SYNNEX CORP, 10-K filed on 1/27/2012
Annual Report
Document and Entity Information (USD $)
12 Months Ended
Nov. 30, 2011
Jan. 13, 2012
May 31, 2011
Entity Information [Line Items]
 
 
 
Entity Registrant Name
SYNNEX CORP 
 
 
Entity Central Index Key
0001177394 
 
 
Current Fiscal Year End Date
--11-30 
 
 
Entity Filer Category
Large Accelerated Filer 
 
 
Document Type
10-K 
 
 
Document Period End Date
Nov. 30, 2011 
 
 
Document Fiscal Year Focus
2011 
 
 
Document Fiscal Period Focus
FY 
 
 
Amendment Flag
FALSE 
 
 
Entity Common Stock, Shares Outstanding
 
37,063,583 
 
Entity Well-known Seasoned Issuer
Yes 
 
 
Entity Voluntary Filers
No 
 
 
Entity Current Reporting Status
Yes 
 
 
Entity Public Float
 
 
$ 829,369,025 
CONSOLIDATED BALANCE SHEETS (USD $)
In Thousands
Nov. 30, 2011
Nov. 30, 2010
Current assets:
 
 
Cash and cash equivalents
$ 67,571 
$ 88,038 
Short-term investments
16,017 
11,419 
Accounts receivable, net
1,142,942 
986,917 
Receivable from vendors, net
150,085 
132,409 
Receivable from affiliates
1,344 
5,080 
Inventories
975,047 
912,237 
Current deferred tax assets
28,241 
33,063 
Other current assets
57,168 
40,030 
Total current assets
2,438,415 
2,209,193 
Property and equipment, net
125,157 
91,995 
Goodwill
185,312 
139,580 
Intangible assets, net
37,539 
28,271 
Deferred tax assets
590 
605 
Other assets
46,282 
30,217 
Total assets
2,833,295 
2,499,861 
Current liabilities:
 
 
Borrowings under securitization, term loans and lines of credit
159,200 
245,973 
Accounts payable
1,035,691 
896,401 
Payables to affiliates
0 
3,195 
Accrued liabilities
172,226 
166,861 
Income taxes payable
5,136 
1,578 
Total current liabilities
1,372,253 
1,314,008 
Long-term borrowings
87,659 
9,044 
Convertible debt
136,163 
131,289 
Long-term liabilities
60,676 
49,431 
Deferred tax liabilities
8,086 
3,262 
Total liabilities
1,664,837 
1,507,034 
Commitments and contingencies (Note 21)
 
 
SYNNEX Corporation stockholders’ equity:
 
 
Preferred stock, $0.001 par value, 5,000 shares authorized, no shares issued or outstanding
 
 
Common stock, $0.001 par value, 100,000 shares authorized, 36,571 and 35,760 shares issued as of November 30, 2011 and 2010, respectively
37 
36 
Additional paid-in capital
310,316 
290,512 
Treasury stock, 407 and 190 shares as of November 30, 2011 and 2010, respectively
(11,524)
(5,106)
Accumulated other comprehensive income
30,026 
28,035 
Retained earnings
829,524 
679,193 
Total SYNNEX Corporation stockholders’ equity
1,158,379 
992,670 
Noncontrolling interest
10,079 
157 
Total equity
1,168,458 
992,827 
Total liabilities and equity
$ 2,833,295 
$ 2,499,861 
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
In Thousands, except Per Share data
Nov. 30, 2011
Nov. 30, 2010
Stockholders' Equity:
 
 
Preferred stock, par value, per share
$ 0.001 
$ 0.001 
Preferred stock, shares authorized
5,000 
5,000 
Preferred stock, shares issued
0 
0 
Preferred stock, shares outstanding
0 
0 
Common stock, par value, per share
$ 0.001 
$ 0.001 
Common stock, shares authorized
100,000 
100,000 
Common stock, shares issued
36,571 
35,760 
Treasury stock, shares
407 
190 
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Per Share data
12 Months Ended
Nov. 30,
2011
2010
2009
Revenue
$ 10,409,840 
$ 8,614,141 
$ 7,719,197 
Cost of revenue
(9,779,342)
(8,122,525)
(7,296,167)
Gross profit
630,498 
491,616 
423,030 
Selling, general and administrative expenses
(374,270)
(292,466)
(273,381)
Income from continuing operations before non-operating items, income taxes and noncontrolling interest
256,228 
199,150 
149,649 
Interest expense and finance charges, net
(25,505)
(17,114)
(18,032)
Other income (expense), net
(1,005)
1,550 
3,036 
Income from continuing operations before income taxes and noncontrolling interest
229,718 
183,586 
134,653 
Provision for income taxes
(79,165)
(66,910)
(49,028)
Income from continuing operations before noncontrolling interest, net of tax
150,553 
116,676 
85,625 
Income from discontinued operations, net of tax
0 
75 
5,199 
Gain on sale of discontinued operations, net of tax
0 
11,351 
0 
Net income
150,553 
128,102 
90,824 
Net income attributable to noncontrolling interest
(222)
(154)
(1,157)
Net income attributable to SYNNEX Corporation
150,331 
127,948 
89,667 
Amounts attributable to SYNNEX Corporation:
 
 
 
Income from continuing operations, net of tax
150,331 
116,538 
85,758 
Discontinued operations:
 
 
 
Income from discontinued operations, net of tax
0 
59 
3,909 
Gain on sale of discontinued operations, net of tax
0 
11,351 
0 
Net income attributable to SYNNEX Corporation
$ 150,331 
$ 127,948 
$ 89,667 
Basic:
 
 
 
Income from continuing operations
$ 4.20 
$ 3.35 
$ 2.62 
Discontinued operations
$ 0 
$ 0.33 
$ 0.12 
Net income per common share - basic
$ 4.20 
$ 3.68 
$ 2.74 
Diluted:
 
 
 
Income from continuing operations
$ 4.08 
$ 3.26 
$ 2.53 
Discontinued operations
$ 0 
$ 0.32 
$ 0.11 
Net income per common share - diluted
$ 4.08 
$ 3.58 
$ 2.64 
Weighted-average common shares outstanding - basic
35,830 
34,737 
32,711 
Weighted-average common shares outstanding - diluted
36,833 
35,757 
34,013 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)
In Thousands
12 Months Ended
Nov. 30,
2011
2010
2009
Net income
$ 150,553 
$ 128,102 
$ 90,824 
Other comprehensive income (loss):
 
 
 
Unrealized gain on available-for-sale securities
170 
62 
24 
Change in unrecognized pension and post-retirement benefit costs, net of tax
(214)
0 
0 
Foreign currency translation adjustment
2,707 
4,732 
21,997 
Total other comprehensive income:
2,663 
4,794 
22,021 
Comprehensive income:
153,216 
132,896 
112,845 
Comprehensive income attributable to noncontrolling interest
(894)
(154)
(5,394)
Comprehensive income attributable to SYNNEX Corporation
$ 152,322 
$ 132,742 
$ 107,451 
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (USD $)
In Thousands
Total
HiChina Web Solutions [Member]
Nihon Daikou Shouji [Member]
Common Stock [Member]
Additional Paid-in Capital [Member]
Additional Paid-in Capital [Member]
HiChina Web Solutions [Member]
Treasury Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
HiChina Web Solutions [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Nihon Daikou Shouji [Member]
Retained Earnings [Member]
Noncontrolling Interest [Member]
Noncontrolling Interest [Member]
HiChina Web Solutions [Member]
Noncontrolling Interest [Member]
Nihon Daikou Shouji [Member]
Total equity, beginning balance at Nov. 30, 2008
$ 696,887 
 
 
$ 32 
$ 222,801 
 
$ (1,564)
$ 9,367 
 
 
$ 461,578 
$ 4,673 
 
 
Common stock, shares, beginning balance at Nov. 30, 2008
 
 
 
32,017 
 
 
 
 
 
 
 
 
 
 
Treasury stock, shares, beginning balance at Nov. 30, 2008
 
 
 
 
 
 
63 
 
 
 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share-based compensation
8,193 
 
 
 
8,193 
 
 
 
 
 
 
 
 
 
Tax benefit from exercise of non-qualified stock options
7,018 
 
 
 
7,018 
 
 
 
 
 
 
 
 
 
Issuance of common stock on exercise of options and restricted stock, net of shares withheld for employee taxes, shares
 
 
 
1,651 
 
 
55 
 
 
 
 
 
 
 
Issuance of commons stock on exercise of options and restricted stock, net of shares withheld for employee taxes, value
11,665 
 
 
2 
13,230 
 
(1,567)
 
 
 
 
 
 
 
Issuance of common stock for employee stock purchase plan, shares
 
 
 
52 
 
 
 
 
 
 
 
 
 
 
Issuance of common stock for employee stock purchase plan, value
751 
 
 
 
751 
 
 
 
 
 
 
 
 
 
Changes in equity for noncontrolling interest
346 
1,030 
 
 
 
1,030 
 
 
 
 
 
346 
 
 
Unrealized gains/losses on available-for-sale securities
24 
 
 
 
 
 
 
24 
 
 
 
 
 
 
Net unrealized components of defined benefit pension plans
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustment
21,997 
 
 
 
 
 
 
17,760 
 
 
 
4,237 
 
 
Net income
90,824 
 
 
 
 
 
 
 
 
 
89,667 
1,157 
 
 
Total equity, ending balance at Nov. 30, 2009
838,735 
 
 
34 
253,023 
 
(3,131)
27,151 
 
 
551,245 
10,413 
 
 
Common stock, shares, ending balance at Nov. 30, 2009
 
 
 
33,720 
 
 
 
 
 
 
 
 
 
 
Treasury stock, shares, ending balance at Nov. 30, 2009
 
 
 
 
 
 
118 
 
 
 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share-based compensation
8,725 
 
 
 
8,725 
 
 
 
 
 
 
 
 
 
Tax benefit from exercise of non-qualified stock options
12,226 
 
 
 
12,226 
 
 
 
 
 
 
 
 
 
Issuance of common stock on exercise of options and restricted stock, net of shares withheld for employee taxes, shares
 
 
 
2,007 
 
 
72 
 
 
 
 
 
 
 
Issuance of commons stock on exercise of options and restricted stock, net of shares withheld for employee taxes, value
15,007 
 
 
2 
16,980 
 
(1,975)
 
 
 
 
 
 
 
Issuance of common stock for employee stock purchase plan, shares
 
 
 
33 
 
 
 
 
 
 
 
 
 
 
Issuance of common stock for employee stock purchase plan, value
878 
 
 
 
878 
 
 
 
 
 
 
 
 
 
Changes in tax reserve
1,189 
 
 
 
1,189 
 
 
 
 
 
 
 
 
 
Changes in equity from sale of noncontrolling interest
 
(13,364)
(3,621)
 
(2,509)
 
 
 
(3,437)
(473)
 
 
(7,418)
(3,148)
Capital contribution by noncontrolling interests
156 
 
 
 
 
 
 
 
 
 
 
156 
 
 
Unrealized gains/losses on available-for-sale securities
62 
 
 
 
 
 
 
62 
 
 
 
 
 
 
Net unrealized components of defined benefit pension plans
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustment
4,732 
 
 
 
 
 
 
4,732 
 
 
 
 
 
 
Net income
128,102 
 
 
 
 
 
 
 
 
 
127,948 
154 
 
 
Total equity, ending balance at Nov. 30, 2010
992,827 
 
 
36 
290,512 
 
(5,106)
28,035 
 
 
679,193 
157 
 
 
Common stock, shares, ending balance at Nov. 30, 2010
35,760 
 
 
35,760 
 
 
 
 
 
 
 
 
 
 
Treasury stock, shares, ending balance at Nov. 30, 2010
190 
 
 
 
 
 
190 
 
 
 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share-based compensation
7,993 
 
 
 
7,993 
 
 
 
 
 
 
 
 
 
Tax benefit from exercise of non-qualified stock options
4,406 
 
 
 
4,406 
 
 
 
 
 
 
 
 
 
Issuance of common stock on exercise of options and restricted stock, net of shares withheld for employee taxes, shares
 
 
 
771 
 
 
155 
 
 
 
 
 
 
 
Issuance of commons stock on exercise of options and restricted stock, net of shares withheld for employee taxes, value
1,548 
 
 
1 
6,289 
 
(4,742)
 
 
 
 
 
 
 
Issuance of common stock for employee stock purchase plan, shares
 
 
 
40 
 
 
 
 
 
 
 
 
 
 
Issuance of common stock for employee stock purchase plan, value
1,116 
 
 
 
1,116 
 
 
 
 
 
 
 
 
 
Repurchase of common stock, shares
 
 
 
 
 
 
62 
 
 
 
 
 
 
 
Repurchase of common stock, amount
(1,676)
 
 
 
 
 
(1,676)
 
 
 
 
 
 
 
Capital contribution by noncontrolling interests
9,028 
 
 
 
 
 
 
 
 
 
 
9,028 
 
 
Unrealized gains/losses on available-for-sale securities
170 
 
 
 
 
 
 
170 
 
 
 
 
 
 
Net unrealized components of defined benefit pension plans
(214)
 
 
 
 
 
 
(214)
 
 
 
 
 
 
Foreign currency translation adjustment
2,707 
 
 
 
 
 
 
2,035 
 
 
 
672 
 
 
Net income
150,553 
 
 
 
 
 
 
 
 
 
150,331 
222 
 
 
Total equity, ending balance at Nov. 30, 2011
$ 1,168,458 
 
 
$ 37 
$ 310,316 
 
$ (11,524)
$ 30,026 
 
 
$ 829,524 
$ 10,079 
 
 
Common stock, shares, ending balance at Nov. 30, 2011
36,571 
 
 
36,571 
 
 
 
 
 
 
 
 
 
 
Treasury stock, shares, ending balance at Nov. 30, 2011
407 
 
 
 
 
 
407 
 
 
 
 
 
 
 
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands
12 Months Ended
Nov. 30,
2011
2010
2009
Cash flows from operating activities:
 
 
 
Net income
$ 150,553 
$ 128,102 
$ 90,824 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
 
 
 
Depreciation expense
17,089 
11,189 
11,701 
Amortization of intangible assets
7,584 
5,096 
7,925 
Accretion of convertible notes discount
4,874 
4,504 
4,049 
Share-based compensation
7,993 
8,725 
8,193 
Provision for doubtful accounts
7,422 
6,527 
12,235 
Tax benefits from employee stock plans
4,406 
12,226 
7,018 
Excess tax benefit from share-based compensation
(4,389)
(9,798)
(6,135)
Realized/Unrealized (gain) loss on investments
721 
(744)
(2,724)
Loss (gain) on disposal of assets and businesses
159 
(12,905)
167 
Other-than-temporary impairment on securities and assets
613 
640 
94 
Changes in assets and liabilities, net of acquisition of businesses:
 
 
 
Accounts receivable
38,901 
(156,806)
(6,455)
Receivables from vendors
(8,339)
(29,648)
(2,509)
Receivables from affiliates
2,705 
12,894 
(485)
Inventories
28,240 
(240,056)
1,926 
Other assets
(4,009)
1,278 
44,725 
Payable to affiliates
(1,368)
(24,287)
9,097 
Accounts payable
(49,988)
220,182 
103,008 
Accrued liabilities
3,009 
12,459 
4,190 
Deferred liabilities
12,977 
(15,479)
(24,804)
Net cash provided by (used in) operating activities
219,153 
(65,901)
262,040 
Cash flows from investing activities:
 
 
 
Purchase of trading investments
(1,545)
(5,914)
(17,696)
Proceeds from sale of trading investments
3,161 
9,166 
16,629 
Investment in held-to-maturity term deposits
(7,706)
(11,396)
(16,725)
Proceeds from redemption of held-to-maturity term deposits
922 
21,126 
5,049 
Acquisition of businesses, net of cash acquired
(60,355)
(47,376)
(16,121)
Purchase of property and equipment
(40,153)
(12,653)
(25,011)
Proceeds from sale of businesses
1,033 
37,802 
0 
Loans and deposits to third parties, net of payments received
(2,914)
(4,856)
0 
Investment in equity-method investee
(4,782)
0 
0 
Changes in restricted cash
(14,049)
15,168 
(15,715)
Net cash provided by (used in) investing activities
(126,388)
1,067 
(69,590)
Cash flows from financing activities:
 
 
 
Proceeds from securitization and revolving line of credit
4,224,598 
3,990,574 
2,713,857 
Payment of securitization and revolving line of credit
(4,330,321)
(3,897,547)
(2,890,255)
Proceeds from long-term credit facility and term loans
87,309 
0 
0 
Payment of long-term bank loans, capital leases and other borrowings
(121,423)
(596)
(20,489)
Excess tax benefit from share-based compensation
4,389 
9,798 
6,135 
Book overdraft
13,606 
(24,367)
(4,980)
Proceeds from issuance of common stock
2,664 
15,885 
12,416 
Cash paid for purchase of treasury stock
(1,676)
0 
0 
Capital contribution by noncontrolling interest
6,411 
99 
0 
Net cash provided by (used in) financing activities
(114,443)
93,846 
(183,316)
Effect of exchange rate changes on cash and cash equivalents
1,211 
(380)
(5,754)
Net increase (decrease) in cash and cash equivalents
(20,467)
28,632 
3,380 
Cash and cash equivalents at beginning of year
88,038 
59,406 
56,026 
Cash and cash equivalents at end of year
67,571 
88,038 
59,406 
Supplemental disclosures of cash flow information:
 
 
 
Interest paid
15,757 
13,528 
18,012 
Income taxes paid
$ 66,358 
$ 56,217 
$ 44,409 
ORGANIZATION AND BASIS OF PRESENTATION:
Organization and Basis of Presentation
ORGANIZATION AND BASIS OF PRESENTATION: 
SYNNEX Corporation (together with its subsidiaries, herein referred to as “SYNNEX” or the “Company”) is a business process services company offering a comprehensive range of services to resellers, retailers, and original equipment manufacturers (“OEMs”) worldwide. SYNNEX’s business process services include distribution and business process outsourcing (“BPO”) services. SYNNEX is headquartered in Fremont, California and has operations in the United States, Canada, China, Costa Rica, Hungary, India, Japan, Mexico, Nicaragua, the Philippines and the United Kingdom (“UK”).
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Summary of Significant Accounting Policies
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: 
Use of estimates 
The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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 and its wholly-owned subsidiaries and majority-owned subsidiaries in which no substantive participating rights are held by minority stockholders. All intercompany accounts and transactions have been eliminated. 
The Consolidated Financial Statements include 100% of the assets and liabilities of majority-owned subsidiaries and the ownership interest of minority investors is recorded as noncontrolling interest. 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 or investments in 20% through 50% owned companies where the Company does not exercise significant influence over operating and financial affairs of the investee are recorded under the cost method. 
Consolidation of variable interest entity 
In fiscal year 2007, the Company acquired a majority interest in China Civilink (Cayman). China Civilink operated in China as HiChina Web Solutions. HiChina Web Solutions provided internet and webhosting services. People’s Republic of China (“PRC”) law limits foreign ownership of companies that provided internet content and advertising services. To comply with these foreign ownership restrictions, the Company operated in China with PRC citizens through contractual arrangements. The Company had the ability to substantially influence the daily operations and financial affairs. As a result of these contractual arrangements, which enabled the Company to control HiChina Web Solutions and its affiliates, the Company regarded HiChina Web Solutions as a variable interest entity. On December 28, 2009 the Company sold its interest in HiChina Web Solutions to Alibaba.com Ltd. and its results are presented as a discontinued operation. In addition, the Company also consolidates entities where it has the ability to substantially influence the operations and financial affairs located in countries that limit foreign ownership as variable interest entities.
Segment reporting 
Operating segments are based on components of the Company that engage in business activity that earns revenue and incurs expenses and (a) whose operating results are regularly reviewed by the Company's chief operating decision maker ("CODM") to make decisions about resource allocation and performance and (b) for which discrete financial information is available. The Company focuses on providing a full range of distribution and GBS offerings to its customers and operates in two segments. 
The distribution services segment distributes IT systems, peripherals, system components, software, networking equipment, consumer electronics (“CE”), and complementary products to a variety of customers, including value-added resellers, system integrators and retailers, as well as provides assembly services to OEMs, including integrated supply chain management, build-to-order and configure-to-order system configurations, materials management and logistics. 
The global business services ("GBS") segment provides a range of BPO services that include customer management, renewals management, back office processing, and information technology outsourcing on a global platform. The services are delivered via voice, chat, web, email and digital print. 
Cash and cash equivalents 
The Company considers all highly liquid debt instruments purchased with an original maturity or remaining maturity at date of purchase of three months or less to be cash equivalents. Cash equivalents consist principally of money market deposit accounts 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. 
Restricted cash 
Restricted cash balances relate to temporary restrictions caused by the timing of lockbox collections under the Company’s borrowing arrangements, amounts held for outstanding letters of credit and future payments to contractors for the long-term projects at the Company’s Mexico operation.  
The following table summarizes the restricted cash balances as of November 30, 2011 and 2010 and the location where these amounts are recorded on the Consolidated Balance Sheets:
 
As of November 30,
 
2011
 
2010
Related to borrowing arrangements and others:
 
 
 
Other current assets
$
28,279

 
$
11,865

Related to long-term projects:
 
 
 
Other current assets
—

 
3,153

Other assets
2,938

 
2,454

Total restricted cash
$
31,217

 
$
17,472

 
Investments 
The Company classifies its investments in marketable securities as trading and available-for-sale. Marketable securities related to its deferred compensation plan are classified as trading and are recorded at fair value, based on quoted market prices, and unrealized gains and losses are included in “Other income (expense), net” in the Company’s financial statements. All other securities are classified as available-for-sale and are recorded at fair market value, based on quoted market prices, and unrealized gains and losses are included in “Accumulated other comprehensive income,” a component of stockholders’ equity. Realized gains and losses on available-for-sale securities, which are calculated based on the specific identification method, and declines in value judged to be other-than-temporary, if any, are recorded in “Other income (expense), net” as incurred. 
To determine whether a decline in value is other-than-temporary, the Company evaluates several factors, including the current economic environment, market conditions, operational and financial performance of the investee, and other specific factors relating to the business underlying the investment, including business outlook of the investee, future trends in the investee’s industry and the Company’s intent to carry the investment for a sufficient period of time for any recovery in fair value. If a decline in value is deemed as other-than-temporary, the Company records reductions in carrying values to estimated fair values, which are determined based on quoted market prices if available or on one or more of the valuation methods such as pricing models using historical and projected financial information, liquidation values, and values of other comparable public companies. 
The Company classifies its term deposits with financial institutions, with maturities from the date of purchase greater than three months and less than one year, as held-to-maturity investments. These term deposits are held until the maturity date and are not traded. 
The Company has investments in equity instruments of privately-held companies and investments for which there are not readily determinable fair values. The investments that are included in “Short-term investments” are accounted for under the cost method of accounting. The long-term investments, which the Company has the ability and intent to hold for more than twelve months, are included in “Other assets” and are accounted for under the cost and equity methods of accounting. The Company monitors its cost and equity method investments for impairment by considering current factors, including the economic environment, market conditions, operational performance and other specific factors relating to the business underlying the investment, and records reductions in carrying values when necessary. 
Allowance for doubtful accounts 
The allowance for doubtful accounts is an estimate to cover the losses resulting from the inability of customers to make payments for outstanding balances. In estimating the required allowance, the Company takes into consideration the overall quality and aging of the accounts receivable, credit evaluations of customers’ financial condition and existence of credit insurance. The Company also evaluates the collectability of accounts receivable based on specific customer circumstances, current economic trends, historical experience with collections and any value and adequacy of collateral received from customers. 
Inventories 
Inventories are stated at the lower of cost or market. Cost is computed based on the weighted-average method. Inventories consist of finished goods purchased from various manufacturers for distribution resale and components used for assembly services. The Company adjusts the inventory carrying value for cost in excess of market value and product obsolescence. 
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 ranges of estimated useful lives for property and equipment categories are as follows: 
Equipment and Furniture
3-10 years
  
Software
3-7 years
  
Leasehold Improvements
2-15 years
  
Buildings
16-40 years
  
 
Goodwill and intangible assets 
The values assigned to goodwill and intangible assets are based on estimates and judgment regarding expectations for the success and life cycle of products and technologies acquired in a business combination. The Company assesses potential impairment of its goodwill and intangible assets when there is evidence that recent events or changes in circumstances have made recovery of an asset’s carrying value unlikely. The Company also assesses potential impairment of its goodwill on an annual basis during its fourth quarter, regardless if there is evidence of impairment. If indicators of impairment were to be present in intangible assets used in operations and future undiscounted cash flows were not expected to be sufficient to recover the assets’ carrying amount, an impairment loss would be charged to expense in the period identified. The amount of an impairment loss would be recognized as the excess of the asset’s carrying value over its fair value. Factors the Company considers important, which may cause impairment include, among others, significant changes in the manner of use of the acquired asset, negative industry or economic trends, and significant underperformance relative to historical or projected operating results. 
For the purpose of its goodwill analysis, the Company has two reporting units, the distribution services reporting unit and the GBS reporting unit. The Company conducted their annual impairment analysis in the fourth quarter of fiscal year 2011. The annual goodwill impairment analysis did not result in an impairment charge for fiscal years 2011, 2010 and 2009. 
Purchased intangible assets are amortized over the useful lives based on the estimate of the use of economic benefit of the asset or on the straight-line amortization method. 
Intangible assets primarily consist of vendor lists and customer lists. Intangible assets are amortized as follows: 
Customer Lists
4-10 years
  
Vendor Lists
4-10 years
  
Other Intangible Assets
1-10 years
  

Impairment of long-lived assets 
The Company reviews the recoverability of its long-lived assets, such as property and equipment and intangible 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. The measurement of impairment requires management to estimate future cash flows and the fair value of long-lived assets.
Software costs 
The Company develops software platforms for internal use and for resale. The Company capitalizes costs incurred to develop software for resale subsequent to the software product reaching technological feasibility. The capitalized costs are amortized over the economic life of the product using the greater of the straight-line amortization or using the ratio of current revenue to future expected revenue. 
The Company capitalizes the costs incurred to develop software for internal use when new software is developed, the life of existing software is extended or significant enhancements are added to the features of existing software. The capitalized development costs mainly include payroll costs.
Concentration of credit risk 
Financial instruments that potentially subject the Company to significant concentration of credit risk consist principally of accounts receivable, cash and cash equivalents. The Company’s cash and cash equivalents are maintained with high quality institutions, the compositions and maturities of which are regularly monitored by management. Through November 30, 2011, the Company had not experienced any losses on such deposits. 
Accounts receivable include amounts due from customers primarily in the technology industry. The Company performs ongoing credit evaluations of its customers’ financial condition and limits the amount of credit extended when deemed necessary, but generally requires no collateral. The Company also maintains allowances for potential credit losses. In estimating the required allowances, the Company takes into consideration the overall quality and aging of the receivable portfolio, the existence of a limited amount of credit insurance and specifically identified customer risks. Through November 30, 2011, such losses have been within management’s expectations. 
In fiscal years 2011 and 2009, no customer accounted for 10% of the Company's total revenue. In fiscal year 2010, one customer accounted for 11% of the Company’s total revenue. Products purchased from the Company’s largest OEM supplier, Hewlett-Packard Company (“HP”), accounted for approximately 35%, 38% and 36% of the total revenue for fiscal years 2011, 2010 and 2009, respectively.
As of November 30, 2011, no customer exceeded 10% of the total consolidated accounts receivable balance. As of November 30, 2010, one customer accounted for approximately 16% of the total consolidated accounts receivable balance.  
Revenue recognition
The Company generally recognizes revenue on the sale of hardware and software products when they are shipped and on services when they are performed, if a purchase order exists, the sales price is fixed or determinable, collection of resulting accounts receivable is reasonably assured, risk of loss and title have transferred and product returns are reasonably estimable. Provisions for sales returns are estimated based on historical data and are recorded concurrently with the recognition of revenue. These provisions are reviewed and adjusted periodically by the Company. Revenue is reduced for early payment discounts and volume incentive rebates offered to customers. The Company recognizes revenue on certain service contracts, post-contract software support services, and extended warranty contracts, where it is not the primary obligor, on a net basis.
The Company provides services such as call center, renewals, maintenance and contract management services to its customers under contracts that typically consist of a master services agreement or statement of work, which contains the terms and conditions of each program and service offerings. Typically the contracts are time-based or transactions or volume based. Revenue is generally recognized over the term of the contract or when service has been rendered, the sales price is fixed or determinable and collection of the resulting accounts receivable is reasonably assured.
Effective in the first quarter of fiscal year 2010, the Company began recognizing revenue on certain service contracts, post-contract software support services, and extended warranty contracts, on a net basis, where it is not a primary obligor. Approximately 4% of revenue was recorded on a net basis for fiscal years 2011 and 2010.
The Company's operation in Mexico primarily focuses on projects with the Mexican government and other local agencies that are long-term in nature. Under the agreements, the Company sells computers and equipment to contractors that provide services to the Mexican government. The Company also sells computer equipment and services directly to the Mexican government. The payments are due on a monthly basis and contingent upon the satisfactory performance of certain services, fulfillment of certain obligations and meeting certain conditions. The Company recognizes revenue and cost of revenue on a straight-line basis over the term of the contract, which coincides with payments no longer being contingent.
Shipping and handling costs 
Costs related to shipping and handling are included in “Cost of revenue.” 
OEM supplier programs 
Funds received from OEM suppliers for inventory volume promotion programs, price protection and product rebates are recorded as adjustments to cost of revenue and 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 of 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 direct 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 purchases licensed software products from OEM vendors, which it subsequently distributes 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) its services with regard to products that it assembles for its customers, and (2) products that it builds to order from components purchased from other sources. To date neither warranty expense, nor the accrual for warranty costs has been material to the Company’s Consolidated Financial Statements. 
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. To date, net costs related to advertising and promotion expenditures have not been material. 
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. Valuation allowances are provided against deferred tax assets that are not likely to be realized. 
Foreign currency translations 
The financial statements of the Company's foreign 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.” Gains and losses resulting from foreign currency transactions are included within “Other income (expense), net.” Such amounts are not significant to any of the periods presented. 
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 foreign subsidiaries and unrealized gains and losses on the Company’s available-for-sale securities. 
Share-based compensation 
Share-based compensation is estimated at the grant date based on the fair value of the awards expected to vest and recognized as expense ratably over the requisite service period of the award. The Company has used the Black-Scholes valuation model to estimate fair value of share-based awards, which requires various assumptions including estimating stock price volatility and expected life. 
Pension and post-retirement benefits
Defined benefit pension costs are estimated using various actuarial assumptions including discount rates, expected return on plan assets, inflation, mortality rates and compensation increases. The assumptions used are reviewed on an annual basis. The Company records pension expense related to multi-employer defined benefit plans based on the amount of contributions that are contractually owed during the period.
Net income per common share 
Net income per common share-basic is computed by dividing the net income attributable to SYNNEX Corporation for the period by the basic weighted-average number of outstanding common shares. 
Net income per common share-diluted is computed by adding the dilutive effect of in-the-money employee stock options, restricted stock awards, restricted stock units and similar equity instruments granted by the Company to the basic weighted-average number of outstanding common shares. The Company uses the treasury stock method, under which, the amount the employee must pay for exercising stock options, the amount of compensation cost for future services that the Company has not yet recognized and the amount of tax benefits that would be recorded in “Additional paid-in capital” when the award becomes deductible are assumed to be used to repurchase shares. 
With respect to the Company’s convertible debt, the Company intends to settle its conversion spread (i.e., the intrinsic value of convertible debt based on the conversion price and current market price) in shares. The Company accounts for its conversion spread using the treasury stock method. It is the Company’s intent to cash-settle the principal amount of the convertible debt; accordingly, the principal amount has been excluded from the determination of diluted earnings per share. 
The calculation of net income per common share attributable to SYNNEX Corporation is presented in Note 15. 
Treasury Stock
Repurchases of shares of common stock are accounted for at cost, which includes brokerage fees, and are included as a component of stockholders' equity in the Consolidated Balance Sheets.
Reclassifications 
Certain reclassifications have been made to prior period amounts to conform to current period presentation. Such reclassifications have no effect on net income as previously reported.  
Recent accounting pronouncements 
In May 2011, the Financial Accounting Standards Board (“FASB”) issued an accounting update that amends existing guidance regarding fair value measurements and disclosure requirements. The amendments are effective during interim and annual periods beginning after December 15, 2011 and are to be applied prospectively. The accounting update will be applicable to the Company beginning in the second quarter of fiscal year 2012. The Company will update its fair value disclosures to comply with the updated disclosure requirements.
In June 2011, the FASB issued an accounting update that amends the presentation of “Comprehensive income” in the financial statements. The new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011, with early adoption permitted. The accounting update will be applicable to the Company beginning in the first quarter of fiscal year 2013. The Company will update its presentation of “Comprehensive income” to comply with the updated disclosure requirements.
In September 2011, the FASB issued an accounting update that gives companies the option to make a qualitative evaluation about the likelihood of goodwill impairment. Companies will be required to perform the two-step impairment test only if it concludes that the fair value of a reporting unit is more likely than not, less than its carrying value. The accounting update is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011, with early adoption permitted. The Company will adopt the accounting update for its goodwill impairment test to be performed for the fiscal year ending November 30, 2012.
In September 2011, the FASB issued an accounting update that requires additional qualitative and quantitative disclosures by employers that participate in multi-employer pension plans. The amendments are effective for annual periods for the fiscal years ending after December 15, 2011, with early adoption permitted. The Company will adopt the new disclosure requirements in the fiscal year ending November 30, 2012. The Company is currently assessing the impact of this accounting update on its Consolidated Financial Statements.  
During the fiscal year 2011, the Company adopted the following accounting standards: 
In October 2009, the FASB issued an update to the existing multiple-element revenue arrangements guidance. This revised guidance primarily provides two significant changes: (1) eliminates the need for objective and reliable evidence of the fair value for the undelivered element in order for a delivered item to be treated as a separate unit of accounting, and (2) eliminates the residual method to allocate the arrangement consideration. This accounting update was effective for the first annual reporting period beginning on or after June 15, 2010 with early adoption permitted, provided that the revised guidance is retroactively applied to the beginning of the year of adoption. This standard was adopted by the Company beginning December 1, 2010 and did not have a material impact to its Consolidated Financial Statements.
In October 2009, the FASB issued an accounting standard addressing how entities account for revenue arrangements that contain both hardware and software elements. Due to the significant difference in the level of evidence required for separation of multiple deliverables within different accounting standards, this particular accounting standard modified the scope of accounting guidance for software revenue recognition. Many tangible products containing software and non-software components that function together to deliver the tangible products’ essential functionality will be accounted for under the revised multiple-element arrangement revenue recognition guidance disclosed above. This accounting standard was effective for the first annual reporting period beginning on or after June 15, 2010 with early adoption permitted, provided that the revised guidance is retroactively applied to the beginning of the year of adoption. This standard was applicable to the Company beginning December 1, 2010 and did not have a material impact on its Consolidated Financial Statements.
STOCKHOLDERS' EQUITY:
Stockholders' Equity
STOCKHOLDERS’ EQUITY: 
Amended and Restated 2003 Stock Incentive Plan 
The Company’s 2003 Stock Incentive Plan was adopted by its Board of Directors and approved by its stockholders in 2003 and amended and approved by its stockholders again in 2008. The plan provides for the direct award or sale of shares of common stock, restricted stock awards and restricted stock units, the grant of options to purchase shares of common stock and the award of stock appreciation rights to employees and non-employee directors, advisors and consultants. 
The 2003 Stock Incentive Plan is administered by the Company’s Compensation Committee. The Compensation Committee determines which eligible individuals are to receive awards under the plan, the number of shares subject to the awards, the vesting schedule applicable to the awards and other terms of the award, subject to the limits of the plan. The Compensation Committee may delegate its administrative authority, subject to certain limitations, with respect to individuals who are not officers. 
The Board of Directors may amend or modify the 2003 Stock Incentive Plan at any time, subject to any required stockholder approval. The plan will terminate no later than September 1, 2013. The number of shares granted, issued, retainable or vested under an award may be subject to the attachment of individual, divisional or Company-wide performance goals. 
The number of authorized shares under the 2003 Stock Incentive Plan will not exceed 14,120 shares of common stock. No participant in the 2003 Stock Incentive Plan may receive option grants or stock appreciation rights, restricted shares or restricted stock units for more than 1,500 shares per calendar year, or more than 2,500 shares in the participant’s first calendar year of service. 
Under the 2003 Stock Incentive Plan 
Qualified employees are eligible for the grant of incentive stock options to purchase shares of common stock. Qualified employees and non-employee directors, advisors and consultants are eligible for the grant of nonstatutory stock options, stock appreciation rights, restricted stock grants and restricted stock units. The outstanding stock options and restricted stock awards granted to qualified employees generally vest over a five-year period and the stock options have a contractual term of ten years. 
Prior to January 4, 2007, qualified non-employee directors who first joined the Board of Directors after the plan was effective received an initial option grant of 25 shares, and all non-employee directors were eligible for annual option grants of 5 shares for each year they continued to serve. The exercise price of these option grants was equal to 100% of the fair market value of those shares on the date of the grant. 
Amended and Restated 2003 Stock Incentive Plan, on and after January 4, 2007 
After January 4, 2007, qualified non-employee directors who first joined the Board of Directors after the plan was effective received an initial option grant of 10 shares and 2 shares of restricted stock. All non-employee directors were eligible for annual grants of 2 shares of restricted stock for each year they continued to serve. The exercise price of these option grants was equal to 100% of the fair market value of those shares on the date of the grant. In addition, one third of the restricted stock grants vested on each anniversary date of the grant over a period of three years. One third of the stock options vested on the first anniversary date of the grant and the remaining vested monthly over a two-year period starting one month after the first anniversary of the date of grant. The annual grants of restricted stock vested in full upon the director’s retirement with the consent of the Board of Directors.
Amended and Restated 2003 Stock Incentive Plan, after November 21, 2008 
After November 21, 2008, the vesting schedule for qualified non-employee directors’ annual grants of 2 shares of restricted stock was amended for newly issued grants. One quarter of the restricted shares shall vest on the last day of each fiscal quarter thereafter following the date of the grant over a period of one year. 
Amended and Restated 2003 Stock Incentive Plan, after January 4, 2011 
After January 4, 2011, the 2003 Stock Incentive Plan was amended and restated to state that every outside director who first joins the Board of Directors will receive an option to purchase 10 shares and restricted shares equal to $90 based on the fair value of the shares on the date of grant. Each outside director will also qualify to receive an annual grant of restricted shares equal to $90 based on the fair value of the shares on the date of grant.
The Compensation Committee determines the exercise price of options and the purchase price of restricted stock grants; however, the option 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 option price for nonstatutory stock options will not be less than 85% of the fair market value of the stock on the date of grant. 
The following table summarizes the stock options outstanding and exercisable under the Company’s option plan as of November 30, 2011 and 2010:
 
Number of options as of
November 30, 2011
 
Number of options as of
November 30, 2010
 
Outstanding
 
Exercisable
 
Outstanding
 
Exercisable
Amended and Restated 2003 Stock Incentive Plan
1,707

 
1,342

 
2,120

 
1,725


2003 Employee Stock Purchase Plan 
The Company’s 2003 Employee Stock Purchase Plan (“ESPP”) permits eligible employees to purchase common stock through payroll deductions. The ESPP was approved by the Board of Directors and the Company’s stockholders in 2003 and certain amendments were approved by the Board of Directors in March 2005 and September 2008. In addition, in 2009, an amendment to the ESPP was approved by the Board of Directors and the Company's stockholders to increase the number of shares available for issuance by 250 shares, from 500 shares to 750 shares. As such, a total of 750 shares of common stock have been reserved for issuance under the ESPP. The participant purchase price discount is 5%. In a calendar year, there are four offering periods of three months each. The maximum number of shares a participant may purchase during a single accumulation period is 1.25 subject to a maximum purchase limit of $10 per calendar year. Employees at associate vice president level and above are not eligible to participate in the plan. 
The weighted-average fair value of ESPP purchases during fiscal years 2011 and 2010 was $1.88 and $2.57, respectively.
Share Repurchase Program 
In June 2011, the Board of Directors authorized a three-year $65,000 share repurchase program. In the fourth quarter of fiscal year 2011, the Company purchased 62 shares at a weighted-average price of $26.89 per share. The share purchases were made on the open market and the shares repurchased by the Company are held in treasury for general corporate purposes.
SHARE-BASED COMPENSATION:
Share-based compensation
SHARE-BASED COMPENSATION: 
The Company recognizes share-based compensation expense for all share-based awards made to employees and directors, including employee stock options, restricted stock awards, restricted stock units and employee stock purchases, based on estimated fair values.
The Company recorded share-based compensation expense in "Selling, general and administrative expenses" for fiscal years 2011, 2010 and 2009 as follows: 
 
Fiscal Years Ended November 30,
 
2011
 
2010
 
2009
Share-based compensation expense by type of award:
 
 
 
 
 
Employee stock options
$
1,527

 
$
2,759

 
$
2,730

Restricted stock
6,388

 
5,889

 
4,735

Employee stock purchase plan
78

 
77

 
100

Total share-based compensation
7,993

 
8,725

 
7,565

Tax effect on share-based compensation
(2,755
)
 
(3,180
)
 
(2,763
)
Net effect on net income
$
5,238

 
$
5,545

 
$
4,802

 
In fiscal year 2010, the Company recorded $1,005 for the one-time recognition of costs for the modification and accelerated vesting of stock options and restricted awards, primarily on the retirement of the Company’s founder and former Chairman, Robert Huang. 
Valuation Assumptions 
The Company estimates the fair value of share-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service period in the Company’s financial statements. Share-based compensation expense recognized during the period is based on the value of the portion of share-based payment awards that is ultimately expected to vest during the period. 
The Company uses the Black-Scholes valuation model to estimate fair value of share-based awards. The Black-Scholes option-pricing model was developed for use in estimating the fair value of short-lived exchange traded options that have no vesting restrictions and are fully transferable. In addition, option-pricing models require the input of highly subjective assumptions, including the option’s expected life and the price volatility of the underlying stock. The expected stock price volatility assumption was determined using historical volatility of the Company’s common stock.
The following assumptions were used in the Black-Scholes valuation model in fiscal years 2011, 2010 and 2009: 
 
Fiscal Years Ended November 30,
 
2011
 
2010
 
2009
Stock option plan:
 
 
 
 
 
Expected life (years)
5.9

 
5.6

 
5.7

Risk free interest rate
1.11
%
 
1.26
%
 
2.57
%
Expected volatility
41.14
%
 
41.97
%
 
43.55
%
Dividend yield
0.00
%
 
0.00
%
 
0.00
%
Employee stock purchase plan:

 

 

Expected life (years)
0.3

 
0.3

 
0.3

Risk free interest rate
0.02
%
 
0.16
%
 
0.10
%
Expected volatility
33.15
%
 
32.43
%
 
65.13
%
Dividend yield
0.00
%
 
0.00
%
 
0.00
%
 
A summary of the activity under the Company’s stock option plan is set forth below:
 
Shares Available
for Grant
 
Options Outstanding
Number of
Shares
 
Weighted-Average
Exercise Price
Per Share
Balances, November 30, 2008
2,569
 
5,044
 
$11.89
      Restricted stock granted
(211)
 
—
 
—
      Restricted stock cancelled/forfeited
32
 
—
 
—
      Options granted
(157)
 
157
 
27.31
      Options exercised
—
 
(1,406)
 
9.41
      Options cancelled/forfeited/expired
66
 
(66)
 
18.11
Balances, November 30, 2009
2,299
 
3,729
 
$13.37
      Restricted stock awards granted
(267)
 
—
 
—
      Restricted stock units granted
(100)
 
—
 
—
      Restricted stock cancelled/forfeited
38
 
—
 
—
      Options granted
(123)
 
123
 
28.52
      Options exercised
—
 
(1,710)
 
9.93
      Options cancelled/forfeited/expired
22
 
(22)
 
7.14
Balances, November 30, 2010
1,869
 
2,120
 
$17.08
      Restricted stock awards granted
(244)
 
—
 
—
      Restricted stock units granted
(10)
 
—
 
—
      Restricted stock cancelled/forfeited
25
 
—
 
—
      Options granted
(135)
 
135
 
26.98
      Options exercised
—
 
(531)
 
11.87
      Options cancelled/forfeited/expired
17
 
(17)
 
12.18
Balances, November 30, 2011
1,522
 
1,707
 
$19.52
 
Employee Stock Options 
The weighted-average grant-date fair value of the stock options granted during fiscal years 2011, 2010 and 2009 was as follows: 
 
Fiscal Years Ended November 30,
 
2011
 
2010
 
2009
Number of options granted
135
 
123
 
157
Weighted-average grant-date fair value per share
$10.68
 
$12.02
 
$11.28


The options outstanding and exercisable as of November 30, 2011 were in the following exercise price ranges:
 
Options Outstanding
 
Options Vested and Exercisable
Range of Exercise Prices per Share
Shares
 
Weighted-
Average
Life (Years)
 
Weighted-
Average
Exercise Price
per Share
 
Shares
 
Weighted-
Average
Life (Years)
 
Weighted-
Average
Exercise Price
per Share
$9.00 - $10.00
61
 
0.83
 
$10.00
 
61
 
0.83
 
$10.00
$12.00 - $15.54
272
 
1.74
 
$12.15
 
272
 
1.74
 
$12.15
$16.10 - $17.17
403
 
3.24
 
$16.50
 
403
 
3.24
 
$16.50
$18.25 - $30.96
971
 
6.82
 
$23.44
 
606
 
5.85
 
$21.82
$9.00 - $30.96
1,707
 
4.95
 
$19.52
 
1,342
 
4.01
 
$17.73
 
As of November 30, 2011, 1,707 options were outstanding and expected to vest.
The aggregate pre-tax intrinsic value of the options outstanding as of November 30, 2011 was $16,947 based on the Company’s closing stock price of $29.35 as of November 30, 2011, which would have been received by the option holders had all option holders exercised their options on that date. The aggregate pre-tax intrinsic value of the vested and exercisable options outstanding as of November 30, 2011 was $15,675. 
The cash received from the exercise of options and the intrinsic values of options exercised during fiscal years 2011, 2010 and 2009 were as follows:  
 
Fiscal Years Ended November 30,
 
2011
 
2010
 
2009
Intrinsic value of options exercised
$
9,375

 
$
32,504

 
$
20,839

Cash received from exercise of options
6,290

 
16,980

 
13,221


The Company settles employee stock option exercises with newly issued common shares.
As of November 30, 2011, the unamortized share-based compensation expense related to nonvested stock options under the Amended and Restated 2003 Stock Incentive Plan was $3,911 which will be recognized over an estimated weighted-average amortization period of 3.49 years.
Restricted Stock Awards and Restricted Stock Units 
A summary of the changes in the Company's nonvested restricted stock awards and stock units during the fiscal years 2009, 2010, and 2011 is presented below:
 
Number of
shares
 
Weighted-average,
grant-date
fair value per share
Nonvested as of November 30, 2008
826
 
$20.25
Awards granted
211
 
30.20
Awards vested
(245)
 
15.30
Awards cancelled/forfeited
(32)
 
20.44
Nonvested as of November 30, 2009
760
 
$24.60
Awards granted
267
 
28.18
Units granted
100
 
29.04
Awards vested
(299)
 
22.21
Awards cancelled/forfeited
(38)
 
24.07
Nonvested as of November 30, 2010
790
 
$25.78
Awards granted
244
 
27.91
Units granted
10
 
32.35
Awards vested
(240)
 
24.51
Awards cancelled/forfeited
(25)
 
26.62
Nonvested as of November 30, 2011
779
 
$23.13
 
As of November 30, 2011, there was $18,267 of total unamortized share-based compensation expense related to nonvested restricted stock awards and stock units granted under the Amended and Restated 2003 Stock Incentive Plan. That cost is expected to be recognized over an estimated weighted-average amortization period of 3.59 years.
 
PENSION AND EMPLOYEE BENEFITS PLANS:
Pension and Employee Benefits Plan
PENSION AND EMPLOYEE BENEFITS PLANS: 
The employees of SYNNEX Infotec Corporation ("Infotec Japan") are covered by certain defined benefit pension plans, including a multi-employer pension plan. Full-time employees are eligible to participate in the plans on the first day of February following their date of hire and are not required to contribute to the plans.
The following table provides a reconciliation of the changes in the plan's single employer benefit obligations and fair value of plan assets as of November 30, 2011:
 
Fiscal Year Ended
 
November 30, 2011
Benefit obligation at beginning of year
$
—

Value at acquisition date
7,157

Service cost
570

Interest cost
148

Benefits paid
(154
)
Actuarial gain or loss
124

Foreign exchange rate changes
593

Benefit obligation at end of year
$
8,438


The change in plan assets for fiscal year 2011 was as follows:
Fair value at the beginning of year
$
—

Value at acquisition date
3,110

Contribution paid by employer
748

Contribution paid by participants
—

Actual return on plan assets
5

Benefits paid
(154
)
Foreign exchange rate changes
268

Fair value at the end of year
$
3,977



The Company's benefit obligation and the fair value of its pension assets are presented, on a gross basis, as a component of “Long-term liabilities” and “Other assets,” respectively, on the Company's Consolidated Balance Sheets.
As of November 30, 2011, the plan was underfunded by $4,461 and the accumulated pension benefit obligation was $6,424.
The benefits to be paid to participants over the next five fiscal years and in the aggregate for the five fiscal years thereafter are as follows:
Fiscal years ending
 
Benefits to be paid
2012
 
$
157

2013
 
160

2014
 
145

2015
 
155

2016
 
165

2017 - 2021
 
1,329


The contribution to be made by the Company toward the defined benefit plan in the fiscal year ending November 30, 2012 is expected to be $830.
The components of net periodic pension costs for the fiscal year 2011 were as follows:
Service cost
$
570

Interest cost
148

Expected return on plan assets
(89
)
Amortization of transition asset or obligation
—

Amortization of prior service cost
—

Amortization of net (gain) or loss
—

Curtailment and settlement (gain) or loss
—

Net periodic pension costs
$
629



During fiscal year 2011, changes in plan assets and benefit obligations of $214, resulting entirely from net losses, were recognized in “Accumulated other comprehensive income.”
The Company used the following weighted-average assumptions to determine the net periodic pension benefit costs and obligations during fiscal year 2011:
 
Net Pension
Benefit Obligations
Net Pension
Benefit Costs
Discount rate
1.9
%
2.0
%
Average increase in compensation levels
3.0
%
3.0
%
Expected return on plan assets
 
2.5
%

The discount rate is set on yields available on high-quality corporate bonds with maturities consistent with the duration of the benefit obligation as of the valuation date.
The plan assets were invested in life insurance company general accounts, pooled institutional investments comprising of listed stock, debt securities and other investments and cash equivalents. The life insurance company general accounts represent a financial instrument which guarantees the principal and a return based on a contractual interest rate. The expected return on plan assets, above, is based primarily on current guaranteed net returns offered by the life insurance company's general account. The fair value of these investments is based on the market approach using observable inputs other than quoted market prices. The pooled institutional investments comprise of comingled funds invested in debt, equity and other securities. The fair value of these funds is measured by allocating the fair value of the total assets in the investments in proportion to the Company's ownership percentage. Cash equivalents represent the amounts not yet transferred from the master custodian of the funds as of the measurement date.
The fair value of the assets as of November 30, 2011 is presented in the table below using the fair value hierarchy discussed in Note 11- Fair Value Measurements:
 
Level 1

 
Level 2

 
Level 3

Cash equivalents
$
32

 
$
—

 
$
—

Equity and debt securities
—

 
165

 
—

Life insurance company general accounts
—

 
3,780

 
—



In addition to the single employer plan, employees for Infotec Japan are also covered by a multi-employer, defined benefit plan. Employees do not contribute to the plan. The Company's contributions to the plan during fiscal year 2011 were $1,117.
The Company has defined benefit pension and retirement plans in other geographical locations. However these pension programs are not material to the Consolidated Financial Statements.
The Company has a 401(k) Plan (the “Plan”) under which eligible employees may contribute up to the maximum amount as provided by law. Employees become eligible to participate in the Plan on the first day of the month after their employment date. The Company may make discretionary contributions under the Plan. During fiscal years 2011, 2010 and 2009, the Company contributed $1,145, $852 and $734, respectively.
DEFERRED COMPENSATION PLAN:
Deferred Compensation Plan
DEFERRED COMPENSATION PLAN: 
The Company has a deferred compensation plan for certain directors and officers. The plan is designed to permit eligible officers and directors to accumulate additional income through a non-qualified deferred compensation plan that enables the officer or director to make elective deferrals of compensation to which he or she will become entitled in the future. 
An account is maintained for each participant for the purpose of recording the current value of his or her elective contributions, including earnings credited thereto. The participant may designate one or more investments as the measure of investment return on the participant’s account. On January 4, 2012, the Compensation Committee approved an amendment to the deferred compensation plan to prospectively limit designated investments as the measure of investment return to actively traded securities reported on recognized exchanges, bank deposits, and other investments with readily verifiable valuations. The participant’s account is adjusted monthly to reflect earnings and losses on the participant’s designated investments. The Company pays interest on the uninvested portion of deferred compensation. 
The amount credited to the participant’s account will be distributed as soon as practicable after the earlier of the participant’s termination of employment or attainment of age sixty-five. The distribution of benefits to the participant will be made in accordance with the election made by the participant in a lump sum or in equal monthly or annual installments over a period not to exceed fifteen years. The distribution of account balances subject to Section 409A of the Tax Code upon termination of employment of an officer is subject to a six-month delay. 
In the event the participant requests an early distribution other than a hardship distribution, a 10% withdrawal penalty will be levied. Such distribution will be in the form of a lump sum cash payment. Such early distribution elections are available only with respect to vested account balances as of December 31, 2004. 
As of November 30, 2011 and 2010, the deferred compensation liability balances were $13,872 and $16,737, respectively. Of the above deferred balances, $8,137 and $10,407 have been invested in equity securities, hedge funds and private equity funds. The Company has recorded a loss of $1,101, a gain of $176 and a gain of $2,670 for the years ended November 30, 2011, 2010 and 2009, respectively.
INCOME TAXES:
Income Taxes
INCOME TAXES: 
The sources of income from continuing operations before the provision for income taxes and noncontrolling interest are as follows: 
 
Fiscal Years Ended November 30,
 
2011
 
2010
 
2009
United States
$
184,768

 
$
142,972

 
$
96,331

Foreign
44,950

 
40,614

 
38,322

 
$
229,718

 
$
183,586

 
$
134,653

 The provisions for income taxes consist of the following:
 
Fiscal Years Ended November 30,
 
2011
 
2010
 
2009
Current tax provision:
 
 
 
 
 
Federal
$
49,937

 
$
50,411

 
$
35,158

State
11,140

 
9,883

 
6,438

Foreign
9,543

 
8,217

 
8,415

 
$
70,620

 
$
68,511

 
$
50,011

Deferred tax provision (benefit):
 
 
 
 
 
Federal
$
9,735

 
$
(2,237
)
 
$
(918
)
State
(1,186
)
 
(329
)
 
(292
)
Foreign
(4
)
 
965

 
227

 
$
8,545

 
$
(1,601
)
 
$
(983
)
Total tax provision
$
79,165

 
$
66,910

 
$
49,028


The following presents the breakdown between current and non-current net deferred tax assets:
 
As of November 30,
 
2011
 
2010
Deferred tax assets - current
$
28,241

 
$
33,063

Deferred tax assets - non-current
590

 
605

Deferred tax liabilities - current
(500
)
 
(294
)
Deferred tax liabilities - non-current
(8,086
)
 
(3,262
)
Total net deferred tax assets
$
20,245

 
$
30,112

Net deferred tax assets and liabilities consist of the following: 
 
As of November 30,
 
2011
 
2010
Assets:
 
 
 
Inventory reserves
$
7,448

 
$
9,182

Allowance for doubtful accounts and sales return reserves
8,303

 
10,155

Other reserves and accruals
7,995

 
8,765

State tax deduction
1,782

 
460

Deferred compensation
5,846

 
4,880

Net operating losses
15,902

 
10,532

Foreign tax credit
2,383

 
2,516

Share-based compensation expense
3,143

 
4,225

Unrealized losses on investments
1,758

 
1,119

Other
386

 
458

Gross deferred tax assets
54,946

 
52,292

Valuation allowance
(7,989
)
 
(3,862
)
Total deferred tax assets
$
46,957

 
$
48,430

Liabilities:
 
 
 
Depreciation and amortization
$
(5,423
)
 
$
(2,781
)
Convertible debt interest
(12,737
)
 
(11,383
)
Deferred revenue
(117
)
 
(86
)
Intangible assets
(8,435
)
 
(4,068
)
Total deferred tax liabilities
$
(26,712
)
 
$
(18,318
)
Net deferred tax assets
$
20,245

 
$
30,112


The valuation allowance relates primarily to foreign tax credits and certain net operating losses. The Company's assessment is that it is not more likely than not, that these deferred tax assets will be realized. The valuation allowance increased by $4,127 during fiscal year 2011 with a majority of the increase attributable to the net operating loss carry forwards resulting from the fiscal year 2011 acquisition of Infotec Japan.
A reconciliation of the statutory United States federal income tax rate to the Company’s effective income tax rate is as follows: 
 
Fiscal Years Ended November 30,
 
2011
 
2010
 
2009
Federal statutory income tax rate
35.0
 %
 
35.0
 %
 
35.0
 %
State taxes, net of federal income tax benefit
2.6

 
3.5

 
2.9

Foreign taxes
(2.9
)
 
(1.9
)
 
(2.4
)
Other
(0.2
)
 
(0.2
)
 
0.9

Effective income tax rate
34.5
 %
 
36.4
 %
 
36.4
 %

The Company's U.S. business has sufficient cash flow and liquidity to fund its operating requirements and the Company expects and intends that profits earned outside the United States will be fully utilized and reinvested to fund international expansion. Accordingly, the Company has not provisioned U.S. taxes and foreign withholding taxes on non-U.S. subsidiaries for which the earnings are permanently reinvested. As of November 30, 2011, there were approximately $181,400 of cumulative undistributed earnings of foreign subsidiaries. It is not currently practical to estimate the amount of income tax that might be payable if any earnings were to be distributed by individual foreign subsidiaries.
As of November 30, 2011, the Company had $2,455 in net operating loss carry forwards for the Company's UK subsidiaries that do not expire. It also had $58,354 in net operating loss carry forwards for Infotec Japan that expire in the fiscal years ending November 30, 2014 to 2018. The Company also had $3,265 in various state job credit carry forwards that expire in the fiscal years ending November 30, 2018 to 2023. In addition, the Company had $2,264 of foreign tax credit carry forwards available to offset future federal tax liabilities, which will expire in varying amounts from November 30, 2015 to November 30, 2021. The Company had $38,659 in federal and state net operating loss carry forwards attributable to the acquisition of Encover, Inc. ("Encover"). These carry forwards will expire in varying amounts during the fiscal years ending November 30, 2014 to November 30, 2030. 
The Company enjoys tax holidays in certain jurisdictions including China and the Philippines. The tax holidays provide for lower rates of taxation and require various thresholds of investment and business activities in those jurisdictions. These tax holidays are in effect currently and expire over the periods through November 30, 2013. The estimated range of tax benefits from the above tax holidays on diluted earnings per share for fiscal years 2011, 2010, and 2009 were approximately $0.03 to $0.04, $0.01 to $0.02 and $0.03 to $0.04 respectively. 
The aggregate changes in the balances of gross unrecognized tax benefits during fiscal years 2009, 2010 and 2011 were as follows: 
Balance as of December 1, 2008
$
8,362

Additions based on tax positions related to the current year
1,462

Additions for tax positions of prior years
309

Balance as of November 30, 2009
10,133

Additions based on tax positions related to the current year
2,713

Additions for tax positions of prior years
749

Reductions for tax positions of prior years
(185
)
Settlements
(337
)
Lapse of statute of limitations
(2,559
)
Balance as of November 30, 2010
10,514

Additions based on tax positions related to the current year
2,113

Additions for tax positions of prior years
8,043

Reductions for tax positions of prior years
(397
)
Lapse of statute of limitations
(1,273
)
Balance as of November 30, 2011
$
19,000

 
The Company conducts business globally and files income tax returns in various U.S. and foreign tax jurisdictions. The Company is subject to continuous examination and audits by various tax authorities. In the United States, the Company is subject to examination and audits by tax authorities for tax years after fiscal year ended 2007. The Company is not aware of any tax audits in other jurisdictions. The Company was notified by the IRS during fiscal year 2011 that the fiscal year 2009 and 2010 tax returns will be audited. Although timing of the resolution of audits is highly uncertain, the Company does not believe it is reasonably possible that the total amount of unrecognized tax benefits as of November 30, 2011 will materially change in the next twelve months.
As of November 30, 2011, $19,000 of the unrecognized tax benefits would affect the effective tax rate if realized. The increase in fiscal year 2011 in unrecognized tax benefit additions for tax positions of prior years is primarily due to the acquisition of Infotec Japan. The Company's policy is to include interest and penalties related to income taxes, including unrecognized tax benefits, within the provision for income taxes. As of November 30, 2011 and 2010, the Company had accrued $1,303 and $1,060, respectively, in income taxes payable related to accrued interest.
BALANCE SHEET COMPONENTS:
Balance Sheet Components
BALANCE SHEET COMPONENTS:
The Company's inventories substantially consist of finished goods.
 
As of November 30,
 
2011
 
2010
Short-term investments
 
 
 
Trading securities
$
5,808

 
$
7,909

Available-for-sale securities
37

 
102

Held-to-maturity securities
7,843

 
910

Cost method investments
2,329

 
2,498

 
$
16,017

 
$
11,419

Accounts receivable, net
 
 
 
Trade accounts receivable
$
1,196,394

 
$
1,039,850

Less: Allowance for doubtful accounts
(17,977
)
 
(20,408
)
Less: Allowance for sales returns
(35,475
)
 
(32,525
)
 
$
1,142,942

 
$
986,917

Receivables from vendors, net
 
 
 
Receivables from vendors
$
154,911

 
$
137,887

Less: Allowance for doubtful accounts
(4,826
)
 
(5,478
)
 
$
150,085

 
$
132,409

Property and equipment, net
 
 
 
Land
$
18,566

 
$
14,246

Equipment and computers
95,149

 
61,842

Furniture and fixtures
19,566

 
9,746

Buildings and leasehold improvements
97,261

 
81,119

Construction in progress
1,762

 
151

Total property and equipment, gross
232,304

 
167,104

Less: Accumulated depreciation
(107,147
)
 
(75,109
)

$
125,157

 
$
91,995


Allowance for doubtful trade receivables
 
Balance at November 30, 2008
$
17,820

Additions
12,235

Write-offs and deductions
(6,275
)
Balance at November 30, 2009
23,780

Additions
6,614

Write-offs and deductions
(9,986
)
Balance at November 30, 2010
20,408

Additions
7,419

Write-offs and deductions
(9,850
)
Balance at November 30, 2011
$
17,977

Allowance for doubtful vendor receivables
 
Balance at November 30, 2008
$
4,933

Additions
995

Write-offs and deductions
(109
)
Balance at November 30, 2009
5,819

Additions
922

Write-offs and deductions
(1,263
)
Balance at November 30, 2010
5,478

Additions
1,317

Write-offs and deductions
(1,969
)
Balance at November 30, 2011
$
4,826


Goodwill
 
As of November 30, 2011
 
As of November 30, 2010
 
Distribution
 
GBS
 
Total
 
Distribution
 
GBS
 
Total
Beginning balance
$
89,031

 
$
50,549

 
$
139,580

 
$
82,415

 
$
25,148

 
$
107,563

Goodwill additions during the period
16,645

 
27,463

 
44,108

 
5,410

 
25,700

 
31,110

Translation
1,822

 
(198
)
 
1,624

 
1,206

 
(299
)
 
907

Ending balance
$
107,498

 
$
77,814

 
$
185,312

 
$
89,031

 
$
50,549

 
$
139,580

 
Goodwill recorded in the distribution segment during fiscal year 2011 primarily relates to the acquisition of Infotec Japan. The increase in goodwill in the GBS segment is due to the acquisition of certain businesses of e4e, Inc. ("e4e") the global email company limited ("gem") and certain assets of VisionMAX Solutions Inc. ("VisionMAX").
Intangible assets, net
 
As of November 30, 2011
 
As of November 30, 2010
 
Gross
Amounts
 
Accumulated
Amortization
 
Net
Amounts
 
Gross
Amounts
 
Accumulated
Amortization
 
Net
Amounts
Vendor lists
$
36,815

 
$
(27,104
)
 
$
9,711

 
$
36,815

 
$
(25,564
)
 
$
11,251

Customer lists
51,088

 
(23,879
)
 
27,209

 
32,196

 
(18,005
)
 
14,191

Other intangible assets
4,446

 
(3,827
)
 
619

 
6,453

 
(3,624
)
 
2,829

 
$
92,349

 
$
(54,810
)
 
$
37,539

 
$
75,464

 
$
(47,193
)
 
$
28,271

 
The increase in intangible assets as of November 30, 2011 compared to November 30, 2010 is due to the acquisition of Infotec Japan within the distribution segment and the acquisition of certain businesses of e4e, gem, and certain assets of VisionMAX in the GBS segment. Amortization expense for fiscal years 2011, 2010 and 2009, was $7,584, $5,096 and $7,127 respectively. Estimated future amortization expense is as follows:
Fiscal years ending November 30,
 
2012
$
8,248

2013
7,837

2014
6,230

2015
4,464

2016
3,657

thereafter
7,103

 
$
37,539

 
 
As of November 30,
 
2011
 
2010
Accrued liabilities:
 
 
 
Payroll related accruals
$
44,797

 
$
34,542

Deferred compensation liability
1,891

 
10,733

Sales tax/Value-added tax accrual
17,286

 
7,517

Vendor and other claims payable
21,404

 
27,795

Accrued customer rebate
15,958

 
5,381

Warranty accruals
1,286

 
3,054

Purchase price payable
—

 
16,427

Current deferred liabilities
9,847

 
8,648

Other accrued liabilities
59,757

 
52,764

 
$
172,226

 
$
166,861

 
Other accrued liabilities mainly include accrued expenses, customer credit balances and various vendor and third-party liabilities.
INVESTMENTS:
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]
INVESTMENTS: 
The carrying amount of the Company’s investments is shown in the table below: 
 
As of November 30,
 
2011
 
2010
 
Cost Basis
 
Unrealized
(Losses)/
Gains
 
Carrying
Value
 
Cost Basis
 
Unrealized
(Losses)/
Gains
 
Carrying
Value
Short-Term:

 

 

 

 

 

Trading
$
11,503

 
$
(5,695
)
 
$
5,808

 
$
9,324

 
$
(1,415
)
 
$
7,909

Available-for-sale
—

 
37

 
37

 
55

 
47

 
102

Held-to-maturity
7,843

 
—

 
7,843

 
910

 
—

 
910

Cost method securities
2,329

 
—

 
2,329

 
2,498

 
—

 
2,498

 
$
21,675

 
$
(5,658
)
 
$
16,017

 
$
12,787

 
$
(1,368
)
 
$
11,419

Long-term investments in other assets
 
 
 
 
 
 
 
 
 
 
 
       Available-for-sale securities
$
939

 
$
168

 
$
1,107

 
$
—

 
$
—

 
$
—

 
Short-term trading securities generally consist of equity securities relating to the Company’s deferred compensation plan. Short-term and long-term available-for-sale securities primarily consist of investments in other companies’ equity securities. Held-to-maturity investments primarily consist of term deposits with maturities from the date of purchase greater than three months and less than one year. These term deposits are held until the maturity date and are not traded. Cost-method securities primarily consist of investments in a hedge fund and a private equity fund under the Company’s deferred compensation plan.
Trading securities and available-for-sale securities are recorded at fair value in each reporting period and therefore the carrying value of these securities equals their fair value. For cost-method securities, the Company records an impairment charge when the decline in fair value is determined to be other-than-temporary.
The following table summarizes the total realized and unrealized gains and losses recorded on the Company’s trading investments and the other-than-temporary losses recorded on cost and available-for-sale securities during fiscal years 2011, 2010, and 2009:
 
Fiscal Years Ended November 30,
 
2011
 
2010
 
2009
Realized and unrealized gain (loss) on trading investments
$
(211
)
 
$
539

 
$
2,670

Other-than-temporary loss on cost-method securities
—

 
(363
)
 
(53
)
Other-than-temporary loss on available-for-sale securities
—

 
(55
)
 
(39
)


DERIVATIVE INSTRUMENTS:
Derivative Instruments
DERIVATIVE INSTRUMENTS: 
In the ordinary course of business, the Company is exposed to foreign currency risk, interest risk, equity risk and credit risk. The Company’s transactions in its foreign operations are denominated in the British Pound, Canadian Dollar, Chinese Renminbi, Costa Rican Colon, Hungarian Forint, Indian Rupee, Japanese Yen, Mexican Peso, Nicaraguan Cordoba, and Philippine Peso. The Company’s foreign locations enter into transactions, and own monetary assets and liabilities, that are denominated in currencies other than their functional currency. As part of its risk management strategy, the Company uses short-term forward contracts in most of the above mentioned currencies to minimize its balance sheet exposure to foreign currency risk. These derivatives are not designated as hedging instruments as the Company uses forward contracts to hedge foreign currency balance sheet exposures. The forward exchange contracts are recorded at fair value in each reporting period and any gains or losses, resulting from the changes in fair value, are recorded in earnings in the period of change. Generally, the Company does not use derivative instruments to cover equity risk and credit risk. The Company’s policy is not to allow the use of derivatives for trading or speculative purposes. The fair value of the Company’s forward exchange contracts are also disclosed in Note 11. The following table summarizes the fair value of the Company’s foreign exchange forward contracts as of November 30, 2011 and 2010:
  
Fair Value as of November 30,
Location                 
2011
 
2010
Other current assets
$
1

 
$
537

Accrued liabilities
324

 
170


The notional amounts of the foreign exchange forward contracts that were outstanding as of November 30, 2011 and 2010 were $79,468 and $118,596, respectively. The notional amounts represent the gross amounts of foreign currency that will be bought or sold at maturity. During fiscal years 2011, 2010 and 2009 in relation to its forward contracts, the Company recorded in “Other income, net” total realized and unrealized losses of $1,792, $2,173, and $7,628, respectively.
FAIR VALUE MEASUREMENTS:
Fair Value Measurements
FAIR VALUE MEASUREMENTS: 
The Company’s fair value measurements are classified and disclosed in one of the following three categories:  
Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability;
Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).
The following table summarizes the valuation of the Company’s short-term investments and financial instruments that are measured at fair value on a recurring basis:  
 
As of November 30, 2011
 
As of November 30, 2010
 
Total
 
Fair value measurement category
 
Total
 
Fair value measurement category
 
Level 1
 
Level 2
 
Level 3
 
Level 1
 
Level 2
 
Level 3
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash equivalents
$
25,638

 
$
25,638

 
$
—

 
$
—

 
$
11,848

 
$
11,848

 
$
—

 
$
—

Trading securities
5,808

 
5,808

 
—

 
—

 
7,909

 
7,909

 
—

 
—

Available-for-sale securities in short-term investments
37

 
37

 
—

 
—

 
102

 
102

 
—

 
—

Available-for-sale securities in other assets
1,107

 
1,107

 
—

 
—

 
—

 
—

 
—

 
—

Forward foreign currency exchange contracts
1

 
—

 
1

 
—

 
537

 
—

 
537

 
—

Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Forward foreign currency exchange contracts
$
324

 
$
—

 
$
324

 
$
—

 
$
170

 
$
—

 
$
170

 
$
—

Acquisition-related contingent consideration
3,065

 
—

 
—

 
3,065

 
8,450

 
—

 
—

 
8,450

 
The Company’s investments in trading and available-for-sale securities consist of equity securities and are recorded at fair value based on quoted market prices. The fair values of forward exchange contracts are measured based on the foreign currency spot and forward rates quoted by the banks or foreign currency dealers. Cash equivalents consist primarily of highly liquid investments in money market funds and term deposits with maturity periods of three months or less. The carrying value of the cash equivalents approximates the fair value since they are near their maturity.
The acquisition-related contingent consideration represents the future earn-out payments relating to the acquisitions of Aspire Technology Limited ("Aspire") and Encover, as described in Note 18– Acquisitions and Divestitures. The fair values of the contingent consideration are based on the Company’s probability assessment of the established profitability measures during the periods ranging from one year to three years from the date of the acquisitions. The maximum payout for the earn-out for Aspire and Encover is approximately $8,710 in the aggregate. During fiscal year 2011, the fair value of the contingent consideration was remeasured and the resulting decrease of $5,385, was recorded as a benefit to “Selling, general and administrative expenses” in the Consolidated Statements of Operations. The changes over time in the fair value were due to updated estimates of the expected revenue and gross profit related to the achievement of established earn-out targets.
The following table summarizes the realized and unrealized gains and losses recorded in “Other income, net” in the Consolidated Statements of Operations for the changes in the fair value of its financial instruments for trading securities and forward foreign currency contracts:  
 
Fiscal Years Ended November 30,
 
2011
 
2010
 
2009
Realized losses
$
(1,575
)
 
$
(2,255
)
 
$
(7,986
)
Unrealized gain (loss)
(1,318
)
 
623

 
(382
)
Total realized and unrealized losses
$
(2,893
)
 
$
(1,632
)
 
$
(8,368
)
 
The following table presents the assets and liabilities that are not carried at fair value as of November 30, 2011 and November 30, 2010:
 
As of November 30, 2011
 
As of November 30, 2010
 
Carrying
Value
 
Fair Value
 
Carrying
Value
 
Fair Value
Cost method investments in short-term investments
$
2,329

 
$
3,898

 
$
2,498

 
$
3,878

Long-term accounts receivable
5,853

 
5,853

 
6,539

 
6,539

SYNNEX Canada term loan
9,118

 
9,118

 
9,677

 
9,677

Long-term Infotec Japan credit facility
77,290

 
77,290

 
—

 
—

Infotec Japan term loans
15,136

 
15,136

 
—

 
—

Convertible debt
136,163

 
165,386

 
131,289

 
168,821

 
The Company’s cost-method securities in short-term investments consist of investments in a hedge fund and a private equity fund. The fair value of the cost-method investments is based on either (i) the published fund values or (ii) a valuation model developed internally based on the published value of the securities held by the fund. The Company records an impairment charge when the decline in fair value is determined to be other-than-temporary.
The fair value of long-term accounts receivable is based on customer rating and creditworthiness. The carrying values of the SYNNEX Canada Limited ("SYNNEX Canada") term loan, the long-term Infotec Japan credit facility and the Infotec Japan term loans approximate their fair value since interest rates offered to the Company for debt of similar terms and maturities are approximately the same. The fair value of convertible debt is based on the closing price of the convertible debt traded in a limited trading market.
The cost method investments in “Other assets” consist of investments in equity securities of private entities. The carrying value of the investments was $3,575 as of November 30, 2011 and $3,400 as of November 30, 2010. As of November 30, 2011, the fair value of these cost method investments is greater than the carrying value. There have been no significant changes to the fair value of the investments as of November 30, 2011.  
The Company’s 33.3% noncontrolling investment in SB Pacific Corporation Limited ("SB Pacific") is recorded under the equity method of accounting and is included in “Other assets.” The investment was made in fiscal year 2010 and the carrying value of the investment as of November 30, 2011 and 2010 was $5,950 and $1,095, respectively. As of November 30, 2011, the fair value of this investment exceeded its carrying value. 
The carrying value of other financial instruments, such as held-to-maturity securities, accounts receivable, accounts payable and short-term debt, approximate fair value due to their short maturities or variable-rate nature of the respective borrowings.
The Company monitors its investments for impairment by considering current factors, including the economic environment, market conditions, operational performance and other specific factors relating to the business underlying the investment, and records reductions in carrying values when necessary. Any impairment loss is reported under “Other income, net” in the Consolidated Statements of Operations.
ACCOUNTS RECEIVABLE ARRANGEMENTS:
Accounts Receivable Arrangements
ACCOUNTS RECEIVABLE ARRANGEMENTS: 
The Company primarily finances its United States operations with an accounts receivable securitization program (the “U.S. Arrangement”). In November 2010, the Company amended and restated the U.S. Arrangement (“Amended and Restated U.S. Arrangement”) replacing the lenders and the lead agent. The Company can now pledge up to a maximum of $400,000 in U.S. trade accounts receivable (“U.S. Receivables”) as compared to a maximum of $350,000 under the previous U.S. Arrangement. The maturity date of the Amended and Restated U.S. Arrangement is November 12, 2013. The effective borrowing cost under the Amended and Restated U.S. Arrangement is a blend of the prevailing dealer commercial paper rates plus a program fee of 0.60% per annum based on the used portion of the commitment, and a facility fee of 0.60% per annum payable on the aggregate commitment of the lenders. Prior to the amendment, the effective borrowing cost was a blend of the prevailing dealer commercial paper rates, plus a program fee of 0.65% per annum based on the used portion of the commitment and a facility fee of 0.65% per annum payable on the aggregate commitment. The balance outstanding on the Amended and Restated U.S. Arrangement as of November 30, 2011 was $64,500. The balance outstanding under the U.S. Arrangement as of November 30, 2010 was $209,100. 
Under the terms of the Amended and Restated U.S. Arrangement, the Company sells, on a revolving basis, its U.S. Receivables to a wholly-owned, bankruptcy-remote subsidiary. The borrowings are funded by pledging all of the rights, title and interest in and to the U.S. Receivables as security. Any borrowings under the Amended and Restated U.S. Arrangement are recorded as debt on the Company’s Consolidated Balance Sheets. As is customary in trade accounts receivable securitization arrangements, a credit rating agency’s downgrade of the third party issuer of commercial paper or of a back-up liquidity provider (which provides a source of funding if the commercial paper market cannot be accessed) could result in an increase in the Company’s cost of borrowing or loss of the Company’s financing capacity under these programs if the commercial paper issuer or liquidity back-up provider is not replaced. Loss of such financing capacity could have a material adverse effect on the Company’s financial condition and results of operations.  
The Company also has other financing agreements in North America with various financial institutions (“Flooring Companies”) to allow certain customers of the Company to finance their purchases directly with the Flooring Companies. Under these agreements, the Flooring Companies pay to the Company the selling price of products sold to various customers, less a discount, within approximately 15 to 30 days from the date of sale. The Company is contingently liable to repurchase inventory sold under flooring agreements in the event of any default by its customers under the agreement and such inventory being repossessed by the Flooring Companies. Please see Note 21--Commitments and Contingencies for further information. The following table summarizes the net sales financed through the flooring agreements and the flooring fees incurred: 
 
Fiscal Years Ended November 30,
 
2011
 
2010
 
2009
Net sales financed
$
745,657

 
$
665,024

 
$
678,380

Flooring fees(1)
3,349

 
2,857

 
3,331

____________________________________
(1)
Flooring fees are included within “Interest expense and finance charges, net.”
As of November 30, 2011 and 2010, accounts receivable subject to flooring agreements were $63,031 and $53,985, respectively.
Infotec Japan has arrangements with various banks and financial institutions for the sale and financing of approved accounts receivable and notes receivable. The amount outstanding under these arrangements that was sold, but not collected as of November 30, 2011 was $10,980.
BORROWINGS:
Borrowings
BORROWINGS: 
Borrowings consist of the following: 
 
As of November 30
 
2011
 
2010
 
 
 
 
Convertible debt
$
136,163

 
$
131,289

SYNNEX U.S. securitization
64,500

 
209,100

SYNNEX Canada revolving line of credit
27,285

 
36,240

SYNNEX Canada term loan
9,118

 
9,677

Infotec Japan credit facility
128,816

 
—

Infotec Japan term loans and other borrowings
17,140

 
—

Total borrowings
383,022

 
386,306

Less: Current portion
(159,200
)
 
(245,973
)
Non-current portion
$
223,822

 
$
140,333


Convertible debt 
In May 2008, the Company issued $143,750 of aggregate principal amount of its 4.0% Convertible Senior Notes due 2018 (the “Convertible Senior Notes”) in a private placement. The carrying amount of the Convertible Senior Notes, net of the unamortized debt discount, was $136,163 and $131,289 as of November 30, 2011 and 2010, respectively. The Convertible Senior Notes are senior unsecured obligations of the Company and have a cash coupon interest rate of 4.0% per annum. The Company may redeem the Convertible Senior Notes, in whole or in part, for cash on or after May 20, 2013, at a redemption price equal to 100% of the principal amount of the Convertible Senior Notes to be redeemed, plus any accrued and unpaid interest (including any additional interest and any contingent interest) up to, but excluding, the redemption date. See Note 14 - Convertible Debt. Also, the Convertible Senior Notes contain various features which under certain circumstances could allow the holders to convert the Convertible Senior Notes into shares before their ten-year maturity.  
SYNNEX U.S. securitization 
The Company can pledge up to a maximum of $400,000 in U.S. Receivables under its Amended and Restated U.S. Arrangement. See Note 12 — Accounts Receivable Arrangements. The effective borrowing costs under the Amended and Restated U.S. Arrangement is a blend of the prevailing dealer commercial paper rates, plus a program fee on the used portion of the commitment and a facility fee payable on the aggregate commitment.  
SYNNEX U.S. senior secured revolving line of credit 
The Company has a senior secured revolving line of credit arrangement (the “Revolver”) with a financial institution. In November 2010, the Company amended and restated the Revolver (the “Amended and Restated Revolver”) to remove one of the lenders and increase the maximum commitment of the remaining lender from $80,000 to $100,000. The Amended and Restated Revolver retains an accordion feature to increase the maximum commitment by an additional $50,000 to $150,000 at the Company’s request, in the event the current lender consents to such increase or another lender participates in the Amended and Restated Revolver. Interest on borrowings under the Amended and Restated Revolver is based on a base rate or London Interbank Offered Rate (“LIBOR”), at the Company’s option. The margin on the LIBOR is determined in accordance with its fixed charge coverage ratio under the Amended and Restated Revolver and is currently 2.25%. The Company’s base rate is determined based on the higher of (i) the financial institution’s prime rate, (ii) the overnight federal funds rate plus 0.50% or (iii) one month LIBOR plus 1.00%. An unused line fee of 0.50% per annum is payable if the outstanding principal amount of the Amended and Restated Revolver is less than half of the lenders’ commitments; however, that fee is reduced to 0.35% if the outstanding principal amount of the Amended and Restated Revolver is greater than half of the lenders’ commitments. The Amended and Restated Revolver is secured by the Company’s inventory and other assets and expires in November 2013. It would be an event of default under the Amended and Restated Revolver if (1) a lender under the Amended and Restated U.S. Arrangement declines to extend the maturity date at any point within sixty days prior to the maturity date of the Amended and Restated U.S. Arrangement, unless availability under the Amended and Restated Revolver exceeds $60,000 or the Company has a binding commitment in place to renew or replace the Amended and Restated U.S. Arrangement or (2) at least twenty days prior to the maturity date of the Amended and Restated U.S. Arrangement, the Company does not have in place a binding commitment to renew or replace the Amended and Restated U.S. Arrangement on substantially similar terms and conditions, unless the Company has no amounts outstanding under the Amended and Restated Revolver at such time. There was no borrowing outstanding as of November 30, 2011 and 2010, respectively.
SYNNEX U.S. unsecured revolving line of credit
In February 2011, the Company entered into an arrangement with a financial institution to provide an unsecured revolving line of credit for general corporate purposes. The maximum commitment under the arrangement is $25,000. The arrangement includes an unused line fee of 0.50% per annum. Interest on borrowings under the line of credit is determined by either a base rate or LIBOR, at the Company’s option. The margin on the LIBOR is 2.00%. The Company’s base rate is the financial institution’s prime rate minus 0.25%. The agreement expires in February 2014. As of November 30, 2011, there were no borrowings outstanding under this arrangement.  
SYNNEX Canada revolving line of credit 
SYNNEX Canada has a revolving line of credit arrangement with a financial institution for a maximum commitment of C$125,000 (“Canadian Revolving Arrangement”). The Canadian Revolving Arrangement also provides a sublimit of $5,000 for the issuance of standby letters of credit. As of November 30, 2011, outstanding standby letters of credit totaled $3,368. SYNNEX Canada has granted a security interest on substantially all of its assets in favor of the lender under the Canadian Revolving Arrangement. In addition, the Company pledged its stock in SYNNEX Canada as collateral for the Canadian Revolving Arrangement. The Canadian Revolving Arrangement expires in May 2012. The interest rate applicable is equal to (i) a minimum rate of 2.50% plus a margin of 1.25% for a Base Rate Loan in Canadian Dollars, (ii) a minimum rate of 3.25% plus a margin of 2.50% for a Base Rate Loan in U.S. Dollars, and (iii) a minimum rate of 1.00% plus a margin of 2.75% for a BA (Bankers Acceptance) Rate Loan. A fee of 0.375% per annum is payable with respect to the unused portion of the commitment.  
SYNNEX Canada term loan
SYNNEX Canada has a term loan associated with the purchase of its logistics facility in Guelph, Canada. The interest rate for the unpaid principal amount is a fixed rate of 5.374% per annum. The final maturity date for repayment of the unpaid principal is April 1, 2017.
Infotec Japan credit facility
Infotec Japan has a credit agreement with a group of financial institutions for a maximum commitment of JP¥10,000,000. The credit agreement is comprised of a JP¥ 6,000,000 long-term loan and a JP¥ 4,000,000 short-term revolving credit facility. The interest rate for the long-term and short-term loans is based on the Tokyo Interbank Offered Rate plus a margin of 2.25% per annum. The credit facility expires in November 2013. The long-term loan can be repaid at any time prior to maturity without penalty. The Company has issued a guarantee of JP¥ 7,000,000 under this credit facility.
Infotec Japan term loans and other borrowings
Infotec Japan has two term loans from financial institutions which include a short-term loan of JP¥ 1,000,000, which expires in January 2012 and bears a fixed interest rate of 2.00%, and a term loan of JP¥ 175,000, which expires in December 2012 and bears a fixed interest rate of 1.50%. In addition, as of November 30, 2011, there was $536 outstanding under arrangements with various banks and financial institutions for the sale and financing of approved accounts receivable and notes receivable with recourse provisions to Infotec Japan.
As of November 30, 2011, the Company had capital lease obligations of $1,467.
Others 
The Company had outstanding letters of credit amounting to $750 under a letter of credit facility as of November 30, 2010. This letter of credit facility was terminated in March 2011.  
Future principal payments 
Future principal payments under the above loans and capital leases as of November 30, 2011 are as follows: 
Fiscal Years Ending November 30,
 
2012
$
159,200

2013
79,377

2014
1,128

2015
936

2016
854

Thereafter
5,364

 
$
246,859


Due to the uncertainty of the timing and amount that may be settled in cash, the principal amount of $143,750 of the Convertible Senior Notes described in Note 14 - Convertible Debt is not included in the table above.
Interest expense and finance charges 
For fiscal years 2011, 2010 and 2009, the total interest expense and finance charges for the U.S. Arrangement, Amended and Restated U.S. Arrangement, Revolver, Amended and Restated Revolver, Convertible Senior Notes and all other debt were $28,809, $22,589 and $25,924, respectively, including non-cash debt accretion expenses of $4,874 , $4,504, and $4,049 respectively, for the Convertible Senior Notes. The variable interest rates ranged between 0.82% and 5.17%, between 0.90% and 4.25% and between 1.04% and 10.77% in fiscal years 2011, 2010 and 2009, respectively. 
Covenants compliance 
In relation to the Convertible Senior Notes, Amended and Restated U.S. Arrangement, Amended and Restated Revolver, Infotec Japan credit facility, Canadian Revolving Arrangement and the U.S. unsecured revolving line of credit, the Company has a number of covenants and restrictions that, among other things, require the Company to comply with certain financial and other covenants. These covenants require the Company to maintain specified financial ratios and satisfy certain financial condition tests, including minimum net worth and fixed charge coverage ratios. They also limit the Company’s ability to incur additional debt, make or forgive intercompany loans, pay dividends and make other types of distributions, make certain acquisitions, repurchase the Company’s stock, create liens, cancel debt owed to the Company, enter into agreements with affiliates, modify the nature of the Company’s business, enter into sale-leaseback transactions, make certain investments, enter into new real estate leases, transfer and sell assets, cancel or terminate any material contracts and merge or consolidate. The covenants also limit the Company’s ability to pay cash upon conversion, redemption or repurchase of the Convertible Senior Notes subject to certain liquidity tests. As of November 30, 2011, the Company was in compliance with all material covenants for the above arrangements. 
Guarantees 
The Company has issued guarantees to certain vendors and lenders of its subsidiaries’ for trade credit lines and loans and to certain acquirers of the Company's divestitures to ensure compliance with subsidiary sales agreements, totaling $238,723 and $108,497 as of November 30, 2011 and 2010, respectively. The Company is obligated under these guarantees to pay amounts due should its subsidiaries not pay valid amounts owed to their vendors or lenders or not comply with subsidiary sales agreements.
CONVERTIBLE DEBT:
Convertible Debt
CONVERTIBLE DEBT: 
 
As of November 30,
  
2011
 
2010
 
 
 
 
Principal amount
$
143,750

 
$
143,750

Less: Unamortized debt discount
(7,587
)
 
(12,461
)
Net carrying amount
$
136,163

 
$
131,289

 
In May 2008, the Company issued $143,750 of aggregate principal amount of the Convertible Senior Notes in a private placement. The Convertible Senior Notes have a cash coupon interest rate of 4.0% per annum. Interest on the Convertible Senior Notes is payable in cash semi-annually in arrears on May 15 and November 15 of each year, and commenced on November 15, 2008. In addition, the Company will pay contingent interest in respect of any six-month period from May 15 to November 14 or from November 15 to May 14, with the initial six-month period commencing May 15, 2013, if the trading price of the Convertible Senior Notes for each of the ten trading days immediately preceding the first day of the applicable six-month period equals 120% or more of the principal amount of the Convertible Senior Notes. During any interest period when contingent interest is payable, the contingent interest payable per Note is equal to 0.55% of the average trading price of the Convertible Senior Notes during the ten trading days immediately preceding the first day of the applicable six-month interest period. The Convertible Senior Notes mature on May 15, 2018, subject to earlier redemption, repurchase or conversion.  
Holders may convert their Convertible Senior Notes at their option at any time prior to the close of business on the business day immediately preceding the maturity date for such Convertible Senior Notes under the following circumstances: (1) during any fiscal quarter after the fiscal quarter ended August 31, 2008 (and only during such fiscal quarter), if the last reported sale price of the Company’s common stock for at least twenty trading days in the period of thirty consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter is equal to or more than 130% of the conversion price of the Convertible Senior Notes on the last day of such preceding fiscal quarter; (2) during the five business-day period after any five consecutive trading-day period (the “Measurement Period”) in which the trading price per $1 principal amount of the Convertible Senior Notes for each day of that Measurement Period was less than 98% of the product of the last reported sale price of the common stock and the conversion rate of the Convertible Senior Notes on each such day; (3) if the Company has called the particular Convertible Senior Notes for redemption, until the close of business on the business day prior to the redemption date; or (4) upon the occurrence of certain corporate transactions. These contingencies were not triggered as of November 30, 2011. In addition, holders may also convert their Convertible Senior Notes at their option at any time beginning on November 15, 2017, and ending at the close of business on the business day immediately preceding the maturity date for the Convertible Senior Notes, without regard to the foregoing circumstances. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of the common stock or a combination thereof at the Company’s election. The initial conversion rate for the Convertible Senior Notes will be 33.9945 shares of common stock per $1 principal amount of Convertible Senior Notes, equivalent to an initial conversion price of $29.42 per share of common stock. Such conversion rate will be subject to adjustment in certain events but will not be adjusted for accrued interest, including any additional interest and any contingent interest.
The Company may not redeem the Convertible Senior Notes prior to May 20, 2013. The Company may redeem the Convertible Senior Notes, in whole or in part, for cash on or after May 20, 2013, at a redemption price equal to 100% of the principal amount of the Convertible Senior Notes to be redeemed, plus any accrued and unpaid interest (including any additional interest and any contingent interest) up to, but excluding, the redemption date.
Holders may require the Company to repurchase all or a portion of their Convertible Senior Notes for cash on May 15, 2013 at a purchase price equal to 100% of the principal amount of the Convertible Senior Notes to be repurchased, plus any accrued and unpaid interest (including any additional interest and any contingent interest) up to, but excluding, the repurchase date. If the Company undergoes a fundamental change, holders may require it to purchase all or a portion of their Convertible Senior Notes for cash at a price equal to 100% of the principal amount of the Convertible Senior Notes to be purchased, plus any accrued and unpaid interest (including any additional interest and any contingent interest,) up to, but excluding, the fundamental change repurchase date.  
The Convertible Senior Notes are senior unsecured obligations of the Company and rank equally in right of payment with other senior unsecured debt and rank senior to subordinated debt, if any. The Convertible Senior Notes effectively rank junior to any of the Company’s secured indebtedness to the extent of the assets securing such indebtedness. The Convertible Senior Notes are also structurally subordinated in right of payment to all indebtedness and other liabilities and commitments (including trade payables) of the Company’s subsidiaries. The net proceeds from the Convertible Senior Notes were used for general corporate purposes and to reduce outstanding balances under the U.S. Arrangement and the Revolver.  
The Convertible Senior Notes are governed by an indenture, dated as of May 12, 2008, between U.S. Bank National Association, as trustee, and the Company, which contains customary events of default. 
The Convertible Senior Notes as hybrid instruments are accounted as convertible debt and are recorded at carrying value. The right of the holders of the Convertible Senior Notes to require the Company to repurchase the Convertible Senior Notes in the event of a fundamental change and the contingent interest feature would require separate measurement from the Convertible Senior Notes; however, the amount is insignificant. The additional shares issuable following certain corporate transactions do not require bifurcation and separate measurement from the Convertible Senior Notes. 
In accordance with the provisions of the standards for accounting for convertible debt, the Company recognized both a liability and an equity component of the Convertible Senior Notes in a manner that reflects its non-convertible debt borrowing rate at the date of issuance of 8.0%. The value assigned to the debt component, which is the estimated fair value, as of the issuance date, of a similar note without the conversion feature, was determined to be $120,332. The difference between the Convertible Senior Note cash proceeds and this estimated fair value was estimated to be $23,418 and was retroactively recorded as a debt discount and will be amortized to “Interest expense and finance charges, net” over the five-year period to the first put date, utilizing the effective interest method.  
As of November 30, 2011, the remaining amortization period is approximately seventeen months assuming the redemption of the Convertible Senior Notes at the first purchase date of May 20, 2013. Based on a cash coupon interest rate of 4.0%, the Company recorded contractual interest expense of $6,495, $6,497 and $6,610, during fiscal years 2011, 2010 and 2009 respectively. Based on an effective rate of 8.0%, the Company recorded non-cash interest expense of $4,874, $4,504 and $4,049 during fiscal years 2011, 2010 and 2009, respectively. As of both November 30, 2011 and 2010, the carrying value of the equity component of the Convertible Senior Notes, net of allocated issuance costs, was $22,836, respectively.
The Convertible Senior Notes contain various features that under certain circumstances could allow the holders to convert the Convertible Senior Notes into shares before their ten-year maturity. Further, the date of settlement of the Convertible Senior Notes is uncertain due to the various features of the Convertible Senior Notes including put and call elements. Because the Company currently intends to settle the Convertible Senior Notes using cash at some future date, the Company maintains within its Amended and Restated U.S. Arrangement, Amended and Restated Revolver and U.S. unsecured revolving line of credit ongoing features that allow the Company to utilize cash from these facilities to cash settle the Convertible Senior Notes, if desired.
NET INCOME PER COMMON SHARE:
Net Income Per Common Share
NET INCOME PER COMMON SHARE: 
The following table sets forth the computation of basic and diluted net income per common share for the periods indicated: 
 
Fiscal Years Ended November 30,
 
2011
 
2010
 
2009
Amounts attributable to SYNNEX Corporation:
 
 
 
 
 
Income from continuing operations, net of tax
$
150,331

 
$
116,538

 
$
85,758

Discontinued operations:
 
 
 
 
 
Income from discontinued operations, net of tax
—

 
59

 
3,909

Gain on sale of discontinued operations, net of tax
—

 
11,351

 
—

Net income attributable to SYNNEX Corporation
$
150,331

 
$
127,948

 
$
89,667

Weighted-average common shares - basic
35,830

 
34,737

 
32,711

Effect of dilutive securities:
 
 
 
 
 
Stock options, restricted stock awards and restricted stock units
735

 
1,020

 
1,302

Conversion spread of convertible debt
268

 
—

 
—

Weighted-average common shares - diluted
36,833

 
35,757

 
34,013

Earnings per share attributable to SYNNEX Corporation:
 
 
 
 
 
Basic:
 
 
 
 
 
Income from continuing operations
$
4.20

 
$
3.35

 
$
2.62

Discontinued operations
—

 
0.33

 
0.12

Net income per common share - basic
$
4.20

 
$
3.68

 
$
2.74

Diluted:
 
 
 
 
 
Income from continuing operations
$
4.08

 
$
3.26

 
$
2.53

Discontinued operations
—

 
0.32

 
0.11

Net income per common share - diluted
$
4.08

 
$
3.58

 
$
2.64


Options to purchase 47, 53 and 205 shares of common stock as of November 30, 2011, 2010 and 2009, respectively, have not been included in the computation of diluted net income per share as their effect would have been anti-dilutive.
RELATED PARTY TRANSACTIONS:
Related party transactions
RELATED PARTY TRANSACTIONS: 
The Company has a business relationship with MiTAC International Corporation (“MiTAC International”), a publicly-traded company in Taiwan that began in 1992 when it became its primary investor through its affiliates. As of November 30, 2011 and 2010, MiTAC International and its affiliates beneficially owned approximately 29% of the Company’s common stock. In addition, Matthew Miau, the Company’s Chairman Emeritus of the Board of Directors, is the Chairman of MiTAC International and a director or officer of MiTAC International’s affiliates. As a result, MiTAC International generally has significant influence over the Company and over the outcome of all matters submitted to stockholders for consideration, including any merger or acquisition of the Company. Among other things, this could have the effect of delaying, deterring or preventing a change of control over the Company.  
Until July 31, 2010, the Company worked with MiTAC International on OEM outsourcing and jointly marketed MiTAC International’s design and electronic manufacturing services and its contract assembly capabilities. This relationship enabled the Company to build relationships with MiTAC International’s customers. On July 31, 2010, MiTAC International purchased certain assets related to the Company’s contract assembly business, including inventory and customer contracts, primarily related to customers then being jointly serviced by MiTAC International and the Company. As part of this transaction, the Company provided MiTAC International certain transition services for the business for a monthly fee over a period of twelve months. The sales agreement also included earn-out and profit sharing provisions, which were based on operating performance metrics achieved over twelve to eighteen months from the closing date for the defined customers included in this transaction. During fiscal year 2011, the Company recorded $6,691 for service fees earned, reimbursements for facilities and overhead costs and the fully achieved earn-out condition.
The Company purchased inventories, including notebook computers, motherboards and other peripherals, from MiTAC International and its affiliates totaling $5,204, $157,149 and $312,364 during fiscal years 2011, 2010 and 2009, respectively. The Company’s sales to MiTAC International and its affiliates during fiscal years 2011, 2010 and 2009 totaled $4,195, $5,565 and $2,755, respectively. Most of the purchases and sales in fiscal years 2010 and 2009 were pursuant to its Master Supply Agreement with MiTAC International and the Company's former contract assembly customer Sun Microsystems, which was acquired by Oracle Corporation in 2010.
The Company’s business relationship with MiTAC International has been informal and is not governed by long-term commitments or arrangements with respect to pricing terms, revenue or capacity commitments. 
During the period of time that the Company worked with MiTAC International, the Company negotiated manufacturing, pricing and other material terms on a case-by-case basis with MiTAC International and its contract assembly customers for a given project. While MiTAC International is a related party and a controlling stockholder, the Company believes that the significant terms under its arrangements with MiTAC International, including pricing, will not materially differ from the terms it could have negotiated with unaffiliated third parties, and it has adopted a policy requiring that material transactions with MiTAC International or its related parties be approved by its Audit Committee, which is composed solely of independent directors. In addition, Matthew Miau’s compensation is approved by the Nominating and Corporate Governance Committee, which is also composed solely of independent directors.  
Beneficial ownership of the Company’s common stock by MiTAC International 
As noted above, MiTAC International and its affiliates in the aggregate beneficially owned approximately 29% of the Company’s common stock as of November 30, 2011. These shares are owned by the following entities:  
 
As of November 30, 2011
MiTAC International(1)
6,158

Synnex Technology International Corp.(2)
4,427

Total
10,585

_____________________________________
(1)
Shares are held via Silver Star Developments Ltd., a wholly-owned subsidiary of MiTAC International. Excludes 589 shares (of which 379 shares are directly held and 210 shares are subject to exercisable options) held by Matthew Miau.
(2)
Synnex Technology International Corp. ("Synnex Technology International") is a separate entity from the Company and is a publicly-traded corporation in Taiwan. Shares are held via Peer Development Ltd., a wholly-owned subsidiary of Synnex Technology International. MiTAC International owns a noncontrolling interest of 8.7% in MiTAC Incorporated, a privately-held Taiwanese company, which in turn holds a noncontrolling interest of 13.9% in Synnex Technology International. Neither MiTAC International nor Mr. Miau is affiliated with any person(s), entity, or entities that hold a majority interest in MiTAC Incorporated.
The Company owns shares of MiTAC International and one of its affiliates related to the deferred compensation plan of Robert Huang, the Company’s founder and former Chairman. As of November 30, 2011, the value of the investment was $649. Except as described herein, none of the Company’s officers or directors has an interest in MiTAC International or its affiliates.
Synnex Technology International is a publicly-traded corporation in Taiwan that currently provides distribution and fulfillment services to various markets in Asia and Australia, and is also a potential competitor of the Company. Neither MiTAC International, nor Synnex Technology International is restricted from competing with the Company.  
Others 
On August 31, 2010, the Company acquired a 33.3% noncontrolling interest in SB Pacific. The Company is not the primary beneficiary in SB Pacific. The controlling shareholder of SB Pacific is Robert Huang, who is the Company’s founder and former Chairman. The Company’s 33.3% investment in SB Pacific is accounted for as an equity-method investment and is included in “Other assets.” In fiscal year 2011, the Company invested $4,933 in SB Pacific. The balances of the investment as of November 30, 2011 and 2010 were $5,950 and $1,095, respectively. The Company regards SB Pacific to be a variable interest entity and as of November 30, 2011, its maximum exposure to loss was limited to its investment of $5,950. During fiscal years 2011 and 2010, the Company paid $150, in management fees to SB Pacific. SB Pacific owns a 30.0% noncontrolling interest in Infotec Japan.
SEGMENT INFORMATION:
Segment Information
SEGMENT INFORMATION: 
Description of segments
Operating segments are based on components of the Company that engage in business activity that earns revenue and incurs expenses and (a) whose operating results are regularly reviewed by the CODM to make decisions about resource allocation and performance and (b) for which discrete financial information is available
The distribution services segment distributes IT systems, peripherals, system components, software, networking equipment, CE, and complementary products and video games to a variety of customers, including value-added resellers, system integrators, and retailers, as well as provides assembly services to OEMs, including integrated supply chain management, build-to-order and configure-to-order system configurations, materials management, refurbishment and logistics.
The GBS services segment offers a range of services to the Company’s customers that include customer management, renewals management, back office processing and information technology outsourcing on a global platform. The Company delivers these services through various methods including voice, chat, web, email, and digital print. The Company also sells products complementary to these service offerings.
Summarized financial information related to the Company’s reportable business segments for fiscal years 2011, 2010, and 2009 is shown below:
 
Distribution
 
GBS
 
Inter-Segment
Elimination
 
Consolidated
Fiscal Year Ended November 30, 2009:
 
 
 
 
 
 
 
Revenue
$
7,639,094

 
$
101,138

 
$
(21,035
)
 
$
7,719,197

Income from continuing operations before non-operating items, income taxes and noncontrolling interest
137,724

 
11,925

 
—

 
149,649

Depreciation and amortization expense
11,980

 
5,823

 
—

 
17,803

Total assets
2,002,750

 
184,667

 
(87,507
)
 
2,099,910

Fiscal Year Ended November 30, 2010:
 
 
 
 
 
 
 
Revenue
$
8,526,309

 
$
112,380

 
$
(24,548
)
 
$
8,614,141

Income from continuing operations before non-operating items, income taxes and noncontrolling interest
187,478

 
11,672

 
—

 
199,150

Depreciation and amortization expense
10,846

 
5,439

 
—

 
16,285

Total assets
2,409,998

 
224,677

 
(134,814
)
 
2,499,861

Fiscal Year Ended November 30, 2011:
 
 
 
 
 
 
 
Revenue
$
10,275,295

 
$
163,376

 
$
(28,831
)
 
$
10,409,840

Income from continuing operations before non-operating items, income taxes and noncontrolling interest
237,322

 
18,906

 
—

 
256,228

Depreciation and amortization expense
16,120

 
8,553

 
—

 
24,673

Total assets
2,737,600

 
295,600

 
(199,905
)
 
2,833,295


The inter-segment elimination relates to the inter-segment, back office support services provided by the GBS segment to the distribution segment, inter-segment investments and inter-segment receivables. In fiscal year 2011, the Company recorded a benefit of $5,385 in “Selling, general and administrative expenses” in the Consolidated Statements of Operations for the release of contingent consideration in relation to its acquisitions in the GBS segment. In fiscal year 2010, the Company recorded a statutory business expense of $2,059 in the GBS segment.
Segment by geography
The Company primarily operates in North America. The United States and Canada are included in the “North America” operations. China, India, Japan and the Philippines are included in “Asia-Pacific” operations and Costa Rica, Hungary, Mexico, Nicaragua and the UK are included in “Other” operations. The revenues attributable to countries are based on geography of entities from where the products are distributed or services are provided. Shown below is summarized financial information related to the geographic areas in which the Company operated in fiscal years 2011, 2010, and 2009:
 
Fiscal Years Ended November 30,
 
2011
 
2010
 
2009
Revenue
 
 
 
 
 
North America
$
9,029,574

 
$
8,467,173

 
$
7,570,604

Asia-Pacific
1,283,609

 
67,124

 
61,448

Other
96,657

 
79,844

 
87,145

 
$
10,409,840

 
$
8,614,141

 
$
7,719,197

 
As of November 30,
 
2011
 
2010
Long-lived assets
 
 
 
North America
$
105,318

 
$
84,666

Asia-Pacific
34,974

 
15,591

Other
22,313

 
11,896

 
$
162,605

 
$
112,153


Revenue in the United States was approximately 73% of the total revenue for fiscal year 2011 and 83% for fiscal years 2010 and 2009. Revenue in Canada was approximately 14% of total revenue for fiscal year 2011 and 15% for fiscal years 2010 and 2009. Revenue in Japan was approximately 12% of the total revenue for fiscal year 2011.
Long-lived assets in the United States were approximately 52% and 58% of total long-lived assets as of November 30, 2011 and 2010, respectively. Long-lived assets in Canada were approximately 12% and 17% of total long-lived assets as of November 30, 2011 and 2010, respectively. Long-lived assets in Japan were approximately 12% of total long-lived assets as of November 30, 2011.
ACQUISITIONS AND DIVESTITURES:
Acquisitions and Divestitures
ACQUISITIONS AND DIVESTITURES:
Fiscal year 2011 acquisitions
On December 1, 2010, the Company acquired 70% of the capital stock of Marubeni Infotec Corporation, a subsidiary of Marubeni Corporation. SB Pacific, the Company's equity-method investee, acquired the remaining 30% noncontrolling interest. The Company's total direct and indirect ownership of Marubeni Infotec Corporation is 80%. Marubeni Infotec Corporation, now known as SYNNEX Infotec Corporation (“Infotec Japan”) is a distributor of IT equipment, electronic components and software in Japan. The aggregate consideration for the transaction was JPY700,000, or approximately $8,392, of which the Company's direct share was $5,888. This acquisition is in the distribution segment and enabled the Company's expansion into Japan.
The purchase price allocation based on the fair value of the assets acquired and liabilities assumed is as follows:
 
Fair Value         
Purchase consideration:
 
Cash payment
$
5,888

Contribution from noncontrolling interest
2,504

 
$
8,392

Allocation:

Cash
$
1,371

Accounts receivable
178,384

Receivable from vendors
8,525

Inventories
84,553

Other current assets
2,119

Property, plant and equipment
5,521

Goodwill
18,453

Intangible assets(1)
9,103

Other long-term assets
4,398

Short-term borrowings
(103,646
)
Accounts payable
(161,228
)
Accrued liabilities
(15,151
)
Long-term borrowings
(2,088
)
Other long-term liabilities
(21,922
)
 
$
8,392

(1) Intangibles will be amortized over a period of 3-10 years. 
Subsequent to the acquisition, SB Pacific and the Company invested $6,420 and $14,980, respectively, in additional capitalization of Infotec Japan.
The following unaudited pro forma financial information combines the Consolidated Results of Operations as if the acquisition of Infotec Japan had occurred on December 1, 2008. Pro forma adjustments include only the effects of events directly attributable to transactions that are factually supportable and expected to have a continuing impact. The pro forma results contained in the table below include pro forma adjustments for amortization of acquired intangibles and depreciation expense.
 
 
Fiscal Years Ended November 30,
 
 
2011
 
2010
 
2009
Revenue
 
$
10,409,840

 
$
9,768,305

 
$
8,957,546

Net income attributable to SYNNEX Corporation
 
150,331

 
117,486

 
81,374

Net income from continuing operations per share - basic
 
$
4.20

 
$
3.38

 
$
2.49

Net income from continuing operations per share - diluted
 
$
4.08

 
$
3.29

 
$
2.39



During the fiscal year 2011, the Company acquired certain businesses of e4e, 100% of the stock of gem and certain assets of VisionMAX for an aggregate purchase price of $44,156, including $1,000 payable upon the completion of certain post-closing conditions. The acquisitions were integrated into the Company's GBS segment and brought additional BPO scale, complemented the Company’s service offerings in social media and cloud computing and expanded its customer base and geographic presence. The net tangible assets acquired were $10,024 and the Company recorded $34,132 in goodwill and intangibles. The determination of the fair value of the net assets acquired is preliminary subject to the finalization of more detailed analysis, which may change the allocation of the purchase price.
Building Acquisition
During the first quarter of fiscal year 2011, the Company entered into a capital lease arrangement with the option to purchase a distribution and warehouse facility in Illinois. In October 2011, the Company completed the purchase of the 450 thousand square foot building for a total consideration of $15,394.
Fiscal year 2010 acquisitions
In fiscal year 2010, the Company adopted new accounting standards for business combinations that established principles and requirements for how an acquirer recognized and measured in its financial statements the identifiable assets acquired, the liabilities assumed, any noncontrolling interest in the acquiree and the goodwill acquired.
During the first quarter of fiscal year 2010, the Company purchased substantially all of the North American assets of Jack of All Games, a distributor of video game hardware and software. The acquisition is fully integrated into the Company’s distribution segment and expanded the Company's CE product offerings. Since the close of the acquisition, the Company made certain adjustments to the fair value of inventories and other assets acquired and liabilities assumed related to this transaction. These adjustments had the impact of lowering the purchase price by $6,880. The total consideration, as adjusted, was $35,773. The net tangible assets acquired were $27,434 and the Company recognized $4,500 in intangible assets and $3,839 in goodwill.
During the fourth quarter of fiscal year 2010, the Company acquired 100% of the stock of Aspire and Encover for $40,047, including $8,709 in earn-out payments payable upon the achievement of certain milestones up to three years following the dates of the acquisitions. The fair value of the contingent consideration recorded on the date of the acquisitions was $8,450. During fiscal year 2011, the Company recognized a benefit of $5,385 for changes in the fair value of the contingent consideration. The changes over time in the fair value were due to updated estimates of the expected revenue and gross profit related to the achievement of established earn-out targets. These acquisitions brought the Company additional capabilities related to warranty and license renewals management through proprietary software and services. The Company recognized $22,076 in goodwill and $11,726 in intangible assets. The purchase price is subject to a holdback of $1,850 for a period of twenty-four months from the purchase date. These acquisitions are fully integrated into the GBS segment.
With the exception of Infotec Japan, the above acquisitions in fiscal years 2011 and 2010, individually and in the aggregate, did not meet the conditions of a material business combination and were not subject to the disclosure requirements of accounting for business combinations utilizing the purchase method of accounting.
Fiscal year 2010 divestitures
On December 28, 2009, the Company sold its controlling interest in China Civilink (Cayman), the results of which are presented in "Discontinued operations." Please see Note 19—Discontinued Operations for a detailed discussion on this transaction.
On July 31, 2010, the Company sold to MiTAC International, inventory and certain customer contracts, primarily related to contract assembly customers jointly serviced by MiTAC International and the Company. The sales agreement included earn-out and profit-sharing provisions, which were based on near-term operating performance metrics for the defined customers included in the transaction. The Company provided MiTAC International certain transition services on a fee basis. Please see Note 16—Related Party Transactions for more information on this transaction.
On August 31, 2010, the Company sold its controlling interest in Nihon Daikou Shouji ("NDS") for $3,072 to SB Pacific. A gain of $493 was recorded on the sale of NDS in “Other income (expense), net” during fiscal year 2010.
DISCONTINUED OPERATIONS:
Discontinued Operations
DISCONTINUED OPERATIONS:
 On December 28, 2009, China Civilink (Cayman), which operated in China as HiChina Web Solutions, was sold to Alibaba.com Limited. HiChina Web Solutions provided domain name registration and web site hosting and design. HiChina Web Solutions was a subsidiary of SYNNEX Investment Holdings Corporation, a wholly-owned subsidiary of SYNNEX Corporation. Under the terms of the agreement, the Company received $65,395 for its estimated 79% controlling ownership in HiChina Web Solutions. During fiscal year 2010, the Company recorded total gain on the sale of $11,351, net of $1,154 income taxes. The Company, as the ultimate parent, guaranteed the obligations of SYNNEX Investment Holdings Corporation up to $35,035 in connection with the sale of HiChina Web Solutions. HiChina Web Solutions was a part of the Company's GBS segment. The Company has no significant continuing involvement in the operations of HiChina Web Solutions. In conjunction with the sale of HiChina Web Solutions, the Company recorded a contingent indemnification liability of $4,122.
The sale of HiChina Web Solutions qualified as a discontinued operation of the Company and accordingly, the Company has excluded results of HiChina Web Solutions' operations from its Consolidated Statements of Operations to present this business in discontinued operations.
The following table shows the results of operations of HiChina Web Solutions for fiscal years 2010 and 2009 which are included in the earnings from discontinued operations:
 
Fiscal Years Ended November 30,
 
2010*
 
2009
Revenue
$
2,959

 
$
37,081

Cost of revenue
(1,706
)
 
(16,078
)
Gross profit
1,253

 
21,003

Selling, general and administrative expenses
(1,199
)
 
(15,736
)
Income from operations before non-operating items, income taxes and noncontrolling interest
54

 
5,267

Interest income, net
17

 
413

Other income (expense), net
5

 
(7
)
Income before income taxes and noncontrolling interest
76

 
5,673

Provision for income taxes
(1
)
 
(474
)
Income from discontinued operations
75

 
5,199

Income from discontinued operations attributable to noncontrolling interest
(16
)
 
(1,290
)
Income from discontinued operations attributable to SYNNEX Corporation
$
59

 
$
3,909

_______________________________ 
* Includes the results of operations from December 1, 2009 to the disposition date of December 28, 2009.
 
RESTRUCTURING CHARGES:
Restructuring Charges
RESTRUCTURING CHARGES:
In fiscal year 2007, in connection with the acquisition of the Redmond Group of Companies (“RGC”), the Company announced a restructuring program in Canada. During fiscal years 2010 and 2009, the Company accrued charges for the remaining lease obligations on the RGC facility. The charges are included in “Selling, general and administrative expenses” in the Statements of Operations and are in the distribution segment. These lease obligations were completed in June 2011.
 
Facility and
Exit Costs
Balance of accrual as of November 30, 2009
$
557

Additional accrual
807

Cash payments
(734
)
Non-cash charges
—

Balance of accrual as of November 30, 2010
630

Additional accrual
—

Cash payments
(630
)
Non-cash charges
—

Balance of accrual as of November 30, 2011
$
—

COMMITMENTS AND CONTINGENCIES:
Commitments and Contingencies
COMMITMENTS AND CONTINGENCIES:
The Company leases certain of its facilities under operating lease agreements, which expire in various periods through 2021. Future minimum rental obligations under non-cancellable lease agreements as of November 30, 2011 were as follows:
Fiscal Years Ending November 30,
 
2012
$
21,970

2013
17,248

2014
9,763

2015
6,121

2016
3,242

thereafter
11,566

Total minimum lease payments
$
69,910

 
Rent expense for the years ended November 30, 2011, 2010 and 2009 amounted to $22,600, $16,340 and $17,579, respectively.
The Company was contingently liable as of November 30, 2011 under agreements to repurchase repossessed inventory acquired by Flooring Companies as a result of default on floor plan financing arrangements by the Company's customers. These arrangements are described in Note 12—Accounts Receivable Arrangements. Losses, if any, would be the difference between the repossession cost and the resale value of the inventory. There have been no repurchases through November 30, 2011 under these agreements and the Company is not aware of any pending customer defaults or repossession obligations.
The Company is from time to time involved in various bankruptcy preference actions where the Company was a supplier to the companies now in bankruptcy. These preference actions are filed by the bankruptcy trustee on behalf of the bankrupt estate and generally seek to have payments made by the debtor within 90 days prior to the bankruptcy returned to the bankruptcy estate for allocation among all of the bankrupt estate's creditors. The Company is not currently involved in any material preference proceedings.
In conjunction with the sale of China Civilink (Cayman), which is described in Note 19—Discontinued Operations, the Company has recorded a contingent indemnification liability of $4,122.
The Company does not believe that the above commitments and contingencies will have a material adverse effect on the Company's results of operations, financial position or cash flows.

Schedule II: Valuation and Qualifying Accounts
Schedule II: Valuation and Qualifying Accounts
SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS
For the Fiscal Years Ended November 30, 2011, 2010 and 2009
(in thousands)
 
Description
Balances at
Beginning of
Fiscal Year
 
Additions
Charged to
Revenue and
COGS and
Expense
 
Additions
from
Acquisitions
 
Reclassifications,
Write-offs and
Deductions
 
Balances at
End of Fiscal Year
Fiscal Year Ended November 30, 2009
 
 
 
 
 
 
 
 
 
Allowance for sales returns
$
21,642

 
$
(1,977
)
 
$
—

 
$
817

 
$
20,482

Allowance for deferred tax assets
3,973

 
1,610

 
—

 
242

 
5,825

Fiscal Year Ended November 30, 2010
 
 
 
 
 
 
 
 
 
Allowance for sales returns
$
20,482

 
$
11,861

 
$
—

 
$
182

 
$
32,525

Allowance for deferred tax assets
5,825

 
668

 
—

 
(2,631
)
 
3,862

Fiscal Year Ended November 30, 2011
 
 
 
 
 
 
 
 
 
Allowance for sales returns
$
32,525

 
$
10,410

 
$
—

 
$
(7,460
)
 
$
35,475

Allowance for deferred tax assets
3,862

 
485

 
3,642

 
—

 
7,989

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (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 and 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 and its wholly-owned subsidiaries and majority-owned subsidiaries in which no substantive participating rights are held by minority stockholders. All intercompany accounts and transactions have been eliminated. 
The Consolidated Financial Statements include 100% of the assets and liabilities of majority-owned subsidiaries and the ownership interest of minority investors is recorded as noncontrolling interest. 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 or investments in 20% through 50% owned companies where the Company does not exercise significant influence over operating and financial affairs of the investee are recorded under the cost method. 
Consolidation of variable interest entity 
In fiscal year 2007, the Company acquired a majority interest in China Civilink (Cayman). China Civilink operated in China as HiChina Web Solutions. HiChina Web Solutions provided internet and webhosting services. People’s Republic of China (“PRC”) law limits foreign ownership of companies that provided internet content and advertising services. To comply with these foreign ownership restrictions, the Company operated in China with PRC citizens through contractual arrangements. The Company had the ability to substantially influence the daily operations and financial affairs. As a result of these contractual arrangements, which enabled the Company to control HiChina Web Solutions and its affiliates, the Company regarded HiChina Web Solutions as a variable interest entity. On December 28, 2009 the Company sold its interest in HiChina Web Solutions to Alibaba.com Ltd. and its results are presented as a discontinued operation. In addition, the Company also consolidates entities where it has the ability to substantially influence the operations and financial affairs located in countries that limit foreign ownership as variable interest entities.
Segment reporting 
Operating segments are based on components of the Company that engage in business activity that earns revenue and incurs expenses and (a) whose operating results are regularly reviewed by the Company's chief operating decision maker ("CODM") to make decisions about resource allocation and performance and (b) for which discrete financial information is available. The Company focuses on providing a full range of distribution and GBS offerings to its customers and operates in two segments. 
The distribution services segment distributes IT systems, peripherals, system components, software, networking equipment, consumer electronics (“CE”), and complementary products to a variety of customers, including value-added resellers, system integrators and retailers, as well as provides assembly services to OEMs, including integrated supply chain management, build-to-order and configure-to-order system configurations, materials management and logistics. 
The global business services ("GBS") segment provides a range of BPO services that include customer management, renewals management, back office processing, and information technology outsourcing on a global platform. The services are delivered via voice, chat, web, email and digital print.
Cash and cash equivalents 
The Company considers all highly liquid debt instruments purchased with an original maturity or remaining maturity at date of purchase of three months or less to be cash equivalents. Cash equivalents consist principally of money market deposit accounts 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. 
Restricted cash 
Restricted cash balances relate to temporary restrictions caused by the timing of lockbox collections under the Company’s borrowing arrangements, amounts held for outstanding letters of credit and future payments to contractors for the long-term projects at the Company’s Mexico operation.  
Investments 
The Company classifies its investments in marketable securities as trading and available-for-sale. Marketable securities related to its deferred compensation plan are classified as trading and are recorded at fair value, based on quoted market prices, and unrealized gains and losses are included in “Other income (expense), net” in the Company’s financial statements. All other securities are classified as available-for-sale and are recorded at fair market value, based on quoted market prices, and unrealized gains and losses are included in “Accumulated other comprehensive income,” a component of stockholders’ equity. Realized gains and losses on available-for-sale securities, which are calculated based on the specific identification method, and declines in value judged to be other-than-temporary, if any, are recorded in “Other income (expense), net” as incurred. 
To determine whether a decline in value is other-than-temporary, the Company evaluates several factors, including the current economic environment, market conditions, operational and financial performance of the investee, and other specific factors relating to the business underlying the investment, including business outlook of the investee, future trends in the investee’s industry and the Company’s intent to carry the investment for a sufficient period of time for any recovery in fair value. If a decline in value is deemed as other-than-temporary, the Company records reductions in carrying values to estimated fair values, which are determined based on quoted market prices if available or on one or more of the valuation methods such as pricing models using historical and projected financial information, liquidation values, and values of other comparable public companies. 
The Company classifies its term deposits with financial institutions, with maturities from the date of purchase greater than three months and less than one year, as held-to-maturity investments. These term deposits are held until the maturity date and are not traded. 
The Company has investments in equity instruments of privately-held companies and investments for which there are not readily determinable fair values. The investments that are included in “Short-term investments” are accounted for under the cost method of accounting. The long-term investments, which the Company has the ability and intent to hold for more than twelve months, are included in “Other assets” and are accounted for under the cost and equity methods of accounting. The Company monitors its cost and equity method investments for impairment by considering current factors, including the economic environment, market conditions, operational performance and other specific factors relating to the business underlying the investment, and records reductions in carrying values when necessary. 
Allowance for doubtful accounts 
The allowance for doubtful accounts is an estimate to cover the losses resulting from the inability of customers to make payments for outstanding balances. In estimating the required allowance, the Company takes into consideration the overall quality and aging of the accounts receivable, credit evaluations of customers’ financial condition and existence of credit insurance. The Company also evaluates the collectability of accounts receivable based on specific customer circumstances, current economic trends, historical experience with collections and any value and adequacy of collateral received from customers. 
Inventories 
Inventories are stated at the lower of cost or market. Cost is computed based on the weighted-average method. Inventories consist of finished goods purchased from various manufacturers for distribution resale and components used for assembly services. The Company adjusts the inventory carrying value for cost in excess of market value and product obsolescence. 
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.
Goodwill and intangible assets 
The values assigned to goodwill and intangible assets are based on estimates and judgment regarding expectations for the success and life cycle of products and technologies acquired in a business combination. The Company assesses potential impairment of its goodwill and intangible assets when there is evidence that recent events or changes in circumstances have made recovery of an asset’s carrying value unlikely. The Company also assesses potential impairment of its goodwill on an annual basis during its fourth quarter, regardless if there is evidence of impairment. If indicators of impairment were to be present in intangible assets used in operations and future undiscounted cash flows were not expected to be sufficient to recover the assets’ carrying amount, an impairment loss would be charged to expense in the period identified. The amount of an impairment loss would be recognized as the excess of the asset’s carrying value over its fair value. Factors the Company considers important, which may cause impairment include, among others, significant changes in the manner of use of the acquired asset, negative industry or economic trends, and significant underperformance relative to historical or projected operating results. 
For the purpose of its goodwill analysis, the Company has two reporting units, the distribution services reporting unit and the GBS reporting unit. The Company conducted their annual impairment analysis in the fourth quarter of fiscal year 2011. The annual goodwill impairment analysis did not result in an impairment charge for fiscal years 2011, 2010 and 2009. 
Purchased intangible assets are amortized over the useful lives based on the estimate of the use of economic benefit of the asset or on the straight-line amortization method. 
Impairment of long-lived assets 
The Company reviews the recoverability of its long-lived assets, such as property and equipment and intangible 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. The measurement of impairment requires management to estimate future cash flows and the fair value of long-lived assets.
Software costs, for resale 
The Company develops software platforms for internal use and for resale. The Company capitalizes costs incurred to develop software for resale subsequent to the software product reaching technological feasibility. The capitalized costs are amortized over the economic life of the product using the greater of the straight-line amortization or using the ratio of current revenue to future expected revenue. 
Software costs, for internal use 
The Company capitalizes the costs incurred to develop software for internal use when new software is developed, the life of existing software is extended or significant enhancements are added to the features of existing software. The capitalized development costs mainly include payroll costs.
Concentration of credit risk 
Financial instruments that potentially subject the Company to significant concentration of credit risk consist principally of accounts receivable, cash and cash equivalents. The Company’s cash and cash equivalents are maintained with high quality institutions, the compositions and maturities of which are regularly monitored by management. Through November 30, 2011, the Company had not experienced any losses on such deposits. 
Accounts receivable include amounts due from customers primarily in the technology industry. The Company performs ongoing credit evaluations of its customers’ financial condition and limits the amount of credit extended when deemed necessary, but generally requires no collateral. The Company also maintains allowances for potential credit losses. In estimating the required allowances, the Company takes into consideration the overall quality and aging of the receivable portfolio, the existence of a limited amount of credit insurance and specifically identified customer risks. Through November 30, 2011, such losses have been within management’s expectations. 
Revenue recognition 
The Company generally recognizes revenue on the sale of hardware and software products when they are shipped and on services when they are performed, if a purchase order exists, the sales price is fixed or determinable, collection of resulting accounts receivable is reasonably assured, risk of loss and title have transferred and product returns are reasonably estimable. Provisions for sales returns are estimated based on historical data and are recorded concurrently with the recognition of revenue. These provisions are reviewed and adjusted periodically by the Company. Revenue is reduced for early payment discounts and volume incentive rebates offered to customers. The Company recognizes revenue on certain service contracts, post-contract software support services, and extended warranty contracts, where it is not the primary obligor, on a net basis.
The Company provides services such as call center, renewals, maintenance and contract management services to its customers under contracts that typically consist of a master services agreement or statement of work, which contains the terms and conditions of each program and service offerings. Typically the contracts are time-based or transactions or volume based. Revenue is generally recognized over the term of the contract or when service has been rendered, the sales price is fixed or determinable and collection of the resulting accounts receivable is reasonably assured.
Effective in the first quarter of fiscal year 2010, the Company began recognizing revenue on certain service contracts, post-contract software support services, and extended warranty contracts, on a net basis, where it is not a primary obligor. Approximately 4% of revenue was recorded on a net basis for fiscal years 2011 and 2010.
The Company's operation in Mexico primarily focuses on projects with the Mexican government and other local agencies that are long-term in nature. Under the agreements, the Company sells computers and equipment to contractors that provide services to the Mexican government. The Company also sells computer equipment and services directly to the Mexican government. The payments are due on a monthly basis and contingent upon the satisfactory performance of certain services, fulfillment of certain obligations and meeting certain conditions. The Company recognizes revenue and cost of revenue on a straight-line basis over the term of the contract, which coincides with payments no longer being contingent.
Shipping and handling costs 
Costs related to shipping and handling are included in “Cost of revenue.” 
OEM supplier programs 
Funds received from OEM suppliers for inventory volume promotion programs, price protection and product rebates are recorded as adjustments to cost of revenue and 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 of 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 direct 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 purchases licensed software products from OEM vendors, which it subsequently distributes 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) its services with regard to products that it assembles for its customers, and (2) products that it builds to order from components purchased from other sources. To date neither warranty expense, nor the accrual for warranty costs has been material to the Company’s Consolidated Financial Statements. 
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. To date, net costs related to advertising and promotion expenditures have not been material. 
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. Valuation allowances are provided against deferred tax assets that are not likely to be realized. 
Foreign currency translations 
The financial statements of the Company's foreign 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.” Gains and losses resulting from foreign currency transactions are included within “Other income (expense), net.” Such amounts are not significant to any of the periods presented. 
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 foreign subsidiaries and unrealized gains and losses on the Company’s available-for-sale securities. 
Share-based compensation 
Share-based compensation is estimated at the grant date based on the fair value of the awards expected to vest and recognized as expense ratably over the requisite service period of the award. The Company has used the Black-Scholes valuation model to estimate fair value of share-based awards, which requires various assumptions including estimating stock price volatility and expected life. 
Pension and post-retirement benefits 
Defined benefit pension costs are estimated using various actuarial assumptions including discount rates, expected return on plan assets, inflation, mortality rates and compensation increases. The assumptions used are reviewed on an annual basis. The Company records pension expense related to multi-employer defined benefit plans based on the amount of contributions that are contractually owed during the period.
Net income per common share 
Net income per common share-basic is computed by dividing the net income attributable to SYNNEX Corporation for the period by the basic weighted-average number of outstanding common shares. 
Net income per common share-diluted is computed by adding the dilutive effect of in-the-money employee stock options, restricted stock awards, restricted stock units and similar equity instruments granted by the Company to the basic weighted-average number of outstanding common shares. The Company uses the treasury stock method, under which, the amount the employee must pay for exercising stock options, the amount of compensation cost for future services that the Company has not yet recognized and the amount of tax benefits that would be recorded in “Additional paid-in capital” when the award becomes deductible are assumed to be used to repurchase shares. 
With respect to the Company’s convertible debt, the Company intends to settle its conversion spread (i.e., the intrinsic value of convertible debt based on the conversion price and current market price) in shares. The Company accounts for its conversion spread using the treasury stock method. It is the Company’s intent to cash-settle the principal amount of the convertible debt; accordingly, the principal amount has been excluded from the determination of diluted earnings per share. 
Treasury Stock 
Repurchases of shares of common stock are accounted for at cost, which includes brokerage fees, and are included as a component of stockholders' equity in the Consolidated Balance Sheets.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (Tables)
Schedule of restricted cash balances 
The following table summarizes the restricted cash balances as of November 30, 2011 and 2010 and the location where these amounts are recorded on the Consolidated Balance Sheets:
 
As of November 30,
 
2011
 
2010
Related to borrowing arrangements and others:
 
 
 
Other current assets
$
28,279

 
$
11,865

Related to long-term projects:
 
 
 
Other current assets
—

 
3,153

Other assets
2,938

 
2,454

Total restricted cash
$
31,217

 
$
17,472

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: 
Equipment and Furniture
3-10 years
  
Software
3-7 years
  
Leasehold Improvements
2-15 years
  
Buildings
16-40 years
  
 
Schedule of amortizable intangible assets 
Intangible assets primarily consist of vendor lists and customer lists. Intangible assets are amortized as follows: 
Customer Lists
4-10 years
  
Vendor Lists
4-10 years
  
Other Intangible Assets
1-10 years
  
STOCKHOLDERS' EQUITY: (Tables)
Schedule of stock options outstanding and exercisable
The following table summarizes the stock options outstanding and exercisable under the Company’s option plan as of November 30, 2011 and 2010:
 
Number of options as of
November 30, 2011
 
Number of options as of
November 30, 2010
 
Outstanding
 
Exercisable
 
Outstanding
 
Exercisable
Amended and Restated 2003 Stock Incentive Plan
1,707

 
1,342

 
2,120

 
1,725

SHARE-BASED COMPENSATION: (Tables)
Schedule of share-based compensation expense 
The Company recorded share-based compensation expense in "Selling, general and administrative expenses" for fiscal years 2011, 2010 and 2009 as follows: 
 
Fiscal Years Ended November 30,
 
2011
 
2010
 
2009
Share-based compensation expense by type of award:
 
 
 
 
 
Employee stock options
$
1,527

 
$
2,759

 
$
2,730

Restricted stock
6,388

 
5,889

 
4,735

Employee stock purchase plan
78

 
77

 
100

Total share-based compensation
7,993

 
8,725

 
7,565

Tax effect on share-based compensation
(2,755
)
 
(3,180
)
 
(2,763
)
Net effect on net income
$
5,238

 
$
5,545

 
$
4,802

Schedule of assumptions used in Black-Scholes valuation model 
The following assumptions were used in the Black-Scholes valuation model in fiscal years 2011, 2010 and 2009: 
 
Fiscal Years Ended November 30,
 
2011
 
2010
 
2009
Stock option plan:
 
 
 
 
 
Expected life (years)
5.9

 
5.6

 
5.7

Risk free interest rate
1.11
%
 
1.26
%
 
2.57
%
Expected volatility
41.14
%
 
41.97
%
 
43.55
%
Dividend yield
0.00
%
 
0.00
%
 
0.00
%
Employee stock purchase plan:

 

 

Expected life (years)
0.3

 
0.3

 
0.3

Risk free interest rate
0.02
%
 
0.16
%
 
0.10
%
Expected volatility
33.15
%
 
32.43
%
 
65.13
%
Dividend yield
0.00
%
 
0.00
%
 
0.00
%
Schedule of activity under stock option plans 
A summary of the activity under the Company’s stock option plan is set forth below:
 
Shares Available
for Grant
 
Options Outstanding
Number of
Shares
 
Weighted-Average
Exercise Price
Per Share
Balances, November 30, 2008
2,569
 
5,044
 
$11.89
      Restricted stock granted
(211)
 
—
 
—
      Restricted stock cancelled/forfeited
32
 
—
 
—
      Options granted
(157)
 
157
 
27.31
      Options exercised
—
 
(1,406)
 
9.41
      Options cancelled/forfeited/expired
66
 
(66)
 
18.11
Balances, November 30, 2009
2,299
 
3,729
 
$13.37
      Restricted stock awards granted
(267)
 
—
 
—
      Restricted stock units granted
(100)
 
—
 
—
      Restricted stock cancelled/forfeited
38
 
—
 
—
      Options granted
(123)
 
123
 
28.52
      Options exercised
—
 
(1,710)
 
9.93
      Options cancelled/forfeited/expired
22
 
(22)
 
7.14
Balances, November 30, 2010
1,869
 
2,120
 
$17.08
      Restricted stock awards granted
(244)
 
—
 
—
      Restricted stock units granted
(10)
 
—
 
—
      Restricted stock cancelled/forfeited
25
 
—
 
—
      Options granted
(135)
 
135
 
26.98
      Options exercised
—
 
(531)
 
11.87
      Options cancelled/forfeited/expired
17
 
(17)
 
12.18
Balances, November 30, 2011
1,522
 
1,707
 
$19.52
Schedule of weighted-average grant-date fair value of stock options 
The weighted-average grant-date fair value of the stock options granted during fiscal years 2011, 2010 and 2009 was as follows: 
 
Fiscal Years Ended November 30,
 
2011
 
2010
 
2009
Number of options granted
135
 
123
 
157
Weighted-average grant-date fair value per share
$10.68
 
$12.02
 
$11.28
Schedule of options outstanding and exercisable by exercise price ranges 
The options outstanding and exercisable as of November 30, 2011 were in the following exercise price ranges:
 
Options Outstanding
 
Options Vested and Exercisable
Range of Exercise Prices per Share
Shares
 
Weighted-
Average
Life (Years)
 
Weighted-
Average
Exercise Price
per Share
 
Shares
 
Weighted-
Average
Life (Years)
 
Weighted-
Average
Exercise Price
per Share
$9.00 - $10.00
61
 
0.83
 
$10.00
 
61
 
0.83
 
$10.00
$12.00 - $15.54
272
 
1.74
 
$12.15
 
272
 
1.74
 
$12.15
$16.10 - $17.17
403
 
3.24
 
$16.50
 
403
 
3.24
 
$16.50
$18.25 - $30.96
971
 
6.82
 
$23.44
 
606
 
5.85
 
$21.82
$9.00 - $30.96
1,707
 
4.95
 
$19.52
 
1,342
 
4.01
 
$17.73
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 2011, 2010 and 2009 were as follows:  
 
Fiscal Years Ended November 30,
 
2011
 
2010
 
2009
Intrinsic value of options exercised
$
9,375

 
$
32,504

 
$
20,839

Cash received from exercise of options
6,290

 
16,980

 
13,221

Schedule of non-vested restricted stock awards and stock units 
 
Number of
shares
 
Weighted-average,
grant-date
fair value per share
Nonvested as of November 30, 2008
826
 
$20.25
Awards granted
211
 
30.20
Awards vested
(245)
 
15.30
Awards cancelled/forfeited
(32)
 
20.44
Nonvested as of November 30, 2009
760
 
$24.60
Awards granted
267
 
28.18
Units granted
100
 
29.04
Awards vested
(299)
 
22.21
Awards cancelled/forfeited
(38)
 
24.07
Nonvested as of November 30, 2010
790
 
$25.78
Awards granted
244
 
27.91
Units granted
10
 
32.35
Awards vested
(240)
 
24.51
Awards cancelled/forfeited
(25)
 
26.62
Nonvested as of November 30, 2011
779
 
$23.13
PENSION AND EMPLOYEE BENEFITS PLANS: (Tables)
Schedule of changes in plan's single employer benefit obligations 
The following table provides a reconciliation of the changes in the plan's single employer benefit obligations and fair value of plan assets as of November 30, 2011:
 
Fiscal Year Ended
 
November 30, 2011
Benefit obligation at beginning of year
$
—

Value at acquisition date
7,157

Service cost
570

Interest cost
148

Benefits paid
(154
)
Actuarial gain or loss
124

Foreign exchange rate changes
593

Benefit obligation at end of year
$
8,438

Schedule of change in plan assets 
The change in plan assets for fiscal year 2011 was as follows:
Fair value at the beginning of year
$
—

Value at acquisition date
3,110

Contribution paid by employer
748

Contribution paid by participants
—

Actual return on plan assets
5

Benefits paid
(154
)
Foreign exchange rate changes
268

Fair value at the end of year
$
3,977

Schedule of benefits to be paid to participants over the next five fiscal years and in aggregate for five fiscal years thereafter 
The benefits to be paid to participants over the next five fiscal years and in the aggregate for the five fiscal years thereafter are as follows:
Fiscal years ending
 
Benefits to be paid
2012
 
$
157

2013
 
160

2014
 
145

2015
 
155

2016
 
165

2017 - 2021
 
1,329


Schedule of components of net periodic pension costs 
The components of net periodic pension costs for the fiscal year 2011 were as follows:
Service cost
$
570

Interest cost
148

Expected return on plan assets
(89
)
Amortization of transition asset or obligation
—

Amortization of prior service cost
—

Amortization of net (gain) or loss
—

Curtailment and settlement (gain) or loss
—

Net periodic pension costs
$
629

Schedule of weighted-average assumptions to determine net periodic pension benefit costs 
The Company used the following weighted-average assumptions to determine the net periodic pension benefit costs and obligations during fiscal year 2011:
 
Net Pension
Benefit Obligations
Net Pension
Benefit Costs
Discount rate
1.9
%
2.0
%
Average increase in compensation levels
3.0
%
3.0
%
Expected return on plan assets
 
2.5
%
Schedule of fair value of assets 
The fair value of the assets as of November 30, 2011 is presented in the table below using the fair value hierarchy discussed in Note 11- Fair Value Measurements:
 
Level 1

 
Level 2

 
Level 3

Cash equivalents
$
32

 
$
—

 
$
—

Equity and debt securities
—

 
165

 
—

Life insurance company general accounts
—

 
3,780

 
—

INCOME TAXES: (Tables)
Schedule of sources of income from continuing operations before the provision for income taxes 
The sources of income from continuing operations before the provision for income taxes and noncontrolling interest are as follows: 
 
Fiscal Years Ended November 30,
 
2011
 
2010
 
2009
United States
$
184,768

 
$
142,972

 
$
96,331

Foreign
44,950

 
40,614

 
38,322

 
$
229,718

 
$
183,586

 
$
134,653

Schedule of provisions for income taxes 
 The provisions for income taxes consist of the following:
 
Fiscal Years Ended November 30,
 
2011
 
2010
 
2009
Current tax provision:
 
 
 
 
 
Federal
$
49,937

 
$
50,411

 
$
35,158

State
11,140

 
9,883

 
6,438

Foreign
9,543

 
8,217

 
8,415

 
$
70,620

 
$
68,511

 
$
50,011

Deferred tax provision (benefit):
 
 
 
 
 
Federal
$
9,735

 
$
(2,237
)
 
$
(918
)
State
(1,186
)
 
(329
)
 
(292
)
Foreign
(4
)
 
965

 
227

 
$
8,545

 
$
(1,601
)
 
$
(983
)
Total tax provision
$
79,165

 
$
66,910

 
$
49,028

Schedules of deferred tax assets and liabilities 
The following presents the breakdown between current and non-current net deferred tax assets:
 
As of November 30,
 
2011
 
2010
Deferred tax assets - current
$
28,241

 
$
33,063

Deferred tax assets - non-current
590

 
605

Deferred tax liabilities - current
(500
)
 
(294
)
Deferred tax liabilities - non-current
(8,086
)
 
(3,262
)
Total net deferred tax assets
$
20,245

 
$
30,112

Net deferred tax assets and liabilities consist of the following: 
 
As of November 30,
 
2011
 
2010
Assets:
 
 
 
Inventory reserves
$
7,448

 
$
9,182

Allowance for doubtful accounts and sales return reserves
8,303

 
10,155

Other reserves and accruals
7,995

 
8,765

State tax deduction
1,782

 
460

Deferred compensation
5,846

 
4,880

Net operating losses
15,902

 
10,532

Foreign tax credit
2,383

 
2,516

Share-based compensation expense
3,143

 
4,225

Unrealized losses on investments
1,758

 
1,119

Other
386

 
458

Gross deferred tax assets
54,946

 
52,292

Valuation allowance
(7,989
)
 
(3,862
)
Total deferred tax assets
$
46,957

 
$
48,430

Liabilities:
 
 
 
Depreciation and amortization
$
(5,423
)
 
$
(2,781
)
Convertible debt interest
(12,737
)
 
(11,383
)
Deferred revenue
(117
)
 
(86
)
Intangible assets
(8,435
)
 
(4,068
)
Total deferred tax liabilities
$
(26,712
)
 
$
(18,318
)
Net deferred tax assets
$
20,245

 
$
30,112

Schedule of reconciliation of statutory U.S. federal income tax rate to Company's effective income tax rate 
A reconciliation of the statutory United States federal income tax rate to the Company’s effective income tax rate is as follows: 
 
Fiscal Years Ended November 30,
 
2011
 
2010
 
2009
Federal statutory income tax rate
35.0
 %
 
35.0
 %
 
35.0
 %
State taxes, net of federal income tax benefit
2.6

 
3.5

 
2.9

Foreign taxes
(2.9
)
 
(1.9
)
 
(2.4
)
Other
(0.2
)
 
(0.2
)
 
0.9

Effective income tax rate
34.5
 %
 
36.4
 %
 
36.4
 %
Summary of aggregate changes in balances of gross unrecognized tax benefits 
The aggregate changes in the balances of gross unrecognized tax benefits during fiscal years 2009, 2010 and 2011 were as follows: 
Balance as of December 1, 2008
$
8,362

Additions based on tax positions related to the current year
1,462

Additions for tax positions of prior years
309

Balance as of November 30, 2009
10,133

Additions based on tax positions related to the current year
2,713

Additions for tax positions of prior years
749

Reductions for tax positions of prior years
(185
)
Settlements
(337
)
Lapse of statute of limitations
(2,559
)
Balance as of November 30, 2010
10,514

Additions based on tax positions related to the current year
2,113

Additions for tax positions of prior years
8,043

Reductions for tax positions of prior years
(397
)
Lapse of statute of limitations
(1,273
)
Balance as of November 30, 2011
$
19,000

 
BALANCE SHEET COMPONENTS: (Tables)
Schedule of assets 
 
As of November 30,
 
2011
 
2010
Short-term investments
 
 
 
Trading securities
$
5,808

 
$
7,909

Available-for-sale securities
37

 
102

Held-to-maturity securities
7,843

 
910

Cost method investments
2,329

 
2,498

 
$
16,017

 
$
11,419

Accounts receivable, net
 
 
 
Trade accounts receivable
$
1,196,394

 
$
1,039,850

Less: Allowance for doubtful accounts
(17,977
)
 
(20,408
)
Less: Allowance for sales returns
(35,475
)
 
(32,525
)
 
$
1,142,942

 
$
986,917

Receivables from vendors, net
 
 
 
Receivables from vendors
$
154,911

 
$
137,887

Less: Allowance for doubtful accounts
(4,826
)
 
(5,478
)
 
$
150,085

 
$
132,409

Property and equipment, net
 
 
 
Land
$
18,566

 
$
14,246

Equipment and computers
95,149

 
61,842

Furniture and fixtures
19,566

 
9,746

Buildings and leasehold improvements
97,261

 
81,119

Construction in progress
1,762

 
151

Total property and equipment, gross
232,304

 
167,104

Less: Accumulated depreciation
(107,147
)
 
(75,109
)

$
125,157

 
$
91,995

Schedule of allowance for doubtful trade and vendor receivables 
Allowance for doubtful trade receivables
 
Balance at November 30, 2008
$
17,820

Additions
12,235

Write-offs and deductions
(6,275
)
Balance at November 30, 2009
23,780

Additions
6,614

Write-offs and deductions
(9,986
)
Balance at November 30, 2010
20,408

Additions
7,419

Write-offs and deductions
(9,850
)
Balance at November 30, 2011
$
17,977

Allowance for doubtful vendor receivables
 
Balance at November 30, 2008
$
4,933

Additions
995

Write-offs and deductions
(109
)
Balance at November 30, 2009
5,819

Additions
922

Write-offs and deductions
(1,263
)
Balance at November 30, 2010
5,478

Additions
1,317

Write-offs and deductions
(1,969
)
Balance at November 30, 2011
$
4,826

Schedule of goodwill 
Goodwill
 
As of November 30, 2011
 
As of November 30, 2010
 
Distribution
 
GBS
 
Total
 
Distribution
 
GBS
 
Total
Beginning balance
$
89,031

 
$
50,549

 
$
139,580

 
$
82,415

 
$
25,148

 
$
107,563

Goodwill additions during the period
16,645

 
27,463

 
44,108

 
5,410

 
25,700

 
31,110

Translation
1,822

 
(198
)
 
1,624

 
1,206

 
(299
)
 
907

Ending balance
$
107,498

 
$
77,814

 
$
185,312

 
$
89,031

 
$
50,549

 
$
139,580

Schedule of intangible assets, net 
Intangible assets, net
 
As of November 30, 2011
 
As of November 30, 2010
 
Gross
Amounts
 
Accumulated
Amortization
 
Net
Amounts
 
Gross
Amounts
 
Accumulated
Amortization
 
Net
Amounts
Vendor lists
$
36,815

 
$
(27,104
)
 
$
9,711

 
$
36,815

 
$
(25,564
)
 
$
11,251

Customer lists
51,088

 
(23,879
)
 
27,209

 
32,196

 
(18,005
)
 
14,191

Other intangible assets
4,446

 
(3,827
)
 
619

 
6,453

 
(3,624
)
 
2,829

 
$
92,349

 
$
(54,810
)
 
$
37,539

 
$
75,464

 
$
(47,193
)
 
$
28,271

Schedule of estimated future amortization expense 
Estimated future amortization expense is as follows:
Fiscal years ending November 30,
 
2012
$
8,248

2013
7,837

2014
6,230

2015
4,464

2016
3,657

thereafter
7,103

 
$
37,539

Schedule of accrued liabilities 
 
As of November 30,
 
2011
 
2010
Accrued liabilities:
 
 
 
Payroll related accruals
$
44,797

 
$
34,542

Deferred compensation liability
1,891

 
10,733

Sales tax/Value-added tax accrual
17,286

 
7,517

Vendor and other claims payable
21,404

 
27,795

Accrued customer rebate
15,958

 
5,381

Warranty accruals
1,286

 
3,054

Purchase price payable
—

 
16,427

Current deferred liabilities
9,847

 
8,648

Other accrued liabilities
59,757

 
52,764

 
$
172,226

 
$
166,861

INVESTMENTS: (Tables)
Scheduel of carrying amount of short term investments 
The carrying amount of the Company’s investments is shown in the table below: 
 
As of November 30,
 
2011
 
2010
 
Cost Basis
 
Unrealized
(Losses)/
Gains
 
Carrying
Value
 
Cost Basis
 
Unrealized
(Losses)/
Gains
 
Carrying
Value
Short-Term:

 

 

 

 

 

Trading
$
11,503

 
$
(5,695
)
 
$
5,808

 
$
9,324

 
$
(1,415
)
 
$
7,909

Available-for-sale
—

 
37

 
37

 
55

 
47

 
102

Held-to-maturity
7,843

 
—

 
7,843

 
910

 
—

 
910

Cost method securities
2,329

 
—

 
2,329

 
2,498

 
—

 
2,498

 
$
21,675

 
$
(5,658
)
 
$
16,017

 
$
12,787

 
$
(1,368
)
 
$
11,419

Long-term investments in other assets
 
 
 
 
 
 
 
 
 
 
 
       Available-for-sale securities
$
939

 
$
168

 
$
1,107

 
$
—

 
$
—

 
$
—

Schedule of trading investments and other-than-temporary losses 
The following table summarizes the total realized and unrealized gains and losses recorded on the Company’s trading investments and the other-than-temporary losses recorded on cost and available-for-sale securities during fiscal years 2011, 2010, and 2009:
 
Fiscal Years Ended November 30,
 
2011
 
2010
 
2009
Realized and unrealized gain (loss) on trading investments
$
(211
)
 
$
539

 
$
2,670

Other-than-temporary loss on cost-method securities
—

 
(363
)
 
(53
)
Other-than-temporary loss on available-for-sale securities
—

 
(55
)
 
(39
)
DERIVATIVE INSTRUMENTS: (Tables)
Schedules of fair value of foreign exchange forward contracts
The following table summarizes the fair value of the Company’s foreign exchange forward contracts as of November 30, 2011 and 2010:
  
Fair Value as of November 30,
Location                 
2011
 
2010
Other current assets
$
1

 
$
537

Accrued liabilities
324

 
170

FAIR VALUE MEASUREMENTS: (Tables)
Schedule of valuation of short-term investments and financial instruments measured at fair value on recurring basis 
The following table summarizes the valuation of the Company’s short-term investments and financial instruments that are measured at fair value on a recurring basis:  
 
As of November 30, 2011
 
As of November 30, 2010
 
Total
 
Fair value measurement category
 
Total
 
Fair value measurement category
 
Level 1
 
Level 2
 
Level 3
 
Level 1
 
Level 2
 
Level 3
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash equivalents
$
25,638

 
$
25,638

 
$
—

 
$
—

 
$
11,848

 
$
11,848

 
$
—

 
$
—

Trading securities
5,808

 
5,808

 
—

 
—

 
7,909

 
7,909

 
—

 
—

Available-for-sale securities in short-term investments
37

 
37

 
—

 
—

 
102

 
102

 
—

 
—

Available-for-sale securities in other assets
1,107

 
1,107

 
—

 
—

 
—

 
—

 
—

 
—

Forward foreign currency exchange contracts
1

 
—

 
1

 
—

 
537

 
—

 
537

 
—

Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Forward foreign currency exchange contracts
$
324

 
$
—

 
$
324

 
$
—

 
$
170

 
$
—

 
$
170

 
$
—

Acquisition-related contingent consideration
3,065

 
—

 
—

 
3,065

 
8,450

 
—

 
—

 
8,450

Schedule of realized and unrealized gains and losses for changes in fair value of financial instruments 
The following table summarizes the realized and unrealized gains and losses recorded in “Other income, net” in the Consolidated Statements of Operations for the changes in the fair value of its financial instruments for trading securities and forward foreign currency contracts:  
 
Fiscal Years Ended November 30,
 
2011
 
2010
 
2009
Realized losses
$
(1,575
)
 
$
(2,255
)
 
$
(7,986
)
Unrealized gain (loss)
(1,318
)
 
623

 
(382
)
Total realized and unrealized losses
$
(2,893
)
 
$
(1,632
)
 
$
(8,368
)
 
Schedule of assets and liabilities not carried at fair value 
The following table presents the assets and liabilities that are not carried at fair value as of November 30, 2011 and November 30, 2010:
 
As of November 30, 2011
 
As of November 30, 2010
 
Carrying
Value
 
Fair Value
 
Carrying
Value
 
Fair Value
Cost method investments in short-term investments
$
2,329

 
$
3,898

 
$
2,498

 
$
3,878

Long-term accounts receivable
5,853

 
5,853

 
6,539

 
6,539

SYNNEX Canada term loan
9,118

 
9,118

 
9,677

 
9,677

Long-term Infotec Japan credit facility
77,290

 
77,290

 
—

 
—

Infotec Japan term loans
15,136

 
15,136

 
—

 
—

Convertible debt
136,163

 
165,386

 
131,289

 
168,821

ACCOUNTS RECEIVABLE ARRANGEMENTS: (Tables)
Schedule of net sales financed through the flooring agreements and flooring fees incurred
The following table summarizes the net sales financed through the flooring agreements and the flooring fees incurred: 
 
Fiscal Years Ended November 30,
 
2011
 
2010
 
2009
Net sales financed
$
745,657

 
$
665,024

 
$
678,380

Flooring fees(1)
3,349

 
2,857

 
3,331

____________________________________
(1)
Flooring fees are included within “Interest expense and finance charges, net.”
BORROWINGS: (Tables)
Schedule of borrowings 
Borrowings consist of the following: 
 
As of November 30
 
2011
 
2010
 
 
 
 
Convertible debt
$
136,163

 
$
131,289

SYNNEX U.S. securitization
64,500

 
209,100

SYNNEX Canada revolving line of credit
27,285

 
36,240

SYNNEX Canada term loan
9,118

 
9,677

Infotec Japan credit facility
128,816

 
—

Infotec Japan term loans and other borrowings
17,140

 
—

Total borrowings
383,022

 
386,306

Less: Current portion
(159,200
)
 
(245,973
)
Non-current portion
$
223,822

 
$
140,333

Schedule of future principal payments 
Future principal payments under the above loans and capital leases as of November 30, 2011 are as follows: 
Fiscal Years Ending November 30,
 
2012
$
159,200

2013
79,377

2014
1,128

2015
936

2016
854

Thereafter
5,364

 
$
246,859

CONVERTIBLE DEBT: (Tables)
Schedule of convertible debt
 
As of November 30,
  
2011
 
2010
 
 
 
 
Principal amount
$
143,750

 
$
143,750

Less: Unamortized debt discount
(7,587
)
 
(12,461
)
Net carrying amount
$
136,163

 
$
131,289

NET INCOME PER COMMON SHARE: (Tables)
Schedule of basic and diluted net income per common share
The following table sets forth the computation of basic and diluted net income per common share for the periods indicated: 
 
Fiscal Years Ended November 30,
 
2011
 
2010
 
2009
Amounts attributable to SYNNEX Corporation:
 
 
 
 
 
Income from continuing operations, net of tax
$
150,331

 
$
116,538

 
$
85,758

Discontinued operations:
 
 
 
 
 
Income from discontinued operations, net of tax
—

 
59

 
3,909

Gain on sale of discontinued operations, net of tax
—

 
11,351

 
—

Net income attributable to SYNNEX Corporation
$
150,331

 
$
127,948

 
$
89,667

Weighted-average common shares - basic
35,830

 
34,737

 
32,711

Effect of dilutive securities:
 
 
 
 
 
Stock options, restricted stock awards and restricted stock units
735

 
1,020

 
1,302

Conversion spread of convertible debt
268

 
—

 
—

Weighted-average common shares - diluted
36,833

 
35,757

 
34,013

Earnings per share attributable to SYNNEX Corporation:
 
 
 
 
 
Basic:
 
 
 
 
 
Income from continuing operations
$
4.20

 
$
3.35

 
$
2.62

Discontinued operations
—

 
0.33

 
0.12

Net income per common share - basic
$
4.20

 
$
3.68

 
$
2.74

Diluted:
 
 
 
 
 
Income from continuing operations
$
4.08

 
$
3.26

 
$
2.53

Discontinued operations
—

 
0.32

 
0.11

Net income per common share - diluted
$
4.08

 
$
3.58

 
$
2.64

RELATED PARTY TRANSACTIONS: (Tables)
Schedule of beneficial ownership of company's common stock by related party
As noted above, MiTAC International and its affiliates in the aggregate beneficially owned approximately 29% of the Company’s common stock as of November 30, 2011. These shares are owned by the following entities:  
 
As of November 30, 2011
MiTAC International(1)
6,158

Synnex Technology International Corp.(2)
4,427

Total
10,585

_____________________________________
(1)
Shares are held via Silver Star Developments Ltd., a wholly-owned subsidiary of MiTAC International. Excludes 589 shares (of which 379 shares are directly held and 210 shares are subject to exercisable options) held by Matthew Miau.
(2)
Synnex Technology International Corp. ("Synnex Technology International") is a separate entity from the Company and is a publicly-traded corporation in Taiwan. Shares are held via Peer Development Ltd., a wholly-owned subsidiary of Synnex Technology International. MiTAC International owns a noncontrolling interest of 8.7% in MiTAC Incorporated, a privately-held Taiwanese company, which in turn holds a noncontrolling interest of 13.9% in Synnex Technology International. Neither MiTAC International nor Mr. Miau is affiliated with any person(s), entity, or entities that hold a majority interest in MiTAC Incorporated
SEGMENT INFORMATION: (Tables)
Schedule of summarized financial information related to Company's reportable business segments 
Summarized financial information related to the Company’s reportable business segments for fiscal years 2011, 2010, and 2009 is shown below:
 
Distribution
 
GBS
 
Inter-Segment
Elimination
 
Consolidated
Fiscal Year Ended November 30, 2009:
 
 
 
 
 
 
 
Revenue
$
7,639,094

 
$
101,138

 
$
(21,035
)
 
$
7,719,197

Income from continuing operations before non-operating items, income taxes and noncontrolling interest
137,724

 
11,925

 
—

 
149,649

Depreciation and amortization expense
11,980

 
5,823

 
—

 
17,803

Total assets
2,002,750

 
184,667

 
(87,507
)
 
2,099,910

Fiscal Year Ended November 30, 2010:
 
 
 
 
 
 
 
Revenue
$
8,526,309

 
$
112,380

 
$
(24,548
)
 
$
8,614,141

Income from continuing operations before non-operating items, income taxes and noncontrolling interest
187,478

 
11,672

 
—

 
199,150

Depreciation and amortization expense
10,846

 
5,439

 
—

 
16,285

Total assets
2,409,998

 
224,677

 
(134,814
)
 
2,499,861

Fiscal Year Ended November 30, 2011:
 
 
 
 
 
 
 
Revenue
$
10,275,295

 
$
163,376

 
$
(28,831
)
 
$
10,409,840

Income from continuing operations before non-operating items, income taxes and noncontrolling interest
237,322

 
18,906

 
—

 
256,228

Depreciation and amortization expense
16,120

 
8,553

 
—

 
24,673

Total assets
2,737,600

 
295,600

 
(199,905
)
 
2,833,295

Schedule of summarized financial information related to the georgraphic areas 
Shown below is summarized financial information related to the geographic areas in which the Company operated in fiscal years 2011, 2010, and 2009:
 
Fiscal Years Ended November 30,
 
2011
 
2010
 
2009
Revenue
 
 
 
 
 
North America
$
9,029,574

 
$
8,467,173

 
$
7,570,604

Asia-Pacific
1,283,609

 
67,124

 
61,448

Other
96,657

 
79,844

 
87,145

 
$
10,409,840

 
$
8,614,141

 
$
7,719,197

 
As of November 30,
 
2011
 
2010
Long-lived assets
 
 
 
North America
$
105,318

 
$
84,666

Asia-Pacific
34,974

 
15,591

Other
22,313

 
11,896

 
$
162,605

 
$
112,153

ACQUISITIONS AND DIVESTITURES: (Tables)
Schedule of preliminary purchase price allocation 
The purchase price allocation based on the fair value of the assets acquired and liabilities assumed is as follows:
 
Fair Value         
Purchase consideration:
 
Cash payment
$
5,888

Contribution from noncontrolling interest
2,504

 
$
8,392

Allocation:

Cash
$
1,371

Accounts receivable
178,384

Receivable from vendors
8,525

Inventories
84,553

Other current assets
2,119

Property, plant and equipment
5,521

Goodwill
18,453

Intangible assets(1)
9,103

Other long-term assets
4,398

Short-term borrowings
(103,646
)
Accounts payable
(161,228
)
Accrued liabilities
(15,151
)
Long-term borrowings
(2,088
)
Other long-term liabilities
(21,922
)
 
$
8,392

(1) Intangibles will be amortized over a period of 3-10 years. 
Schedule of pro forma results 
The pro forma results contained in the table below include pro forma adjustments for amortization of acquired intangibles and depreciation expense.
 
 
Fiscal Years Ended November 30,
 
 
2011
 
2010
 
2009
Revenue
 
$
10,409,840

 
$
9,768,305

 
$
8,957,546

Net income attributable to SYNNEX Corporation
 
150,331

 
117,486

 
81,374

Net income from continuing operations per share - basic
 
$
4.20

 
$
3.38

 
$
2.49

Net income from continuing operations per share - diluted
 
$
4.08

 
$
3.29

 
$
2.39

DISCONTINUED OPERATIONS: (Tables)
Schedule of results of operations of HiChina Web Solutions
The following table shows the results of operations of HiChina Web Solutions for fiscal years 2010 and 2009 which are included in the earnings from discontinued operations:
 
Fiscal Years Ended November 30,
 
2010*
 
2009
Revenue
$
2,959

 
$
37,081

Cost of revenue
(1,706
)
 
(16,078
)
Gross profit
1,253

 
21,003

Selling, general and administrative expenses
(1,199
)
 
(15,736
)
Income from operations before non-operating items, income taxes and noncontrolling interest
54

 
5,267

Interest income, net
17

 
413

Other income (expense), net
5

 
(7
)
Income before income taxes and noncontrolling interest
76

 
5,673

Provision for income taxes
(1
)
 
(474
)
Income from discontinued operations
75

 
5,199

Income from discontinued operations attributable to noncontrolling interest
(16
)
 
(1,290
)
Income from discontinued operations attributable to SYNNEX Corporation
$
59

 
$
3,909

_______________________________ 
* Includes the results of operations from December 1, 2009 to the disposition date of December 28, 2009.
RESTRUCTURING CHARGES: (Tables)
Schedule of accrued charges for remaining lease obligations
In fiscal year 2007, in connection with the acquisition of the Redmond Group of Companies (“RGC”), the Company announced a restructuring program in Canada. During fiscal years 2010 and 2009, the Company accrued charges for the remaining lease obligations on the RGC facility. The charges are included in “Selling, general and administrative expenses” in the Statements of Operations and are in the distribution segment. These lease obligations were completed in June 2011.
 
Facility and
Exit Costs
Balance of accrual as of November 30, 2009
$
557

Additional accrual
807

Cash payments
(734
)
Non-cash charges
—

Balance of accrual as of November 30, 2010
630

Additional accrual
—

Cash payments
(630
)
Non-cash charges
—

Balance of accrual as of November 30, 2011
$
—

COMMITMENTS AND CONTINGENCIES: (Tables)
Schedule of future minimum rental obligations under non-cancellable lease agreements
Future minimum rental obligations under non-cancellable lease agreements as of November 30, 2011 were as follows:
Fiscal Years Ending November 30,
 
2012
$
21,970

2013
17,248

2014
9,763

2015
6,121

2016
3,242

thereafter
11,566

Total minimum lease payments
$
69,910

 
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (Principles of consolidation and Segment reporting) (Details)
12 Months Ended
Nov. 30, 2011
years
months
reportingunits
segments
customers
Consolidation, Less than Wholly Owned Subsidiary, parent Ownership Interest, Effects of Changes, Net [Line Items]
 
Percentage of assets and liabilities of majority-owned subsidiaries included in consolidated financial statements
100.00% 
Number of segments
2 
Minimum [Member]
 
Consolidation, Less than Wholly Owned Subsidiary, parent Ownership Interest, Effects of Changes, Net [Line Items]
 
Equity method investment, percentage of ownership
20.00% 
Cost method investment, percentage of ownership
20.00% 
Maximum [Member]
 
Consolidation, Less than Wholly Owned Subsidiary, parent Ownership Interest, Effects of Changes, Net [Line Items]
 
Equity method investment, percentage of ownership
50.00% 
Cost method investment, percentage of ownership, exercise significant influence
20.00% 
Cost method investment, percentage of ownership
50.00% 
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (Cash and Cash Equivalent, Restricted Cahs, Investments) (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Nov. 30, 2011
years
months
reportingunits
segments
customers
Nov. 30, 2010
Restricted Cash and Cash Equivalents Items [Line Items]
 
 
Total restricted cash
$ 31,217 
$ 17,472 
Cash equivalents, maximum maturity period (in months)
3 
 
Minimum [Member]
 
 
Restricted Cash and Cash Equivalents Items [Line Items]
 
 
Held-to-maturity investments, maturity range (in months and years)
3 
 
Maximum [Member]
 
 
Restricted Cash and Cash Equivalents Items [Line Items]
 
 
Held-to-maturity investments, maturity range (in months and years)
1 
 
Other Current Assets [Member]
 
 
Restricted Cash and Cash Equivalents Items [Line Items]
 
 
Related to borrowing arrangements and others:
28,279 
11,865 
Related to long-term projects:
0 
3,153 
Other Assets, Balance Sheet Disclosure [Member]
 
 
Restricted Cash and Cash Equivalents Items [Line Items]
 
 
Related to long-term projects:
$ 2,938 
$ 2,454 
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (Property, Plant and Equipment) (Details)
12 Months Ended
Nov. 30, 2011
years
Equipment and Furniture [Member]
 
Property, Plant and Equipment [Line Items]
 
Property and equipment, estimated useful life, minimum
3 
Property and equipment, estimated useful life, maximum
10 
Software [Member]
 
Property, Plant and Equipment [Line Items]
 
Property and equipment, estimated useful life, minimum
3 
Property and equipment, estimated useful life, maximum
7 
Leasehold Improvements [Member]
 
Property, Plant and Equipment [Line Items]
 
Property and equipment, estimated useful life, minimum
2 
Property and equipment, estimated useful life, maximum
15 
Buildings [Member]
 
Property, Plant and Equipment [Line Items]
 
Property and equipment, estimated useful life, minimum
16 
Property and equipment, estimated useful life, maximum
40 
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (Goodwill and Intangible Assets) (Details)
12 Months Ended
Nov. 30, 2011
years
months
reportingunits
segments
customers
Finite-Lived Intangible Assets [Line Items]
 
Number of reporting units
2 
Customer Lists [Member]
 
Finite-Lived Intangible Assets [Line Items]
 
Intangible assets amortization period, minimum
4 
Intangible assets amortization period, maximum
10 
Vendor Lists [Member]
 
Finite-Lived Intangible Assets [Line Items]
 
Intangible assets amortization period, minimum
4 
Intangible assets amortization period, maximum
10 
Other Intangible Assets [Member]
 
Finite-Lived Intangible Assets [Line Items]
 
Intangible assets amortization period, minimum
1 
Intangible assets amortization period, maximum
10 
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (Concentration of Credit Risk and Revenue Recognition) (Details)
12 Months Ended
Nov. 30,
2011
years
months
reportingunits
segments
customers
2010
customers
2009
customers
Concentration Risk [Line Items]
 
 
 
Number of customers accounted for 10% of total revenue
0 
1 
0 
Number of customers exceeded 10% of total consolidated accounts receivable balance
0 
1 
 
Percent of revenue recorded on net basis
4.00% 
4.00% 
 
Largest concentration of revenue compared to total company revenue [Member]
 
 
 
Concentration Risk [Line Items]
 
 
 
Concentration risk as percentage of total
 
11.00% 
 
Largest concentration of revenue compared to total company revenue [Member] |
Hewlett-Packard Company [Member]
 
 
 
Concentration Risk [Line Items]
 
 
 
Concentration risk as percentage of total
35.00% 
38.00% 
36.00% 
Largest concentration of A/R compared to total company A/R [Member]
 
 
 
Concentration Risk [Line Items]
 
 
 
Concentration risk as percentage of total
 
16.00% 
 
STOCKHOLDERS' EQUITY: (Details) (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Nov. 30,		 12 Months Ended
Nov. 30,		 12 Months Ended
Nov. 30,		 12 Months Ended
Nov. 30,		 12 Months Ended
Nov. 30,
Nov. 30, 2011
Nov. 30, 2010
Nov. 30, 2009
Nov. 30, 2008
Nov. 30, 2003
2003 Stock Incentive Plan [Member]
2003
2003 Stock Incentive Plan [Member]
Stock Options [Member]
years
2003
2003 Stock Incentive Plan [Member]
Restricted Stock [Member]
2003
2003 Stock Incentive Plan [Member]
Director [Member]
Nov. 30, 2003
2003 Stock Incentive Plan [Member]
Director [Member]
Initial Option [Member]
Nov. 30, 2003
2003 Stock Incentive Plan [Member]
Director [Member]
Annual Option [Member]
2003
2003 Stock Incentive Plan [Member]
Calendar year [Member]
2003
2003 Stock Incentive Plan [Member]
First calendar year of service [Member]
2003
Amended and Restated 2003 Stock Incentive Plan, on and after January 4, 2007 [Member]
Stock Options [Member]
Director [Member]
Jan. 4, 2007
Amended and Restated 2003 Stock Incentive Plan, on and after January 4, 2007 [Member]
Stock Options [Member]
Director [Member]
Initial Option [Member]
2003
Amended and Restated 2003 Stock Incentive Plan, on and after January 4, 2007 [Member]
Stock Options [Member]
Director [Member]
First Anniversary Date [Member]
2003
Amended and Restated 2003 Stock Incentive Plan, on and after January 4, 2007 [Member]
Restricted Stock [Member]
Director [Member]
Jan. 4, 2007
Amended and Restated 2003 Stock Incentive Plan, on and after January 4, 2007 [Member]
Restricted Stock [Member]
Director [Member]
Initial Option [Member]
Jan. 4, 2007
Amended and Restated 2003 Stock Incentive Plan, on and after January 4, 2007 [Member]
Restricted Stock [Member]
Director [Member]
Annual Option [Member]
12 Months Ended
Nov. 30, 2003
Amended and Restated 2003 Stock Incentive Plan, on and after January 4, 2007 [Member]
Restricted Stock [Member]
Director [Member]
Annual Anniversary Date [Member]
1 Months Ended
Jan. 31, 2007
Amended and Restated 2003 Stock Incentive Plan, on and after January 4, 2007 [Member]
Director [Member]
2011
Minimum [Member]
Amended and Restated 2003 Stock Incentive Plan, after November 21, 2008 [Member]
Stock Options, Incentive [Member]
Director [Member]
2011
Minimum [Member]
Amended and Restated 2003 Stock Incentive Plan, after November 21, 2008 [Member]
Stock Options, Nonstatutory [Member]
Director [Member]
Nov. 30, 2011
Amended and Restated 2003 Stock Incentive Plan, after November 21, 2008 [Member]
Nov. 30, 2010
Amended and Restated 2003 Stock Incentive Plan, after November 21, 2008 [Member]
12 Months Ended
Nov. 30, 2003
Amended and Restated 2003 Stock Incentive Plan, after November 21, 2008 [Member]
Restricted Stock [Member]
Director [Member]
Nov. 22, 2008
Amended and Restated 2003 Stock Incentive Plan, after November 21, 2008 [Member]
Restricted Stock [Member]
Director [Member]
Annual Option [Member]
Jan. 5, 2011
Amended and Restated 2003 Stock Incentive Plan, after January 4, 2011 [Member]
Stock Options [Member]
Director [Member]
Initial Option [Member]
Jan. 5, 2011
Amended and Restated 2003 Stock Incentive Plan, after January 4, 2011 [Member]
Restricted Stock [Member]
Director [Member]
Initial Option [Member]
Jan. 5, 2011
Amended and Restated 2003 Stock Incentive Plan, after January 4, 2011 [Member]
Restricted Stock [Member]
Director [Member]
Annual Option [Member]
2011
Employee stock purchase plan [Member]
2010
Employee stock purchase plan [Member]
2003
Employee stock purchase plan [Member]
Nov. 30, 2009
Employee stock purchase plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of shares authorized
 
 
 
 
14,120,000 
 
 
 
25,000 
5,000 
 
 
 
10,000 
 
 
2,000 
2,000 
 
 
 
 
 
 
 
2,000 
10,000 
 
 
 
 
500,000 
750,000 
Value of restricted shares authorized
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 90 
$ 90 
 
 
 
 
Maximum number of awards per participant per period
 
 
 
 
 
 
 
 
 
 
1,500,000 
2,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,250 
 
Awards vesting period
 
 
 
 
 
5 years 
5 years 
 
 
 
 
 
2 years 
 
 
3 years 
 
 
 
 
 
 
 
 
1 year 
 
 
 
 
 
 
 
 
Awards contractual term
 
 
 
 
 
10 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercise price as percentage of fair market value on grant date
 
 
 
 
 
 
 
100.00% 
 
 
 
 
 
 
 
 
 
 
 
100.00% 
100.00% 
85.00% 
 
 
 
 
 
 
 
 
 
 
 
Vesting rate as percentage of total award
 
 
 
 
 
 
 
 
 
 
 
 
 
 
33.33% 
 
 
 
33.33% 
 
 
 
 
 
25.00% 
 
 
 
 
 
 
 
 
Number of options Outstanding
1,707,000 
2,120,000 
3,729,000 
5,044,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,707,000 
2,120,000 
 
 
 
 
 
 
 
 
 
Number of options Exercisable
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,342,000 
1,725,000 
 
 
 
 
 
 
 
 
 
Participant purchase price discount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5.00% 
 
Number of offering periods in calendar year
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4 
 
Maximum purchase limit
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 10 
 
Weighted-average grant-date fair value per share
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 1.88 
$ 2.57 
 
 
STOCKHOLDERS' EQUITY: (2003 Employee Stock Purchase Program) (Details) (Employee stock purchase plan [Member], USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Nov. 30,
2011
2010
2009
2003
months
Employee stock purchase plan [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Employee stock purchase plan, increase in number of shares authorized
 
 
250,000 
 
Number of shares authorized
 
 
750,000 
500,000 
Participant purchase price discount
 
 
 
5.00% 
Number of offering periods in calendar year
 
 
 
4 
Duration of offering periods (in months)
 
 
 
3 
Maximum number of awards per participant per period
 
 
 
1,250 
Maximum purchase limit
 
 
 
$ 10 
Weighted-average grant-date fair value per share
$ 1.88 
$ 2.57 
 
 
STOCKHOLDERS' EQUITY: Share Repurchase Program (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
1 Months Ended
Jun. 30, 2011
years
3 Months Ended
Nov. 30, 2011
Equity, Class of Treasury Stock [Line Items]
 
 
Share repurchase program, period in force (in years)
3 
 
Share repurchase program, authorized amount
$ 65,000 
 
Share repurchase program, number of shares purchased
 
62 
Share repurchase program, weighted average price
 
$ 26.89 
SHARE-BASED COMPENSATION: Share-based Compensation Expense (Details) (USD $)
In Thousands
12 Months Ended
Nov. 30,
2011
2010
2009
Share-based Compensation [Abstract]
 
 
 
Total share-based compensation
$ 7,993 
$ 8,725 
$ 8,193 
Tax effect on share-based compensation
(2,755)
(3,180)
(2,763)
Net effect on net income
5,238 
5,545 
4,802 
Founder and former Chairman [Member]
 
 
 
Share-based Compensation [Abstract]
 
 
 
One time recognition of costs
 
1,005 
 
Continuing Operations [Member]
 
 
 
Share-based Compensation [Abstract]
 
 
 
Total share-based compensation
7,993 
8,725 
7,565 
Continuing Operations [Member] |
Employee stock options [Member]
 
 
 
Share-based Compensation [Abstract]
 
 
 
Total share-based compensation
1,527 
2,759 
2,730 
Continuing Operations [Member] |
Restricted Stock [Member]
 
 
 
Share-based Compensation [Abstract]
 
 
 
Total share-based compensation
6,388 
5,889 
4,735 
Continuing Operations [Member] |
Employee stock purchase plan [Member]
 
 
 
Share-based Compensation [Abstract]
 
 
 
Total share-based compensation
$ 78 
$ 77 
$ 100 
SHARE-BASED COMPENSATION: Valuation Assumptions (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Nov. 30,
2011
2010
2009
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
 
 
 
Shares Available for Grant, Beginning Balance
1,869 
2,299 
2,569 
Options Outstanding, Number of Shares, Beginning Balance
2,120 
3,729 
5,044 
Options Outstanding, Weighted Average Exercise Price, Beginning Balance
$ 17.08 
$ 13.37 
$ 11.89 
Restricted stock granted, Shares Available For Grant
(244)
(267)
(211)
Restricted stock cancelled/forfeited, Shares Available For Grant
25 
38 
32 
Options granted
135 
123 
157 
Options granted, Weighted-Average Exercise Price Per Share
$ 26.98 
$ 28.52 
$ 27.31 
Options exercised
(531)
(1,710)
(1,406)
Options exercised, Weighted-Average Exercise Price Per Share
$ 11.87 
$ 9.93 
$ 9.41 
Options forfeitures
17 
22 
66 
Options forfeitures, Weighted-Average Exercise Price Per Share
$ 12.18 
$ 7.14 
$ 18.11 
Shares Available for Grant, Ending Balance
1,522 
1,869 
2,299 
Options Outstanding, Number of Shares, Ending Balance
1,707 
2,120 
3,729 
Options Outstanding, Weighted Average Exercise Price, Ending Balance
$ 19.52 
$ 17.08 
$ 13.37 
Stock option plan [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
 
 
 
Expected life (years)
5.9 
5.6 
5.7 
Risk free interest rate
1.11% 
1.26% 
2.57% 
Expected volatility
41.14% 
41.97% 
43.55% 
Dividend yield
0.00% 
0.00% 
0.00% 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
 
 
 
Options granted
135 
123 
157 
Stock purchase plan [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
 
 
 
Expected life (years)
0.3 
0.3 
0.3 
Risk free interest rate
0.02% 
0.16% 
0.10% 
Expected volatility
33.15% 
32.43% 
65.13% 
Dividend yield
0.00% 
0.00% 
0.00% 
Restricted stock [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
 
 
 
Restricted stock granted, Shares Available For Grant
(244)
(267)
(211)
Restricted stock cancelled/forfeited, Shares Available For Grant
25 
38 
32 
Restricted stock units [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
 
 
 
Restricted stock granted, Shares Available For Grant
(10)
(100)
 
SHARE-BASED COMPENSATION: Employee Stock Options (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Nov. 30,
2011
2010
2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Number of options granted
135 
123 
157 
Aggregate pre-tax intrinsic value of options outstanding
$ 16,947 
 
 
Closing stock price
$ 29.35 
 
 
Aggregate pre-tax intrinsic value of vested and exercisable options outstanding
15,675 
 
 
Intrinsic value of options exercised
9,375 
32,504 
20,839 
Cash received from exercise of options
6,290 
16,980 
13,221 
Stock Incentive Plan, 2003, Amended and Restated, November 21, 2008 [Member] |
Employee stock options [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Unamortized share-based compensation related to nonvested stock options
$ 3,911 
 
 
Estimated weighted-average amortization period (in years)
3.49 
 
 
Employee stock options [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Number of options granted
135 
123 
157 
Weighted-average grant-date fair value per share
$ 10.68 
$ 12.02 
$ 11.28 
SHARE-BASED COMPENSATION: Exercise Prices Per Share (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Nov. 30, 2011
years
months
reportingunits
segments
customers
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
 
Range of Exercise Prices Per Share, Lower Range Limit
$ 9 
Range of Exercise Prices Per Share, Upper Range Limit
$ 30.96 
Shares, Options Outstanding
1,707 
Weighted-Average Life (Years), Options Outstanding
4.95 
Weighted-Average Exercise Price, Options Outstanding
$ 19.52 
Shares, Options Vested and Exercisable
1,342 
Weighted-Average Life (Years), Options Vested and Exercisable
4.01 
Weighted-Average Exercise Price, Options Vested and Exercisable
$ 17.73 
$9.00 - $10.00 [Member]
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
 
Range of Exercise Prices Per Share, Lower Range Limit
$ 9 
Range of Exercise Prices Per Share, Upper Range Limit
$ 10 
Shares, Options Outstanding
61 
Weighted-Average Life (Years), Options Outstanding
0.83 
Weighted-Average Exercise Price, Options Outstanding
$ 10 
Shares, Options Vested and Exercisable
61 
Weighted-Average Life (Years), Options Vested and Exercisable
0.83 
Weighted-Average Exercise Price, Options Vested and Exercisable
$ 10 
$12.00 - $15.54 [Member]
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
 
Range of Exercise Prices Per Share, Lower Range Limit
$ 12 
Range of Exercise Prices Per Share, Upper Range Limit
$ 15.54 
Shares, Options Outstanding
272 
Weighted-Average Life (Years), Options Outstanding
1.74 
Weighted-Average Exercise Price, Options Outstanding
$ 12.15 
Shares, Options Vested and Exercisable
272 
Weighted-Average Life (Years), Options Vested and Exercisable
1.74 
Weighted-Average Exercise Price, Options Vested and Exercisable
$ 12.15 
$16.10 - $17.17 [Member]
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
 
Range of Exercise Prices Per Share, Lower Range Limit
$ 16.10 
Range of Exercise Prices Per Share, Upper Range Limit
$ 17.17 
Shares, Options Outstanding
403 
Weighted-Average Life (Years), Options Outstanding
3.24 
Weighted-Average Exercise Price, Options Outstanding
$ 16.50 
Shares, Options Vested and Exercisable
403 
Weighted-Average Life (Years), Options Vested and Exercisable
3.24 
Weighted-Average Exercise Price, Options Vested and Exercisable
$ 16.50 
$18.25 - $30.96 [Member]
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
 
Range of Exercise Prices Per Share, Lower Range Limit
$ 18.25 
Range of Exercise Prices Per Share, Upper Range Limit
$ 30.96 
Shares, Options Outstanding
971 
Weighted-Average Life (Years), Options Outstanding
6.82 
Weighted-Average Exercise Price, Options Outstanding
$ 23.44 
Shares, Options Vested and Exercisable
606 
Weighted-Average Life (Years), Options Vested and Exercisable
5.85 
Weighted-Average Exercise Price, Options Vested and Exercisable
$ 21.82 
SHARE-BASED COMPENSATION: Restricted Stock Awards and Restricted Stock Units (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Nov. 30,		 12 Months Ended
Nov. 30,
2011
2010
2009
2011
Stock Incentive Plan, 2003, Amended and Restated, November 21, 2008 [Member]
Restricted Stock Awards and Units (RSUs) [Member]
years
Nov. 30, 2011
Restricted Stock Awards and Units (RSUs) [Member]
Nov. 30, 2010
Restricted Stock Awards and Units (RSUs) [Member]
Nov. 30, 2009
Restricted Stock Awards and Units (RSUs) [Member]
Nov. 30, 2008
Restricted Stock Awards and Units (RSUs) [Member]
2011
Restricted Stock Units (RSUs) [Member]
2010
Restricted Stock Units (RSUs) [Member]
2011
Restricted Stock [Member]
2010
Restricted Stock [Member]
2009
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
 
Nonvested, Number of shares, Beginning Balance
 
 
 
 
779 
790 
760 
826 
 
 
 
 
 
Nonvested, Weighted-average, grant-date fair value per share, Beginning Balance
 
 
 
 
$ 23.13 
$ 25.78 
$ 24.60 
$ 20.25 
 
 
 
 
 
Awards/Units granted, Number of shares
244 
267 
211 
 
 
 
 
 
10 
100 
244 
267 
211 
Awards/Units granted, Weighted-average, grant-date fair value per share
 
 
 
 
 
 
 
 
$ 32.35 
$ 29.04 
$ 27.91 
$ 28.18 
$ 30.20 
Awards vested, Number of shares
 
 
 
 
 
 
 
 
 
 
(240)
(299)
(245)
Awards vested, Weighted-average, grant-date fair value per share
 
 
 
 
 
 
 
 
 
 
$ 24.51 
$ 22.21 
$ 15.30 
Awards cancelled/forfeited, Number of shares
(25)
(38)
(32)
 
 
 
 
 
 
 
(25)
(38)
(32)
Awards cancelled/forfeited, Weighted-average, grant-date fair value per share
 
 
 
 
 
 
 
 
 
 
$ 26.62 
$ 24.07 
$ 20.44 
Nonvested, Number of shares, Ending Balance
 
 
 
 
779 
790 
760 
826 
 
 
 
 
 
Nonvested, Weighted-average, grant-date fair value per share, Ending Balance
 
 
 
 
$ 23.13 
$ 25.78 
$ 24.60 
$ 20.25 
 
 
 
 
 
Unamortized share-based compensation related to nonvested restricted stock awards and stock units
 
 
 
$ 18,267 
 
 
 
 
 
 
 
 
 
Estimated weighted-average amortization period (in years)
 
 
 
3.59 
 
 
 
 
 
 
 
 
 
PENSION AND EMPLOYEE BENEFITS PLANS: (Benefit Obligations and Fair Value of Plan Assets) (Details) (SYNNEX Infotec Corporation [Member], Foreign Pension Plans, Defined Benefit [Member], USD $)
In Thousands
12 Months Ended
Nov. 30, 2011
Oct. 31, 2010
SYNNEX Infotec Corporation [Member] |
Foreign Pension Plans, Defined Benefit [Member]
 
 
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
 
 
Benefit obligation at beginning of year
 
$ 0 
Value at acquisition date
7,157 
 
Service cost
570 
 
Interest cost
148 
 
Benefits paid
(154)
 
Actuarial gain or loss
124 
 
Foreign exchange rate changes
593 
 
Benefit obligation at end of year
8,438 
0 
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
 
 
Fair value at the beginning of year
0 
 
Value at acquisition date
3,110 
 
Contribution paid by employer
748 
 
Contribution paid by participants
0 
 
Actual return on plan assets
5 
 
Benefits paid
(154)
 
Foreign exchange rate changes
268 
 
Fair value at the end of year
3,977 
 
Defined Benefit Plan, Funded Status of Plan [Abstract]
 
 
Plan underfunded amount
4,461 
 
Accumulated pension benefit obligation
$ 6,424 
 
PENSION AND EMPLOYEE BENEFITS PLANS: (Benefits to be Paid and Net Periodic Pension Costs) (Details) (USD $)
In Thousands
12 Months Ended
Nov. 30,
2011
2010
2009
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]
 
 
 
Changes in plan assets and benefit obligations, recognized in Accumulated other comprehensive incomes
$ (214)
$ 0 
$ 0 
SYNNEX Infotec Corporation [Member] |
Foreign Pension Plans, Defined Benefit [Member]
 
 
 
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
 
 
 
2012
157 
 
 
2013
160 
 
 
2014
145 
 
 
2015
155 
 
 
2016
165 
 
 
2017 - 2021
1,329 
 
 
Contribution to be made by company toward defined benefit plan in next fiscal year
830 
 
 
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]
 
 
 
Service cost
570 
 
 
Interest cost
148 
 
 
Expected return on plan assets
(89)
 
 
Amortization of transition asset or obligation
0 
 
 
Amortization of prior service cost
0 
 
 
Amortization of net (gain) or loss
0 
 
 
Curtailment and settlement (gains) or losses
0 
 
 
Net periodic pension costs
629 
 
 
Changes in plan assets and benefit obligations, recognized in Accumulated other comprehensive incomes
$ 214 
 
 
PENSION AND EMPLOYEE BENEFITS PLANS: (Weighted-average Assumptions and Fair Value of Assets) (Details) (SYNNEX Infotec Corporation [Member], USD $)
In Thousands, unless otherwise specified
12 Months Ended
Nov. 30, 2011
Nov. 30, 2010
Foreign Pension Plans, Defined Benefit [Member]
 
 
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
 
 
Discount rate
1.90% 
 
Average increase in compensation levels
3.00% 
 
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
 
 
Discount rate
2.00% 
 
Average increase in compensation levels
3.00% 
 
Expected return on plan assets
2.50% 
 
Defined Benefit Plan, Funded Status of Plan [Abstract]
 
 
Fair value of plan assets
$ 3,977 
$ 0 
Foreign Pension Plans, Defined Benefit [Member] |
Cash equivalents [Member] |
Level 1 [Member]
 
 
Defined Benefit Plan, Funded Status of Plan [Abstract]
 
 
Fair value of plan assets
32 
 
Foreign Pension Plans, Defined Benefit [Member] |
Equity and debt securities [Member] |
Level 2 [Member]
 
 
Defined Benefit Plan, Funded Status of Plan [Abstract]
 
 
Fair value of plan assets
165 
 
Foreign Pension Plans, Defined Benefit [Member] |
Life insurance company general accounts [Member] |
Level 2 [Member]
 
 
Defined Benefit Plan, Funded Status of Plan [Abstract]
 
 
Fair value of plan assets
3,780 
 
Multiemployer Plans, Defined Benefit [Member]
 
 
Multiemployer Plans [Abstract]
 
 
Company's contribution to multiemployer plan
$ 1,117 
 
PENSION AND EMPLOYEE BENEFITS PLANS: (401k Plan) (Details) (Plan [Member], USD $)
In Thousands
12 Months Ended
Nov. 30,
2011
2010
2009
Plan [Member]
 
 
 
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract]
 
 
 
Discretionary contributions under 401(k) Plan
$ 1,145 
$ 852 
$ 734 
DEFERRED COMPENSATION PLAN: (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Nov. 30,
2011
2010
2009
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
 
 
 
Minimum age requirement for distribution (in years)
65 
 
 
Distribution of benefits period (in years)
15 
 
 
Early distribution, other than hardship, withdrawal penalty
10.00% 
 
 
Deferred compensation liability balances
$ 13,872 
$ 16,737 
 
Equity Securities, Hedge Funds and Private Equity Funds [Member]
 
 
 
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
 
 
 
Deferred compensation liability balances
8,137 
10,407 
 
Recorded gain (loss) on investments
$ (1,101)
$ 176 
$ 2,670 
INCOME TAXES: (Details) (USD $)
In Thousands
12 Months Ended
Nov. 30,
2011
2010
2009
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract]
 
 
 
United States
$ 184,768 
$ 142,972 
$ 96,331 
Foreign
44,950 
40,614 
38,322 
Income from continuing operations before income taxes and noncontrolling interest
229,718 
183,586 
134,653 
Current tax provision:
 
 
 
Federal
49,937 
50,411 
35,158 
State
11,140 
9,883 
6,438 
Foreign
9,543 
8,217 
8,415 
Current tax provision
70,620 
68,511 
50,011 
Deferred tax provision (benefit):
 
 
 
Federal
9,735 
(2,237)
(918)
State
(1,186)
(329)
(292)
Foreign
(4)
965 
227 
Deferred tax provision (benefit)
8,545 
(1,601)
(983)
Total tax provision
$ 79,165 
$ 66,910 
$ 49,028 
INCOME TAXES: (Deferred Tax Assets) (Details) (USD $)
In Thousands
12 Months Ended
Nov. 30, 2011
Nov. 30, 2010
Deferred Tax Assets (Liabilities), Net [Abstract]
 
 
Deferred tax assets- current
$ 28,241 
$ 33,063 
Deferred tax assets- non-current
590 
605 
Deferred tax liabilities- current
(500)
(294)
Deferred tax liabilities- non-current
(8,086)
(3,262)
Total net deferred tax assets
20,245 
30,112 
Assets:
 
 
Inventory reserves
7,448 
9,182 
Allowance for doubtful accounts and sales return reserves
8,303 
10,155 
Other reserves and accruals
7,995 
8,765 
State tax deduction
1,782 
460 
Deferred compensation
5,846 
4,880 
Net operating losses
15,902 
10,532 
Foreign tax credit
2,383 
2,516 
Share-based compensation expense
3,143 
4,225 
Unrealized losses on investments
1,758 
1,119 
Other
386 
458 
Gross deferred tax assets
54,946 
52,292 
Valuation allowance
(7,989)
(3,862)
Total deferred tax assets
46,957 
48,430 
Liabilities:
 
 
Depreciation and amortization
(5,423)
(2,781)
Convertible debt interest
(12,737)
(11,383)
Deferred Revenue
(117)
(86)
Intangible assets
(8,435)
(4,068)
Total deferred tax liabilities
26,712 
18,318 
Total net deferred tax assets
20,245 
30,112 
Increase in valuation allowance
$ 4,127 
 
INCOME TAXES: (Reconciliation) (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Nov. 30,
2011
2010
2009
Income Tax Contingency [Line Items]
 
 
 
Cumulative undistributed earnings of foreign subsidiaries
$ 181,400 
 
 
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
 
 
 
Federal statutory income tax rate
35.00% 
35.00% 
35.00% 
State taxes, net of federal income tax benefit
2.60% 
3.50% 
2.90% 
Foreign taxes
(2.90%)
(1.90%)
(2.40%)
Other
(0.20%)
(0.20%)
0.90% 
Effective income tax rate
34.50% 
36.40% 
36.40% 
INCOME TAXES: (Carryforwards) (Details) (USD $)
In Thousands
Nov. 30, 2011
Infotec Japan [Member] |
Foreign Country [Member]
 
Operating Loss Carryforwards [Line Items]
 
Net operating loss carry forwards
$ 58,354 
Foreign Country [Member]
 
Operating Loss Carryforwards [Line Items]
 
Tax credit carry forwards
2,264 
Foreign Country [Member] |
UK subsidiaries [Member]
 
Operating Loss Carryforwards [Line Items]
 
Net operating loss carry forwards
2,455 
State and Local Jurisdiction [Member] |
Job credit [Member]
 
Operating Loss Carryforwards [Line Items]
 
Tax credit carry forwards
3,265 
Internal Revenue Service, and State and Local Jurisdiction [Member] |
Encover, Inc. [Member]
 
Operating Loss Carryforwards [Line Items]
 
Net operating loss carry forwards
$ 38,659 
INCOME TAXES: (Tax Holidays) (Details) (Foreign Country [Member], Diluted earnings per share [Member], USD $)
12 Months Ended
Nov. 30,
2011
2010
2009
Minimum [Member]
 
 
 
Income Tax Holiday [Line Items]
 
 
 
Estimated range of tax benefits from tax holidays on diluted earnings per share
$ 0.03 
$ 0.01 
$ 0.03 
Maximum [Member]
 
 
 
Income Tax Holiday [Line Items]
 
 
 
Estimated range of tax benefits from tax holidays on diluted earnings per share
$ 0.04 
$ 0.02 
$ 0.04 
INCOME TAXES: (Unrecognized Tax Benefits) (Details) (USD $)
In Thousands
12 Months Ended
Nov. 30,
2011
2010
2009
Income Tax Contingency [Line Items]
 
 
 
Unrecognized tax benefits that would affect effective tax rate if realized
$ 19,000 
 
 
Accrued income taxes payable related to accrued interest
1,303 
1,060 
 
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
 
 
 
Unrecognized tax benefits, beginning balance
10,514 
10,133 
8,362 
Additions based on tax positions related to the current year
2,113 
2,713 
1,462 
Additions for tax positions of prior years
8,043 
749 
309 
Reductions for tax positions of prior years
(397)
(185)
 
Settlements
 
(337)
 
Lapse of statue of limitations
(1,273)
(2,559)
 
Unrecognized tax benefits, ending balance
$ 19,000 
$ 10,514 
$ 10,133 
BALANCE SHEET COMPONENTS: (Details) (USD $)
In Thousands
Nov. 30, 2011
Nov. 30, 2010
Nov. 30, 2009
Nov. 30, 2008
Short-term investments
 
 
 
 
Short-term investments
$ 16,017 
$ 11,419 
 
 
Accounts receivable, net
 
 
 
 
Trade accounts receivable
1,196,394 
1,039,850 
 
 
Less: Allowance for doubtful accounts
(17,977)
(20,408)
(23,780)
(17,820)
Less: Allowance for sales returns
(35,475)
(32,525)
 
 
Accounts Receivable, Net, Current
1,142,942 
986,917 
 
 
Receivable from vendors, net
 
 
 
 
Receivables from vendors
154,911 
137,887 
 
 
Less: Allowance for doubtful accounts
(4,826)
(5,478)
(5,819)
(4,933)
Other Receivables, Net, Current
150,085 
132,409 
 
 
Property and equipment, net
 
 
 
 
Property and equipment, gross
232,304 
167,104 
 
 
Less: Accumulated depreciation
(107,147)
(75,109)
 
 
Property and equipment, net
125,157 
91,995 
 
 
Trading securities [Member]
 
 
 
 
Short-term investments
 
 
 
 
Short-term investments
5,808 
7,909 
 
 
Available-for-sale securities [Member]
 
 
 
 
Short-term investments
 
 
 
 
Short-term investments
37 
102 
 
 
Held-to-maturity securities [Member]
 
 
 
 
Short-term investments
 
 
 
 
Short-term investments
7,843 
910 
 
 
Cost-method investments [Member]
 
 
 
 
Short-term investments
 
 
 
 
Short-term investments
2,329 
2,498 
 
 
Land [Member]
 
 
 
 
Property and equipment, net
 
 
 
 
Property and equipment, gross
18,566 
14,246 
 
 
Equipment and computers [Member]
 
 
 
 
Property and equipment, net
 
 
 
 
Property and equipment, gross
95,149 
61,842 
 
 
Furniture and fixtures [Member]
 
 
 
 
Property and equipment, net
 
 
 
 
Property and equipment, gross
19,566 
9,746 
 
 
Building, leasehold improvements [Member]
 
 
 
 
Property and equipment, net
 
 
 
 
Property and equipment, gross
97,261 
81,119 
 
 
Construction in progress [Member]
 
 
 
 
Property and equipment, net
 
 
 
 
Property and equipment, gross
$ 1,762 
$ 151 
 
 
BALANCE SHEET COMPONENTS: (Allowance for Doubtful Receivables) (Details) (USD $)
In Thousands
12 Months Ended
Nov. 30,
Nov. 30, 2011
Nov. 30, 2010
Nov. 30, 2009
Nov. 30, 2008
2011
Allowance for doubtful trade receivables [Member]
2010
Allowance for doubtful trade receivables [Member]
2009
Allowance for doubtful trade receivables [Member]
2011
Allowance for doubtful vendor receivables [Member]
2010
Allowance for doubtful vendor receivables [Member]
2009
Allowance for doubtful vendor receivables [Member]
Allowance for doubtful trade receivables [Roll Forward]
 
 
 
 
 
 
 
 
 
 
Allowance for doubtful trade receivables, beginning balance
$ 17,977 
$ 20,408 
$ 23,780 
$ 17,820 
 
 
 
 
 
 
Additions
 
 
 
 
7,419 
6,614 
12,235 
1,317 
922 
995 
Write-offs and deductions
 
 
 
 
(9,850)
(9,986)
(6,275)
(1,969)
(1,263)
(109)
Allowance for doubtful trade receivables, ending balance
17,977 
20,408 
23,780 
17,820 
 
 
 
 
 
 
Allowance for doubtful vendor receivables [Roll Forward]
 
 
 
 
 
 
 
 
 
 
Allowance for doubtful vendor receivables, beginning balance
4,826 
5,478 
5,819 
4,933 
 
 
 
 
 
 
Additions
 
 
 
 
7,419 
6,614 
12,235 
1,317 
922 
995 
Write-offs and deductions
 
 
 
 
(9,850)
(9,986)
(6,275)
(1,969)
(1,263)
(109)
Allowance for doubtful vendor receivables, ending balance
$ 4,826 
$ 5,478 
$ 5,819 
$ 4,933 
 
 
 
 
 
 
BALANCE SHEET COMPONENTS: (Goodwill) (Details) (USD $)
In Thousands
12 Months Ended
Nov. 30,
2011
2010
Goodwill [Roll Forward]
 
 
Goodwill, Beginning balance
$ 139,580 
$ 107,563 
Goodwill additions during the period
44,108 
31,110 
Translation
1,624 
907 
Goodwill, Ending balance
185,312 
139,580 
Distribution [Member]
 
 
Goodwill [Roll Forward]
 
 
Goodwill, Beginning balance
89,031 
82,415 
Goodwill additions during the period
16,645 
5,410 
Translation
1,822 
1,206 
Goodwill, Ending balance
107,498 
89,031 
GBS [Member]
 
 
Goodwill [Roll Forward]
 
 
Goodwill, Beginning balance
50,549 
25,148 
Goodwill additions during the period
27,463 
25,700 
Translation
(198)
(299)
Goodwill, Ending balance
$ 77,814 
$ 50,549 
BALANCE SHEET COMPONENTS: (Intangible Assets) (Details) (USD $)
In Thousands
12 Months Ended
Nov. 30,
2011
2010
2009
Finite-Lived Intangible Assets, Net [Abstract]
 
 
 
Finite-Lived Intangible Assets, Gross
$ 92,349 
$ 75,464 
 
Finite-Lived Intangible Assets, Accumulated Amortization
(54,810)
(47,193)
 
Intangible Assets, Net (Excluding Goodwill)
37,539 
28,271 
 
Amortization of intangible assets
7,584 
5,096 
7,127 
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract]
 
 
 
2012
8,248 
 
 
2013
7,837 
 
 
2014
6,230 
 
 
2015
4,464 
 
 
2016
3,657 
 
 
thereafter
7,103 
 
 
Finite-Lived Intangible Assets, Future Amortization Expense
37,539 
 
 
Vendor lists [Member]
 
 
 
Finite-Lived Intangible Assets, Net [Abstract]
 
 
 
Finite-Lived Intangible Assets, Gross
36,815 
36,815 
 
Finite-Lived Intangible Assets, Accumulated Amortization
(27,104)
(25,564)
 
Intangible Assets, Net (Excluding Goodwill)
9,711 
11,251 
 
Customer lists [Member]
 
 
 
Finite-Lived Intangible Assets, Net [Abstract]
 
 
 
Finite-Lived Intangible Assets, Gross
51,088 
32,196 
 
Finite-Lived Intangible Assets, Accumulated Amortization
(23,879)
(18,005)
 
Intangible Assets, Net (Excluding Goodwill)
27,209 
14,191 
 
Other intangible assets [Member]
 
 
 
Finite-Lived Intangible Assets, Net [Abstract]
 
 
 
Finite-Lived Intangible Assets, Gross
4,446 
6,453 
 
Finite-Lived Intangible Assets, Accumulated Amortization
(3,827)
(3,624)
 
Intangible Assets, Net (Excluding Goodwill)
$ 619 
$ 2,829 
 
BALANCE SHEET COMPONENTS: (Accrued Liabilities) (Details) (USD $)
In Thousands
Nov. 30, 2011
Nov. 30, 2010
Accrued liabilities:
 
 
Payroll related accruals
$ 44,797 
$ 34,542 
Deferred compensation liability
1,891 
10,733 
Sales tax/Value-added-tax accrual
17,286 
7,517 
Vendor and other claims payable
21,404 
27,795 
Accrued customer rebate
15,958 
5,381 
Warranty accruals
1,286 
3,054 
Purchase price payable
0 
16,427 
Current deferred liabilities
9,847 
8,648 
Other accrued liabilities
59,757 
52,764 
Accrued Liabilities, Current
$ 172,226 
$ 166,861 
INVESTMENTS: (Details) (USD $)
In Thousands
12 Months Ended
Nov. 30,
2011
2010
2009
Marketable Securities, Current [Abstract]
 
 
 
Short-term investments, Cost Basis
$ 21,675 
$ 12,787 
 
Realized and unrealized loss on investments
(5,658)
(1,368)
 
Short-term investments, Carrying Value
16,017 
11,419 
 
Net Realized and Unrealized Gain (Loss) on Trading Securities [Abstract]
 
 
 
Realized and unrealized gain (loss) on trading investments
(211)
539 
2,670 
Other than Temporary Impairment Losses, Investments [Abstract]
 
 
 
Other-than-temporary loss on cost securities
0 
(363)
(53)
Other-than-temporary loss on available-for-sale securities
0 
(55)
(39)
Trading [Member]
 
 
 
Marketable Securities, Current [Abstract]
 
 
 
Short-term investments, Cost Basis
11,503 
9,324 
 
Realized and unrealized loss on investments
(5,695)
(1,415)
 
Short-term investments, Carrying Value
5,808 
7,909 
 
Available-for-sale [Member]
 
 
 
Marketable Securities, Current [Abstract]
 
 
 
Short-term investments, Cost Basis
0 
55 
 
Realized and unrealized loss on investments
37 
47 
 
Short-term investments, Carrying Value
37 
102 
 
Held-to-maturity [Member]
 
 
 
Marketable Securities, Current [Abstract]
 
 
 
Short-term investments, Cost Basis
7,843 
910 
 
Realized and unrealized loss on investments
0 
0 
 
Short-term investments, Carrying Value
7,843 
910 
 
Cost method securities [Member]
 
 
 
Marketable Securities, Current [Abstract]
 
 
 
Short-term investments, Cost Basis
2,329 
2,498 
 
Realized and unrealized loss on investments
0 
0 
 
Short-term investments, Carrying Value
2,329 
2,498 
 
Long-term investments in other assets [Member]
 
 
 
Marketable Securities, Noncurrent [Abstract]
 
 
 
Available-for-sale securities, Cost Basis
939 
0 
 
Available-for-sale securities, Unrealized (Losses)/Gains
168 
0 
 
Available-for-sale securities, Carrying Value
$ 1,107 
$ 0 
 
DERIVATIVE INSTRUMENTS: (Details) (Foreign Exchange Forward Contracts [Member], USD $)
In Thousands
12 Months Ended
Nov. 30,
2011
2010
2009
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net [Abstract]
 
 
 
Outstanding notional amounts of foreign exchange forward contracts
$ 79,468 
$ 118,596 
 
Other Income (Expense), Net [Member]
 
 
 
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net [Abstract]
 
 
 
Realized and unrealized losses
1,792 
2,173 
7,628 
Other Current Assets [Member]
 
 
 
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net [Abstract]
 
 
 
Other Current Assets, Fair Value
1 
537 
 
Accrued Liabilities [Member]
 
 
 
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net [Abstract]
 
 
 
Accrued Liabilities, Fair Value
$ 324 
$ 170 
 
FAIR VALUE MEASUREMENTS: (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Nov. 30, 2011
years
months
reportingunits
segments
customers
Nov. 30, 2011
Fair Value, Measurements, Recurring [Member]
Total [Member]
Nov. 30, 2010
Fair Value, Measurements, Recurring [Member]
Total [Member]
Nov. 30, 2011
Fair Value, Measurements, Recurring [Member]
Total [Member]
Short-term Investments [Member]
Nov. 30, 2010
Fair Value, Measurements, Recurring [Member]
Total [Member]
Short-term Investments [Member]
Nov. 30, 2011
Fair Value, Measurements, Recurring [Member]
Total [Member]
Other Assets [Member]
Nov. 30, 2011
Fair Value, Measurements, Recurring [Member]
Level 1 [Member]
Nov. 30, 2010
Fair Value, Measurements, Recurring [Member]
Level 1 [Member]
Nov. 30, 2011
Fair Value, Measurements, Recurring [Member]
Level 1 [Member]
Short-term Investments [Member]
Nov. 30, 2010
Fair Value, Measurements, Recurring [Member]
Level 1 [Member]
Short-term Investments [Member]
Nov. 30, 2011
Fair Value, Measurements, Recurring [Member]
Level 1 [Member]
Other Assets [Member]
Nov. 30, 2011
Fair Value, Measurements, Recurring [Member]
Level 2 [Member]
Nov. 30, 2010
Fair Value, Measurements, Recurring [Member]
Level 2 [Member]
Nov. 30, 2011
Fair Value, Measurements, Recurring [Member]
Level 3 [Member]
Nov. 30, 2010
Fair Value, Measurements, Recurring [Member]
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash equivalents, maximum maturity period (in months)
3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash equivalents
 
$ 25,638 
$ 11,848 
 
 
 
$ 25,638 
$ 11,848 
 
 
 
 
 
 
 
Trading securities
 
5,808 
7,909 
 
 
 
5,808 
7,909 
 
 
 
 
 
 
 
Available-for-sale securities
 
 
 
37 
102 
1,107 
 
 
37 
102 
1,107 
 
 
 
 
Forward foreign currency exchange contracts
 
1 
537 
 
 
 
 
 
 
 
 
1 
537 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Forward foreign currency exchange contracts
 
324 
170 
 
 
 
 
 
 
 
 
324 
170 
 
 
Acquisition-related contingent consideration
 
$ 3,065 
$ 8,450 
 
 
 
 
 
 
 
 
 
 
$ 3,065 
$ 8,450 
FAIR VALUE MEASUREMENTS: (Acquisition Related Contingent Consideration) (Details) (Aspire and Encover [Member], USD $)
In Thousands, unless otherwise specified
1 Months Ended
Nov. 30,
2010
Minimum [Member]
years
2010
Maximum [Member]
years
12 Months Ended
Nov. 30, 2011
Nov. 30, 2010
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
 
 
 
 
Periods of established profitability measures (in years)
1 
3 
 
 
Maximum payout for earn-out for Aspire and Encover
 
 
 
$ 8,710 
Decrease in fair value of contingent consideration
 
 
$ 5,385 
 
FAIR VALUE MEASUREMENTS: (Assets and Liabilities Not Carried at Fair Value) (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Nov. 30,
2011
2010
2009
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings [Abstract]
 
 
 
Total realized and unrealized gain (loss)
$ (2,893)
$ (1,632)
$ (8,368)
Realized gain (loss) [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings [Abstract]
 
 
 
Total realized and unrealized gain (loss)
(1,575)
(2,255)
(7,986)
Unrealized Gain (Loss or Write-down) [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings [Abstract]
 
 
 
Total realized and unrealized gain (loss)
(1,318)
623 
(382)
SYNNEX Infotec Corporation [Member] |
Carrying Value [Member]
 
 
 
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
 
 
 
Term loans
15,136 
0 
 
Infotec Japan credit facility - long-term
77,290 
0 
 
Carrying Value [Member]
 
 
 
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
 
 
 
Long-term accounts receivable
5,853 
6,539 
 
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
 
 
 
Convertible debt
136,163 
131,289 
 
Carrying Value [Member] |
SYNNEX Canada Corporation [Member]
 
 
 
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
 
 
 
Term loans
9,118 
9,677 
 
Short-term Investments [Member] |
Carrying Value [Member]
 
 
 
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
 
 
 
Cost method investments in short-term investments
2,329 
2,498 
 
Other Assets [Member] |
Carrying Value [Member]
 
 
 
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
 
 
 
Cost method investments in short-term investments
3,575 
3,400 
 
Other Assets [Member] |
Carrying Value [Member] |
SB Pacific [Member]
 
 
 
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
 
 
 
Equity method investment, carrying value
5,950 
1,095 
 
SYNNEX Infotec Corporation [Member] |
Fair Value [Member]
 
 
 
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
 
 
 
Term loans
15,136 
0 
 
Infotec Japan credit facility - long-term
77,290 
0 
 
Fair Value [Member]
 
 
 
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
 
 
 
Long-term accounts receivable
5,853 
6,539 
 
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
 
 
 
Convertible debt
165,386 
168,821 
 
Fair Value [Member] |
Short-term Investments [Member]
 
 
 
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
 
 
 
Cost method investments in short-term investments
3,898 
3,878 
 
Fair Value [Member] |
SYNNEX Canada Corporation [Member]
 
 
 
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
 
 
 
Term loans
$ 9,118 
$ 9,677 
 
SB Pacific [Member]
 
 
 
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
 
 
 
Noncontrolling investment, percentage
33.30% 
 
 
ACCOUNTS RECEIVABLE ARRANGEMENTS: (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Nov. 30,		 12 Months Ended
Nov. 30,
2011
2010
2009
Nov. 30, 2011
SYNNEX Infotec Corporation [Member]
Accounts and Notes Receivable [Member]
Nov. 30, 2011
Trade Accounts Receivable [Member]
Amended and Restated U.S. Arrangement [Member]
Nov. 30, 2010
Trade Accounts Receivable [Member]
U.S. Arrangement [Member]
Oct. 31, 2010
Trade Accounts Receivable [Member]
U.S. Arrangement [Member]
2011
Amended and Restated U.S. Arrangement [Member]
Program Fee [Member]
2011
Amended and Restated U.S. Arrangement [Member]
Facility Fee [Member]
2011
U.S. Arrangement [Member]
Program Fee [Member]
2011
U.S. Arrangement [Member]
Facility Fee [Member]
2011
Minimum [Member]
days
months
2011
Maximum [Member]
years
days
2011
Flooring Agreement [Member]
2010
Flooring Agreement [Member]
2009
Flooring Agreement [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounts receivable, net
$ 1,142,942 
$ 986,917 
 
 
 
 
 
 
 
 
 
 
 
$ 63,031 
$ 53,985 
 
Maximum pledge amount under accounts receivable securitization program
 
 
 
 
400,000 
 
350,000 
 
 
 
 
 
 
 
 
 
Borrowing cost rates, program and facility fees
 
 
 
 
 
 
 
0.60% 
0.60% 
0.65% 
0.65% 
 
 
 
 
 
Outstanding amount under accounts receivable securitization program
64,500 
209,100 
 
10,980 
64,500 
209,100 
 
 
 
 
 
 
 
 
 
 
Payment period range from the date of sale (in days)
 
 
 
 
 
 
 
 
 
 
 
15 
30 
 
 
 
Net Sales Financed
10,409,840 
8,614,141 
7,719,197 
 
 
 
 
 
 
 
 
 
 
745,657 
665,024 
678,380 
Flooring Fees
$ (25,505)
$ (17,114)
$ (18,032)
 
 
 
 
 
 
 
 
 
 
$ 3,349 1
$ 2,857 1
$ 3,331 1
BORROWINGS: (Long-term Debt and Convertible Debt) (Details) (USD $)
12 Months Ended
Nov. 30, 2011
Nov. 30, 2010
May 31, 2008
Long-term Debt, by Current and Noncurrent [Abstract]
 
 
 
Convertible debt
$ 136,163,000 
$ 131,289,000 
 
SYNNEX U.S. securitization
64,500,000 
209,100,000 
 
Total borrowings
383,022,000 
386,306,000 
 
Less: Current portion
(159,200,000)
(245,973,000)
 
Non-current portion
223,822,000 
140,333,000 
 
Trade Accounts Receivable [Member] |
Amended and Restated U.S. Arrangement [Member]
 
 
 
Long-term Debt, by Current and Noncurrent [Abstract]
 
 
 
SYNNEX U.S. securitization
64,500,000 
 
 
Convertible Debt [Abstract]
 
 
 
Maximum pledge amount under accounts receivable securitization program
400,000,000 
 
 
SYNNEX Canada [Member]
 
 
 
Long-term Debt, by Current and Noncurrent [Abstract]
 
 
 
Line of credit
27,285,000 
36,240,000 
 
SYNNEX Canada term loan
9,118,000 
9,677,000 
 
SYNNEX Infotec [Member]
 
 
 
Long-term Debt, by Current and Noncurrent [Abstract]
 
 
 
Line of credit
128,816,000 
0 
 
Infotec Japan term loans & other borrowings
17,140,000 
0 
 
Convertible Debt [Member]
 
 
 
Long-term Debt, by Current and Noncurrent [Abstract]
 
 
 
Convertible debt
136,163,000 
131,289,000 
 
Convertible Debt [Abstract]
 
 
 
Aggregate principal amount of convertible senior notes
$ 143,750,000 
$ 143,750,000 
$ 143,750,000 
Stated percentage of convertible senior notes
 
 
4.00% 
Maturity period
10 years 
 
 
Redemption price as percentage of principal amount
100.00% 
 
 
BORROWINGS: (Line of Credit and Term Loans) (Details)
12 Months Ended
Nov. 30,
Nov. 30, 2011
USD ($)
Nov. 30, 2010
USD ($)
Nov. 30, 2011
SYNNEX Canada [Member]
USD ($)
Nov. 30, 2010
SYNNEX Canada [Member]
USD ($)
Nov. 30, 2011
SYNNEX Canada [Member]
Base Rate Loan, Canadian Dollars [Member]
Line of Credit, Revolving Facility [Member]
Nov. 30, 2011
SYNNEX Canada [Member]
Base Rate Loan, US Dollars [Member]
Line of Credit, Revolving Facility [Member]
Nov. 30, 2011
SYNNEX Canada [Member]
Bankers Acceptance Rate Loan [Member]
Line of Credit, Revolving Facility [Member]
Nov. 30, 2011
SYNNEX Canada [Member]
Standby Letter of Credit [Member]
USD ($)
12 Months Ended
Nov. 30, 2011
SYNNEX Canada [Member]
Line of Credit, Revolving Facility [Member]
CAD ($)
Nov. 30, 2011
SYNNEX Canada [Member]
Loans Payable [Member]
Nov. 30, 2011
SYNNEX Infotec [Member]
USD ($)
Nov. 30, 2010
SYNNEX Infotec [Member]
USD ($)
Nov. 30, 2011
SYNNEX Infotec [Member]
Line of Credit [Member]
JPY (¥)
Nov. 30, 2011
SYNNEX Infotec [Member]
Long-term Loan Payable [Member]
JPY (¥)
Nov. 30, 2011
SYNNEX Infotec [Member]
Line of Credit, Short-term Revolving Facility [Member]
JPY (¥)
Nov. 30, 2011
SYNNEX Infotec [Member]
Loans Payable [Member]
USD ($)
Nov. 30, 2011
SYNNEX Infotec [Member]
Loans Payable [Member]
JPY (¥)
Nov. 30, 2011
SYNNEX Infotec [Member]
Notes Payable to Banks [Member]
JPY (¥)
Nov. 30, 2011
Overnight Federal Funds Rate [Member]
Line of Credit, Senior Secured Revolving Facility, Amended and Restated [Member]
Nov. 30, 2011
One month LIBOR [Member]
Line of Credit, Senior Secured Revolving Facility, Amended and Restated [Member]
Nov. 30, 2011
LIBOR [Member]
Line of Credit, Senior Secured Revolving Facility, Amended and Restated [Member]
Nov. 30, 2011
LIBOR [Member]
Line of Credit, Unsecured Revolving Facility [Member]
Nov. 30, 2011
Prime Rate [Member]
Line of Credit, Unsecured Revolving Facility [Member]
Oct. 31, 2010
Line of Credit, Senior Secured Revolving Facility [Member]
USD ($)
Nov. 30, 2011
Line of Credit, Senior Secured Revolving Facility, Amended and Restated [Member]
USD ($)
Nov. 30, 2010
Line of Credit, Senior Secured Revolving Facility, Amended and Restated [Member]
USD ($)
2011
Line of Credit, Senior Secured Revolving Facility, Amended and Restated [Member]
Outstanding Amount Less than Half of Borrowing Capacity [Member]
2011
Line of Credit, Senior Secured Revolving Facility, Amended and Restated [Member]
Outstanding Amount Greater than Half of Borrowing Capacity [Member]
2011
Line of Credit, Unsecured Revolving Facility [Member]
USD ($)
Line of Credit Facility [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current commitment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 80,000,000 
$ 100,000,000 
 
 
 
 
Accordion feature amount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
50,000,000 
 
 
 
 
Maximum commitment
 
 
 
 
 
 
 
5,000,000 
125,000,000 
 
 
 
10,000,000,000 
6,000,000,000 
4,000,000,000 
 
 
 
 
 
 
 
 
 
150,000,000 
 
 
 
25,000,000 
Stated interest rate
 
 
 
 
2.50% 
3.25% 
1.00% 
 
 
5.374% 
 
 
 
 
 
2.00% 
2.00% 
1.50% 
 
 
 
 
 
 
 
 
 
 
 
Basis spread percentage
 
 
 
 
1.25% 
2.50% 
2.75% 
 
 
 
 
 
2.25% 
 
 
 
 
 
0.50% 
1.00% 
2.25% 
2.00% 
(0.25%)
 
 
 
 
 
 
Unused line fees
 
 
 
 
 
 
 
 
0.375% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0.50% 
0.35% 
0.50% 
Event of default, minimum availability amount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
60,000,000 
 
 
 
 
Event of default, outstanding amount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0 
 
 
 
 
Outstanding borrowings
 
 
27,285,000 
36,240,000 
 
 
 
 
 
 
128,816,000 
0 
 
 
 
 
 
 
 
 
 
 
 
 
0 
0 
 
 
0 
Outstanding standby letters of credit
 
750,000 
 
 
 
 
 
3,368,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Guarantees issued
238,723,000 
108,497,000 
 
 
 
 
 
 
 
 
 
 
7,000,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term loan
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,000,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
Term loan
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
175,000,000 
 
 
 
 
 
 
 
 
 
 
 
Amount outstanding under arrangements for sale and financing of accounts receivable
64,500,000 
209,100,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
536,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capital Lease Obligations
$ 1,467,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BORROWINGS: (Future Minimum Payments, Interest Expense and Guarantees) (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Nov. 30,
2011
2010
2009
May 31, 2008
Long-term Debt, by Maturity [Abstract]
 
 
 
 
2012
$ 159,200 
 
 
 
2013
79,377 
 
 
 
2014
1,128 
 
 
 
2015
936 
 
 
 
2016
854 
 
 
 
Thereafter
5,364 
 
 
 
Debt total, excluding convertible debt
246,859 
 
 
 
Interest Expense, Debt [Abstract]
 
 
 
 
Total interest expense and finance charges
28,809 
22,589 
25,924 
 
Non-cash debt accretion expense
4,874 
4,504 
4,049 
 
Long-term Debt, Other Disclosures [Abstract]
 
 
 
 
Guarantees issued
238,723 
108,497 
 
 
Convertible Debt [Member]
 
 
 
 
Debt Instrument [Line Items]
 
 
 
 
Aggregate principal amount of convertible senior notes
143,750 
143,750 
 
143,750 
Interest Expense, Debt [Abstract]
 
 
 
 
Total interest expense and finance charges
6,495 
6,497 
6,610 
 
Non-cash debt accretion expense
$ 4,874 
$ 4,504 
$ 4,049 
 
Minimum [Member]
 
 
 
 
Long-term Debt, Other Disclosures [Abstract]
 
 
 
 
Variable interest rates
0.82% 
0.90% 
1.04% 
 
Maximum [Member]
 
 
 
 
Long-term Debt, Other Disclosures [Abstract]
 
 
 
 
Variable interest rates
5.17% 
4.25% 
10.77% 
 
CONVERTIBLE DEBT: (Details) (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Nov. 30,
2011
years
months
2010
2009
May 31, 2008
Convertible debt
 
 
 
 
Net carrying amount
$ 136,163 
$ 131,289 
 
 
Long-term Debt, Conversion Circumstances [Abstract]
 
 
 
 
Contractual interest expense
28,809 
22,589 
25,924 
 
Non-cash interest expense
4,874 
4,504 
4,049 
 
Convertible Debt [Member]
 
 
 
 
Convertible debt
 
 
 
 
Aggregate principal amount of convertible senior notes
143,750 
143,750 
 
143,750 
Less: Unamortized debt discount
(7,587)
(12,461)
 
(23,418)
Net carrying amount
136,163 
131,289 
 
 
Stated percentage of convertible senior notes
 
 
 
4.00% 
Long-term Debt, Contingent Payment of Interest [Abstract]
 
 
 
 
Minimum trading price as percentage of principal amount
120.00% 
 
 
 
Contingent interest payable as percentage of average trading price
0.55% 
 
 
 
Long-term Debt, Conversion Circumstances [Abstract]
 
 
 
 
Common stock sales price as percentage of conversion price
130.00% 
 
 
 
Maximum trading price per $1 principal amount as percentage of product of common stock sales price and debt conversion rate
98.00% 
 
 
 
Debt conversion rate of common stock per $1 principal amount
33.9945 
 
 
 
Debt conversion price per common stock
$ 29.42 
 
 
 
Redemption price as percentage of principal amount
100.00% 
 
 
 
Non-convertible debt borrowing rate
8.00% 
 
 
 
Estimated fair value
120,332 
 
 
 
Debt discount
7,587 
12,461 
 
23,418 
Discount amortization period (in years)
5 
 
 
 
Remaining amortization period (in months)
17 
 
 
 
Contractual interest expense
6,495 
6,497 
6,610 
 
Non-cash interest expense
4,874 
4,504 
4,049 
 
Carrying value of debt equity component
$ 22,836 
$ 22,836 
 
 
Maturity period
10 years 
 
 
 
NET INCOME PER COMMON SHARE: (Details) (USD $)
In Thousands, except Per Share data
12 Months Ended
Nov. 30,
2011
2010
2009
Amounts attributable to SYNNEX Corporation:
 
 
 
Income from continuing operations, net of tax
$ 150,331 
$ 116,538 
$ 85,758 
Discontinued operations:
 
 
 
Income from discontinued operations, net of tax
0 
59 
3,909 
Gain on sale of discontinued operations, net of tax
0 
11,351 
0 
Net income attributable to SYNNEX Corporation
$ 150,331 
$ 127,948 
$ 89,667 
Weighted-average common shares outstanding - basic
35,830 
34,737 
32,711 
Effect of dilutive securities:
 
 
 
Stock options, restricted stock awards and restricted stock units
735 
1,020 
1,302 
Conversion spread of convertible debt
268 
0 
0 
Weighted-average common shares-diluted
36,833 
35,757 
34,013 
Basic:
 
 
 
Income from continuing operations
$ 4.20 
$ 3.35 
$ 2.62 
Discontinued operations
$ 0 
$ 0.33 
$ 0.12 
Net income per common share - basic
$ 4.20 
$ 3.68 
$ 2.74 
Diluted:
 
 
 
Income from continuing operations
$ 4.08 
$ 3.26 
$ 2.53 
Discontinued operations
$ 0 
$ 0.32 
$ 0.11 
Net income per common share - diluted
$ 4.08 
$ 3.58 
$ 2.64 
NET INCOME PER COMMON SHARE: (Antidilutive Securities) (Details) (Options [Member])
In Thousands
12 Months Ended
Nov. 30,
2011
2010
2009
Options [Member]
 
 
 
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
 
 
 
Options excluded from computation of diluted net income per share
47 
53 
205 
RELATED PARTY TRANSACTIONS: (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Nov. 30,
2011
2010
2009
MiTAC International and affiliates [Member]
 
 
 
Related Party Transaction [Line Items]
 
 
 
Ownership percentage of company's common stock
29.00% 
29.00% 
 
Purchases of inventories
$ 5,204 
$ 157,149 
$ 312,364 
Sales to related parties and affiliates
4,195 
5,565 
2,755 
Beneficial ownership of company's common stock
10,585 
 
 
Value of investment
649 
 
 
MiTAC International [Member]
 
 
 
Related Party Transaction [Line Items]
 
 
 
Transition service fees received
$ 6,691 
 
 
Beneficial ownership of company's common stock
6,158 1
 
 
MiTAC International ownership in MiTAC Incorporated
8.70% 
 
 
Synnex Technology International [Member]
 
 
 
Related Party Transaction [Line Items]
 
 
 
Beneficial ownership of company's common stock
4,427 2
 
 
MiTAC Incorporated ownership in Synnex Technology International
13.90% 
 
 
Chairman Emeritus, Board of Directors [Member]
 
 
 
Related Party Transaction [Line Items]
 
 
 
Beneficial ownership of company's common stock
589 
 
 
Chairman Emeritus, Board of Directors [Member] |
Shares held directly [Member]
 
 
 
Related Party Transaction [Line Items]
 
 
 
Beneficial ownership of company's common stock
379 
 
 
Chairman Emeritus, Board of Directors [Member] |
Shares subject to exercisable options [Member]
 
 
 
Related Party Transaction [Line Items]
 
 
 
Beneficial ownership of company's common stock
210 
 
 
RELATED PARTY TRANSACTIONS: (Others) (Details)
In Thousands, unless otherwise specified
12 Months Ended
Nov. 30,
2011
USD ($)
2010
USD ($)
2009
USD ($)
Dec. 2, 2010
SYNNEX Infotec Corporation [Member]
SB Pacific [Member]
Nov. 30, 2011
SB Pacific [Member]
12 Months Ended
Nov. 30, 2011
SB Pacific [Member]
USD ($)
Nov. 30, 2010
SB Pacific [Member]
USD ($)
Aug. 31, 2010
SB Pacific [Member]
1 Months Ended
Aug. 31, 2010
SB Pacific [Member]
NDS [Member]
USD ($)
12 Months Ended
Nov. 30, 2010
SB Pacific [Member]
NDS [Member]
USD ($)
Dec. 2, 2010
SYNNEX Infotec Corporation [Member]
JPY (¥)
Dec. 2, 2010
SYNNEX Infotec Corporation [Member]
USD ($)
Related Party Transaction [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
Sale of controlling interests
 
 
 
 
 
 
 
 
$ 3,072 
 
 
 
Noncontrolling investment, percentage
 
 
 
 
33.30% 
 
 
33.30% 
 
 
 
 
Payments to Acquire Equity Method Investments
4,782 
0 
0 
 
 
4,933 
 
 
 
 
 
 
Gain on sale of interest in subsidiary
 
 
 
 
 
 
 
 
 
493 
 
 
Percentage of capital stock acquired
 
 
 
 
 
 
 
 
 
 
70.00% 
70.00% 
Aggregate payment to acquire interest in SYNNEX Infotec
 
 
 
 
 
 
 
 
 
 
700,000 
8,392 
Noncontrolling interest
 
 
 
 
 
5,950 
1,095 
 
 
 
 
 
Variable interest entity, maximum exposure to loss
 
 
 
 
 
5,950 
 
 
 
 
 
 
Payment of management fees
 
 
 
 
 
$ 150 
 
 
 
 
 
 
Noncontrolling interest acquired by SB Pacific of SYNNEX Infotec
 
 
 
30.00% 
 
 
 
 
 
 
 
 
SEGMENT INFORMATION: (Details) (USD $)
In Thousands
12 Months Ended
Nov. 30,
2011
2010
2009
Segment Reporting Information [Line Items]
 
 
 
Revenue
$ 10,409,840 
$ 8,614,141 
$ 7,719,197 
Income from continuing operations before non-operating items, income taxes and noncontrolling interest
256,228 
199,150 
149,649 
Depreciation and amortization expense
24,673 
16,285 
17,803 
Total assets
2,833,295 
2,499,861 
2,099,910 
Distribution [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenue
10,275,295 
8,526,309 
7,639,094 
Income from continuing operations before non-operating items, income taxes and noncontrolling interest
237,322 
187,478 
137,724 
Depreciation and amortization expense
16,120 
10,846 
11,980 
Total assets
2,737,600 
2,409,998 
2,002,750 
GBS [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenue
163,376 
112,380 
101,138 
Income from continuing operations before non-operating items, income taxes and noncontrolling interest
18,906 
11,672 
11,925 
Depreciation and amortization expense
8,553 
5,439 
5,823 
Total assets
295,600 
224,677 
184,667 
Statutory business expense
 
2,059 
 
GBS [Member] |
Aspire Technology Limited and Encover, Inc. [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Benefit for the release of contingent consideration
(5,385)
 
 
Inter-Segment Elimination [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenue
(28,831)
(24,548)
(21,035)
Income from continuing operations before non-operating items, income taxes and noncontrolling interest
0 
0 
0 
Depreciation and amortization expense
0 
0 
0 
Total assets
(199,905)
(134,814)
(87,507)
Aspire Technology Limited and Encover, Inc. [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Benefit for the release of contingent consideration
$ (5,385)
 
 
SEGMENT INFORMATION: (Geographical Areas) (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Nov. 30,
2011
2010
2009
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
Revenue
$ 10,409,840 
$ 8,614,141 
$ 7,719,197 
Long-lived assets
162,605 
112,153 
 
North America [Member]
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
Revenue
9,029,574 
8,467,173 
7,570,604 
Long-lived assets
105,318 
84,666 
 
UNITED STATES
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
Segment revenue as percentage of total
73.00% 
83.00% 
83.00% 
Segment long-lived assets as percentage of total
52.00% 
58.00% 
 
CANADA
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
Segment revenue as percentage of total
14.00% 
15.00% 
15.00% 
Segment long-lived assets as percentage of total
12.00% 
17.00% 
 
Asia-Pacific [Member]
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
Revenue
1,283,609 
67,124 
61,448 
Long-lived assets
34,974 
15,591 
 
JAPAN
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
Segment revenue as percentage of total
12.00% 
 
 
Segment long-lived assets as percentage of total
12.00% 
 
 
Other [Member]
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
Revenue
96,657 
79,844 
87,145 
Long-lived assets
$ 22,313 
$ 11,896 
 
ACQUISITIONS AND DIVESTITURES: (Details)
In Thousands, unless otherwise specified
12 Months Ended
Nov. 30,
2011
USD ($)
2010
USD ($)
2009
USD ($)
2011
Minimum [Member]
SYNNEX Infotec Corporation [Member]
years
2011
Maximum [Member]
SYNNEX Infotec Corporation [Member]
years
2011
SYNNEX Infotec Corporation [Member]
USD ($)
Dec. 2, 2010
SYNNEX Infotec Corporation [Member]
JPY (¥)
Dec. 2, 2010
SYNNEX Infotec Corporation [Member]
USD ($)
Dec. 2, 2010
SYNNEX Infotec Corporation [Member]
SB Pacific [Member]
Business Acquisition [Line Items]
 
 
 
 
 
 
 
 
 
Percentage of capital stock acquired
 
 
 
 
 
 
70.00% 
70.00% 
 
Noncontrolling interest acquired by SB Pacific of SYNNEX Infotec
 
 
 
 
 
 
 
 
30.00% 
Total direct and indirect ownership of SYNNEX Infotec
 
 
 
 
 
 
80.00% 
80.00% 
 
Purchase consideration:
 
 
 
 
 
 
 
 
 
Cash payment
 
 
 
 
 
 
 
$ 5,888 
 
Contribution from noncontrolling interest
 
 
 
 
 
 
 
2,504 
 
Aggregate payment to acquire interest in SYNNEX Infotec
 
 
 
 
 
 
700,000 
8,392 
 
Allocation:
 
 
 
 
 
 
 
 
 
Cash
 
 
 
 
 
 
 
1,371 
 
Accounts receivable
 
 
 
 
 
 
 
178,384 
 
Receivable from vendors
 
 
 
 
 
 
 
8,525 
 
Inventories
 
 
 
 
 
 
 
84,553 
 
Other current assets
 
 
 
 
 
 
 
2,119 
 
Property, plant and equipment
 
 
 
 
 
 
 
5,521 
 
Goodwill
 
 
 
 
 
 
 
18,453 
 
Intangible assets
 
 
 
 
 
 
 
9,103 1
 
Other long-term assets
 
 
 
 
 
 
 
4,398 
 
Short-term borrowings
 
 
 
 
 
 
 
(103,646)
 
Accounts payable
 
 
 
 
 
 
 
(161,228)
 
Accrued liabilities
 
 
 
 
 
 
 
(15,151)
 
Long-term borrowings
 
 
 
 
 
 
 
(2,088)
 
Other long-term liabilities
 
 
 
 
 
 
 
(21,922)
 
Aggregate payment to acquire interest in SYNNEX Infotec
 
 
 
 
 
 
700,000 
8,392 
 
Intangibles amortization period (in years)
 
 
 
3 
10 
 
 
 
 
Additional capitalization of subsidiary by noncontrolling interest
6,411 
99 
0 
 
 
6,420 
 
 
 
Additional capitalization of subsidiary by parent
 
 
 
 
 
$ 14,980 
 
 
 
ACQUISITIONS AND DIVESTITURES: (Pro Forma) (Details) (SYNNEX Infotec Corporation [Member], USD $)
In Thousands, except Per Share data
12 Months Ended
Nov. 30,
2011
2010
2009
SYNNEX Infotec Corporation [Member]
 
 
 
Business Acquisition, Pro Forma Information [Abstract]
 
 
 
Revenue
$ 10,409,840 
$ 9,768,305 
$ 8,957,546 
Income from continuing operations, attributable to SYNNEX Corporation
$ 150,331 
$ 117,486 
$ 81,374 
Net income from continuing operations per share - basic
$ 4.20 
$ 3.38 
$ 2.49 
Net income from continuing operations per share - diluted
$ 4.08 
$ 3.29 
$ 2.39 
ACQUISITIONS AND DIVESTITURES: (Additional Acquisitions) (Details) (USD $)
In Thousands, unless otherwise specified
1 Months Ended
Oct. 31, 2011
Sep. 30, 2011
GEM [Member]
Feb. 28, 2011
e4e, gem, and VisionMAX [Member]
Business Acquisition [Line Items]
 
 
 
Percentage of stock acquired
 
100.00% 
 
Purchase price
 
 
$ 44,156 
Amount payable upon completion of certain post-closing conditions
 
 
1,000 
Net tangible assets acquired
 
 
10,024 
Recorded goodwill and intangibles
 
 
34,132 
Total purchase price for building acquisition
$ 15,394 
 
 
ACQUISITIONS AND DIVESTITURES: (Fiscal year 2010 acquisitions) (Details) (USD $)
In Thousands, unless otherwise specified
Feb. 28, 2010
Jack of All Games, Inc. [Member]
Feb. 28, 2010
Jack of All Games, Inc. [Member]
Adjusted [Member]
Nov. 30, 2010
Maximum [Member]
Aspire and Encover [Member]
Earn-out Payable [Member]
years
12 Months Ended
Nov. 30, 2011
Aspire and Encover [Member]
Nov. 30, 2010
Aspire and Encover [Member]
months
Nov. 30, 2010
Aspire and Encover [Member]
Earn-out Payable [Member]
Business Acquisition [Line Items]
 
 
 
 
 
 
Purchase price adjustment
$ 6,880 
 
 
 
 
 
Purchase price
 
35,773 
 
 
40,047 
 
Net tangible assets acquired
27,434 
 
 
 
 
 
Intangible assets recognized
4,500 
 
 
 
11,726 
 
Goodwill recognized
3,839 
 
 
 
22,076 
 
Percentage of stock acquired
 
 
 
 
100.00% 
 
Earn-out payments payable upon achievements of certain milestones
 
 
 
 
 
8,709 
Contingent considerations term period (in years)
 
 
3 
 
 
 
Amount payable upon completion of certain post-closing conditions
 
 
 
 
1,850 
 
Purchase price holdback period from purchase date (in months)
 
 
 
 
24 
 
Acquisition-related contingent consideration
 
 
 
 
 
8,450 
Change in fair value of contingent considerations
 
 
 
$ 5,385 
 
 
ACQUISITIONS AND DIVESTITURES: (Fiscal year 2010 divestitures) (Details) (SB Pacific [Member], NDS [Member], USD $)
In Thousands
1 Months Ended
Aug. 31, 2010
12 Months Ended
Nov. 30, 2010
SB Pacific [Member] |
NDS [Member]
 
 
Business Acquisition [Line Items]
 
 
Sale of controlling interests
$ 3,072 
 
Gain on sale of interest in subsidiary
 
$ 493 
DISCONTINUED OPERATIONS: (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Nov. 30,		 12 Months Ended
Nov. 30,
2011
2010
2009
0 Months Ended
Dec. 28, 2009
HiChina Web Solutions [Member]
2010
HiChina Web Solutions [Member]
2009
HiChina Web Solutions [Member]
Nov. 30, 2011
HiChina Web Solutions [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
 
 
 
Proceeds from divestiture of business
 
 
 
$ 65,395 
 
 
 
Estimated controlling ownership
 
 
 
79.00% 
 
 
 
Gain on sale of discontinued operations, net of tax
0 
11,351 
0 
 
11,351 
 
 
Gain on sale of discontinued operations, tax
 
 
 
 
1,154 
 
 
Guarantor obligations, maximum exposure
 
 
 
35,035 
 
 
 
Contingent indemnification liability
 
 
 
 
 
 
4,122 
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract]
 
 
 
 
 
 
 
Revenue
 
 
 
 
2,959 1
37,081 
 
Cost of revenue
 
 
 
 
(1,706)1
(16,078)
 
Gross profit
 
 
 
 
1,253 1
21,003 
 
Selling, general and administrative expenses
 
 
 
 
(1,199)1
(15,736)
 
Income from operations before non-operating items, income taxes and noncontrolling interest
 
 
 
 
54 1
5,267 
 
Interest income, net
 
 
 
 
17 1
413 
 
Other income, net
 
 
 
 
5 1
(7)
 
Income before income taxes and noncontrolling interest
 
 
 
 
76 1
5,673 
 
Provision for income taxes
 
 
 
 
(1)1
(474)
 
Income from discontinued operations
0 
75 
5,199 
 
75 1
5,199 
 
Income from discontinued operations attributable to noncontrolling interest
 
 
 
 
(16)1
(1,290)
 
Income from discontinued operations attributable to SYNNEX Corporation
$ 0 
$ 59 
$ 3,909 
 
$ 59 1
$ 3,909 
 
RESTRUCTURING CHARGES: (Details) (Distribution [Member], Facility Closing [Member], USD $)
In Thousands
12 Months Ended
Nov. 30,
2011
2010
Distribution [Member] |
Facility Closing [Member]
 
 
Restructuring Reserve [Roll Forward]
 
 
Facility and Exit Costs, Beginning Balance of accrual
$ 630 
$ 557 
Additional accrual
0 
807 
Cash payments
(630)
(734)
Non-cash charges
0 
0 
Facility and Exit Costs, Ending Balance of accrual
$ 0 
$ 630 
COMMITMENTS AND CONTINGENCIES: (Details) (USD $)
In Thousands
12 Months Ended
Nov. 30,
2011
2010
2009
Operating Leases, Future Minimum Payments Due [Abstract]
 
 
 
2012
$ 21,970 
 
 
2013
17,248 
 
 
2014
9,763 
 
 
2015
6,121 
 
 
2016
3,242 
 
 
thereafter
11,566 
 
 
Total minimum lease payments
69,910 
 
 
Operating Leases, Rent Expense, Net [Abstract]
 
 
 
Rent expense
22,600 
16,340 
17,579 
HiChina Web Solutions [Member]
 
 
 
Operating Leases, Rent Expense, Net [Abstract]
 
 
 
Contingent indemnification liability
$ 4,122 
 
 
Schedule II: Valuation and Qualifying Accounts (Details) (USD $)
In Thousands
12 Months Ended
Nov. 30,
2011
2010
2009
Allowance for sales returns [Member]
 
 
 
Movement in Valuation Allowances and Reserves [Roll Forward]
 
 
 
Balances at Beginning of Fiscal Year
$ 32,525 
$ 20,482 
$ 21,642 
Additions Charged to Revenue and COGS and Expense
10,410 
11,861 
(1,977)
Additions from Acquisitions
0 
0 
0 
Reclassifications, Write-offs and Deductions
(7,460)
182 
817 
Balances at Fiscal Year End
35,475 
32,525 
20,482 
Allowance of deferred tax assets [Member]
 
 
 
Movement in Valuation Allowances and Reserves [Roll Forward]
 
 
 
Balances at Beginning of Fiscal Year
3,862 
5,825 
3,973 
Additions Charged to Revenue and COGS and Expense
485 
668 
1,610 
Additions from Acquisitions
3,642 
0 
0 
Reclassifications, Write-offs and Deductions
0 
(2,631)
242 
Balances at Fiscal Year End
$ 7,989 
$ 3,862 
$ 5,825