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Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Aug. 31, 2019
Accounting Standards Update 2014-09  
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]  
Effects of Adoption on Consolidated Balance Sheet, Consolidated Statements of Operations and Cash Flows

The effects of adoption on the Company’s Consolidated Balance Sheet as of November 30, 2018, the Company’s Consolidated Statements of Operations for the three and nine months ended August 31, 2018, and the Company’s Consolidated Statement of Cash Flows for the nine months ended August 31, 2018 were as follows:

 

 

 

As of November 30, 2018

 

Consolidated Balance Sheet Caption

 

As reported

 

 

Adjustments for

ASC Topic 606

 

 

As adjusted

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable, net(1)

 

$

3,855,431

 

 

$

(215,000

)

 

$

3,640,431

 

Receivables from vendors, net

 

 

—

 

 

 

351,744

 

 

 

351,744

 

Inventories

 

 

2,518,319

 

 

 

(125,760

)

 

 

2,392,559

 

Other current assets(1)

 

 

261,536

 

 

 

52,080

 

 

 

313,616

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

Other accrued liabilities

 

$

613,449

 

 

$

59,186

 

 

$

672,635

 

Deferred tax liabilities

 

 

206,024

 

 

 

892

 

 

 

206,916

 

Retained earnings

 

 

2,195,635

 

 

 

2,986

 

 

 

2,198,621

 

 

 

(1)

Amounts “As adjusted” may not agree to the Consolidated Balance Sheet due to other reclassifications to conform to current period presentation.

 

 

 

 

 

Three Months Ended August 31, 2018

 

 

Nine Months Ended August 31, 2018

 

Consolidated Statement of Operations

 

As reported

 

 

Adjustments for

ASC Topic 606

 

 

As adjusted

 

 

As reported

 

 

Adjustments for

ASC Topic 606

 

 

As adjusted

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Products

 

$

4,419,097

 

 

$

(84,342

)

 

$

4,334,755

 

 

$

12,954,255

 

 

$

(207,664

)

 

$

12,746,591

 

    Services

 

 

487,513

 

 

 

—

 

 

 

487,513

 

 

 

1,477,308

 

 

 

—

 

 

 

1,477,308

 

Total revenue

 

 

4,906,610

 

 

 

(84,342

)

 

 

4,822,268

 

 

 

14,431,562

 

 

 

(207,664

)

 

 

14,223,898

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Products

 

 

(4,165,118

)

 

 

81,289

 

 

 

(4,083,829

)

 

 

(12,228,350

)

 

 

204,239

 

 

 

(12,024,111

)

    Services

 

 

(308,322

)

 

 

—

 

 

 

(308,322

)

 

 

(926,998

)

 

 

—

 

 

 

(926,998

)

Gross profit

 

 

433,170

 

 

 

(3,053

)

 

 

430,117

 

 

 

1,276,215

 

 

 

(3,425

)

 

 

1,272,790

 

Selling, general and administrative expenses

 

 

(316,274

)

 

 

—

 

 

 

(316,274

)

 

 

(923,449

)

 

 

—

 

 

 

(923,449

)

Operating income

 

 

116,896

 

 

 

(3,053

)

 

 

113,843

 

 

 

352,766

 

 

 

(3,425

)

 

 

349,341

 

Interest expense and finance charges, net

 

 

(20,058

)

 

 

—

 

 

 

(20,058

)

 

 

(53,884

)

 

 

—

 

 

 

(53,884

)

Other income (expense), net

 

 

(872

)

 

 

—

 

 

 

(872

)

 

 

(3,497

)

 

 

—

 

 

 

(3,497

)

Income before income taxes

 

 

95,966

 

 

 

(3,053

)

 

 

92,913

 

 

 

295,385

 

 

 

(3,425

)

 

 

291,960

 

Provision for income taxes

 

 

(26,675

)

 

 

702

 

 

 

(25,973

)

 

 

(107,968

)

 

 

787

 

 

 

(107,181

)

Net income

 

$

69,291

 

 

$

(2,351

)

 

$

66,940

 

 

$

187,417

 

 

$

(2,638

)

 

$

184,779

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Basic

 

$

1.75

 

 

$

(0.06

)

 

$

1.69

 

 

$

4.70

 

 

$

(0.06

)

 

$

4.64

 

    Diluted

 

$

1.74

 

 

$

(0.06

)

 

$

1.68

 

 

$

4.67

 

 

$

(0.06

)

 

$

4.61

 

 

 

 

Nine Months Ended August 31, 2018

 

Consolidated Statement of Cash Flows Caption

 

As reported

 

 

Adjustments for

ASC Topic 606

 

 

As adjusted

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

187,417

 

 

$

(2,638

)

 

$

184,779

 

Adjustments to reconcile net income to cash used in operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Deferred income taxes

 

 

(27,785

)

 

 

(788

)

 

 

(28,573

)

Changes in operating assets and liabilities, net of acquisition of businesses:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivables, net

 

 

(153,462

)

 

 

70,195

 

 

 

(83,267

)

Receivables from vendors, net

 

 

—

 

 

 

(55,829

)

 

 

(55,829

)

Inventories

 

 

115,245

 

 

 

(11,863

)

 

 

103,382

 

Other operating assets and liabilities

 

 

56,632

 

 

 

923

 

 

 

57,555

 

Net cash used in operating activities

 

 

(40,385

)

 

 

—

 

 

 

(40,385

)