Items]
 
 
 
 
 
 
Aggregate principal amount of convertible senior notes
143,750 
 
143,750 
 
143,750 
143,750 
Interest Expense, Debt [Abstract]
 
 
 
 
 
 
Total interest expense and finance charges
1,624 
1,624 
3,248 
3,247 
 
 
Non-cash debt accretion expense
$ 1,301 
$ 1,202 
$ 2,585 
$ 2,389 
 
 
CONVERTIBLE DEBT: (Details) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
May 31, 2012
months
May 31, 2011
May 31, 2012
years
months
May 31, 2011
Nov. 30, 2011
May 31, 2008
Convertible debt
 
 
 
 
 
 
Net carrying amount
$ 0 
 
$ 0 
 
$ 136,163 
 
Contractual interest expense
7,043 
7,014 
13,997 
13,947 
 
 
Long-term Debt, Conversion Circumstances [Abstract]
 
 
 
 
 
 
Non-cash interest expense
 
 
2,584 
2,389 
 
 
Convertible Debt
138,748 
 
138,748 
 
0 
 
Convertible Debt [Member]
 
 
 
 
 
 
Convertible debt
 
 
 
 
 
 
Aggregate principal amount of convertible senior notes
143,750 
 
143,750 
 
143,750 
143,750 
Less: Unamortized debt discount
(5,002)
 
(5,002)
 
(7,587)
(23,418)
Net carrying amount
138,748 
 
138,748 
 
136,163 
 
Stated percentage of convertible senior notes
 
 
 
 
 
4.00% 
Contractual interest expense
1,624 
1,624 
3,248 
3,247 
 
 
Long-term Debt, Contingent Payment of Interest [Abstract]
 
 
 
 
 
 
Minimum trading price as percentage of principal amount
 
 
120.00% 
 
 
 
Contingent interest payable as percentage of average trading price
 
 
0.55% 
 
 
 
Long-term Debt, Conversion Circumstances [Abstract]
 
 
 
 
 
 
Common stock sales price as percentage of conversion price
 
 
130.00% 
 
 
 
Maximum trading price per $1 principal amount as percentage of product of common stock sales price and debt conversion rate
 
 
98.00% 
 
 
 
Debt conversion rate of common stock per $1 principal amount
 
 
33.9945 
 
 
 
Debt conversion price per common stock
$ 29.42 
 
$ 29.42 
 
 
 
Redemption price as percentage of principal amount
 
 
100.00% 
 
 
 
Non-convertible debt borrowing rate
 
 
8.00% 
 
 
 
Estimated fair value
120,332 
 
120,332 
 
 
 
Debt discount
5,002 
 
5,002 
 
7,587 
23,418 
Discount amortization period (in years)
 
 
5 
 
 
 
Remaining amortization period (in months)
11 
 
11 
 
 
 
Non-cash interest expense
1,301 
1,202 
2,585 
2,389 
 
 
Carrying value of debt equity component
$ 22,836 
 
$ 22,836 
 
 
 
Maturity period
 
 
10 
 
 
 
NET INCOME PER COMMON SHARE: (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
May 31, 2012
May 31, 2011
May 31, 2012
May 31, 2011
Earnings Per Share [Abstract]
 
 
 
 
Net income attributable to SYNNEX Corporation
$ 34,374 
$ 31,401 
$ 72,597 
$ 61,122 
Weighted-average common shares outstanding - basic
36,607 
35,693 
36,456 
35,661 
Effect of dilutive securities:
 
 
 
 
Stock options, restricted stock awards and restricted stock units
641 
849 
638 
849 
Conversion spread of convertible debt
1,100 
556 
896 
535 
Weighted-average common shares-diluted
38,348 
37,098 
37,990 
37,045 
Basic:
 
 
 
 
Net income per common share - basic
$ 0.94 
$ 0.88 
$ 1.99 
$ 1.71 
Diluted:
 
 
 
 
Net income per common share - diluted
$ 0.90 
$ 0.85 
$ 1.91 
$ 1.65 
NET INCOME PER COMMON SHARE: (Antidilutive Securities) (Details) (Options [Member])
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
May 31, 2012
May 31, 2011
May 31, 2012
May 31, 2011
Options [Member]
 
 
 
 
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
 
 
 
 
Options excluded from computation of diluted net income per share
3 
19 
5 
22 
SEGMENT INFORMATION: (Operating Segments) (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
May 31, 2012
May 31, 2011
May 31, 2012
May 31, 2011
Nov. 30, 2011
Segment Reporting Information [Line Items]
 
 
 
 
 
Revenue
$ 2,482,799 
$ 2,495,802 
$ 4,943,493 
$ 4,996,736 
 
Income from continuing operations before non-operating items, income taxes and noncontrolling interest
59,321 
54,160 
123,309 
105,013 
 
Total assets
2,560,499 
 
2,560,499 
 
2,833,295 
Benefit for the release of contingent consideration
 
 
1,052 
0 
 
Distribution [Member]
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
Revenue
2,442,963 
2,463,789 
4,866,227 
4,932,404 
 
Income from continuing operations before non-operating items, income taxes and noncontrolling interest
56,387 
50,455 
118,752 
97,674 
 
Total assets
2,461,841 
 
2,461,841 
 
2,737,600 
GBS [Member]
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
Revenue
47,714 
38,752 
92,776 
77,990 
 
Income from continuing operations before non-operating items, income taxes and noncontrolling interest
2,578 
3,705 
4,570 
7,339 
 
Total assets
304,156 
 
304,156 
 
295,600 
Inter-Segment Elimination [Member]
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
Revenue
(7,878)
(6,739)
(15,510)
(13,658)
 
Income from continuing operations before non-operating items, income taxes and noncontrolling interest
356 
0 
(13)
0 
 
Total assets
$ (205,498)
 
$ (205,498)
 
$ (199,905)
SEGMENT INFORMATION: (Geographical Areas) (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
May 31, 2012
May 31, 2011
May 31, 2012
May 31, 2011
Nov. 30, 2011
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
 
 
Revenue
$ 2,482,799 
$ 2,495,802 
$ 4,943,493 
$ 4,996,736 
 
Long-lived assets
153,936 
 
153,936 
 
162,605 
North America [Member]
 
 
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
 
 
Revenue
2,126,226 
2,154,613 
4,236,065 
4,277,215 
 
Long-lived assets
104,672 
 
104,672 
 
105,318 
UNITED STATES
 
 
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
 
 
Segment revenue as percentage of total
72.00% 
72.00% 
71.00% 
71.00% 
 
Segment long-lived assets as percentage of total
56.00% 
 
56.00% 
 
52.00% 
CANADA
 
 
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
 
 
Segment revenue as percentage of total
14.00% 
15.00% 
14.00% 
15.00% 
 
Segment long-lived assets as percentage of total
12.00% 
 
12.00% 
 
12.00% 
Asia-Pacific [Member]
 
 
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
 
 
Revenue
333,944 
332,242 
671,077 
649,718 
 
Long-lived assets
29,436 
 
29,436 
 
34,974 
JAPAN
 
 
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
 
 
Segment revenue as percentage of total
13.00% 
13.00% 
13.00% 
12.00% 
 
Segment long-lived assets as percentage of total
9.00% 
 
9.00% 
 
12.00% 
Other [Member]
 
 
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
 
 
Revenue
22,629 
8,947 
36,351 
69,803 
 
Long-lived assets
$ 19,828 
 
$ 19,828 
 
$ 22,313 
RELATED PARTY TRANSACTIONS: (MiTAC) (Details) (USD $)
Share data in Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
May 31, 2012
May 31, 2011
May 31, 2012
May 31, 2011
Nov. 30, 2011
Related Party Transaction [Line Items]
 
 
 
 
 
Transition services period (in months)
 
 
12 
 
 
Minimum [Member]
 
 
 
 
 
Related Party Transaction [Line Items]
 
 
 
 
 
Related Party Transaction, Transition Services, Fees
 
 
$ 12 
 
 
Maximum [Member]
 
 
 
 
 
Related Party Transaction [Line Items]
 
 
 
 
 
Related Party Transaction, Transition Services, Fees
 
 
18 
 
 
MiTAC International and affiliates [Member]
 
 
 
 
 
Related Party Transaction [Line Items]
 
 
 
 
 
Ownership percentage of company's common stock
27.00% 
 
27.00% 
 
29.00% 
Purchases of inventories
738,000 
941,000 
979,000 
2,328,000 
 
Sales to related parties and affiliates
1,089,000 
538,000 
2,223,000 
824,000 
 
Beneficial ownership of company's common stock
10,191 
 
10,191 
 
 
MiTAC International [Member]
 
 
 
 
 
Related Party Transaction [Line Items]
 
 
 
 
 
Related Party Transaction, Transition Services, Fees
$ 926,000 
$ 2,586,000 
$ 1,872,000 
$ 4,096,000 
 
Beneficial ownership of company's common stock
5,908 1
 
5,908 1
 
 
MiTAC International ownership in MiTAC Incorporated
8.70% 
 
8.70% 
 
 
Synnex Technology International [Member]
 
 
 
 
 
Related Party Transaction [Line Items]
 
 
 
 
 
Beneficial ownership of company's common stock
4,283 2
 
4,283 2
 
 
MiTAC Incorporated ownership in Synnex Technology International
13.70% 
 
13.70% 
 
 
Chairman Emeritus, Board of Directors [Member]
 
 
 
 
 
Related Party Transaction [Line Items]
 
 
 
 
 
Beneficial ownership of company's common stock
591 
 
591 
 
 
Chairman Emeritus, Board of Directors [Member] |
Shares held directly [Member]
 
 
 
 
 
Related Party Transaction [Line Items]
 
 
 
 
 
Beneficial ownership of company's common stock
381 
 
381 
 
 
Chairman Emeritus, Board of Directors [Member] |
Shares subject to exercisable options [Member]
 
 
 
 
 
Related Party Transaction [Line Items]
 
 
 
 
 
Beneficial ownership of company's common stock
210 
 
210 
 
 
RELATED PARTY TRANSACTIONS: (Others) (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
May 31, 2012
SB Pacific [Member]
Apr. 1, 2012
SB Pacific [Member]
Dec. 2, 2010
SB Pacific [Member]
SYNNEX Infotec Corporation [Member]
May 31, 2012
SB Pacific [Member]
Apr. 1, 2012
SB Pacific [Member]
Nov. 30, 2011
SB Pacific [Member]
Aug. 31, 2010
SB Pacific [Member]
Apr. 1, 2012
SYNNEX Infotec Corporation [Member]
SB Pacific [Member]
Related Party Transaction [Line Items]
 
 
 
 
 
 
 
 
Noncontrolling investment, percentage
33.30% 
19.70% 
 
 
19.70% 
 
33.30% 
19.00% 
Gain (Loss) on Sale of Stock in Subsidiary
 
 
 
$ 271 
 
 
 
 
Noncontrolling interest
 
 
 
3,082 
 
5,950 
 
 
Variable interest entity, maximum exposure to loss
 
 
 
$ 3,082 
 
 
 
 
Noncontrolling interest acquired by SB Pacific of SYNNEX Infotec
 
 
30.00% 
 
 
 
 
 
PENSION AND EMPLOYEE BENEFITS PLANS: (Net Periodic Pension Costs and Benefits Paid) (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
May 31, 2012
May 31, 2011
May 31, 2012
May 31, 2011
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]
 
 
 
 
Service cost
 
 
$ 369 
$ 344 
Interest cost
 
 
96 
89 
Expected return on plan assets
 
 
(58)
(53)
Net periodic pension costs
 
 
407 
380 
SYNNEX Infotec Corporation [Member] |
Foreign Pension Plans, Defined Benefit [Member]
 
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
 
Defined Benefit Plan, Contributions by Employer
236 
124 
434 
356 
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]
 
 
 
 
Service cost
192 
173 
 
 
Interest cost
50 
45 
 
 
Expected return on plan assets
(30)
(27)
 
 
Net periodic pension costs
$ 212 
$ 191 
 
 
STOCKHOLDERS' EQUITY: Share Repurchase Program (Details) (USD $)
In Thousands, unless otherwise specified
1 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2011
years
Nov. 30, 2011
May 31, 2012
Equity, Class of Treasury Stock [Line Items]
 
 
 
Share repurchase program, period in force (in years)
3 
 
 
Share repurchase program, authorized amount
$ 65,000 
 
 
Share repurchase program, number of shares purchased
 
62 
0 
Payments for Repurchase of Common Stock
 
$ 1,676 
 
STOCKHOLDERS' EQUITY: Changes in Equity (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
May 31, 2012
May 31, 2011
May 31, 2012
May 31, 2011
Schedule of Capitalization, Equity [Line Items]
 
 
 
 
Stockholders' Equity Attributable to Parent
 
 
$ 1,158,379 
 
Stockholders' Equity Attributable to Noncontrolling Interest
 
 
10,079 
 
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest
 
 
1,168,458 
992,827 
Stock Issued During Period, Value, Stock Options Exercised
 
 
7,402 
2,908 
Stock Issued During Period, Value, Employee Stock Purchase Plan
 
 
677 
513 
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation
 
 
2,736 
2,456 
Adjustments Related to Tax Withholding for Share-based Compensation
 
 
(241)
(3,079)
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition
 
 
4,225 
3,916 
Noncontrolling Interest, Increase from Business Combination
 
 
 
9,024 
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests
 
 
(6,518)
 
Net Income (Loss) Attributable to Parent
34,374 
31,401 
72,597 
61,122 
Net Income (Loss) Attributable to Noncontrolling Interest
456 
110 
1,387 
60 
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
34,830 
31,511 
73,984 
61,182 
Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss), Net of Tax
 
 
21 
97 
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax
 
 
0 
0 
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax
(10,755)
2,580 
(4,954)
13,452 
Total other comprehensive income:
(10,821)
2,605 
(4,933)
13,549 
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest
23,399 
33,801 
67,967 
74,466 
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest
610 
315 
1,084 
265 
Comprehensive Income:
24,009 
34,116 
69,051 
74,731 
Stockholders' Equity Attributable to Parent
1,238,770 
 
1,238,770 
 
Stockholders' Equity Attributable to Noncontrolling Interest
7,020 
 
7,020 
 
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest
1,245,790 
1,083,296 
1,245,790 
1,083,296 
Parent [Member]
 
 
 
 
Schedule of Capitalization, Equity [Line Items]
 
 
 
 
Stockholders' Equity Attributable to Parent
 
 
1,158,379 
992,670 
Stock Issued During Period, Value, Stock Options Exercised
 
 
7,402 
2,908 
Stock Issued During Period, Value, Employee Stock Purchase Plan
 
 
677 
513 
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation
 
 
2,736 
2,456 
Adjustments Related to Tax Withholding for Share-based Compensation
 
 
(241)
(3,079)
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition
 
 
4,221 
3,916 
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests
 
 
(2,371)
 
Net Income (Loss) Attributable to Parent
 
 
72,597 
61,122 
Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss), Net of Tax
 
 
(40)
97 
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax
 
 
(64)
0 
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax
 
 
(4,654)
13,247 
Total other comprehensive income:
 
 
(4,630)
13,344 
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest
 
 
67,967 
74,466 
Stockholders' Equity Attributable to Parent
1,238,770 
1,073,850 
1,238,770 
1,073,850 
Noncontrolling Interest [Member]
 
 
 
 
Schedule of Capitalization, Equity [Line Items]
 
 
 
 
Stockholders' Equity Attributable to Noncontrolling Interest
 
 
10,079 
157 
Stock Issued During Period, Value, Stock Options Exercised
 
 
0 
0 
Stock Issued During Period, Value, Employee Stock Purchase Plan
 
 
0 
0 
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation
 
 
0 
0 
Adjustments Related to Tax Withholding for Share-based Compensation
 
 
0 
0 
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition
 
 
4 
0 
Noncontrolling Interest, Increase from Business Combination
 
 
 
9,024 
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests
 
 
(4,147)
 
Net Income (Loss) Attributable to Noncontrolling Interest
 
 
1,387 
60 
Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss), Net of Tax
 
 
61 
0 
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax
 
 
64 
0 
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax
 
 
(300)
205 
Total other comprehensive income:
 
 
(303)
205 
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest
 
 
1,084 
265 
Stockholders' Equity Attributable to Noncontrolling Interest
$ 7,020 
$ 9,446 
$ 7,020 
$ 9,446 
COMMITMENTS AND CONTINGENCIES: (Details) (HiChina Web Solutions [Member], USD $)
In Thousands, unless otherwise specified
May 31, 2012
HiChina Web Solutions [Member]
 
Loss Contingencies [Line Items]
 
Discontinued Operations, Contingent Indemnification Liability
$ 4,122