XML 35 R25.htm IDEA: XBRL DOCUMENT v3.23.3

Segment Information (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2023 and 2022 (in thousands):

			Three Months Ended September 30, 2023
			North America						EMEA						APAC						Consolidated
Major Offerings
Hardware			$	1,153,722					$	136,567					$	10,866					$	1,301,155
Software			409,139						163,918						15,942						588,999
Services			298,011						53,911						24,210						376,132
			$	1,860,872					$	354,396					$	51,018					$	2,266,286
Major Client Groups
Large Enterprise / Corporate			$	1,311,849					$	270,355					$	21,388					$	1,603,592
Commercial			342,585						4,340						18,867						365,792
Public Sector			206,438						79,701						10,763						296,902
			$	1,860,872					$	354,396					$	51,018					$	2,266,286
Revenue Recognition based on acting as Principal or Agent in the Transaction
Gross revenue recognition (Principal)			$	1,738,705					$	330,505					$	42,908					$	2,112,118
Net revenue recognition (Agent)			122,167						23,891						8,110						154,168
			$	1,860,872					$	354,396					$	51,018					$	2,266,286

			Three Months Ended September 30, 2022
			North America						EMEA						APAC						Consolidated
Major Offerings
Hardware			$	1,404,207					$	151,505					$	16,563					$	1,572,275
Software			396,921						184,361						15,640						596,922
Services			298,709						43,708						22,740						365,157
			$	2,099,837					$	379,574					$	54,943					$	2,534,354
Major Client Groups
Large Enterprise / Corporate			$	1,473,014					$	295,565					$	25,075					$	1,793,654
Commercial			424,600						11,898						18,048						454,546
Public Sector			202,223						72,111						11,820						286,154
			$	2,099,837					$	379,574					$	54,943					$	2,534,354
Revenue Recognition based on acting as Principal or Agent in the Transaction
Gross revenue recognition (Principal)			$	1,990,277					$	358,697					$	46,763					$	2,395,737
Net revenue recognition (Agent)			109,560						20,877						8,180						138,617
			$	2,099,837					$	379,574					$	54,943					$	2,534,354

			Nine Months Ended September 30, 2023
			North America						EMEA						APAC						Consolidated
Major Offerings
Hardware			$	3,474,488					$	431,677					$	34,108					$	3,940,273
Software			1,221,263						574,539						67,333						1,863,135
Services			896,251						166,910						73,260						1,136,421
			$	5,592,002					$	1,173,126					$	174,701					$	6,939,829
Major Client Groups
Large Enterprise / Corporate			$	3,927,258					$	868,937					$	69,639					$	4,865,834
Commercial			1,074,360						12,739						54,030						1,141,129
Public Sector			590,384						291,450						51,032						932,866
			$	5,592,002					$	1,173,126					$	174,701					$	6,939,829
Revenue Recognition based on acting as Principal or Agent in the Transaction
Gross revenue recognition (Principal)			$	5,231,815					$	1,083,933					$	147,422					$	6,463,170
Net revenue recognition (Agent)			360,187						89,193						27,279						476,659
			$	5,592,002					$	1,173,126					$	174,701					$	6,939,829

			Nine Months Ended September 30, 2022
			North America						EMEA						APAC						Consolidated
Major Offerings
Hardware			$	4,415,000					$	517,512					$	44,467					$	4,976,979
Software			1,115,475						669,760						66,512						1,851,747
Services			881,311						150,066						68,478						1,099,855
			$	6,411,786					$	1,337,338					$	179,457					$	7,928,581
Major Client Groups
Large Enterprise / Corporate			$	4,509,731					$	955,858					$	77,934					$	5,543,523
Commercial			1,314,733						49,631						50,159						1,414,523
Public Sector			587,322						331,849						51,364						970,535
			$	6,411,786					$	1,337,338					$	179,457					$	7,928,581
Revenue Recognition based on acting as Principal or Agent in the Transaction
Gross revenue recognition (Principal)			$	6,087,854					$	1,254,980					$	152,708					$	7,495,542
Net revenue recognition (Agent)			323,932						82,358						26,749						433,039
			$	6,411,786					$	1,337,338					$	179,457					$	7,928,581

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 September 30, 2023
			North America						EMEA						APAC						Consolidated
Net sales:
Products			$	1,562,861					$	300,485					$	26,808					$	1,890,154
Services			298,011						53,911						24,210						376,132
Total net sales			1,860,872						354,396						51,018						2,266,286
Costs of goods sold:
Products			1,401,472						272,083						23,988						1,697,543
Services			125,543						22,604						11,726						159,873
Total costs of goods sold			1,527,015						294,687						35,714						1,857,416
Gross profit			333,857						59,709						15,304						408,870
Operating expenses:
Selling and administrative expenses			244,154						54,435						11,204						309,793
Severance and restructuring expenses			2,650						271						2						2,923
Acquisition and integration related expenses			970						3,322						—						4,292
Earnings from operations			$	86,083					$	1,681					$	4,098					$	91,862

			Three Months Ended September 30, 2022
			North America						EMEA						APAC						Consolidated
Net sales:
Products			$	1,801,128					$	335,866					$	32,203					$	2,169,197
Services			298,709						43,708						22,740						365,157
Total net sales			2,099,837						379,574						54,943						2,534,354
Costs of goods sold:
Products			1,618,297						309,218						29,164						1,956,679
Services			148,844						18,584						10,989						178,417
Total costs of goods sold			1,767,141						327,802						40,153						2,135,096
Gross profit			332,696						51,772						14,790						399,258
Operating expenses:
Selling and administrative expenses			249,745						47,527						10,981						308,253
Severance and restructuring expenses			683						35						2						720
Acquisition and integration related expenses			6						—						—						6
Earnings from operations			$	82,262					$	4,210					$	3,807					$	90,279

			Nine Months Ended September 30, 2023
			North America						EMEA						APAC						Consolidated
Net sales:
Products			$	4,695,751					$	1,006,216					$	101,441					$	5,803,408
Services			896,251						166,910						73,260						1,136,421
Total net sales			5,592,002						1,173,126						174,701						6,939,829
Costs of goods sold:
Products			4,206,071						920,956						92,693						5,219,720
Services			393,788						59,526						33,420						486,734
Total costs of goods sold			4,599,859						980,482						126,113						5,706,454
Gross profit			992,143						192,644						48,588						1,233,375
Operating expenses:
Selling and administrative expenses			745,259						159,253						33,525						938,037
Severance and restructuring expenses			1,052						1,840						63						2,955
Acquisition and integration related expenses			1,127						3,322						—						4,449
Earnings from operations			$	244,705					$	28,229					$	15,000					$	287,934

			Nine Months Ended September 30, 2022
			North America						EMEA						APAC						Consolidated
Net sales:
Products			$	5,530,475					$	1,187,272					$	110,979					$	6,828,726
Services			881,311						150,066						68,478						1,099,855
Total net sales			6,411,786						1,337,338						179,457						7,928,581
Costs of goods sold:
Products			4,998,871						1,099,027						101,885						6,199,783
Services			429,869						52,222						30,699						512,790
Total costs of goods sold			5,428,740						1,151,249						132,584						6,712,573
Gross profit			983,046						186,089						46,873						1,216,008
Operating expenses:
Selling and administrative expenses			728,833						151,225						31,836						911,894
Severance and restructuring expenses			1,472						1,310						2						2,784
Acquisition and integration related expenses			1,646						—						—						1,646
Earnings from operations			$	251,095					$	33,554					$	15,035					$	299,684

Summary of Total Assets by Reportable Operating Segment

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

			September 30, 2023						December 31, 2022
North America			$	5,345,620					$	5,219,480
EMEA			894,489						939,327
APAC			151,290						153,232
Corporate assets and intercompany eliminations, net			(1,313,183)						(1,199,458)
Total assets			$	5,078,216					$	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 September 30,												Nine Months Ended September 30,
			2023						2022						2023						2022
Depreciation and amortization of property and equipment:
North America			$	6,064					$	5,769					$	17,207					$	14,918
EMEA			726						531						1,925						2,006
APAC			112						149						323						465
			6,902						6,449						19,455						17,389
Amortization of intangible assets:
North America			7,718						8,468						23,269						23,172
EMEA			822						404						1,642						1,291
APAC			108						114						332						352
			8,648						8,986						25,243						24,815
Total			$	15,550					$	15,435					$	44,698					$	42,204

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