Tech Data 2013 Annual Report Download - page 57

Table of Contents
53
Consolidated Balance Sheet
As of January 31, 2012
As Previously
Reported
Adjustments As Restated
(In thousands)
Current assets:
Cash and cash equivalents $
505,178
$
(18,916
)
(1)
$
486,262
Accounts receivable
2,871,243
(92,602
)
(2)
2,778,641
Inventories
1,802,976
129,313
(3)
1,932,289
Prepaid expenses and other assets
202,505
(5,197
)
(4)
197,308
Total current assets
5,381,902
12,598
5,394,500
Property and equipment, net
88,595
286
88,881
Other assets, net
314,921
(2,034
)
(4)
312,887
Total assets $
5,785,418
$
10,850
$
5,796,268
Current liabilities:
Accounts payable $
3,042,809
$
48,802
(5)
$
3,091,611
Accrued expenses and other liabilities
551,280
(17,445
)
(6)
533,835
Revolving credit loans and current maturities of long-term debt, net
48,490
0
48,490
Total current liabilities
3,642,579
31,357
3,673,936
Long-term debt, less current maturities
57,253
0
57,253
Other long-term liabilities
83,438
(488
)
(4)
82,950
Total liabilities
3,783,270
30,869
3,814,139
Shareholders’ equity:
Common stock
89
0
89
Additional paid-in capital
769,826
3,261
(7)
773,087
Treasury stock, at cost
(739,614
)
0
(739,614
)
Retained earnings
1,659,767
(22,664
)
(7)
1,637,103
Accumulated other comprehensive income
283,755
(616
)
(7)
283,139
Equity attributable to shareholders of Tech Data Corporation
1,973,823
(20,019
)
1,953,804
Noncontrolling interest
28,325
0
28,325
Total equity
2,002,148
(20,019
)
1,982,129
Total liabilities and equity
$
5,785,418
$
10,850
$
5,796,268
(1) Cash and cash equivalents includes adjustments to reduce cash to correct bank reconciliation cutoff errors that recognized certain cash in-transit from customers (also
recognized as a reduction of accounts receivable).
(2) Accounts receivable has been adjusted primarily to reduce the balance for estimated sales returns by $72.7 million and the cash cutoff errors discussed in (1) above. The
Company had previously only recognized the net impact on gross profit for estimated sales returns.
(3) Inventory includes an adjustment to increase the balance for estimated sales returns by $72.7 million , as discussed in (2) above, and adjustments of $55.7 million for
sales and inventory cutoff errors that were not appropriately recorded based on the delivery terms.
(4) Other assets and other liabilities contain various adjustments that are insignificant individually and in the aggregate pertaining to the errors described above, primarily
related to the inadequate reconciliations of the accounts.
(5) Accounts payable has been adjusted primarily to recognize an increase of $27.6 million for inventory cutoff errors that were not appropriately reported based on the
delivery terms; and the impact of vendor accounting errors in the Company's primary operating subsidiary in the UK and two other European subsidiaries of $17.9
million
.
(6) Accrued expenses and other liabilities includes adjustments primarily related to reducing the taxes payable by $11.9 million as a result of the restatement adjustments and
other adjustments due to various immaterial errors.
(7) Shareholders’ equity includes an adjustment to retained earnings and the cumulative translation account to account for the restatement errors identified herein and
adjustments to additional paid
-
in capital primarily to correct errors related to stock
-
based compensation.