TD SYNNEX CORP, 10-Q filed on 7/3/2024
Quarterly Report
v3.24.2
Cover - shares
 6 Months Ended
May 31, 2024
Jun. 26, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date May 31, 2024  
Document Transition Report false  
Entity File Number 001-31892  
Entity Registrant Name TD SYNNEX CORPORATION  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 94-2703333  
Entity Address, Address Line One 44201 Nobel Drive  
Entity Address, City or Town Fremont  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94538  
City Area Code 510  
Local Phone Number 668-3400  
Title of 12(b) Security Common Stock, par value $0.001 per share  
Trading Symbol SNX  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   85,459,663
Entity Central Index Key 0001177394  
Current Fiscal Year End Date --11-30  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.24.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
May 31, 2024
Nov. 30, 2023
Current assets:    
Cash and cash equivalents $ 1,173,648 $ 1,033,776
Accounts receivable, net 8,852,525 10,297,814
Receivables from vendors, net 830,736 964,334
Inventories 7,098,247 7,146,274
Other current assets 628,556 642,238
Total current assets 18,583,712 20,084,436
Property and equipment, net 462,948 450,024
Goodwill 3,902,875 3,904,170
Intangible assets, net 4,087,742 4,244,314
Other assets, net 678,517 729,870
Total assets 27,715,794 29,412,814
Current liabilities:    
Borrowings, current 860,106 983,585
Accounts payable 12,134,581 13,347,281
Other accrued liabilities 1,708,375 2,407,896
Total current liabilities 14,703,062 16,738,762
Long-term borrowings 3,735,592 3,099,193
Other long-term liabilities 455,304 498,656
Deferred tax liabilities 865,376 893,021
Total liabilities 19,759,334 21,229,632
Commitments and contingencies (Note 13)
Stockholders’ equity:    
Preferred stock, $0.001 par value, 5,000 shares authorized, no shares issued or outstanding 0 0
Common stock, $0.001 par value, 200,000 shares authorized, 99,012 shares issued as of both May 31, 2024 and November 30, 2023 99 99
Additional paid-in capital 7,446,829 7,435,274
Treasury stock, 14,348 and 10,343 shares as of May 31, 2024 and November 30, 2023, respectively (1,388,845) (949,714)
Accumulated other comprehensive loss (552,284) (507,248)
Retained earnings 2,450,661 2,204,771
Total stockholders' equity 7,956,460 8,183,182
Total liabilities and equity $ 27,715,794 $ 29,412,814
v3.24.2
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
May 31, 2024
Nov. 30, 2023
Statement of Financial Position [Abstract]    
Preferred stock, par value, per share (in USD per share) $ 0.001 $ 0.001
Preferred stock, shares authorized (in shares) 5,000,000 5,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value, per share (in USD per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 200,000,000 200,000,000
Common stock, shares, issued (in shares) 99,012,000 99,012,000
Treasury stock, beginning balance (in shares) 14,348,000 10,343,000
v3.24.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Income Statement [Abstract]        
Revenue $ 13,947,908 $ 14,062,124 $ 27,923,161 $ 29,187,495
Cost of revenue (12,974,361) (13,098,714) (25,943,848) (27,220,518)
Gross profit 973,547 963,410 1,979,313 1,966,977
Selling, general and administrative expenses (671,714) (673,698) (1,343,259) (1,327,921)
Acquisition, integration and restructuring costs (37,885) (36,829) (69,534) (88,011)
Operating income 263,948 252,883 566,520 551,045
Interest expense and finance charges, net (76,701) (74,285) (152,592) (154,485)
Other expense, net (3,091) (4,164) (5,975) (4,320)
Income before income taxes 184,156 174,434 407,953 392,240
Provision for income taxes (40,551) (41,347) (92,220) (92,133)
Net income $ 143,605 $ 133,087 $ 315,733 $ 300,107
Earnings per common share:        
Basic (in USD per share) $ 1.67 $ 1.41 $ 3.61 $ 3.18
Diluted (in USD per share) $ 1.66 $ 1.41 $ 3.60 $ 3.17
Weighted-average common shares outstanding:        
Basic (in shares) 85,453 93,385 86,655 93,805
Diluted (in shares) 85,869 93,643 87,019 94,074
v3.24.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Statement of Comprehensive Income [Abstract]        
Net income $ 143,605 $ 133,087 $ 315,733 $ 300,107
Other comprehensive income (loss):        
Unrealized (losses) gains on cash flow hedges during the period, net of tax benefit (expense) of $0 and $53 for the three months ended May 31, 2024 and 2023, respectively, and $0 and $(235) for the six months ended May 31, 2024 and 2023, respectively 0 (164) 0 702
Reclassification of net (gains) on cash flow hedges to net income, net of tax expense of $0 and $602 for the three months ended May 31, 2024 and 2023, respectively, and $0 and $886 for the six months ended May 31, 2024 and 2023, respectively 0 (1,843) 0 (2,697)
Total change in unrealized losses on cash flow hedges, net of taxes 0 (2,007) 0 (1,995)
Foreign currency translation adjustments and other, net of tax benefit (expense) of $690 and $1,629 for the three months ended May 31, 2024 and May 31, 2023, respectively, and $(658) and $3,548 for the six months ended May 31, 2024 and 2023, respectively (13,212) 62,610 (45,036) 146,699
Other comprehensive (loss) income (13,212) 60,603 (45,036) 144,704
Comprehensive income $ 130,393 $ 193,690 $ 270,697 $ 444,811
v3.24.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (PARENTHETICAL) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Statement of Comprehensive Income [Abstract]        
Tax expense (benefit) on unrealized gains (losses) on cash flow hedges $ 0 $ 53 $ 0 $ (235)
Tax on reclassification of cash flow hedges to earnings 0 602 0 886
Tax expense (benefit) on foreign currency translation adjustment $ 690 $ 1,629 $ (658) $ 3,548
v3.24.2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common stock and additional paid-in capital:
Treasury stock:
Retained earnings:
Accumulated other comprehensive loss:
Beginning balance at Nov. 30, 2022 $ 8,025,506 $ 7,374,199 $ (337,217) $ 1,708,234 $ (719,710)
Share-based compensation   43,282      
Common stock issued and treasury stock reissued for employee benefit plans   5,334      
Repurchases of common stock for tax withholdings on equity awards     (7,765)    
Reissuance of treasury stock for employee benefit plans     0    
Repurchases of common stock     (176,175)    
Net income 300,107     300,107  
Cash dividends declared       (66,223)  
Other comprehensive (loss) income 144,704       144,704
Ending balance at May. 31, 2023 $ 8,268,770 7,422,815 (521,157) 1,942,118 (575,006)
Cash dividends declared per share (in USD per shares) $ 0.70        
Beginning balance at Feb. 28, 2023 $ 8,148,586 7,400,851 (458,698) 1,842,042 (635,609)
Share-based compensation   18,687      
Common stock issued and treasury stock reissued for employee benefit plans   3,277      
Repurchases of common stock for tax withholdings on equity awards     (1,084)    
Reissuance of treasury stock for employee benefit plans     0    
Repurchases of common stock     (61,375)    
Net income 133,087     133,087  
Cash dividends declared       (33,011)  
Other comprehensive (loss) income 60,603       60,603
Ending balance at May. 31, 2023 $ 8,268,770 7,422,815 (521,157) 1,942,118 (575,006)
Cash dividends declared per share (in USD per shares) $ 0.35        
Beginning balance at Nov. 30, 2023 $ 8,183,182 7,435,373 (949,714) 2,204,771 (507,248)
Share-based compensation   30,920      
Common stock issued and treasury stock reissued for employee benefit plans   (19,365)      
Repurchases of common stock for tax withholdings on equity awards     (6,287)    
Reissuance of treasury stock for employee benefit plans     24,872    
Repurchases of common stock     (457,716)    
Net income 315,733     315,733  
Cash dividends declared       (69,843)  
Other comprehensive (loss) income (45,036)       (45,036)
Ending balance at May. 31, 2024 $ 7,956,460 7,446,928 (1,388,845) 2,450,661 (552,284)
Cash dividends declared per share (in USD per shares) $ 0.80        
Beginning balance at Feb. 29, 2024 $ 8,102,175 7,438,919 (1,138,919) 2,341,247 (539,072)
Share-based compensation   13,430      
Common stock issued and treasury stock reissued for employee benefit plans   (5,421)      
Repurchases of common stock for tax withholdings on equity awards     (1,489)    
Reissuance of treasury stock for employee benefit plans     8,201    
Repurchases of common stock     (256,638)    
Net income 143,605     143,605  
Cash dividends declared       (34,191)  
Other comprehensive (loss) income (13,212)       (13,212)
Ending balance at May. 31, 2024 $ 7,956,460 $ 7,446,928 $ (1,388,845) $ 2,450,661 $ (552,284)
Cash dividends declared per share (in USD per shares) $ 0.40        
v3.24.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
May 31, 2024
May 31, 2023
Cash flows from operating activities:    
Net income $ 315,733 $ 300,107
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 206,906 209,632
Share-based compensation 30,920 43,282
Provision for doubtful accounts 4,922 19,511
Other 5,639 1,745
Changes in operating assets and liabilities, net of acquisition of businesses:    
Accounts receivable, net 1,385,250 1,204,467
Receivables from vendors, net 128,921 (153,380)
Inventories 24,836 1,339,409
Accounts payable (1,145,971) (2,063,255)
Other operating assets and liabilities (687,155) (296,768)
Net cash provided by operating activities 270,001 604,750
Cash flows from investing activities:    
Purchases of property and equipment (78,910) (67,609)
Acquisition of businesses, net of cash acquired (26,238) 0
Other 4,351 3,071
Net cash used in investing activities (100,797) (64,538)
Cash flows from financing activities:    
Dividends paid (69,843) (66,223)
Proceeds from issuance of common stock and reissuances of treasury stock 5,507 5,334
Repurchases of common stock (453,375) (174,791)
Repurchases of common stock for tax withholdings on equity awards (6,287) (7,765)
Net (repayments) borrowings on revolving credit loans (45,433) 29,424
Principal payments on long-term debt (784,714) (33,441)
Borrowings on long term debt 1,349,376 0
Cash paid for debt issuance costs (12,715) 0
Other 0 375
Net cash used in financing activities (17,484) (247,087)
Effect of exchange rate changes on cash and cash equivalents (11,848) 36,098
Net increase in cash and cash equivalents 139,872 329,223
Cash and cash equivalents at beginning of period 1,033,776 522,856
Cash and cash equivalents at end of period $ 1,173,648 $ 852,079
v3.24.2
Organization and Basis of Presentation
 6 Months Ended
May 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION AND BASIS OF PRESENTATION ORGANIZATION AND BASIS OF PRESENTATION:
TD SYNNEX Corporation (together with its subsidiaries, herein referred to as "TD SYNNEX", "SYNNEX" or the “Company”) is a leading global distributor and solutions aggregator for the information technology ("IT") ecosystem, headquartered in Fremont, California and Clearwater, Florida and has operations in North and South America, Europe and Asia-Pacific and Japan. The Company operates in three reportable segments based on its geographic regions: the Americas, Europe and Asia-Pacific and Japan ("APJ").
The Consolidated Financial Statements include the accounts of the Company, its wholly-owned subsidiaries, majority-owned subsidiaries in which no substantive participating rights are held by minority stockholders and variable interest entities if the Company is the primary beneficiary. All intercompany accounts and transactions have been eliminated. The Company operates on a fiscal year that ends on November 30.
The accompanying interim unaudited Consolidated Financial Statements as of May 31, 2024 and for the three and six months ended May 31, 2024 and May 31, 2023 have been prepared by the Company, without audit, in accordance with the rules and regulations of the United States ("U.S.") Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the U.S. have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, the accompanying unaudited Consolidated Financial Statements reflect all adjustments, consisting only of normal recurring adjustments, necessary to state fairly the financial position of the Company and its results of operations and cash flows as of and for the periods presented. These financial statements should be read in conjunction with the annual audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2023.
Interim results of operations are not necessarily indicative of financial results for a full year, and the Company makes no representations related thereto. Certain columns and rows may not add or compute due to the use of rounded numbers.
v3.24.2
Summary of Significant Accounting Policies
 6 Months Ended
May 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
For a discussion of the Company’s significant accounting policies, refer to the discussion in the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2023.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expense during the reporting period. The Company evaluates these estimates on a regular basis and bases them on historical experience and on various assumptions that the Company believes are reasonable. Actual results could differ from the estimates.
Concentration of Credit Risk
Financial instruments that potentially subject the Company to significant concentration of credit risk consist principally of cash and cash equivalents, accounts receivable, receivables from vendors and derivative instruments.
The Company’s cash and cash equivalents and derivative instruments are transacted and maintained with financial institutions with high credit standing, and their compositions and maturities are regularly monitored by management. Through May 31, 2024, the Company has not experienced any material credit losses on such deposits and derivative instruments.
Accounts receivable include amounts due from customers, including related party customers. Receivables from vendors, net, includes amounts due from original equipment manufacturer ("OEM") vendors primarily in the technology industry. The Company performs ongoing credit evaluations of its customers’ financial condition and limits the amount of credit extended when deemed necessary, but generally requires no collateral. The Company also maintains allowances for expected credit losses. In estimating the required allowances, the Company takes into consideration the overall quality and aging of its receivable portfolio, the existence of credit insurance and specifically identified customer and vendor risks.
The following table provides revenue generated from products purchased from vendors that exceeded 10% of our consolidated revenue for the periods indicated (as a percent of consolidated revenue):
Three Months EndedSix Months Ended
May 31, 2024May 31, 2023May 31, 2024May 31, 2023
Apple, Inc.11 %
N/A (1)
12 %10 %
Cisco Systems, Inc.
N/A (1)
10 %
N/A (1)
N/A (1)
HP Inc.10 %10 %
N/A (1)
N/A (1)
_________________________
(1) Revenue generated from products purchased from this vendor was less than 10% of consolidated revenue during the period presented.
One customer accounted for 12% and 11% of the Company's total revenue during the three and six months ended both May 31, 2024 and May 31, 2023, respectively. As of May 31, 2024 and November 30, 2023, no single customer comprised more than 10% of the consolidated accounts receivable balance.
Accounts Receivable

The Company maintains an allowance for doubtful accounts as an estimate to cover the future expected credit losses resulting from uncertainty regarding collections from customers or OEM vendors to make payments for outstanding balances. In estimating the required allowance, the Company takes into consideration historical credit losses, current conditions and reasonable and supportable forecasts. Adjustments to historical loss information are made for differences in current conditions as well as changes in forecasted macroeconomic conditions, such as changes in unemployment rates or gross domestic product growth. Expected credit losses are estimated on a pool basis when similar risk characteristics exist using an age-based reserve model. Receivables that do not share risk characteristics are evaluated on an individual basis.

The Company has uncommitted accounts receivable purchase agreements with global financial institutions under which trade accounts receivable of certain customers and their affiliates may be acquired, without recourse, by the financial institutions. Available capacity under these programs is dependent on the level of the Company’s trade accounts receivable with these customers and the financial institutions’ willingness to purchase such receivables. In addition, certain of these programs also require that the Company continue to service, administer and collect the sold accounts receivable. As of May 31, 2024 and November 30, 2023, accounts receivable sold to and held by the financial institutions under these programs were $1.2 billion and $864.6 million, respectively. Discount fees related to the sale of trade accounts receivable under these facilities are included in “Interest expense and finance charges, net” in the Consolidated Statements of Operations. Discount fees for these programs totaled $16.6 million and $32.6 million in the three and six months ended May 31, 2024, respectively, and $12.0 million and $23.7 million for the three and six months ended May 31, 2023, respectively.
Seasonality
The Company's operating results are affected by the seasonality of the IT products industry. The Company has historically experienced slightly higher sales in the first and fourth fiscal quarters due to patterns in capital budgeting, federal government spending and purchasing cycles of its customers and end-users. These historical patterns may not be repeated in subsequent periods.
Revenue Recognition
The Company generates revenue primarily from the sale of various IT products.
The Company recognizes revenue from the sale of IT hardware and software as control is transferred to customers, which is at the point in time when the product is shipped or delivered. The Company accounts for a contract with a customer when it has written approval, the contract is committed, the rights of the parties, including payment terms, are identified, the contract has commercial substance and consideration is probable of collection. Binding purchase orders from customers together with agreement to the Company's terms and conditions of sale by way of an executed agreement or other signed documents are considered to be the contract with a customer. Products sold by the Company are delivered via shipment from the Company’s facilities, drop-shipment directly from the vendor, or by electronic delivery of software products. In situations where arrangements include customer acceptance provisions, revenue is recognized when the Company can objectively verify the products comply with specifications underlying acceptance and the customer has control of the products. Revenue is presented net of taxes collected from customers and remitted to government authorities. The Company generally invoices a customer upon shipment, or in accordance with specific contractual provisions. Payments are due as per contract terms and do not contain a significant financing component. In relation to product support, supply chain management and other services performed by the Company, revenue is recognized over time as the services are performed. Service revenue represents less than 10% of the total revenue for the periods presented.
Provisions for sales returns and allowances are estimated based on historical data and are recorded concurrently with the recognition of revenue. A liability is recorded at the time of sale for estimated product returns based upon historical experience and an asset is recognized for the amount expected to be recorded in inventory upon product return. These provisions are reviewed and adjusted periodically by the Company. Revenue is reduced for early payment discounts and volume incentive rebates offered to customers, which are considered variable consideration, at the time of sale based on an evaluation of the contract terms and historical experience.
The Company recognizes revenue on a net basis on certain contracts, where the Company’s performance obligation is to arrange for the products or services to be provided by another party or the rendering of logistics services for the delivery of inventory for which the Company does not assume the risks and rewards of ownership, by recognizing the margins earned in revenue with no associated cost of revenue. Such arrangements include supplier service contracts, post-contract software support services, cloud computing and software as a service arrangements, certain fulfillment contracts, extended warranty contracts and certain of the Company's systems design and integration solutions arrangements which operate under a customer-owned procurement model.
The Company considers shipping and handling activities as costs to fulfill the sale of products. Shipping revenue is included in revenue when control of the product is transferred to the customer, and the related shipping and handling costs are included in cost of revenue.
The Company disaggregates its operating segment revenue by geography, which the Company believes provides a meaningful depiction of the nature of its revenue. Disaggregated revenue disclosure is presented in Note 12 - Segment Information.
Recently Adopted Accounting Pronouncements

In September 2022, the FASB issued an accounting standards update, ASU 2022-04, which requires new enhanced disclosures by the buyer in supplier finance programs. Disclosures include key terms of the program, including payment terms, along with the amount of related obligations, the financial statement caption that includes such obligations, and a rollforward of activity related to the obligations during the period. The new accounting standard must be adopted retrospectively to the earliest comparative period presented, except for the rollforward requirement, which should be adopted prospectively. The Company adopted this standard during the fiscal quarter ended February 29, 2024, except for the rollforward requirement which will be effective for the Company beginning with the quarter ending February 28, 2025. The adoption of the new standard did not have an impact on the Company’s results of operations, financial condition, or cash flows. For the required disclosures of key terms and amounts outstanding under the Company’s supplier finance programs, see Note 11 – Supplier Finance Programs.
Recently Issued Accounting Pronouncements
In November 2023, the FASB issued an accounting standards update, ASU 2023-07, which requires the following enhanced segment disclosures on an annual and interim basis: (1) significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, (2) other segment items by reportable segment and a description of its composition, and (3) the title of the chief operating decision maker, an explanation of how they use the reported measures of segment profit/loss in assessing segment performance and decide how to allocate resources, as well as clarifications if they use more than one measure of a segment’s profit or loss in assessing segment performance. The amendments in ASU 2023-07 are effective for annual periods beginning after December 15, 2023, which for the Company would be for the fiscal year ending November 30, 2025, and for subsequent interim periods. Early adoption is permitted. The Company is currently evaluating the impact the new accounting standard will have on its segment reporting disclosures in the notes to the consolidated financial statements.
In December 2023, the FASB issued an accounting standards update, ASU 2023-09, which requires enhanced income tax disclosures. The enhanced disclosures required include disclosure of specific categories and disaggregation of information in the rate reconciliation table. ASU 2023-09 also requires disclosure of disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024, which for the Company would be the fiscal year ending November 30, 2026. Early adoption is permitted and the amendments should be applied on a prospective basis. Retrospective application is permitted. The Company is currently evaluating the impact the new accounting standard will have on its income tax disclosures in the notes to the consolidated financial statements.
v3.24.2
Acquisition, Integration and Restructuring Costs
 6 Months Ended
May 31, 2024
Restructuring and Related Activities [Abstract]  
ACQUISITION, INTEGRATION AND RESTRUCTURING COSTS ACQUISITION, INTEGRATION AND RESTRUCTURING COSTS:
Acquisition, integration and restructuring costs are primarily comprised of costs related to the Merger (as defined below), along with costs related to the Global Business Optimization 2 Program initiated by Tech Data Corporation prior to the Merger (the “GBO 2 Program”) of $3.9 million during the three and six months ended May 31, 2024 and $2.6 million and $6.1 million during the three and six months ended May 31, 2023, respectively, and $1.2 million of costs during the three and six months ended May 31, 2024 related to other acquisitions. The Company does not expect to incur additional costs under the GBO 2 Program in future periods.
The Merger
On March 22, 2021, the Company entered into an agreement and plan of merger (the “Merger Agreement”) which provided that legacy SYNNEX Corporation would acquire legacy Tech Data Corporation, a Florida corporation ("Tech Data") through a series of mergers, which would result in Tech Data becoming an indirect subsidiary of TD SYNNEX Corporation (collectively, the "Merger"). On September 1, 2021, pursuant to the terms of the Merger Agreement, the Company acquired all the outstanding shares of common stock of Tiger Parent (AP) Corporation, the parent corporation of Tech Data, for consideration of $1.6 billion in cash ($1.1 billion in cash after giving effect to a $500.0 million equity contribution by Tiger Parent Holdings, L.P., Tiger Parent (AP) Corporation's sole stockholder and an affiliate of Apollo Global Management, Inc., to Tiger Parent (AP) Corporation prior to the effective time of the Merger) and 44 million shares of common stock of SYNNEX valued at approximately $5.6 billion.
The Company incurred acquisition, integration and restructuring costs related to the completion of the Merger, including professional services costs, personnel and other costs, long-lived assets charges and termination fees, and stock-based compensation expense. Professional services costs are primarily comprised of IT and other consulting services, as well as legal expenses. Personnel and other costs are primarily comprised of costs related to retention and other bonuses, severance and duplicative labor costs. Long-lived assets charges and termination fees include accelerated depreciation and amortization expense of $5.1 million and $5.5 million recorded during the three and six months ended May 31, 2024, respectively, and $5.3 million and $11.5 million recorded during the three and six months ended May 31, 2023, respectively, due to changes in asset useful lives in conjunction with the consolidation of certain IT systems, along with $10.4 million and $17.0 million recorded during the three and six months ended May 31, 2024, respectively, and $2.3 million and $12.5 million recorded during the three and six months ended May 31, 2023, respectively, for termination fees related to certain IT systems. Stock-based compensation expense primarily relates to costs associated with the conversion of certain Tech Data performance-based equity awards issued prior to the Merger into restricted shares of TD SYNNEX (refer to Note 4 - Share-Based Compensation for further information) and expenses for certain restricted stock awards issued in conjunction with the Merger.
In July 2023, the Company offered a voluntary severance program ("VSP") to certain co-workers in the U.S. as part of the Company's cost optimization efforts related to the Merger. The Company incurred $2.9 million and $10.1 million of costs in connection with the VSP during the three and six months ended May 31, 2024, respectively, including $2.0 million and $8.0 million of severance costs and $0.9 million and $2.1 million of duplicative labor costs, respectively.
During the three and six months ended May 31, 2024 and May 31, 2023, acquisition and integration expenses related to the Merger were composed of the following:
Three Months EndedSix Months Ended
May 31, 2024May 31, 2023May 31, 2024May 31, 2023
(currency in thousands)
Professional services costs$7,058 $4,311 $16,456 $11,121 
Personnel and other costs7,316 11,275 15,279 24,282 
Long-lived assets charges and termination fees15,496 7,613 22,533 23,989 
Stock-based compensation— 11,039 — 22,560 
Voluntary severance program costs
2,893 — 10,113 — 
Total$32,763 $34,238 $64,381 $81,952 
v3.24.2
Share-Based Compensation
 6 Months Ended
May 31, 2024
Share-Based Payment Arrangement [Abstract]  
SHARE-BASED COMPENSATION SHARE-BASED COMPENSATION:
Overview of TD SYNNEX Stock Incentive Plans
The Company recognizes share-based compensation expense for all share-based awards made to employees and outside directors, including employee stock options, restricted stock awards ("RSAs"), restricted stock units ("RSUs"), performance-based RSUs ("PRSUs") and employee stock purchase rights, based on estimated fair values.
The following tables summarize the Company's share-based awards activity for TD SYNNEX stock incentive plans during the six months ended May 31, 2024.
A summary of the changes in the Company's stock options is set forth below:
(shares in thousands)
Stock options
Balances as of November 30, 2023
594 
Exercised(74)
Balances as of May 31, 2024
520 
A summary of the changes in the Company's non-vested RSAs and RSUs is presented below:
(shares in thousands)
RSAs and RSUs
Non-vested as of November 30, 2023
1,307 
Granted193 
Vested(184)
Attainment adjustments(1)
(12)
Cancelled
(35)
Non-vested as of May 31, 2024
1,269 
__________________
(1) During the six months ended May 31, 2024, the attainment on PRSUs vested was adjusted to reflect actual performance.
A summary of share-based compensation expense in the Consolidated Statements of Operations for TD SYNNEX stock incentive plans is presented below:
Three Months EndedSix Months Ended
May 31, 2024May 31, 2023May 31, 2024May 31, 2023
(currency in thousands)
Selling, general and administrative expenses$13,430 $7,648 $30,920 $20,722 
Acquisition, integration and restructuring costs— 1,486 — 2,978 
Total share-based compensation expense$13,430 $9,134 $30,920 $23,700 
Tech Data Equity Awards
Prior to the Merger, certain of Tech Data’s employees were granted performance-based equity awards in Tiger Parent Holdings L.P., a partnership entity that was the parent company of Tiger Parent (AP) Corporation and Tech Data, that were unvested at the time of the closing of the Merger. Upon closing of the Merger, the unvested performance-based equity awards were converted into restricted shares of TD SYNNEX that vested over two years.     
The restricted shares had a fair value of $127.60 per share upon closing of the Merger which was recorded as share-based compensation expense on a straight-line basis over the vesting period in “Acquisition, integration, and restructuring costs” in the Consolidated Statement of Operations. Vesting of the restricted shares was completed as of September 1, 2023, therefore there was no related share-based compensation expense recorded by the Company during the three or six months ended May 31, 2024. The Company recorded $9.5 million and $19.6 million of share-based compensation expense related to these restricted shares in “Acquisition, integration, and restructuring costs” during the three and six months ended May 31, 2023, respectively.
v3.24.2
Equity
 6 Months Ended
May 31, 2024
Equity [Abstract]  
EQUITY STOCKHOLDERS' EQUITY:
Share Repurchase Program
In January 2023, the Board of Directors authorized a three-year $1.0 billion share repurchase program. In March 2024, the Board of Directors authorized a new $2.0 billion share repurchase program (the "March 2024 share repurchase program"), supplementing the $196.7 million remaining authorization under the prior program, pursuant to which the Company may repurchase its outstanding common stock from time to time in the open market or through privately negotiated transactions, including pursuant to one or more Rule 10b5-1 trading plans adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. The March 2024 share repurchase program does not have an expiration date.
On January 31, 2024, March 27, 2024, and April 4, 2024, the Company announced the closing of secondary public offerings (the "Offerings"), of an aggregate of 26.2 million shares in total (which includes approximately 2.7 million of additional shares that underwriters had the option to purchase) of its common stock that were sold by certain entities managed by affiliates of Apollo Global Management, Inc (the "Selling Stockholders"). All the shares in the Offerings were sold by the Selling Stockholders. The Company did not receive any of the proceeds from the sale of shares by the Selling Stockholders in the Offerings. Also pursuant to the related underwriting agreements, the Company repurchased a total of 3.6 million shares of its common stock from the respective underwriters as part of the Offerings, for a total purchase price in the aggregate of approximately $392.3 million (the "Concurrent Share Repurchases"). The Offerings reduced the Selling Stockholders' ownership interest in the Company to zero.
The Concurrent Share Repurchases were all made under the Company's share repurchase programs described above, and are included within the caption "Shares of treasury stock purchased under share repurchase program" in the table below.
As of May 31, 2024, the Company had $1.9 billion available for future repurchases of its common stock under the March 2024 share repurchase program.
The Company's common share repurchase activity for the six months ended May 31, 2024 is summarized as follows:
(shares in thousands, except per share amounts)
SharesWeighted-average price per share
Treasury stock balance as of November 30, 2023
10,343 $91.82 
Shares of treasury stock repurchased under share repurchase program (1)
4,211 107.67 
Shares of treasury stock repurchased for tax withholdings on equity awards60 104.19 
Shares of treasury stock reissued for employee benefit plans(266)93.40 
Treasury stock balance as of May 31, 2024
14,348 $96.80 
_________________________
(1) Weighted-average price per share excludes broker's commissions and excise taxes. "Repurchases of common stock" in the Consolidated Statements of Cash Flows for the six months ended May 31, 2024 excludes amounts related to accrued excise tax that is included in "Other current liabilities" and "Treasury stock" on the Consolidated Balance Sheets at May 31, 2024. Excise taxes when paid are classified as operating activities in the Consolidated Statements of Cash Flows.
Dividends
On June 25, 2024, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.40 per common share payable on July 26, 2024 to stockholders of record as of the close of business on July 12, 2024. Dividends are subject to continued capital availability and the declaration by the Board of Directors in the best interest of the Company’s stockholders.
v3.24.2
Earnings Per Common Share
 6 Months Ended
May 31, 2024
Earnings Per Share [Abstract]  
EARNINGS PER COMMON SHARE EARNINGS PER COMMON SHARE:
The following table sets forth the computation of basic and diluted earnings per common share for the periods indicated:
Three Months EndedSix Months Ended
May 31, 2024May 31, 2023May 31, 2024May 31, 2023
(currency and share amounts in thousands, except per share amounts)
Basic earnings per common share:
Net income attributable to common stockholders(1)
$142,280 $132,087 $312,887 $297,854 
Weighted-average number of common shares - basic85,453 93,385 86,655 93,805 
Basic earnings per common share$1.67 $1.41 $3.61 $3.18 
Diluted earnings per common share:
Net income attributable to common stockholders(1)
$142,284 $132,089 $312,896 $297,859 
Weighted-average number of common shares - basic85,453 93,385 86,655 93,805 
Effect of dilutive securities:
Stock options and RSUs416 258 364 269 
Weighted-average number of common shares - diluted85,869 93,643 87,019 94,074 
Diluted earnings per common share$1.66 $1.41 $3.60 $3.17 
Anti-dilutive shares excluded from diluted earnings per share calculation137 304 179 271 
_________________________
(1) RSAs granted by the Company are considered participating securities. Income available to participating securities was immaterial in all periods presented.
v3.24.2
Balance Sheet Components
 6 Months Ended
May 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BALANCE SHEET COMPONENTS BALANCE SHEET COMPONENTS:
Accounts receivable, net:
The following table summarizes accounts receivable, net:
As of
May 31, 2024November 30, 2023
(currency in thousands)
Accounts receivable$8,982,916 $10,448,567 
Less: Allowance for doubtful accounts(130,391)(150,753)
Accounts receivable, net$8,852,525 $10,297,814 
Receivables from vendors, net:
The following table summarizes receivables from vendors, net:
As of
May 31, 2024November 30, 2023
(currency in thousands)
Receivables from vendors$840,497 $976,453 
Less: Allowance for doubtful accounts(9,761)(12,119)
Receivables from vendors, net$830,736 $964,334 
Allowance for doubtful trade receivables:
The following table summarizes the changes to the allowance for doubtful trade receivables (currency in thousands):
Balance as of November 30, 2023
$150,753 
Additions4,922 
Write-offs, recoveries, reclassifications and foreign exchange translation(25,284)
Balance as of May 31, 2024
$130,391 
Allowance for receivables from vendors:
The following table summarizes the changes to the allowance for receivables from vendors (currency in thousands):
Balance as of November 30, 2023
$12,119 
Charged to income
(2,255)
Write-offs, recoveries, reclassifications and foreign exchange translation(103)
Balance as of May 31, 2024
$9,761 
v3.24.2
Derivative Instruments
 6 Months Ended
May 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS DERIVATIVE INSTRUMENTS:
In the ordinary course of business, the Company is exposed to foreign currency risk, interest rate risk, equity risk, commodity price changes and credit risk. The Company enters into transactions, and owns monetary assets and liabilities, that are denominated in currencies other than the legal entity’s functional currency. The Company may enter into forward contracts, option contracts, swaps, or other derivative instruments to offset a portion of the risk on expected future cash flows, earnings, net investments in certain international subsidiaries and certain existing assets and liabilities. However, the Company may choose not to hedge certain exposures for a variety of reasons including, but not limited to, accounting considerations and the prohibitive economic cost of hedging particular exposures. There can be no assurance the hedges will offset more than a portion of the financial impact resulting from movements in foreign currency exchange or interest rates. The Company does not use derivative instruments to cover equity risk and credit risk. The Company’s hedging program is not used for trading or speculative purposes.
All derivatives are recognized on the balance sheet at their fair value. Changes in the fair value of derivatives are recorded in the Consolidated Statements of Operations, or as a component of accumulated other comprehensive income (loss) ("AOCI") in the Consolidated Balance Sheets, as discussed below.
Cash Flow Hedges
The Company uses interest rate swap derivative contracts to economically convert a portion of its variable-rate debt to fixed-rate debt. Gains and losses on cash flow hedges are recorded in AOCI until the hedged item is recognized in earnings. Deferred gains and losses associated with cash flow hedges of interest payments are recognized in “Interest expense and finance charges, net” in the same period as the related expense is recognized. Derivative instruments designated as cash flow hedges must be de-designated as hedges when it is probable the forecasted hedged transaction will not occur in the initially identified time period or within a subsequent two-month time period. Deferred gains and losses in AOCI associated with such derivative instruments are reclassified into earnings in the period of de-designation. Any subsequent changes in fair value of such derivative instruments are recorded in earnings unless they are re-designated as hedges of other transactions. The Company classifies cash flows related to the settlement of its cash flow hedges as operating activities in the Consolidated Statements of Cash Flows. The Company terminated its remaining interest rate swaps in May 2023 and had no interest rate swaps designated as cash flow hedges outstanding as of May 31, 2024.
Net Investment Hedges
The Company has entered into foreign currency forward contracts to hedge a portion of its net investment in euro denominated foreign operations which are designated as net investment hedges. The Company entered into the net investment hedges to offset the risk of change in the U.S. dollar value of the Company's investment in a euro functional subsidiary due to fluctuating foreign exchange rates. Gains and losses on the net investment hedges, which have been recorded in AOCI and will remain in AOCI until the sale or substantial liquidation of the underlying assets of the Company's investment, are included within the "Foreign currency translation adjustments and other" caption on the Consolidated Statements of Comprehensive Income. The initial fair value of hedge components excluded from the assessment of effectiveness is being recognized in the Consolidated Statements of Operations under a systematic and rational method over the life of the hedging instrument. The Company classifies cash flows related to the settlement of its net investment hedges as investing activities in the Consolidated Statements of Cash Flows.
Non-Designated Derivatives
The Company uses short-term forward contracts to offset the foreign exchange risk of assets and liabilities denominated in currencies other than the functional currency of the respective entities. These contracts, which are not designated as hedging instruments, mature or settle within twelve months. Derivatives that are not designated as hedging instruments are adjusted to fair value through earnings in the financial statement line item to which the derivative relates.
Fair Values of Derivative Instruments in the Consolidated Balance Sheets
The fair values of the Company’s derivative instruments are disclosed in Note 9 - Fair Value Measurements and summarized in the table below:
Value as of
Balance Sheet Line Item (currency in thousands)
May 31, 2024November 30, 2023
Derivative instruments not designated as hedging instruments:
Foreign exchange forward contracts (notional value)$1,514,980 $1,456,110 
Other current assets6,683 4,326 
Other accrued liabilities6,378 9,756 
Derivative instruments designated as net investment hedges:
Foreign currency forward contracts (notional value)$595,516 $516,250 
Other accrued liabilities13,366 18,335 
Other long-term liabilities13,600 18,041 
Volume of Activity
The notional amounts of foreign exchange forward contracts represent the gross amounts of foreign currency, including, principally, the Australian dollar, Brazilian real, British pound, Canadian dollar, Chinese yuan, Czech koruna, Danish krone, Euro, Indian rupee, Indonesian rupiah, Japanese yen, Mexican peso, Norwegian krone, Philippine peso, Polish zloty, Singapore dollar, Swedish krona, Swiss franc and Turkish lira that will be bought or sold at maturity. The notional amounts for outstanding derivative instruments provide one measure of the transaction volume outstanding and do not represent the amount of the Company’s exposure to credit or market loss. The Company’s exposure to credit loss and market risk will vary over time as currency and interest rates change.
The Effect of Derivative Instruments on AOCI and the Consolidated Statements of Operations
The following table shows the gains and losses, before taxes, of the Company’s derivative instruments designated as cash flow hedges and net investment hedges in Other Comprehensive Income (“OCI”) and not designated as hedging instruments in the Consolidated Statements of Operations for the periods presented:
Three Months Ended
Six Months Ended
Location of Gains (Losses) in IncomeMay 31, 2024May 31, 2023May 31, 2024May 31, 2023
(currency in thousands)
Derivative instruments not designated as hedging instruments:
Gains (losses) recognized from foreign exchange contracts, net⁽¹⁾Cost of revenue$326 $(7,611)$6,448 $(24,512)
(Losses) gains recognized from foreign exchange contracts, net⁽¹⁾Other expense, net(290)(2,662)1,766 (5,225)
Total $36 $(10,273)$8,214 $(29,737)
Derivative instruments designated as cash flow hedges:
(Losses) gains recognized in OCI on interest rate swaps$— $(217)$— $937 
Gains on interest rate swaps reclassified from AOCI into incomeInterest expense and finance charges, net$— $2,445 $— $3,583 
Derivative instruments designated as net investment hedges:
(Losses) gains recognized in OCI on foreign exchange forward contracts$(872)$(6,632)$4,572 $(14,657)
Gains recognized in income (amount excluded from effectiveness testing)Interest expense and finance charges, net$2,388 $2,308 $4,644 $4,586 
____________________________
(1) The gains and losses largely offset the currency gains and losses that resulted from changes in the assets and liabilities denominated in nonfunctional currencies.
Except for the net investment hedge amounts shown above, there were no gain or loss amounts excluded from the assessment of effectiveness. There are no existing gains or losses in AOCI expected to be reclassified into earnings in the normal course of business within the next 12 months.
Credit exposure for derivative financial instruments is limited to the amounts, if any, by which the counterparties’ obligations under the contracts exceed the Company’s obligations to the counterparties. The Company manages the potential risk of credit losses through careful evaluation of counterparty credit standing and selection of counterparties from a limited group of financial institutions.
v3.24.2
Fair Value Measurements
 6 Months Ended
May 31, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS:
The Company’s fair value measurements are classified and disclosed in one of the following three categories:
Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and
Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).
The following table summarizes the valuation of the Company’s financial instruments that are measured at fair value on a recurring basis:
As of May 31, 2024
As of November 30, 2023
Fair value measurement categoryFair value measurement category
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
(currency in thousands)
Assets:
Forward foreign currency exchange contracts not designated as hedges$6,683 $— $6,683 $— $4,326 $— $4,326 $— 
Liabilities:
Forward foreign currency exchange contracts not designated as hedges$6,378 $— $6,378 $— $9,756 $— $9,756 $— 
Forward foreign currency exchange contracts designated as net investment hedges26,966 — 26,966 — 36,376 — 36,376 — 
The fair values of forward exchange contracts are measured based on the foreign currency spot and forward rates quoted by the banks or foreign currency dealers. The effect of nonperformance risk on the fair value of derivative instruments was not material as of May 31, 2024 and November 30, 2023.
The carrying values of accounts receivable, accounts payable and short-term debt approximate fair value due to their short maturities and interest rates which are variable in nature. The carrying value of the Company’s term loans approximate their fair value since they bear interest rates that are similar to existing market rates. The estimated fair value of the Senior Notes (inclusive of the newly issued 2034 Senior Notes, defined in Note 10 - Borrowings below) was approximately $2.9 billion and $2.2 billion as of May 31, 2024 and November 30, 2023, respectively.
During the six months ended May 31, 2024, there were no transfers between the fair value measurement category levels.
v3.24.2
Borrowings
 6 Months Ended
May 31, 2024
Debt Disclosure [Abstract]  
BORROWINGS BORROWINGS:
Borrowings consist of the following:
As of
May 31, 2024November 30, 2023
(currency in thousands)
Current portion of TD SYNNEX Senior Notes
$700,000 $700,000 
Current portion of term loans
— 75,000 
Other short-term borrowings
160,134 208,694 
Short-term borrowings before debt discount and issuance costs
$860,134 $983,694 
Less: current portion of unamortized debt discount and issuance costs
(28)(109)
Borrowings, current$860,106 $983,585 
Term loans
$1,331,250 $1,275,000 
TD SYNNEX Senior Notes2,400,000 1,800,000 
Other credit agreements and long-term debt26,313 41,985 
Long-term borrowings, before unamortized debt discount and issuance costs$3,757,563 $3,116,985 
Less: unamortized debt discount and issuance costs(21,971)(17,792)
Long-term borrowings$3,735,592 $3,099,193 
TD SYNNEX U.S. Accounts Receivable Securitization Arrangement
In the U.S., the Company has an accounts receivable securitization program to provide additional capital for its operations (the “U.S. AR Arrangement”). Under the terms of the U.S. AR Arrangement, as amended December 11, 2023 and March 29, 2024, the Company and its subsidiaries that are party to the U.S. AR Arrangement can borrow up to a maximum of $1.5 billion based upon eligible trade accounts receivable. The U.S. AR Arrangement has a maturity date of December 2025. The effective borrowing cost under the U.S. AR Arrangement is a blended rate based upon the composition of the lenders, that includes prevailing dealer commercial paper rates and a rate based upon SOFR. In addition, a program fee payable on the used portion of the lenders’ commitment accrues at 0.85% per annum. A facility fee is payable on the adjusted commitment of the lenders, to accrue at different tiers ranging between 0.30% per annum and 0.40% per annum depending on the amount of outstanding advances from time to time.
Under the terms of the U.S. AR Arrangement, the Company and certain of its U.S. subsidiaries sell, on a revolving basis, their receivables to a wholly-owned, bankruptcy-remote subsidiary. Such receivables, which are recorded in the Consolidated Balance Sheet, totaled approximately $3.1 billion and $3.4 billion as of May 31, 2024 and November 30, 2023, respectively. The borrowings are funded by pledging all of the rights, title and interest in the receivables acquired by the Company's bankruptcy-remote subsidiary as security. Any amounts received under the U.S. AR Arrangement are recorded as debt on the Company's Consolidated Balance Sheets. There were no amounts outstanding under the U.S. AR Arrangement at May 31, 2024 or November 30, 2023.
TD SYNNEX Credit Agreement
The Company is party to an amended and restated credit agreement, dated as of April 16, 2024 (as amended, the “TD SYNNEX Credit Agreement”) with the lenders party thereto and Citibank, N.A., as agent, pursuant to which the Company received commitments for the extension of a senior unsecured revolving credit facility not to exceed an aggregate principal amount of $3.5 billion, which revolving credit facility (the “TD SYNNEX Revolving Credit Facility”) may, at the request of the Company but subject to the lenders’ discretion, potentially be increased by up to an aggregate amount of $500.0 million. There were no amounts outstanding under the TD SYNNEX Revolving Credit Facility at May 31, 2024 or November 30, 2023. The TD SYNNEX Credit Agreement also includes a senior unsecured term loan (the “TD SYNNEX Term Loan”) in an original aggregate principal amount of $1.5 billion, that was fully funded in connection with the closing of the Merger. The borrowers under the TD SYNNEX Credit Agreement are TD SYNNEX Corporation and certain subsidiaries of the Company. The maturity of the TD SYNNEX Term Loan is on the fifth anniversary of the September 2021 closing date, to occur in September 2026. As amended, the TD SYNNEX Revolving Credit Facility will mature on April 16, 2029, subject, in the lender's discretion, to two one-year extensions upon the Company's prior notice to the lenders. There was $581.3 million and $1.4 billion outstanding on the TD SYNNEX Term Loan as of May 31, 2024 and November 30, 2023, respectively.
Loans borrowed under the TD SYNNEX Credit Agreement bear interest at a per annum rate equal to the applicable SOFR rate, plus 0.100% credit spread adjustment, plus the applicable margin, which may range from 1.000% to 1.750%, for borrowings under the TD SYNNEX Revolving Credit Facility and 1.125% to 1.750% for the TD SYNNEX Term Loan, in each case based on the Company’s Public Debt Rating (as defined in the TD SYNNEX Credit Agreement). The applicable margin on base rate loans is 1.00% less than the corresponding margin on SOFR rate based loans. In addition to these borrowing rates, there is a commitment fee that ranges from 0.100% to 0.300% on any unused commitment under the TD SYNNEX Revolving Credit Facility based on the Company’s Public Debt Rating. The effective interest rate for the TD SYNNEX Term Loan was 6.80% and 6.82% as of May 31, 2024 and November 30, 2023, respectively.
TD SYNNEX Term Loan Credit Agreement
On April 19, 2024, the Company entered into a Term Loan Credit Agreement (the "2024 Term Loan Credit Agreement") with the initial lenders party thereto, Bank of America N.A., as administrative agent for the lenders, and BOFA Securities, Inc. as lead arranger and lead bookrunner. The 2024 Term Loan Credit Agreement provides for a senior unsecured term loan in an aggregate principal amount of $750.0 million (the "2024 Term Loan"). The proceeds from the 2024 Term Loan were used to repay a portion of the TD SYNNEX Term Loan. The borrower under the 2024 Term Loan is the Company. The 2024 Term Loan will mature on September 1, 2027.
Loans borrowed under the 2024 Term Loan Credit Agreement bear interest at a per annum rate equal to the applicable SOFR rate, plus 0.10% credit spread adjustment, plus the applicable margin, which may range from 1.000% to 1.625%, based on the Company’s Public Debt Rating (as defined in the 2024 Term Loan Credit Agreement). The effective interest rate for the 2024 Term Loan was 6.67% as of May 31, 2024.
TD SYNNEX Senior Notes
On August 9, 2021, the Company completed its offering of $2.5 billion aggregate principal amount of senior unsecured notes, consisting of $700.0 million of 1.250% senior notes due August 9, 2024, $700.0 million of 1.750% senior notes due August 9, 2026, $600.0 million of 2.375% senior notes due August 9, 2028, and $500.0 million of 2.650% senior notes due August 9, 2031 (collectively, the “Senior Notes,” and such offering, the “Senior Notes Offering”). The Company pays interest semi-annually on the notes on each of February 9 and August 9. The interest rate payable on each series of the Senior Notes will be subject to adjustment from time to time if the credit rating assigned to such series of Senior Notes is downgraded (or downgraded and subsequently upgraded).
In July 2022, the Company completed an offer to exchange (the "Exchange Offer") its outstanding unregistered Senior Notes for new registered notes (the "Exchange Notes"). The aggregate principal amount of Exchange Notes that were issued was equal to the aggregate principal amount of Senior Notes that were surrendered pursuant to the Exchange Offer. The terms of the Exchange Notes are substantially identical to the terms of the respective series of the Senior Notes, except that the Exchange Notes are registered under the Securities Act, and certain transfer restrictions, registration rights, and additional interest provisions relating to the Senior Notes do not apply to the Exchange Notes.
On April 12, 2024, the Company issued and sold $600.0 million of 6.100% senior notes due April 12, 2034 (the "2034 Senior Notes" and such offering, the "2034 Senior Notes Offering"). The Company will pay interest semi-annually on the 2034 Senior Notes on each of April 12 and October 12, commencing on October 12, 2024. The Company incurred $5.7 million towards issuance costs on the 2034 Senior Notes. The Company will use the net proceeds from the 2034 Senior Notes Offering, together with other available funds, to repay or redeem on or prior to maturity the outstanding $700.0 million aggregate principal amount of the 1.250% Senior Notes due August 9, 2024 and for general corporate purposes. References to the collective Senior Notes hereafter also include the 2034 Senior Notes.
The Company may redeem the Senior Notes, in whole or in part, at any time and from time to time, prior to (i) August 9, 2022 (the “2024 Par Call Date”) in the case of the 2024 Senior Notes, (ii) July 9, 2026 (the “2026 Par Call Date”) in the case of the 2026 Senior Notes, (iii) June 9, 2028 (the “2028 Par Call Date”) in the case of the 2028 Senior Notes, (iv) May 9, 2031 in the case of the 2031 Senior Notes (the “2031 Par Call Date”) and (v) January 12, 2034 (the "2034 Par Call Date" and, together with the 2024 Par Call Date, the 2026 Par Call Date, the 2028 Par Call Date, and the 2031 Par Call Date , each, a “Par Call Date” and together, the “Par Call Dates”) in the case of the 2034 Senior Notes, in each case, at a redemption price equal to the greater of (x) 100% of the aggregate principal amount of the applicable Senior Notes to be redeemed and (y) the sum of the present values of the remaining scheduled payments of the principal and interest on the Senior Notes, in each case discounted to the date of redemption (assuming the applicable Senior Notes matured on the applicable Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the sum of the applicable treasury rate (as defined in the supplemental indenture establishing the terms of the applicable Senior Notes) plus 15 basis points for the 2024 Senior Notes, 20 basis points for the 2026 Senior Notes, 25 basis points for the 2028 Senior Notes and 2031 Senior Notes and 30 basis points for the 2034 Senior Notes, plus in each case, accrued and unpaid interest thereon to, but excluding, the redemption date. The Company may also redeem the Senior Notes of any series at its option, in whole or in part, at any time and from time to time on or after the applicable Par Call Date, at a redemption price equal to 100% of the principal amount of the Senior Notes to be redeemed.
Other Short-Term Borrowings
The Company has various other committed and uncommitted lines of credit with financial institutions, short-term loans, term loans, credit facilities and book overdraft facilities, totaling approximately $569.6 million in borrowing capacity as of May 31, 2024. Most of these facilities are provided on a short-term basis and are reviewed periodically for renewal. Interest rates and other terms of borrowing under these lines of credit vary by country, depending on local market conditions. There was $160.1 million outstanding on these facilities at May 31, 2024, at a weighted average interest rate of 5.93%, and there was $208.7 million outstanding at November 30, 2023, at a weighted average interest rate of 7.52%. Borrowings under these lines of credit facilities are guaranteed by the Company or secured by eligible accounts receivable.
At May 31, 2024, the Company was also contingently liable for reimbursement obligations with respect to issued standby letters of credit in the aggregate outstanding amount of $74.4 million. These letters of credit typically act as a guarantee of payment to certain third parties in accordance with specified terms and conditions.
The maximum commitment amounts for local currency credit facilities have been translated into U.S. dollars at May 31, 2024 exchange rates.
Covenant Compliance
The Company's credit facilities have a number of covenants and restrictions that require the Company to maintain specified financial ratios, including a maximum debt to EBITDA ratio and a minimum interest coverage ratio, in each case tested on the last day of each fiscal quarter. The covenants also limit the Company’s ability to incur additional debt, create liens, enter into agreements with affiliates, modify the nature of the Company’s business, and merge or consolidate. As of May 31, 2024, the Company was in compliance with the financial covenant requirements for the above arrangements.
v3.24.2
Supplier Finance Programs
 6 Months Ended
May 31, 2024
Payables and Accruals [Abstract]  
SUPPLIER FINANCE PROGRAMS SUPPLIER FINANCE PROGRAMS: The Company has certain agreements with third-party financial institutions ("supplier finance programs"), which facilitate the participating vendors’ ability to sell their receivables from the Company to the third-party financial institutions, at the sole discretion of these vendors. The Company is not party to the agreements between the vendor and the third-party financial institution. As part of these arrangements, the Company generally receives more favorable payment terms from its vendors. The Company’s rights and obligations to its vendors, including amounts due, are generally not impacted by supplier finance programs. However, the Company agrees to make all payments to the third-party financial institutions, and the Company’s right to offset balances due from vendors against payment obligations is restricted by the agreements for those payment obligations that have been sold by the respective vendors. The Company generally does not incur any fees under supplier finance programs; however, the Company did recognize an immaterial amount of fees during the three and six months ended May 31, 2024 within "Cost of revenue" in the Company's Consolidated Statements of Operations related to an arrangement with a certain vendor. As of May 31, 2024 and November 30, 2023, the Company had $2.5 billion and $2.7 billion, respectively, in obligations outstanding under these programs included in “Accounts payable” in the Company’s Consolidated Balance Sheets and all activity related to the obligations is presented within operating activities in the Consolidated Statements of Cash Flows.
v3.24.2
Segment Information
 6 Months Ended
May 31, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION:
Summarized financial information related to the Company’s reportable business segments for the periods presented is shown below:
AmericasEuropeAPJConsolidated
(currency in thousands)
Three Months Ended May 31, 2024
Revenue$8,557,573 $4,426,775 $963,560 $13,947,908 
Operating income209,284 34,360 20,304 263,948 
Three Months Ended May 31, 2023
Revenue$8,699,342 $4,461,461 $901,321 $14,062,124 
Operating income187,259 40,057 25,567 252,883 
Six Months Ended May 31, 2024
Revenue$16,460,669 $9,544,027 $1,918,465 $27,923,161 
Operating income368,966 142,685 54,869 566,520 
Six Months Ended May 31, 2023
Revenue$17,338,046 $9,981,898 $1,867,551 $29,187,495 
Operating income366,764 128,262 56,019 551,045 
v3.24.2
Commitments and Contingencies
 6 Months Ended
May 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES:
As is customary in the technology industry, to encourage certain customers to purchase products from us, the Company also has other financing agreements with financial institutions to provide inventory financing facilities to the Company’s customers and allow certain customers of the Company to finance their purchases directly with the financial institutions. The Company is contingently liable to repurchase inventory sold under these agreements in the event of any default by its customers under the agreement and such inventory being repossessed by the financial institutions. As the Company does not have access to information regarding the amount of inventory purchased from the Company still on hand with the customer at any point in time, the Company’s repurchase obligations relating to inventory cannot be reasonably estimated. Losses, if any, would be the difference between the repossession cost and the resale value of the inventory. Repurchases under these arrangements have been insignificant to date and the Company is not aware of any pending customer defaults or repossession obligations. The Company believes that, based on historical experience, the likelihood of a material loss pursuant to these inventory repurchase obligations is remote.
The French Autorité de la Concurrence (“Competition Authority”) began in 2013 an investigation into the French market for certain products of Apple, Inc. ("Apple") for which the Company is a distributor. In March 2020, the Competition Authority imposed fines on the Company, on another distributor, and on Apple, finding that the Company entered into an anticompetitive agreement with Apple regarding volume allocations of Apple products. The initial fine imposed on the Company was €76.1 million. The Company appealed its determination to the French courts, seeking to set aside or reduce the fine. On October 6, 2022, the appeals court issued a ruling that reduced the fine imposed on the Company from €76.1 million to €24.9 million. As a result of the appeals court ruling, the Company paid €24.9 million in fiscal year 2022. The Company continues to contest the arguments of the Competition Authority and has further appealed this matter. A civil lawsuit related to this matter, alleging anticompetitive actions in association with the established distribution networks for Apple, the Company and another distributor was filed by eBizcuss. The Company is currently evaluating this matter and cannot currently estimate the probability or amount of any potential loss.
From time to time, the Company receives notices from third parties, including customers and suppliers, seeking indemnification, payment of money or other actions in connection with claims made against them. Also, from time to time, the Company has been involved in various bankruptcy preference actions where the Company was a supplier to the companies now in bankruptcy. In addition, the Company is subject to various other claims, both asserted and unasserted, that arise in the ordinary course of business. The Company evaluates these claims, and records related liabilities in cases where a contingent obligation is deemed probable and reasonably estimable. It is possible that the ultimate liabilities could differ from the amounts recorded.
The Company does not believe that the above commitments and contingencies will have a material adverse effect on the Company's results of operations, financial position or cash flows.
v3.24.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Pay vs Performance Disclosure        
Net income $ 143,605 $ 133,087 $ 315,733 $ 300,107
v3.24.2
Insider Trading Arrangements
 3 Months Ended
May 31, 2024
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On May 1, 2024, Merline Saintil, a member of the Company’s Board of Directors, adopted a trading arrangement for the sale of securities of the Company’s common stock that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act. Ms. Saintil’s Rule 10b5-1 trading arrangement provides for the sale of up to 468 shares of common stock until March 31, 2025 pursuant to the terms of the plan.
On May 8, 2024, Marshall Witt, the Company’s Chief Financial Officer, adopted a trading arrangement for the sale of securities of the Company’s common stock that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act. Mr. Witt’s Rule 10b5-1 trading arrangement provides for the sale of up to (i) 17,480 shares of common stock (of which 7,549 shares are to be acquired upon the exercise of employee stock options) and (ii) 100% net shares (not yet determinable) of common stock resulting from the vesting of certain equity awards (net shares are net of tax withholding), until June 23, 2025 pursuant to the terms of the plan.
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Merline Saintil [Member]  
Trading Arrangements, by Individual  
Name Merline Saintil
Title member of the Company’s Board of Directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date May 1, 2024
Arrangement Duration 334 days
Aggregate Available 468
Marshall Witt [Member]  
Trading Arrangements, by Individual  
Name Marshall Witt
Title Chief Financial Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date May 8, 2024
Arrangement Duration 411 days
Aggregate Available 17,480
Marshall Witt Trading Arrangement, Employee Stock Options [Member] | Marshall Witt [Member]  
Trading Arrangements, by Individual  
Aggregate Available 7,549
v3.24.2
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
May 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Use of estimates
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expense during the reporting period. The Company evaluates these estimates on a regular basis and bases them on historical experience and on various assumptions that the Company believes are reasonable. Actual results could differ from the estimates.
Concentration of credit risk and accounts receivable
Concentration of Credit Risk
Financial instruments that potentially subject the Company to significant concentration of credit risk consist principally of cash and cash equivalents, accounts receivable, receivables from vendors and derivative instruments.
The Company’s cash and cash equivalents and derivative instruments are transacted and maintained with financial institutions with high credit standing, and their compositions and maturities are regularly monitored by management. Through May 31, 2024, the Company has not experienced any material credit losses on such deposits and derivative instruments.
Accounts receivable include amounts due from customers, including related party customers. Receivables from vendors, net, includes amounts due from original equipment manufacturer ("OEM") vendors primarily in the technology industry. The Company performs ongoing credit evaluations of its customers’ financial condition and limits the amount of credit extended when deemed necessary, but generally requires no collateral. The Company also maintains allowances for expected credit losses. In estimating the required allowances, the Company takes into consideration the overall quality and aging of its receivable portfolio, the existence of credit insurance and specifically identified customer and vendor risks.
The following table provides revenue generated from products purchased from vendors that exceeded 10% of our consolidated revenue for the periods indicated (as a percent of consolidated revenue):
Three Months EndedSix Months Ended
May 31, 2024May 31, 2023May 31, 2024May 31, 2023
Apple, Inc.11 %
N/A (1)
12 %10 %
Cisco Systems, Inc.
N/A (1)
10 %
N/A (1)
N/A (1)
HP Inc.10 %10 %
N/A (1)
N/A (1)
_________________________
(1) Revenue generated from products purchased from this vendor was less than 10% of consolidated revenue during the period presented.
One customer accounted for 12% and 11% of the Company's total revenue during the three and six months ended both May 31, 2024 and May 31, 2023, respectively. As of May 31, 2024 and November 30, 2023, no single customer comprised more than 10% of the consolidated accounts receivable balance.
Accounts Receivable

The Company maintains an allowance for doubtful accounts as an estimate to cover the future expected credit losses resulting from uncertainty regarding collections from customers or OEM vendors to make payments for outstanding balances. In estimating the required allowance, the Company takes into consideration historical credit losses, current conditions and reasonable and supportable forecasts. Adjustments to historical loss information are made for differences in current conditions as well as changes in forecasted macroeconomic conditions, such as changes in unemployment rates or gross domestic product growth. Expected credit losses are estimated on a pool basis when similar risk characteristics exist using an age-based reserve model. Receivables that do not share risk characteristics are evaluated on an individual basis.

The Company has uncommitted accounts receivable purchase agreements with global financial institutions under which trade accounts receivable of certain customers and their affiliates may be acquired, without recourse, by the financial institutions. Available capacity under these programs is dependent on the level of the Company’s trade accounts receivable with these customers and the financial institutions’ willingness to purchase such receivables. In addition, certain of these programs also require that the Company continue to service, administer and collect the sold accounts receivable. As of May 31, 2024 and November 30, 2023, accounts receivable sold to and held by the financial institutions under these programs were $1.2 billion and $864.6 million, respectively. Discount fees related to the sale of trade accounts receivable under these facilities are included in “Interest expense and finance charges, net” in the Consolidated Statements of Operations. Discount fees for these programs totaled $16.6 million and $32.6 million in the three and six months ended May 31, 2024, respectively, and $12.0 million and $23.7 million for the three and six months ended May 31, 2023, respectively.
Seasonality
Seasonality
The Company's operating results are affected by the seasonality of the IT products industry. The Company has historically experienced slightly higher sales in the first and fourth fiscal quarters due to patterns in capital budgeting, federal government spending and purchasing cycles of its customers and end-users. These historical patterns may not be repeated in subsequent periods.
Revenue Recognition
Revenue Recognition
The Company generates revenue primarily from the sale of various IT products.
The Company recognizes revenue from the sale of IT hardware and software as control is transferred to customers, which is at the point in time when the product is shipped or delivered. The Company accounts for a contract with a customer when it has written approval, the contract is committed, the rights of the parties, including payment terms, are identified, the contract has commercial substance and consideration is probable of collection. Binding purchase orders from customers together with agreement to the Company's terms and conditions of sale by way of an executed agreement or other signed documents are considered to be the contract with a customer. Products sold by the Company are delivered via shipment from the Company’s facilities, drop-shipment directly from the vendor, or by electronic delivery of software products. In situations where arrangements include customer acceptance provisions, revenue is recognized when the Company can objectively verify the products comply with specifications underlying acceptance and the customer has control of the products. Revenue is presented net of taxes collected from customers and remitted to government authorities. The Company generally invoices a customer upon shipment, or in accordance with specific contractual provisions. Payments are due as per contract terms and do not contain a significant financing component. In relation to product support, supply chain management and other services performed by the Company, revenue is recognized over time as the services are performed. Service revenue represents less than 10% of the total revenue for the periods presented.
Provisions for sales returns and allowances are estimated based on historical data and are recorded concurrently with the recognition of revenue. A liability is recorded at the time of sale for estimated product returns based upon historical experience and an asset is recognized for the amount expected to be recorded in inventory upon product return. These provisions are reviewed and adjusted periodically by the Company. Revenue is reduced for early payment discounts and volume incentive rebates offered to customers, which are considered variable consideration, at the time of sale based on an evaluation of the contract terms and historical experience.
The Company recognizes revenue on a net basis on certain contracts, where the Company’s performance obligation is to arrange for the products or services to be provided by another party or the rendering of logistics services for the delivery of inventory for which the Company does not assume the risks and rewards of ownership, by recognizing the margins earned in revenue with no associated cost of revenue. Such arrangements include supplier service contracts, post-contract software support services, cloud computing and software as a service arrangements, certain fulfillment contracts, extended warranty contracts and certain of the Company's systems design and integration solutions arrangements which operate under a customer-owned procurement model.
The Company considers shipping and handling activities as costs to fulfill the sale of products. Shipping revenue is included in revenue when control of the product is transferred to the customer, and the related shipping and handling costs are included in cost of revenue.
The Company disaggregates its operating segment revenue by geography, which the Company believes provides a meaningful depiction of the nature of its revenue. Disaggregated revenue disclosure is presented in Note 12 - Segment Information.
Recently adopted and issued accounting pronouncements
Recently Adopted Accounting Pronouncements

In September 2022, the FASB issued an accounting standards update, ASU 2022-04, which requires new enhanced disclosures by the buyer in supplier finance programs. Disclosures include key terms of the program, including payment terms, along with the amount of related obligations, the financial statement caption that includes such obligations, and a rollforward of activity related to the obligations during the period. The new accounting standard must be adopted retrospectively to the earliest comparative period presented, except for the rollforward requirement, which should be adopted prospectively. The Company adopted this standard during the fiscal quarter ended February 29, 2024, except for the rollforward requirement which will be effective for the Company beginning with the quarter ending February 28, 2025. The adoption of the new standard did not have an impact on the Company’s results of operations, financial condition, or cash flows. For the required disclosures of key terms and amounts outstanding under the Company’s supplier finance programs, see Note 11 – Supplier Finance Programs.
Recently Issued Accounting Pronouncements
In November 2023, the FASB issued an accounting standards update, ASU 2023-07, which requires the following enhanced segment disclosures on an annual and interim basis: (1) significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, (2) other segment items by reportable segment and a description of its composition, and (3) the title of the chief operating decision maker, an explanation of how they use the reported measures of segment profit/loss in assessing segment performance and decide how to allocate resources, as well as clarifications if they use more than one measure of a segment’s profit or loss in assessing segment performance. The amendments in ASU 2023-07 are effective for annual periods beginning after December 15, 2023, which for the Company would be for the fiscal year ending November 30, 2025, and for subsequent interim periods. Early adoption is permitted. The Company is currently evaluating the impact the new accounting standard will have on its segment reporting disclosures in the notes to the consolidated financial statements.
In December 2023, the FASB issued an accounting standards update, ASU 2023-09, which requires enhanced income tax disclosures. The enhanced disclosures required include disclosure of specific categories and disaggregation of information in the rate reconciliation table. ASU 2023-09 also requires disclosure of disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024, which for the Company would be the fiscal year ending November 30, 2026. Early adoption is permitted and the amendments should be applied on a prospective basis. Retrospective application is permitted. The Company is currently evaluating the impact the new accounting standard will have on its income tax disclosures in the notes to the consolidated financial statements.
v3.24.2
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
May 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Concentration of Risk
The following table provides revenue generated from products purchased from vendors that exceeded 10% of our consolidated revenue for the periods indicated (as a percent of consolidated revenue):
Three Months EndedSix Months Ended
May 31, 2024May 31, 2023May 31, 2024May 31, 2023
Apple, Inc.11 %
N/A (1)
12 %10 %
Cisco Systems, Inc.
N/A (1)
10 %
N/A (1)
N/A (1)
HP Inc.10 %10 %
N/A (1)
N/A (1)
_________________________
(1) Revenue generated from products purchased from this vendor was less than 10% of consolidated revenue during the period presented.
v3.24.2
Acquisition, Integration and Restructuring Costs (Tables)
 6 Months Ended
May 31, 2024
Restructuring and Related Activities [Abstract]  
Restructuring and Related Costs
During the three and six months ended May 31, 2024 and May 31, 2023, acquisition and integration expenses related to the Merger were composed of the following:
Three Months EndedSix Months Ended
May 31, 2024May 31, 2023May 31, 2024May 31, 2023
(currency in thousands)
Professional services costs$7,058 $4,311 $16,456 $11,121 
Personnel and other costs7,316 11,275 15,279 24,282 
Long-lived assets charges and termination fees15,496 7,613 22,533 23,989 
Stock-based compensation— 11,039 — 22,560 
Voluntary severance program costs
2,893 — 10,113 — 
Total$32,763 $34,238 $64,381 $81,952 
v3.24.2
Share-Based Compensation (Tables)
 6 Months Ended
May 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Share Based Awards Granted
The following tables summarize the Company's share-based awards activity for TD SYNNEX stock incentive plans during the six months ended May 31, 2024.
A summary of the changes in the Company's stock options is set forth below:
(shares in thousands)
Stock options
Balances as of November 30, 2023
594 
Exercised(74)
Balances as of May 31, 2024
520 
A summary of the changes in the Company's non-vested RSAs and RSUs is presented below:
(shares in thousands)
RSAs and RSUs
Non-vested as of November 30, 2023
1,307 
Granted193 
Vested(184)
Attainment adjustments(1)
(12)
Cancelled
(35)
Non-vested as of May 31, 2024
1,269 
__________________
(1) During the six months ended May 31, 2024, the attainment on PRSUs vested was adjusted to reflect actual performance.
Summary of Share Based Compensation
A summary of share-based compensation expense in the Consolidated Statements of Operations for TD SYNNEX stock incentive plans is presented below:
Three Months EndedSix Months Ended
May 31, 2024May 31, 2023May 31, 2024May 31, 2023
(currency in thousands)
Selling, general and administrative expenses$13,430 $7,648 $30,920 $20,722 
Acquisition, integration and restructuring costs— 1,486 — 2,978 
Total share-based compensation expense$13,430 $9,134 $30,920 $23,700 
v3.24.2
Equity (Tables)
 6 Months Ended
May 31, 2024
Equity [Abstract]  
Schedule of Share Repurchases
The Company's common share repurchase activity for the six months ended May 31, 2024 is summarized as follows:
(shares in thousands, except per share amounts)
SharesWeighted-average price per share
Treasury stock balance as of November 30, 2023
10,343 $91.82 
Shares of treasury stock repurchased under share repurchase program (1)
4,211 107.67 
Shares of treasury stock repurchased for tax withholdings on equity awards60 104.19 
Shares of treasury stock reissued for employee benefit plans(266)93.40 
Treasury stock balance as of May 31, 2024
14,348 $96.80 
_________________________
(1) Weighted-average price per share excludes broker's commissions and excise taxes. "Repurchases of common stock" in the Consolidated Statements of Cash Flows for the six months ended May 31, 2024 excludes amounts related to accrued excise tax that is included in "Other current liabilities" and "Treasury stock" on the Consolidated Balance Sheets at May 31, 2024. Excise taxes when paid are classified as operating activities in the Consolidated Statements of Cash Flows.
v3.24.2
Earnings Per Common Share (Tables)
 6 Months Ended
May 31, 2024
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Earnings Per Common Share
The following table sets forth the computation of basic and diluted earnings per common share for the periods indicated:
Three Months EndedSix Months Ended
May 31, 2024May 31, 2023May 31, 2024May 31, 2023
(currency and share amounts in thousands, except per share amounts)
Basic earnings per common share:
Net income attributable to common stockholders(1)
$142,280 $132,087 $312,887 $297,854 
Weighted-average number of common shares - basic85,453 93,385 86,655 93,805 
Basic earnings per common share$1.67 $1.41 $3.61 $3.18 
Diluted earnings per common share:
Net income attributable to common stockholders(1)
$142,284 $132,089 $312,896 $297,859 
Weighted-average number of common shares - basic85,453 93,385 86,655 93,805 
Effect of dilutive securities:
Stock options and RSUs416 258 364 269 
Weighted-average number of common shares - diluted85,869 93,643 87,019 94,074 
Diluted earnings per common share$1.66 $1.41 $3.60 $3.17 
Anti-dilutive shares excluded from diluted earnings per share calculation137 304 179 271 
_________________________
(1) RSAs granted by the Company are considered participating securities. Income available to participating securities was immaterial in all periods presented.
v3.24.2
Balance Sheet Components (Tables)
 6 Months Ended
May 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Accounts Receivable, Net
Accounts receivable, net:
The following table summarizes accounts receivable, net:
As of
May 31, 2024November 30, 2023
(currency in thousands)
Accounts receivable$8,982,916 $10,448,567 
Less: Allowance for doubtful accounts(130,391)(150,753)
Accounts receivable, net$8,852,525 $10,297,814 
Receivables from Vendors, Net
Receivables from vendors, net:
The following table summarizes receivables from vendors, net:
As of
May 31, 2024November 30, 2023
(currency in thousands)
Receivables from vendors$840,497 $976,453 
Less: Allowance for doubtful accounts(9,761)(12,119)
Receivables from vendors, net$830,736 $964,334 
Allowance for Doubtful Trade Receivables
Allowance for doubtful trade receivables:
The following table summarizes the changes to the allowance for doubtful trade receivables (currency in thousands):
Balance as of November 30, 2023
$150,753 
Additions4,922 
Write-offs, recoveries, reclassifications and foreign exchange translation(25,284)
Balance as of May 31, 2024
$130,391 
Allowance for receivables from vendors:
The following table summarizes the changes to the allowance for receivables from vendors (currency in thousands):
Balance as of November 30, 2023
$12,119 
Charged to income
(2,255)
Write-offs, recoveries, reclassifications and foreign exchange translation(103)
Balance as of May 31, 2024
$9,761 
v3.24.2
Derivative Instruments (Tables)
 6 Months Ended
May 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Fair Values of Derivative Instruments
The fair values of the Company’s derivative instruments are disclosed in Note 9 - Fair Value Measurements and summarized in the table below:
Value as of
Balance Sheet Line Item (currency in thousands)
May 31, 2024November 30, 2023
Derivative instruments not designated as hedging instruments:
Foreign exchange forward contracts (notional value)$1,514,980 $1,456,110 
Other current assets6,683 4,326 
Other accrued liabilities6,378 9,756 
Derivative instruments designated as net investment hedges:
Foreign currency forward contracts (notional value)$595,516 $516,250 
Other accrued liabilities13,366 18,335 
Other long-term liabilities13,600 18,041 
Effect of Derivative Instruments on AOCI and Consolidated Statements of Earnings
The following table shows the gains and losses, before taxes, of the Company’s derivative instruments designated as cash flow hedges and net investment hedges in Other Comprehensive Income (“OCI”) and not designated as hedging instruments in the Consolidated Statements of Operations for the periods presented:
Three Months Ended
Six Months Ended
Location of Gains (Losses) in IncomeMay 31, 2024May 31, 2023May 31, 2024May 31, 2023
(currency in thousands)
Derivative instruments not designated as hedging instruments:
Gains (losses) recognized from foreign exchange contracts, net⁽¹⁾Cost of revenue$326 $(7,611)$6,448 $(24,512)
(Losses) gains recognized from foreign exchange contracts, net⁽¹⁾Other expense, net(290)(2,662)1,766 (5,225)
Total $36 $(10,273)$8,214 $(29,737)
Derivative instruments designated as cash flow hedges:
(Losses) gains recognized in OCI on interest rate swaps$— $(217)$— $937 
Gains on interest rate swaps reclassified from AOCI into incomeInterest expense and finance charges, net$— $2,445 $— $3,583 
Derivative instruments designated as net investment hedges:
(Losses) gains recognized in OCI on foreign exchange forward contracts$(872)$(6,632)$4,572 $(14,657)
Gains recognized in income (amount excluded from effectiveness testing)Interest expense and finance charges, net$2,388 $2,308 $4,644 $4,586 
____________________________
(1) The gains and losses largely offset the currency gains and losses that resulted from changes in the assets and liabilities denominated in nonfunctional currencies.
v3.24.2
Fair Value Measurements (Tables)
 6 Months Ended
May 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Valuation of Investments and Financial Instruments Measured at Fair Value on Recurring Basis
The following table summarizes the valuation of the Company’s financial instruments that are measured at fair value on a recurring basis:
As of May 31, 2024
As of November 30, 2023
Fair value measurement categoryFair value measurement category
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
(currency in thousands)
Assets:
Forward foreign currency exchange contracts not designated as hedges$6,683 $— $6,683 $— $4,326 $— $4,326 $— 
Liabilities:
Forward foreign currency exchange contracts not designated as hedges$6,378 $— $6,378 $— $9,756 $— $9,756 $— 
Forward foreign currency exchange contracts designated as net investment hedges26,966 — 26,966 — 36,376 — 36,376 — 
v3.24.2
Borrowings (Tables)
 6 Months Ended
May 31, 2024
Debt Disclosure [Abstract]  
Schedule of Borrowings
Borrowings consist of the following:
As of
May 31, 2024November 30, 2023
(currency in thousands)
Current portion of TD SYNNEX Senior Notes
$700,000 $700,000 
Current portion of term loans
— 75,000 
Other short-term borrowings
160,134 208,694 
Short-term borrowings before debt discount and issuance costs
$860,134 $983,694 
Less: current portion of unamortized debt discount and issuance costs
(28)(109)
Borrowings, current$860,106 $983,585 
Term loans
$1,331,250 $1,275,000 
TD SYNNEX Senior Notes2,400,000 1,800,000 
Other credit agreements and long-term debt26,313 41,985 
Long-term borrowings, before unamortized debt discount and issuance costs$3,757,563 $3,116,985 
Less: unamortized debt discount and issuance costs(21,971)(17,792)
Long-term borrowings$3,735,592 $3,099,193 
v3.24.2
Segment Information (Tables)
 6 Months Ended
May 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment Summarized financial information related to the Company’s reportable business segments for the periods presented is shown below:
AmericasEuropeAPJConsolidated
(currency in thousands)
Three Months Ended May 31, 2024
Revenue$8,557,573 $4,426,775 $963,560 $13,947,908 
Operating income209,284 34,360 20,304 263,948 
Three Months Ended May 31, 2023
Revenue$8,699,342 $4,461,461 $901,321 $14,062,124 
Operating income187,259 40,057 25,567 252,883 
Six Months Ended May 31, 2024
Revenue$16,460,669 $9,544,027 $1,918,465 $27,923,161 
Operating income368,966 142,685 54,869 566,520 
Six Months Ended May 31, 2023
Revenue$17,338,046 $9,981,898 $1,867,551 $29,187,495 
Operating income366,764 128,262 56,019 551,045 
v3.24.2
Organization and Basis of Presentation - Additional Information (Details)
 6 Months Ended
May 31, 2024
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of reportable segments 3
v3.24.2
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Nov. 30, 2023
Recently Adopted Accounting Pronouncements [Line Items]          
Accounts payable estimated to be within scope of standard $ 12,134,581   $ 12,134,581   $ 13,347,281
Maximum          
Recently Adopted Accounting Pronouncements [Line Items]          
Services revenue as a percentage of total revenue (less than)     10.00% 10.00%  
Supply-chain Financing Program          
Recently Adopted Accounting Pronouncements [Line Items]          
Accounts receivable sold to and held by financial institution 1,200,000   $ 1,200,000   $ 864,600
Discount fees $ (16,600) $ (12,000) $ (32,600) $ (23,700)  
Sales Revenue, Net | Customer Concentration Risk | Customer1          
Recently Adopted Accounting Pronouncements [Line Items]          
Concentration risk, percentage 12.00%   11.00%    
Sales Revenue, Net | Supplier Concentration Risk | Apple, Inc.          
Recently Adopted Accounting Pronouncements [Line Items]          
Concentration risk, percentage 11.00% 100.00% 12.00% 10.00%  
Sales Revenue, Net | Supplier Concentration Risk | Cisco Systems, Inc.          
Recently Adopted Accounting Pronouncements [Line Items]          
Concentration risk, percentage 100.00% 10.00% 100.00% 100.00%  
Sales Revenue, Net | Supplier Concentration Risk | HP Inc.          
Recently Adopted Accounting Pronouncements [Line Items]          
Concentration risk, percentage 10.00% 10.00% 100.00% 100.00%  
v3.24.2
Acquisition, Integration and Restructuring Costs - Additional Information (Details) - USD ($)
$ in Thousands, shares in Millions
 3 Months Ended 6 Months Ended
Sep. 01, 2021
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Restructuring Cost and Reserve [Line Items]          
Acquisition, integration and restructuring costs   $ 37,885 $ 36,829 $ 69,534 $ 88,011
Global Business Optimization 2 Program          
Restructuring Cost and Reserve [Line Items]          
Acquisition, integration and restructuring costs   3,900 2,600   6,100
Other Acquisitions          
Restructuring Cost and Reserve [Line Items]          
Acquisition, integration and restructuring costs   1,200      
Tech Data Corporation          
Restructuring Cost and Reserve [Line Items]          
Acquisition, integration and restructuring costs   32,763 34,238 64,381 81,952
Restructuring related accelerated depreciation and amortization   5,100 5,300 5,500 11,500
Termination fees related to certain IT systems   10,400 2,300 17,000 12,500
Voluntary severance program costs   2,893 $ 0 10,113 $ 0
Tech Data Corporation | Severance Costs          
Restructuring Cost and Reserve [Line Items]          
Voluntary severance program costs   2,000   8,000  
Tech Data Corporation | Duplicative Labor Costs          
Restructuring Cost and Reserve [Line Items]          
Voluntary severance program costs   $ 900   $ 2,100  
Tiger Parent (AP) Corporation | Merger Agreement          
Restructuring Cost and Reserve [Line Items]          
Cash consideration to acquire businesses $ 1,600,000        
Cash acquired from acquisition 1,100,000        
Equity contribution $ 500,000        
Number of shares, consideration (in shares) 44        
Value assigned for shares, consideration $ 5,600,000        
v3.24.2
Acquisition, Integration and Restructuring Costs - Restructuring and Related Costs (The Merger) - (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Restructuring Cost and Reserve [Line Items]        
Stock-based compensation $ 13,430 $ 9,134 $ 30,920 $ 23,700
Acquisition, integration and restructuring costs 37,885 36,829 69,534 88,011
Tech Data Corporation        
Restructuring Cost and Reserve [Line Items]        
Professional services costs 7,058 4,311 16,456 11,121
Personnel and other costs 7,316 11,275 15,279 24,282
Long-lived assets charges and termination fees 15,496 7,613 22,533 23,989
Stock-based compensation 0 11,039 0 22,560
Voluntary severance program costs 2,893 0 10,113 0
Acquisition, integration and restructuring costs $ 32,763 $ 34,238 $ 64,381 $ 81,952
v3.24.2
Share-Based Compensation - Schedule of Share Based Awards Granted TD Synnex (Details)
 6 Months Ended
May 31, 2024
shares
Stock options  
Stock options, beginning (in shares) 594,000
Exercised (in shares) (74,000)
Stock options, ending (in shares) 520,000
RSAs and RSUs  
RSAs and RSUs  
Restricted stock, beginning (in shares) 1,307,000
Granted (in shares) 193,000
Vested (in shares) (184,000)
Attainment adjustments (in shares) (12,000)
Canceled (in shares) (35,000)
Restricted stock, ending (in shares) 1,269,000
v3.24.2
Share-Based Compensation - Summary of Share-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Stock-based compensation $ 13,430 $ 9,134 $ 30,920 $ 23,700
Selling, general and administrative expenses        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Stock-based compensation 13,430 7,648 30,920 20,722
Acquisition, integration and restructuring costs        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Stock-based compensation $ 0 $ 1,486 $ 0 $ 2,978
v3.24.2
Share-Based Compensation - Additional Information (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]        
Stock-based compensation $ 13,430 $ 9,134 $ 30,920 $ 23,700
Acquisition, Integration, and Restructuring Costs        
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]        
Stock-based compensation $ 0 1,486 $ 0 2,978
RSAs and RSUs        
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]        
Vested (in shares)     (184)  
RSAs and RSUs | TD SYNNEX        
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]        
Award vesting period (in years)     2 years  
Weighted average grant date fair value (in usd per share) $ 127.60   $ 127.60  
Stock-based compensation   $ 9,500   $ 19,600
v3.24.2
Equity - Share Repurchase Program - Additional Information (Details) - USD ($)
shares in Thousands, $ in Thousands
 2 Months Ended 6 Months Ended
Apr. 04, 2024
May 31, 2024
May 31, 2022
Mar. 31, 2024
Nov. 30, 2023
Jan. 31, 2023
Equity Class Of Treasury Stock [Line Items]            
Stock repurchase program, period in force (in years)     3 years      
Stock issued during period (in shares) 26,200          
Shares of treasury stock repurchased under share repurchase program   4,211        
Treasury stock, value   $ 1,388,845     $ 949,714  
Underwriters            
Equity Class Of Treasury Stock [Line Items]            
Stock issued during period (in shares) 2,700          
A2023 Share Repurchase Program            
Equity Class Of Treasury Stock [Line Items]            
Stock repurchase program, authorized amount           $ 1,000,000
Stock repurchase program, remaining authorized repurchase amount   $ 1,900,000       $ 196,700
Shares of treasury stock repurchased under share repurchase program 3,600          
Treasury stock, value $ 392,300          
A2024 Share Repurchase Program            
Equity Class Of Treasury Stock [Line Items]            
Stock repurchase program, authorized amount       $ 2,000,000    
v3.24.2
Equity - Schedule of Share Repurchases (Details)
shares in Thousands
 6 Months Ended
May 31, 2024
$ / shares
shares
Equity [Abstract]  
Treasury stock, beginning balance (in shares) | shares 10,343
Shares of treasury stock repurchased under share repurchase program | shares 4,211
Shares of treasury stock repurchased for tax withholdings on equity awards | shares 60
Treasury stock, ending balance (in shares) | shares 14,348
Weighted-average price per share, beginning balance (in USD per share) | $ / shares $ 91.82
Weighted-average price per share, repurchased under share repurchase program (in USD per share) | $ / shares 107.67 [1]
Weighted-average price per share, repurchased for tax withholdings on equity awards (in USD per share) | $ / shares $ 104.19
Shares of treasury stock reissued for employee benefit plans | shares (266)
Weighted-average price per share, reissued (in USD per share) | $ / shares $ 93.40
Weighted-average price per share, ending balance (in USD per share) | $ / shares $ 96.80
[1]
(1) Weighted-average price per share excludes broker's commissions and excise taxes. "Repurchases of common stock" in the Consolidated Statements of Cash Flows for the six months ended May 31, 2024 excludes amounts related to accrued excise tax that is included in "Other current liabilities" and "Treasury stock" on the Consolidated Balance Sheets at May 31, 2024. Excise taxes when paid are classified as operating activities in the Consolidated Statements of Cash Flows.
v3.24.2
Equity - Dividends - Additional Information (Details) - $ / shares
 3 Months Ended 6 Months Ended
Jul. 26, 2024
Jul. 12, 2024
Jun. 25, 2024
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Equity Class Of Treasury Stock [Line Items]              
Cash dividends declared per share (in USD per shares)       $ 0.40 $ 0.35 $ 0.80 $ 0.70
Subsequent Event              
Equity Class Of Treasury Stock [Line Items]              
Dividends declared date     Jun. 25, 2024        
Cash dividends declared per share (in USD per shares)     $ 0.40        
Dividends payable date Jul. 26, 2024            
Dividends record date   Jul. 12, 2024          
v3.24.2
Earnings Per Common Share - Schedule of Basic and Diluted Earnings Per Common Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Basic earnings per common share:        
Net income attributable to common stockholders $ 142,280 [1] $ 132,087 [1] $ 312,887 $ 297,854
Weighted-average common shares - basic (in shares) 85,453 93,385 86,655 93,805
Basic (in USD per share) $ 1.67 $ 1.41 $ 3.61 $ 3.18
Diluted earnings per common share:        
Net income attributable to common stockholders $ 142,284 [1] $ 132,089 [1] $ 312,896 $ 297,859
Basic (in shares) 85,453 93,385 86,655 93,805
Stock options and restricted stock units (shares) 416 258 364 269
Weighted-average number of common shares - diluted (in shares) 85,869 93,643 87,019 94,074
Diluted earnings per common share (in USD per share) $ 1.66 $ 1.41 $ 3.60 $ 3.17
Anti-dilutive shares excluded from diluted earnings per share calculation (in shares) 137 304 179 271
[1] (1) RSAs granted by the Company are considered participating securities. Income available to participating securities was immaterial in all periods presented
v3.24.2
Balance Sheet Components - Accounts Receivable, Net (Details) - USD ($)
$ in Thousands
May 31, 2024
Nov. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accounts receivable $ 8,982,916 $ 10,448,567
Less: Allowance for doubtful accounts (130,391) (150,753)
Accounts receivable, net $ 8,852,525 $ 10,297,814
v3.24.2
Balance Sheet Components - Receivables from Vendors, Net (Details) - USD ($)
$ in Thousands
May 31, 2024
Nov. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Receivables from vendors $ 840,497 $ 976,453
Less: Allowance for doubtful accounts (9,761) (12,119)
Receivables from vendors, net $ 830,736 $ 964,334
v3.24.2
Balance Sheet Components - Allowance for Doubtful Receivables (Details)
$ in Thousands
 6 Months Ended
May 31, 2024
USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]  
Beginning balance $ 150,753
Ending balance 130,391
Allowance For Doubtful Trade Receivables  
Financing Receivable, Allowance for Credit Loss [Line Items]  
Beginning balance 150,753
Additions 4,922
Write-offs, recoveries, reclassifications and foreign exchange translation (25,284)
Ending balance 130,391
Allowance For Doubtful Receivables From Vendors  
Financing Receivable, Allowance for Credit Loss [Line Items]  
Beginning balance 12,119
Additions (2,255)
Write-offs, recoveries, reclassifications and foreign exchange translation (103)
Ending balance $ 9,761
v3.24.2
Derivative Instruments - Additional Information (Details)
 6 Months Ended
May 31, 2024
Derivative [Line Items]  
Derivative instrument, subsequent de-designation period (in months) 2 months
Foreign exchange forward contracts (notional value) | Derivative instruments not designated as hedging instruments: | Maximum  
Derivative [Line Items]  
Foreign exchange forward contracts, maturity 12 months
v3.24.2
Derivative Instruments - Summary of Fair Values of Derivative Instruments (Details) - USD ($)
$ in Thousands
May 31, 2024
Nov. 30, 2023
Derivative instruments not designated as hedging instruments: | Foreign exchange forward contracts (notional value)    
Derivative [Line Items]    
Notional value $ 1,514,980 $ 1,456,110
Derivative instruments not designated as hedging instruments: | Foreign exchange forward contracts (notional value) | Other current assets    
Derivative [Line Items]    
Assets, fair value 6,683 4,326
Derivative instruments not designated as hedging instruments: | Foreign exchange forward contracts (notional value) | Other accrued liabilities    
Derivative [Line Items]    
Other accrued liabilities 6,378 9,756
Designated as hedging instrument | Foreign currency forward contracts (notional value) | Derivative instruments designated as net investment hedges:    
Derivative [Line Items]    
Notional value 595,516 516,250
Designated as hedging instrument | Foreign currency forward contracts (notional value) | Derivative instruments designated as net investment hedges: | Other current assets    
Derivative [Line Items]    
Assets, fair value 13,366 18,335
Designated as hedging instrument | Foreign currency forward contracts (notional value) | Derivative instruments designated as net investment hedges: | Other assets    
Derivative [Line Items]    
Assets, fair value $ 13,600 $ 18,041
v3.24.2
Derivative Instruments - Effect of Derivative Instruments on AOCI and Consolidated Statements of Operations (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Derivative Instruments Gain Loss [Line Items]        
Total $ 36 $ (10,273) $ 8,214 $ (29,737)
Interest expense and finance charges, net     Interest expense and finance charges, net Interest expense and finance charges, net
Derivative instruments not designated as hedging instruments: | Foreign exchange | Cost of revenue        
Derivative Instruments Gain Loss [Line Items]        
Gains (losses) recognized from foreign exchange forward contracts, net [1] 326 (7,611) $ 6,448 $ (24,512)
Derivative instruments not designated as hedging instruments: | Foreign exchange | Other expense, net        
Derivative Instruments Gain Loss [Line Items]        
Gains (losses) recognized from foreign exchange forward contracts, net [1] (290) (2,662) 1,766 (5,225)
Derivative instruments designated as cash flow hedges: | Interest rate swap        
Derivative Instruments Gain Loss [Line Items]        
Gains (losses) recognized in OCI 0 (217) 0 937
Derivative instruments designated as cash flow hedges: | Interest rate swap | Interest expense and finance charges, net        
Derivative Instruments Gain Loss [Line Items]        
Gains on interest rate swaps reclassified from AOCI into income 0 2,445 0 3,583
Derivative instruments designated as net investment hedges: | Interest rate swap        
Derivative Instruments Gain Loss [Line Items]        
Gains recognized in income (amount excluded from effectiveness testing) 2,388 2,308 4,644 4,586
Derivative instruments designated as net investment hedges: | Foreign exchange        
Derivative Instruments Gain Loss [Line Items]        
Gains (losses) recognized in OCI $ (872) $ (6,632) $ 4,572 $ (14,657)
[1] The gains and losses largely offset the currency gains and losses that resulted from changes in the assets and liabilities denominated in nonfunctional currencies.
v3.24.2
Fair Value Measurements - Schedule of Valuation of Investments and Financial Instruments Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($)
$ in Thousands
May 31, 2024
Nov. 30, 2023
Assets:    
Forward foreign currency exchange contracts not designated as hedges $ 6,683 $ 4,326
Liabilities:    
Forward foreign currency exchange contracts not designated as hedges 6,378 9,756
Designated as hedging instrument    
Liabilities:    
Forward foreign currency exchange contracts not designated as hedges 26,966 36,376
Level 1    
Assets:    
Forward foreign currency exchange contracts not designated as hedges 0 0
Liabilities:    
Forward foreign currency exchange contracts not designated as hedges 0 0
Level 1 | Designated as hedging instrument    
Liabilities:    
Forward foreign currency exchange contracts not designated as hedges 0 0
Level 2    
Assets:    
Forward foreign currency exchange contracts not designated as hedges 6,683 4,326
Liabilities:    
Forward foreign currency exchange contracts not designated as hedges 6,378 9,756
Level 2 | Designated as hedging instrument    
Liabilities:    
Forward foreign currency exchange contracts not designated as hedges 26,966 36,376
Level 3    
Assets:    
Forward foreign currency exchange contracts not designated as hedges 0 0
Liabilities:    
Forward foreign currency exchange contracts not designated as hedges 0 0
Level 3 | Designated as hedging instrument    
Liabilities:    
Forward foreign currency exchange contracts not designated as hedges $ 0 $ 0
v3.24.2
Fair Value Measurements - Additional Information (Details) - USD ($)
May 31, 2024
Nov. 30, 2023
Fair Value Disclosures [Abstract]    
Estimated fair value $ 2,900,000,000 $ 2,200,000,000
Transfers between fair value measurement category levels $ 0  
v3.24.2
Borrowings - Schedule of Borrowings (Details) - USD ($)
$ in Thousands
May 31, 2024
Nov. 30, 2023
Debt Instrument [Line Items]    
Borrowings, current $ 860,106 $ 983,585
Short-term borrowings before debt discount and issuance costs 860,134 983,694
Less: current portion of unamortized debt discount and issuance costs (28) (109)
Long-term borrowings, before unamortized debt discount and issuance costs 3,757,563 3,116,985
Less: unamortized debt discount and issuance costs (21,971) (17,792)
Long-term borrowings 3,735,592 3,099,193
Line of Credit | TD SYNNEX    
Debt Instrument [Line Items]    
Borrowings, current 160,134 208,694
Other long-term liabilities    
Debt Instrument [Line Items]    
Borrowings, current 0 75,000
Credit Agreement | TD SYNNEX    
Debt Instrument [Line Items]    
Long-term borrowings, before unamortized debt discount and issuance costs 1,331,250 1,275,000
Senior Notes    
Debt Instrument [Line Items]    
Borrowings, current 700,000 700,000
Senior Notes | TD SYNNEX    
Debt Instrument [Line Items]    
Long-term borrowings, before unamortized debt discount and issuance costs 2,400,000 1,800,000
Term Loan | Other Entities    
Debt Instrument [Line Items]    
Long-term borrowings, before unamortized debt discount and issuance costs $ 26,313 $ 41,985
v3.24.2
Borrowings - TD SYNNEX United States Receivable Securitization Arrangement (Details) - USD ($)
$ in Thousands
 1 Months Ended
Dec. 31, 2021
May 31, 2024
Nov. 30, 2023
Debt Instrument [Line Items]      
Accounts receivable, net   $ 8,852,525 $ 10,297,814
AR Arrangement | TD SYNNEX US | Trade Accounts Receivable      
Debt Instrument [Line Items]      
Line of credit facility, accordion feature amount $ 1,500,000    
Interest rate, basis spread on variable rate, commercial paper rates 0.85%    
Accounts receivable, net   $ 3,100,000 $ 3,400,000
AR Arrangement | TD SYNNEX US | Minimum | Trade Accounts Receivable      
Debt Instrument [Line Items]      
Unused line fees or commitment fees 0.30%    
AR Arrangement | TD SYNNEX US | Maximum | Trade Accounts Receivable      
Debt Instrument [Line Items]      
Unused line fees or commitment fees 0.40%    
v3.24.2
Borrowings - TD SYNNEX Credit Agreement (Details)
 6 Months Ended
Apr. 19, 2024
USD ($)
Apr. 16, 2021
USD ($)
extension
May 31, 2024
USD ($)
Nov. 30, 2023
USD ($)
New Credit Agreement | Tech Data Corporation        
Line of Credit Facility [Line Items]        
Line of credit facility, maximum borrowing capacity   $ 3,500,000,000    
New credit facilities termination description     The maturity of the TD SYNNEX Term Loan is on the fifth anniversary of the September 2021 closing date, to occur in September 2026. As amended, the TD SYNNEX Revolving Credit Facility will mature on April 16, 2029, subject, in the lender's discretion, to two one-year extensions upon the Company's prior notice to the lenders.  
New Credit Agreement | Tech Data Corporation | Credit Spread Adjustment        
Line of Credit Facility [Line Items]        
Interest rate   0.10%    
New Credit Agreement | Tech Data Corporation | Maximum        
Line of Credit Facility [Line Items]        
Line of credit facility, potential increase in borrowing capacity amount   $ 500,000,000    
Commitment fee   0.30%    
New Credit Agreement | Tech Data Corporation | Maximum | Secured Overnight Financing Rate (SOFR)        
Line of Credit Facility [Line Items]        
Interest rate   1.75%    
New Credit Agreement | Tech Data Corporation | Maximum | Base Rate        
Line of Credit Facility [Line Items]        
Interest rate   1.00%    
New Credit Agreement | Tech Data Corporation | Minimum        
Line of Credit Facility [Line Items]        
Commitment fee   0.10%    
New Credit Agreement | Tech Data Corporation | Minimum | Secured Overnight Financing Rate (SOFR)        
Line of Credit Facility [Line Items]        
Interest rate   1.00%    
New Credit Agreement | Tech Data Corporation | Senior Unsecured Term Loan        
Line of Credit Facility [Line Items]        
Line of credit facility, maximum borrowing capacity   $ 1,500,000,000    
Line of credit facility, number of extensions | extension   2    
Line of credit facility, extension period   1 year    
Amount outstanding on TD SYNNEX term loan     $ 581,300,000 $ 1,400,000,000
TD SYNNEX Credit Agreement | Tech Data Corporation        
Line of Credit Facility [Line Items]        
Effective interest rate, term loan     6.80% 6.82%
TD SYNNEX Credit Agreement | Tech Data Corporation | Maximum | Secured Overnight Financing Rate (SOFR)        
Line of Credit Facility [Line Items]        
Interest rate   1.75%    
TD SYNNEX Credit Agreement | Tech Data Corporation | Minimum | Secured Overnight Financing Rate (SOFR)        
Line of Credit Facility [Line Items]        
Interest rate   1.125%    
2024 TD SYNNEX Credit Agreement        
Line of Credit Facility [Line Items]        
Line of credit facility, maximum borrowing capacity $ 750,000,000      
2024 TD SYNNEX Credit Agreement | Maximum | Secured Overnight Financing Rate (SOFR)        
Line of Credit Facility [Line Items]        
Interest rate 1.625%      
2024 TD SYNNEX Credit Agreement | Minimum | Secured Overnight Financing Rate (SOFR)        
Line of Credit Facility [Line Items]        
Interest rate 1.00%      
2024 TD SYNNEX Credit Agreement | Tech Data Corporation        
Line of Credit Facility [Line Items]        
Effective interest rate, term loan     6.67%  
2024 TD SYNNEX Credit Agreement | Tech Data Corporation | Credit Spread Adjustment        
Line of Credit Facility [Line Items]        
Interest rate 0.10%      
v3.24.2
Borrowings - TD SYNNEX Senior Notes (Details) - Senior Notes - USD ($)
$ in Millions
 6 Months Ended
Aug. 09, 2021
May 31, 2024
Apr. 12, 2024
Line of Credit Facility [Line Items]      
Aggregate principal amount $ 2,500.0    
Debt issuance cost     $ 5.7
Debt instrument, redemption, description   The Company may redeem the Senior Notes, in whole or in part, at any time and from time to time, prior to (i) August 9, 2022 (the “2024 Par Call Date”) in the case of the 2024 Senior Notes, (ii) July 9, 2026 (the “2026 Par Call Date”) in the case of the 2026 Senior Notes, (iii) June 9, 2028 (the “2028 Par Call Date”) in the case of the 2028 Senior Notes, (iv) May 9, 2031 in the case of the 2031 Senior Notes (the “2031 Par Call Date”) and (v) January 12, 2034 (the "2034 Par Call Date" and, together with the 2024 Par Call Date, the 2026 Par Call Date, the 2028 Par Call Date, and the 2031 Par Call Date , each, a “Par Call Date” and together, the “Par Call Dates”) in the case of the 2034 Senior Notes, in each case, at a redemption price equal to the greater of (x) 100% of the aggregate principal amount of the applicable Senior Notes to be redeemed and (y) the sum of the present values of the remaining scheduled payments of the principal and interest on the Senior Notes, in each case discounted to the date of redemption (assuming the applicable Senior Notes matured on the applicable Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the sum of the applicable treasury rate (as defined in the supplemental indenture establishing the terms of the applicable Senior Notes) plus 15 basis points for the 2024 Senior Notes, 20 basis points for the 2026 Senior Notes, 25 basis points for the 2028 Senior Notes and 2031 Senior Notes and 30 basis points for the 2034 Senior Notes, plus in each case, accrued and unpaid interest thereon to, but excluding, the redemption date. The Company may also redeem the Senior Notes of any series at its option, in whole or in part, at any time and from time to time on or after the applicable Par Call Date, at a redemption price equal to 100% of the principal amount of the Senior Notes to be redeemed.  
Minimum      
Line of Credit Facility [Line Items]      
Debt Instrument, redemption price, percentage of principal amount redeemed 100.00% 100.00%  
1.25% Senior Notes due 2024      
Line of Credit Facility [Line Items]      
Aggregate principal amount $ 700.0    
Interest rate 1.25%    
Maturity date Aug. 09, 2024    
Debt Instrument, redemption discount rate basis spread on treasury rate 0.15%    
1.25% Senior Notes due 2024 | Maximum      
Line of Credit Facility [Line Items]      
Debt instrument redemption par call date Aug. 09, 2022    
1.75% Senior Notes due 2026      
Line of Credit Facility [Line Items]      
Aggregate principal amount $ 700.0    
Interest rate 1.75%    
Maturity date Aug. 09, 2026    
Debt Instrument, redemption discount rate basis spread on treasury rate 0.20%    
1.75% Senior Notes due 2026 | Maximum      
Line of Credit Facility [Line Items]      
Debt instrument redemption par call date Jul. 09, 2026    
2.375% Senior Notes due 2028      
Line of Credit Facility [Line Items]      
Aggregate principal amount $ 600.0    
Interest rate 2.375%    
Maturity date Aug. 09, 2028    
Debt Instrument, redemption discount rate basis spread on treasury rate 0.25%    
2.375% Senior Notes due 2028 | Maximum      
Line of Credit Facility [Line Items]      
Debt instrument redemption par call date Jun. 09, 2028    
2.65% Senior Notes due 2031      
Line of Credit Facility [Line Items]      
Aggregate principal amount $ 500.0    
Interest rate 2.65%    
Maturity date Aug. 09, 2031    
Debt Instrument, redemption discount rate basis spread on treasury rate 0.30%    
2.65% Senior Notes due 2031 | Maximum      
Line of Credit Facility [Line Items]      
Debt instrument redemption par call date May 09, 2031    
6.10% Senior Notes due 2034      
Line of Credit Facility [Line Items]      
Aggregate principal amount     $ 600.0
Interest rate     6.10%
v3.24.2
Borrowings - Additional Information (Details) - USD ($)
$ in Thousands
May 31, 2024
Nov. 30, 2023
Debt Instrument [Line Items]    
Borrowings, current $ 860,106 $ 983,585
Other Entities | Line of Credit    
Debt Instrument [Line Items]    
Line of credit facility, maximum borrowing capacity $ 569,600  
Debt, weighted average interest rate 5.93% 7.52%
Other Entities | Line of Credit | Financial Standby Letter of Credit    
Debt Instrument [Line Items]    
Guarantor obligations, current carrying value $ 74,400  
TD SYNNEX | Line of Credit    
Debt Instrument [Line Items]    
Borrowings, current $ 160,134 $ 208,694
v3.24.2
Supplier Finance Programs (Details) - USD ($)
$ in Billions
May 31, 2024
Nov. 30, 2023
Payables and Accruals [Abstract]    
Supplier finance program, obligations $ 2.5 $ 2.7
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration] Accounts payable Accounts payable
v3.24.2
Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Revenues From External Customers And Long Lived Assets [Line Items]        
Revenue $ 13,947,908 $ 14,062,124 $ 27,923,161 $ 29,187,495
Operating income 263,948 252,883 566,520 551,045
Americas [Member]        
Revenues From External Customers And Long Lived Assets [Line Items]        
Revenue 8,557,573 8,699,342 16,460,669 17,338,046
Operating income 209,284 187,259 368,966 366,764
APJ        
Revenues From External Customers And Long Lived Assets [Line Items]        
Revenue 963,560 901,321 1,918,465 1,867,551
Operating income 20,304 25,567 54,869 56,019
Europe [Member]        
Revenues From External Customers And Long Lived Assets [Line Items]        
Revenue 4,426,775 4,461,461 9,544,027 9,981,898
Operating income $ 34,360 $ 40,057 $ 142,685 $ 128,262
v3.24.2
Commitments and Contingencies (Details) - EUR (€)
€ in Millions
May 31, 2024
Oct. 06, 2022
Tech Data Corporation    
Loss Contingencies [Line Items]    
Loss contingency fine imposed € 76.1 € 24.9