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v3.22.1

Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2022
Segment Reporting [Abstract] |
Summary of Revenue Disaggregated by Reportable Operating Segments | In the following table, revenue is disaggregated by our reportable operating segments, which are primarily defined by their related geographies, as well as by major product offering, by major client group and by recognition on either a gross basis as a principal in the arrangement, or on a net basis as an agent, for the three months ended March 31, 2022 and 2021 (in thousands):
| Three Months Ended March 31, 2022
| North America |  | EMEA |  | APAC |  | Consolidated
Major Offerings |  |  |  |  |  |  |
Hardware | $ | 1,451,319 |  |  | $ | 210,623 |  |  | $ | 11,646 |  |  | $ | 1,673,588 |
Software | 341,547 |  |  | 272,402 |  |  | 22,750 |  |  | 636,699
Services | 271,639 |  |  | 48,408 |  |  | 20,516 |  |  | 340,563
| $ | 2,064,505 |  |  | $ | 531,433 |  |  | $ | 54,912 |  |  | $ | 2,650,850 |
Major Client Groups |  |  |  |  |  |  |
Large Enterprise / Corporate | $ | 1,438,729 |  |  | $ | 353,904 |  |  | $ | 21,429 |  |  | $ | 1,814,062 |
Commercial | 441,159 |  |  | 18,421 |  |  | 14,659 |  |  | 474,239 |
Public Sector | 184,617 |  |  | 159,108 |  |  | 18,824 |  |  | 362,549 |
| $ | 2,064,505 |  |  | $ | 531,433 |  |  | $ | 54,912 |  |  | $ | 2,650,850 |
Revenue Recognition based on acting as Principal or Agent in the Transaction |  |  |  |  |  |  |
Gross revenue recognition (Principal) | $ | 1,970,921 |  |  | $ | 506,862 |  |  | $ | 47,018 |  |  | $ | 2,524,801 |
Net revenue recognition (Agent) | 93,584 |  |  | 24,571 |  |  | 7,894 |  |  | 126,049 |
| $ | 2,064,505 |  |  | $ | 531,433 |  |  | $ | 54,912 |  |  | $ | 2,650,850 |
| Three Months Ended March 31, 2021
| North America |  | EMEA |  | APAC |  | Consolidated
Major Offerings |  |  |  |  |  |  |
Hardware | $ | 1,109,489 |  |  | $ | 195,971 |  |  | $ | 9,565 |  |  | $ | 1,315,025 |
Software | 308,738 |  |  | 234,423 |  |  | 34,834 |  |  | 577,995 |
Services | 236,554 |  |  | 48,442 |  |  | 15,052 |  |  | 300,048 |
| $ | 1,654,781 |  |  | $ | 478,836 |  |  | $ | 59,451 |  |  | $ | 2,193,068 |
Major Client Groups |  |  |  |  |  |  |
Large Enterprise / Corporate | $ | 1,171,428 |  |  | $ | 309,075 |  |  | $ | 19,076 |  |  | $ | 1,499,579 |
Commercial | 344,045 |  |  | 20,533 |  |  | 12,667 |  |  | 377,245 |
Public Sector | 139,308 |  |  | 149,228 |  |  | 27,708 |  |  | 316,244 |
| $ | 1,654,781 |  |  | $ | 478,836 |  |  | $ | 59,451 |  |  | $ | 2,193,068 |
Revenue Recognition based on acting as Principal or Agent in the Transaction |  |  |  |  |  |  |
Gross revenue recognition (Principal) | $ | 1,569,641 |  |  | $ | 450,977 |  |  | $ | 52,863 |  |  | $ | 2,073,481 |
Net revenue recognition (Agent) | 85,140 |  |  | 27,859 |  |  | 6,588 |  |  | 119,587 |
| $ | 1,654,781 |  |  | $ | 478,836 |  |  | $ | 59,451 |  |  | $ | 2,193,068 |
Financial Information about Reportable Operating Segments | The following tables present our results of operations by reportable operating segment for the periods indicated (in thousands):
| Three Months Ended March 31, 2022
| North America |  | EMEA |  | APAC |  | Consolidated
Net sales: |  |  |  |  |  |  |
Products | $ | 1,792,866 |  |  | $ | 483,025 |  |  | $ | 34,396 |  |  | $ | 2,310,287 |
Services | 271,639 |  |  | 48,408 |  |  | 20,516 |  |  | 340,563 |
Total net sales | 2,064,505 |  |  | 531,433 |  |  | 54,912 |  |  | 2,650,850 |
Costs of goods sold: |  |  |  |  |  |  |
Products | 1,625,775 |  |  | 449,632 |  |  | 31,802 |  |  | 2,107,209 |
Services | 138,646 |  |  | 17,031 |  |  | 9,103 |  |  | 164,780 |
Total costs of goods sold | 1,764,421 |  |  | 466,663 |  |  | 40,905 |  |  | 2,271,989 |
Gross profit | 300,084 |  |  | 64,770 |  |  | 14,007 |  |  | 378,861 |
Operating expenses: |  |  |  |  |  |  |
Selling and administrative expenses | 235,220 |  |  | 52,326 |  |  | 10,094 |  |  | 297,640 |
Severance and restructuring expenses | 304 |  |  | 1,068 |  |  | — |  |  | 1,372 |
Earnings from operations | $ | 64,560 |  |  | $ | 11,376 |  |  | $ | 3,913 |  |  | $ | 79,849 |
| Three Months Ended March 31, 2021
| North America |  | EMEA |  | APAC |  | Consolidated
Net sales: |  |  |  |  |  |  |
Products | $ | 1,418,227 |  |  | $ | 430,394 |  |  | $ | 44,399 |  |  | $ | 1,893,020 |
Services | 236,554 |  |  | 48,442 |  |  | 15,052 |  |  | 300,048 |
Total net sales | 1,654,781 |  |  | 478,836 |  |  | 59,451 |  |  | 2,193,068 |
Costs of goods sold: |  |  |  |  |  |  |
Products | 1,283,876 |  |  | 396,184 |  |  | 41,198 |  |  | 1,721,258 |
Services | 117,416 |  |  | 16,617 |  |  | 6,303 |  |  | 140,336 |
Total costs of goods sold | 1,401,292 |  |  | 412,801 |  |  | 47,501 |  |  | 1,861,594 |
Gross profit | 253,489 |  |  | 66,035 |  |  | 11,950 |  |  | 331,474 |
Operating expenses: |  |  |  |  |  |  |
Selling and administrative expenses | 206,806 |  |  | 55,447 |  |  | 8,937 |  |  | 271,190 |
Severance and restructuring expenses | (7,238) |  |  | 498 |  |  | — |  |  | (6,740) |
Earnings from operations | $ | 53,921 |  |  | $ | 10,090 |  |  | $ | 3,013 |  |  | $ | 67,024 |
Summary of Total Assets by Reportable Operating Segment | The following is a summary of our total assets by reportable operating segment (in thousands):
| March 31, 2022 |  | December 31, 2021
North America | $ | 4,825,025 |  |  | $ | 4,920,220 |
EMEA | 815,338 |  |  | 828,456 |
APAC | 139,850 |  |  | 148,737 |
Corporate assets and intercompany eliminations, net | (930,425) |  |  | (1,208,333) |
Total assets | $ | 4,849,788 |  |  | $ | 4,689,080 |
Pre-Tax Depreciation and Amortization by Operating Segment | We recorded the following pre-tax amounts, by reportable operating segment, for depreciation and amortization in the accompanying consolidated financial statements (in thousands):
| Three Months Ended March 31,
| 2022 |  | 2021
Depreciation and amortization of property and equipment: |  |  |
North America | $ | 4,420 |  |  | $ | 4,807 |
EMEA | 807 |  |  | 1,232 |
APAC | 162 |  |  | 142 |
| 5,389 |  |  | 6,181 |
Amortization of intangible assets: |  |  |
North America | 7,348 |  |  | 7,417 |
EMEA | 457 |  |  | 496 |
APAC | 120 |  |  | 128 |
| 7,925 |  |  | 8,041 |
Total | $ | 13,314 |  |  | $ | 14,222 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 + Details
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