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2011 INGRAM MICRO ANNUAL REPORT
ONE
WORLD
ONE
COMPANY

Table of contents

  • Page 1
    ONE WORLD ONE COMPANY 2011 INGRAM MICRO ANNUAL REPORT

  • Page 2
    ... of $2,490 and $742,653 in 2009 and 2008, respectively; (ii) net reorganization costs (credits) of $5,131, $1,137, $34,083, $17,029 and ($1,091) in 2011, 2010, 2009, 2008 and 2007, respectively; and (iii) a charge of $15,000 in 2007 associated with the loss on settlement of a SEC matter regarding...

  • Page 3
    ... MOSAIC, A BROADER PERSPECTIVE REVEALS THE FULL PICTURE. THE UNIQUE CONTRIBUTION FROM EVERY PART OF OUR COMPANY UNITES US AS A GLOBAL ORGANIZATION, BONDED FOR LONG-TERM SUCCESS. OUR DIVERSITY CREATES STRENGTH, VITALITY AND STABILITY. INGRAM MICRO SERVES ONE WORLD AND THE MOSAIC WE HAVE CREATED WILL...

  • Page 4
    ... that are expected to generate long-term value. We consolidated and modernized our data centers in three strategic locations- Chicago, Singapore and Frankfurt-and have begun to update our Web systems to improve the online customer experience. THE BUSINESS: ESSENTIAL ELEMENTS Our investments in...

  • Page 5
    ...200 00 09 09 2009 2010 2010 2011 $25 $20 $15 $10 $5 $0 TANGIBLE BOOK VALUE (PER SHARE) 2007 20 007 0 07 7 2008 20 008 0 08 8 2009 2 200 00 09 09 2010 2010 2011 $40,000 REVENUE $30,000 LATIN AMERICA $20,000 ASIA-PACIFIC EMEA $10,000 NORTH AMERICA 0 ($ Millions) 2007 2008 20 008 008...

  • Page 6
    ...consumer electronics and general merchandise products such as home goods, automotive, toys, pet supplies and sporting goods. The on-boarding of new customers in 2011 was encouraging and our forward-looking pipeline is building. Europe established a dedicated mobility division, joining North America...

  • Page 7
    The ideal mosaic for success is created from growth, improved profitability, continued innovation and greater returns.

  • Page 8
    ...we appointed John Soumbasakis as president of our Latin America region after his skillful management of the specialty divisions in North America. In November, I returned to Ingram Micro as president and chief operating officer after spending 18 months as chief executive officer at an Asian paper and...

  • Page 9
    ... Incorporation or Organization) (Address, including Zip Code, of Principal Executive Offices) 62-1644402 (I.R.S. Employer Identification No.) 1600 E. ST. ANDREW PLACE, SANTA ANA, CALIFORNIA 92705 (714) 566-1000 (Registrant's telephone number, including area code) SECURITIES REGISTERED PURSUANT TO...

  • Page 10
    TABLE OF CONTENTS PART I ...ITEM 1. BUSINESS ...Introduction ...History ...Company Strengths ...Customers ...Sales and Marketing ...Products ...Services ...Suppliers ...Competition ...Seasonality ...Inventory Management ...Trademarks and Service Marks ...Employees ...Corporate Social Responsibility ...

  • Page 11
    ... began business in 1979, operating as Micro D Inc., a California corporation. Through a series of acquisitions, mergers and organic growth, Ingram Micro's global footprint, product breadth and service capabilities have expanded and strengthened in North America; Europe, Middle East and Africa ("EMEA...

  • Page 12
    .... Late in 2011, we aligned certain back office functions within our North America and Latin America regions to further streamline costs and increase productivity, while maintaining market-facing roles within each region. We believe we will realize benefits from developing a more coordinated go-to...

  • Page 13
    ... Hong Kong, India, Indonesia, Malaysia, New Zealand, Singapore and Thailand) and Latin America (Argentina, Brazil, Chile, Mexico and Peru). Additionally, we serve many other markets where we do not have an in-country presence through our various export sales offices, including our general telesales...

  • Page 14
    ... of IT products and services around the world. Our broad customer base is divided into segments which include VARs, corporate resellers, retailers, systems integrators, direct marketers, Internet-based resellers, independent dealers, reseller purchasing associations, managed service providers, cloud...

  • Page 15
    ... serve and the types of products and services they provide. The small-to-medium sized business ("SMB") customer segment is generally one of the largest segments of the IT market in terms of number of customers and total revenue, and typically provides higher gross margins for distributors as it is...

  • Page 16
    ..., cellular data cards, network-attached storage and storage area networks. Communication products incorporate Voice over Internet Protocol (or VoIP), communications, modems, phone systems and video/audio conferencing. Network security hardware includes firewalls, Virtual Private Networks (or VPNs...

  • Page 17
    ... that many of our service offerings provide a means of expanding our revenue streams while distinguishing us from competitors. Our service offerings continue to evolve with changing market dynamics and partner needs. Under Ingram Micro Cloud in North America, we have built a catalog of more than 41...

  • Page 18
    ... end-user experience. We are expanding our logistics footprint outside of North America by adding new accounts and capabilities in other regions. Although services represent one of the key components of our long-term strategy, they represented less than 10% of our annual revenues in 2011 and are...

  • Page 19
    ... in local markets, such as Synnex Technology International (pan-Asia-Pacific), Digital China (China), Redington (India), Express Data (Australia and New Zealand), Intcomex (Latin America), Esprinet (Italy and Spain), and ALSO-Actebis Holding AG (Europe). We believe that suppliers and resellers...

  • Page 20
    ... by incentives, such as early pay discounts offered by suppliers. Trademarks and Service Marks We own or license various trademarks and service marks, including, among others, "Ingram Micro," the Ingram Micro logo, "V7" (Video Seven), "VentureTech Network," "AVAD," and "Vantex." Certain of these...

  • Page 21
    ... 2008, and was elected to the Board of Ingram Micro in November 2011. Mr. Monié was a member of the Board of Directors of Jones Lang LaSalle from October 2005 to May 2009. Keith W.F. Bradley. Mr. Bradley, age 48, is our senior executive vice president and president of Ingram Micro North America...

  • Page 22
    ... 2011, senior vice president strategic divisions from July 2008 to December 2010, vice president & general manager data capture/point of sale, North America from May 2005 to July 2008, and vice president, corporate business development from February 2003 to May 2005. Prior to joining Ingram Micro...

  • Page 23
    ...negatively impact our business, leading to: • reduced demand for products in general; • more intense competition, which may lead to loss of sales and/or market share, reduced prices, and lower gross margins; • loss of vendor rebates; • extended payment terms with customers; • increased bad...

  • Page 24
    ... market share, or that we will not be forced in the future to reduce our prices in response to the actions of our competitors and thereby experience a reduction in our gross margins. Furthermore, to remain competitive we may be forced to offer more credit or extended payment terms to our customers...

  • Page 25
    ... sales and margins in the first half of 2011; and the customer experience with the new system is not as robust as what we were providing with our legacy systems. We are currently addressing the customer service and order management functionality of the new system to better meet our customers...

  • Page 26
    ... and/or managed. Suppliers may give us limited or no access to new products being introduced. Changes may cause inventory in stock to decline substantially in value or to become obsolete, regardless of the general economic environment. Although it is the policy of many suppliers of IT products to...

  • Page 27
    ... new product developments will not adversely affect us, or that we will successfully manage our existing and future inventories. Significant changes in supplier terms, such as higher thresholds on sales volume before distributors may qualify for discounts and/or rebates, the overall reduction...

  • Page 28
    ... assumed and expenses associated with the strategy; difficulty in the integration of acquired businesses, including new employees, business systems and technology; inability to adapt to challenges of new markets, including geographies, products and services, or to attract new sources of profitable...

  • Page 29
    ... includes (but is not limited to) a high volume of transactions, business complexity, wide geographical coverage, and broad scope of products, suppliers, and customers, we are dependent in large part on our ability to retain the services of our key management, sales, IT, operational, and finance...

  • Page 30
    ...-party shipping and freight forwarding companies for the delivery of our products. The termination of our arrangements with one or more of these third-party shipping companies, or the failure or inability of one or more of these third-party shipping companies to deliver products from suppliers to...

  • Page 31
    ...terms and conditions imposed by our suppliers and/or competitors and the prices we charge our customers, which in turn may negatively impact our revenues and/or gross margins; • seasonal variations in the demand for our products and services, which historically have included lower demand in Europe...

  • Page 32
    ... securing replacement facilities on commercially reasonable terms. We also own several facilities, the most significant of which is part of our office/distribution facilities in Straubing, Germany. ITEM 3. LEGAL PROCEEDINGS Our Brazilian subsidiary has received a number of tax assessments including...

  • Page 33
    PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Common Stock. Our Common Stock is traded on the New York Stock Exchange under the symbol IM. The following table sets forth the high and low price per share, based on closing ...

  • Page 34
    ... capacity. Under the program, we may repurchase shares in the open market and through privately negotiated transactions. The timing and amount of specific repurchase transactions will depend upon market conditions, corporate considerations and applicable legal and regulatory requirements. 24

  • Page 35
    ...(52-weeks), January 3, 2009 (53-weeks) and December 29, 2007 (52-weeks), respectively. 2011 2010 2009 2008 ($ in 000s, except per share data) 2007 Selected Operating Information Net sales ...Gross profit(1) ...Income (loss) from operations(2) ...Income (loss) before income taxes ...Net income (loss...

  • Page 36
    ...sales of 17.2% in 2010. In 2011, the demand level for technology products and services was generally stable across a number of the markets in which we operate, with greater strength coming from North and Latin America. However, this was offset in part by soft demand, particularly in consumer markets...

  • Page 37
    ... 5.4% on an annual basis since 2003, shifts in mix of business, the soft demand in consumer markets, particularly in EMEA and parts of Asia-Pacific, and the business disruptions from the system-implementation complications in Australia drove our gross margin below 5.3% in 2011. Selling, General and...

  • Page 38
    ... expanded our presence in the consumer electronics market in North America through the acquisition of DBL Distributing Inc. in the U.S., and our networking products and services offerings through the acquisitions of VPN Dynamics Inc. and Securematics Inc. in the U.S. Working Capital and Debt The IT...

  • Page 39
    ... trade accounts receivable, although no single customer has accounted for 10% or more of our consolidated net sales. • Vendor Programs - We receive funds from vendors for price protection, product return privileges, product rebates, marketing/promotion, infrastructure reimbursement and meet...

  • Page 40
    ...cash, working capital and long-term investment requirements in the various jurisdictions in which we do business could ...operating margin by geographic region for each of the fiscal years indicated. 2011 2010 2009 Net sales by geographic region: North America ...EMEA ...Asia-Pacific ...Latin America ...

  • Page 41
    ... net sales and 0.67% of Latin America net sales. We sell products purchased from many vendors, but generated approximately 21%, 23% and 24% of our net sales in 2011, 2010 and 2009, respectively, from products purchased from Hewlett-Packard Company. There were no other vendors and no customers that...

  • Page 42
    ... regional net sales in 2011 compared to 2010 primarily reflected a generally stable level of demand for technology products and services across a number of the markets in which we operate with greater strength coming from our North and Latin American regions. However, this was offset in part by soft...

  • Page 43
    ...). In 2011, we recorded a net charge for reorganization costs of $5,131, or approximately 0.01% of consolidated net sales, which consisted primarily of $6,215 of employee termination benefits for workforce reductions in our Australian operations in Asia-Pacific as well as in parts of North America...

  • Page 44
    ...in our North American, EMEA and Asia-Pacific regions, in 2010 compared to 2009 were largely due to the economies of scale realized from the higher net sales in the current year and a full year of benefits from our expense-reduction initiatives completed through the end of 2009. In Latin America, our...

  • Page 45
    ..., trade and supplier credit, and various financing facilities. As a distributor, our business requires significant investment in working capital, particularly trade accounts receivable and inventory, which is partially financed by vendor trade accounts payable. As a general rule, when sales volumes...

  • Page 46
    ... of additional early pay discounts on trade accounts payable or purchase discounts on inventory, or we may allow extended payment terms or larger credit lines to certain customers. While each of these factors may yield net additional investment in working capital, as well as sales growth and/or...

  • Page 47
    ... operations in Denmark. The sales proceeds and the related gain on sale were not material. For a full discussion of the above acquisitions and disposition, refer to Note 4 of our consolidated financial statements. Capital Resources We have maintained a capital structure which we believe will...

  • Page 48
    ...short-term bank indicator rate for such currency plus a predetermined margin. At December 31, 2011 and January 1, 2011, we had no borrowings under these Asia-Pacific financing programs. Our ability to access financing under all our trade accounts receivable-backed financing programs in North America...

  • Page 49
    ...for other financing programs. At December 31, 2011, the amount of trade accounts receivable which would be restricted in this regard totaled approximately $1,371,000. In September 2011, we terminated our senior unsecured term loan credit facility with a bank syndicate in North America. We repaid our...

  • Page 50
    ... trade accounts receivable-backed financing programs(1) ...Asia-Pacific revolving trade accounts receivable-backed financing program(1) ...Revolving senior unsecured credit facilities(2) ...Lines of credit and other(2) ...Subtotal ...Minimum payments under: Operating leases(3) ...IT and business...

  • Page 51
    ...: mainframe, major server, local-area network support and engineering; and systems management services. This agreement is cancelable at our option subject to early termination fees, which are the basis for the minimum contractual obligations indicated in the table above. (5) At December 31, 2011...

  • Page 52
    ... RISK Information concerning quantitative and qualitative disclosures about market risk is included under the captions "Market Risk" and "Market Risk Management" in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in this Annual Report on Form 10-K. 42

  • Page 53
    ... Sheet ...Consolidated Statement of Income ...Consolidated Statement of Stockholders' Equity ...Consolidated Statement of Cash Flows ...Notes to Consolidated Financial Statements ...Schedule II - Valuation and Qualifying Accounts ...Report of Independent Registered Public Accounting Firm ... 44...

  • Page 54
    INGRAM MICRO INC. CONSOLIDATED BALANCE SHEET (In 000s, except par value) Fiscal Year End 2011 2010 ASSETS Current assets: Cash and cash equivalents ...Trade accounts receivable (less allowances of $60,236 and $75,794) ...Inventory ...Other current assets ...Total current assets ...Property and ...

  • Page 55
    INGRAM MICRO INC. CONSOLIDATED STATEMENT OF INCOME (In 000s, except per share data) 2011 Fiscal Year Ended 2010 2009 Net sales ...Cost of sales ...Gross profit ...Operating expenses: Selling, general and administrative ...Impairment of goodwill ...Reorganization costs ...Income from operations ......

  • Page 56
    ... taxes ...(3,095) 3,095 Comprehensive income ...202,138 January 2, 2010 ...Stock options exercised and shares issued under the stock plan, net of shares withheld for employee taxes . . Income tax benefits for stock plan awards ...Stock-based compensation expense ...Repurchase of Class A Common...

  • Page 57
    ... in) marketable trading securities ...Proceeds from sale of land and building ...Collection of short-term collateral deposits on financing arrangements ...Acquisitions, net of cash acquired ...Cash used by investing activities ...Cash flows from financing activities: Proceeds from exercise of stock...

  • Page 58
    ... Service revenues represent less than 10% of total net sales for 2011, 2010 and 2009. We, under specific conditions, permit our customers to return or exchange products. The provision for estimated sales returns is recorded concurrently with the recognition of revenue. The net impact on gross margin...

  • Page 59
    ... the banks, the respective financial institutions are not legally obligated to honor the book overdraft balances as of December 31, 2011 and January 1, 2011, or any balance on any given date. Trade Accounts Receivable Factoring Programs We have an uncommitted factoring program in North America under...

  • Page 60
    ...under these programs. Factoring fees of $3,068 and $1,605 were incurred in 2011 and 2010, respectively, related to the sale of trade accounts receivable ... or market, and is determined from the price we pay vendors, including freight and duties. We do not include labor, overhead or other general or...

  • Page 61
    ... our consolidated net sales in 2011, 2010 and 2009 and no customer accounts receivable balance was greater than 10% at December 31, 2011 and January 1, 2011. We perform ongoing credit evaluations of our customers' financial conditions, obtain credit insurance in many locations and require collateral...

  • Page 62
    ... and other accrued expenses approximate fair value because of the short maturity of these items. Our North America, EMEA and Asia-Pacific revolving trade accounts receivable-backed financing programs bear interest at variable rates based on designated commercial paper rates and local reference rates...

  • Page 63
    ...-based awards in 2011, 2010 and 2009, respectively, which were not included in the computation of Diluted EPS because the exercise price was greater than the average market price of the Class A Common Stock, thereby resulting in an antidilutive effect. Income Taxes We estimate income taxes in each...

  • Page 64
    ... is the vesting term of outstanding stock-based awards. We estimate the forfeiture rate based on our historical experience during the preceding five fiscal years. New Accounting Standards In December 2011, the Financial Accounting Standards Board ("FASB") issued a new accounting standard related to...

  • Page 65
    ...) relate to employee termination benefits for workforce reductions for 123 employees (21, 26, 74 and 2 employees in North America, EMEA, Asia-Pacific and Latin America, respectively). The reorganization costs and activities in 2011 and the remaining liability related to these detailed actions...

  • Page 66
    INGRAM MICRO INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) (In 000s, except per share data) Adjustments reflected in the table above include a net increase of $365 to reorganization liabilities recorded in prior years, consisting of additional charges in North America of $982 related...

  • Page 67
    INGRAM MICRO INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) (In 000s, except per share data) our distribution capabilities in the auto identification and data capture/point of sale ("AIDC/POS") markets in Asia-Pacific. These businesses were acquired for an aggregate cash price of $32,...

  • Page 68
    ...short-term bank indicator rate for such currency plus a predetermined margin. At December 31, 2011 and January 1, 2011, we had no borrowings under these Asia-Pacific financing programs. Our ability to access financing under all our trade accounts receivable-backed financing programs in North America...

  • Page 69
    ...can incur, dividends we can pay, and the amount of common stock that we can repurchase annually. At December 31, 2011, we were in compliance with all material covenants or other material requirements set forth in our trade accounts receivable-backed programs and credit agreements, as discussed above...

  • Page 70
    ... rate to our effective tax rate is as follows: Fiscal Year Ended 2011 2010 2009 U.S. statutory rate ...State income taxes, net of federal income tax benefit ...U.S. tax on foreign earnings, net of foreign tax credits ...Effect of international operations ...Effect of change in valuation allowance...

  • Page 71
    ... 10, 2010, Congress enacted the Education Jobs & Medicaid Assistance Act ("EJMA"). EJMA includes significant international tax revenue raisers which are generally effective January 1, 2011. These provisions generally attempt to limit a taxpayer's ability to fully claim tax credits for previously...

  • Page 72
    INGRAM MICRO INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) (In 000s, except per share data) deferred tax assets related to foreign tax credit carryforwards of $44,628, along with an increase of $39,362 in the valuation allowance on these foreign tax credit...re-staffing key management ...

  • Page 73
    ... and other employee stock programs that are in excess of (less than) the amount recorded upon grant are recorded as an increase (decrease) in stockholders' equity. In 2011 and 2010, these amounts totaled $3,625 and $3,405, respectively. The total amount of gross unrecognized tax benefits is $24...

  • Page 74
    ... anticipated management fees. There are no such designated hedges outstanding as of December 31, 2011. We also use foreign currency forward contracts that are not designated as hedges primarily to manage currency risk associated with foreign currency-denominated trade accounts receivable, accounts...

  • Page 75
    ... data. At December 31, 2011 and January 1, 2011, our assets and liabilities measured at fair value on a recurring basis included cash equivalents, consisting primarily of money market accounts and short-term certificates of deposit, of $399,420 and $532,985, respectively, and marketable trading...

  • Page 76
    ..., Switzerland and the United Kingdom), Asia-Pacific (Australia, the People's Republic of China including Hong Kong, India, Indonesia, Malaysia, New Zealand, Singapore and Thailand), and Latin America (Argentina, Brazil, Chile, Mexico, Peru, and our Latin American export operations in Miami). 66

  • Page 77
    ... except per share data) Financial information by geographic segments is as follows: 2011 Fiscal Year Ended 2010 2009 Net sales North America ...EMEA ...Asia-Pacific ...Latin America ...Total ...Income from operations North America ...EMEA ...Asia-Pacific ...Latin America ...Stock-based compensation...

  • Page 78
    INGRAM MICRO INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) (In 000s, except per share data) The income from operations in 2011 and 2009 includes reorganization and expense-reduction program costs of $5,131 and $37,636, respectively ($749 and $24,267 of net charges in North America, ...

  • Page 79
    ... of share repurchases by us as they reduced and retired the number of shares that would have otherwise been issued as a result of the vesting. In 2011 and 2010, the Human Resources Committee of the Board of Directors determined that the performance measures for certain performance-based grants were...

  • Page 80
    ... and the option exercise price, multiplied by the number of in-the-money options on December 31, 2011. This amount changes based on the fair market value of our common stock. Total intrinsic value of stock options exercised in 2011, 2010 and 2009 was $9,999, $10,496 and $12,554, respectively. Total...

  • Page 81
    ... employees to make contributions up to certain limits, which are matched by us at stipulated percentages. Our contributions charged to expense were $3,859, $1,909 and $2,485 in 2011, 2010 and 2009, respectively. Note 13 - Common Stock Share Repurchase Program In October 2010, our Board of Directors...

  • Page 82
    INGRAM MICRO INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) (In 000s, except per share data) Classes of Common Stock We have two classes of Common Stock, consisting of 500,000 authorized shares of $0.01 par value Class A Common Stock and 135,000 authorized shares of $0.01 par value ...

  • Page 83
    INGRAM MICRO INC. SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Dollars in 000s) Balance at Beginning of Year Charged to Costs and Expenses Balance at End of Year Description Deductions Other(*) Allowance for doubtful accounts: 2011 ...2010 ...2009 ...Allowance for sales returns: 2011 ...2010...

  • Page 84
    ... is to express opinions on these financial statements, on the financial statement schedule, and on the Company's internal control over financial reporting based on our integrated audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United...

  • Page 85
    ... this Annual Report on Form 10-K, our Chief Executive Officer and Chief Financial Officer have...conditions, or that the degree of compliance with the policies or procedures may deteriorate. We assessed the effectiveness of the Company's internal control over financial reporting as of December 31, 2011...

  • Page 86
    Changes in Internal Control over Financial Reporting. There was no change in our internal control over financial reporting that occurred during the quarterly period ended December 31, 2011 that has materially affected, or is reasonably likely to materially affect, our internal control over financial...

  • Page 87
    ... between Ingram Micro Inc. and Deutsche Bank Trust Company Americas (incorporated by reference to Exhibit 4.3 to Ingram Micro Inc.'s Registration Statement on Form S-3 (File No. 333-168859)) Compensation Program - Ingram Micro Inc. Compensation Policy for Members of the Board of Directors (as...

  • Page 88
    ... 10.12 to Ingram Micro's Annual Report on Form 10-K for the 2010 fiscal year, the "2010 10-K") Retirement Program - Tenth Amendment to 401K Plan Retirement Program - Ingram Micro Inc. Supplemental Investment Savings Plan, amended and restated as of December 31, 2008 and related Adoption Agreement...

  • Page 89
    ... to Exhibit 10.1 to Ingram Micro Inc.'s Quarterly Report on Form 10-Q for the 2011 quarter ended July 2, 2011) Letter dated January 16, 2012 relating to the promotion of Alain Monié to President and Chief Executive Officer Form of Directors & Officers Indemnification Agreement (incorporated by...

  • Page 90
    ...) (incorporated by reference to Exhibit 99.1 to Ingram Micro Inc.'s Current Report on Form 8-K filed December 7, 2010, the "December 2010 8-K") Compensation Agreement - Form of Board of Directors Compensation Election Form (Human Resources Committee Chair) (incorporated by reference to Exhibit 99...

  • Page 91
    ... Form of Time-Based Restricted Stock Units Award Agreement for France (incorporated by reference to Exhibit 99.20 to the 2010 10-K) Amended Human Resources Committee Charter, dated June 3, 2009 (incorporated by reference to Exhibit 99.1 to Ingram Micro Inc.'s Current Report on Form 8-K filed on June...

  • Page 92
    ... ACT OF 1934, THE REGISTRANT HAS DULY CAUSED THIS REPORT TO BE SIGNED ON ITS BEHALF BY THE UNDERSIGNED, THEREUNTO DULY AUTHORIZED. INGRAM MICRO INC. /s/ Larry C. Boyd By: Name: Larry C. Boyd Executive Vice President, Secretary and General Counsel February 29, 2012 PURSUANT TO THE REQUIREMENTS OF...

  • Page 93
    SIGNATURE TITLE DATE /s/ Michael T. Smith Michael T. Smith /s/ Gregory M. E. Spierkel Gregory M. E. Spierkel /s/ Joe B. Wyatt Joe B. Wyatt Director February 29, 2012 Director February 29, 2012 Director February 29, 2012 83

  • Page 94
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  • Page 95
    ... 333-174821) of Ingram Micro Inc. of our report dated February 29, 2012 relating to the financial statements, financial statement schedule and the effectiveness of internal control over financial reporting, which appears in this Form 10-K. PricewaterhouseCoopers LLP Orange County, California Dated...

  • Page 96
    ...(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: February 29, 2012 /s/ Alain Monié Name: Alain Monié Title: President and Chief Executive Officer (Principal Executive...

  • Page 97
    ... employees who have a significant role in the registrant's internal control over financial reporting. Date: February 29, 2012 /s/ William D. Humes Name: William D. Humes Title: Senior Executive Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer...

  • Page 98
    ... contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Ingram Micro Inc. Date: February 29, 2012 /s/ Alain Monié Name: Alain Monié Title: President and Chief Executive Officer /s/ William D. Humes Name: William D. Humes Title...

  • Page 99
    ... last trading day of our 2011 fiscal year (December 30, 2011). The historical price performance of our common stock is not an indication of its future performance. COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN* Among Ingram Micro Inc., The NYSE Composite Index and SIC Code Index $200 INGRAM MICRO INC...

  • Page 100
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  • Page 101
    ...) Front row: Larry Boyd, Alain Monié, Bill Humes Back row: Mario Leone, Robert Gifford, John Soumbasakis, Lynn Jolliffe, Alain Maquet, Sam Kamel, Keith Bradley, Shailendra Gupta REGIONAL MANAGEMENT Keith Bradley Senior Executive Vice President and President, Ingram Micro North America Alain Maquet...

  • Page 102
    © 2012 Ingram Micro Inc. All rights reserved. Ingram Micro and the Ingram Micro logo are trademarks used under license by Ingram Micro Inc. 3/12 CS2011.3542