What changed in this filing

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Item 1. Financial Statements

2021-08-05 compared with 2021-05-06 · 146 added, 75 removed, 338 unchanged (40% of the section changed)

28 unchanged sentences

Common stock, $ 0.01 par value, 100,000 shares authorized;

35,320 shares at March 31, 2021 and 35,103 shares at

34,845 shares at June 30, 2021 and 35,103 shares at

December 31, 2020 issued and outstanding

9 unchanged sentences

Three Months Ended

Six Months Ended

Total net sales

18 unchanged sentences

Three Months Ended

Six Months Ended

Other comprehensive income (loss), net of tax:

8 unchanged sentences

Stockholders'

Balances at December 31, 2020

Balances at March 31, 2020

Issuance of common stock under employee stock plans, net of shares withheld for payroll taxes

1 unchanged sentence

Foreign currency translation adjustments, net of tax

Balances at June 30, 2020

Balances at March 31, 2021

Treasury Stock

Comprehensive

Stockholders'

Issuance of common stock under employee stock plans, net of shares withheld for payroll taxes

Stock-based compensation expense

Repurchase of treasury stock

Retirement of treasury stock

Foreign currency translation adjustments, net of tax

Balances at June 30, 2021

Balances at December 31, 2019

4 unchanged sentences

Foreign currency translation adjustments, net of tax

Balances at March 31, 2020

Balances at June 30, 2020

Balances at December 31, 2020

Issuance of common stock under employee stock plans, net of shares withheld for payroll taxes

Stock-based compensation expense

Repurchase of treasury stock

Retirement of treasury stock

Foreign currency translation adjustments, net of tax

Balances at June 30, 2021

See accompanying notes to consolidated financial statements.

2 unchanged sentences

(in thousands)

Three Months Ended

Six Months Ended

Cash flows from operating activities:

8 unchanged sentences

Changes in assets and liabilities:

Decrease in accounts receivable

Increase in accounts receivable

Increase in inventories

Decrease in other assets

(Decrease) increase in accounts payable

(Increase) decrease in other assets

Increase in accounts payable

Decrease in accrued expenses and other liabilities

4 unchanged sentences

Acquisitions, net of cash and cash equivalents acquired

Net cash provided by investing activities

Net cash provided by (used in) investing activities

Cash flows from financing activities:

1 unchanged sentence

Repayments on ABL revolving credit facility

Net repayments under inventory financing facilities

Net (repayments) borrowings under inventory financing facilities

Repurchases of common stock

3 unchanged sentences

restricted cash balances

Increase (decrease) in cash, cash equivalents and restricted cash

(Decrease) increase in cash, cash equivalents and restricted cash

Cash, cash equivalents and restricted cash at beginning of period

14 unchanged sentences

Our offerings in North America and certain countries in EMEA and APAC include hardware, software and services, including cloud solutions.

Our offerings in the remainder of our EMEA and APAC segments consist of largely software and certain software-related services and cloud solutions.

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, 2021 and our results of operations for the three months ended March 31, 2021 and 2020 and cash flows for the three months ended March 31, 2021 and 2020.

Our offerings in the remainder of our EMEA and APAC segments are largely software and certain software-related services and cloud solutions.

In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly our financial position as of June 30, 2021 and our results of operations for the three and six months ended June 30, 2021 and 2020 and cash flows for the six months ended June 30, 2021 and 2020.

The consolidated balance sheet as of December 31, 2020 was derived from the audited consolidated balance sheet at such date.

24 unchanged sentences

The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements;

however, we expect our consolidated statements of operations and consolidated balance sheets will be significantly impacted following adoption of this new standard as we will no longer report accreted interest on the Notes and the full par value of the Notes will be reflected as debt.

however, we expect our consolidated statements of operations and consolidated balance sheets will be significantly impacted following adoption of this new standard on January 1, 2022, as we will no longer report accreted interest on the Notes and the full par value of the Notes will be reflected as debt.

There have been no other material changes in 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, 2020 that affect or may affect our current financial statements.

Sales Recognition

The following table provides information about receivables and contract liabilities as of March 31, 2021 and December 31, 2020 (in thousands):

Receivables, Contract Liabilities and Performance Obligations

The following table provides information about receivables and contract liabilities as of June 30, 2021 and December 31, 2020 (in thousands):

Current receivables, which are included in “Accounts

3 unchanged sentences

and other current liabilities” and “Other liabilities”

INSIGHT ENTERPRISES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

C hanges in the contract liabilities balances during the three months ended March 31, 2021 are as follows (in thousands):

C hanges in the contract liabilities balances during the six months ended June 30, 2021 are as follows (in thousands):

Increase (Decrease)

3 unchanged sentences

Cash received in advance and not recognized as revenue

Balances at March 31, 2021

During the three months ended March 31, 2020, the Company recognized revenue of $ 19,000,000 related to its contract liabilities.

The following table includes estimated net sales related to performance obligations that are unsatisfied (or partially unsatisfied) as of March 31, 2021 that are expected to be recognized in the future (in thousands):

Balances at June 30, 2021

INSIGHT ENTERPRISES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

During the six months ended June 30, 2020, the Company recognized revenue of $ 32,682,000 related to its contract liabilities.

The following table includes estimated net sales related to performance obligations that are unsatisfied (or partially unsatisfied) as of June 30, 2021 that are expected to be recognized in the future (in thousands):

Remainder of 2021

2 unchanged sentences

With the exception of remaining performance obligations associated with our OneCall Support Services contracts which are included in the table above regardless of original duration, r emaining performance obligations that have original expected durations of one year or less are not included in the table above.

Amounts not included in the table above have an average original expected duration of eight months.

Additionally, for our time and material services contracts, whereby we have the right to consideration from a client in an amount that corresponds directly with the value to the client of our performance completed to date, we recognized revenue in the amount to which we have a right to invoice as of March 31, 2021 and do not disclose information about related remaining performance obligations in the table above.

Amounts not included in the table above have an average original expected duration of nine months.

Additionally, for our time and material services contracts, whereby we have the right to consideration from a client in an amount that corresponds directly with the value to the client of our performance completed to date, we recognized revenue in the amount to which we have a right to invoice as of June 30, 2021 and do not disclose information about related remaining performance obligations in the table above.

Our time and material contracts have an average expected duration of 23 months.

2 unchanged sentences

Assets Held for Sale

During the first quarter of 2021, we completed the sale of our three properties in Tempe, Arizona and the sale of our property in Woodbridge, Illinois for total net proceeds of approximately $ 27,211,000 .

During the first half of 2021, we completed the sale of our three properties in Tempe, Arizona and the sale of our property in Woodbridge, Illinois for total net proceeds of approximately $ 27,211,000 .

We intend to use the proceeds from the sales to ready our property in Chandler, Arizona to be used as our global corporate headquarters.

During the first quarter of 2020, we completed the sale of our property in Irvine, California for approximately $ 14,218,000 .

During the first half of 2020, we completed the sale of our property in Irvine, California for approximately $ 14,218,000 .

INSIGHT ENTERPRISES, INC.

6 unchanged sentences

Three Months Ended

Six Months Ended

Weighted average shares used to

5 unchanged sentences

Net earnings per share:

For the three months ended March 31, 2021, no ne of our RSUs were excluded from the diluted EPS calculations.

For the three and six months ended June 30, 2021, 200 and 100 , respectively, of our RSUs were excluded from the diluted EPS calculations.

Certain potential outstanding shares from the warrants relating to the Call Spread Transactions were excluded from the diluted EPS calculations because their inclusion would have been anti-dilutive.

For the three months ended March 31, 2020, 86,000 of our RSUs and certain potential outstanding shares from the Notes and warrants were excluded from the diluted EPS calculations because their inclusion would have been anti-dilutive.

INSIGHT ENTERPRISES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

For the three and six months ended June 30, 2020, 400,000 and 243,000 , respectively, of our RSUs and certain potential outstanding shares from the Notes and warrants were excluded from the diluted EPS calculations because their inclusion would have been anti-dilutive.

Debt, Inventory Financing Facilities, Finance Leases and Other Financing Obligations

5 unchanged sentences

Long-term debt

INSIGHT ENTERPRISES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Our senior secured revolving credit facility (the “ABL facility”), has an aggregate U.S.

5 unchanged sentences

The ABL facility matures on August 30, 2024 .

As of March 31, 2021, eligible accounts receivable and inventory were sufficient to permit access to the full $ 1,200,000,000 facility amount, of which $ 116,000,000 was outstanding.

As of June 30, 2021, eligible accounts receivable and inventory were sufficient to permit access to the full $ 1,200,000,000 facility amount, of which $ 180,000,000 was outstanding.

The ABL facility contains customary affirmative and negative covenants and events of default.

5 unchanged sentences

Holders of the Notes may convert their notes at their option at any time prior to the close of business on the business day immediately preceding June 15, 2024, under the following circumstances:

(1) during any calendar quarter commencing after the calendar quarter ending on December 31, 2019 (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130 % of the conversion price on each applicable trading day;

(2) during the five business day period after any five consecutive trading day period (the “measurement period”) in which the trading price per $ 1,000 principal amount of Notes for each trading day of the measurement period was less than 98 % of the product of the last

INSIGHT ENTERPRISES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

reported sale price of our common stock and the conversion rate on each such trading day;

(3) if we call any or all of the N otes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date;

(3) if we call any or all of the Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date;

or (4) upon the occurrence of specified corporate events.

4 unchanged sentences

The conversion rate is subject to change in certain circumstances and will not be adjusted for any accrued and unpaid interest.

In addition, following certain events that occur prior to the maturity date or following our issuance of a notice of redemption, the conversion rate is subject to an increase for a holder who elects to convert their Notes in connection with those events or during the related redemption period in certain circumstances.

In addition, following certain events that occur prior to the maturity date or following our issuance of a notice of redemption, the conversion rate is subject to an

INSIGHT ENTERPRISES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

increase for a holder who elects to convert their N otes in connection with those event s or during the related redemption period in certain circumstances.

Our convertible notes exceeded the market price trigger of $ 88.82 in the second quarter of 2021 making the notes convertible at the option of the holders at any time through the maturity date.

No ne of the note holders have exercised their rights at this time.

If we undergo a fundamental change, the holders may require us to repurchase for cash all or any portion of their notes at a fundamental change repurchase price equal to 100 % of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

As of March 31, 2021, none of the criteria for a fundamental change or a conversion rate adjustment had been met.

As of June 30, 2021 , none of the criteria for a fundamental change or a conversion rate adjustment had been met.

The maximum number of shares issuable upon conversion, including the effect of a fundamental change and subject to other conversion rate adjustments, would be 6,788,208 .

The Notes are subject to certain customary events of default and acceleration clauses.

As of March 31, 2021, no such events have occurred.

As of June 30, 2021, no such events have occurred.

The Notes consist of the following balances reported within the consolidated balance sheets (in thousands):

4 unchanged sentences

The effective interest rate on the liability component of the Notes is 4.325 %.

Interest expense resulting from the Notes reported within the consolidated statement of operations for the three months ended March 31, 2021 and 2020 is made up of contractual coupon interest, amortization of debt discount and amortization of debt issuance costs.

Interest expense resulting from the Notes reported within the consolidated statement of operations for the three and six months ended June 30, 2021 and 2020 is made up of contractual coupon interest, amortization of debt discount and amortization of debt issuance costs.

Convertible Note Hedge and Warrant Transaction

In connection with the issuance of the Notes, we entered into the Call Spread Transactions with respect to the Company’s common stock.

INSIGHT ENTERPRISES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

The convertible note hedge consists of an option to purchase up to 5,123,160 common stock shares at a price of $ 68.32 per share.

4 unchanged sentences

The Company received aggregate proceeds of approximately $ 34,440,000 for the sale of the warrants.

INSIGHT ENTERPRISES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

The Call Spread Transactions have no effect on the terms of the Notes and reduce potential dilution by effectively increasing the initial conversion price of the Notes to $ 103.12 per share of the Company’s common stock.

Inventory Financing Facilities

On March 31, 2021, we entered into an unsecured inventory financing facility in EMEA (the “EMEA facility”) with a maximum borrowing capacity of $ 40,000,000 .

On June 28, 2021, we entered into an unsecured inventory financing facility in Canada (the “Canada facility”) with a maximum borrowing capacity of $ 25,000,000 .

This facility will stay in effect until it is terminated by any of the parties.

If balances are not paid within stated vendor terms, they will accrue interest at 0.25 %, subject to adjustments upward depending on LIBOR movements, plus late charges of 1.00 % per month.

Amounts outstanding under this facility will be classified as accounts payable – inventory financing facility in the accompanying balance sheets.

If balances are not paid within stated vendor terms, they will accrue interest at Canadian Dollar Offered Rate plus 4.50 %.

Amounts outstanding under this facility will be classified as accounts payable – inventory financing facilities in the accompanying balance sheets.

Additionally, we have a $ 250,000,000 unsecured inventory financing facility with each of MUFG Bank Ltd (“MUFG”) and PNC Bank, N.A.

As of March 31, 2021, our combined inventory financing facilities had a total maximum capacity of $ 540,000,000 , of which $ 309,075,000 was outstanding.

(“PNC”) and a $ 40,000,000 unsecured inventory financing facility in EMEA.

As of June 30, 2021, our combined inventory financing facilities had a total maximum capacity of $ 565,000,000 , of which $ 309,316,000 was outstanding.

The inventory financing facilities will remain in effect until they are terminated by any of the parties.

2 unchanged sentences

Amounts outstanding under these facilities are classified separately as accounts payable – inventory financing facilities in the accompanying consolidated balance sheets and within cash flows from financing activities in the accompanying consolidated statements of cash flows.

Our effective tax rate for the three months ended March 31, 2021 was 23.8 %.

Our effective tax rate was higher than the United States federal statutory rate of 21.0 % due primarily to state income taxes, net of federal benefit, and higher taxes on earnings in foreign jurisdictions, partially offset by excess tax benefits on the settlement of employee share-based compensation and tax benefits related to research and development activities.

Our effective tax rate for the three months ended March 31, 2020 was 20.3 %.

Our effective tax rate was lower than the United States federal statutory rate of 21.0 % due primarily to the remeasurement of acquired net operating losses to be carried back to higher tax rate years under the CARES Act, excess tax benefits on the settlement of share-based compensation and tax benefits related to research and development activities.

These benefits were partially offset by state income taxes, net of federal benefit and higher taxes on earnings in foreign jurisdictions.

As of March 31, 2021, and December 31, 2020, we had approximately $ 10,890,000 and $ 10,546,000 , respectively, of unrecognized tax benefits.

Our effective tax rate for the three and six months ended June 30, 2021 was 25.4 % and 24.8 %, respectively.

For the three months ended June 30, 2021, our effective tax rate was higher than the United States federal statutory rate of 21.0 % due primarily to state income taxes and higher taxes on earnings in foreign jurisdictions, partially offset by tax benefits related to research and development activities.

For the six months ended June 30, 2021, our effective tax rate was higher than the United States federal statutory rate of 21.0 % due primarily to state income taxes and higher taxes on earnings in foreign jurisdictions, partially offset by excess tax benefits on the settlement of employee share based compensation and tax benefits related to research and development activities.

Our effective tax rate for the three and six months ended June 30, 2020 was 26.2 % and 23.8 %, respectively.

For the three months ended June 30, 2020, our effective tax rate was higher than the United States federal statutory rate of 21.0 % due primarily to state income taxes and higher taxes on earnings in foreign jurisdictions, partially offset by tax benefits related to research and development activities.

For the six months ended June 30, 2020, our effective tax rate was higher than the United States federal statutory rate of 21.0 % due primarily to state income taxes and higher taxes on earnings in foreign jurisdictions, partially offset by the remeasurement of acquired net operating losses under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) and the recognition of tax benefits related to research and development activities.

As of June 30, 2021, and December 31, 2020, we had approximately $ 11,486,000 and $ 10,546,000 , respectively, of unrecognized tax benefits.

Of these amounts, approximately $ 870,000 and $ 749,000 , respectively, related to accrued interest.

6 unchanged sentences

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.

Share Repurchase Program

On February 26, 2020, we announced that our Board of Directors had authorized the repurchase of up to $ 50,000,000 of our common stock.

On May 6, 2021, we announced that our Board of Directors had authorized the repurchase of up to $ 125,000,000 of our common stock, including the $ 25,000,000 that remained available from the February 2020 authorization.

Our share repurchases may be made on the open market, subject to Rule 10b-18 or in privately negotiated transactions, through block trades, through 10b5-1 plans or otherwise, at management’s discretion.

The amount of shares purchased and the timing of the purchases will be based on market conditions, working capital requirements, general business conditions and other factors.

We intend to retire the repurchased shares.

During the six months ended June 30, 2021, we repurchased 497,243 shares of our common stock on the open market at a total cost of $ 49,999,979 (an average price of $ 100.55 per share).

During the six months ended June 30, 2020, we repurchased 444,813 shares of our common stock on the open market at a total cost of $ 24,999,996 (an average price of $ 56.20 per share).

All shares repurchased during the six months ended June 30, 2021 and 2020 were retired .

Commitments and Contingencies

2 unchanged sentences

however, if the surety company is ever required to pay out under the bonds, we have contractually agreed to reimburse the surety company.

Management believes that payments, if any, related to these performance bonds are not probable at March 31, 2021.

Management believes that payments, if any, related to these performance bonds are not probable at June 30, 2021.

Accordingly, we have not accrued any liabilities related to such performance bonds in our consolidated financial statements.

5 unchanged sentences

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.

INSIGHT ENTERPRISES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

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, 2021.

Management believes that payments, if any, related to these indemnifications are not probable at June 30, 2021.

Accordingly, we have not accrued any liabilities related to such indemnifications in our consolidated financial statements.

1 unchanged sentence

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.

INSIGHT ENTERPRISES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

There are no pending legal proceedings that involve the indemnification of any of the Company’s directors or officers.

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PCM has rejected and vigorously responded to those claims and is pursuing various counterclaims.

The disputes are being heard by multiple courts and arbitrators in several different jurisdictions including California, Delaware and Pakistan.

The disputes are being heard by multiple

INSIGHT ENTERPRISES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

courts and arbitrators in several different jurisdictions including California, Delaware and Pakistan.

The Company cannot determine with certainty the costs or outcome of these matters.

3 unchanged sentences

North America;

Our offerings in North America and certain countries in EMEA and APAC include IT hardware, software and services.

Our offerings in the remainder of our EMEA and APAC segments are largely software and certain software-related services.

Our offerings in North America and certain countries in EMEA and APAC include IT hardware, software and services, including cloud solutions.

Our offerings in the remainder of our EMEA and APAC segments are largely software and certain software-related services and cloud solutions.

In the following table, revenue is disaggregated by our reportable operating segments, which are primarily defined by their related geographies, as well as by major product offering, by major client group and by recognition on either a gross basis as a principal in the arrangement, or on a net basis as an agent, for the three and six months ended June 30, 2021 and 2020 (in thousands):

Three Months Ended June 30, 2021

North America

Major Offerings

Major Client Groups

Large Enterprise / Corporate

Public Sector

Revenue Recognition based on acting as

Principal or Agent in the Transaction

Gross revenue recognition (Principal)

Net revenue recognition (Agent)

INSIGHT ENTERPRISES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

In the following table, revenue is disaggregated by our reportable operating segments, which are primarily defined by their related geographies, as well as by major product offering, by major client group and by recognition on either a gross basis as a principal in the arrangement, or on a net basis as an agent, for the three months ended March 31, 2021 and 2020 (in thousands):

Three Months Ended March 31, 2021

Three Months Ended June 30, 2020

North America

7 unchanged sentences

Net revenue recognition (Agent)

Three Months Ended March 31, 2020

Six Months Ended June 30, 2021

North America

7 unchanged sentences

Net revenue recognition (Agent)

INSIGHT ENTERPRISES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Six Months Ended June 30, 2020

North America

Major Offerings

Major Client Groups

Large Enterprise / Corporate

Public Sector

Revenue Recognition based on acting as

Principal or Agent in the Transaction

Gross revenue recognition (Principal)

Net revenue recognition (Agent)

All significant intercompany transactions are eliminated upon consolidation, and there are no differences between the accounting policies used to measure profit and loss for our segments or on a consolidated basis.

Net sales are defined as net sales to external clients.

None of our clients exceeded ten percent of consolidated net sales for the three months ended March 31, 2021 or 2020.

None of our clients exceeded ten percent of consolidated net sales for the three and six months ended June 30, 2021 or 2020.

A portion of our operating segments’ selling and administrative expenses arise from shared services and infrastructure that we have historically provided to them in order to realize economies of scale and to use resources efficiently.

These expenses, collectively identified as corporate charges, include senior management expenses, internal audit, legal, tax, insurance services, treasury and other corporate infrastructure expenses.

Charges are allocated to our operating segments, and the allocations have been determined on a basis that we consider to be a

INSIGHT ENTERPRISES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

reasonable reflection of the utilization of services provided to or benefits received by the operating segments.

Charges are allocated to our operating segments, and the allocations have been determined on a basis that we consider to be a reasonable reflection of the utilization of services provided to or benefits received by the operating segments.

The following tables present our results of operations by reportable operating segment for the periods indicated (in thousands):

Three Months Ended March 31,

Three Months Ended June 30, 2021

North America

6 unchanged sentences

Earnings from operations

Three Months Ended March 31, 2020

INSIGHT ENTERPRISES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Three Months Ended June 30, 2020

North America

7 unchanged sentences

Earnings from operations

The following is a summary of our total assets by reportable operating segment (in thousands):

Six Months Ended June 30, 2021

North America

Corporate assets and intercompany eliminations, net

Total net sales

Costs of goods sold:

Total costs of goods sold

Operating expenses:

Selling and administrative expenses

Severance and restructuring expenses

Earnings from operations

Six Months Ended June 30, 2020

North America

Total net sales

Costs of goods sold:

Total costs of goods sold

Operating expenses:

Selling and administrative expenses

Severance and restructuring expenses

Acquisition-related expenses

Earnings from operations

INSIGHT ENTERPRISES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

The following is a summary of our total assets by reportable operating segment (in thousands):

North America

Corporate assets and intercompany eliminations, net

We recorded the following pre-tax amounts, by reportable operating segment, for depreciation and amortization in the accompanying consolidated financial statements (in thousands):

Three Months Ended

Six Months Ended

Depreciation and amortization of property and

6 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements