Shareholders' Equity (Notes)

3 Months Ended

Apr. 30, 2020

Shareholders' Equity and Share-based Payments

NOTE 9 — SHAREHOLDERS' EQUITY

Share Repurchase Program

In October 2018, the Company's Board of Directors authorized a share repurchase program for up to $200.0 million of the Company's common stock. In February 2019, the Board of Directors approved a $100.0 million increase to the program. In August 2019, the Company's Board of Directors authorized the repurchase of up to an additional $200.0 million of the Company's common stock, resulting in a total share repurchase authorization of $500.0 million. In conjunction with the Company’s share repurchase program, a 10b5-1 plan was executed that instructs the broker selected by the Company to repurchase shares on behalf of the Company. The amount of common stock repurchased in accordance with the 10b5-1 plan on any given trading day is determined by a formula in the plan, which is based on the market price of the Company’s common stock. Shares repurchased by the Company are held in treasury for general corporate purposes, including issuances under equity incentive and benefit plans. The reissuance of shares from treasury stock is based on the weighted average purchase price of the shares.

As of April 30, 2020, the Company had $222.8 million available for future repurchases of its common stock under the authorized share repurchase program. Pursuant to the terms of the Merger Agreement with the affiliates of Apollo Funds, the Company suspended its share repurchase program as of November 13, 2019.

The Company’s common share issuance activity for the three months ended April 30, 2020 is summarized as follows:



	Shares		Weighted-average price per share
Treasury stock balance at January 31, 2020	23,819,230		$	50.30
Shares of treasury stock reissued for equity incentive plans	(232,030	)
Treasury stock balance at April 30, 2020	23,587,200		$	50.30

Accumulated Other Comprehensive Income

The following tables summarize the change in the components of AOCI for the three months ended April 30, 2020 and 2019:



	Foreign currency translation adjustment, net of taxes			Unrealized gains (losses) on cash flow hedges, net of taxes			Total
(in thousands)
Balance at January 31, 2020	$	1,449		$	15		$	1,464
Other comprehensive income (loss) before reclassification	(56,547		)	402			(56,145		)
Reclassification of (gain) loss from AOCI into income	—			(417		)	(417		)
Balance at April 30, 2020	$	(55,098	)	$	—		$	(55,098	)



	Foreign currency translation adjustment, net of taxes			Unrealized gains (losses) on cash flow hedges, net of taxes			Total
(in thousands)
Balance at January 31, 2019	$	43,786		$	—		$	43,786
Other comprehensive income (loss) before reclassification	(40,523		)	(575		)	(41,098		)
Reclassification of (gain) loss from AOCI into income	—			364			364
Balance at April 30, 2019	$	3,263		$	(211	)	$	3,052

TECH DATA CORP 10-Q