Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 02, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | PCCC | |
Entity Registrant Name | PC CONNECTION INC | |
Entity Central Index Key | 1,050,377 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 26,500,940 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 90,980 | $ 80,188 |
Accounts receivable, net | 288,306 | 356,145 |
Inventories | 97,349 | 102,780 |
Deferred income taxes | 7,909 | |
Prepaid expenses and other current assets | 5,131 | 4,254 |
Income taxes receivable | 2,626 | 1,575 |
Total current assets | 484,392 | 552,851 |
Property and equipment, net | 32,113 | 32,227 |
Goodwill | 51,276 | 51,276 |
Other intangibles, net | 1,518 | 1,668 |
Other assets | 1,180 | 1,052 |
Total Assets | 570,479 | 639,074 |
Current Liabilities: | ||
Accounts payable | 114,231 | 166,516 |
Accrued expenses and other liabilities | 24,927 | 36,207 |
Accrued payroll | 13,022 | 19,280 |
Total current liabilities | 152,180 | 222,003 |
Deferred income taxes | 13,740 | 21,615 |
Other liabilities | 2,764 | 3,005 |
Total Liabilities | 168,684 | 246,623 |
Stockholders' Equity: | ||
Common stock | 284 | 284 |
Additional paid-in capital | 109,442 | 109,161 |
Retained earnings | 307,931 | 298,868 |
Treasury stock, at cost | (15,862) | (15,862) |
Total Stockholders' Equity | 401,795 | 392,451 |
Total Liabilities and Stockholders' Equity | $ 570,479 | $ 639,074 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||
Net sales | $ 572,394 | $ 581,259 |
Cost of sales | 490,201 | 503,646 |
Gross profit | 82,193 | 77,613 |
Selling, general and administrative expenses | 67,029 | 63,434 |
Income from operations | 15,164 | 14,179 |
Interest/other income (expense), net | (14) | 1 |
Income before taxes | 15,150 | 14,180 |
Income tax provision | (6,087) | (5,596) |
Net income | $ 9,063 | $ 8,584 |
Earnings per common share: | ||
Basic | $ 0.34 | $ 0.33 |
Diluted | $ 0.34 | $ 0.32 |
Shares used in computation of earnings per common share: | ||
Basic | 26,499 | 26,346 |
Diluted | 26,671 | 26,593 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash Flows from Operating Activities: | ||
Net income | $ 9,063 | $ 8,584 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 2,416 | 2,192 |
Stock-based compensation expense | 289 | 238 |
Deferred income taxes | 34 | 67 |
Excess tax benefit from exercise of equity awards | (32) | (59) |
Provision for doubtful accounts | (103) | 733 |
Changes in assets and liabilities: | ||
Accounts receivable | 67,942 | 7,443 |
Inventories | 5,431 | 19,643 |
Prepaid expenses and other current assets | (1,928) | (2,957) |
Other non-current assets | (128) | 51 |
Accounts payable | (52,359) | (8,627) |
Accrued expenses and other liabilities | (7,156) | (6,093) |
Net cash provided by operating activities | 23,469 | 21,215 |
Cash Flows from Investing Activities: | ||
Purchases of property and equipment | (2,078) | (2,278) |
Net cash used for investing activities | (2,078) | (2,278) |
Cash Flows from Financing Activities: | ||
Dividend payment | (10,591) | |
Excess tax benefit from exercise of equity awards | 32 | 59 |
Exercise of stock options | 20 | |
Payment of payroll taxes on stock-based compensation through shares withheld | (40) | (43) |
Net cash (used for) provided by financing activities | (10,599) | 36 |
Increase in cash and cash equivalents | 10,792 | 18,973 |
Cash and cash equivalents, beginning of period | 80,188 | 60,909 |
Cash and cash equivalents, end of period | 90,980 | 79,882 |
Non-cash Investing and Financing Activities: | ||
Accrued capital expenditures | 578 | 149 |
Supplemental Cash Flow Information: | ||
Income taxes paid | $ 7,638 | $ 8,818 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2016 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Note 1–Basis of Presentation The accompanying condensed consolidated financial statements of PC Connection, Inc. and its subsidiaries (the “Company,” “we,” “us,” or “our”) have been prepared in accordance with accounting principles generally accepted in the United States of America. Such principles were applied on a basis consistent with the accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission (the “SEC”). The accompanying condensed consolidated financial statements should be read in conjunction with the financial statements contained in our Annual Report on Form 10-K. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the results of operations for the interim periods reported and of the Company’s financial condition as of the date of the interim balance sheet. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated through the date of issuance of these financial statements. The operating results for the three months ended March 31, 2016 may not be indicative of the results expected for any succeeding quarter or the entire year ending December 31, 2016. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the amounts reported in the accompanying condensed consolidated financial statements. Actual results could differ from those estimates. Comprehensive Income We had no items of comprehensive income, other than our net income for each of the periods presented. Recently Issued Financial Accounting Standards On May 28, 2014, the Financial Accounting Standards Board, or the FASB, issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers , its final standard on revenue from contracts with customers. ASU 2014-09 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying the revenue model to contracts within its scope, an entity identifies the contract(s) with a customer, identifies the performance obligations in the contract, determines the transaction price, allocates the transaction price to the performance obligations in the contract, and recognizes revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 applies to all contracts with customers that are within the scope of other topics in the FASB Accounting Standards Codification. ASU 2014-09 also requires significantly expanded disclosures about revenue recognition. This guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company is currently assessing the potential impact of the adoption of ASU 2014-09 on its consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory , which modifies existing requirements regarding measuring inventory at the lower of cost or market. Under existing standards, the market amount requires consideration of replacement cost, net realizable value (NRV), and NRV less an approximately normal profit margin. The new ASU replaces market with NRV, defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This eliminates the need to determine and consider replacement cost or NRV less an approximately normal profit margin when measuring inventory. This standard is effective for the Company prospectively beginning January 1, 2017, with early adoption permitted. The Company is currently assessing the potential impact of the adoption of ASU 2015-11 on its consolidated financial statements. In February 2016, the FASB issued ASU 2016 -02, Leases . The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently assessing the potential impact of our pending adoption of ASU 2016-02 on its consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes , to simplify the presentation of deferred income taxes. Under the new standard, both deferred tax liabilities and deferred tax assets are required to be classified as non-current on the consolidated balance sheet. ASU 2015-17 will become effective for fiscal years, and the interim periods within those years, beginning after December 15, 2016 with early adoption permitted. The Company elected to early adopt ASU 2015-17 on January 1, 2016, prospectively, as permitted, and reclassified $7,909 of current deferred tax assets to non-current liabilities on the accompanying consolidated balance sheet at March 31, 2016. The prior reporting period was not retroactively adjusted. The adoption of the guidance had no impact on the Company’s condensed consolidated statements of income and comprehensive income. In March 2016, the FASB issued ASU 2016-09, Compensation–Stock Compensation (Topic 718) . The new standard simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. Under this guidance, a company recognizes all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement. This change eliminates the notion of the additional paid-in capital pool and reduces the complexity in accounting for excess tax benefits and tax deficiencies. The new standard is effective for public companies for annual reporting periods beginning after December 15, 2016, including interim periods within those annual reporting periods; however, early adoption is allowed. The Company is assessing the impact that adopting this new accounting standard will have on its consolidated financial statements. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 2–Earnings Per Share Basic earnings per common share is computed using the weighted average number of shares outstanding. Diluted earnings per share is computed using the weighted average number of shares outstanding adjusted for the incremental shares attributable to nonvested stock units and stock options outstanding, if dilutive. The following table sets forth the computation of basic and diluted earnings per share : Three Months Ended March 31, 2016 2015 Numerator: Net income $ $ Denominator: Denominator for basic earnings per share Dilutive effect of employee stock awards Denominator for diluted earnings per share Earnings per share: Basic $ $ Diluted $ $ For the three months ended March 31, 2016 and 2015, the following outstanding nonvested stock units were excluded from the computation of diluted earnings per share because including them would have had an anti-dilutive effect: Three Months Ended March 31, 2016 2015 Employee stock based awards $ $ — |
SEGMENT AND RELATED DISCLOSURES
SEGMENT AND RELATED DISCLOSURES | 3 Months Ended |
Mar. 31, 2016 | |
Segment and Related Disclosures [Abstract] | |
Segment and Related Disclosures | Note 3–Segment and Related Disclosures The internal reporting structure used by our chief operating decision maker (“CODM”) to assess performance and allocate resources determines the basis for our reportable operating segments. Our CODM evaluates operations and allocates resources based on a measure of operating income. Our operations are organized under three reportable segments—the SMB segment, which serves primarily small- and medium-sized businesses; the Large Account segment, which serves primarily medium-to-large corporations; and the Public Sector segment, which serves primarily federal, state, and local governmental and educational institutions. The Headquarters/Other group provides services in areas such as finance, human resources, information technology, marketing, and product management. Most of the operating costs associated with the Headquarters/Other group functions are charged to the operating segments based on their estimated usage of the underlying functions. We report these charges to the operating segments as “Allocations.” Certain headquarters costs relating to executive oversight and other fiduciary functions that are not allocated to the operating segments are included under the heading of Headquarters/Other in the tables below. Segment information applicable to our reportable operating segments for the three months ended March 31, 2016 and 2015 is shown below: Three Months Ended March 31, March 31, 2016 2015 Net sales: SMB $ $ Large Account Public Sector Total net sales $ $ Operating income (loss): SMB $ $ Large Account Public Sector Headquarters/Other Total operating income Interest expense Income before taxes $ $ Selected operating expense: Depreciation and amortization: SMB $ $ Large Account Public Sector Headquarters/Other Total depreciation and amortization $ $ Total assets: SMB $ Large Account Public Sector Headquarters/Other Total assets $ The assets of our three operating segments presented above consist primarily of accounts receivable, intercompany receivable, goodwill, and other intangibles. Assets reported under the Headquarters/Other group are managed by corporate headquarters, including cash, inventory, and property and equipment. Total assets for the Headquarters/Other group are presented net of intercompany balance eliminations of $12,205 as of March 31, 2016. Our capital expenditures consist largely of IT hardware and software purchased to maintain or upgrade our management information systems. These information systems serve all of our segments, to varying degrees, and accordingly, our CODM does not evaluate capital expenditures on a segment basis. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies [Abstract] | |
Commitments And Contingencies | Note 4–Commitments and Contingencies We are subject to various legal proceedings and claims, including patent infringement claims, which have arisen during the ordinary course of business. In the opinion of management, the outcome of such matters is not expected to have a material effect on our financial position, results of operations, and cash flows. We are subject to audits by states on sales and income taxes, unclaimed property, employment matters, and other assessments. A comprehensive multi ‑state unclaimed property audit continues to be in progress. While management believes that known and estimated unclaimed property liabilities have been adequately provided for, it is too early to determine the ultimate outcome of such audits, as not all formal assessments have been finalized. Additional liabilities for this and other audits could be assessed, and such outcomes could have a material, negative impact on our financial position, results of operations, and cash flows. |
BANK BORROWING AND TRADE CREDIT
BANK BORROWING AND TRADE CREDIT ARRANGEMENTS | 3 Months Ended |
Mar. 31, 2016 | |
Bank Borrowing and Trade Credit Arrangements [Abstract] | |
Bank Borrowing and Trade Credit Arrangements | Note 5–Bank Borrowing and Trade Credit Arrangements We have a $50,000 credit facility collateralized by our accounts receivable that expires February 24, 2017 . This facility can be increased, at our option, to $80,000 for approved acquisitions or other uses authorized by the lender on substantially the same terms. Amounts outstanding under this facility bear interest at the one-month London Interbank Offered Rate, or LIBOR, plus a spread based on our funded debt ratio, or in the absence of LIBOR, the prime rate ( 3.50% at March 31, 2016). The one-month LIBOR rate at March 31, 2016 was 0.43% . The credit facility includes various customary financial ratios and operating covenants, including minimum net worth and maximum funded debt ratio requirements, and default acceleration provisions. Funded debt ratio is the ratio of average outstanding advances under the credit facility to Adjusted EBITDA (Earnings Before Interest Expense, Taxes, Depreciation, Amortization, and Special Charges). The maximum allowable funded debt ratio under the agreement is 2.0 to 1.0. Decreases in our consolidated Adjusted EBITDA could limit our potential borrowings under the credit facility. We had no outstanding bank borrowings at March 31, 2016 or December 31, 2015, and accordingly, the entire $50,000 facility was available for borrowings under the credit facility. At March 31, 2016 and December 31, 2015, we had security agreements with two financial institutions to facilitate the purchase of inventory from various suppliers under certain terms and conditions. The agreements allow a collateralized first position in certain branded products in our inventory financed by the financial institutions up to an aggregated amount of $65,000 . The cost of such financing under these agreements is borne by the suppliers by discounting their invoices to the financial institutions. We do not pay any interest or discount fees on such inventory. At March 31, 2016 and December 31, 2015, accounts payable included $27,811 and $23,044 , respectively, owed to these financial institutions. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Basis of Presentation [Abstract] | |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the amounts reported in the accompanying condensed consolidated financial statements. Actual results could differ from those estimates. |
Comprehensive Income | Comprehensive Income We had no items of comprehensive income, other than our net income for each of the periods presented. |
Recently Issued Financial Accounting Standards | Recently Issued Financial Accounting Standards On May 28, 2014, the Financial Accounting Standards Board, or the FASB, issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers , its final standard on revenue from contracts with customers. ASU 2014-09 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying the revenue model to contracts within its scope, an entity identifies the contract(s) with a customer, identifies the performance obligations in the contract, determines the transaction price, allocates the transaction price to the performance obligations in the contract, and recognizes revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 applies to all contracts with customers that are within the scope of other topics in the FASB Accounting Standards Codification. ASU 2014-09 also requires significantly expanded disclosures about revenue recognition. This guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company is currently assessing the potential impact of the adoption of ASU 2014-09 on its consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory , which modifies existing requirements regarding measuring inventory at the lower of cost or market. Under existing standards, the market amount requires consideration of replacement cost, net realizable value (NRV), and NRV less an approximately normal profit margin. The new ASU replaces market with NRV, defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This eliminates the need to determine and consider replacement cost or NRV less an approximately normal profit margin when measuring inventory. This standard is effective for the Company prospectively beginning January 1, 2017, with early adoption permitted. The Company is currently assessing the potential impact of the adoption of ASU 2015-11 on its consolidated financial statements. In February 2016, the FASB issued ASU 2016 -02, Leases . The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently assessing the potential impact of our pending adoption of ASU 2016-02 on its consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes , to simplify the presentation of deferred income taxes. Under the new standard, both deferred tax liabilities and deferred tax assets are required to be classified as non-current on the consolidated balance sheet. ASU 2015-17 will become effective for fiscal years, and the interim periods within those years, beginning after December 15, 2016 with early adoption permitted. The Company elected to early adopt ASU 2015-17 on January 1, 2016, prospectively, as permitted, and reclassified $7,909 of current deferred tax assets to non-current liabilities on the accompanying consolidated balance sheet at March 31, 2016. The prior reporting period was not retroactively adjusted. The adoption of the guidance had no impact on the Company’s condensed consolidated statements of income and comprehensive income. In March 2016, the FASB issued ASU 2016-09, Compensation–Stock Compensation (Topic 718) . The new standard simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. Under this guidance, a company recognizes all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement. This change eliminates the notion of the additional paid-in capital pool and reduces the complexity in accounting for excess tax benefits and tax deficiencies. The new standard is effective for public companies for annual reporting periods beginning after December 15, 2016, including interim periods within those annual reporting periods; however, early adoption is allowed. The Company is assessing the impact that adopting this new accounting standard will have on its consolidated financial statements. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share : Three Months Ended March 31, 2016 2015 Numerator: Net income $ $ Denominator: Denominator for basic earnings per share Dilutive effect of employee stock awards Denominator for diluted earnings per share Earnings per share: Basic $ $ Diluted $ $ |
Schedule of outstanding nonvested stock units excluded from computation of diluted earnings per share | Three Months Ended March 31, 2016 2015 Employee stock based awards $ $ — |
SEGMENT AND RELATED DISCLOSUR12
SEGMENT AND RELATED DISCLOSURES (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment and Related Disclosures [Abstract] | |
Segment Information Applicable to Reportable Operating Segments | Segment information applicable to our reportable operating segments for the three months ended March 31, 2016 and 2015 is shown below: Three Months Ended March 31, March 31, 2016 2015 Net sales: SMB $ $ Large Account Public Sector Total net sales $ $ Operating income (loss): SMB $ $ Large Account Public Sector Headquarters/Other Total operating income Interest expense Income before taxes $ $ Selected operating expense: Depreciation and amortization: SMB $ $ Large Account Public Sector Headquarters/Other Total depreciation and amortization $ $ Total assets: SMB $ Large Account Public Sector Headquarters/Other Total assets $ |
BASIS OF PRESENTATION (Details)
BASIS OF PRESENTATION (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Basis of Presentation [Line Items] | |||
Other comprehensive income | $ 0 | $ 0 | |
Current deferred tax assets | $ 7,909 | ||
ASU 2015-17 Deferred Income Taxes | New Accounting Pronouncement, Early Adoption, Effect | |||
Basis of Presentation [Line Items] | |||
Current deferred tax assets | (7,909) | ||
Non-current liabilities | $ 7,909 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Numerator: | ||
Net income | $ 9,063 | $ 8,584 |
Denominator: | ||
Denominator for basic earnings per share | 26,499,000 | 26,346,000 |
Dilutive effect of employee stock awards | 172,000 | 247,000 |
Denominator for diluted earnings per share | 26,671,000 | 26,593,000 |
Earnings per share: | ||
Basic | $ 0.34 | $ 0.33 |
Diluted | $ 0.34 | $ 0.32 |
Additional Disclosure | ||
Employee stock awards excluded from computation | 117,000 |
SEGMENT AND RELATED DISCLOSUR15
SEGMENT AND RELATED DISCLOSURES - Segment Information Applicable to Reportable Operating Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Net sales: | |||
Net sales | $ 572,394 | $ 581,259 | |
Operating income (loss): | |||
Operating income (loss) | 15,164 | 14,179 | |
Interest/other income (expense), net | (14) | 1 | |
Income before taxes | 15,150 | 14,180 | |
Depreciation and amortization: | |||
Depreciation and amortization | 2,416 | 2,192 | |
Total assets: | |||
Total assets | 570,479 | $ 639,074 | |
Small and Medium Sized Businesses segment | |||
Net sales: | |||
Net sales | 261,246 | 249,874 | |
Operating income (loss): | |||
Operating income (loss) | 11,321 | 9,331 | |
Depreciation and amortization: | |||
Depreciation and amortization | 9 | 5 | |
Total assets: | |||
Total assets | 213,807 | ||
Large Account Segment | |||
Net sales: | |||
Net sales | 200,109 | 209,459 | |
Operating income (loss): | |||
Operating income (loss) | 7,190 | 8,475 | |
Depreciation and amortization: | |||
Depreciation and amortization | 306 | 329 | |
Total assets: | |||
Total assets | 285,339 | ||
Public Sector | |||
Net sales: | |||
Net sales | 111,039 | 121,926 | |
Operating income (loss): | |||
Operating income (loss) | (150) | (595) | |
Depreciation and amortization: | |||
Depreciation and amortization | 40 | 40 | |
Total assets: | |||
Total assets | 44,508 | ||
Headquarters and Other | |||
Operating income (loss): | |||
Operating income (loss) | (3,197) | (3,032) | |
Depreciation and amortization: | |||
Depreciation and amortization | 2,061 | $ 1,818 | |
Total assets: | |||
Total assets | $ 26,825 |
SEGMENT AND RELATED DISCLOSUR16
SEGMENT AND RELATED DISCLOSURES - Additional Information (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)segment | Dec. 31, 2015USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of reporting segments | segment | 3 | |
Total assets | $ 570,479 | $ 639,074 |
Intersegment Elimination | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ (12,205) |
BANK BORROWING AND TRADE CRED17
BANK BORROWING AND TRADE CREDIT ARRANGEMENTS (Detail) | 3 Months Ended | |
Mar. 31, 2016USD ($)Institution | Dec. 31, 2015USD ($)Institution | |
Subordinated Borrowing [Line Items] | ||
Line of credit, borrowing capacity | $ 50,000,000 | |
Credit facility, expiration date | Feb. 24, 2017 | |
Line of credit, maximum borrowing capacity | $ 80,000,000 | |
Debt instrument, description of variable rate basis | one-month LIBOR | |
Debt ratio | 2 | |
Line of credit, outstanding borrowing | $ 0 | $ 0 |
Line of credit, available for borrowing | $ 50,000,000 | $ 50,000,000 |
Number of financial institutions facilitating purchase of inventory | Institution | 2 | 2 |
Maximum | ||
Subordinated Borrowing [Line Items] | ||
Amount owed to financial institution for inventory financing | $ 65,000,000 | $ 65,000,000 |
Accounts Payable | ||
Subordinated Borrowing [Line Items] | ||
Amount owed to financial institution for inventory financing | $ 27,811,000 | $ 23,044,000 |
Prime Rate | ||
Subordinated Borrowing [Line Items] | ||
Debt instrument, interest rate | 3.50% | |
One-month LIBOR rate | ||
Subordinated Borrowing [Line Items] | ||
Debt instrument, interest rate | 0.43% |