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Segment Information
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
We operate in three reportable geographic operating segments: North America; EMEA; and APAC. Our offerings in North America and certain countries in EMEA and APAC include IT hardware, software and services, including cloud solutions. Our offerings in the remainder of our EMEA and APAC segments consist largely of software and certain software-related services and cloud solutions.
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, 2024 and 2023 (in thousands):
Three Months Ended June 30, 2024
North AmericaEMEAAPACConsolidated
Major Offerings
Hardware$1,037,523 $125,074 $10,044 $1,172,641 
Software365,209 167,182 21,403 553,794 
Services329,625 76,617 28,985 435,227 
$1,732,357 $368,873 $60,432 $2,161,662 
Major Client Groups
Large Enterprise / Corporate$1,189,407 $271,772 $23,867 $1,485,046 
Commercial359,940 7,788 17,347 385,075 
Public Sector183,010 89,313 19,218 291,541 
$1,732,357 $368,873 $60,432 $2,161,662 
Revenue Recognition based on acting as Principal or Agent in the Transaction
Gross revenue recognition (Principal)$1,586,437 $329,126 $48,301 $1,963,864 
Net revenue recognition (Agent)145,920 39,747 12,131 197,798 
$1,732,357 $368,873 $60,432 $2,161,662 
Three Months Ended June 30, 2023
North AmericaEMEAAPACConsolidated
Major Offerings
Hardware$1,165,127 $132,220 $12,926 $1,310,273 
Software417,327 196,060 21,949 635,336 
Services314,712 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 
Commercial359,750 3,609 18,138 381,497 
Public Sector215,540 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 
Six Months Ended June 30, 2024
North AmericaEMEAAPACConsolidated
Major Offerings
Hardware$2,028,589 $261,388 $17,391 $2,307,368 
Software960,449 370,434 52,139 1,383,022 
Services648,141 149,892 52,724 850,757 
$3,637,179 $781,714 $122,254 $4,541,147 
Major Client Groups
Large Enterprise / Corporate$2,556,710 $580,070 $46,035 $3,182,815 
Commercial717,229 16,701 32,410 766,340 
Public Sector363,240 184,943 43,809 591,992 
$3,637,179 $781,714 $122,254 $4,541,147 
Revenue Recognition based on acting as Principal or Agent in the Transaction
Gross revenue recognition (Principal)$3,348,682 $710,208 $100,825 $4,159,715 
Net revenue recognition (Agent)288,497 71,506 21,429 381,432 
$3,637,179 $781,714 $122,254 $4,541,147 
Six Months Ended June 30, 2023
North AmericaEMEAAPACConsolidated
Major Offerings
Hardware$2,320,766 $295,110 $23,242 $2,639,118 
Software812,124 410,621 51,391 1,274,136 
Services598,240 112,999 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 
Commercial731,775 8,399 35,163 775,337 
Public Sector383,946 211,749 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 
All significant intercompany transactions are eliminated upon consolidation, and there are no differences between the accounting policies used to measure profit and loss for our segments or on a consolidated basis. Net sales are defined as net sales to external clients. None of our clients exceeded ten percent of consolidated net sales for the three and six months ended June 30, 2024 or 2023.
A portion of our operating segments’ selling and administrative expenses arise from shared services and infrastructure that we have historically provided to them in order to realize economies of scale and to use resources efficiently. These expenses, collectively identified as corporate charges, include senior management expenses, internal audit, legal, tax, insurance services, treasury and other corporate infrastructure expenses. Charges are allocated to our operating segments, and the allocations have been determined on a basis that we consider to be a reasonable reflection of the utilization of services provided to or benefits received by the 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, 2024
North AmericaEMEAAPACConsolidated
Net sales:
Products$1,402,732 $292,256 $31,447 $1,726,435 
Services329,625 76,617 28,985 435,227 
Total net sales1,732,357 368,873 60,432 2,161,662 
Costs of goods sold:
Products1,245,586 262,262 28,422 1,536,270 
Services132,664 27,469 11,894 172,027 
Total costs of goods sold1,378,250 289,731 40,316 1,708,297 
Gross profit354,107 79,142 20,116 453,365 
Operating expenses:
Selling and administrative expenses248,192 57,264 11,778 317,234 
Severance and restructuring expenses3,922 861 85 4,868 
Acquisition and integration related expenses180 10 — 190 
Earnings from operations$101,813 $21,007 $8,253 $131,073 
Three Months Ended June 30, 2023
North AmericaEMEAAPACConsolidated
Net sales:
Products$1,582,454 $328,280 $34,875 $1,945,609 
Services314,712 63,446 25,829 403,987 
Total net sales1,897,166 391,726 60,704 2,349,596 
Costs of goods sold:
Products1,416,637 301,240 31,571 1,749,448 
Services137,387 18,439 11,132 166,958 
Total costs of goods sold1,554,024 319,679 42,703 1,916,406 
Gross profit343,142 72,047 18,001 433,190 
Operating expenses:
Selling and administrative expenses252,285 54,913 11,045 318,243 
Severance and restructuring expenses, net(4,685)867 48 (3,770)
Acquisition and integration related expenses106 — — 106 
Earnings from operations$95,436 $16,267 $6,908 $118,611 
Six Months Ended June 30, 2024
North AmericaEMEAAPACConsolidated
Net sales:
Products$2,989,038 $631,822 $69,530 $3,690,390 
Services648,141 149,892 52,724 850,757 
Total net sales3,637,179 781,714 122,254 4,541,147 
Costs of goods sold:
Products2,672,259 572,334 63,261 3,307,854 
Services260,970 55,205 22,825 339,000 
Total costs of goods sold2,933,229 627,539 86,086 3,646,854 
Gross profit703,950 154,175 36,168 894,293 
Operating expenses:
Selling and administrative expenses511,112 120,569 22,987 654,668 
Severance and restructuring expenses5,541 1,399 155 7,095 
Acquisition and integration related expenses1,461 10 — 1,471 
Earnings from operations$185,836 $32,197 $13,026 $231,059 
Six Months Ended June 30, 2023
North AmericaEMEAAPACConsolidated
Net sales:
Products$3,132,890 $705,731 $74,633 $3,913,254 
Services598,240 112,999 49,050 760,289 
Total net sales3,731,130 818,730 123,683 4,673,543 
Costs of goods sold:
Products2,804,599 648,873 68,705 3,522,177 
Services268,245 36,922 21,694 326,861 
Total costs of goods sold3,072,844 685,795 90,399 3,849,038 
Gross profit658,286 132,935 33,284 824,505 
Operating expenses:
Selling and administrative expenses501,105 104,818 22,321 628,244 
Severance and restructuring expenses, net(1,598)1,569 61 32 
Acquisition and integration related expenses157 — — 157 
Earnings from operations$158,622 $26,548 $10,902 $196,072 
The following is a summary of our total assets by reportable operating segment (in thousands):
June 30,
2024		December 31,
2023
North America$6,356,884 $6,521,591 
EMEA1,497,936 1,058,734 
APAC246,249 171,820 
Corporate assets and intercompany eliminations, net(748,256)(1,465,795)
Total assets$7,352,813 $6,286,350 
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,
2024202320242023
Depreciation and amortization of property and equipment:
North America$6,170 $5,495 $12,243 $11,143 
EMEA900 603 1,657 1,199 
APAC138 102 269 211 
7,208 6,200 14,169 12,553 
Amortization of intangible assets:
North America15,588 7,766 28,734 15,551 
EMEA1,660 408 3,330 820 
APAC109 111 218 224 
17,357 8,285 32,282 16,595 
Total$24,565 $14,485 $46,451 $29,148