Audit Information |
12 Months Ended |
|---|---|
Nov. 30, 2022 | |
| Audit Information [Abstract] | |
| Auditor Name | KPMG LLP |
| Auditor Location | Santa Clara, CA |
| Auditor Firm ID | 185 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Nov. 30, 2022 |
Nov. 30, 2021 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Preferred Stock, par value, per share (USD per share) | $ 0.001 | $ 0.001 |
| Preferred Stock, shares authorized | 5,000,000 | 5,000,000 |
| Preferred Stock, shares issued | 0 | 0 |
| Preferred Stock, shares outstanding | 0 | 0 |
| Common Stock, par value, per share (USD per share) | $ 0.001 | $ 0.001 |
| Common Stock, shares authorized | 200,000,000 | 200,000,000 |
| Common Stock, Shares, Issued | 98,696,000 | 98,204,000 |
| Treasury Stock, Shares | 4,049,000 | 2,633,000 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (PARENTHETICAL) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2022 |
Nov. 30, 2021 |
Nov. 30, 2020 |
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| Statement of Comprehensive Income [Abstract] | |||
| Tax on unrealized gains (losses) on cash flow hedges | $ (11,457) | $ (2,155) | $ 3,981 |
| Tax on reclassification of cash flow hedges to earnings | (6,517) | (10,278) | (880) |
| Tax on foreign currency translation adjustments | $ 3,192 | $ (635) | $ 4,352 |
Organization and Basis of Presentation |
12 Months Ended |
|---|---|
Nov. 30, 2022 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| ORGANIZATION AND BASIS OF PRESENTATION | NOTE 1—ORGANIZATION AND BASIS OF PRESENTATION: TD SYNNEX Corporation (together with its subsidiaries, herein referred to as “SYNNEX”, “TD SYNNEX” or the “Company”) is a leading global distributor and solutions aggregator for the information technology ("IT") ecosystem, headquartered in Fremont, California and Clearwater, Florida and has operations in North and South America, Europe and Asia-Pacific and Japan. On December 1, 2020, the Company completed the previously announced separation of its customer experience services business (the “Separation”), in a tax-free transaction for federal income tax purposes, which was accomplished by the distribution of one hundred percent of the outstanding common stock of Concentrix Corporation (“Concentrix”). SYNNEX stockholders received one share of Concentrix common stock for every share of SYNNEX common stock held at the close of business on the record date. The Company distributed 51,602 shares of Concentrix common stock to its stockholders. Concentrix is now an independent public company trading under the symbol “CNXC” on the Nasdaq Stock Market. After the Separation, SYNNEX did not beneficially own any shares of Concentrix’ common stock. Beginning December 1, 2020, the Company no longer consolidates Concentrix within its financial results or reflects the financial results of Concentrix within its continuing results of operations. The financial results of Concentrix for the year ended November 30, 2020 are presented as income from discontinued operations, net of taxes on the Consolidated Statements of Operations. The historical statements of comprehensive income, cash flows and the balances in stockholders' equity have not been revised to reflect the effect of the Separation. For further information on discontinued operations, see Note 5 – Discontinued Operations. Unless noted otherwise, discussion in the Notes to the Consolidated Financial Statements pertain to continuing operations. In connection with the Separation, the Company and Concentrix have entered into a separation and distribution agreement as well as various other agreements that provide a framework for the relationships between the parties going forward, including among others an employee matters agreement, a tax matters agreement, and a commercial agreement, pursuant to which Concentrix will continue to provide services to SYNNEX following the Separation. On March 22, 2021, SYNNEX entered into an agreement and plan of merger (the “Merger Agreement”) which provided that legacy SYNNEX Corporation would acquire legacy Tech Data Corporation, a Florida corporation (“Tech Data”) through a series of mergers, which would result in Tech Data becoming an indirect subsidiary of TD SYNNEX Corporation (collectively, the "Merger"). On September 1, 2021, pursuant to the terms of the Merger Agreement, the Company acquired all the outstanding shares of common stock of Tiger Parent (AP) Corporation, the parent corporation of Tech Data, for consideration of $1.6 billion in cash ($1.1 billion in cash after giving effect to a $500.0 million equity contribution by Tiger Parent Holdings, L.P., Tiger Parent (AP) Corporation’s sole stockholder and an affiliate of Apollo Global Management, Inc., to Tiger Parent (AP) Corporation prior to the effective time of the Merger) and 44 million shares of common stock of SYNNEX valued at approximately $5.6 billion. The combined company is referred to as TD SYNNEX. References to the “Company” indicate TD SYNNEX for periods after the Merger and SYNNEX for periods prior to the Merger. Certain columns and rows may not add due to the use of rounded numbers.
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Summary of Significant Accounting Policies |
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Nov. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expense during the reporting period. The Company evaluates these estimates on a regular basis and bases them on historical experience and on various assumptions that the Company believes are reasonable. Actual results could differ from the estimates. Principles of consolidation The Consolidated Financial Statements include the accounts of the Company, its wholly-owned subsidiaries, majority-owned subsidiaries in which no substantive participating rights are held by minority stockholders and variable interest entities if the Company is the primary beneficiary. All intercompany accounts and transactions have been eliminated. The Consolidated Financial Statements include 100% of the assets and liabilities of majority-owned subsidiaries. Investments in 20% through 50% owned affiliated companies are accounted under the equity method where the Company exercises significant influence over operating and financial affairs of the investee and is not the primary beneficiary. Investments in less than 20% owned companies, where the Company does not have significant influence, are recorded at cost or fair value based on whether the equity securities have readily determinable fair values. Segment reporting Operating segments are based on components of the Company that engage in business activity that earn revenue and incur expenses and (a) whose operating results are regularly reviewed by the Company’s chief operating decision maker to make decisions about resource allocation and performance and (b) for which discrete financial information is available. Prior to the Separation, the Company had two reportable segments: Technology Solutions and Concentrix. After giving effect to the Separation of the Concentrix segment, the Company operated with one reportable segment: Technology Solutions. After completion of the Merger, the Company reviewed its reportable segments as there was a change in its chief executive officer, who is also the Company’s chief operating decision maker. The Company’s chief operating decision maker has a leadership structure aligned with the geographic regions of the Americas, Europe and Asia-Pacific and Japan (“APJ”) and reviews and allocates resources based on these geographic regions. As a result, as of September 1, 2021 the Company began operating in three reportable segments based on its geographic regions: the Americas, Europe and APJ. Cash and cash equivalents The Company considers all highly liquid debt instruments purchased with an original maturity or remaining maturity at the date of purchase of three months or less to be cash equivalents. Cash equivalents consist principally of money market deposit accounts and money market funds that are stated at cost, which approximates fair value. The Company is exposed to credit risk in the event of default by financial institutions to the extent that cash balances with financial institutions are in excess of amounts that are insured. Accounts receivable The Company maintains an allowance for doubtful accounts as an estimate to cover the future expected credit losses resulting from uncertainty regarding collections from customers or original equipment manufacturer (“OEM”) vendors to make payments for outstanding balances. In estimating the required allowance, the Company takes into consideration historical credit losses, current conditions and reasonable and supportable forecasts. Adjustments to historical loss information are made for differences in current conditions as well as changes in forecasted macroeconomic conditions, such as changes in unemployment rates or gross domestic product growth. Expected credit losses are estimated on a pool basis when similar risk characteristics exist using an age-based reserve model. Receivables that do not share risk characteristics are evaluated on an individual basis. The Company has uncommitted supply-chain financing programs with global financial institutions under which trade accounts receivable of certain customers and their affiliates may be acquired, without recourse, by the financial institutions. Available capacity under these programs is dependent on the level of the Company’s trade accounts receivable with these customers and the financial institutions’ willingness to purchase such receivables. In addition, certain of these programs also require that the Company continue to service, administer and collect the sold accounts receivable. As of November 30, 2022, and 2021, accounts receivable sold to and held by the financial institutions under these programs were $1.4 billion and $759.9 million, respectively. Discount fees related to the sale of trade accounts receivable under these facilities are included in “Interest expense and finance charges, net” in the Consolidated Statements of Operations. During the fiscal years ended November 30, 2022, 2021 and 2020, discount fees were $26.2 million, $4.7 million and $3.2 million, respectively. Inventories Inventories are stated at the lower of cost and net realizable value. Cost is computed based on the weighted-average method. Inventories are comprised of finished goods and work-in-process. Finished goods include products purchased for resale, system components purchased for both resale and for use in the Company’s systems design and integration business and completed systems. Work-in-process inventories are not material to the Consolidated Financial Statements. Derivative Financial Instruments The Company accounts for its derivative instruments as either assets or liabilities and carries them at fair value. For derivative instruments that hedge the exposure to variability in expected future cash flows that are designated as cash flow hedges, the gain or loss on the derivative instrument is reported as a component of “Accumulated other comprehensive income (loss)” in stockholders’ equity and reclassified into earnings in the same line associated with the hedged transactions, in the same period or periods during which the hedged transaction affects earnings. To receive hedge accounting treatment, cash flow hedges must be highly effective in offsetting changes to expected future cash flows on hedged transactions. The company classifies cash flows related to the settlement of its cash flow hedges as operating activities in the Consolidated Statements of Cash Flows. For derivative instruments that hedge a portion of the Company's net investment in foreign-currency denominated operations that are designated as net investment hedges, the gain or loss on the derivative instrument is reported as a component of “Accumulated other comprehensive income (loss)” in stockholders’ equity until the sale or substantially complete liquidation of the underlying assets of the Company's investment. The initial fair value of hedge components excluded from the assessment of effectiveness is recognized in the Consolidated Statement of Operations under a systematic and rational method over the life of the hedging instrument. The excluded component is recognized in "Interest expense and finance charges, net" on the Consolidated Statement of Operations. The Company classifies cash flows related to the settlement of its net investment hedges as investing activities in the Consolidated Statements of Cash Flows. For derivative instruments that are not designated as hedges, gains and losses resulting from changes in fair value on derivative instruments are reported in the Consolidated Statements of Operations in the current period. Property and equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method based upon the shorter of the estimated useful lives of the assets, or the lease term of the respective assets, if applicable. Maintenance and repairs are charged to expense as incurred, and improvements are capitalized. When assets are retired or otherwise disposed of, the cost and accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is reflected in operations in the period realized. The Company’s capitalized software has been obtained or developed for internal use only. Development and acquisition costs are capitalized for computer software only when management authorizes and commits to funding a computer software project through the approval of a capital expenditure requisition, and the software project is either for the development of new software, to increase the life of existing software or to add significantly to the functionality of existing software. Once these requirements have been met, capitalization would begin at the point that conceptual formulation, evaluation, design and testing of possible software project alternatives have been completed. Capitalization ceases when the software project is substantially complete and ready for its intended use. The ranges of estimated useful lives for property and equipment categories are as follows:
Business Combinations The purchase price is allocated to the assets acquired, liabilities assumed, and noncontrolling interests in the acquired entity generally based on their fair values at the acquisition date. The excess of the fair value of purchase consideration over the fair value of these assets acquired, liabilities assumed and noncontrolling interests in the acquired entity is recorded as goodwill. The primary items that generate goodwill include the value of the synergies between the acquired entity and the Company and the value of the acquired assembled workforce, neither of which qualify for recognition as an intangible asset. Amounts recorded in a business combination may change during the measurement period, which is a period not to exceed one year from the date of acquisition, as additional information about conditions existing at the acquisition date becomes available. The Company includes the results of operations of the acquired business in the Consolidated Financial Statements prospectively from the date of acquisition. Acquisition-related charges are recognized separately from the business combination and are expensed as incurred. These charges primarily include direct third-party professional and legal fees, and integration-related costs. Goodwill and intangible assets The values assigned to intangible assets include estimates and judgment regarding expectations for the length of customer relationships acquired in a business combination. Included within intangible assets is an indefinite lived trade name intangible asset. The Company's indefinite lived trade name intangible asset is considered a single unit of accounting and is tested for impairment at the consolidated level annually as of September 1, and more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired. Other purchased intangible assets are amortized over the useful lives based on estimates of the use of the economic benefit of the asset or on the straight-line amortization method. The Company allocates goodwill to reporting units based on the reporting unit expected to benefit from the business combination and tests for impairment annually as of September 1, or more frequently if events or changes in circumstances indicate that it may be impaired. Goodwill is tested for impairment at the reporting unit level by first performing a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. The factors that are considered in the qualitative analysis include macroeconomic conditions, industry and market considerations, cost factors such as increases in product cost, labor, or other costs that would have a negative effect on earnings and cash flows; and other relevant entity-specific events and information. The Company also has the option to bypass the qualitative assessment for any reporting unit in any period. If the reporting unit does not pass or the Company chooses to bypass the qualitative assessment, then the reporting unit’s carrying value is compared to its fair value. The fair values of the reporting units are estimated using market and discounted cash flow approaches. The assumptions used in the market approach are based on the value of a business through an analysis of sales and other multiples of guideline companies and recent sales or offerings of a comparable entity. The assumptions used in the discounted cash flow approach are based on historical and forecasted revenue, operating costs, working capital requirements, future economic conditions, discount rates and other relevant factors. Goodwill is considered impaired if the carrying value of the reporting unit exceeds its fair value and the excess is recognized as an impairment loss. No goodwill impairment has been identified for any of the years presented. Finite-lived intangible assets consist primarily of customer relationships, vendor lists and other intangible assets. Amortization is based on the pattern in which the economic benefits of the intangible assets will be consumed or on a straight-line basis when the consumption pattern is not apparent over the following useful lives:
Impairment of long-lived assets The Company reviews the recoverability of its long-lived assets, including finite-lived intangible assets, property and equipment, right-of-use ("ROU") assets and certain other assets, when events or changes in circumstances occur that indicate the carrying value of the asset or asset group may not be recoverable. The assessment of possible impairment is based on the Company’s ability to recover the carrying value of the asset or asset group from the expected future pre-tax cash flows, undiscounted and without interest charges, of the related operations. If these cash flows are less than the carrying value of such assets, an impairment loss is recognized for the difference between estimated fair value and carrying value. Leases The Company enters into leases as a lessee for property and equipment in the ordinary course of business. When procuring goods or services, or upon entering into a contract with its customers, the Company determines whether an arrangement contains a lease at its inception. As part of that evaluation, the Company considers whether there is an implicitly or explicitly identified asset in the arrangement and whether the Company, as the lessee, or the customer, if the Company is the lessor, has the right to control the use of that asset. When the Company is the lessee, all leases with a term of more than 12 months are recognized as ROU assets and associated lease liabilities in the Consolidated Balance Sheet. Lease liabilities are recorded at the lease commencement date and determined using the present value of the lease payments not yet paid, at the Company’s incremental borrowing rate, which approximates the rate at which the Company would borrow on a secured basis in the country where the lease was executed. The interest rate implicit in the lease is generally not determinable in transactions where the Company is the lessee. The ROU asset equals the lease liability adjusted for any initial direct costs, prepaid rent and lease incentives. The Company’s variable lease payments generally relate to payments tied to various indexes, non-lease components and payments above a contractual minimum fixed amount. Operating leases are included in other assets, net, other accrued liabilities and other long-term liabilities in the Consolidated Balance Sheet. Substantially all of the Company's leases are classified as operating leases and the Company’s finance leases are not material. The lease term includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company made a policy election to not recognize leases with a lease term of 12 months or less in the Consolidated Balance Sheet. Lease expenses are recorded within selling, general, and administrative expenses in the Consolidated Statements of Operations. Operating lease payments are presented within “Cash flows from operating activities” in the Consolidated Statements of Cash Flows. Concentration of credit risk Financial instruments that potentially subject the Company to significant concentration of credit risk consist principally of cash and cash equivalents, accounts receivable, receivables from vendors and derivative instruments. The Company’s cash and cash equivalents and derivative instruments are transacted and maintained with financial institutions with high credit standing, and their compositions and maturities are regularly monitored by management. Through November 30, 2022, the Company has not experienced any material credit losses on such deposits and derivative instruments. Accounts receivable include amounts due from customers, including related party customers. Receivables from vendors, net, includes amounts due from OEM vendors primarily in the technology industry. The Company performs ongoing credit evaluations of its customers’ financial condition and limits the amount of credit extended when deemed necessary, but generally requires no collateral. The Company also maintains allowances for potential credit losses. In estimating the required allowances, the Company takes into consideration the overall quality and aging of its receivable portfolio, the existence of credit insurance and specifically identified customer and vendor risks. The following table provides revenue generated from products purchased from vendors that exceeded 10% of our consolidated revenue for the periods indicated (as a percent of consolidated revenue):
__________________ (1) Revenue generated from products purchased from this vendor was less than 10% of consolidated revenue during the period presented. One customer accounted for 10%, 17% and 23% of the Company’s total revenue in fiscal years 2022, 2021 and 2020, respectively. As of November 30, 2022 and 2021, no single customer comprised more than 10% of the consolidated accounts receivable balance. Book overdrafts Book overdrafts, representing checks issued in excess of balances on deposit in the applicable bank accounts and which have not been paid by the applicable bank at the balance sheet date are classified as “Borrowings, current” in the Company’s Consolidated Balance Sheets. Under the terms of the Company’s banking arrangements, the respective financial institutions are not legally obligated to honor the book overdraft balances. The Company’s policy is to report the change in book overdrafts as a financing activity in the Consolidated Statements of Cash Flows. Revenue recognition The Company generates revenue primarily from the sale of various IT products. The Company recognizes revenues from the sale of IT hardware and software as control is transferred to customers, which is at the point in time when the product is shipped or delivered. The Company accounts for a contract with a customer when it has written approval, the contract is committed, the rights of the parties, including payment terms, are identified, the contract has commercial substance and consideration is probable of collection. Binding purchase orders from customers together with agreement to the Company's terms and conditions of sale by way of an executed agreement or other signed documents are considered to be the contract with a customer. Products sold by the Company are delivered via shipment from the Company’s facilities, drop-shipment directly from the vendor, or by electronic delivery of software products. In situations where arrangements include customer acceptance provisions, revenue is recognized when the Company can objectively verify the products comply with specifications underlying acceptance and the customer has control of the products. Revenue is presented net of taxes collected from customers and remitted to government authorities. The Company generally invoices a customer upon shipment, or in accordance with specific contractual provisions. Payments are due as per contract terms and do not contain a significant financing component. Service revenues represents less than 10% of the total revenue for the periods presented. Provisions for sales returns and allowances are estimated based on historical data and are recorded concurrently with the recognition of revenue. A liability is recorded at the time of sale for estimated product returns based upon historical experience and an asset is recognized for the amount expected to be recorded in inventory upon product return. These provisions are reviewed and adjusted periodically by the Company. Revenue is reduced for early payment discounts and volume incentive rebates offered to customers, which are considered variable consideration, at the time of sale based on an evaluation of the contract terms and historical experience. The Company recognizes revenue on a net basis on certain contracts, where the Company’s performance obligation is to arrange for the products or services to be provided by another party or the rendering of logistics services for the delivery of inventory for which the Company does not assume the risks and rewards of ownership, by recognizing the margins earned in revenue with no associated cost of revenue. Such arrangements include supplier service contracts, post-contract software support services, cloud computing and software as a service arrangements, certain fulfillment contracts and extended warranty contracts. The Company considers shipping and handling activities as costs to fulfill the sale of products. Shipping revenue is included in revenue when control of the product is transferred to the customer, and the related shipping and handling costs are included in cost of revenue. The Company disaggregates its operating segment revenue by geography, which the Company believes provides a meaningful depiction of the nature of its revenue. Disaggregated revenue disclosure is presented in Note 13 – Segment Information. Cost of Revenue Cost of revenue includes the product price paid to OEM suppliers, net of any incentives, rebates, price protection and purchase discounts received from the OEM suppliers. Cost of revenue also consists of provisions for inventory losses and write-downs, shipping and handling costs and royalties due to OEM vendors. In addition, cost of revenue includes the cost of materials, labor and overhead and warranty for design and integration activities. Selling, General and Administrative expenses Selling, general and administrative expenses are charged to income as incurred. Expenses of promoting and selling products and services are classified as selling expense and include such items as compensation, sales commissions and travel. General and administrative expenses include such items as compensation, cost of warehouse, delivery centers and other non-integration facilities, legal and professional costs, office supplies, non-income taxes, insurance and utility expenses. In addition, selling, general and administrative expenses include other operating items such as allowances for credit losses, depreciation and amortization of intangible assets. OEM supplier programs Funds received from OEM suppliers for volume promotion programs, price protection and product rebates are recorded as adjustments to cost of revenue and/or the carrying value of inventories, as appropriate. Where there is a binding agreement, the Company tracks vendor promotional programs for volume discounts on a program-by-program basis and records them as a reduction to cost of revenue based on a systematic and rational allocation. The Company monitors the balances of vendor receivables on a quarterly basis and adjusts the balances due for differences between expected and actual sales volume. Vendor receivables are generally collected through reductions authorized by the vendor to accounts payable. Funds received for specific marketing and infrastructure reimbursements, net of related costs, are recorded as adjustments to “Selling, general and administrative expenses,” and any excess reimbursement amount is recorded as an adjustment to cost of revenue. Royalties The Company’s software product purchases include products licensed from OEM vendors, which are subsequently distributed to resellers. Royalties to OEM vendors are accrued and recorded in cost of revenue when software products are shipped and revenue is recognized. Warranties The Company’s OEM suppliers generally warrant the products distributed by the Company and allow returns of defective products. The Company generally does not independently warrant the products it distributes; however, the Company does warrant the following: (1) products that it builds to order from components purchased from other sources, (2) services with regard to products integrated for its customers; and (3) products sold in countries where the Company is responsible for defective product as a matter of law. The time period required by law in certain countries exceeds the warranty period provided by the manufacturer. The Company is obligated to provide warranty protection for sales of certain IT products within the European Union (“EU”) for up to two years as required under the EU directive where vendors have not affirmatively agreed to provide pass-through protection. Warranty expense and the accrual for warranty costs were not material to the Company’s Consolidated Financial Statements for any of the periods presented. Advertising Costs related to advertising and product promotion expenditures are charged to “Selling, general and administrative expenses” as incurred and are primarily offset by OEM marketing reimbursements. Net costs related to advertising and promotion expenditures were not material to the Company’s Consolidated Financial Statements for any of the periods presented. Income taxes The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts in the financial statements using enacted tax rates and laws that will be in effect when the difference is expected to reverse. Tax on global low-taxed intangible income is accounted for as a current expense in the period in which the income is included in a tax return using the “period cost” method. Valuation allowances are provided against deferred tax assets that are not likely to be realized. The Company recognizes tax benefits from uncertain tax positions only if that tax position is more likely than not to be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. The Company recognizes interest and penalties related to unrecognized tax benefits in the provision for income taxes. Foreign currency translations The financial statements of the Company’s international subsidiaries whose functional currencies are the local currencies are translated into U.S. dollars for consolidation as follows: assets and liabilities at the exchange rate as of the balance sheet date, stockholders’ equity at the historical rates of exchange, and income and expense amounts at the average exchange rate for the month. Translation adjustments resulting from the translation of the subsidiaries’ accounts are included in “Accumulated other comprehensive income (loss)” in stockholders’ equity. Transactions denominated in currencies other than the applicable functional currency are converted to the functional currency at the exchange rate on the transaction date. At period end, monetary assets and liabilities are remeasured to the functional currency using exchange rates in effect at the balance sheet date. Non-monetary assets and liabilities are remeasured at historical exchange rates. Gains and losses resulting from foreign currency transactions are included in earnings within “Cost of revenue” and “Other (expense) income, net.” Comprehensive income Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. The primary components of comprehensive income for the Company include net income, foreign currency translation adjustments arising from the consolidation of the Company’s international subsidiaries and unrealized gains and losses on cash flow hedges. Share-based compensation The Company accounts for share-based payment transactions in which the Company receives services in exchange for equity instruments of the Company. Share-based compensation cost for stock options, restricted stock awards and units, performance-based restricted stock units and employee stock purchase plans is determined based on the fair value at the grant date. The Company recognizes share-based compensation cost as expense for awards other than its performance-based restricted stock units ratably on a straight-line basis over the requisite service period. The Company recognizes share-based compensation cost associated with its performance-based restricted stock units over the requisite service period if it is probable that the performance conditions will be satisfied. The Company accounts for expense reductions that result from the forfeiture of unvested awards in the period that the forfeitures occur. Earnings per common share Earnings per share is calculated using the two-class method. The two-class method is an earnings allocation proportional to the respective ownership among holders of common stock and participating securities. Basic earnings per common share is computed by dividing net income attributable to the Company’s common stockholders by the weighted-average of common shares outstanding during the period. Diluted earnings per common share also considers the dilutive effect of in-the-money stock options and restricted stock units, calculated using the treasury stock method. Treasury Stock Repurchases of shares of common stock are accounted for at cost, which includes brokerage fees and excise taxes, and are included as a component of stockholders’ equity in the Consolidated Balance Sheets. Reclassifications Certain reclassifications have been made to prior period amounts in the Consolidated Financial Statements to conform to the current period presentation. These reclassifications did not have a material impact on previously reported amounts. Recently adopted accounting pronouncements In October 2021, the FASB issued new guidance which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, “Revenue from Contracts with Customers.” Generally, this new guidance will result in the acquirer recognizing contract assets and contract liabilities at the same amounts recorded by the acquiree. Historically, such amounts were recognized by the acquirer at fair value in acquisition accounting. The guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years (the fiscal quarter ending February 29, 2024 for the Company), and should be applied prospectively to acquisitions occurring on or after the effective date. Early adoption is permitted. The Company adopted this standard during fiscal year 2022 and will apply the guidance prospectively to future acquisitions. In December 2019, the FASB issued new guidance that simplifies the accounting for income taxes. The guidance is effective for annual reporting periods beginning after December 15, 2020, and interim periods within those reporting periods. Certain amendments should be applied prospectively, while other amendments should be applied retrospectively to all periods presented. The adoption of this new guidance did not have a material impact on the Company's Consolidated Financial Statements. Recently issued accounting pronouncements In September 2022, the FASB issued an accounting standards update which will require new enhanced disclosures by the buyer in supplier finance programs. Disclosures will include key terms of the program, including payment terms, along with the amount of related obligations, the financial statement caption that includes such obligations, and a rollforward of activity related to the obligations during the period. The new accounting standard must be adopted retrospectively to the earliest comparative period presented, except for the rollforward requirement, which should be applied prospectively. The accounting standard is effective for the Company beginning with the quarter ending February 29, 2024, except for the rollforward requirement which is effective for the quarter ending February 28, 2025. Early adoption is permitted. While the new accounting standard is not expected to have an impact on the Company's financial condition, results of operations or cash flows, the Company is currently evaluating the impact the new accounting standard will have on disclosures related to its supplier finance program obligations in the notes to the consolidated financial statements. In March 2020, the FASB issued optional guidance for a limited time to ease the potential burden in accounting for or recognizing the effects of reference rate reform, particularly, the risk of cessation of the London Interbank Offered Rate (“LIBOR”) on financial reporting. The guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments are elective and were effective upon issuance for all entities through December 31, 2022, which was extended through December 31, 2024 per an update the FASB issued in December 2022. The Company does not currently expect any material impacts from the adoption of this new guidance.
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Acquisitions |
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| Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITIONS | NOTE 3—ACQUISITIONS: Tech Data Merger On September 1, 2021, pursuant to the terms of the Merger Agreement, the Company acquired all the outstanding shares of common stock of Tiger Parent (AP) Corporation, the parent corporation of Tech Data, for an aggregate purchase price of $7.2 billion, comprised of $1.6 billion in cash ($1.1 billion in cash after giving effect to a $500.0 million equity contribution by Tiger Parent Holdings, L.P., Tiger Parent (AP) Corporation’s sole stockholder and an affiliate of Apollo Global Management, Inc., to Tiger Parent (AP) Corporation prior to the effective time of the Merger) and 44 million shares of common stock of SYNNEX, valued at approximately $5.6 billion based on the closing price of the Company’s common stock on September 1, 2021. The Merger created a leading global distributor and solutions aggregator for the IT ecosystem. The Company used the net proceeds from the issuance of new Senior Notes, borrowings under its new credit agreement and cash on hand to fund the above payments. Additionally, the Company repaid the majority of Tech Data's outstanding debt after the Merger, including approximately $2.4 billion outstanding under Tech Data’s existing Asset-Based Credit Agreement and approximately $228.1 million of outstanding Tech Data Senior Notes. The Company has accounted for the Merger as a business combination and allocated the purchase price to the fair values of Tiger Parent (AP) Corporation’s assets acquired and liabilities assumed. As of August 31, 2022, the Company completed its evaluation of assets acquired and liabilities assumed and finalized all related estimates. During the year ended November 30, 2022, the Company updated the fair values of certain assets acquired and liabilities assumed, including an increase in goodwill of $43.7 million, an increase in deferred tax liabilities of $38.3 million, a decrease in net vendor receivables of $21.0 million and an increase in inventory of $9.4 million. As the measurement period has concluded, the impact of any future adjustments to the assets acquired and liabilities assumed will be recorded in the Consolidated Statement of Operations in the period such change occurs. The allocation of the purchase price is as follows:
The allocation of the value of identifiable intangible assets is as follows:
Goodwill is the excess of the consideration transferred over the net assets recognized and primarily represents future economic benefits arising from assets acquired that are not individually identified and separately recognized, including synergies inherent in the acquired business, of which approximately $500.0 million is expected to be deductible for tax purposes. Included within the Company’s Consolidated Statement of Operations are estimated revenues for the years ended November 30, 2022 and 2021 of approximately $38 billion and $10 billion, respectively, from Tech Data. As the Company began integrating certain sales and other functions after the closing of the acquisition, these amounts represent an estimate of the Tech Data revenues for the fiscal years ended November 30, 2022 and 2021. It is not necessarily indicative of how the Tech Data operations would have performed on a stand-alone basis. As a result of certain integration activities subsequent to the date of acquisition, it is impracticable to disclose net income from Tech Data for the period subsequent to the acquisition date. The following table presents unaudited supplemental pro forma information as if the Merger had occurred at the beginning of fiscal 2020, after giving effect to certain adjustments related to the transaction. The pro forma results exclude any benefits that may result from potential cost savings and certain non-recurring costs. As a result, the pro forma information below does not purport to present what actual results would have been had the Merger been consummated on the date indicated and it is not necessarily indicative of the results of operations that may result in the future.
Adjustments reflected in the pro forma results include the following: •Amortization of acquired intangible assets •Interest costs associated with the Merger •Removal of certain non-recurring transaction costs of $22.3 million and non-recurring financing costs of $47.0 million •Tax effects of adjustments based on an estimated statutory tax rate
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Acquistion, Integration and Restructuring Expenses |
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| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION, INTEGRATION AND RESTRUCTURING EXPENSES | NOTE 4—ACQUISITION, INTEGRATION AND RESTRUCTURING EXPENSES: Acquisition, integration and restructuring costs are primarily comprised of costs related to the Merger, costs related to the Global Business Optimization 2 Program initiated by Tech Data prior to the Merger (the “GBO 2 Program”) and costs related to the Separation. The Merger The Company incurred acquisition, integration and restructuring costs related to the completion of the Merger, including professional services costs, personnel and other costs, long-lived assets charges and stock-based compensation expense. Professional services costs are primarily comprised of IT and other consulting services, as well as legal expenses. Personnel and other costs are primarily comprised of costs related to retention and other bonuses, severance and duplicative labor costs, as well as costs related to the settlement of certain outstanding long-term cash incentive awards for Tech Data upon closing of the Merger. Long-lived asset charges for fiscal year 2022 are primarily comprised of accelerated depreciation and amortization expense of $64.4 million due to changes in asset useful lives in conjunction with the consolidation of certain IT systems, as well as impairment charges. Long-lived asset charges for fiscal year 2021 represent an impairment charge of $22.2 million recorded for the write-off of capitalized costs associated with Tech Data’s tdONE program in conjunction with the decision to consolidate certain IT systems. Stock-based compensation expense primarily relates to costs associated with the conversion of certain Tech Data performance-based equity awards issued prior to the Merger into restricted shares of TD SYNNEX (refer to Note 6 – Share Based Compensation for further information) and expenses for certain restricted stock awards issued in conjunction with the Merger. To date, acquisition and integration expenses related to the Merger were composed of the following:
GBO 2 Program Prior to the Merger, Tech Data implemented its GBO 2 Program that includes investments to optimize and standardize processes and apply data and analytics to be more agile in a rapidly evolving environment, increasing productivity, profitability and optimizing net-working capital. TD SYNNEX continued this program in conjunction with the Company’s integration activities. Acquisition, integration and restructuring expenses related to the GBO 2 Program are primarily comprised of restructuring costs and other costs. Restructuring costs are comprised of severance costs and other associated exit costs, including certain consulting costs. Other costs are primarily comprised of personnel costs, facilities costs and certain professional services fees not related to restructuring activities. Acquisition, integration and restructuring costs under the GBO 2 Program for fiscal 2022 and 2021 included the following:
Restructuring costs under the GBO 2 Program for fiscal 2022 and 2021 were composed of the following:
Restructuring costs related to the GBO 2 Program by segment are as follows:
Restructuring activity during fiscal years 2022 and 2021 related to the GBO 2 Program is as follows:
The Separation During the fiscal year ended November 30, 2020, the Company incurred $7.4 million in transaction costs related to the Separation of Concentrix.
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Discontinued Operations |
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| Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DISCONTINUED OPERATIONS | NOTE 5—DISCONTINUED OPERATIONS: The following table summarizes the financial results from discontinued operations of Concentrix included in the Consolidated Statement of Operations:
There were no revenues earned or cost and expenses incurred of discontinued operations during the fiscal years ended November 30, 2022 or 2021. There were no non-cash items or capital expenditures of discontinued operations during the fiscal years ended November 30, 2022 or 2021. During the fiscal year ended November 30, 2020, significant non-cash items and capital expenditures of discontinued operations included in the Consolidated Statement of Cash Flows are outlined below:
The following table presents assets and liabilities that were transferred to Concentrix as of December 1, 2020:
In connection with the Separation, $3.8 million of accumulated other comprehensive income, net of income taxes, related to foreign currency translation adjustments, cash flow hedges and pension plan obligations was transferred to Concentrix on the Separation date.
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Share-Based Compensation |
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| SHARE-BASED COMPENSATION | NOTE 6—SHARE-BASED COMPENSATION: Overview of Stock Incentive Plans The Company’s stock incentive plans include plans adopted in 2020 and 2013 (the “TD SYNNEX Plan(s)”). The TD SYNNEX Plans, as amended, provide for the direct award or sale of shares of common stock, restricted stock awards ("RSAs"), restricted stock units ("RSUs"), the grant of options to purchase shares of common stock and the award of stock appreciation rights to employees and non-employee directors and consultants. No further grants may be made under the 2013 TD SYNNEX Plan and all outstanding awards under the 2013 TD SYNNEX Plan continue to be governed by their existing terms. As of November 30, 2022, there were 3.9 million shares of common stock authorized under the 2020 TD SYNNEX Plan available for future grants. Under the TD SYNNEX Plans, qualified employees are eligible for the grant of incentive stock options to purchase shares of common stock. Qualified employees and outside directors and consultants are eligible for the grant of non-qualified stock options, stock appreciation rights, RSAs and RSUs. The outstanding RSAs and RSUs generally vest ratably on an annual basis over a period of to five years, with certain awards subject to other vesting periods as defined per the grant agreement. RSAs granted to qualified non-employee directors vest one fourth on a quarterly basis over a one-year period. The holders of RSAs are entitled to the same voting, dividend and other rights as the Company’s common stockholders. Certain RSUs vest subject to the achievement of individual, divisional or company-wide performance goals. The majority of the performance-based RSUs vest at the end of three-year requisite service periods, subject to the achievement of company-wide financial performance goals approved by the Compensation Committee. The exercise price for incentive stock options will not be less than 100% of the fair market value of the stock on the date of grant and the stock options have a contractual term of ten years. The majority of outstanding stock options vest as to one fifth of the stock underlying the stock options on the first anniversary date of the grant and the remaining vest monthly over a four-year period starting one month after the first anniversary of the date of grant. Unless terminated sooner, the 2020 TD SYNNEX Plan will terminate on March 17, 2030. The Company recognizes share-based compensation expense for all share-based awards made to employees and directors, including employee stock options, RSAs, RSUs, performance-based RSUs and employee stock purchase rights, based on estimated fair values. A summary of share-based compensation expense in the Consolidated Statements of Operations for TD SYNNEX stock incentive plans is presented below:
The Company settles all share-based award exercises with newly issued common shares or treasury shares. Valuation Assumptions The Company estimates the fair value of share-based payment awards on the grant date and recognizes as expense over the requisite service period in the Company’s Consolidated Financial Statements. The Company uses the Black-Scholes valuation model to estimate the fair value of stock options. The Black-Scholes option-pricing model was developed for use in estimating the fair value of short-lived exchange traded options that have no vesting restrictions and are fully transferable. In addition, option-pricing models require the input of highly subjective assumptions, including the option’s expected life and the price volatility of the underlying stock. The expected stock price volatility assumption was determined using historical volatility of the Company’s common stock. The fair value of stock awards is determined based on the stock price at the date of grant. For grants that do not accrue dividends or dividend equivalents, the fair value is the stock price reduced by the present value of estimated dividends over the vesting period. For performance-based RSUs, the grant-date fair value assumes that the targeted performance goals will be achieved. Over the performance period, the number of awards expected to vest will be adjusted higher or lower based on the probability of achievement of performance goals. The Company accounts for expense reductions that result from the forfeiture of unvested awards in the period that the forfeitures occur. Employee Stock Options A summary of the changes in the Company’s stock options is set forth below:
The Company did not grant any options during the fiscal year 2020. The following assumptions were used in the Black-Scholes valuation model in fiscal years 2022 and 2021:
The weighted-average grant-date fair values of the stock options granted during fiscal years 2022 and 2021 were $33.57 and $34.37, respectively. As of November 30, 2022, 677 options were outstanding with a weighted-average remaining contractual term of 7.09 years, a weighted-average exercise price of $72.29 per option and an aggregate pre-tax intrinsic value of $21.1 million. As of November 30, 2022, 362 options were vested and exercisable with a weighted-average remaining contractual term of 6.01 years, a weighted-average exercise price of $60.52 per share and an aggregate pre-tax intrinsic value of $15.3 million. The cash received from the exercise of options and the intrinsic values of options exercised during fiscal years 2022, 2021 and 2020 were as follows:
As of November 30, 2022, the unamortized share-based compensation expense related to unvested stock options under the TD SYNNEX Plans was $4.6 million which will be recognized over an estimated weighted-average amortization period of 2.49 years. Restricted Stock Awards and Restricted Stock Units A summary of the changes in the Company’s non-vested RSAs and RSUs during fiscal year 2022 is presented below:
__________________ (1) For performance-based RSUs, the difference between maximum awards and the actual number of shares issued upon full vesting is included. The weighted-average grant-date fair value of the 537 RSAs and 147 RSUs granted during fiscal year 2021 were $100.04 and $96.29, respectively. The weighted-average grant-date fair value of the 60 RSAs and 3 RSUs granted during fiscal year 2020 were $97.40 and $110.58, respectively. As of November 30, 2022, there was $74.1 million of total unamortized share-based compensation expense related to non-vested RSAs and RSUs granted under the TD SYNNEX Plans. That cost is expected to be recognized over an estimated weighted-average amortization period of 2.06 years. In connection with the Separation, as required by the TD SYNNEX stock incentive plans, the Company made certain adjustments to outstanding employee equity awards with the intention of preserving the intrinsic value of the awards prior to the Separation. In accordance with the employee matters agreement, each exercisable and non-exercisable stock option and unvested RSA was modified into similar awards of both SYNNEX and Concentrix and the exercise price of outstanding stock options was adjusted to preserve the intrinsic value of the awards. Certain RSUs and performance-contingent awards were modified to provide the holders RSUs and performance contingent awards in the company that employs such employee following the Separation. When settled wholly in the employer’s shares, the ratio was based on the closing stock price of SYNNEX at November 30, 2020 compared to the opening stock price of the respective entity on December 1, 2020. The options strike prices were adjusted in the same manner. The modification of these awards did not result in material incremental compensation cost. Tech Data Equity Awards Prior to the Merger, certain of Tech Data’s employees were granted performance-based equity awards in Tiger Parent Holdings L.P., a partnership entity that was the parent company of Tiger Parent (AP) Corporation and Tech Data, that were unvested at the time of the closing of the Merger. Upon closing of the Merger, the unvested performance-based equity awards were converted by Tiger Parent Holdings L.P. from shares received at closing into restricted shares of TD SYNNEX that vest over 2 years. The following table summarizes the activity related to these restricted shares during the year ended November 30, 2022:
The restricted shares had a fair value of $127.60 per share upon closing of the Merger which is being recorded as share-based compensation expense on a straight-line basis over the vesting period in “Acquisition, integration, and restructuring costs” in the Consolidated Statements of Operations. The Company recorded $45.7 million and $11.8 million of share-based compensation expense related to these restricted shares in "Acquisition, integration, and restructuring costs" during fiscal years 2022 and 2021, respectively. As of November 30, 2022, there was $35.6 million of total unamortized share-based compensation expense related to these unvested awards to be recognized over a weighted-average amortization period of 0.75 years. 2014 Employee Stock Purchase Plan On January 6, 2014, the Board of Directors approved the adoption of the 2014 Employee Stock Purchase Plan (“2014 ESPP”) to succeed the Company's 2003 Employee Stock Purchase Plan. The 2014 ESPP, as amended, commenced on January 1, 2015 with 750 authorized shares, which was due to antidilution provisions in the 2014 ESPP increased by 537 authorized shares following the Separation. Under the 2014 ESPP, there are four offering periods of three months each in a calendar year. Eligible employees in the United States can choose to have a fixed percentage deducted from their bi-weekly compensation, subject to a maximum purchase limit of $10 thousand in a calendar year, to purchase the Company’s common stock at a discount of 5%. Highly compensated employees are not eligible to participate in the plan. Share-based compensation expense related to the 2014 ESPP was immaterial during fiscal years 2022, 2021 and 2020. Tax Benefit of Share-Based Compensation Expense During fiscal years 2022, 2021 and 2020, the Company recognized income tax benefits related to the plans discussed above of $8.2 million, $12.1 million, and $4.4 million, respectively, within the provision for income taxes.
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Stockholders' Equity |
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| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| STOCKHOLDERS' EQUITY | NOTE 7—STOCKHOLDERS’ EQUITY: Share Repurchase Program In June 2020, the Board of Directors authorized a three-year $400.0 million share repurchase program, effective July 1, 2020, pursuant to which the Company may repurchase its outstanding common stock from time to time in the open market or through privately negotiated transactions. The following table presents information with respect to purchases of common stock by the Company under the share repurchase program during the year ended November 30, 2022.
In January 2023, the Board of Directors authorized a new three-year $1.0 billion share repurchase program, replacing the existing $400.0 million share repurchase program, pursuant to which the Company may repurchase its outstanding common stock from time to time in the open market or through privately negotiated transactions. Dividends The Company declared cumulative cash dividends of $1.20, $0.80 and $0.40 per share during the years ended November 30, 2022, 2021 and 2020, respectively. On January 10, 2023, the Company announced a cash dividend of $0.35 per share to stockholders of record as of January 20, 2023, payable on January 27, 2023. Dividends are subject to continued capital availability and the declaration by the Board of Directors in the best interest of the Company’s stockholders.
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Balance Sheet Components |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BALANCE SHEET COMPONENTS | NOTE 8—BALANCE SHEET COMPONENTS: Cash, cash equivalents and restricted cash: The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same amounts shown in the Consolidated Statements of Cash Flows:
Accounts receivable, net:
Receivables from vendors, net:
Allowance for doubtful trade receivables:
Allowance for receivables from vendors:
Property and equipment, net:
Depreciation and amortization expense for fiscal years 2022, 2021 and 2020, was $164.2 million, $44.2 million and $24.9 million, respectively. Fiscal year 2022 includes accelerated depreciation and amortization expense of $64.4 million due to changes in asset useful lives in conjunction with the consolidation of certain IT systems, which is recorded in "Acquisition, integration and restructuring expenses" in the Consolidated Statements of Operations. Goodwill:
Intangible assets, net:
Amortization expense for fiscal years 2022, 2021 and 2020, was $299.2 million, $105.3 million and $40.1 million, respectively. Estimated future amortization expense of the Company’s intangible assets is as follows:
Accumulated other comprehensive income (loss) The components of accumulated other comprehensive income (loss) ("AOCI"), net of taxes, were as follows:
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Derivative Instruments |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DERIVATIVE INSTRUMENTS | NOTE 9—DERIVATIVE INSTRUMENTS: In the ordinary course of business, the Company is exposed to foreign currency risk, interest rate risk, equity risk, commodity price changes and credit risk. The Company enters into transactions, and owns monetary assets and liabilities, that are denominated in currencies other than the legal entity’s functional currency. The Company may enter into forward contracts, option contracts, swaps, or other derivative instruments to offset a portion of the risk on expected future cash flows, earnings, net investments in certain international subsidiaries and certain existing assets and liabilities. However, the Company may choose not to hedge certain exposures for a variety of reasons including, but not limited to, accounting considerations and the prohibitive economic cost of hedging particular exposures. There can be no assurance the hedges will offset more than a portion of the financial impact resulting from movements in foreign currency exchange or interest rates. Generally, the Company does not use derivative instruments to cover equity risk and credit risk. The Company’s hedging program is not used for trading or speculative purposes. All derivatives are recognized on the balance sheet at their fair value. Changes in the fair value of derivatives are recorded in the Consolidated Statements of Operations, or as a component of AOCI in the Consolidated Balance Sheets, as discussed below. Cash Flow Hedges The Company uses interest rate swap derivative contracts to economically convert a portion of its variable-rate debt to fixed-rate debt. The swaps have maturities at various dates through October 2023. The Company terminated interest rate swaps with a notional value of $400.0 million in December 2021. Gains and losses on cash flow hedges are recorded in AOCI until the hedged item is recognized in earnings. Deferred gains and losses associated with cash flow hedges of interest payments are recognized in "Interest expense and finance charges, net" in the Consolidated Statements of Operations in the same period as the related expense is recognized. Derivative instruments designated as cash flow hedges must be de-designated as hedges when it is probable the forecasted hedged transaction will not occur in the initially identified time period or within a subsequent two-month time period. Deferred gains and losses in AOCI associated with such derivative instruments are reclassified into earnings in the period of de-designation. Any subsequent changes in fair value of such derivative instruments are recorded in earnings unless they are re-designated as hedges of other transactions. Net Investment Hedges The Company has entered into foreign currency forward contracts to hedge a portion of its net investment in euro denominated foreign operations which are designated as net investment hedges. The Company entered into the net investment hedges to offset the risk of change in the U.S. dollar value of the Company's investment in a euro functional subsidiary due to fluctuating foreign exchange rates. The aggregate notional values of the Company's outstanding net investment hedge contracts by year of maturity as of November 30, 2022 are as follows:
The Company had no net investment hedges outstanding as of November 30, 2021. Non-Designated Derivatives The Company uses short-term forward contracts to offset the foreign exchange risk of assets and liabilities denominated in currencies other than the functional currency of the respective entities. These contracts, which are not designated as hedging instruments, mature or settle within twelve months. Derivatives that are not designated as hedging instruments are adjusted to fair value through earnings in the financial statement line item to which the derivative relates. Fair Values of Derivative Instruments in the Consolidated Balance Sheets The fair values of the Company’s derivative instruments are disclosed in Note 10 - Fair Value Measurements and summarized in the table below:
Volume of Activity The notional amounts of foreign exchange forward contracts represent the gross amounts of foreign currency, including, principally, the Australian dollar, Brazilian real, British pound, Canadian dollar, Chinese yuan, Czech koruna, Danish krone, Euro, Indian rupee, Indonesian rupiah, Japanese yen, Mexican peso, Norwegian krone, Philippine peso, Polish zloty, Singapore dollar, Swedish krona, Swiss franc and Turkish lira that will be bought or sold at maturity. The notional amounts for outstanding derivative instruments provide one measure of the transaction volume outstanding and do not represent the amount of the Company’s exposure to credit or market loss. The Company’s exposure to credit loss and market risk will vary over time as currency and interest rates change. The Effect of Derivative Instruments on AOCI and the Consolidated Statements of Operations The following table shows the gains and losses, before taxes, of the Company's derivative instruments designated as cash flow hedges and net investment hedges in Other Comprehensive Income (“OCI”), and not designated as hedging instruments in the Consolidated Statements of Operations for the periods presented:
__________________ (1) The gains and losses largely offset the currency gains and losses that resulted from changes in the assets and liabilities denominated in nonfunctional currencies. Except for the net investment hedge amount for fiscal 2022 shown above, there were no material gain or loss amounts excluded from the assessment of effectiveness. Existing net gains in AOCI that are expected to be reclassified into earnings in the normal course of business within the next twelve months are $9.6 million. Credit exposure for derivative financial instruments is limited to the amounts, if any, by which the counterparties’ obligations under the contracts exceed the Company’s obligations to the counterparties. The Company manages the potential risk of credit losses through careful evaluation of counterparty credit standing and selection of counterparties from a limited group of financial institutions.
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Fair Value Measurements |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE MEASUREMENTS | NOTE 10—FAIR VALUE MEASUREMENTS: The Company’s fair value measurements are classified and disclosed in one of the following three categories: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). The following table summarizes the valuation of the Company’s investments and financial instruments that are measured at fair value on a recurring basis:
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. Fair values of long-term foreign currency exchange contracts are measured using valuations based upon quoted prices for similar assets and liabilities in active markets and are valued by reference to similar financial instruments, adjusted for terms specific to the contracts. Fair values of interest rate swaps are measured using standard valuation models using inputs that are readily available in public markets, or can be derived from observable market transactions, including LIBOR spot and forward rates. The effect of nonperformance risk on the fair value of derivative instruments was not material as of November 30, 2022 and 2021. The carrying values of accounts receivable, accounts payable and short-term debt approximate fair value due to their short maturities and interest rates which are variable in nature. The carrying value of the Company’s term loans approximate their fair value since they bear interest rates that are similar to existing market rates. The estimated fair value of the Senior Notes was approximately $2.1 billion and $2.4 billion at November 30, 2022 and 2021, respectively. During the fiscal years ended November 30, 2022, 2021 and 2020, there were no transfers between the fair value measurement category levels.
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Borrowings |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BORROWINGS | NOTE 11—BORROWINGS: Borrowings consist of the following:
TD SYNNEX United States Accounts Receivable Securitization Arrangement In the United States, the Company has an accounts receivable securitization program to provide additional capital for its operations (the “U.S. AR Arrangement”). Under the terms of the U.S. AR Arrangement, the Company and its subsidiaries that are party to the U.S. AR Arrangement can borrow up to a maximum of $1.5 billion based upon eligible trade accounts receivable. The U.S. AR Arrangement has a maturity date of December 2024. The effective borrowing cost under the U.S. AR Arrangement is a blended rate based upon the composition of the lenders, that includes prevailing dealer commercial paper rates and a rate based upon the Secured Overnight Financing Rate ("SOFR"). In addition, a program fee payable on the used portion of the lenders’ commitment accrues at 0.75% per annum. A facility fee is payable on the adjusted commitment of the lenders, to accrue at different tiers ranging between 0.30% per annum and 0.40% per annum depending on the amount of outstanding advances from time to time. Under the terms of the U.S. AR Arrangement, the Company and certain of its U.S. subsidiaries sell, on a revolving basis, their receivables to a wholly-owned, bankruptcy-remote subsidiary. Such receivables, which are recorded in the Consolidated Balance Sheet, totaled approximately $2.9 billion as of November 30, 2022. The borrowings are funded by pledging all of the rights, title and interest in the receivables acquired by the Company's bankruptcy-remote subsidiary as security. Any amounts received under the U.S. AR Arrangement are recorded as debt on the Company's Consolidated Balance Sheets. There were no amounts outstanding under the U.S. AR Arrangement at November 30, 2022 or 2021. SYNNEX United States credit agreement Prior to the Merger, in the United States, the Company had a senior secured credit agreement (as amended, the "U.S. Credit Agreement") with a group of financial institutions. The U.S. Credit Agreement included a $600.0 million commitment for a revolving credit facility and a term loan in the original principal amount of $1.2 billion. Interest on borrowings under the U.S. Credit Agreement was based on LIBOR or a base rate at the Company's option, plus a margin. The margin for LIBOR loans ranged from 1.25% to 2.00% and the margin for base rate loans ranged from 0.25% to 1.00%, provided that LIBOR was not less than zero. The base rate was a variable rate which was the highest of (a) the Federal Funds Rate, plus a margin of 0.5%, (b) the rate of interest announced, from time to time, by the agent, Bank of America, N.A., as its “prime rate,” and (c) the Eurodollar Rate, plus 1.0%. The unused revolving credit facility commitment fee ranged from 0.175% to 0.30% per annum. The margins above the applicable interest rates and the revolving commitment fee for revolving loans were based on the Company’s consolidated leverage ratio, as calculated under the U.S. Credit Agreement. The Company’s obligations under the U.S. Credit Agreement were secured by substantially all of the parent company’s and its United States domestic subsidiaries’ assets on a pari passu basis with the interests of the lenders under the U.S. Term Loan Credit Agreement (defined below) pursuant to an intercreditor agreement and were guaranteed by certain of the Company's United States domestic subsidiaries. The U.S. Credit Agreement was originally scheduled to mature in September 2022, however the U.S. Credit Agreement was terminated on September 1, 2021 and all outstanding balances were repaid in full as part of the Merger (see Note 3 – Acquisitions for further discussion). SYNNEX United States term loan credit agreement Prior to the Merger, in the United States the Company had a senior secured term loan credit agreement (the “U.S. Term Loan Credit Agreement”) with a group of financial institutions in the original principal amount of $1.8 billion. The remaining outstanding principal was payable on maturity. Interest on borrowings under the U.S. Term Loan Credit Agreement were based on LIBOR or a base rate at the Company’s option, plus a margin. The margin for LIBOR loans ranged from 1.25% to 1.75% and the margin for base rate loans ranged from 0.25% to 0.75%, provided that LIBOR was not less than zero. The base rate was a variable rate which was the highest of (a) 0.5% plus the greater of (x) the Federal Funds Rate in effect on such day and (y) the overnight bank funding rate in effect on such day, (b) the Eurodollar Rate plus 1.0% per annum, and (c) the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. During the period in which the term loans were available to be drawn, the Company paid term loan commitment fees. The margins above the Company's applicable interest rates and the term loan commitment fee were based on the Company's consolidated leverage ratio as calculated under the U.S. Term Loan Credit Agreement. The Company's obligations under the U.S. Term Loan Credit Agreement were secured by substantially all of the Company’s and certain of its domestic subsidiaries’ assets on a pari passu basis with the interests of the lenders under the U.S. Credit Agreement pursuant to an intercreditor agreement, and were guaranteed by certain of its domestic subsidiaries. The U.S. Term Loan Credit Agreement was originally scheduled to mature in October 2023, however the U.S. Term Loan Credit Agreement was terminated on September 1, 2021 and all outstanding balances were repaid in full as part of the Merger (see Note 3 – Acquisitions for further discussion). TD SYNNEX Credit Agreement In connection with the Merger Agreement, the Company entered into a credit agreement, dated as of April 16, 2021 (the “TD SYNNEX Credit Agreement”) with the lenders party thereto and Citibank, N.A., as agent, pursuant to which the Company received commitments for the extension of a senior unsecured revolving credit facility not to exceed an aggregate principal amount of $3.5 billion which revolving credit facility (the “TD SYNNEX revolving credit facility”) may, at the request of the Company but subject to the lenders’ discretion, potentially be increased by up to an aggregate amount of $500.0 million. There were no amounts outstanding under the TD SYNNEX revolving credit facility at November 30, 2022 or 2021. The TD SYNNEX Credit Agreement also includes a senior unsecured term loan (the “TD SYNNEX term loan” and, together with the TD SYNNEX revolving credit facility, the “TD SYNNEX credit facilities”) in an aggregate principal amount of $1.5 billion, that was fully funded in connection with the closing of the Merger. The borrower under the TD SYNNEX Credit Agreement is the Company. There are no guarantors of the TD SYNNEX Credit Agreement. The maturity of the TD SYNNEX Credit Agreement is on the fifth anniversary of the September 2021 closing date, to occur in September 2026, subject in the case of the TD SYNNEX revolving credit facility, to two one-year extensions upon the Company’s prior notice to the lenders and the agreement of the lenders to extend such maturity date. The outstanding principal amount of the TD SYNNEX term loan is payable in quarterly installments in an amount equal to 1.25% of the original $1.5 billion principal balance, with the outstanding principal amount of the term loans due in full on the maturity date. Loans borrowed under the TD SYNNEX Credit Agreement bear interest, in the case of LIBOR (or successor) rate loans, at a per annum rate equal to the applicable LIBOR (or successor) rate, plus the applicable margin, which may range from 1.125% to 1.750%, based on the Company’s public debt rating (as defined in the TD SYNNEX Credit Agreement). The applicable margin on base rate loans is 1.00% less than the corresponding margin on LIBOR (or successor rate) based loans. In addition to these borrowing rates, there is a commitment fee that ranges from 0.125% to 0.300% on any unused commitment under the TD SYNNEX revolving credit facility based on the Company’s public debt rating. The effective interest rate for the TD SYNNEX term loan was 5.46% and 1.49% as of November 30, 2022 and 2021, respectively. The Company uses interest rate swap derivative contracts to economically convert a portion of the TD SYNNEX term loan to fixed-rate debt (see Note 9 - Derivative Instruments for further discussion). The TD SYNNEX Credit Agreement contains various loan covenants that are customary for similar facilities for similarly rated borrowers that restricts the ability of the Company and its subsidiaries to take certain actions. The TD SYNNEX Credit Agreement also contains financial covenants that require compliance with a maximum debt to EBITDA ratio and a minimum interest coverage ratio, in each case tested on the last day of each fiscal quarter. The TD SYNNEX Credit Agreement also contains various customary events of default, including with respect to a change of control of the Company. TD SYNNEX Senior Notes On August 9, 2021, the Company completed its offering of $2.5 billion aggregate principal amount of senior unsecured notes, consisting of $700.0 million of 1.25% senior notes due August 9, 2024, $700.0 million of 1.75% senior notes due August 9, 2026, $600.0 million of 2.375% senior notes due August 9, 2028, and $500.0 million of 2.65% senior notes due August 9, 2031 (collectively, the “Senior Notes,” and such offering, the “Senior Notes Offering”). The Company incurred $19.6 million towards issuance costs on the Senior Notes. The Company pays interest semi-annually on the notes on each of February 9 and August 9. The net proceeds from this offering were used to fund a portion of the aggregate cash consideration payable in connection with the Merger, refinance certain of the Company’s existing indebtedness and pay related fees and expenses and for general corporate purposes. The interest rate payable on each series of the Senior Notes will be subject to adjustment from time to time if the credit rating assigned to such series of Senior Notes is downgraded (or downgraded and subsequently upgraded). The Company may redeem the Senior Notes, at any time in whole or from time to time in part, prior to (i) August 9, 2022 (the “2024 Par Call Date”) in the case of the 2024 Senior Notes, (ii) July 9, 2026 (the “2026 Par Call Date”) in the case of the 2026 Senior Notes, (iii) June 9, 2028 (the “2028 Par Call Date”) in the case of the 2028 Senior Notes, and (iv) May 9, 2031 in the case of the 2031 Senior Notes (the “2031 Par Call Date” and, together with the 2024 Par Call Date, the 2026 Par Call Date and the 2028 Par Call Date, each, a “Par Call Date” and together, the “Par Call Dates”), at a redemption price equal to the greater of (x) 100% of the aggregate principal amount of the applicable Senior Notes to be redeemed and (y) the sum of the present values of the remaining scheduled payments of the principal and interest on the Senior Notes, discounted to the date of redemption on a semi-annual basis at a rate equal to the sum of the applicable treasury rate plus 15 basis points for the 2024 Senior Notes, 20 basis points for the 2026 Senior Notes and 25 basis points for the 2028 Senior Notes and 2031 Senior Notes, plus in each case, accrued and unpaid interest thereon to, but excluding, the redemption date. The Company may also redeem the Senior Notes of any series at its option, at any time in whole or from time to time in part, on or after the applicable Par Call Date, at a redemption price equal to 100% of the principal amount of the Senior Notes to be redeemed. On June 14, 2022, the Company commenced an offer to exchange (the "Exchange Offer") its outstanding unregistered Senior Notes for new registered notes (the "Exchange Notes"). The purpose of the Exchange Offer was to fulfill the Company's obligations under the applicable registration rights agreement entered into in connection with the issuance of the Senior Notes. The Company did not receive any proceeds from the Exchange Offer, and the aggregate principal amount of Exchange Notes that were issued was equal to the aggregate principal amount of Senior Notes that were surrendered pursuant to the Exchange Offer. The terms of the Exchange Notes are substantially identical to the terms of the respective series of the Senior Notes, except that the Exchange Notes are registered under the Securities Act, and certain transfer restrictions, registration rights, and additional interest provisions relating to the Senior Notes do not apply to the Exchange Notes. The Exchange Offer expired on July 14, 2022 and settlement occurred on July 15, 2022. Other Borrowings and Term Debt The Company has various other committed and uncommitted lines of credit with financial institutions, accounts receivable securitization arrangements, finance leases, short-term loans, term loans, credit facilities, and book overdraft facilities, totaling approximately $574.9 million in borrowing capacity as of November 30, 2022. Most of these facilities are provided on an unsecured, short-term basis and are reviewed periodically for renewal. Interest rates and other terms of borrowing under these lines of credit vary by country, depending on local market conditions. There was $193.1 million outstanding on these facilities at November 30, 2022, at a weighted average interest rate of 4.69%, and there was $106.3 million outstanding at November 30, 2021, at a weighted average interest rate of 4.59%. Borrowings under these lines of credit facilities are guaranteed by the Company or secured by eligible accounts receivable. On March 22, 2021, the Company had entered into a debt commitment letter (the “Commitment Letter”), under which Citigroup Global Markets Inc. and certain other financing institutions joining thereto pursuant to the terms thereof committed to provide (i) a $1.5 billion senior unsecured term bridge facility (the "Term Loan A Bridge Facility"), (ii) a $2.5 billion senior unsecured term bridge facility (the “Bridge Facility”) and (iii) a $3.5 billion senior unsecured revolving bridge facility (the "Bridge Revolving Facility"), subject to the satisfaction of certain customary closing conditions. On April 16, 2021, (i) the $1.5 billion commitment with respect to the Term Loan A Bridge Facility under the Commitment Letter and (ii) the $3.5 billion commitment with respect to the Bridge Revolving Facility under the Commitment Letter were reduced to zero, in each case, as a result of the Company entering into the TD SYNNEX Credit Agreement; and on August 9, 2021 the Bridge Facility was reduced to zero as a result of the issuance of the Senior Notes. At November 30, 2022, the Company was also contingently liable for reimbursement obligations with respect to issued standby letters of credit in the aggregate outstanding amount of $82.5 million. These letters of credit typically act as a guarantee of payment to certain third parties in accordance with specified terms and conditions. The maximum commitment amounts for local currency credit facilities have been translated into United States Dollars at November 30, 2022 exchange rates. Future principal payments As of November 30, 2022, future principal payments under the above loans are as follows:
Covenant compliance The Company's credit facilities have a number of covenants and restrictions that require the Company to maintain specified financial ratios. The covenants also limit the Company’s ability to incur additional debt, create liens, enter into agreements with affiliates, modify the nature of the Company’s business, and merge or consolidate. As of November 30, 2022, the Company was in compliance with the financial covenant requirements for the above arrangements.
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Earnings Per Common Share |
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Nov. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EARNINGS PER COMMON SHARE | NOTE 12—EARNINGS PER COMMON SHARE: The following table sets forth the computation of basic and diluted earnings per common share for the periods indicated:
__________________ (1) RSAs granted by the Company are considered participating securities. Income available to participating securities was immaterial in all periods presented.
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Segment Information |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Nov. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SEGMENT INFORMATION | NOTE 13—SEGMENT INFORMATION: Segment results for all prior periods have been restated for comparability to the Company’s current reportable segments (see Note 1 – Organization and Basis of Presentation for further discussion). Summarized financial information related to the Company’s reportable business segments for the periods presented is shown below:
(1)Excludes purchases of capitalized software and application software. (2)Excludes amounts related to Concentrix prior to the Separation. The Company attributes revenues from external customers to the country from where products are delivered. Except for the United States, no other country accounted for 10% or more of the Company’s revenue for the periods presented. Except for the United States and France, no other country accounted for 10% or more of the Company’s property and equipment, net, less capitalized software and application software, for the periods presented:
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Related Party Transactions |
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Nov. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RELATED PARTY TRANSACTIONS | NOTE 14—RELATED PARTY TRANSACTIONS: The Company has a business relationship with MiTAC Holdings Corporation (“MiTAC Holdings”), a publicly-traded company in Taiwan, which began in 1992 when MiTAC Holdings became one of the Company’s primary investors through its affiliates. As of November 30, 2022 and 2021, MiTAC Holdings and its affiliates beneficially owned approximately 9.7% and 9.5% of the Company's outstanding common stock, respectively. Mr. Matthew Miau, Chairman Emeritus of the Company’s Board of Directors and a director, is the Chairman of MiTAC Holdings and a director or officer of MiTAC Holdings’ affiliates. Beneficial ownership of the Company’s common stock by MiTAC Holdings As noted above, MiTAC Holdings and its affiliates in the aggregate beneficially owned approximately 9.7% of the Company’s outstanding common stock as of November 30, 2022. These shares are owned by the following entities:
__________________ (1)Shares are held as follows: 302 shares by Silver Star Developments Ltd. and 2,595 shares by MiTAC International Corp., both of which are wholly owned subsidiaries of MiTAC Holdings, along with 2,403 shares held directly by MiTAC Holdings. Excludes 194 shares held directly by Mr. Miau, 217 shares indirectly held by Mr. Miau through a charitable remainder trust, and 190 shares held by his spouse. (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 Holdings directly and indirectly owns a noncontrolling interest of 14.1% in MiTAC Incorporated, a privately-held Taiwanese company, which in turn holds a noncontrolling interest of 15.7% in Synnex Technology International. Neither MiTAC Holdings nor Mr. Miau is affiliated with any person(s), entity, or entities that hold a majority interest in MiTAC Incorporated. The following table presents the Company's transactions with MiTAC Holdings and its affiliates for the periods indicated:
The following table presents the Company’s receivable from and payable to MiTAC Holdings and its affiliates for the periods presented:
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Employee Benefit Plans |
12 Months Ended |
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Nov. 30, 2022 | |
| Retirement Benefits [Abstract] | |
| EMPLOYEE BENEFIT PLANS | NOTE 15—EMPLOYEE BENEFITS PLANS: The Company has 401(k) plans in the United States under which eligible co-workers may contribute up to the maximum amount as provided by law. Co-workers generally become eligible to participate in these plans on the first day of the month after their employment date. The Company may make discretionary contributions under the plans. During fiscal years 2022, 2021 and 2020, the Company contributed $15.8 million, $6.5 million and $2.7 million, respectively, to these 401(k) plans. Co-workers in certain of the Company's international subsidiaries are covered by government mandated defined contribution plans, which are not material to operations. Additionally, the Company has defined benefit plans sponsored by certain international subsidiaries which are not material to its operations.
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Leases |
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| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LEASES | NOTE 16—LEASES: The Company leases certain of its facilities and equipment under noncancellable operating lease agreements, which expire in various periods through 2037. The Company’s finance leases are not material. The following table presents the various components of lease costs.
The following table presents a maturity analysis of expected undiscounted cash flows for operating leases on an annual basis for the next five years and thereafter as of November 30, 2022:
*Imputed interest represents the difference between undiscounted cash flows and discounted cash flows. The following amounts were recorded in the Company's Consolidated Balance Sheet as of November 30, 2022 and 2021:
The following table presents supplemental cash flow information related to the Company's operating leases for fiscal years 2022, 2021 and 2020. Cash payments related to variable lease costs and short-term leases are not included in the measurement of operating lease liabilities, and, as such, are excluded from the amounts below:
The weighted-average remaining lease term and discount rate as of November 30, 2022 and 2021 were as follows:
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Income Taxes |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INCOME TAXES | NOTE 17—INCOME TAXES: The components of pretax income from continuing operations are as follows:
Significant components of the provision for income taxes are as follows:
The breakdown of net deferred tax assets and liabilities are as follows:
The significant components of the Company’s deferred tax assets and liabilities are as follows:
The decrease in the Company's overall deferred tax liability position is primarily due to a reversal of a portion of the Company's deferred tax liabilities. The net change in the deferred tax valuation allowances in fiscal 2022 was a decrease of $20.5 million primarily resulting from fair value adjustments recorded during the measurement period related to the Merger. The valuation allowance at November 30, 2022 and November 30, 2021 primarily relates to carryforwards for foreign net operating losses and foreign tax credits in the United States. The Company considers all positive and negative evidence available in determining the potential of realizing deferred tax assets. To the extent that the Company generates consistent taxable income within those operations with valuation allowances, the Company may reduce the valuation allowances, thereby reducing income tax expense and increasing net income in the period the determination is made. The Company’s net operating loss carryforwards totaled $321.6 million at November 30, 2022. The majority of the net operating losses have an indefinite carryforward period with the remaining portion expiring in fiscal years 2023 through 2039. In addition, the Company has an immaterial net amount of state net operating losses. The Company’s foreign tax credit carryforwards in the United States totaled $50.1 million at November 30, 2022. The foreign tax credits have a ten-year carryforward period, and the majority is set to expire in fiscal year 2025. The reconciliation of the statutory United States federal income tax rate to the Company’s effective income tax rate is as follows:
In connection with the Merger, the Company restructured its foreign financing structure, as well as select legal entities in anticipation of legally integrating legacy Tech Data and SYNNEX foreign operations. In addition to the treasury efficiencies, these restructurings resulted in a one-time domestic capital loss which would offset certain domestic capital gains when carried back under United States tax law to tax year 2020, resulting in a tax benefit of approximately $45.0 million during fiscal year 2021 and approximately $8.3 million during fiscal year 2022. The Company’s United States business has sufficient cash flow and liquidity to fund its operating requirements and the Company expects and intends that profits earned outside the United States will be fully utilized and reinvested outside of the United States. As of November 30, 2022, the Company had approximately $1.1 billion of undistributed earnings of its non-U.S. subsidiaries for which it has not provided for non-U.S. withholding taxes and state taxes because such earnings are intended to be reinvested indefinitely in international operations. It is not practicable to determine the amount of applicable taxes that would be due if such earnings were distributed. Accordingly, the Company has not provisioned United States state taxes and foreign withholding taxes on non-U.S. subsidiaries for which the earnings are permanently reinvested. The Company has been granted tax holidays in certain jurisdictions, primarily, China. The tax holidays provide for lower rates of taxation and require various thresholds of investment and business activities in those jurisdictions. Certain tax holidays begin to expire in fiscal year 2023. The tax benefits from the above tax holidays for fiscal years 2022, 2021 and 2020 were not material. The estimates and assumptions used by the Company in computing the income taxes reflected in the Company’s consolidated financial statements could differ from the actual results reflected in the income tax returns filed during the subsequent year. Adjustments are recorded based on filed returns when such returns are finalized or the related adjustments are identified. The aggregate changes in the balances of gross unrecognized tax benefits, excluding accrued interest and penalties, during fiscal years 2022, 2021 and 2020 were as follows:
As of November 30, 2022, the amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate was $20.7 million. Unrecognized tax benefits that have a reasonable possibility of significantly decreasing within the 12 months following November 30, 2022 would not have a material impact on the tax rate. The Company recognizes interest and penalties related to unrecognized tax benefits in the provision for income taxes. The Company’s accrued interest and penalties at November 30, 2022, would not have a material impact on the effective tax rate if reversed. The provision for income taxes for each of the fiscal years ended November 30, 2022, 2021 and 2020 includes interest expense on unrecognized income tax benefits for current and prior years which is not significant to the Company’s Consolidated Statement of Income. The change in the balance of accrued interest for fiscal 2022, 2021 and 2020, includes the current year end accrual, an interest benefit resulting from the expiration of statutes of limitation, and the translation adjustments on foreign currencies. The Company conducts business primarily in the Americas, Europe and APJ, and as a result, one or more of its subsidiaries files income tax returns in the U.S. federal, various state, local and foreign tax jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities. The Company is no longer subject to examinations by the Internal Revenue Service for years before fiscal 2019. The Company is no longer subject to foreign or state income tax audits for returns covering years through 2005, and fiscal year 2010, respectively. In preparation of the Separation, SYNNEX entered into a Tax Matters Agreement with Concentrix effective on December 1, 2020 that governs the rights and obligations of SYNNEX and Concentrix for certain pre-Separation tax liabilities. The Tax Matters Agreement provides that SYNNEX and Concentrix will share certain pre-Separation income tax liabilities that arise from adjustments made by tax authorities to SYNNEX and Concentrix’ U.S. and certain non-U.S. income tax returns. In certain jurisdictions SYNNEX and Concentrix have joint and several liability for past income tax liabilities and accordingly, SYNNEX could be legally liable under applicable tax law for such liabilities and required to make additional tax payments. In addition, if the distribution of Concentrix' common shares to the SYNNEX stockholders is determined to be taxable, Concentrix and SYNNEX would share the tax liability equally, unless the taxability of the distribution is the direct result of action taken by either Concentrix or SYNNEX subsequent to the distribution in which case the party causing the distribution to be taxable would be responsible for any taxes imposed on the distribution.
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Commitments and Contingencies |
12 Months Ended |
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Nov. 30, 2022 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| COMMITMENTS AND CONTINGENCIES | NOTE 18—COMMITMENTS AND CONTINGENCIES: As is customary in the technology industry, to encourage certain customers to purchase products from us, the Company also has other financing agreements with financial institutions to provide inventory financing facilities to the Company’s customers and allow certain customers of the Company to finance their purchases directly with the financial institutions. The Company is contingently liable to repurchase inventory sold under these agreements in the event of any default by its customers under the agreement and such inventory being repossessed by the financial institutions. As the Company does not have access to information regarding the amount of inventory purchased from the Company still on hand with the customer at any point in time, the Company’s repurchase obligations relating to inventory cannot be reasonably estimated. Losses, if any, would be the difference between the repossession cost and the resale value of the inventory. Repurchases under these arrangements have been insignificant to date and the Company is not aware of any pending customer defaults or repossession obligations. The Company believes that, based on historical experience, the likelihood of a material loss pursuant to these inventory repurchase obligations is remote. The French Autorité de la Concurrence (“Competition Authority”) began in 2013 an investigation into the French market for certain products of Apple, Inc., (“Apple”) for which the Company is a distributor. In March 2020, the Competition Authority imposed fines on Tech Data, on another distributor, and on Apple, finding that Tech Data entered into an anticompetitive agreement with Apple regarding volume allocations of Apple products. The initial fine imposed on Tech Data was €76.1 million. The Company appealed its determination to the French courts, seeking to set aside or reduce the fine. Although the Company believed it had strong arguments on appeal, the Company determined that the best estimate of probable loss related to this matter as of November 30, 2021 was €36.0 million. Under French law, the pendency of the Company’s appeal does not suspend the obligation to pay the fine. Tech Data agreed with the French authorities to make eight equal installment payments in relation to the fine assessed for a total amount of €22.8 million on a quarterly basis from January 2021 through October 2022. Additionally, the Company provided a third-party surety bond to the Competition Authority to guarantee the payment of the amount of the fine and interest, if applicable. On October 6, 2022, the appeals court issued a ruling that reduced the fine imposed on the Company from €76.1 million to €24.9 million. The Company continues to contest the arguments of the Competition Authority and has further appealed this matter. As a result of the appeals court ruling, the Company has determined that the best estimate of probable loss related to this matter as of November 30, 2022 is €24.9 million (approximately $25.7 million as of November 30, 2022), which has been paid in full. The Company decreased its accrual established for this matter by $10.8 million during fiscal year 2022 which is recorded in "Other (expense) income, net" in the Consolidated Statement of Operations. A civil lawsuit related to this matter, alleging anticompetitive actions in association with the established distribution networks for Apple, Tech Data and another distributor was filed by eBizcuss. The Company is currently evaluating this matter and cannot currently estimate the probability or amount of any potential loss. From time to time, the Company receives notices from third parties, including customers and suppliers, seeking indemnification, payment of money or other actions in connection with claims made against them. Also, from time to time, the Company has been involved in various bankruptcy preference actions where the Company was a supplier to the companies now in bankruptcy. In addition, the Company is subject to various other claims, both asserted and unasserted, that arise in the ordinary course of business. The Company evaluates these claims and records the related liabilities. It is possible that the ultimate liabilities could differ from the amounts recorded. Under the Separation and Distribution agreement, SYNNEX agreed to indemnify Concentrix, each of its subsidiaries and each of their respective directors, officers and co-workers from and against all liabilities relating to, arising out of or resulting from, among other matters, the liabilities allocated to SYNNEX as part of the Separation. Similarly, Concentrix agreed to indemnify SYNNEX, each of its subsidiaries and each of their respective directors, officers and co-workers from and against all liabilities relating to, arising out of or resulting from, among other matters, the liabilities allocated to Concentrix as part of the Separation. SYNNEX expects Concentrix to fully perform under the terms of the Separation and Distribution agreement. Under the Separation and Distribution agreement, SYNNEX and Concentrix agreed to cooperate with each other in managing litigation related to both companies' businesses. The Separation and Distribution agreement also included provisions that assign to each company responsibility for managing pending and future litigation related to the general corporate matters of SYNNEX arising prior to the Separation. The Company does not believe that the above commitments and contingencies will have a material adverse effect on the Company’s results of operations, financial position or cash flows.
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Schedule II-Valuation and Qualifying Accounts |
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| SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS For the Fiscal Years Ended November 30, 2022, 2021 and 2020 (in thousands) (Amounts may not add due to rounding)
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Summary of Significant Accounting Policies (Policies) |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Use of estimates | Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expense during the reporting period. The Company evaluates these estimates on a regular basis and bases them on historical experience and on various assumptions that the Company believes are reasonable. Actual results could differ from the estimates.
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| Principles of consolidation | Principles of consolidation The Consolidated Financial Statements include the accounts of the Company, its wholly-owned subsidiaries, majority-owned subsidiaries in which no substantive participating rights are held by minority stockholders and variable interest entities if the Company is the primary beneficiary. All intercompany accounts and transactions have been eliminated. The Consolidated Financial Statements include 100% of the assets and liabilities of majority-owned subsidiaries. Investments in 20% through 50% owned affiliated companies are accounted under the equity method where the Company exercises significant influence over operating and financial affairs of the investee and is not the primary beneficiary. Investments in less than 20% owned companies, where the Company does not have significant influence, are recorded at cost or fair value based on whether the equity securities have readily determinable fair values.
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| Segment reporting | Segment reporting Operating segments are based on components of the Company that engage in business activity that earn revenue and incur expenses and (a) whose operating results are regularly reviewed by the Company’s chief operating decision maker to make decisions about resource allocation and performance and (b) for which discrete financial information is available. Prior to the Separation, the Company had two reportable segments: Technology Solutions and Concentrix. After giving effect to the Separation of the Concentrix segment, the Company operated with one reportable segment: Technology Solutions. After completion of the Merger, the Company reviewed its reportable segments as there was a change in its chief executive officer, who is also the Company’s chief operating decision maker. The Company’s chief operating decision maker has a leadership structure aligned with the geographic regions of the Americas, Europe and Asia-Pacific and Japan (“APJ”) and reviews and allocates resources based on these geographic regions. As a result, as of September 1, 2021 the Company began operating in three reportable segments based on its geographic regions: the Americas, Europe and APJ.
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| Cash and cash equivalents | Cash and cash equivalents The Company considers all highly liquid debt instruments purchased with an original maturity or remaining maturity at the date of purchase of three months or less to be cash equivalents. Cash equivalents consist principally of money market deposit accounts and money market funds that are stated at cost, which approximates fair value. The Company is exposed to credit risk in the event of default by financial institutions to the extent that cash balances with financial institutions are in excess of amounts that are insured.
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| Accounts receivable | Accounts receivable The Company maintains an allowance for doubtful accounts as an estimate to cover the future expected credit losses resulting from uncertainty regarding collections from customers or original equipment manufacturer (“OEM”) vendors to make payments for outstanding balances. In estimating the required allowance, the Company takes into consideration historical credit losses, current conditions and reasonable and supportable forecasts. Adjustments to historical loss information are made for differences in current conditions as well as changes in forecasted macroeconomic conditions, such as changes in unemployment rates or gross domestic product growth. Expected credit losses are estimated on a pool basis when similar risk characteristics exist using an age-based reserve model. Receivables that do not share risk characteristics are evaluated on an individual basis. The Company has uncommitted supply-chain financing programs with global financial institutions under which trade accounts receivable of certain customers and their affiliates may be acquired, without recourse, by the financial institutions. Available capacity under these programs is dependent on the level of the Company’s trade accounts receivable with these customers and the financial institutions’ willingness to purchase such receivables. In addition, certain of these programs also require that the Company continue to service, administer and collect the sold accounts receivable. As of November 30, 2022, and 2021, accounts receivable sold to and held by the financial institutions under these programs were $1.4 billion and $759.9 million, respectively. Discount fees related to the sale of trade accounts receivable under these facilities are included in “Interest expense and finance charges, net” in the Consolidated Statements of Operations. During the fiscal years ended November 30, 2022, 2021 and 2020, discount fees were $26.2 million, $4.7 million and $3.2 million, respectively.
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| Inventories | Inventories Inventories are stated at the lower of cost and net realizable value. Cost is computed based on the weighted-average method. Inventories are comprised of finished goods and work-in-process. Finished goods include products purchased for resale, system components purchased for both resale and for use in the Company’s systems design and integration business and completed systems. Work-in-process inventories are not material to the Consolidated Financial Statements.
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| Derivatives Financial Instruments | Derivative Financial Instruments The Company accounts for its derivative instruments as either assets or liabilities and carries them at fair value. For derivative instruments that hedge the exposure to variability in expected future cash flows that are designated as cash flow hedges, the gain or loss on the derivative instrument is reported as a component of “Accumulated other comprehensive income (loss)” in stockholders’ equity and reclassified into earnings in the same line associated with the hedged transactions, in the same period or periods during which the hedged transaction affects earnings. To receive hedge accounting treatment, cash flow hedges must be highly effective in offsetting changes to expected future cash flows on hedged transactions. The company classifies cash flows related to the settlement of its cash flow hedges as operating activities in the Consolidated Statements of Cash Flows. For derivative instruments that hedge a portion of the Company's net investment in foreign-currency denominated operations that are designated as net investment hedges, the gain or loss on the derivative instrument is reported as a component of “Accumulated other comprehensive income (loss)” in stockholders’ equity until the sale or substantially complete liquidation of the underlying assets of the Company's investment. The initial fair value of hedge components excluded from the assessment of effectiveness is recognized in the Consolidated Statement of Operations under a systematic and rational method over the life of the hedging instrument. The excluded component is recognized in "Interest expense and finance charges, net" on the Consolidated Statement of Operations. The Company classifies cash flows related to the settlement of its net investment hedges as investing activities in the Consolidated Statements of Cash Flows. For derivative instruments that are not designated as hedges, gains and losses resulting from changes in fair value on derivative instruments are reported in the Consolidated Statements of Operations in the current period.
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| Property and equipment | Property and equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method based upon the shorter of the estimated useful lives of the assets, or the lease term of the respective assets, if applicable. Maintenance and repairs are charged to expense as incurred, and improvements are capitalized. When assets are retired or otherwise disposed of, the cost and accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is reflected in operations in the period realized. The Company’s capitalized software has been obtained or developed for internal use only. Development and acquisition costs are capitalized for computer software only when management authorizes and commits to funding a computer software project through the approval of a capital expenditure requisition, and the software project is either for the development of new software, to increase the life of existing software or to add significantly to the functionality of existing software. Once these requirements have been met, capitalization would begin at the point that conceptual formulation, evaluation, design and testing of possible software project alternatives have been completed. Capitalization ceases when the software project is substantially complete and ready for its intended use. The ranges of estimated useful lives for property and equipment categories are as follows:
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| Business Combinations | Business Combinations The purchase price is allocated to the assets acquired, liabilities assumed, and noncontrolling interests in the acquired entity generally based on their fair values at the acquisition date. The excess of the fair value of purchase consideration over the fair value of these assets acquired, liabilities assumed and noncontrolling interests in the acquired entity is recorded as goodwill. The primary items that generate goodwill include the value of the synergies between the acquired entity and the Company and the value of the acquired assembled workforce, neither of which qualify for recognition as an intangible asset. Amounts recorded in a business combination may change during the measurement period, which is a period not to exceed one year from the date of acquisition, as additional information about conditions existing at the acquisition date becomes available. The Company includes the results of operations of the acquired business in the Consolidated Financial Statements prospectively from the date of acquisition. Acquisition-related charges are recognized separately from the business combination and are expensed as incurred. These charges primarily include direct third-party professional and legal fees, and integration-related costs.
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| Goodwill and intangible assets | Goodwill and intangible assets The values assigned to intangible assets include estimates and judgment regarding expectations for the length of customer relationships acquired in a business combination. Included within intangible assets is an indefinite lived trade name intangible asset. The Company's indefinite lived trade name intangible asset is considered a single unit of accounting and is tested for impairment at the consolidated level annually as of September 1, and more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired. Other purchased intangible assets are amortized over the useful lives based on estimates of the use of the economic benefit of the asset or on the straight-line amortization method. The Company allocates goodwill to reporting units based on the reporting unit expected to benefit from the business combination and tests for impairment annually as of September 1, or more frequently if events or changes in circumstances indicate that it may be impaired. Goodwill is tested for impairment at the reporting unit level by first performing a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. The factors that are considered in the qualitative analysis include macroeconomic conditions, industry and market considerations, cost factors such as increases in product cost, labor, or other costs that would have a negative effect on earnings and cash flows; and other relevant entity-specific events and information. The Company also has the option to bypass the qualitative assessment for any reporting unit in any period. If the reporting unit does not pass or the Company chooses to bypass the qualitative assessment, then the reporting unit’s carrying value is compared to its fair value. The fair values of the reporting units are estimated using market and discounted cash flow approaches. The assumptions used in the market approach are based on the value of a business through an analysis of sales and other multiples of guideline companies and recent sales or offerings of a comparable entity. The assumptions used in the discounted cash flow approach are based on historical and forecasted revenue, operating costs, working capital requirements, future economic conditions, discount rates and other relevant factors. Goodwill is considered impaired if the carrying value of the reporting unit exceeds its fair value and the excess is recognized as an impairment loss. No goodwill impairment has been identified for any of the years presented. Finite-lived intangible assets consist primarily of customer relationships, vendor lists and other intangible assets. Amortization is based on the pattern in which the economic benefits of the intangible assets will be consumed or on a straight-line basis when the consumption pattern is not apparent over the following useful lives:
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| Impairment of long-lived assets | Impairment of long-lived assets The Company reviews the recoverability of its long-lived assets, including finite-lived intangible assets, property and equipment, right-of-use ("ROU") assets and certain other assets, when events or changes in circumstances occur that indicate the carrying value of the asset or asset group may not be recoverable. The assessment of possible impairment is based on the Company’s ability to recover the carrying value of the asset or asset group from the expected future pre-tax cash flows, undiscounted and without interest charges, of the related operations. If these cash flows are less than the carrying value of such assets, an impairment loss is recognized for the difference between estimated fair value and carrying value.
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| Leases | Leases The Company enters into leases as a lessee for property and equipment in the ordinary course of business. When procuring goods or services, or upon entering into a contract with its customers, the Company determines whether an arrangement contains a lease at its inception. As part of that evaluation, the Company considers whether there is an implicitly or explicitly identified asset in the arrangement and whether the Company, as the lessee, or the customer, if the Company is the lessor, has the right to control the use of that asset. When the Company is the lessee, all leases with a term of more than 12 months are recognized as ROU assets and associated lease liabilities in the Consolidated Balance Sheet. Lease liabilities are recorded at the lease commencement date and determined using the present value of the lease payments not yet paid, at the Company’s incremental borrowing rate, which approximates the rate at which the Company would borrow on a secured basis in the country where the lease was executed. The interest rate implicit in the lease is generally not determinable in transactions where the Company is the lessee. The ROU asset equals the lease liability adjusted for any initial direct costs, prepaid rent and lease incentives. The Company’s variable lease payments generally relate to payments tied to various indexes, non-lease components and payments above a contractual minimum fixed amount. Operating leases are included in other assets, net, other accrued liabilities and other long-term liabilities in the Consolidated Balance Sheet. Substantially all of the Company's leases are classified as operating leases and the Company’s finance leases are not material. The lease term includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company made a policy election to not recognize leases with a lease term of 12 months or less in the Consolidated Balance Sheet. Lease expenses are recorded within selling, general, and administrative expenses in the Consolidated Statements of Operations. Operating lease payments are presented within “Cash flows from operating activities” in the Consolidated Statements of Cash Flows.
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| Concentration of credit risk | Concentration of credit risk Financial instruments that potentially subject the Company to significant concentration of credit risk consist principally of cash and cash equivalents, accounts receivable, receivables from vendors and derivative instruments. The Company’s cash and cash equivalents and derivative instruments are transacted and maintained with financial institutions with high credit standing, and their compositions and maturities are regularly monitored by management. Through November 30, 2022, the Company has not experienced any material credit losses on such deposits and derivative instruments. Accounts receivable include amounts due from customers, including related party customers. Receivables from vendors, net, includes amounts due from OEM vendors primarily in the technology industry. The Company performs ongoing credit evaluations of its customers’ financial condition and limits the amount of credit extended when deemed necessary, but generally requires no collateral. The Company also maintains allowances for potential credit losses. In estimating the required allowances, the Company takes into consideration the overall quality and aging of its receivable portfolio, the existence of credit insurance and specifically identified customer and vendor risks. The following table provides revenue generated from products purchased from vendors that exceeded 10% of our consolidated revenue for the periods indicated (as a percent of consolidated revenue):
__________________ (1) Revenue generated from products purchased from this vendor was less than 10% of consolidated revenue during the period presented. One customer accounted for 10%, 17% and 23% of the Company’s total revenue in fiscal years 2022, 2021 and 2020, respectively. As of November 30, 2022 and 2021, no single customer comprised more than 10% of the consolidated accounts receivable balance.
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| Book overdrafts | Book overdrafts Book overdrafts, representing checks issued in excess of balances on deposit in the applicable bank accounts and which have not been paid by the applicable bank at the balance sheet date are classified as “Borrowings, current” in the Company’s Consolidated Balance Sheets. Under the terms of the Company’s banking arrangements, the respective financial institutions are not legally obligated to honor the book overdraft balances. The Company’s policy is to report the change in book overdrafts as a financing activity in the Consolidated Statements of Cash Flows.
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| Revenue recognition | Revenue recognition The Company generates revenue primarily from the sale of various IT products. The Company recognizes revenues from the sale of IT hardware and software as control is transferred to customers, which is at the point in time when the product is shipped or delivered. The Company accounts for a contract with a customer when it has written approval, the contract is committed, the rights of the parties, including payment terms, are identified, the contract has commercial substance and consideration is probable of collection. Binding purchase orders from customers together with agreement to the Company's terms and conditions of sale by way of an executed agreement or other signed documents are considered to be the contract with a customer. Products sold by the Company are delivered via shipment from the Company’s facilities, drop-shipment directly from the vendor, or by electronic delivery of software products. In situations where arrangements include customer acceptance provisions, revenue is recognized when the Company can objectively verify the products comply with specifications underlying acceptance and the customer has control of the products. Revenue is presented net of taxes collected from customers and remitted to government authorities. The Company generally invoices a customer upon shipment, or in accordance with specific contractual provisions. Payments are due as per contract terms and do not contain a significant financing component. Service revenues represents less than 10% of the total revenue for the periods presented. Provisions for sales returns and allowances are estimated based on historical data and are recorded concurrently with the recognition of revenue. A liability is recorded at the time of sale for estimated product returns based upon historical experience and an asset is recognized for the amount expected to be recorded in inventory upon product return. These provisions are reviewed and adjusted periodically by the Company. Revenue is reduced for early payment discounts and volume incentive rebates offered to customers, which are considered variable consideration, at the time of sale based on an evaluation of the contract terms and historical experience. The Company recognizes revenue on a net basis on certain contracts, where the Company’s performance obligation is to arrange for the products or services to be provided by another party or the rendering of logistics services for the delivery of inventory for which the Company does not assume the risks and rewards of ownership, by recognizing the margins earned in revenue with no associated cost of revenue. Such arrangements include supplier service contracts, post-contract software support services, cloud computing and software as a service arrangements, certain fulfillment contracts and extended warranty contracts. The Company considers shipping and handling activities as costs to fulfill the sale of products. Shipping revenue is included in revenue when control of the product is transferred to the customer, and the related shipping and handling costs are included in cost of revenue. The Company disaggregates its operating segment revenue by geography, which the Company believes provides a meaningful depiction of the nature of its revenue. Disaggregated revenue disclosure is presented in Note 13 – Segment Information.
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| Cost of revenue | Cost of Revenue Cost of revenue includes the product price paid to OEM suppliers, net of any incentives, rebates, price protection and purchase discounts received from the OEM suppliers. Cost of revenue also consists of provisions for inventory losses and write-downs, shipping and handling costs and royalties due to OEM vendors. In addition, cost of revenue includes the cost of materials, labor and overhead and warranty for design and integration activities.
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| Selling, General and Administrative expenses | Selling, General and Administrative expenses Selling, general and administrative expenses are charged to income as incurred. Expenses of promoting and selling products and services are classified as selling expense and include such items as compensation, sales commissions and travel. General and administrative expenses include such items as compensation, cost of warehouse, delivery centers and other non-integration facilities, legal and professional costs, office supplies, non-income taxes, insurance and utility expenses. In addition, selling, general and administrative expenses include other operating items such as allowances for credit losses, depreciation and amortization of intangible assets.
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| OEM supplier programs | OEM supplier programs Funds received from OEM suppliers for volume promotion programs, price protection and product rebates are recorded as adjustments to cost of revenue and/or the carrying value of inventories, as appropriate. Where there is a binding agreement, the Company tracks vendor promotional programs for volume discounts on a program-by-program basis and records them as a reduction to cost of revenue based on a systematic and rational allocation. The Company monitors the balances of vendor receivables on a quarterly basis and adjusts the balances due for differences between expected and actual sales volume. Vendor receivables are generally collected through reductions authorized by the vendor to accounts payable. Funds received for specific marketing and infrastructure reimbursements, net of related costs, are recorded as adjustments to “Selling, general and administrative expenses,” and any excess reimbursement amount is recorded as an adjustment to cost of revenue.
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| Royalties | Royalties The Company’s software product purchases include products licensed from OEM vendors, which are subsequently distributed to resellers. Royalties to OEM vendors are accrued and recorded in cost of revenue when software products are shipped and revenue is recognized.
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| Warranties | Warranties The Company’s OEM suppliers generally warrant the products distributed by the Company and allow returns of defective products. The Company generally does not independently warrant the products it distributes; however, the Company does warrant the following: (1) products that it builds to order from components purchased from other sources, (2) services with regard to products integrated for its customers; and (3) products sold in countries where the Company is responsible for defective product as a matter of law. The time period required by law in certain countries exceeds the warranty period provided by the manufacturer. The Company is obligated to provide warranty protection for sales of certain IT products within the European Union (“EU”) for up to two years as required under the EU directive where vendors have not affirmatively agreed to provide pass-through protection. Warranty expense and the accrual for warranty costs were not material to the Company’s Consolidated Financial Statements for any of the periods presented.
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| Advertising | Advertising Costs related to advertising and product promotion expenditures are charged to “Selling, general and administrative expenses” as incurred and are primarily offset by OEM marketing reimbursements. Net costs related to advertising and promotion expenditures were not material to the Company’s Consolidated Financial Statements for any of the periods presented.
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| Income taxes | Income taxes The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts in the financial statements using enacted tax rates and laws that will be in effect when the difference is expected to reverse. Tax on global low-taxed intangible income is accounted for as a current expense in the period in which the income is included in a tax return using the “period cost” method. Valuation allowances are provided against deferred tax assets that are not likely to be realized. The Company recognizes tax benefits from uncertain tax positions only if that tax position is more likely than not to be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. The Company recognizes interest and penalties related to unrecognized tax benefits in the provision for income taxes.
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| Foreign currency translations | Foreign currency translations The financial statements of the Company’s international subsidiaries whose functional currencies are the local currencies are translated into U.S. dollars for consolidation as follows: assets and liabilities at the exchange rate as of the balance sheet date, stockholders’ equity at the historical rates of exchange, and income and expense amounts at the average exchange rate for the month. Translation adjustments resulting from the translation of the subsidiaries’ accounts are included in “Accumulated other comprehensive income (loss)” in stockholders’ equity. Transactions denominated in currencies other than the applicable functional currency are converted to the functional currency at the exchange rate on the transaction date. At period end, monetary assets and liabilities are remeasured to the functional currency using exchange rates in effect at the balance sheet date. Non-monetary assets and liabilities are remeasured at historical exchange rates. Gains and losses resulting from foreign currency transactions are included in earnings within “Cost of revenue” and “Other (expense) income, net.”
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| Comprehensive income | Comprehensive income Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. The primary components of comprehensive income for the Company include net income, foreign currency translation adjustments arising from the consolidation of the Company’s international subsidiaries and unrealized gains and losses on cash flow hedges.
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| Share-based compensation | Share-based compensation The Company accounts for share-based payment transactions in which the Company receives services in exchange for equity instruments of the Company. Share-based compensation cost for stock options, restricted stock awards and units, performance-based restricted stock units and employee stock purchase plans is determined based on the fair value at the grant date. The Company recognizes share-based compensation cost as expense for awards other than its performance-based restricted stock units ratably on a straight-line basis over the requisite service period. The Company recognizes share-based compensation cost associated with its performance-based restricted stock units over the requisite service period if it is probable that the performance conditions will be satisfied. The Company accounts for expense reductions that result from the forfeiture of unvested awards in the period that the forfeitures occur.
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| Earnings per common share | Earnings per common share Earnings per share is calculated using the two-class method. The two-class method is an earnings allocation proportional to the respective ownership among holders of common stock and participating securities. Basic earnings per common share is computed by dividing net income attributable to the Company’s common stockholders by the weighted-average of common shares outstanding during the period. Diluted earnings per common share also considers the dilutive effect of in-the-money stock options and restricted stock units, calculated using the treasury stock method.
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| Treasury Stock | Treasury Stock Repurchases of shares of common stock are accounted for at cost, which includes brokerage fees and excise taxes, and are included as a component of stockholders’ equity in the Consolidated Balance Sheets.
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| Reclassifications | Reclassifications Certain reclassifications have been made to prior period amounts in the Consolidated Financial Statements to conform to the current period presentation. These reclassifications did not have a material impact on previously reported amounts.
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| Recently adopted and issued accounting pronouncements | Recently adopted accounting pronouncements In October 2021, the FASB issued new guidance which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, “Revenue from Contracts with Customers.” Generally, this new guidance will result in the acquirer recognizing contract assets and contract liabilities at the same amounts recorded by the acquiree. Historically, such amounts were recognized by the acquirer at fair value in acquisition accounting. The guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years (the fiscal quarter ending February 29, 2024 for the Company), and should be applied prospectively to acquisitions occurring on or after the effective date. Early adoption is permitted. The Company adopted this standard during fiscal year 2022 and will apply the guidance prospectively to future acquisitions. In December 2019, the FASB issued new guidance that simplifies the accounting for income taxes. The guidance is effective for annual reporting periods beginning after December 15, 2020, and interim periods within those reporting periods. Certain amendments should be applied prospectively, while other amendments should be applied retrospectively to all periods presented. The adoption of this new guidance did not have a material impact on the Company's Consolidated Financial Statements. Recently issued accounting pronouncements In September 2022, the FASB issued an accounting standards update which will require new enhanced disclosures by the buyer in supplier finance programs. Disclosures will include key terms of the program, including payment terms, along with the amount of related obligations, the financial statement caption that includes such obligations, and a rollforward of activity related to the obligations during the period. The new accounting standard must be adopted retrospectively to the earliest comparative period presented, except for the rollforward requirement, which should be applied prospectively. The accounting standard is effective for the Company beginning with the quarter ending February 29, 2024, except for the rollforward requirement which is effective for the quarter ending February 28, 2025. Early adoption is permitted. While the new accounting standard is not expected to have an impact on the Company's financial condition, results of operations or cash flows, the Company is currently evaluating the impact the new accounting standard will have on disclosures related to its supplier finance program obligations in the notes to the consolidated financial statements. In March 2020, the FASB issued optional guidance for a limited time to ease the potential burden in accounting for or recognizing the effects of reference rate reform, particularly, the risk of cessation of the London Interbank Offered Rate (“LIBOR”) on financial reporting. The guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments are elective and were effective upon issuance for all entities through December 31, 2022, which was extended through December 31, 2024 per an update the FASB issued in December 2022. The Company does not currently expect any material impacts from the adoption of this new guidance.
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Summary of Significant Accounting Policies (Tables) |
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Nov. 30, 2022 | |||||||||||||||||||||||||||||||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||
| Schedule of Ranges of Estimated Useful Lives For Property and Equipment | The ranges of estimated useful lives for property and equipment categories are as follows:
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| Schedule of Finite-Lived Intangible Asset, Useful Life | Amortization is based on the pattern in which the economic benefits of the intangible assets will be consumed or on a straight-line basis when the consumption pattern is not apparent over the following useful lives:
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Acquisitions (Tables) |
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| Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Preliminary Allocation of Purchase Price | The allocation of the purchase price is as follows:
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| Schedule of Allocation of Value of Identifiable Intangible Assets | The allocation of the value of identifiable intangible assets is as follows:
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| Schedule of Unaudited Supplemental Pro Forma Information | The following table presents unaudited supplemental pro forma information as if the Merger had occurred at the beginning of fiscal 2020, after giving effect to certain adjustments related to the transaction. The pro forma results exclude any benefits that may result from potential cost savings and certain non-recurring costs. As a result, the pro forma information below does not purport to present what actual results would have been had the Merger been consummated on the date indicated and it is not necessarily indicative of the results of operations that may result in the future.
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Acquistion, Integration and Restructuring Expenses (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Nov. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Acquisition and Integration Expenses | To date, acquisition and integration expenses related to the Merger were composed of the following:
Acquisition, integration and restructuring costs under the GBO 2 Program for fiscal 2022 and 2021 included the following:
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| Schedule of Restructuring Costs | Restructuring costs under the GBO 2 Program for fiscal 2022 and 2021 were composed of the following:
Restructuring costs related to the GBO 2 Program by segment are as follows:
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| Summary of Restructuring Activity | Restructuring activity during fiscal years 2022 and 2021 related to the GBO 2 Program is as follows:
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Discontinued Operations (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Nov. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Discontinued Operations Income Statement | The following table summarizes the financial results from discontinued operations of Concentrix included in the Consolidated Statement of Operations:
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| Summary of Non-Cash Items and Capital Expenditures of Discontinued Operations | During the fiscal year ended November 30, 2020, significant non-cash items and capital expenditures of discontinued operations included in the Consolidated Statement of Cash Flows are outlined below:
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| Schedule of Discontinued Operations Consolidated Balance Sheet | The following table presents assets and liabilities that were transferred to Concentrix as of December 1, 2020:
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Share-Based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Nov. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Share-Based Compensation Expense | A summary of share-based compensation expense in the Consolidated Statements of Operations for TD SYNNEX stock incentive plans is presented below:
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| Summary of Changes in Company Stock Option Activity | A summary of the changes in the Company’s stock options is set forth below:
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| Schedule of Assumptions Used in Black-Scholes Valuation Model | The Company did not grant any options during the fiscal year 2020. The following assumptions were used in the Black-Scholes valuation model in fiscal years 2022 and 2021:
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| Schedule of Cash Received from Exercise of Options and intrinsic Values of Options Exercised | The cash received from the exercise of options and the intrinsic values of options exercised during fiscal years 2022, 2021 and 2020 were as follows:
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| Summary Changes in Non-vested Restricted Stock Awards and Stock Units | A summary of the changes in the Company’s non-vested RSAs and RSUs during fiscal year 2022 is presented below:
__________________ (1) For performance-based RSUs, the difference between maximum awards and the actual number of shares issued upon full vesting is included. The following table summarizes the activity related to these restricted shares during the year ended November 30, 2022:
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Stockholders' Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Nov. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Repurchase Agreements | The following table presents information with respect to purchases of common stock by the Company under the share repurchase program during the year ended November 30, 2022.
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Balance Sheet Components (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Nov. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash, cash equivalents and restricted cash | Cash, cash equivalents and restricted cash: The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same amounts shown in the Consolidated Statements of Cash Flows:
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| Accounts receivable, net | Accounts receivable, net:
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| Receivables from vendors, net | Receivables from vendors, net:
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| Allowance for doubtful trade receivables and receivables from vendors | Allowance for doubtful trade receivables:
Allowance for receivables from vendors:
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| Property and equipment, net | Property and equipment, net:
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| Goodwill | Goodwill:
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| Intangible assets, net | Intangible assets, net:
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| Estimated future amortization expense | Estimated future amortization expense of the Company’s intangible assets is as follows:
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| Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) The components of accumulated other comprehensive income (loss) ("AOCI"), net of taxes, were as follows:
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Derivative Instruments (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Nov. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Notional Amounts of Net Investment Hedges | The aggregate notional values of the Company's outstanding net investment hedge contracts by year of maturity as of November 30, 2022 are as follows:
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| Summary of Fair Values of Derivative Instruments | The fair values of the Company’s derivative instruments are disclosed in Note 10 - Fair Value Measurements and summarized in the table below:
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| Effect of Derivative Instruments on AOCI and Consolidated Statements of Earnings | The Effect of Derivative Instruments on AOCI and the Consolidated Statements of Operations The following table shows the gains and losses, before taxes, of the Company's derivative instruments designated as cash flow hedges and net investment hedges in Other Comprehensive Income (“OCI”), and not designated as hedging instruments in the Consolidated Statements of Operations for the periods presented:
__________________ (1) The gains and losses largely offset the currency gains and losses that resulted from changes in the assets and liabilities denominated in nonfunctional currencies.
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Fair Value Measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Nov. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Valuation of Investments and Financial Instruments Measured at Fair Value on Recurring Basis | The following table summarizes the valuation of the Company’s investments and financial instruments that are measured at fair value on a recurring basis:
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Borrowings (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Nov. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Borrowings | Borrowings consist of the following:
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| Schedule of Future Principal Payments | As of November 30, 2022, future principal payments under the above loans are as follows:
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Earnings Per Common Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Nov. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Basic and Diluted Earnings Per Common Share | The following table sets forth the computation of basic and diluted earnings per common share for the periods indicated:
__________________ (1) RSAs granted by the Company are considered participating securities. Income available to participating securities was immaterial in all periods presented.
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Segment Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Nov. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Financial Information Related to Company's Reportable Business Segments | Summarized financial information related to the Company’s reportable business segments for the periods presented is shown below:
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| Summary of Revenue and Property and Equipment, Net | The Company attributes revenues from external customers to the country from where products are delivered. Except for the United States, no other country accounted for 10% or more of the Company’s revenue for the periods presented. Except for the United States and France, no other country accounted for 10% or more of the Company’s property and equipment, net, less capitalized software and application software, for the periods presented:
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Related Party Transactions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Nov. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Beneficial Ownership of Company's Common Stock by Related Party | As noted above, MiTAC Holdings and its affiliates in the aggregate beneficially owned approximately 9.7% of the Company’s outstanding common stock as of November 30, 2022. These shares are owned by the following entities:
__________________ (1)Shares are held as follows: 302 shares by Silver Star Developments Ltd. and 2,595 shares by MiTAC International Corp., both of which are wholly owned subsidiaries of MiTAC Holdings, along with 2,403 shares held directly by MiTAC Holdings. Excludes 194 shares held directly by Mr. Miau, 217 shares indirectly held by Mr. Miau through a charitable remainder trust, and 190 shares held by his spouse. (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 Holdings directly and indirectly owns a noncontrolling interest of 14.1% in MiTAC Incorporated, a privately-held Taiwanese company, which in turn holds a noncontrolling interest of 15.7% in Synnex Technology International. Neither MiTAC Holdings nor Mr. Miau is affiliated with any person(s), entity, or entities that hold a majority interest in MiTAC Incorporated.
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| Schedule of Related Party Transactions | The following table presents the Company's transactions with MiTAC Holdings and its affiliates for the periods indicated:
The following table presents the Company’s receivable from and payable to MiTAC Holdings and its affiliates for the periods presented:
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Leases (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Nov. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Various Components of Lease Costs | The following table presents the various components of lease costs.
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| Schedule of Maturity Analysis of Expected Undiscounted Cash Flows for Operating Leases on an Annual Basis | The following table presents a maturity analysis of expected undiscounted cash flows for operating leases on an annual basis for the next five years and thereafter as of November 30, 2022:
*Imputed interest represents the difference between undiscounted cash flows and discounted cash flows.
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| Schedule of Amounts Recorded in Consolidated Balance Sheet | The following amounts were recorded in the Company's Consolidated Balance Sheet as of November 30, 2022 and 2021:
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| Schedule of Supplemental Cash Flow Information Related to Operating Leases | The following table presents supplemental cash flow information related to the Company's operating leases for fiscal years 2022, 2021 and 2020. Cash payments related to variable lease costs and short-term leases are not included in the measurement of operating lease liabilities, and, as such, are excluded from the amounts below:
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| Schedule of Weighted-Average Remaining Lease Term and Discount Rate | The weighted-average remaining lease term and discount rate as of November 30, 2022 and 2021 were as follows:
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Nov. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Pretax Income | The components of pretax income from continuing operations are as follows:
|
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| Schedule of Provisions for Income Taxes | Significant components of the provision for income taxes are as follows:
|
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| Schedules of Deferred Tax Assets and Liabilities | The breakdown of net deferred tax assets and liabilities are as follows:
The significant components of the Company’s deferred tax assets and liabilities are as follows:
|
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| Schedule of Reconciliation of Statutory U.S. Federal Income Tax Rate to Company's Effective Income Tax Rate | The reconciliation of the statutory United States federal income tax rate to the Company’s effective income tax rate is as follows:
|
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| Summary of Aggregate Changes in Balances of Gross Unrecognized Tax Benefits | The aggregate changes in the balances of gross unrecognized tax benefits, excluding accrued interest and penalties, during fiscal years 2022, 2021 and 2020 were as follows:
|
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Organization and Basis of Presentation - Additional Information (Details) - USD ($) shares in Thousands, $ in Millions |
Sep. 01, 2021 |
Dec. 01, 2020 |
|---|---|---|
| Tiger Parent A P Corporation | Merger Agreement | ||
| Segment Reporting Information [Line Items] | ||
| Cash payments to acquire businesses | $ 1,600.0 | |
| Cash acquired from acquisition | 1,100.0 | |
| Payments to acquire equity contribution | $ 500.0 | |
| Number of shares, consideration (in shares) | 44,000 | |
| Value assigned for shares, consideration | $ 5,600.0 | |
| Concentrix | Separation of Customer Experience Services Business | ||
| Segment Reporting Information [Line Items] | ||
| Percentage of outstanding common stock distributed | 100.00% | |
| Stockholders of parent received share of common stock for every share converted | 1 | |
| Shares distributed (in shares) | 51,602 |
Summary of Significant Accounting Policies - Cash and Cash Equivalent (Details) |
12 Months Ended |
|---|---|
Nov. 30, 2022 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Cash equivalents, maximum maturity period | 3 months |
Summary of Significant Accounting Policies - Accounts Receivable (Details) - Supply-chain Financing Program - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2022 |
Nov. 30, 2021 |
Nov. 30, 2020 |
|
| Accounts Notes And Loans Receivable [Line Items] | |||
| Accounts receivable sold to and held by financial institution | $ 1,400.0 | $ 759.9 | |
| Discount fees | $ 26.2 | $ 4.7 | $ 3.2 |
Summary of Significant Accounting Policies - Goodwill and Intangible Assets (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2022 |
Nov. 30, 2021 |
Nov. 30, 2020 |
|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
| Goodwill impairment | $ 0 | $ 0 | $ 0 |
Summary of Significant Accounting Policies - Schedule of Amortizable Intangible Assets (Details) |
12 Months Ended |
|---|---|
Nov. 30, 2022 | |
| Customer relationships | Minimum | |
| Finite-Lived Intangible Assets [Line Items] | |
| Intangible assets amortization period (in years) | 4 years |
| Customer relationships | Maximum | |
| Finite-Lived Intangible Assets [Line Items] | |
| Intangible assets amortization period (in years) | 15 years |
| Vendor lists | |
| Finite-Lived Intangible Assets [Line Items] | |
| Intangible assets amortization period (in years) | 10 years |
| Other intangible assets | Minimum | |
| Finite-Lived Intangible Assets [Line Items] | |
| Intangible assets amortization period (in years) | 1 year |
| Other intangible assets | Maximum | |
| Finite-Lived Intangible Assets [Line Items] | |
| Intangible assets amortization period (in years) | 10 years |
Summary of Significant Accounting Policies - Concentration of Credit Risk and Revenue Recognition (Details) |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2022 |
Nov. 30, 2021 |
Nov. 30, 2020 |
|
| Maximum | |||
| Concentration Risk [Line Items] | |||
| Services revenue as percentage of total net revenue | 10.00% | 10.00% | 10.00% |
| Sales Revenue, Net | Supplier Concentration Risk | Apple, Inc. | |||
| Concentration Risk [Line Items] | |||
| Concentration risk, percentage | 11.00% | ||
| Sales Revenue, Net | Supplier Concentration Risk | HP Inc. | |||
| Concentration Risk [Line Items] | |||
| Concentration risk, percentage | 10.00% | 12.00% | 15.00% |
| One Customer | Sales Revenue, Net | Customer Concentration Risk | |||
| Concentration Risk [Line Items] | |||
| Concentration risk, percentage | 10.00% | 17.00% | 23.00% |
Acquisitions - Schedule of Allocation of Value of Identifiable Intangible Assets (Details) - Tiger Parent A P Corporation - Merger Agreement |
Sep. 01, 2021
USD ($)
|
|---|---|
| Business Acquisition [Line Items] | |
| Total intangibles acquired | $ 4,933,900,000 |
| Trade name | |
| Business Acquisition [Line Items] | |
| Trade name | 1,073,700,000 |
| Customer relationships | |
| Business Acquisition [Line Items] | |
| Customer relationships | $ 3,860,200,000 |
| Weighted average useful life of finite lived intangibles acquired | 14 years |
Acquisitions - Schedule of Unaudited Supplemental Pro Forma Information (Details) - Merger Agreement - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Nov. 30, 2022 |
Nov. 30, 2021 |
|
| Business Acquisition [Line Items] | ||
| Revenue | $ 60,623,568 | $ 55,974,478 |
| Income from continuing operations attributable to TD SYNNEX Corporation | $ 519,688 | $ 349,356 |
Acquistion, Integration and Restructuring Expenses - Additional Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2022 |
Nov. 30, 2021 |
Nov. 30, 2020 |
|
| Restructuring Cost And Reserve [Line Items] | |||
| Restructuring related accelerated depreciation and amortization expense | $ 64,400 | ||
| Impairment of Long-Lived Assets to be Disposed of | 4,726 | $ 22,166 | $ 0 |
| Transaction cost related to separation | 7,400 | ||
| Tech Data Corporation | |||
| Restructuring Cost And Reserve [Line Items] | |||
| Impairment of Long-Lived Assets to be Disposed of | $ 69,053 | $ 22,166 | |
Acquistion, Integration and Restructuring Expenses - Summary of Acquisition and Integration Expenses - Merger (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2022 |
Nov. 30, 2021 |
Nov. 30, 2020 |
|
| Restructuring Cost And Reserve [Line Items] | |||
| Long-lived assets charges | $ 4,726 | $ 22,166 | $ 0 |
| Stock-based compensation | 45,508 | 41,367 | 17,631 |
| Total | 222,319 | 112,150 | $ 7,414 |
| Tech Data Corporation | |||
| Restructuring Cost And Reserve [Line Items] | |||
| Professional services costs | 29,352 | 22,288 | |
| Personnel and other costs | 40,220 | 33,716 | |
| Long-lived assets charges | 69,053 | 22,166 | |
| Stock-based compensation | 52,171 | 20,113 | |
| Total | $ 190,796 | $ 98,283 | |
Acquistion, Integration and Restructuring Expenses - Summary of Acquisition and Integration Expenses - GBO 2 Program (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2022 |
Nov. 30, 2021 |
Nov. 30, 2020 |
|
| Restructuring Cost And Reserve [Line Items] | |||
| Restructuring costs | $ 21,872 | $ 8,709 | |
| Total | 222,319 | 112,150 | $ 7,414 |
| GBO 2 Program | |||
| Restructuring Cost And Reserve [Line Items] | |||
| Restructuring costs | 21,872 | 8,709 | |
| Other costs | 9,652 | 5,158 | |
| Total | $ 31,524 | $ 13,867 | |
Acquistion, Integration and Restructuring Expenses - Summary of Restructuring Costs (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Nov. 30, 2022 |
Nov. 30, 2021 |
|
| Restructuring Cost And Reserve [Line Items] | ||
| Total | $ 21,872 | $ 8,709 |
| GBO 2 Program | ||
| Restructuring Cost And Reserve [Line Items] | ||
| Severance | 7,445 | 2,893 |
| Other exit costs | 14,427 | 5,816 |
| Total | $ 21,872 | $ 8,709 |
Acquistion, Integration and Restructuring Expenses - Summary of Restructuring Costs by Segment (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Nov. 30, 2022 |
Nov. 30, 2021 |
|
| Restructuring Cost And Reserve [Line Items] | ||
| Total | $ 21,872 | $ 8,709 |
| GBO 2 Program | ||
| Restructuring Cost And Reserve [Line Items] | ||
| Total | 21,872 | 8,709 |
| GBO 2 Program | Americas | ||
| Restructuring Cost And Reserve [Line Items] | ||
| Total | 5,666 | 2,658 |
| GBO 2 Program | Europe | ||
| Restructuring Cost And Reserve [Line Items] | ||
| Total | 15,737 | 5,746 |
| GBO 2 Program | APJ | ||
| Restructuring Cost And Reserve [Line Items] | ||
| Total | $ 469 | $ 305 |
Acquistion, Integration and Restructuring Expenses - Summary of Restructuring Activity (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Nov. 30, 2022 |
Nov. 30, 2021 |
|
| Restructuring Reserve [Roll Forward] | ||
| Accrued balance, beginning | $ 6,509 | $ 0 |
| Balance acquired related to the Merger | 5,316 | |
| Expenses during fiscal year | 21,872 | 8,709 |
| Cash payments | (21,692) | (7,380) |
| Foreign currency translation | (475) | (136) |
| Accrued balance, ending | 6,214 | 6,509 |
| Severance | ||
| Restructuring Reserve [Roll Forward] | ||
| Accrued balance, beginning | 4,918 | 0 |
| Balance acquired related to the Merger | 5,095 | |
| Expenses during fiscal year | 7,445 | 2,893 |
| Cash payments | (6,628) | (2,953) |
| Foreign currency translation | (56) | (117) |
| Accrued balance, ending | 5,679 | 4,918 |
| Other Exit Costs | ||
| Restructuring Reserve [Roll Forward] | ||
| Accrued balance, beginning | 1,591 | 0 |
| Balance acquired related to the Merger | 221 | |
| Expenses during fiscal year | 14,427 | 5,816 |
| Cash payments | (15,064) | (4,427) |
| Foreign currency translation | (419) | (19) |
| Accrued balance, ending | $ 535 | $ 1,591 |
Discontinued Operations - Schedule of Discontinued Operations Income Statement (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2022 |
Nov. 30, 2021 |
Nov. 30, 2020 |
|
| Discontinued Operations and Disposal Groups [Abstract] | |||
| Revenue | $ 0 | $ 0 | $ 4,719,534,000 |
| Costs and expenses | (4,410,773,000) | ||
| Interest expense and finance charges and others, net | (40,866,000) | ||
| Income from discontinued operations before taxes | 267,895,000 | ||
| Provision for income taxes | (73,273,000) | ||
| Income from discontinued operations, net of taxes | $ 194,622,000 | ||
Discontinued Operations - Additional Information (Details) - USD ($) |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 01, 2020 |
Nov. 30, 2022 |
Nov. 30, 2021 |
Nov. 30, 2020 |
|
| Discontinued Operations and Disposal Groups [Abstract] | ||||
| Revenues | $ 0 | $ 0 | $ 4,719,534,000 | |
| Costs and expenses | 0 | 0 | ||
| Non-cash items | $ 0 | $ 0 | ||
| Accumulated other comprehensive income, transfer related to separation | $ 3,800,000 | |||
Discontinued Operations - Summary of Non-Cash Items and Capital Expenditures of Discontinued Operations (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2022 |
Nov. 30, 2021 |
Nov. 30, 2020 |
|
| Operating activities: | |||
| Depreciation and amortization | $ 276,566,000 | ||
| Share-based compensation | 15,572,000 | ||
| Provision for doubtful accounts | 8,139,000 | ||
| Deferred income taxes | (29,470,000) | ||
| 5647000 | (5,647,000) | ||
| Investing activities: | |||
| Purchases of property and equipment | $ 0 | $ 0 | $ 171,332,000 |
Discontinued Operations - Schedule of Discontinued Operations Consolidated Balance Sheet (Details) $ in Thousands |
Nov. 30, 2020
USD ($)
|
|---|---|
| Discontinued Operations and Disposal Groups [Abstract] | |
| Cash and cash equivalents | $ 152,656 |
| Accounts receivable, net | 1,079,086 |
| Other current assets | 189,323 |
| Current assets of discontinued operations | 1,421,065 |
| Property and equipment, net | 451,649 |
| Goodwill | 1,836,050 |
| Intangible assets, net | 798,959 |
| Deferred tax assets | 47,423 |
| Other assets | 620,099 |
| Noncurrent assets of discontinued operations | 3,754,180 |
| Borrowings, current | 33,756 |
| Accounts payable | 140,575 |
| Accrued compensation and benefits | 419,715 |
| Other accrued liabilities | 371,069 |
| Income taxes payable | 20,725 |
| Current liabilities of discontinued operations | 985,840 |
| Long-term borrowings | 1,111,362 |
| Other long-term liabilities | 601,885 |
| Deferred tax liabilities | 153,560 |
| Noncurrent liabilities of discontinued operations | $ 1,866,807 |
Share-Based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2022 |
Nov. 30, 2021 |
Nov. 30, 2020 |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Stock-based compensation | $ 45,508 | $ 41,367 | $ 17,631 |
| Selling, general and administrative expenses | |||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Stock-based compensation | 38,994 | 33,078 | 17,631 |
| Acquisition, integration and restructuring costs (on awards issued in connection with the Merger) | |||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Stock-based compensation | $ 6,514 | $ 8,289 | $ 0 |
Share-Based Compensation - Summary of Changes in Company Stock Option Activity (Details) - $ / shares |
12 Months Ended | |
|---|---|---|
Nov. 30, 2022 |
Nov. 30, 2021 |
|
| Number of shares | ||
| Beginning options outstanding (in shares) | 689,000 | |
| Options granted (in shares) | 72,000 | 0 |
| Options exercised (in shares) | (84,000) | |
| Ending options outstanding (in shares) | 677,000 | 689,000 |
| Weighted- average exercise price per share | ||
| Options outstanding, beginning (in USD per share) | $ 66.29 | |
| Options granted (in USD per share) | 90.16 | |
| Options exercised (in USD per share) | 38.40 | |
| Options outstanding, ending (in USD per share) | $ 72.29 | $ 66.29 |
Share-Based Compensation - Schedule of Assumptions Used in Black-Scholes Valuation Model (Details) - Employee Stock |
12 Months Ended | |
|---|---|---|
Nov. 30, 2022 |
Nov. 30, 2021 |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
| Risk free interest rate, minimum | 1.73% | 0.72% |
| Risk free interest rate, maximum | 3.92% | 1.16% |
| Minimum | ||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
| Expected life (years) | 5 years 6 months | |
| Expected volatility | 39.10% | 38.01% |
| Dividend yield | 1.13% | 0.75% |
| Maximum | ||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
| Expected life (years) | 5 years 6 months | 6 years 1 month 6 days |
| Expected volatility | 40.18% | 38.85% |
| Dividend yield | 1.37% | 0.88% |
Share-Based Compensation - Schedule of Cash Received from Exercise of Options and Intrinsic Values of Options Exercised (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2022 |
Nov. 30, 2021 |
Nov. 30, 2020 |
|
| Share-Based Payment Arrangement [Abstract] | |||
| Intrinsic value of options exercised | $ 4,682 | $ 16,163 | $ 15,746 |
| Cash received from exercise of options | $ 3,216 | $ 10,541 | $ 9,018 |
Share-Based Compensation - Summary of Changes in Company Restricted Shares (Details) - Restricted Stock shares in Thousands |
12 Months Ended |
|---|---|
|
Nov. 30, 2022
shares
| |
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Non-vested, Number of Shares [Roll Forward] | |
| Non-vested shares, beginning | 751 |
| Vested (in shares) | (363) |
| Canceled (in shares) | (38) |
| Non-vested shares, ending | 350 |
Stockholders' Equity - Share Repurchase Programs - Additional Information (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | |
|---|---|---|---|
Jan. 31, 2023 |
Nov. 30, 2020 |
Jun. 30, 2020 |
|
| Equity, Class of Treasury Stock [Line Items] | |||
| Stock repurchase program, period in force | 3 years | ||
| Subsequent Event | |||
| Equity, Class of Treasury Stock [Line Items] | |||
| Stock repurchase program, period in force | 3 years | ||
| 2020 Share Repurchase Program | |||
| Equity, Class of Treasury Stock [Line Items] | |||
| Stock repurchase program, authorized amount | $ 400.0 | ||
| 2020 Share Repurchase Program | Subsequent Event | |||
| Equity, Class of Treasury Stock [Line Items] | |||
| Stock repurchase program, authorized amount | $ 1,000.0 |
Stockholders' Equity - Schedule of Share Repurchases (Details) - 2020 Share Repurchase Program |
12 Months Ended |
|---|---|
|
Nov. 30, 2022
$ / shares
shares
| |
| Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
| Treasury stock, beginning balance (in shares) | shares | 2,633,000 |
| Shares of treasury stock repurchased for tax withholdings on equity awards (in shares) | shares | 1,297,000 |
| Shares of treasury stock repurchased for tax withholdings on equity awards (in shares) | shares | 119,000 |
| Treasury stock, ending balance (in shares) | shares | 4,049,000 |
| Disclosure of Repurchase Agreements [Abstract] | |
| Weighted-average price per share, beginning balance (in USD per share) | $ / shares | $ 76.40 |
| Weighted-average price per share (in USD per share) | $ / shares | 96.37 |
| Weighted-average price per share, equity awards (in USD per share) | $ / shares | 93.14 |
| Weighted-average price per share, ending balance (in USD per share) | $ / shares | $ 83.29 |
Stockholders' Equity - Dividends - Additional Information (Details) - $ / shares |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
Jan. 27, 2023 |
Jan. 21, 2023 |
Jan. 10, 2023 |
Nov. 30, 2022 |
Nov. 30, 2021 |
Nov. 30, 2020 |
|
| Dividends [Line Items] | ||||||
| Cumulative cash dividends declared per share | $ 1.20 | $ 0.80 | $ 0.40 | |||
| Subsequent Event | ||||||
| Dividends [Line Items] | ||||||
| Cumulative cash dividends declared per share | $ 0.35 | |||||
| Dividends declared date | Jan. 10, 2023 | |||||
| Dividends record date | Jan. 20, 2023 | |||||
| Dividends payable date | Jan. 27, 2023 | |||||
Balance Sheet Components - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands |
Nov. 30, 2022 |
Nov. 30, 2021 |
|---|---|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
| Cash and cash equivalents | $ 522,604 | $ 993,973 |
| Restricted cash included in other current assets | 252 | 940 |
| Cash, cash equivalents and restricted cash | $ 522,856 | $ 994,913 |
Balance Sheet Components - Accounts Receivable, Net (Details) - USD ($) $ in Thousands |
Nov. 30, 2022 |
Nov. 30, 2021 |
|---|---|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
| Accounts receivable | $ 9,550,741 | $ 8,424,868 |
| Less: Allowance for doubtful accounts | (129,742) | (114,836) |
| Accounts receivable, net | $ 9,420,999 | $ 8,310,032 |
Balance Sheet Components - Receivables from Vendors, Net (Details) - USD ($) $ in Thousands |
Nov. 30, 2022 |
Nov. 30, 2021 |
|---|---|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
| Receivables from vendors | $ 831,539 | $ 1,130,091 |
| Less: Allowance for doubtful accounts | (12,404) | (11,128) |
| Receivables from vendors, net | $ 819,135 | $ 1,118,963 |
Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands |
Nov. 30, 2022 |
Nov. 30, 2021 |
|---|---|---|
| Property, Plant and Equipment [Line Items] | ||
| Total property and equipment, gross | $ 727,737 | $ 708,476 |
| Total accumulated depreciation | (306,673) | (225,033) |
| Property and equipment, net | 421,064 | 483,443 |
| Land | ||
| Property, Plant and Equipment [Line Items] | ||
| Total property and equipment, gross | 27,311 | 28,409 |
| Equipment, computers and software | ||
| Property, Plant and Equipment [Line Items] | ||
| Total property and equipment, gross | 414,359 | 406,972 |
| Furniture and fixtures | ||
| Property, Plant and Equipment [Line Items] | ||
| Total property and equipment, gross | 59,349 | 53,766 |
| Buildings, building improvements and leasehold improvements | ||
| Property, Plant and Equipment [Line Items] | ||
| Total property and equipment, gross | 219,859 | 218,284 |
| Construction-in-progress | ||
| Property, Plant and Equipment [Line Items] | ||
| Total property and equipment, gross | $ 6,859 | $ 1,045 |
Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2022 |
Nov. 30, 2021 |
Nov. 30, 2020 |
|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
| Depreciation and amortization | $ 164,200 | $ 44,200 | $ 24,900 |
| Amortization expense | 299,200 | $ 105,300 | $ 40,100 |
| Restructuring related accelerated depreciation and amortization expense | $ 64,400 | ||
Balance Sheet Components - Goodwill (Details) $ in Thousands |
12 Months Ended |
|---|---|
|
Nov. 30, 2022
USD ($)
| |
| Goodwill [Roll Forward] | |
| Balance, beginning of year | $ 3,917,276 |
| Adjustments to fair value during the measurement period for the Merger | 43,732 |
| Foreign exchange translation | (157,158) |
| Balance, end of year | 3,803,850 |
| Americas | |
| Goodwill [Roll Forward] | |
| Balance, beginning of year | 2,451,478 |
| Adjustments to fair value during the measurement period for the Merger | 16,619 |
| Foreign exchange translation | (16,271) |
| Balance, end of year | 2,451,826 |
| Europe | |
| Goodwill [Roll Forward] | |
| Balance, beginning of year | 1,381,023 |
| Adjustments to fair value during the measurement period for the Merger | 31,404 |
| Foreign exchange translation | (135,201) |
| Balance, end of year | 1,277,226 |
| APJ | |
| Goodwill [Roll Forward] | |
| Balance, beginning of year | 84,775 |
| Adjustments to fair value during the measurement period for the Merger | (4,291) |
| Foreign exchange translation | (5,686) |
| Balance, end of year | $ 74,798 |
Balance Sheet Components - Intangible Assets (Details) - USD ($) $ in Thousands |
Nov. 30, 2022 |
Nov. 30, 2021 |
|---|---|---|
| Finite-Lived Intangible Assets, Net [Abstract] | ||
| Gross Amounts | $ 5,009,809 | $ 5,213,422 |
| Accumulated Amortization | (586,932) | (300,298) |
| Net Amounts | 4,422,877 | 4,913,124 |
| Trade name | ||
| Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract] | ||
| Gross Amounts | 1,003,974 | 1,050,071 |
| Net Amounts | 1,003,974 | 1,050,071 |
| Customer relationships | ||
| Finite-Lived Intangible Assets, Net [Abstract] | ||
| Gross Amounts | 3,800,710 | 3,958,033 |
| Accumulated Amortization | (453,439) | (186,263) |
| Net Amounts | 3,347,271 | 3,771,770 |
| Vendor lists | ||
| Finite-Lived Intangible Assets, Net [Abstract] | ||
| Gross Amounts | 176,910 | 177,105 |
| Accumulated Amortization | (115,814) | (98,670) |
| Net Amounts | 61,096 | 78,435 |
| Other intangible assets | ||
| Finite-Lived Intangible Assets, Net [Abstract] | ||
| Gross Amounts | 28,215 | 28,213 |
| Accumulated Amortization | (17,679) | (15,365) |
| Net Amounts | $ 10,536 | $ 12,848 |
Balance Sheet Components - Schedule of Estimated Future Amortization Expense of Intangible Assets Including Preliminary Estimate of Amortization of Assets Acquired (Details) $ in Thousands |
Nov. 30, 2022
USD ($)
|
|---|---|
| Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |
| 2023 | $ 288,230 |
| 2024 | 283,421 |
| 2025 | 279,994 |
| 2026 | 277,216 |
| 2027 | 274,152 |
| Thereafter | 2,015,889 |
| Total | $ 3,418,902 |
Derivative Instruments - Additional Information (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended |
|---|---|---|
Dec. 31, 2021 |
Nov. 30, 2022 |
|
| Derivative [Line Items] | ||
| Cash flow hedge gain (loss) to be reclassified | $ 9.6 | |
| Foreign exchange forward contracts (notional value) | Not Designated as Hedging Instrument | Maximum | ||
| Derivative [Line Items] | ||
| Foreign exchange forward contracts, maturity | 12 months | |
| Cash Flow Hedging | Interest rate swaps (notional value) | ||
| Derivative [Line Items] | ||
| Terminated interest rate swaps with notional value | $ 400.0 | |
| Cash Flow Hedging | Interest rate swaps (notional value) | Maximum | ||
| Derivative [Line Items] | ||
| Derivative maturity date | 2023-10 |
Derivative Instruments - Notional Values of Net Investment Hedges By Year of Maturity (Details) - Net Investment Hedging $ in Thousands |
Nov. 30, 2022
USD ($)
|
|---|---|
| Derivative [Line Items] | |
| Total | $ 523,750 |
| 2023 | |
| Derivative [Line Items] | |
| Total | 7,500 |
| 2024 | |
| Derivative [Line Items] | |
| Total | 257,500 |
| 2025 | |
| Derivative [Line Items] | |
| Total | 4,375 |
| 2026 | |
| Derivative [Line Items] | |
| Total | 254,375 |
| 2027 | |
| Derivative [Line Items] | |
| Total | 0 |
| Thereafter | |
| Derivative [Line Items] | |
| Total | $ 0 |
Fair Value Measurements - Additional Information (Details) - USD ($) |
Nov. 30, 2022 |
Nov. 30, 2021 |
Nov. 30, 2020 |
|---|---|---|---|
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
| Transfers between fair value measurement category levels | $ 0 | $ 0 | $ 0 |
| Senior Notes | |||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
| Estimated fair value | $ 2,100,000,000 | $ 2,400,000,000 |
Borrowings - TD SYNNEX United States Accounts Receivable Securitization Arrangement (Details) - USD ($) |
12 Months Ended | |
|---|---|---|
Nov. 30, 2022 |
Nov. 30, 2021 |
|
| Line of Credit Facility [Line Items] | ||
| Accounts receivable, net | $ 9,420,999,000 | $ 8,310,032,000 |
| AR Arrangement | TD SYNNEX U.S. | Accounts receivable, net | ||
| Line of Credit Facility [Line Items] | ||
| Outstanding lines of credit facilities | 0 | $ 0 |
| Accounts receivable, net | 2,900,000,000 | |
| Accounts receivable, net | AR Arrangement | TD SYNNEX U.S. | ||
| Line of Credit Facility [Line Items] | ||
| Line of credit facility, maximum borrowing capacity | $ 1,500,000,000 | |
| Interest rate | 0.75% | |
| Accounts receivable, net | AR Arrangement | TD SYNNEX U.S. | Minimum | ||
| Line of Credit Facility [Line Items] | ||
| Unused line fees or commitment fees | 0.30% | |
| Accounts receivable, net | AR Arrangement | TD SYNNEX U.S. | Maximum | ||
| Line of Credit Facility [Line Items] | ||
| Unused line fees or commitment fees | 0.40% |
Borrowings - SYNNEX United States Term Loan Credit Agreement (Details) - U.S. Term Loan Credit Agreement - SYNNEX United States |
12 Months Ended |
|---|---|
|
Nov. 30, 2022
USD ($)
| |
| Line of Credit Facility [Line Items] | |
| Term loan, original principal amount | $ 1,800,000,000 |
| London Interbank Offered Rate (LIBOR) | |
| Line of Credit Facility [Line Items] | |
| Minimum LIBOR rate | 0.00% |
| The Greater of The Federal Funds Rate and The Overnight Bank Funding Rate | |
| Line of Credit Facility [Line Items] | |
| Interest rate | 0.50% |
| Eurodollar | |
| Line of Credit Facility [Line Items] | |
| Interest rate | 1.00% |
| Minimum | London Interbank Offered Rate (LIBOR) | |
| Line of Credit Facility [Line Items] | |
| Interest rate | 1.25% |
| Minimum | Base Rate | |
| Line of Credit Facility [Line Items] | |
| Interest rate | 0.25% |
| Maximum | London Interbank Offered Rate (LIBOR) | |
| Line of Credit Facility [Line Items] | |
| Interest rate | 1.75% |
| Maximum | Base Rate | |
| Line of Credit Facility [Line Items] | |
| Interest rate | 0.75% |
Borrowings - TD SYNNEX Senior Notes (Details) - Senior Notes $ in Millions |
Aug. 09, 2021
USD ($)
|
|---|---|
| Line of Credit Facility [Line Items] | |
| Term loan borrowing amount | $ 2,500.0 |
| Debt issuance cost | $ 19.6 |
| Debt instrument redemption description | The Company may redeem the Senior Notes, at any time in whole or from time to time in part, prior to (i) August 9, 2022 (the “2024 Par Call Date”) in the case of the 2024 Senior Notes, (ii) July 9, 2026 (the “2026 Par Call Date”) in the case of the 2026 Senior Notes, (iii) June 9, 2028 (the “2028 Par Call Date”) in the case of the 2028 Senior Notes, and (iv) May 9, 2031 in the case of the 2031 Senior Notes (the “2031 Par Call Date” and, together with the 2024 Par Call Date, the 2026 Par Call Date and the 2028 Par Call Date, each, a “Par Call Date” and together, the “Par Call Dates”), at a redemption price equal to the greater of (x) 100% of the aggregate principal amount of the applicable Senior Notes to be redeemed and (y) the sum of the present values of the remaining scheduled payments of the principal and interest on the Senior Notes, discounted to the date of redemption on a semi-annual basis at a rate equal to the sum of the applicable treasury rate plus 15 basis points for the 2024 Senior Notes, 20 basis points for the 2026 Senior Notes and 25 basis points for the 2028 Senior Notes and 2031 Senior Notes, plus in each case, accrued and unpaid interest thereon to, but excluding, the redemption date. The Company may also redeem the Senior Notes of any series at its option, at any time in whole or from time to time in part, on or after the applicable Par Call Date, at a redemption price equal to 100% of the principal amount of the Senior Notes to be redeemed. |
| Minimum | |
| Line of Credit Facility [Line Items] | |
| Debt instrument redemption price percentage of aggregate principal amount redeemed | 100.00% |
| 1.25% Senior Notes due 2024 | |
| Line of Credit Facility [Line Items] | |
| Term loan borrowing amount | $ 700.0 |
| Interest rate | 1.25% |
| Maturity date | Aug. 09, 2024 |
| Debt instrument redemption discount rate basis spread on treasury rate | 0.15% |
| 1.25% Senior Notes due 2024 | Maximum | |
| Line of Credit Facility [Line Items] | |
| Debt instrument redemption par call date | Aug. 09, 2022 |
| 1.75% Senior Notes due 2026 | |
| Line of Credit Facility [Line Items] | |
| Term loan borrowing amount | $ 700.0 |
| Interest rate | 1.75% |
| Maturity date | Aug. 09, 2026 |
| Debt instrument redemption discount rate basis spread on treasury rate | 0.20% |
| 1.75% Senior Notes due 2026 | Maximum | |
| Line of Credit Facility [Line Items] | |
| Debt instrument redemption par call date | Jul. 09, 2026 |
| 2.375% Senior Notes due 2028 | |
| Line of Credit Facility [Line Items] | |
| Term loan borrowing amount | $ 600.0 |
| Interest rate | 2.375% |
| Maturity date | Aug. 09, 2028 |
| Debt instrument redemption discount rate basis spread on treasury rate | 0.25% |
| 2.375% Senior Notes due 2028 | Maximum | |
| Line of Credit Facility [Line Items] | |
| Debt instrument redemption par call date | Jun. 09, 2028 |
| 2.65% Senior Notes due 2031 | |
| Line of Credit Facility [Line Items] | |
| Term loan borrowing amount | $ 500.0 |
| Interest rate | 2.65% |
| Maturity date | Aug. 09, 2031 |
| Debt instrument redemption discount rate basis spread on treasury rate | 0.25% |
| 2.65% Senior Notes due 2031 | Maximum | |
| Line of Credit Facility [Line Items] | |
| Debt instrument redemption par call date | May 09, 2031 |
Borrowings - Other Borrowings and Term Debt (Details) - Other Entities - Line of Credit - USD ($) $ in Millions |
Nov. 30, 2022 |
Nov. 30, 2021 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Line of credit facility, maximum borrowing capacity | $ 574.9 | |
| Outstanding lines of credit facilities | $ 193.1 | $ 106.3 |
| Debt weighted average interest rate | 4.69% | 4.59% |
| Standby Letters of Credit | ||
| Debt Instrument [Line Items] | ||
| Obligation payment aggregate outstanding amount | $ 82.5 |
Borrowings - Schedule of Future Principal Payments (Details) $ in Thousands |
Nov. 30, 2022
USD ($)
|
|---|---|
| Long-term Debt, Fiscal Year Maturity [Abstract] | |
| 2023 | $ 268,128 |
| 2024 | 784,488 |
| 2025 | 75,202 |
| 2026 | 1,900,000 |
| 2027 | 0 |
| Thereafter | 1,100,000 |
| Total | $ 4,127,818 |
Segment Information - Summary of Financial Information Related to Company's Reportable Business Segments (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2022 |
Nov. 30, 2021 |
Nov. 30, 2020 |
|
| Segment Reporting Information [Line Items] | |||
| Revenue | $ 62,343,810 | $ 31,614,169 | $ 19,977,150 |
| Operating income | 1,050,873 | 623,218 | 521,341 |
| Depreciation and amortization expense | (463,365) | (149,564) | (65,071) |
| Purchases of property and equipment | (65,291) | (39,687) | (26,633) |
| Total assets | 29,733,998 | 27,666,380 | |
| Americas | |||
| Segment Reporting Information [Line Items] | |||
| Revenue | 38,791,102 | 23,317,274 | 17,844,621 |
| Operating income | 734,103 | 497,964 | 438,667 |
| Depreciation and amortization expense | (280,113) | (105,669) | (61,545) |
| Purchases of property and equipment | (44,373) | (32,733) | (24,722) |
| Total assets | 16,755,395 | 15,708,483 | |
| Europe | |||
| Segment Reporting Information [Line Items] | |||
| Revenue | 20,289,211 | 6,201,302 | 700,270 |
| Operating income | 227,249 | 79,153 | 43,463 |
| Depreciation and amortization expense | (174,019) | (41,333) | (647) |
| Purchases of property and equipment | (15,754) | (4,165) | (439) |
| Total assets | 11,310,344 | 10,657,886 | |
| APJ | |||
| Segment Reporting Information [Line Items] | |||
| Revenue | 3,263,497 | 2,095,593 | 1,432,259 |
| Operating income | 89,521 | 46,100 | 39,211 |
| Depreciation and amortization expense | (9,233) | (2,562) | (2,879) |
| Purchases of property and equipment | (5,164) | (2,789) | $ (1,472) |
| Total assets | $ 1,668,259 | $ 1,300,011 | |
Related Party Transactions - Schedule of Related Party Transactions (Details) - MiTAC Incorporated - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2022 |
Nov. 30, 2021 |
Nov. 30, 2020 |
|
| Related Party Transaction [Line Items] | |||
| Purchases of inventories and services | $ 257,726 | $ 199,698 | $ 211,858 |
| Sale of products to MiTAC Holdings and affiliates | 1,317 | 623 | 764 |
| Payments made for rent and overhead costs for use of facilities of MiTAC Holdings and affiliates, net | $ 405 | $ 161 | $ 129 |
Related Party Transactions - Schedule of Receivable from Payable To and Investment On Related Party (Details) - MiTAC Incorporated - USD ($) $ in Thousands |
Nov. 30, 2022 |
Nov. 30, 2021 |
|---|---|---|
| Related Party Transaction [Line Items] | ||
| Receivable from related parties (included in Accounts receivable, net) | $ 1,222 | $ 21,841 |
| Payable to related parties (included in Accounts payable) | $ 30,317 | $ 32,802 |
Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2022 |
Nov. 30, 2021 |
Nov. 30, 2020 |
|
| Retirement Benefits [Abstract] | |||
| Employer contribution to defined contribution plan | $ 15,800 | $ 6,500 | $ 2,700 |
Leases - Additional Information (Details) |
12 Months Ended |
|---|---|
Nov. 30, 2022 | |
| Leases [Abstract] | |
| Lease maturity period | 2037 |
Leases - Schedule of Various Components of Lease Costs (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2022 |
Nov. 30, 2021 |
Nov. 30, 2020 |
|
| Leases [Abstract] | |||
| Operating lease cost | $ 113,878 | $ 48,167 | $ 24,394 |
| Short-term and variable lease cost | 13,031 | 5,618 | 4,207 |
| Sublease income | (1,067) | (223) | (7) |
| Total operating lease cost | $ 125,842 | $ 53,562 | $ 28,594 |
Leases - Schedule of Maturity Analysis of Expected Undiscounted Cash Flows for Operating Leases on an Annual Basis (Details) $ in Thousands |
Nov. 30, 2022
USD ($)
|
|||
|---|---|---|---|---|
| Leases [Abstract] | ||||
| 2023 | $ 90,560 | |||
| 2024 | 73,020 | |||
| 2025 | 61,211 | |||
| 2026 | 50,188 | |||
| 2027 | 36,432 | |||
| Thereafter | 193,591 | |||
| Total payments | 505,002 | |||
| Less: imputed interest | (82,095) | [1] | ||
| Total present value of lease payments | $ 422,907 | |||
| ||||
Leases - Schedule of Amounts Recorded in Consolidated Balance Sheet (Details) - USD ($) $ in Thousands |
Nov. 30, 2022 |
Nov. 30, 2021 |
|---|---|---|
| Leases [Abstract] | ||
| Operating lease ROU assets | $ 406,165 | $ 447,122 |
| Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets, net | Other assets, net |
| Current operating lease liabilities | $ 89,397 | $ 109,490 |
| Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other accrued liabilities | Other accrued liabilities |
| Non-current operating lease liabilities | $ 333,510 | $ 353,153 |
| Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other long-term liabilities | Other long-term liabilities |
Leases - Schedule of Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2022 |
Nov. 30, 2021 |
Nov. 30, 2020 |
|
| Leases [Abstract] | |||
| Cash paid for amounts included in the measurement of lease liabilities | $ 114,558 | $ 29,887 | $ 22,954 |
| Non-cash ROU assets obtained in exchange for lease liabilities (subsequent to initial adoption) | $ 72,885 | $ 34,179 | $ 25,172 |
Leases - Schedule of Weighted-Average Remaining Lease Term and Discount Rate (Details) |
Nov. 30, 2022 |
Nov. 30, 2021 |
|---|---|---|
| Leases [Abstract] | ||
| Weighted-average remaining lease term (years) | 8 years 5 months 4 days | 8 years 1 month 9 days |
| Weighted-average discount rate | 4.07% | 4.05% |
Income Taxes - Schedule of Pretax Income (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2022 |
Nov. 30, 2021 |
Nov. 30, 2020 |
|
| Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract] | |||
| United States | $ 334,994 | $ 246,331 | $ 276,237 |
| Foreign | 492,136 | 220,154 | 159,910 |
| Income from continuing operations before income taxes | $ 827,130 | $ 466,485 | $ 436,146 |
Income Taxes - Schedule of Provisions for Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2022 |
Nov. 30, 2021 |
Nov. 30, 2020 |
|
| Current tax provision: | |||
| Federal | $ 88,745 | $ (8,838) | $ 56,355 |
| State | 35,320 | 13,916 | 19,537 |
| Foreign | 144,139 | 66,660 | 42,252 |
| Current tax provision | 268,204 | 71,738 | 118,144 |
| Deferred tax provision (benefit): | |||
| Federal | (31,143) | 13,597 | (13,449) |
| State | (9,471) | (675) | (3,990) |
| Foreign | (51,767) | (13,244) | 904 |
| Deferred tax provision (benefit) | (92,381) | (322) | (16,535) |
| Total tax provision | $ 175,823 | $ 71,416 | $ 101,609 |
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2022 |
Nov. 30, 2021 |
Nov. 30, 2020 |
|
| Income Tax [Line Items] | |||
| Change in the deferred tax valuation allowances | $ 20,500 | ||
| Operating loss carryforwards | 321,600 | ||
| Foreign tax credit carryforwards | $ 50,090 | $ 54,807 | |
| Foreign tax credits carryforward period | 10 years | ||
| Foreign tax credit carryforward expiration year | 2025 | ||
| Income tax expense (benefit) | $ 175,823 | 71,416 | $ 101,609 |
| Undistributed earnings of its non-U.S. subsidiaries | 1,100,000 | ||
| Unrecognized tax benefits that would affect effective tax rate if realized | $ 20,700 | ||
| Foreign Tax Authority | |||
| Income Tax [Line Items] | |||
| Income tax holidays begin to expire in period | 2023 | ||
| Tax Year 2020 | |||
| Income Tax [Line Items] | |||
| Income tax expense (benefit) | $ (8,300) | $ (45,000) | |
Income Taxes - Schedule of Reconciliation of Statutory U.S. Federal Income Tax Rate to Company's Effective Income Tax Rate (Details) |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2022 |
Nov. 30, 2021 |
Nov. 30, 2020 |
|
| Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
| United States federal statutory income tax rate | 21.00% | 21.00% | 21.00% |
| State income taxes, net of federal income tax benefit | 1.80% | 2.50% | 2.40% |
| Global intangible low taxed income | 0.20% | 0.60% | 0.30% |
| Tax on foreign earnings different than US federal rate | (2.50%) | 1.60% | 1.70% |
| Net changes in deferred tax valuation allowances | (0.90%) | (0.40%) | 0.00% |
| Interest not subject to tax, net | 0.30% | 0.20% | (1.80%) |
| Capital loss carryback | (1.00%) | (9.60%) | 0.00% |
| Net changes in reserves for uncertain tax positions | (0.10%) | (0.70%) | 0.00% |
| Stock compensation related to Tech Data equity awards | 1.40% | 0.00% | 0.00% |
| Other, net | 1.10% | 0.10% | (0.40%) |
| Effective income tax rate | 21.30% | 15.30% | 23.30% |
Income Taxes - Summary of Aggregate Changes in Balances of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2022 |
Nov. 30, 2021 |
Nov. 30, 2020 |
|
| Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
| Gross unrecognized tax benefits at beginning of period | $ 26,330 | $ 12,513 | $ 22,445 |
| Increases (decreases) in tax positions for prior years and acquisitions | 1,069 | 17,579 | (880) |
| Decreases in tax positions for prior years | (189) | 0 | (3,097) |
| Increases in tax positions for current year | 955 | 827 | 1,999 |
| Expiration of statutes of limitation | (3,074) | (3,768) | (7,486) |
| Settlements | 3,375 | 0 | 0 |
| Changes due to translation of foreign currencies | (1,021) | (821) | (468) |
| Gross unrecognized tax benefits at end of period | $ 20,695 | $ 26,330 | $ 12,513 |
Commitments and Contingencies - Additional Information (Details) - Tech Data Corporation € in Millions, $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
|
Nov. 30, 2022
EUR (€)
installment
|
Nov. 30, 2022
USD ($)
|
Oct. 06, 2022
EUR (€)
|
Oct. 06, 2022
USD ($)
|
|
| Loss Contingencies [Line Items] | ||||
| Loss contingency fine imposed | € 76.1 | € 24.9 | $ 25.7 | |
| Best estimate of probable loss | € 36.0 | |||
| Number of installment payments | installment | 8 | |||
| Fine assessed for a total amount on quarterly payments | € 22.8 | |||
| Fine assessed total amount quarterly payments start period | 2021-01 | 2021-01 | ||
| Fine assessed total amount quarterly payments end period | 2022-10 | 2022-10 | ||
| Favorable impact on statement of operations, amount | $ | $ 10.8 | |||