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Segment Information
 3 Months Ended
Mar. 31, 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 months ended March 31, 2024 and 2023 (in thousands):
Three Months Ended March 31, 2024
North AmericaEMEAAPACConsolidated
Major Offerings
Hardware$991,066 $136,314 $7,347 $1,134,727 
Software595,240 203,252 30,736 829,228 
Services318,516 73,275 23,739 415,530 
$1,904,822 $412,841 $61,822 $2,379,485 
Major Client Groups
Large Enterprise / Corporate$1,367,303 $308,298 $22,168 $1,697,769 
Commercial357,289 8,913 15,063 381,265 
Public Sector180,230 95,630 24,591 300,451 
$1,904,822 $412,841 $61,822 $2,379,485 
Revenue Recognition based on acting as Principal or Agent in the Transaction
Gross revenue recognition (Principal)$1,762,245 $381,082 $52,524 $2,195,851 
Net revenue recognition (Agent)142,577 31,759 9,298 183,634 
$1,904,822 $412,841 $61,822 $2,379,485 
Three Months Ended March 31, 2023
North AmericaEMEAAPACConsolidated
Major Offerings
Hardware$1,155,639 $162,890 $10,316 $1,328,845 
Software394,797 214,561 29,442 638,800 
Services283,528 49,553 23,221 356,302 
$1,833,964 $427,004 $62,979 $2,323,947 
Major Client Groups
Large Enterprise / Corporate$1,293,533 $309,063 $21,402 $1,623,998 
Commercial372,025 4,790 17,025 393,840 
Public Sector168,406 113,151 24,552 306,109 
$1,833,964 $427,004 $62,979 $2,323,947 
Revenue Recognition based on acting as Principal or Agent in the Transaction
Gross revenue recognition (Principal)$1,725,177 $401,343 $53,884 $2,180,404 
Net revenue recognition (Agent)108,787 25,661 9,095 143,543 
$1,833,964 $427,004 $62,979 $2,323,947 
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 months ended March 31, 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 March 31, 2024
North AmericaEMEAAPACConsolidated
Net sales:
Products$1,586,306 $339,566 $38,083 $1,963,955 
Services318,516 73,275 23,739 415,530 
Total net sales1,904,822 412,841 61,822 2,379,485 
Costs of goods sold:
Products1,426,673 310,072 34,839 1,771,584 
Services128,306 27,736 10,931 166,973 
Total costs of goods sold1,554,979 337,808 45,770 1,938,557 
Gross profit349,843 75,033 16,052 440,928 
Operating expenses:
Selling and administrative expenses262,920 63,305 11,209 337,434 
Severance and restructuring expenses1,619 538 70 2,227 
Acquisition and integration related expenses1,281 — — 1,281 
Earnings from operations$84,023 $11,190 $4,773 $99,986 
Three Months Ended March 31, 2023
North AmericaEMEAAPACConsolidated
Net sales:
Products$1,550,436 $377,451 $39,758 $1,967,645 
Services283,528 49,553 23,221 356,302 
Total net sales1,833,964 427,004 62,979 2,323,947 
Costs of goods sold:
Products1,387,962 347,633 37,134 1,772,729 
Services130,858 18,483 10,562 159,903 
Total costs of goods sold1,518,820 366,116 47,696 1,932,632 
Gross profit315,144 60,888 15,283 391,315 
Operating expenses:
Selling and administrative expenses248,820 49,905 11,276 310,001 
Severance and restructuring expenses3,087 702 13 3,802 
Acquisition and integration related expenses51 — — 51 
Earnings from operations$63,186 $10,281 $3,994 $77,461 
The following is a summary of our total assets by reportable operating segment (in thousands):
March 31,
2024		December 31,
2023
North America$6,413,510 $6,521,591 
EMEA1,156,494 1,058,734 
APAC265,172 171,820 
Corporate assets and intercompany eliminations, net(1,267,937)(1,465,795)
Total assets$6,567,239 $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
March 31,
20242023
Depreciation and amortization of property and equipment:
North America$6,073 $5,648 
EMEA757 596 
APAC131 109 
6,961 6,353 
Amortization of intangible assets:
North America13,146 7,785 
EMEA1,670 412 
APAC109 113 
14,925 8,310 
Total$21,886 $14,663