SNX » Topics » Investments

This excerpt taken from the SNX 10-Q filed Apr 9, 2009.

NOTE 5—INVESTMENTS:

The carrying amount of the Company’s investments is shown in the table below:

 

     February 28, 2009    November 30, 2008
     Cost    Unrealized
(Losses)/Gains
    Fair Value    Cost    Unrealized
(Losses)/Gains
    Fair Value

Short-term investments

               

Trading securities

   $   10,319    $ (5,115 )   $ 5,204    $   10,551    $ (4,479 )   $ 6,072

Available-for-sale

     194      (53 )     141      194      (52 )     142

Cost securities

     3,056      —         3,056      4,131      —         4,131
                                           
   $ 13,569    $ (5,168 )   $ 8,401    $ 14,876    $ (4,531 )   $ 10,345
                                           

Short-term trading securities generally consist of equity securities relating to the Company’s deferred compensation plan. Short-term available-for-sale securities primarily consist of investments in other companies’ equity securities. Short-term cost investments primarily consist of investments in private equity funds and in a hedge fund under the Company’s deferred compensation plan. During the three months ended February 28, 2009, the Company recorded a realized gain of $80 and an unrealized loss of $645 on its trading investments. During the three months ended February 29, 2008, the Company recorded a realized loss of $77 and an unrealized loss of $822 on its trading investments.

For the three months ended February 28, 2009, the Company recorded other-than-temporary loss of $53 on cost securities. For the three months ended February 29, 2008, the Company recorded other-than-temporary loss of $630 on available-for-sale securities and $176 on cost securities, respectively.

These excerpts taken from the SNX 10-K filed Jan 27, 2009.

Investments

 

The Company classifies its investments in marketable securities as trading and available-for-sale. Securities related to its deferred compensation plan are classified as trading and are recorded at fair value, based on quoted market prices, and unrealized gains and losses are included in “Other income (expense), net” in the Company’s financial statements. All other securities are classified as available-for-sale and are recorded at fair market value, based on quoted market prices, and unrealized gains and losses are included in “Accumulated other comprehensive income,” a component of stockholders’ equity. Realized gains and losses on available-for-sale securities, which are calculated based on the specific identification method, and declines in value judged to be other-than-temporary, if any, are recorded in “Other income (expense), net” as incurred.

 

To determine whether a decline in value is other-than-temporary, the Company evaluates several factors, including current economic environment, market conditions, operational and financial performance of the investee, and other specific factors relating to the business underlying the investment, including business outlook of the investee, future trends in the investee’s industry and the Company’s intent to carry the investment for a

 

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Table of Contents

SYNNEX CORPORATION

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(continued)

(amounts in thousands, except per share amounts)

 

sufficient period of time for any recovery in fair value. If a decline in value is deemed as other-than-temporary, the Company records reductions in carrying values to estimated fair values, which are determined based on quoted market prices if available or on one or more of the valuation methods such as pricing models using historical and projected financial information, liquidation values, and values of other comparable public companies.

 

Long-term investments include instruments that the Company has the ability and intent to hold for more than twelve months.

 

The Company has investments in equity instruments of privately-held companies and investments for which there are not readily determinable fair values. These investments are included in short-term investment and other assets and are accounted for under the cost method. The Company monitors its investments for impairment by considering current factors, including the economic environment, market conditions, operational performance and other specific factors relating to the business underlying the investment, and records reductions in carrying values when necessary.

 

For the fiscal year ended November 30, 2008 the Company recorded a $1,288 other-than-temporary decline in value of investments. The Company recorded an other-than-temporary impairment of $221 and $10 for the fiscal years ended November 30, 2007 and 2006, respectively.

 

NOTE 10—INVESTMENTS:

 

The carrying amount of the Company’s investments is shown in the table below:

 

     November 30,
     2008    2007
     Original
Cost
   Unrealized
(Losses)/
Gains
    Fair
Value
   Original
Cost
   Unrealized
(Losses)/
Gains
    Fair
Value

Short-Term:

               

Trading

   $ 10,551    $ (4,479 )     6,072    $ 11,731    $ 605       12,336

Available-for-sale

     194      (52 )     142      772      (630 )     142

Cost securities

     4,131      —         4,131      4,779      —         4,779
                                           
   $ 14,876    $ (4,531 )   $ 10,345    $ 17,282    $ (25 )   $ 17,257
                                           

 

Short-term trading securities consist of equity securities relating to the Company’s deferred compensation plan (See Note 6). Short-term available-for-sale securities primarily consist of investments in other companies’ equity securities. Short-term cost investments primarily consist of investments in private equity funds and in a hedge fund under the Company’s deferred compensation plan. Total realized and unrealized loss on trading investments was $5,674 for the fiscal year ended November 30, 2008. Total realized and unrealized gain was $739 and $1,082 for the fiscal years ended November 30, 2007 and 2006, respectively.

 

For the fiscal year ended November 30, 2008, the Company recorded an other-than-temporary impairment loss of $630 on available-for-sale securities and $658 on cost securities, respectively. The Company recorded $221 and $10 other-than-temporary impairment on cost securities for the fiscal years ended November 30, 2007 and 2006, respectively.

 

NOTE 10—INVESTMENTS:

SIZE="1"> 

The carrying amount of the Company’s investments is shown in the table below:

STYLE="margin-top:0px;margin-bottom:0px"> 














































































































































































































   November 30,
   2008  2007
   Original
Cost
  Unrealized
(Losses)/
Gains
  Fair
Value
  Original
Cost
  Unrealized
(Losses)/
Gains
  Fair
Value

Short-Term:

          

Trading

  $10,551  $(4,479)  6,072  $11,731  $605   12,336

Available-for-sale

   194   (52)  142   772   (630)  142

Cost securities

   4,131   —     4,131   4,779   —     4,779
                        
  $14,876  $(4,531) $10,345  $17,282  $(25) $17,257
                        

 

Short-term trading
securities consist of equity securities relating to the Company’s deferred compensation plan (See Note 6). Short-term available-for-sale securities primarily consist of investments in other companies’ equity securities. Short-term cost
investments primarily consist of investments in private equity funds and in a hedge fund under the Company’s deferred compensation plan. Total realized and unrealized loss on trading investments was $5,674 for the fiscal year ended
November 30, 2008. Total realized and unrealized gain was $739 and $1,082 for the fiscal years ended November 30, 2007 and 2006, respectively.

 

STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%">For the fiscal year ended November 30, 2008, the Company recorded an other-than-temporary impairment loss of $630 on available-for-sale securities
and $658 on cost securities, respectively. The Company recorded $221 and $10 other-than-temporary impairment on cost securities for the fiscal years ended November 30, 2007 and 2006, respectively.

STYLE="margin-top:0px;margin-bottom:0px"> 

This excerpt taken from the SNX 10-Q filed Oct 10, 2008.

NOTE 5—INVESTMENTS:

The carrying amount of the Company’s investments is shown in the table below:

 

     August 31, 2008    November 30, 2007
     Cost    Unrealized
(Losses)/Gains
    Fair Value    Cost    Unrealized
(Losses)/Gains
    Fair Value

Short-term investments

               

Trading securities

   $ 10,754    $ (1,283 )   $ 9,471    $ 11,731    $ 605     $ 12,336

Available-for-sale

     190      (26 )     164      772      (630 )     142

Cost securities

     4,159      —         4,159      4,779      —         4,779
                                           
   $ 15,103    $ (1,309 )   $ 13,794    $ 17,282    $ (25 )   $ 17,257
                                           

Short-term trading securities generally consist of equity securities relating to the Company’s deferred compensation plan. Short-term available-for-sale securities primarily consist of investments in other companies’ equity securities. Short-term cost investments primarily consist of investments in private equity funds and in a hedge fund under the Company’s deferred compensation plan.

For the three months ended August 31, 2008, the Company recorded an other-than-temporary loss of $45 on cost securities and for the nine months ended August 31, 2008, the Company recorded an other-than-temporary loss of $630 on available-for-sale securities and $658 on cost securities, respectively.

This excerpt taken from the SNX 10-Q filed Jul 10, 2008.

NOTE 5 – INVESTMENTS:

The carrying amount of the Company’s investments is shown in the table below:

 

     May 31, 2008    November 30, 2007
     Cost    Unrealized
(Losses)/Gains
    Fair
Value
   Cost    Unrealized
(Losses)/Gains
    Fair
Value

Short-term investments

               

Trading securities

   $ 10,592    $ (67 )   $ 10,525    $ 11,731    $ 605     $ 12,336

Available-for-sale

     302      (14 )     288      772      (630 )     142

Cost securities

     4,226      —         4,226      4,779      —         4,779
                                           
   $ 15,120    $ (81 )   $ 15,039    $ 17,282    $ (25 )   $ 17,257
                                           

Short-term trading securities generally consist of equity securities relating to the Company’s deferred compensation plan. Short-term available-for-sale securities primarily consist of investments in other companies’ equity securities. Short-term cost investments primarily consist of investments in private equity funds and in a hedge fund under the Company’s deferred compensation plan.

For the three months ended May 31, 2008 the Company recorded an other-than-temporary loss of $217 on cost securities and for the six months ended May 31, 2008 the Company recorded an other-than-temporary loss of $630 on available-for-sale securities and $393 on cost securities, respectively.

This excerpt taken from the SNX 10-Q filed Apr 9, 2008.

NOTE 5 – INVESTMENTS:

The carrying amount of the Company’s investments is shown in the table below:

 

     February 29, 2008    November 30, 2007
     Cost    Unrealized
(Losses)/Gains
    Fair Value    Cost    Unrealized
(Losses)/Gains
    Fair Value

SHORT-TERM

               

Trading

   $ 10,552    $ (614 )   $ 9,938    $ 11,731    $ 605     $ 12,336

Available-for-sale

     145      —         145      772      (630 )     142

Cost securities

     4,500      —         4,500      4,779      —         4,779
                                           
   $ 15,197    $ (614 )   $ 14,583    $ 17,282    $ (25 )   $ 17,257
                                           

Short-term trading securities generally consist of equity securities relating to the Company’s deferred compensation plan. Short-term available-for-sale securities primarily consist of investments in other companies’ equity securities. Short-term cost investments primarily consist of investments in private equity funds and in a hedge fund under the Company’s deferred compensation plan.

During the first quarter of fiscal 2008 the Company recorded an other-than-temporary loss of $630 on available-for-sale securities and $176 on cost securities.

These excerpts taken from the SNX 10-K filed Feb 13, 2008.

NOTE 6—INVESTMENTS:

 

The carrying amount of the Company’s investments is shown in the table below:

 

     November 30,
     2007    2006
     Original
Cost
   Unrealized
(Losses)/

Gains
    Fair
Value
   Original
Cost
   Unrealized
(Losses)/

Gains
    Fair
Value

Short-Term:

               

Trading

   $ 12,510    $ 605     $ 13,115    $ 10,729    $ 424     $ 11,153

Available-for-sale

     772      (630 )     142      757      (639 )     118

Cost investments

     4,000      —         4,000      2,000      —         2,000
                                           
   $ 17,282    $ (25 )   $ 17,257    $ 13,486    $ (215 )   $ 13,271
                                           

 

Short-term trading securities consist of equity securities relating to the Company’s deferred compensation plan (See Note 11). Short-term available-for-sale securities primarily consist of investments in other companies’ equity securities. Short-term cost investments primarily consist of investments in private equity funds and in a hedge fund under the Company’s deferred compensation plan. Total realized gain on investments was $161 and $265 for the fiscal years ended November 30, 2007 and 2005, respectively. Total realized loss was $2,329 for the fiscal year ended November 30, 2006. As of November 30, 2007, all gross unrealized losses on available-for-sale had been in a loss position for more than 12 months.

 

66


Table of Contents

SYNNEX CORPORATION

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(continued)

(amounts in thousands, except per share amounts)

 

NOTE
6—INVESTMENTS:

 

The carrying amount of the
Company’s investments is shown in the table below:

 














































































































































































































   November 30,
   2007  2006
   Original
Cost
  Unrealized
(Losses)/

Gains
  Fair
Value
  Original
Cost
  Unrealized
(Losses)/

Gains
  Fair
Value

Short-Term:

          

Trading

  $12,510  $605  $13,115  $10,729  $424  $11,153

Available-for-sale

   772   (630)  142   757   (639)  118

Cost investments

   4,000   —     4,000   2,000   —     2,000
                        
  $17,282  $(25) $17,257  $13,486  $(215) $13,271
                        

 

Short-term trading
securities consist of equity securities relating to the Company’s deferred compensation plan (See Note 11). Short-term available-for-sale securities primarily consist of investments in other companies’ equity securities. Short-term cost
investments primarily consist of investments in private equity funds and in a hedge fund under the Company’s deferred compensation plan. Total realized gain on investments was $161 and $265 for the fiscal years ended November 30, 2007 and
2005, respectively. Total realized loss was $2,329 for the fiscal year ended November 30, 2006. As of November 30, 2007, all gross unrealized losses on available-for-sale had been in a loss position for more than 12 months.

STYLE="margin-top:0px;margin-bottom:0px"> 


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Table of Contents



SYNNEX CORPORATION

SIZE="1"> 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(continued)

ALIGN="center">(amounts in thousands, except per share amounts)

 


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