XML 34 R24.htm IDEA: XBRL DOCUMENT v3.23.2

Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

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 and six months ended June 30, 2023 and 2022 (in thousands):

			Three Months Ended June 30, 2023
			North America						EMEA						APAC						Consolidated
Major Offerings
Hardware			$	1,165,127					$	132,220					$	12,926					$	1,310,273
Software			417,327						196,060						21,949						635,336
Services			314,712						63,446						25,829						403,987
			$	1,897,166					$	391,726					$	60,704					$	2,349,596
Major Client Groups
Large Enterprise / Corporate			$	1,321,876					$	289,519					$	26,849					$	1,638,244
Commercial			359,750						3,609						18,138						381,497
Public Sector			215,540						98,598						15,717						329,855
			$	1,897,166					$	391,726					$	60,704					$	2,349,596
Revenue Recognition based on acting as Principal or Agent in the Transaction
Gross revenue recognition (Principal)			$	1,767,933					$	352,085					$	50,630					$	2,170,648
Net revenue recognition (Agent)			129,233						39,641						10,074						178,948
			$	1,897,166					$	391,726					$	60,704					$	2,349,596

			Three Months Ended June 30, 2022
			North America						EMEA						APAC						Consolidated
Major Offerings
Hardware			$	1,559,474					$	155,384					$	16,258					$	1,731,116
Software			377,007						212,997						28,122						618,126
Services			310,963						57,950						25,222						394,135
			$	2,247,444					$	426,331					$	69,602					$	2,743,377
Major Client Groups
Large Enterprise / Corporate			$	1,597,988					$	306,389					$	31,430					$	1,935,807
Commercial			448,974						19,312						17,452						485,738
Public Sector			200,482						100,630						20,720						321,832
			$	2,247,444					$	426,331					$	69,602					$	2,743,377
Revenue Recognition based on acting as Principal or Agent in the Transaction
Gross revenue recognition (Principal)			$	2,126,656					$	389,421					$	58,927					$	2,575,004
Net revenue recognition (Agent)			120,788						36,910						10,675						168,373
			$	2,247,444					$	426,331					$	69,602					$	2,743,377

			Six Months Ended June 30, 2023
			North America						EMEA						APAC						Consolidated
Major Offerings
Hardware			$	2,320,766					$	295,110					$	23,242					$	2,639,118
Software			812,124						410,621						51,391						1,274,136
Services			598,240						112,999						49,050						760,289
			$	3,731,130					$	818,730					$	123,683					$	4,673,543
Major Client Groups
Large Enterprise / Corporate			$	2,615,409					$	598,582					$	48,251					$	3,262,242
Commercial			731,775						8,399						35,163						775,337
Public Sector			383,946						211,749						40,269						635,964
			$	3,731,130					$	818,730					$	123,683					$	4,673,543
Revenue Recognition based on acting as Principal or Agent in the Transaction
Gross revenue recognition (Principal)			$	3,493,110					$	753,428					$	104,514					$	4,351,052
Net revenue recognition (Agent)			238,020						65,302						19,169						322,491
			$	3,731,130					$	818,730					$	123,683					$	4,673,543

			Six Months Ended June 30, 2022
			North America						EMEA						APAC						Consolidated
Major Offerings
Hardware			$	3,010,793					$	366,007					$	27,904					$	3,404,704
Software			718,554						485,399						50,872						1,254,825
Services			582,602						106,358						45,738						734,698
			$	4,311,949					$	957,764					$	124,514					$	5,394,227
Major Client Groups
Large Enterprise / Corporate			$	3,036,717					$	660,293					$	52,859					$	3,749,869
Commercial			890,133						37,733						32,111						959,977
Public Sector			385,099						259,738						39,544						684,381
			$	4,311,949					$	957,764					$	124,514					$	5,394,227
Revenue Recognition based on acting as Principal or Agent in the Transaction
Gross revenue recognition (Principal)			$	4,097,577					$	896,283					$	105,945					$	5,099,805
Net revenue recognition (Agent)			214,372						61,481						18,569						294,422
			$	4,311,949					$	957,764					$	124,514					$	5,394,227

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 June 30, 2023
			North America						EMEA						APAC						Consolidated
Net sales:
Products			$	1,582,454					$	328,280					$	34,875					$	1,945,609
Services			314,712						63,446						25,829						403,987
Total net sales			1,897,166						391,726						60,704						2,349,596
Costs of goods sold:
Products			1,416,637						301,240						31,571						1,749,448
Services			137,387						18,439						11,132						166,958
Total costs of goods sold			1,554,024						319,679						42,703						1,916,406
Gross profit			343,142						72,047						18,001						433,190
Operating expenses:
Selling and administrative expenses			252,285						54,913						11,045						318,243
Severance and restructuring expenses			(4,685)						867						48						(3,770)
Acquisition and integration related expenses			106						—						—						106
Earnings from operations			$	95,436					$	16,267					$	6,908					$	118,611

			Three Months Ended June 30, 2022
			North America						EMEA						APAC						Consolidated
Net sales:
Products			$	1,936,481					$	368,381					$	44,380					$	2,349,242
Services			310,963						57,950						25,222						394,135
Total net sales			2,247,444						426,331						69,602						2,743,377
Costs of goods sold:
Products			1,754,799						340,177						40,919						2,135,895
Services			142,379						16,607						10,607						169,593
Total costs of goods sold			1,897,178						356,784						51,526						2,305,488
Gross profit			350,266						69,547						18,076						437,889
Operating expenses:
Selling and administrative expenses			243,868						51,372						10,761						306,001
Severance and restructuring expenses			485						207						—						692
Acquisition and integration related expenses			$	1,640					$	—					$	—					$	1,640
Earnings from operations			$	104,273					$	17,968					$	7,315					$	129,556

			Six Months Ended June 30, 2023
			North America						EMEA						APAC						Consolidated
Net sales:
Products			$	3,132,890					$	705,731					$	74,633					$	3,913,254
Services			598,240						112,999						49,050						760,289
Total net sales			3,731,130						818,730						123,683						4,673,543
Costs of goods sold:
Products			2,804,599						648,873						68,705						3,522,177
Services			268,245						36,922						21,694						326,861
Total costs of goods sold			3,072,844						685,795						90,399						3,849,038
Gross profit			658,286						132,935						33,284						824,505
Operating expenses:
Selling and administrative expenses			501,105						104,818						22,321						628,244
Severance and restructuring expenses			(1,598)						1,569						61						32
Acquisition and integration related expenses			157						—						—						157
Earnings from operations			$	158,622					$	26,548					$	10,902					$	196,072

			Six Months Ended June 30, 2022
			North America						EMEA						APAC						Consolidated
Net sales:
Products			$	3,729,347					$	851,406					$	78,776					$	4,659,529
Services			582,602						106,358						45,738						734,698
Total net sales			4,311,949						957,764						124,514						5,394,227
Costs of goods sold:
Products			3,380,574						789,809						72,721						4,243,104
Services			281,025						33,638						19,710						334,373
Total costs of goods sold			3,661,599						823,447						92,431						4,577,477
Gross profit			650,350						134,317						32,083						816,750
Operating expenses:
Selling and administrative expenses			479,088						103,698						20,855						603,641
Severance and restructuring expenses			789						1,275						—						2,064
Acquisition and integration related expenses			1,640						—						—						1,640
Earnings from operations			$	168,833					$	29,344					$	11,228					$	209,405

Summary of Total Assets by Reportable Operating Segment

The following is a summary of our total assets by reportable operating segment (in thousands):

			June 30, 2023						December 31, 2022
North America			$	5,418,822					$	5,219,480
EMEA			1,216,362						939,327
APAC			209,790						153,232
Corporate assets and intercompany eliminations, net			(1,302,643)						(1,199,458)
Total assets			$	5,542,331					$	5,112,581

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 June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
Depreciation and amortization of property and equipment:
North America			$	5,495					$	4,729					$	11,143					$	9,149
EMEA			603						668						1,199						1,475
APAC			102						154						211						316
			6,200						5,551						12,553						10,940
Amortization of intangible assets:
North America			7,766						7,356						15,551						14,704
EMEA			408						430						820						887
APAC			111						118						224						238
			8,285						7,904						16,595						15,829
Total			$	14,485					$	13,455					$	29,148					$	26,769

X

- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

+ Details

Name:	us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

+ Details

Name:	us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of reconciliation of other items from reportable segments to their consolidated amount. Excludes reconciliation of revenue, profit (loss), and assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

+ Details

Name:	us-gaap_ReconciliationOfOtherSignificantReconcilingItemsFromSegmentsToConsolidatedTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-25

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

+ Details

Name:	us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_SegmentReportingAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration