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Acquisition, Integration and Restructuring Costs | 6 Months Ended
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May 31, 2025
Restructuring and Related Activities [Abstract] |
ACQUISITION, INTEGRATION AND RESTRUCTURING COSTS | ACQUISITION, INTEGRATION AND RESTRUCTURING COSTS: Acquisition, integration and restructuring costs during the three and six months ended May 31, 2024 were primarily comprised of costs related to the Merger (as defined below). Other acquisition, integration and restructuring costs were $0.7 million and $1.7 million during the three and six months ended May 31, 2025, respectively, and $5.2 million during the three and six months ended May 31, 2024. 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 completed the acquisition, integration and restructuring activities related to the Merger during the first half of fiscal year 2024. There were no related expenses recognized during the three and six months ended May 31, 2025 and there are no related expenses expected in future periods. The Company previously incurred acquisition, integration and restructuring costs related to the completion of the Merger, including professional services costs, personnel and other costs, and long-lived assets charges and termination fees. 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, 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, for termination fees related to certain IT systems. 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, acquisition and integration expenses related to the Merger were composed of the following:
|  | Three Months Ended |  |  | Six Months Ended
|  |  | May 31, 2024 |  |  |  | May 31, 2024
|  | (currency in thousands)
Professional services costs |  |  | $ | 7,058 |  |  |  |  | $ | 16,456 |
Personnel and other costs |  |  | 7,316 |  |  |  |  | 15,279 |
Long-lived assets charges and termination fees |  |  | 15,496 |  |  |  |  | 22,533 |
Voluntary severance program costs |  |  | 2,893 |  |  |  |  | 10,113 |
Total |  |  | $ | 32,763 |  |  |  |  | $ | 64,381 |

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- Definition The entire disclosure for cost incurred and expensed by acquirer in connection with business combination. Includes, but is not limited to, business and system integration-related, employee-related, restructuring, and other related costs. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-7 + Details
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