TECH DATA CORP | 2013 | FY | 3

NOTE 15 — SEGMENT INFORMATION
Tech Data operates predominately in a single industry segment as a distributor of technology products, logistics management, and other value-added services. While the Company operates primarily in one industry, it is managed based on geographic segments: the Americas (including North America and South America) and Europe. The Company assesses performance of and makes decisions on how to allocate resources to its operating segments based on multiple factors including current and projected operating income and market opportunities. The Company does not consider stock-based compensation expense in assessing the performance of its operating segments, and therefore the Company is reporting stock-based compensation expense as a separate amount. The accounting policies of the segments are the same as those described in Note 1 - Business and Summary of Significant Accounting Policies.
Financial information by geographic segment is as follows:
 
Year ended January 31,  
 
2013
 
2012
 
2011 
 
 
 
(As restated)
 
 (As restated)
 
(In thousands)
Net sales to unaffiliated customers
 
 
 
 
 
Americas (1)
$
9,823,515

 
$
10,405,428

 
$
10,096,732

Europe
15,534,814

 
15,241,885

 
13,523,206

Total
$
25,358,329

 
$
25,647,313

 
$
23,619,938

 
 
 
 
 
 
Operating income
 
 
 
 
 
Americas (2)
$
150,055

 
$
173,978

 
$
178,043

Europe (3)
127,281

 
142,562

 
153,718

Stock-based compensation expense
(13,616
)
 
(11,994
)
 
(10,353
)
Total
$
263,720

 
$
304,546

 
$
321,408

 
 
 
 
 
 
Depreciation and amortization
 
 
 
 
 
Americas
$
16,210

 
$
16,338

 
$
16,200

Europe
42,143

 
40,994

 
31,085

Total
$
58,353

 
$
57,332

 
$
47,285

 
 
 
 
 
 
Capital expenditures
 
 
 
 
 
Americas
$
19,842

 
$
29,240

 
$
17,216

Europe
18,523

 
15,319

 
13,584

Total
$
38,365

 
$
44,559

 
$
30,800


 
 
 
As of
 
 
January 31, 2013
 
January 31, 2012
 
 
 
 
(As restated)
 
 
(In thousands)
Identifiable assets:
 
 
 
 
Americas (1)
 
$
2,004,295

 
$
1,892,256

Europe
 
4,826,665

 
3,904,012

Total
 
$
6,830,960

 
$
5,796,268

 
 
 
 
 
Long-lived assets:
 
 
 
 
Americas
 
$
30,492

 
$
33,103

Europe
 
53,903

 
55,778

Total
 
$
84,395

 
$
88,881

 
 
 
 
 
Goodwill & acquisition-related intangible assets, net:
 
 
 
 
Americas
 
$
2,966

 
$
2,966

Europe (4)
 
409,534

 
149,927

Total
 
$
412,500

 
$
152,893

(1)
Net sales to unaffiliated customers in the United States represented 85%, 83% and 82%, respectively, of the total Americas' net sales to unaffiliated customers for the fiscal years ended January 31, 2013, 2012 and 2011, respectively. Total assets excluding goodwill, intangible assets and investments in subsidiaries in the United States represented 78% of the Americas total assets at both January 31, 2013 and 2012.
(2)
During fiscal 2012, the Company incurred a $28.3 million loss on disposal of subsidiaries related to the closure of the operations in Brazil and Colombia (see further discussion in Note 7 - Loss on Disposal of Subsidiaries).
(3)
Operating income in Europe for the fiscal year ended January 31, 2013 includes a value added tax assessment of $29.5 million in relation to an assessment and penalties for various value added tax matters in one of the Company’s subsidiaries in Spain (see further discussion in Note 14 - Commitments and Contingencies).
(4)
During fiscal 2013, the Company completed the acquisition of SDG (see further discussion in Note 5 - Goodwill and Intangible Assets and Note 6 - Acquisitions).

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