Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 1-May-15 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | NSIT | |
Entity Registrant Name | INSIGHT ENTERPRISES INC | |
Entity Central Index Key | 932696 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 38,762,726 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $186,126 | $164,524 |
Accounts receivable, net of allowance for doubtful accounts of $19,157 and $19,336, respectively | 1,039,313 | 1,309,209 |
Inventories | 129,776 | 122,573 |
Inventories not available for sale | 54,246 | 45,261 |
Deferred income taxes | 13,412 | 13,385 |
Other current assets | 72,058 | 62,920 |
Total current assets | 1,494,931 | 1,717,872 |
Property and equipment, net of accumulated depreciation and amortization of $274,111 and $269,394, respectively | 98,947 | 104,181 |
Goodwill | 26,257 | 26,257 |
Intangible assets, net of accumulated amortization of $86,263 and $86,053, respectively | 20,434 | 23,567 |
Deferred income taxes | 58,430 | 58,620 |
Other assets | 18,437 | 17,626 |
Total assets | 1,717,436 | 1,948,123 |
Current liabilities: | ||
Accounts payable-trade | 598,494 | 819,916 |
Accounts payable-inventory financing facility | 145,286 | 122,781 |
Accrued expenses and other current liabilities | 116,755 | 144,561 |
Current portion of long-term debt | 1,398 | 766 |
Deferred revenue | 57,608 | 50,904 |
Total current liabilities | 919,541 | 1,138,928 |
Long-term debt | 95,348 | 62,535 |
Deferred income taxes | 806 | 940 |
Other liabilities | 24,196 | 24,489 |
Total liabilities | 1,039,891 | 1,226,892 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.01 par value, 3,000 shares authorized; no shares issued | ||
Common stock, $0.01 par value, 100,000 shares authorized; 38,870 shares at March 31, 2015 and 40,147 shares at December 31, 2014 issued and outstanding | 389 | 401 |
Additional paid-in capital | 325,638 | 337,167 |
Retained earnings | 381,729 | 396,992 |
Accumulated other comprehensive loss - foreign currency translation adjustments | -30,211 | -13,329 |
Total stockholders' equity | 677,545 | 721,231 |
Total liabilities and stockholders' equity | $1,717,436 | $1,948,123 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $19,157 | $19,336 |
Accumulated depreciation of property and equipment | 274,111 | 269,394 |
Accumulated amortization of intangible assets | $86,263 | $86,053 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 3,000,000 | 3,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 38,870,000 | 40,147,000 |
Common stock, shares outstanding | 38,870,000 | 40,147,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Net sales | $1,219,679 | $1,214,530 |
Costs of goods sold | 1,057,866 | 1,050,785 |
Gross profit | 161,813 | 163,745 |
Operating expenses: | ||
Selling and administrative expenses | 140,796 | 142,429 |
Severance and restructuring expenses | 723 | 337 |
Earnings from operations | 20,294 | 20,979 |
Non-operating (income) expense: | ||
Interest income | -154 | -249 |
Interest expense | 1,738 | 1,458 |
Net foreign currency exchange loss | 613 | 496 |
Other expense, net | 331 | 249 |
Earnings before income taxes | 17,766 | 19,025 |
Income tax expense | 6,815 | 7,475 |
Net earnings | $10,951 | $11,550 |
Net earnings per share: | ||
Basic | $0.28 | $0.28 |
Diluted | $0.27 | $0.28 |
Shares used in per share calculations: | ||
Basic | 39,673 | 41,632 |
Diluted | 39,994 | 41,918 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $10,951 | $11,550 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustments | -16,882 | -71 |
Total comprehensive income (loss) | ($5,931) | $11,479 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net earnings | $10,951 | $11,550 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 9,542 | 10,026 |
Provision for losses on accounts receivable | 1,083 | 1,533 |
Write-downs of inventories | 826 | 273 |
Write-off of property and equipment | 7 | |
Non-cash stock-based compensation | 2,323 | 1,758 |
Excess tax benefit from employee gains on stock-based compensation | -345 | -252 |
Deferred income taxes | 31 | 359 |
Changes in assets and liabilities: | ||
Decrease in accounts receivable | 239,253 | 182,672 |
Increase in inventories | -18,079 | -29,003 |
Increase in other current assets | -10,200 | -6,295 |
(Increase) decrease in other assets | -1,256 | 6,206 |
Decrease in accounts payable | -198,530 | -87,709 |
Increase in deferred revenue | 7,384 | 855 |
Decrease in accrued expenses and other liabilities | -22,165 | -25,947 |
Net cash provided by operating activities | 20,818 | 66,033 |
Cash flows from investing activities: | ||
Purchases of property and equipment | -3,194 | -2,018 |
Net cash used in investing activities | -3,194 | -2,018 |
Cash flows from financing activities: | ||
Borrowings on senior revolving credit facility | 158,410 | 143,492 |
Repayments on senior revolving credit facility | -138,910 | -138,992 |
Borrowings on accounts receivable securitization financing facility | 409,100 | 225,000 |
Repayments on accounts receivable securitization financing facility | -395,100 | -207,000 |
Borrowings under other financing agreements | 2,002 | |
Payments on capital lease obligation | -55 | -53 |
Net borrowings (repayments) under inventory financing facility | 22,505 | -7,181 |
Excess tax benefit from employee gains on stock-based compensation | 345 | 252 |
Payment of payroll taxes on stock-based compensation through shares withheld | -1,826 | -1,559 |
Repurchases of common stock | -38,559 | -26,710 |
Net cash provided by (used in) financing activities | 15,910 | -10,749 |
Foreign currency exchange effect on cash and cash equivalent balances | -11,932 | 781 |
Increase in cash and cash equivalents | 21,602 | 54,047 |
Cash and cash equivalents at beginning of period | 164,524 | 126,817 |
Cash and cash equivalents at end of period | $186,126 | $180,864 |
Basis_of_Presentation_and_Rece
Basis of Presentation and Recently Issued Accounting Standards | 3 Months Ended | ||
Mar. 31, 2015 | |||
Accounting Policies [Abstract] | |||
Basis of Presentation and Recently Issued Accounting Standards | 1. Basis of Presentation and Recently Issued Accounting Standards | ||
We are a leading technology provider of hardware, software and service solutions to business and government clients in North America, Europe, the Middle East, Africa and Asia-Pacific. The Company is organized in the following three operating segments, which are primarily defined by their related geographies: | |||
Operating Segment | Geography | ||
North America | United States and Canada | ||
EMEA | Europe, Middle East and Africa | ||
APAC | Asia-Pacific | ||
Our offerings in North America and select countries in EMEA include hardware, software and services. Our offerings in the remainder of our EMEA segment and in APAC are largely software and select software-related services. | |||
In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly our financial position as of March 31, 2015 and our results of operations and cash flows for the three months ended March 31, 2015 and 2014. The consolidated balance sheet as of December 31, 2014 was derived from the audited consolidated balance sheet at such date. The accompanying unaudited consolidated financial statements and notes have been prepared in accordance with the rules and regulations promulgated by the Securities and Exchange Commission and consequently do not include all of the disclosures normally required by United States generally accepted accounting principles (“GAAP”). | |||
The results of operations for interim periods are not necessarily indicative of results for the full year, due in part to the seasonal nature of our business. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements, including the related notes thereto, in our Annual Report on Form 10-K for the year ended December 31, 2014. | |||
The consolidated financial statements include the accounts of Insight Enterprises, Inc. and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. References to “the Company,” “Insight,” “we,” “us,” “our” and other similar words refer to Insight Enterprises, Inc. and its consolidated subsidiaries, unless the context suggests otherwise. | |||
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Additionally, these estimates and assumptions affect the reported amounts of net sales and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, we evaluate our estimates, including those related to sales recognition, anticipated achievement levels under partner funding programs, assumptions related to stock-based compensation valuation, allowances for doubtful accounts, valuation of inventories, litigation-related obligations, valuation allowances for deferred tax assets and impairment of long-lived assets, including purchased intangibles and goodwill, if indicators of potential impairment exist. | |||
Recently Issued Accounting Standards | |||
On April 7, 2015, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2015-03, “Interest–Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Cost.” ASU 2015-03 is designed to simplify presentation of debt issuance costs. The standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amortization of debt issuance costs also shall be reported as interest expense. ASU 2015-03 is effective for the fiscal year beginning after December 15, 2015, including interim reporting periods within that reporting period. Early adoption is permitted for financial statements that have not been previously issued and retrospective application is required for each balance sheet presented. The new standard is not expected to have a material effect on our financial statements. | |||
There have been no other material changes or additions to the recently issued accounting standards as previously reported in Note 1 to our Consolidated Financial Statements in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2014 that affect or may affect our financial statements. |
Net_Earnings_Per_Share_EPS
Net Earnings Per Share ("EPS") | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Net Earnings Per Share ("EPS") | 2. Net Earnings Per Share (“EPS”) | ||||||||
Basic EPS is computed by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding during each period. Diluted EPS is computed on the basis of the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding restricted stock units. A reconciliation of the denominators of the basic and diluted EPS calculations follows (in thousands, except per share data): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Numerator: | |||||||||
Net earnings | $ | 10,951 | $ | 11,550 | |||||
Denominator: | |||||||||
Weighted average shares used to compute basic EPS | 39,673 | 41,632 | |||||||
Dilutive potential common shares due to dilutive restricted stock units, net of tax effect | 321 | 286 | |||||||
Weighted average shares used to compute diluted EPS | 39,994 | 41,918 | |||||||
Net earnings per share: | |||||||||
Basic | $ | 0.28 | $ | 0.28 | |||||
Diluted | $ | 0.27 | $ | 0.28 | |||||
There were no anti-dilutive restricted stock units for the three months ended March 31, 2015. For the three months ended March 31, 2014, 61,000 of our restricted stock units were not included in the diluted EPS calculations because their inclusion would have been anti-dilutive. These share-based awards could be dilutive in the future. |
Debt_Inventory_Financing_Facil
Debt, Inventory Financing Facility, Capital Lease and Other Financing Obligations | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt, Inventory Financing Facility, Capital Lease and Other Financing Obligations | 3. Debt, Inventory Financing Facility, Capital Lease and Other Financing Obligations | ||||||||
Debt | |||||||||
Our long-term debt consists of the following (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Senior revolving credit facility | $ | 19,500 | $ | — | |||||
Accounts receivable securitization financing facility | 75,000 | 61,000 | |||||||
Capital lease and other financing obligations | 2,246 | 2,301 | |||||||
Total | 96,746 | 63,301 | |||||||
Less: current portion of capital lease and other financing obligations | (1,398 | ) | (766 | ) | |||||
Less: current portion of revolving credit facilities | — | — | |||||||
Long-term debt | $ | 95,348 | $ | 62,535 | |||||
Our senior revolving credit facility (“revolving facility”) has an aggregate U.S. dollar equivalent maximum borrowing capacity of $350,000,000 and matures on April 26, 2017. The balance outstanding at March 31, 2015 was borrowed under the prime rate option at 3.25% per annum. See “Debt Covenants” below for a discussion our aggregate maximum borrowing capacity. | |||||||||
Our accounts receivable securitization financing facility (the “ABS facility”) has a maximum borrowing capacity of $200,000,000 and matures on June 30, 2017. While the ABS facility has a stated maximum amount, the actual availability under the ABS facility is limited by the quantity and quality of the underlying accounts receivable. Under the ABS facility, the floating interest rate applicable at March 31, 2015 was 1.08% per annum. As of March 31, 2015, qualified receivables were sufficient to permit access to the full $200,000,000 facility amount, of which $75,000,000 was outstanding. See “Debt Covenants” below for a discussion our aggregate maximum borrowing capacity. | |||||||||
Debt Covenants | |||||||||
Our revolving facility and our ABS facility contain various covenants customary for transactions of this type, including limitations on the payment of dividends and the requirement that we comply with maximum leverage, minimum fixed charge and minimum asset coverage ratio requirements and meet monthly, quarterly and annual reporting requirements. If we fail to comply with these covenants, the lenders would be able to demand payment within a specified period of time. At March 31, 2015, we were in compliance with all such covenants. Further, the terms of the ABS facility identify various circumstances that would result in an “amortization event” under the facility. At March 31, 2015, no such “amortization event” had occurred. | |||||||||
Our consolidated debt balance that can be outstanding at the end of any fiscal quarter under our revolving facility and our ABS facility is limited by certain financial covenants, particularly a maximum leverage ratio. The maximum leverage ratio is calculated as aggregate debt outstanding divided by the sum of our trailing twelve month net earnings (loss) plus (i) interest expense, excluding non-cash imputed interest on our inventory financing facility, (ii) income tax expense (benefit), (iii) depreciation and amortization and (iv) non-cash stock-based compensation (“adjusted earnings”). The maximum leverage ratio permitted under the agreements is 2.75 times trailing twelve-month adjusted earnings. A significant drop in our adjusted earnings would limit the amount of indebtedness that could be outstanding at the end of any fiscal quarter to a level that would be below our consolidated maximum facility amount. Based on our maximum leverage ratio as of March 31, 2015, our aggregate debt balance that could have been outstanding under our revolving facility and our ABS facility was reduced from the maximum borrowing capacity of $550,000,000 to $494,202,000, of which $94,500,000 was outstanding at March 31, 2015. | |||||||||
Inventory Financing Facility | |||||||||
Our inventory financing facility matures on April 26, 2017 and has a maximum borrowing capacity of $200,000,000, of which $145,286,000 was outstanding at March 31, 2015. | |||||||||
Capital Lease and Other Financing Obligations | |||||||||
The present value of minimum lease payments under our capital lease, which expires on December 31, 2016, is included in our current and long-term debt balances as summarized in the table above. | |||||||||
From time to time, we also enter into other financing agreements with financial intermediaries to facilitate the purchase of products from certain vendors. At March 31, 2015 and December 31, 2014, amounts owed under other financing agreements of $1,852,000, which are payable in installments through August 2016, are included in our current and long-term debt balances as summarized in the table above. |
Severance_and_Restructuring_Ac
Severance and Restructuring Activities | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||
Severance and Restructuring Activities | 4. Severance and Restructuring Activities | ||||||||||||
During the three months ending March 31, 2015, we recorded severance expense associated with the re-alignment of certain roles and responsibilities. | |||||||||||||
The following table details the activity related to resource actions for the three months ended March 31, 2015 and the outstanding obligations as of March 31, 2015 (in thousands): | |||||||||||||
North America | EMEA | Consolidated | |||||||||||
Balances at December 31, 2014 | $ | 857 | $ | 2,971 | $ | 3,828 | |||||||
Severance costs, net of adjustments | 405 | 318 | 723 | ||||||||||
Cash payments | (443 | ) | (850 | ) | (1,293 | ) | |||||||
Foreign currency translation adjustments | 2 | (285 | ) | (283 | ) | ||||||||
Balances at March 31, 2015 | $ | 821 | $ | 2,154 | $ | 2,975 | |||||||
Adjustments were recorded as a reduction to severance and restructuring expense in EMEA of $102,000 in the three months ending March 31, 2015, due to changes in estimates. | |||||||||||||
The remaining outstanding obligations are expected to be paid during the next 12 months and are therefore included in accrued expenses and other current liabilities. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Stock-Based Compensation | 5. Stock-Based Compensation | ||||||||||||
By operating segment, we recorded the following pre-tax amounts for stock-based compensation, net of estimated forfeitures, related to restricted stock units (“RSUs”) in selling and administrative expenses in our consolidated financial statements (in thousands): | |||||||||||||
Three Months Ended | |||||||||||||
March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
North America | $ | 1,731 | $ | 1,361 | |||||||||
EMEA | 502 | 335 | |||||||||||
APAC | 90 | 62 | |||||||||||
Total Consolidated | $ | 2,323 | $ | 1,758 | |||||||||
As of March 31, 2015, total compensation cost not yet recognized related to nonvested RSUs is $20,771,000, which is expected to be recognized over the next 1.49 years on a weighted-average basis. | |||||||||||||
The following table summarizes our RSU activity during the three months ended March 31, 2015: | |||||||||||||
Number | Weighted Average | Fair Value | |||||||||||
Grant Date Fair Value | |||||||||||||
Nonvested at January 1, 2015 | 888,967 | $ | 22.06 | ||||||||||
Granted(a) | 394,725 | 26.09 | |||||||||||
Vested, including shares withheld to cover taxes | (260,534 | ) | 21.85 | $ | 6,789,644 | (b) | |||||||
Forfeited | (11,839 | ) | 20.18 | ||||||||||
Nonvested at March 31, 2015(a) | 1,011,319 | 23.71 | $ | 28,842,818 | (c) | ||||||||
Expected to vest | 889,790 | $ | 25,376,811 | (c) | |||||||||
(a) | Includes 131,389 RSUs subject to remaining performance conditions. The number of RSUs ultimately awarded under the performance-based RSUs varies based on whether we achieve certain financial results for 2015. | ||||||||||||
(b) | The fair value of vested RSUs represents the total pre-tax fair value, based on the closing stock price on the day of vesting, which would have been received by holders of RSUs had all such holders sold their underlying shares on that date. | ||||||||||||
(c) | The aggregate fair value represents the total pre-tax fair value, based on our closing stock price of $28.52 as of March 31, 2015, which would have been received by holders of RSUs had all such holders sold their underlying shares on that date. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. Income Taxes |
Our effective tax rate for the three months ended March 31, 2015 and 2014 was 38.4% and 39.3%, respectively. For the three months ended March 31, 2015 and 2014, our effective tax rate was higher than the United States federal statutory rate of 35.0% due primarily to state income taxes, net of federal benefit. Additionally, the effect of lower taxes on earnings in foreign jurisdictions was offset partially by higher losses in certain foreign jurisdictions in the first quarter of 2015, resulting in an increase in the valuation allowance for deferred tax assets related to these foreign operating losses. | |
As of March 31, 2015 and December 31, 2014, we had approximately $4,323,000 and $4,306,000, respectively, of unrecognized tax benefits. Of these amounts, approximately $367,000 and $336,000, respectively, related to accrued interest. | |
Several of our subsidiaries are currently under audit for tax years 2006 through 2013. Although the timing of the resolutions and/or closures of audits is highly uncertain, it is reasonably possible that the examination phase of these audits may be concluded within the next 12 months which could significantly increase or decrease the balance of our gross unrecognized tax benefits. However, based on the status of the various examinations in multiple jurisdictions, an estimate of the range of reasonably possible outcomes cannot be made at this time, but the estimated effect on our income tax expense and net earnings is not expected to be significant. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 7. Derivative Financial Instruments |
We use derivatives to partially offset our exposure to fluctuations in certain foreign currencies. We do not enter into derivatives for speculative or trading purposes. Derivatives are recorded at fair value on the balance sheet based on observable market based inputs or unobservable inputs that are corroborated by market data (Level 2). Gains or losses resulting from changes in fair value of the derivative are recorded currently in income. We do not designate our hedges for hedge accounting, and our foreign currency derivative instruments are not subject to any master netting arrangements with our counterparties. | |
Our derivative financial instruments as of March 31, 2015 were not material. The effect of our derivative financial instruments on our results of operations during the three months ended March 31, 2015 and 2014 were losses of $947,000 and $225,000, respectively, which are reported within the net foreign currency exchange loss line item in our consolidated statements of operations. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 8. Fair Value Measurements |
As of March 31, 2015, we have no non-financial assets or liabilities that are measured and recorded at fair value on a recurring basis, and our other financial assets or liabilities generally consist of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses and other current liabilities. The estimated fair values of our cash and cash equivalents approximate their carrying values and are determined based on quoted prices in active markets for identical assets (Level 1). The fair values of the other financial assets and liabilities are based on the values that would be received or paid in an orderly transaction between market participants and approximate their carrying values due to their nature and short duration. |
Share_Repurchase_Programs
Share Repurchase Programs | 3 Months Ended |
Mar. 31, 2015 | |
Equity [Abstract] | |
Share Repurchase Programs | 9. Share Repurchase Programs |
In October 2013, October 2014 and February 2015 our Board of Directors authorized share repurchase programs of $50,000,000, $25,000,000 and $75,000,000, respectively. During the three months ended March 31, 2015, we purchased 1,468,218 shares of our common stock on the open market at a total cost of approximately $38,559,000 (an average price of $26.26 per share). All shares repurchased were retired. As of March 31, 2015, approximately $53,284,000 remains available for repurchases of our common stock. Any share repurchases may be made on the open market, through block trades, through 10b5-1 plans or otherwise. The amount of shares purchased and the timing of the purchases will be based on working capital requirements, general business conditions and other factors. We intend to retire the repurchased shares. | |
During the comparative three months ended March 31, 2014, we purchased 1,153,496 shares of our common stock on the open market at a total cost of approximately $26,710,000 (an average price of $23.16 per share). All shares repurchased were retired. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies |
Contractual | |
In the ordinary course of business, we issue performance bonds to secure our performance under certain contracts or state tax requirements. As of March 31, 2015, we had an immaterial amount of performance bonds outstanding. These bonds are issued on our behalf by a surety company on an unsecured basis; however, if the surety company is ever required to pay out under the bonds, we have contractually agreed to reimburse the surety company. | |
Employment Contracts and Severance Plans | |
We have employment contracts with, and plans covering, certain officers and management teammates under which severance payments would become payable in the event of specified terminations without cause or terminations under certain circumstances after a change in control. In addition, vesting of outstanding nonvested RSUs would accelerate following a change in control. If severance payments under the current employment agreements or plan payments were to become payable, the severance payments would generally range from three to twenty-four months of salary. | |
Indemnifications | |
From time to time, in the ordinary course of business, we enter into contractual arrangements under which we agree to indemnify either our clients or third-party service providers from certain losses incurred relating to services performed on our behalf or for losses arising from defined events, which may include litigation or claims relating to past performance. These arrangements include, but are not limited to, the indemnification of our clients for certain claims arising out of our performance under our sales contracts, the indemnification of our landlords for certain claims arising from our use of leased facilities and the indemnification of the lenders that provide our credit facilities for certain claims arising from their extension of credit to us. Such indemnification obligations may not be subject to maximum loss clauses. | |
Management believes that payments, if any, related to these indemnifications are not probable at March 31, 2015. Accordingly, we have not accrued any liabilities related to such indemnifications in our consolidated financial statements. | |
We have entered into separate indemnification agreements with certain of our executive officers and with each of our directors. These agreements require us, among other requirements, to indemnify such officers and directors against expenses (including attorneys’ fees), judgments and settlements incurred by such individual in connection with any action arising out of such individual’s status or service as our executive officer or director (subject to exceptions such as where the individual failed to act in good faith or in a manner the individual reasonably believed to be in, or not opposed to, the best interests of the Company) and to advance expenses incurred by such individual with respect to which such individual may be entitled to indemnification by us. There are no pending legal proceedings that involve the indemnification of any of the Company’s directors or officers. | |
Contingencies Related to Third-Party Review | |
From time to time, we are subject to potential claims and assessments from third parties. We are also subject to various governmental, client and vendor audits. We continually assess whether or not such claims have merit and warrant accrual. Where appropriate, we accrue estimates of anticipated liabilities in the consolidated financial statements. Such estimates are subject to change and may affect our results of operations and our cash flows. | |
Legal Proceedings | |
From time to time, we are party to various legal proceedings arising in the ordinary course of business, including preference payment claims asserted in client bankruptcy proceedings, indemnification claims, claims of alleged infringement of patents, trademarks, copyrights and other intellectual property rights, claims of alleged non-compliance with contract provisions and claims related to alleged violations of laws and regulations. Many of these proceeding are at preliminary stages, and many of these proceedings seek an indeterminate amount of damages. We regularly evaluate the status of the legal proceedings in which we are involved to assess whether a loss is probable or there is a reasonable possibility that a loss, or an additional loss, may have been incurred and determine if accruals are appropriate. If accruals are not appropriate, we further evaluate each legal proceeding to assess whether an estimate of possible loss or range of possible loss can be made for disclosure. Although litigation is inherently unpredictable, we believe that we have adequate provisions for any probable and estimable losses. It is possible, nevertheless, that our consolidated financial position, results of operations or liquidity could be materially and adversely affected in any particular period by the resolution of a legal proceeding. Legal expenses related to defense, negotiations, settlements, rulings and advice of outside legal counsel are expensed as incurred. | |
The Company is not involved in any pending or threatened legal proceedings that it believes could reasonably be expected to have a material adverse effect on its business, financial condition or results of operations. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Segment Information | 11. Segment Information | ||||||||||||||||||||||||
We operate in three reportable geographic operating segments: North America; EMEA; and APAC. Our offerings in North America and select countries in EMEA include IT hardware, software and services. Our offerings in the remainder of our EMEA segment and in APAC are largely software and select software-related services. Net sales by product or service type for North America, EMEA and APAC were as follows for the three months ended March 31, 2015 and 2014 (in thousands): | |||||||||||||||||||||||||
North America | EMEA | APAC | |||||||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||||||
March 31, | March 31, | March 31, | |||||||||||||||||||||||
Sales Mix | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||
Hardware | $ | 505,252 | $ | 488,410 | $ | 145,984 | $ | 151,854 | $ | 1,926 | $ | 1,591 | |||||||||||||
Software | 258,492 | 246,171 | 198,460 | 228,415 | 38,822 | 42,819 | |||||||||||||||||||
Services | 58,965 | 46,101 | 10,398 | 7,674 | 1,380 | 1,495 | |||||||||||||||||||
$ | 822,709 | $ | 780,682 | $ | 354,842 | $ | 387,943 | $ | 42,128 | $ | 45,905 | ||||||||||||||
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 and 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, 2015 or 2014. | |||||||||||||||||||||||||
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 considered to be a reasonable reflection of the utilization of services provided to or benefits received by the operating segments. | |||||||||||||||||||||||||
The tables below present information about our reportable operating segments as of and for the three months ended March 31, 2015 and 2014 (in thousands): | |||||||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||||||
North America | EMEA | APAC | Consolidated | ||||||||||||||||||||||
Net sales | $ | 822,709 | $ | 354,842 | $ | 42,128 | $ | 1,219,679 | |||||||||||||||||
Costs of goods sold | 711,193 | 310,031 | 36,642 | 1,057,866 | |||||||||||||||||||||
Gross profit | 111,516 | 44,811 | 5,486 | 161,813 | |||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Selling and administrative expenses | 92,402 | 42,757 | 5,637 | 140,796 | |||||||||||||||||||||
Severance and restructuring expenses | 405 | 318 | — | 723 | |||||||||||||||||||||
Earnings (loss) from operations | $ | 18,709 | $ | 1,736 | $ | (151 | ) | $ | 20,294 | ||||||||||||||||
Total assets at period end | $ | 1,709,820 | $ | 470,821 | $ | 113,459 | $ | 2,294,100 | * | ||||||||||||||||
* | Consolidated total assets do not reflect the net effect of corporate assets and intercompany eliminations of $576,664,000. | ||||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||
North America | EMEA | APAC | Consolidated | ||||||||||||||||||||||
Net sales | $ | 780,682 | $ | 387,943 | $ | 45,905 | $ | 1,214,530 | |||||||||||||||||
Costs of goods sold | 673,269 | 338,622 | 38,894 | 1,050,785 | |||||||||||||||||||||
Gross profit | 107,413 | 49,321 | 7,011 | 163,745 | |||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Selling and administrative expenses | 89,181 | 47,105 | 6,143 | 142,429 | |||||||||||||||||||||
Severance and restructuring expenses | 77 | 260 | — | 337 | |||||||||||||||||||||
Earnings from operations | $ | 18,155 | $ | 1,956 | $ | 868 | $ | 20,979 | |||||||||||||||||
Total assets at period end | $ | 1,599,078 | $ | 552,231 | $ | 110,153 | $ | 2,261,462 | ** | ||||||||||||||||
** | Consolidated total assets do not reflect the net effect of corporate assets and intercompany eliminations of $502,741,000. | ||||||||||||||||||||||||
We recorded the following pre-tax amounts, by operating segment, for depreciation and amortization in the accompanying consolidated financial statements (in thousands): | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
North America | $ | 7,641 | $ | 7,672 | |||||||||||||||||||||
EMEA | 1,685 | 2,177 | |||||||||||||||||||||||
APAC | 216 | 177 | |||||||||||||||||||||||
Total | $ | 9,542 | $ | 10,026 | |||||||||||||||||||||
Basis_of_Presentation_and_Rece1
Basis of Presentation and Recently Issued Accounting Standards (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Standards | Recently Issued Accounting Standards |
On April 7, 2015, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2015-03, “Interest–Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Cost.” ASU 2015-03 is designed to simplify presentation of debt issuance costs. The standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amortization of debt issuance costs also shall be reported as interest expense. ASU 2015-03 is effective for the fiscal year beginning after December 15, 2015, including interim reporting periods within that reporting period. Early adoption is permitted for financial statements that have not been previously issued and retrospective application is required for each balance sheet presented. The new standard is not expected to have a material effect on our financial statements. | |
There have been no other material changes or additions to the recently issued accounting standards as previously reported in Note 1 to our Consolidated Financial Statements in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2014 that affect or may affect our financial statements. |
Net_Earnings_Per_Share_EPS_Tab
Net Earnings Per Share ("EPS") (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Reconciliation of Denominators of Basic and Diluted EPS Calculations | A reconciliation of the denominators of the basic and diluted EPS calculations follows (in thousands, except per share data): | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Numerator: | |||||||||
Net earnings | $ | 10,951 | $ | 11,550 | |||||
Denominator: | |||||||||
Weighted average shares used to compute basic EPS | 39,673 | 41,632 | |||||||
Dilutive potential common shares due to dilutive restricted stock units, net of tax effect | 321 | 286 | |||||||
Weighted average shares used to compute diluted EPS | 39,994 | 41,918 | |||||||
Net earnings per share: | |||||||||
Basic | $ | 0.28 | $ | 0.28 | |||||
Diluted | $ | 0.27 | $ | 0.28 | |||||
Debt_Inventory_Financing_Facil1
Debt, Inventory Financing Facility, Capital Lease and Other Financing Obligations (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Long-Term Debt | Our long-term debt consists of the following (in thousands): | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Senior revolving credit facility | $ | 19,500 | $ | — | |||||
Accounts receivable securitization financing facility | 75,000 | 61,000 | |||||||
Capital lease and other financing obligations | 2,246 | 2,301 | |||||||
Total | 96,746 | 63,301 | |||||||
Less: current portion of capital lease and other financing obligations | (1,398 | ) | (766 | ) | |||||
Less: current portion of revolving credit facilities | — | — | |||||||
Long-term debt | $ | 95,348 | $ | 62,535 | |||||
Severance_and_Restructuring_Ac1
Severance and Restructuring Activities (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||
Activity Related to Resource Actions and Outstanding Obligation | The following table details the activity related to resource actions for the three months ended March 31, 2015 and the outstanding obligations as of March 31, 2015 (in thousands): | ||||||||||||
North America | EMEA | Consolidated | |||||||||||
Balances at December 31, 2014 | $ | 857 | $ | 2,971 | $ | 3,828 | |||||||
Severance costs, net of adjustments | 405 | 318 | 723 | ||||||||||
Cash payments | (443 | ) | (850 | ) | (1,293 | ) | |||||||
Foreign currency translation adjustments | 2 | (285 | ) | (283 | ) | ||||||||
Balances at March 31, 2015 | $ | 821 | $ | 2,154 | $ | 2,975 | |||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Pre-tax Amounts by Operating Segment for Stock-Based Compensation | By operating segment, we recorded the following pre-tax amounts for stock-based compensation, net of estimated forfeitures, related to restricted stock units (“RSUs”) in selling and administrative expenses in our consolidated financial statements (in thousands): | ||||||||||||
Three Months Ended | |||||||||||||
March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
North America | $ | 1,731 | $ | 1,361 | |||||||||
EMEA | 502 | 335 | |||||||||||
APAC | 90 | 62 | |||||||||||
Total Consolidated | $ | 2,323 | $ | 1,758 | |||||||||
Summary of Restricted Stock Units | The following table summarizes our RSU activity during the three months ended March 31, 2015: | ||||||||||||
Number | Weighted Average | Fair Value | |||||||||||
Grant Date Fair Value | |||||||||||||
Nonvested at January 1, 2015 | 888,967 | $ | 22.06 | ||||||||||
Granted(a) | 394,725 | 26.09 | |||||||||||
Vested, including shares withheld to cover taxes | (260,534 | ) | 21.85 | $ | 6,789,644 | (b) | |||||||
Forfeited | (11,839 | ) | 20.18 | ||||||||||
Nonvested at March 31, 2015(a) | 1,011,319 | 23.71 | $ | 28,842,818 | (c) | ||||||||
Expected to vest | 889,790 | $ | 25,376,811 | (c) | |||||||||
(a) | Includes 131,389 RSUs subject to remaining performance conditions. The number of RSUs ultimately awarded under the performance-based RSUs varies based on whether we achieve certain financial results for 2015. | ||||||||||||
(b) | The fair value of vested RSUs represents the total pre-tax fair value, based on the closing stock price on the day of vesting, which would have been received by holders of RSUs had all such holders sold their underlying shares on that date. | ||||||||||||
(c) | The aggregate fair value represents the total pre-tax fair value, based on our closing stock price of $28.52 as of March 31, 2015, which would have been received by holders of RSUs had all such holders sold their underlying shares on that date. |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Net Sales by Product or Service Type for North America, EMEA and APAC | Net sales by product or service type for North America, EMEA and APAC were as follows for the three months ended March 31, 2015 and 2014 (in thousands): | ||||||||||||||||||||||||
North America | EMEA | APAC | |||||||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||||||
March 31, | March 31, | March 31, | |||||||||||||||||||||||
Sales Mix | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||
Hardware | $ | 505,252 | $ | 488,410 | $ | 145,984 | $ | 151,854 | $ | 1,926 | $ | 1,591 | |||||||||||||
Software | 258,492 | 246,171 | 198,460 | 228,415 | 38,822 | 42,819 | |||||||||||||||||||
Services | 58,965 | 46,101 | 10,398 | 7,674 | 1,380 | 1,495 | |||||||||||||||||||
$ | 822,709 | $ | 780,682 | $ | 354,842 | $ | 387,943 | $ | 42,128 | $ | 45,905 | ||||||||||||||
Financial Information about Reportable Operating Segments | The tables below present information about our reportable operating segments as of and for the three months ended March 31, 2015 and 2014 (in thousands): | ||||||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||||||
North America | EMEA | APAC | Consolidated | ||||||||||||||||||||||
Net sales | $ | 822,709 | $ | 354,842 | $ | 42,128 | $ | 1,219,679 | |||||||||||||||||
Costs of goods sold | 711,193 | 310,031 | 36,642 | 1,057,866 | |||||||||||||||||||||
Gross profit | 111,516 | 44,811 | 5,486 | 161,813 | |||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Selling and administrative expenses | 92,402 | 42,757 | 5,637 | 140,796 | |||||||||||||||||||||
Severance and restructuring expenses | 405 | 318 | — | 723 | |||||||||||||||||||||
Earnings (loss) from operations | $ | 18,709 | $ | 1,736 | $ | (151 | ) | $ | 20,294 | ||||||||||||||||
Total assets at period end | $ | 1,709,820 | $ | 470,821 | $ | 113,459 | $ | 2,294,100 | * | ||||||||||||||||
* | Consolidated total assets do not reflect the net effect of corporate assets and intercompany eliminations of $576,664,000. | ||||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||
North America | EMEA | APAC | Consolidated | ||||||||||||||||||||||
Net sales | $ | 780,682 | $ | 387,943 | $ | 45,905 | $ | 1,214,530 | |||||||||||||||||
Costs of goods sold | 673,269 | 338,622 | 38,894 | 1,050,785 | |||||||||||||||||||||
Gross profit | 107,413 | 49,321 | 7,011 | 163,745 | |||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Selling and administrative expenses | 89,181 | 47,105 | 6,143 | 142,429 | |||||||||||||||||||||
Severance and restructuring expenses | 77 | 260 | — | 337 | |||||||||||||||||||||
Earnings from operations | $ | 18,155 | $ | 1,956 | $ | 868 | $ | 20,979 | |||||||||||||||||
Total assets at period end | $ | 1,599,078 | $ | 552,231 | $ | 110,153 | $ | 2,261,462 | ** | ||||||||||||||||
** | Consolidated total assets do not reflect the net effect of corporate assets and intercompany eliminations of $502,741,000. | ||||||||||||||||||||||||
Pre-Tax Depreciation and Amortization for Operating Segment | We recorded the following pre-tax amounts, by operating segment, for depreciation and amortization in the accompanying consolidated financial statements (in thousands): | ||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
North America | $ | 7,641 | $ | 7,672 | |||||||||||||||||||||
EMEA | 1,685 | 2,177 | |||||||||||||||||||||||
APAC | 216 | 177 | |||||||||||||||||||||||
Total | $ | 9,542 | $ | 10,026 | |||||||||||||||||||||
Basis_of_Presentation_and_Rece2
Basis of Presentation and Recently Issued Accounting Pronouncements - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segments | 3 |
Net_Earnings_Per_Share_EPS_Rec
Net Earnings Per Share ("EPS") - Reconciliation of Denominators of Basic and Diluted EPS Calculations (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Numerator: | ||
Net earnings | $10,951 | $11,550 |
Denominator: | ||
Weighted average shares used to compute basic EPS | 39,673 | 41,632 |
Dilutive potential common shares due to dilutive restricted stock units, net of tax effect | 321 | 286 |
Weighted average shares used to compute diluted EPS | 39,994 | 41,918 |
Net earnings per share: | ||
Basic | $0.28 | $0.28 |
Diluted | $0.27 | $0.28 |
Net_Earnings_Per_Share_EPS_Add
Net Earnings Per Share ("EPS") - Additional Information (Detail) (Restricted Stock Units (RSUs) [Member]) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Weighted-average outstanding restricted stock units excluded in the diluted EPS calculations | 0 | 61,000 |
Debt_Inventory_Financing_Facil2
Debt, Inventory Financing Facility, Capital Lease and Other Financing Obligations - Long-Term Debt (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Long-term debt | ||
Senior revolving credit facility | $19,500 | |
Accounts receivable securitization financing facility | 75,000 | 61,000 |
Capital lease and other financing obligations | 2,246 | 2,301 |
Total | 96,746 | 63,301 |
Total | 96,746 | 63,301 |
Less: current portion of capital lease and other financing obligations | -1,398 | -766 |
Less: current portion of revolving credit facilities | 0 | 0 |
Long-term debt | $95,348 | $62,535 |
Debt_Inventory_Financing_Facil3
Debt, Inventory Financing Facility, Capital Lease and Other Financing Obligations - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Accounts receivable securitization financing facility | $75,000,000 | $61,000,000 |
Covenants compliance | At March 31, 2015, we were in compliance with all such covenants. | |
Maximum leverage ratio time adjusted earnings | 2.75 | |
Maximum combined borrowing capacity under senior revolving credit facility and ABS facility, accessible | 494,202,000 | |
Maximum combined borrowing capacity under senior revolving credit facility and ABS facility | 550,000,000 | |
Outstanding borrowings at period end | 94,500,000 | |
Inventory financing facility maximum borrowing capacity | 200,000,000 | |
Inventory financing facility maturity date | 26-Apr-17 | |
Inventory financing facility maximum borrowing capacity, outstanding | 145,286,000 | |
Amount owed under other financing agreement | 1,852,000 | 1,852,000 |
Senior Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | 350,000,000 | |
Prime rate | 3.25% | |
Maturity date | 26-Apr-17 | |
ABS Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | 200,000,000 | |
Prime rate | 1.08% | |
Maturity date | 30-Jun-17 | |
Amount of facility permitted by qualified receivables | 200,000,000 | |
Accounts receivable securitization financing facility | $75,000,000 |
Severance_and_Restructuring_Ac2
Severance and Restructuring Activities - Activity Related to Resource Actions and Outstanding Obligation (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Restructuring Cost and Reserve [Line Items] | |
Beginning balance | $3,828 |
Severance costs, net of adjustments | 723 |
Cash payments | -1,293 |
Foreign currency translation adjustments | -283 |
Ending balance | 2,975 |
North America Segment [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning balance | 857 |
Severance costs, net of adjustments | 405 |
Cash payments | -443 |
Foreign currency translation adjustments | 2 |
Ending balance | 821 |
EMEA Segment [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning balance | 2,971 |
Severance costs, net of adjustments | 318 |
Cash payments | -850 |
Foreign currency translation adjustments | -285 |
Ending balance | $2,154 |
Severance_and_Restructuring_Ac3
Severance and Restructuring Activities - Additional Information (Detail) (EMEA Segment [Member], USD $) | 3 Months Ended |
Mar. 31, 2015 | |
EMEA Segment [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Reduction to severance and restructuring expenses | $102,000 |
StockBased_Compensation_Pretax
Stock-Based Compensation - Pre-tax Amounts by Operating Segment for Stock-Based Compensation (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense related to restricted stock units (RSUs) | $2,323 | $1,758 |
North America Segment [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense related to restricted stock units (RSUs) | 1,731 | 1,361 |
EMEA Segment [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense related to restricted stock units (RSUs) | 502 | 335 |
APAC Segment [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense related to restricted stock units (RSUs) | $90 | $62 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (Restricted Stock Units (RSUs) [Member], USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total compensation cost related to RSU's not yet recognized | $20,771,000 |
Weighted average number of years for recognition of outstanding nonvested RSUs | 1 year 5 months 27 days |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Restricted Stock Units (Detail) (Restricted Stock Units (RSUs) [Member], USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested Number, Beginning balance | 888,967 |
Number, Granted | 394,725 |
Number, Vested, including shares withheld to cover taxes | -260,534 |
Number, Forfeited | -11,839 |
Nonvested Number, Ending balance | 1,011,319 |
Number, Expected to vest | 889,790 |
Nonvested Weighted Average Grant Date Fair Value, Beginning balance | $22.06 |
Weighted Average Grant Date Fair Value, Granted | $26.09 |
Weighted Average Grant Date Fair Value, Vested, including shares withheld to cover taxes | $21.85 |
Weighted Average Grant Date Fair Value, Forfeited | $20.18 |
Nonvested Weighted Average Grant Date Fair Value, Ending balance | $23.71 |
Fair Value, Vested, including shares withheld to cover taxes | $6,789,644 |
Fair Value, Nonvested at end of period | 28,842,818 |
Fair Value, Expected to vest | $25,376,811 |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summary of Restricted Stock Units (Parenthetical) (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Closing stock price | 28.52 |
Performance Based Restricted Stock Unit [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total RSUs | 131,389 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Income Tax [Line Items] | |||
Effective tax rate | 38.40% | 39.30% | |
United States federal statutory income tax rate | 35.00% | 35.00% | |
Unrecognized tax benefits | $4,323,000 | $4,306,000 | |
Unrecognized tax benefits, interest on income taxes accrued | $367,000 | $336,000 | |
Period during which examination phase of tax audits may conclude | Next 12 months | ||
Earliest Tax Year [Member] | |||
Income Tax [Line Items] | |||
Open tax year | 2006 | ||
Latest Tax Year [Member] | |||
Income Tax [Line Items] | |||
Open tax year | 2013 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Derivative, Gain (Loss) on Derivative, Net [Abstract] | ||
Amount of Gain (Loss) Recognized in Earnings on Derivatives | ($947,000) | ($225,000) |
Share_Repurchase_Programs_Addi
Share Repurchase Programs - Additional Information (Detail) (USD $) | 3 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Feb. 28, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | |
Equity [Abstract] | |||||
Common stock repurchase program, authorized amount | $75,000,000 | $25,000,000 | $50,000,000 | ||
Common stock shares repurchased | 1,468,218 | 1,153,496 | |||
Repurchased shares of common stock, total cost | 38,559,000 | 26,710,000 | |||
Repurchase shares of common stock, average cost per share | $26.26 | $23.16 | |||
Remaining stock repurchase authorization amount | $53,284,000 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Minimum months of salary paid as severance | 3 months |
Maximum months of salary paid as severance | 24 months |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
Description of major customers net sales | None of our clients exceeded ten percent of consolidated net sales for the three months ended March 31, 2015 or 2014. |
Segment_Information_Net_Sales_
Segment Information - Net Sales by Product or Service Type for North America, EMEA and APAC (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenue from External Customer [Line Items] | ||
Revenues from external customers | $1,219,679 | $1,214,530 |
North America Segment [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenues from external customers | 822,709 | 780,682 |
North America Segment [Member] | Hardware Net Sales [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenues from external customers | 505,252 | 488,410 |
North America Segment [Member] | Software Net Sales [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenues from external customers | 258,492 | 246,171 |
North America Segment [Member] | Services Net Sales [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenues from external customers | 58,965 | 46,101 |
EMEA Segment [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenues from external customers | 354,842 | 387,943 |
EMEA Segment [Member] | Hardware Net Sales [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenues from external customers | 145,984 | 151,854 |
EMEA Segment [Member] | Software Net Sales [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenues from external customers | 198,460 | 228,415 |
EMEA Segment [Member] | Services Net Sales [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenues from external customers | 10,398 | 7,674 |
APAC Segment [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenues from external customers | 42,128 | 45,905 |
APAC Segment [Member] | Hardware Net Sales [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenues from external customers | 1,926 | 1,591 |
APAC Segment [Member] | Software Net Sales [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenues from external customers | 38,822 | 42,819 |
APAC Segment [Member] | Services Net Sales [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenues from external customers | $1,380 | $1,495 |
Segment_Information_Financial_
Segment Information - Financial Information about Reportable Operating Segments (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Net sales | $1,219,679 | $1,214,530 |
Costs of goods sold | 1,057,866 | 1,050,785 |
Gross profit | 161,813 | 163,745 |
Operating expenses: | ||
Selling and administrative expenses | 140,796 | 142,429 |
Severance and restructuring expenses | 723 | 337 |
Earnings (loss) from operations | 20,294 | 20,979 |
Total assets at period end | 2,294,100 | 2,261,462 |
North America Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 822,709 | 780,682 |
EMEA Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 354,842 | 387,943 |
APAC Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 42,128 | 45,905 |
Operating Segments [Member] | North America Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 822,709 | 780,682 |
Costs of goods sold | 711,193 | 673,269 |
Gross profit | 111,516 | 107,413 |
Operating expenses: | ||
Selling and administrative expenses | 92,402 | 89,181 |
Severance and restructuring expenses | 405 | 77 |
Earnings (loss) from operations | 18,709 | 18,155 |
Total assets at period end | 1,709,820 | 1,599,078 |
Operating Segments [Member] | EMEA Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 354,842 | 387,943 |
Costs of goods sold | 310,031 | 338,622 |
Gross profit | 44,811 | 49,321 |
Operating expenses: | ||
Selling and administrative expenses | 42,757 | 47,105 |
Severance and restructuring expenses | 318 | 260 |
Earnings (loss) from operations | 1,736 | 1,956 |
Total assets at period end | 470,821 | 552,231 |
Operating Segments [Member] | APAC Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 42,128 | 45,905 |
Costs of goods sold | 36,642 | 38,894 |
Gross profit | 5,486 | 7,011 |
Operating expenses: | ||
Selling and administrative expenses | 5,637 | 6,143 |
Earnings (loss) from operations | -151 | 868 |
Total assets at period end | $113,459 | $110,153 |
Segment_Information_Financial_1
Segment Information - Financial Information about Reportable Operating Segments (Parenthetical) (Detail) (Consolidation, Eliminations [Member], USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
Consolidation, Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Corporate assets and intercompany elimination amount | $576,664,000 | $502,741,000 |
Segment_Information_PreTax_Dep
Segment Information - Pre-Tax Depreciation and Amortization for Operating Segment (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Depreciation and amortization | $9,542 | $10,026 |
North America Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization | 7,641 | 7,672 |
EMEA Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization | 1,685 | 2,177 |
APAC Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization | $216 | $177 |