Schedule of results of operations by segment

Results of operations by segment are as follows for the years ended December 31:


	2025
(thousands)	Global Components			Global ECS			Total
Sales	$	21,501,289		$	9,351,646		$	30,852,935
Cost of sales		19,098,636			8,287,580			27,386,216
Gross profit		2,402,653			1,064,066			3,466,719
Gross profit margin		11.2	%		11.4	%		11.2	%
Segment operating expenses (a)		1,627,947			638,155			2,266,102
Segment operating income (loss) (b) (c)	$	774,706		$	425,911		$	1,200,617
Segment operating income margin		3.6	%		4.6	%		3.9	%
Reconciliation of segment operating income
Corporate operating expenses (e)								(378,394)
Consolidated operating income							$	822,223
Equity in earnings of affiliated companies								3,198
Gain (loss) on investments, net								109,888
Post-retirement expense, net								(2,277)
Interest and other financing expense, net								(215,104)
Consolidated income before taxes							$	717,928

	2024
(thousands)	Global Components			Global ECS			Total
Sales	$	19,983,267		$	7,940,057		$	27,923,324
Cost of sales		17,650,909			6,980,007			24,630,916
Gross profit		2,332,358			960,050			3,292,408
Gross profit margin		11.7	%		12.1	%		11.8	%
Segment operating expenses (a)		1,591,085			549,975			2,141,060
Segment operating income (loss) (c) (d)	$	741,273		$	410,075		$	1,151,348
Segment operating income margin		3.7	%		5.2	%		4.1	%
Reconciliation of segment operating income
Corporate operating expenses (e)								(382,791)
Consolidated operating income							$	768,557
Equity in earnings of affiliated companies								1,368
Gain (loss) on investments, net								(4,830)
Loss on extinguishment of debt								(1,657)
Post-retirement expense, net								(4,285)
Interest and other financing expense, net								(269,834)
Consolidated income before taxes							$	489,319

	2023
(thousands)	Global Components			Global ECS			Total
Sales	$	25,419,899		$	7,687,221		$	33,107,120
Cost of sales		22,220,779			6,737,323			28,958,102
Gross profit		3,199,120			949,898			4,149,018
Gross profit margin		12.6	%		12.4	%		12.5	%
Segment operating expenses (a)		1,739,954			582,894			2,322,848
Segment operating income (loss) (d)	$	1,459,166		$	367,004		$	1,826,170
Segment operating income margin		5.7	%		4.8	%		5.5	%
Reconciliation of segment operating income
Corporate operating expenses (e)								(355,006)
Consolidated operating income							$	1,471,164
Equity in earnings of affiliated companies								6,407
Gain (loss) on investments, net								19,284
Post-retirement expense, net								(3,777)
Interest and other financing expense, net								(328,724)
Consolidated income before taxes							$	1,164,354

(a)	Segment operating expenses include employee-related expenses, depreciation and amortization, facility expense, allowance for credit losses, and other segment expenses.

(b)	In 2025, Global ECS gross profit margin decreased compared to the year-earlier period primarily due to $18.3 million in net losses related to underperformance of certain non-cancellable multi-year purchase obligations.

(c)

Global components operating income includes (recoveries) charges of $(10.3) million and $60.6 million in inventory write-downs related to the wind down of businesses in 2025 and 2024, respectively. Global components operating income includes $62.2 million in settlement benefits recorded as a reduction to operating expense for 2023. Refer to Note 15 - “Contingencies”.

(d)

In 2023, global ECS operating income includes charges of $25.4 million to increase the allowance for credit losses related to one customer. During 2024, global ECS operating income includes a reversal of charges of $20.0 million for aged receivables that were collected, related to the same customer.

(e)	Corporate unallocated operating expenses for the years 2025, 2024, and 2023 includes restructuring, integration, and other charges of $116.1 million, $142.9 million, and $83.9 million, respectively. Refer to Note 9 - “Restructuring, Integration, and Other”.

Schedule of long-lived assets by geographical areas


(thousands)		2025			2024
Long-lived assets:
France		$	100,493		$	86,268
Netherlands			79,339			78,120
Other			233,740			223,903
Total foreign		$	413,572		$	388,291
United States			309,901			332,098
Total		$	723,473		$	720,389