Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 15, 2014 | Jun. 28, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'PCCC | ' | ' |
Entity Registrant Name | 'PC CONNECTION INC | ' | ' |
Entity Central Index Key | '0001050377 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 26,199,911 | ' |
Entity Public Float | ' | ' | $146,669,291 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $42,547 | $39,907 |
Accounts Receivable, net | 283,051 | 267,310 |
Inventories | 79,141 | 69,637 |
Deferred income taxes | 6,382 | 5,250 |
Prepaid expenses and other current assets | 5,117 | 3,934 |
Income taxes receivable | 2,256 | 434 |
Total current assets | 418,494 | 386,472 |
Property and equipment, net | 27,600 | 26,104 |
Goodwill | 51,276 | 51,276 |
Other intangibles, net | 2,854 | 3,757 |
Other assets | 720 | 714 |
Total Assets | 500,944 | 468,323 |
Current Liabilities: | ' | ' |
Accounts payable | 124,821 | 126,110 |
Accrued expenses and other liabilities | 22,362 | 22,562 |
Accrued payroll | 14,935 | 13,824 |
Current maturities of capital lease obligation to affiliate | ' | 989 |
Total current liabilities | 162,118 | 163,485 |
Deferred income taxes | 16,224 | 10,514 |
Other liabilities | 2,773 | 3,021 |
Total Liabilities | 181,115 | 177,020 |
Commitments and Contingencies (Note 13) | ' | ' |
Stockholders' Equity: | ' | ' |
Preferred Stock, $.01 par value, 10,000 shares authorized, none issued | ' | ' |
Common Stock, $.01 par value, 100,000 shares authorized, 28,056 and 27,772 issued, 26,200 and 25,887 outstanding at December 31, 2013 and 2012, respectively | 281 | 278 |
Additional paid-in capital | 104,932 | 101,735 |
Retained earnings | 230,478 | 205,271 |
Treasury stock at cost, 1,856 and 1,885 shares at December 31, 2013 and 2012, respectively | -15,862 | -15,981 |
Total Stockholders' Equity | 319,829 | 291,303 |
Total Liabilities and Stockholders' Equity | $500,944 | $468,323 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Preferred Stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Preferred Stock, shares issued | 0 | 0 |
Common Stock, par value | $0.01 | $0.01 |
Common Stock, shares authorized | 100,000 | 100,000 |
Common Stock, shares issued | 28,056 | 27,772 |
Common Stock, shares outstanding | 26,200 | 25,887 |
Treasury stock, shares | 1,856 | 1,885 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net sales | $578,572 | $580,356 | $557,287 | $505,423 | $556,247 | $561,294 | $542,569 | $498,763 | $2,221,638 | $2,158,873 | $2,103,295 |
Cost of sales | 502,879 | 503,803 | 483,371 | 438,585 | 484,546 | 489,088 | 470,998 | 432,152 | 1,928,638 | 1,876,784 | 1,838,411 |
Gross profit | 75,693 | 76,553 | 73,916 | 66,838 | 71,701 | 72,206 | 71,571 | 66,611 | 293,000 | 282,089 | 264,884 |
Selling, general and administrative expenses | 59,315 | 59,043 | 58,533 | 56,713 | 57,063 | 55,906 | 56,903 | 56,450 | 233,604 | 226,322 | 217,273 |
Special charges | ' | ' | ' | ' | ' | ' | ' | 1,135 | ' | 1,135 | ' |
Income from operations | 16,378 | 17,510 | 15,383 | 10,125 | 14,638 | 16,300 | 14,668 | 9,026 | 59,396 | 54,632 | 47,611 |
Interest expense | -11 | -39 | -46 | -53 | -33 | -69 | -64 | ' | -149 | -166 | -369 |
Other, net | -3 | ' | ' | 3 | 18 | 6 | -29 | 46 | ' | 41 | 189 |
Income before taxes | 16,364 | 17,471 | 15,337 | 10,075 | 14,623 | 16,237 | 14,575 | 9,072 | 59,247 | 54,507 | 47,431 |
Income tax provision | -6,523 | -6,882 | -6,183 | -3,977 | -5,754 | -6,336 | -5,749 | -3,597 | -23,565 | -21,436 | -18,644 |
Net income | $9,841 | $10,589 | $9,154 | $6,098 | $8,869 | $9,901 | $8,826 | $5,475 | $35,682 | $33,071 | $28,787 |
Earnings per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $0.38 | $0.40 | $0.35 | $0.23 | $0.34 | $0.37 | $0.33 | $0.21 | $1.37 | $1.25 | $1.08 |
Diluted | $0.37 | $0.40 | $0.35 | $0.23 | $0.33 | $0.37 | $0.33 | $0.21 | $1.35 | $1.24 | $1.07 |
Shares used in computation of earnings per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | 26,181 | 26,169 | 26,127 | 25,998 | 26,413 | 26,470 | 26,403 | 26,439 | 26,120 | 26,431 | 26,703 |
Diluted | 26,453 | 26,399 | 26,379 | 26,272 | 26,598 | 26,660 | 26,519 | 26,586 | 26,387 | 26,586 | 26,800 |
Consolidated_Statement_Of_Chan
Consolidated Statement Of Changes In Stockholders' Equity (USD $) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Shares |
In Thousands | |||||
Balance at Dec. 31, 2010 | $257,639 | $275 | $98,871 | $164,075 | ($5,582) |
Balance (in shares) at Dec. 31, 2010 | ' | 27,507 | ' | ' | -854 |
Issuance of common stock under stock incentive plans (in shares) | ' | 64 | ' | ' | ' |
Issuance of common stock under stock incentive plans | 404 | 1 | 403 | ' | ' |
Issuance of common stock under Employee Stock Purchase Plan (in shares) | ' | 42 | ' | ' | ' |
Issuance of common stock under Employee Stock Purchase Plan | 380 | ' | 380 | ' | ' |
Stock-based compensation expense | 824 | ' | 824 | ' | ' |
Nonvested stock awards (in shares) | ' | ' | ' | ' | 93 |
Nonvested stock awards | ' | ' | -633 | ' | 633 |
Tax benefit from stock-based compensation | 112 | ' | 112 | ' | ' |
Repurchase of common stock for treasury (in shares) | -461 | ' | ' | ' | -487 |
Repurchase of common stock for treasury | -4,029 | ' | ' | ' | -4,029 |
Dividend payment | -10,588 | ' | ' | -10,588 | ' |
Net income | 28,787 | ' | ' | 28,787 | ' |
Balance at Dec. 31, 2011 | 273,529 | 276 | 99,957 | 182,274 | -8,978 |
Balance (in shares) at Dec. 31, 2011 | ' | 27,613 | ' | ' | -1,248 |
Issuance of common stock under stock incentive plans (in shares) | ' | 110 | ' | ' | ' |
Issuance of common stock under stock incentive plans | 872 | 1 | 871 | ' | ' |
Issuance of common stock under Employee Stock Purchase Plan (in shares) | ' | 49 | ' | ' | ' |
Issuance of common stock under Employee Stock Purchase Plan | 515 | 1 | 514 | ' | ' |
Stock-based compensation expense | 1,494 | ' | 1,494 | ' | ' |
Nonvested stock awards (in shares) | ' | ' | ' | ' | 177 |
Nonvested stock awards | ' | ' | -1,314 | ' | 1,314 |
Shares withheld for taxes paid on stock awards (in Shares) | ' | ' | ' | ' | -52 |
Shares withheld for taxes paid on stock awards | -504 | ' | ' | ' | -504 |
Tax benefit from stock-based compensation | 213 | ' | 213 | ' | ' |
Repurchase of common stock for treasury (in shares) | -762 | ' | ' | ' | -762 |
Repurchase of common stock for treasury | -7,813 | ' | ' | ' | -7,813 |
Dividend payment | -10,074 | ' | ' | -10,074 | ' |
Net income | 33,071 | ' | ' | 33,071 | ' |
Balance at Dec. 31, 2012 | 291,303 | 278 | 101,735 | 205,271 | -15,981 |
Balance (in shares) at Dec. 31, 2012 | ' | 27,772 | ' | ' | -1,885 |
Issuance of common stock under stock incentive plans (in shares) | ' | 225 | ' | ' | ' |
Issuance of common stock under stock incentive plans | 1,779 | 2 | 1,777 | ' | ' |
Issuance of common stock under Employee Stock Purchase Plan (in shares) | ' | 33 | ' | ' | ' |
Issuance of common stock under Employee Stock Purchase Plan | 591 | 1 | 590 | ' | ' |
Stock-based compensation expense | 958 | ' | 958 | ' | ' |
Nonvested stock awards (in shares) | ' | 26 | ' | ' | 48 |
Nonvested stock awards | ' | ' | -403 | ' | 403 |
Shares withheld for taxes paid on stock awards (in Shares) | -19 | ' | ' | ' | -19 |
Shares withheld for taxes paid on stock awards | -577 | ' | -293 | ' | -284 |
Tax benefit from stock-based compensation | 568 | ' | 568 | ' | ' |
Repurchase of common stock for treasury (in shares) | 0 | ' | ' | ' | ' |
Dividend payment | -10,475 | ' | ' | -10,475 | ' |
Net income | 35,682 | ' | ' | 35,682 | ' |
Balance at Dec. 31, 2013 | $319,829 | $281 | $104,932 | $230,478 | ($15,862) |
Balance (in shares) at Dec. 31, 2013 | ' | 28,056 | ' | ' | -1,856 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows from Operating Activities: | ' | ' | ' |
Net income | $35,682 | $33,071 | $28,787 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ' | ' | ' |
Depreciation and amortization | 7,089 | 6,895 | 5,951 |
Deferred income taxes | 4,578 | 674 | 2,581 |
Provision for doubtful accounts | 1,078 | 1,561 | 2,768 |
Stock-based compensation expense | 958 | 1,494 | 824 |
Loss on disposal of fixed assets | 5 | 82 | 16 |
Excess tax benefit from exercise of stock options | -260 | -15 | -15 |
Income tax benefit from stock-based compensation | ' | 213 | 112 |
Fair value adjustment to contingent consideration | ' | -44 | -80 |
Changes in assets and liabilities: | ' | ' | ' |
Accounts receivable | -16,819 | 26,317 | -56,682 |
Inventories | -9,504 | 7,800 | -2,850 |
Prepaid expenses and other current assets | -3,005 | 2,272 | -673 |
Other non-current assets | -6 | -62 | -219 |
Accounts payable | -1,371 | -4,613 | 14,497 |
Accrued expenses and other liabilities | 1,231 | -5,986 | -309 |
Net cash provided by (used for) operating activities | 19,656 | 69,659 | -5,292 |
Cash Flows from Investing Activities: | ' | ' | ' |
Purchases of property and equipment | -7,607 | -9,250 | -10,855 |
Proceeds from sale of equipment | 2 | 10 | 4 |
Acquisition of ValCom Technology, net of cash acquired | ' | ' | -4,745 |
Purchase of intangible asset | ' | ' | -450 |
Net cash used for investing activities | -7,605 | -9,240 | -16,046 |
Cash Flows from Financing Activities: | ' | ' | ' |
Repayment of short-term borrowings | ' | -12,471 | -54,106 |
Proceeds from short-term borrowings | ' | 7,204 | 59,373 |
Dividend payment | -10,475 | -10,074 | -10,588 |
Exercise of stock options | 1,779 | 872 | 404 |
Issuance of stock under Employee Stock Purchase Plan | 591 | 515 | 380 |
Excess tax benefit from exercise of stock options | 260 | 15 | 15 |
Repayment of capital lease obligation to affiliate | -989 | -971 | -870 |
Shares withheld for taxes paid on stock awards | -577 | -504 | -206 |
Purchase of treasury shares | ' | -7,813 | -3,823 |
Payment of contingent consideration | ' | -1,900 | ' |
Net cash used for financing activities | -9,411 | -25,127 | -9,421 |
Increase (decrease) in cash and cash equivalents | 2,640 | 35,292 | -30,759 |
Cash and cash equivalents, beginning of year | 39,907 | 4,615 | 35,374 |
Cash and cash equivalents, end of year | 42,547 | 39,907 | 4,615 |
Non-cash Investing and Financing Activities: | ' | ' | ' |
Issuance of nonvested stock | 403 | 1,314 | 633 |
Accrued capital expenditures | 335 | 253 | 430 |
Contingent consideration recorded in accrued expenses and other liabilities | ' | ' | 1,960 |
Supplemental Cash Flow Information: | ' | ' | ' |
Income taxes paid | 20,891 | 19,025 | 16,813 |
Interest paid | $101 | $244 | $276 |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Summary Of Significant Accounting Policies | ' | ||||||||||||
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||
We are a direct marketer of a wide range of information technology (“IT”) solutions. We help our customers design, enable, manage, and service their IT environments. We provide IT products, including computer systems, software and peripheral equipment, networking communications, and other products and accessories that we purchase from manufacturers, distributors, and other suppliers. We also offer services involving design, configuration, and implementation of IT solutions. These services are performed by our personnel and by third-party providers. We operate through three sales segments, which serve primarily: (a) small- to medium-sized businesses, in SMB, through our PC Connection Sales subsidiary, (b) large enterprise customers, in Large Account, through our MoreDirect subsidiary, and (c) federal, state, and local government and educational institutions, in Public Sector, through our GovConnection subsidiary. | |||||||||||||
The following is a summary of our significant accounting policies: | |||||||||||||
Principles of Consolidation | |||||||||||||
The consolidated financial statements include the accounts of PC Connection, Inc. and its subsidiaries, all of which are wholly-owned. Intercompany transactions and balances are eliminated in consolidation. | |||||||||||||
Use of Estimates in the Preparation of Financial Statements | |||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts and disclosures of assets and liabilities and the reported amounts and disclosures of revenue and expenses during the period. By nature, estimates are subject to an inherent degree of uncertainty. Actual results could differ from those estimates and assumptions. | |||||||||||||
Revenue Recognition | |||||||||||||
Revenue on product sales is recognized at the point in time when persuasive evidence of an arrangement exists, the price is fixed or determinable, delivery has occurred, and there is a reasonable assurance of collection of the sales proceeds. We generally obtain oral or written purchase authorizations from our customers for a specified amount of product at a specified price. Because we either (i) have a general practice of covering customer losses while products are in-transit despite title transferring at the point of shipment or (ii) have FOB—destination shipping terms specifically set out in our arrangements with federal agencies and certain commercial customers, delivery is deemed to have occurred at the point in time when the product is received by the customer. | |||||||||||||
We provide our customers with a limited thirty-day right of return generally limited to defective merchandise. Revenue is recognized at delivery and a reserve for sales returns is recorded. We make reasonable and reliable estimates of product returns based on significant historical experience and record our sales reserves as a reduction of revenues and either as offsets to accounts receivable or, for customers who have already paid, as offsets to accrued expenses. At December 31, 2013, we recorded sales reserves of $3,060 and $208 as components of accounts receivable and accrued expenses, respectively. At December 31, 2012, we recorded sales reserves of $2,415 and $152 as components of accounts receivable and accrued expenses, respectively. | |||||||||||||
All amounts billed to a customer in a sales transaction related to shipping and handling, if any, represent revenues earned for the goods provided, and these amounts have been classified as “net sales.” Costs related to such shipping and handling billings are classified as “cost of sales.” Sales are reported net of sales, use, or other transaction taxes that are collected from customers and remitted to taxing authorities. | |||||||||||||
We use our own engineering personnel in projects involving the design and installation of systems and networks, and we also engage third-party service providers to perform warranty maintenance, implementations, asset disposals, and other services. We evaluate such engagements to determine whether we or the third party assumes the general risk and reward of ownership in these transactions. For those transactions in which we do not assume the risk and reward but instead act as an agent, we recognize the transaction revenue on a net basis. Under net sales recognition, we recognize the cost of the third party as a reduction to the selling price, and accordingly, report as revenue only our gross profit earned on the transaction. In those engagements in which we are the principal and primary obligor, we report the sale on a gross basis, and the cost of the service provider is recognized in cost of goods sold. | |||||||||||||
Similarly, we recognize revenue from agency sales transactions on a net sales basis. In agency sales transactions, we facilitate product sales by equipment and software manufacturers directly to our customers and receive agency, or referral, fees for such transactions. We do not take title to the products or assume any maintenance or return obligations in these transactions; title is passed directly from the supplier to our customer. | |||||||||||||
Amounts recognized on a net basis included in net sales for such third-party services and agency sales transactions were $20,570, $18,870, and $17,463 for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||
Although service revenue represents a small percentage of our consolidated revenue, we offer a wide range of services, including design, installation, configuration, and other services performed by our personnel and third-party providers. In certain revenue arrangements, our contracts require that we provide multiple units of hardware, software, or services deliverables. Under these multiple-element arrangements, each service performed and product delivered is considered a separate deliverable and qualifies as a separate unit of accounting. For material multiple element arrangements, we allocate revenue based on vendor-specific objective evidence of fair value of the underlying services and products. If we were to enter into a multiple element arrangement in which vendor-specific objective evidence was not available, we would utilize third-party evidence to allocate the selling price. If neither vendor-specific objective evidence nor third-party evidence was available, we would estimate the selling price based on market price and company specific factors. | |||||||||||||
Cost of Sales and Certain Other Costs | |||||||||||||
Cost of sales includes the invoice cost of the product, direct employee and third party cost of services, direct costs of packaging, inbound and outbound freight, and provisions for inventory obsolescence, adjusted for discounts, rebates, and other vendor allowances. Direct operating expenses relating to our purchasing function and receiving, inspection, warehousing, packing and shipping, and other expenses of our distribution center are included in our SG&A expenses. Accordingly, our gross margin may not be comparable to those of other entities who include all of the costs related to their distribution network in cost of goods sold. Such distribution costs included in our SG&A expenses are as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
$13,843 | $ | 13,878 | $ | 13,455 | |||||||||
Cash and Cash Equivalents | |||||||||||||
We consider all highly liquid short-term investments with original maturities of 90 days or less to be cash equivalents. The carrying value of our cash equivalents approximates fair value. The majority of payments due from credit card processors and banks for third-party credit card and debit card transactions process within one to five business days. All credit card and debit card transactions that process in less than seven days are classified as cash and cash equivalents. Amounts due from banks for credit card transactions classified as cash equivalents totaled $5,115 and $2,611 at December 31, 2013 and 2012, respectively. | |||||||||||||
Accounts Receivable | |||||||||||||
We perform ongoing credit evaluations of our customers and adjust credit limits based on payment history and customer creditworthiness. We maintain an allowance for estimated doubtful accounts based on our historical experience and the customer credit issues identified. Our customers do not post collateral for open accounts receivable. We monitor collections regularly and adjust the allowance for doubtful accounts as necessary to recognize any changes in credit exposure. Trade receivables are charged off in the period in which they are deemed uncollectible. Recoveries of trade receivables previously charged are recorded when received. | |||||||||||||
Inventories | |||||||||||||
Inventories (all finished goods) consisting of software packages, computer systems, and peripheral equipment, are stated at cost (determined under a weighted-average cost method which approximates the first-in, first-out method) or market, whichever is lower. Inventory quantities on hand are reviewed regularly, and allowances are maintained for obsolete, slow moving, and nonsalable inventory. | |||||||||||||
Vendor Allowances | |||||||||||||
We receive allowances from merchandise vendors for price protections, discounts, product rebates, and other programs. These allowances are treated as a reduction of the vendor’s prices and are recorded as adjustments to cost of sales or inventory, as applicable. Allowances for product rebates that require certain volumes of product sales or purchases are recorded as the related milestones are probable of being met. | |||||||||||||
Advertising Costs and Allowances | |||||||||||||
Costs of producing and distributing catalogs are charged to expense in the period in which the catalogs are first circulated. Other advertising costs are expensed as incurred. | |||||||||||||
Vendors have the ability to place advertisements in our catalogs or fund other advertising activities for which we receive advertising allowances. These vendor allowances, to the extent that they represent specific reimbursements of the underlying incremental and identifiable costs, are offset against SG&A expenses. Advertising allowances that cannot be associated with a specific program funded by an individual vendor or that exceed the fair value of advertising expense associated with that program are classified as offsets to cost of sales or inventory. Our vendor partners generally consolidate their funding of advertising and other marketing programs, and accordingly, we classify substantially all vendor consideration as a reduction of cost of sales or inventory rather than a reduction of advertising expense. Advertising expense, which is classified as a component of SG&A expenses, totaled $18,019, $20,029, and $20,858, for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||
Property and Equipment | |||||||||||||
Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization is provided for financial reporting purposes over the estimated useful lives of the assets ranging from three to seven years. Computer software, including licenses and internally developed software, is capitalized and amortized over lives ranging from three to seven years. Depreciation is provided using the straight-line method. Leasehold improvements and facilities under capital leases are amortized over the terms of the related leases or their useful lives, whichever is shorter, whereas for income tax reporting purposes, they are amortized over the applicable tax lives. | |||||||||||||
Costs incurred to develop internal-use software during the application development stage are recorded in property and equipment at cost. External direct costs of materials and services consumed in developing or obtaining internal-use computer software and payroll-related costs for employees who devote time to the development of internal-use computer software projects, to the extent of the time spent directly on the project and specific to application development, are capitalized. In 2013, we capitalized $2,203 of internally developed software costs related to our Customer Master Data Management (“Customer MDM”) project. In the third quarter of 2013, we completed the first phase of the Customer MDM software project and placed into service $12,044 of related software and integration expenditures. | |||||||||||||
When events or circumstances indicate a potential impairment, we evaluate the carrying value of property and equipment based upon current and anticipated undiscounted cash flows. We recognize impairment when it is probable that such estimated future cash flows will be less than the asset carrying value. | |||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||
Our intangible assets consist of goodwill, which is not subject to amortization, and amortizing intangibles, which consist of customer lists, tradenames, and certain technology licensing agreements, which are being amortized over their useful lives. | |||||||||||||
Note 2 describes the annual impairment methodology that we employ on January 1st of each year in calculating the recoverability of goodwill. This same impairment test is performed at other times during the course of a year should an event occur or circumstance change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. | |||||||||||||
Recoverability of amortizing intangibles assets is assessed only when events have occurred that may give rise to impairment. When a potential impairment has been identified, forecasted undiscounted net cash flows of the operations to which the asset relates are compared to the current carrying value of the long-lived assets present in that operation. If such cash flows are less than such carrying amounts, long-lived assets including such intangibles, are written down to their respective fair values. | |||||||||||||
Concentrations | |||||||||||||
Concentrations of credit risk with respect to trade account receivables are limited due to the large number of customers comprising our customer base. No single customer accounted for more than 2% of total net sales in 2013, 2012, and 2011. While no single agency of the federal government comprised more than 2% of total sales, aggregate sales to the federal government were 6.4% in 2013 and 8.4% in 2012 and 2011. | |||||||||||||
Product purchases from Ingram Micro, Inc. (“Ingram”), our largest supplier, accounted for approximately 24%, 26%, and 25% of our total product purchases in 2013, 2012, and 2011, respectively. Purchases from Synnex Corporation (“Synnex”) comprised 12% of our total product purchases in 2013 and 14% in 2012 and 2011, respectively. Purchases from Tech Data Corporation (“Tech Data”) comprised 10% of our total product purchases in 2013 and 2012, respectively, and 12% in 2011. Purchases from Hewlett-Packard Company (“HP”), comprised 9% of our total product purchases in 2013 and 2012, respectively, and 10% in 2011. No other vendor supplied more than 10% of our total product purchases in 2013, 2012, or 2011. We believe that, while we may experience some short-term disruption, alternative sources for products obtained directly from Ingram, Synnex, Tech Data, and HP are available to us. | |||||||||||||
Products manufactured by HP represented 25%, 27%, and 28% of our net sales in 2013, 2012, and 2011, respectively. We believe that in the event we experience either a short-term or permanent disruption of supply of HP products, such disruption would likely have a material adverse effect on our results of operations and cash flows. | |||||||||||||
Earnings Per Share | |||||||||||||
Basic earnings per common share is computed using the weighted average number of shares outstanding. Diluted earnings per share is computed using the weighted average number of shares outstanding adjusted for the incremental shares attributable to nonvested stock units and stock options outstanding, if dilutive. | |||||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator: | |||||||||||||
Net income | $ | 35,682 | $ | 33,071 | $ | 28,787 | |||||||
Denominator: | |||||||||||||
Denominator for basic earnings per share | 26,120 | 26,431 | 26,703 | ||||||||||
Dilutive effect of employee stock awards | 267 | 155 | 97 | ||||||||||
Denominator for diluted earnings per share | 26,387 | 26,586 | 26,800 | ||||||||||
Earnings per share: | |||||||||||||
Basic | $ | 1.37 | $ | 1.25 | $ | 1.08 | |||||||
Diluted | $ | 1.35 | $ | 1.24 | $ | 1.07 | |||||||
For the years ended December 31, 2013, 2012, and 2011, the following outstanding nonvested stock units and stock options were excluded from the computation of diluted earnings per share because including them would have had an anti-dilutive effect: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Employee Stock Awards | 162 | 299 | 399 | ||||||||||
Comprehensive Income | |||||||||||||
We had no items of comprehensive income, other than our net income for each of the periods presented. | |||||||||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||||||||||
2. GOODWILL AND OTHER INTANGIBLE ASSETS | |||||||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||||||
Goodwill is subject to an annual impairment test and tested more frequently if events or circumstances occur that would indicate a potential decline in fair value. For goodwill, a two-step quantitative test is performed at a reporting unit level which requires, under the first step, that the fair value of a reporting unit is determined and compared to the reporting unit’s carrying value, including goodwill. To assess the fair value of a reporting unit, both income and market valuation approaches are used. If the fair value is determined to be less than the carrying value, the second step is performed to measure the amount of the impairment. | |||||||||||||||||||||||||||||
Our annual impairment test of goodwill is set as of the first day of the year. Previously, goodwill was held by two reporting units that comprised our Large Account segment. However in the fourth quarter of 2012, we combined the operations of the two reporting units, and as a result, goodwill is now held by the combined Large Account reporting unit. The fair value of the Large Account reporting unit substantially exceeded its carrying value; accordingly, we did not identify any goodwill impairment for 2013. We also did not identify any events or circumstances that would indicate that it is more likely than not that the carrying value of the reporting unit was in excess of the fair value during the year ended December 31, 2013. | |||||||||||||||||||||||||||||
To determine the fair value of our reporting unit, we considered operating results and future projections, as well as changes in the Company’s overall market capitalization, in addition to the market capitalization of our competitors. The significant assumptions used in our discounted cash flow analysis include: projected cash flows and profitability, the discount rate used to present value future cash flows, working capital requirements, and terminal growth rates. Cash flows and profitability assumptions include sales growth, gross margin, and SG&A growth assumptions which are generally based on historical trends. The discount rate used is a “market participant” weighted average cost of capital (“WACC”). For our computation of fair value as of January 1, 2013, we used a WACC rate of 12.9%, and estimated terminal growth rate at 4.0% and working capital requirements at 7.5% of revenues. There were no changes in the carrying amounts of goodwill during each of the years ended December 31, 2013 and 2012. The carrying amount of goodwill for the periods presented is detailed below: | |||||||||||||||||||||||||||||
SMB | Large Account | Public Sector | Total | ||||||||||||||||||||||||||
Goodwill, gross | $ | 1,173 | $ | 51,276 | $ | 7,634 | $ | 60,083 | |||||||||||||||||||||
Accumulated impairment losses | (1,173 | ) | — | (7,634 | ) | (8,807 | ) | ||||||||||||||||||||||
Net balance | $ | — | $ | 51,276 | $ | — | $ | 51,276 | |||||||||||||||||||||
Intangible Assets | |||||||||||||||||||||||||||||
Our intangible assets, which are amortized in proportion to the estimates of the future cash flows underlying the valuation of the assets, and the related accumulated amortization, are detailed below: | |||||||||||||||||||||||||||||
Estimated | December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||
Useful Lives | Gross | Accumulated | Net | Gross | Accumulated | Net Amount | |||||||||||||||||||||||
Amount | Amortization | Amount | Amount | Amortization | |||||||||||||||||||||||||
Customer List | 8 | $ | 3,400 | $ | 1,514 | $ | 1,886 | $ | 3,400 | $ | 989 | $ | 2,411 | ||||||||||||||||
Tradename | 5 | 1,190 | 397 | 793 | 1,190 | 159 | 1,031 | ||||||||||||||||||||||
License Agreements | 5 | 800 | 625 | 175 | 800 | 485 | 315 | ||||||||||||||||||||||
Total Intangible Assets | $ | 5,390 | $ | 2,536 | $ | 2,854 | $ | 5,390 | $ | 1,633 | $ | 3,757 | |||||||||||||||||
In 2013, 2012, and 2011, we recorded amortization expense of $903, $1,448, and $631, respectively. The estimated amortization expense relating to intangible assets in each of the five succeeding years and thereafter is as follows: | |||||||||||||||||||||||||||||
For the Years Ending December 31, | |||||||||||||||||||||||||||||
2014 | $ | 901 | |||||||||||||||||||||||||||
2015 | 735 | ||||||||||||||||||||||||||||
2016 | 599 | ||||||||||||||||||||||||||||
2017 | 362 | ||||||||||||||||||||||||||||
2018 | 221 | ||||||||||||||||||||||||||||
Thereafter | 36 |
Fair_Value
Fair Value | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value | ' | ||||||||||||||||
3. FAIR VALUE | |||||||||||||||||
Our financial instruments consist primarily of cash and cash equivalents, accounts receivable, and accounts payable. The carrying values of cash, accounts receivable, and accounts payable approximate their fair values due to their short-term nature. | |||||||||||||||||
We are required to measure fair value under a fair value hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs. Observable inputs are obtained from independent sources and can be validated by a third party, whereas unobservable inputs reflect assumptions regarding what a third party would use in pricing an asset or liability. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs may be used to measure fair value: | |||||||||||||||||
Level 1—Quoted prices in active markets for identical assets or liabilities. | |||||||||||||||||
Level 2—Include other inputs that are directly or indirectly observable in the marketplace. | |||||||||||||||||
Level 3—Unobservable inputs which are supported by little or no market activity. | |||||||||||||||||
We measure our cash equivalents at fair value and classify such assets within Level 1 of the fair value hierarchy. This classification has been determined based on the manner in which we value our cash equivalents, primarily using quoted market prices for identical assets. | |||||||||||||||||
Assets measured at fair value on a recurring basis consisted of the following types of instruments at December 31, 2013 and 2012: | |||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
Quoted Prices in | Significant | Significant | Total | ||||||||||||||
Active Markets | Other | Unobservable | Balance | ||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||
Instruments | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Assets | |||||||||||||||||
Cash Equivalents: | |||||||||||||||||
Money market fund deposits at December 31, 2013 | $ | 38 | $ | — | $ | — | $ | 38 | |||||||||
Money market fund deposits at | 38 | — | — | 38 | |||||||||||||
December 31, 2012 |
Accounts_Receivable
Accounts Receivable | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounts Receivable | ' | ||||||||
4. ACCOUNTS RECEIVABLE | |||||||||
Accounts receivable consisted of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Trade | $ | 266,330 | $ | 251,249 | |||||
Vendor returns, consideration, and other | 21,872 | 20,830 | |||||||
Due from employees | 163 | 139 | |||||||
Due from affiliates | 11 | 21 | |||||||
Total Gross Accounts Receivable | 288,376 | 272,239 | |||||||
Allowances for: | |||||||||
Sales returns | (3,060 | ) | (2,415 | ) | |||||
Doubtful accounts | (2,265 | ) | (2,514 | ) | |||||
Accounts Receivable, net | $ | 283,051 | $ | 267,310 | |||||
Property_And_Equipment
Property And Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property And Equipment | ' | ||||||||
5. PROPERTY AND EQUIPMENT | |||||||||
Property and equipment consisted of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Facilities and equipment under capital lease with affiliate | $ | 7,215 | $ | 7,215 | |||||
Leasehold improvements | 7,534 | 7,380 | |||||||
Furniture and equipment | 25,698 | 23,120 | |||||||
Computer software, including licenses and internally-developed software | 58,257 | 53,942 | |||||||
Total | 98,704 | 91,657 | |||||||
Accumulated depreciation and amortization | (71,104 | ) | (65,553 | ) | |||||
Property and equipment, net | $ | 27,600 | $ | 26,104 | |||||
We recorded depreciation and amortization expense for property and equipment, including capital lease amortization, of $6,186, $5,447, and $5,320 in 2013, 2012, and 2011, respectively. |
Special_Charges
Special Charges | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Special Charges | ' | ||||
6. SPECIAL CHARGES | |||||
In 2012, we recorded special charges of $1,135 related to awards granted upon the retirement of a former executive officer and certain workforce reductions. The retirement award included a non-cash charge of $842 for the issuance of nonvested stock. We did not record any special charges in 2011 or 2013. | |||||
A roll forward of liabilities related to special charges is shown below. | |||||
Workforce | |||||
Reductions & | |||||
Other | |||||
Balance, January 1, 2011 | $ | 16 | |||
Cash payments | (16 | ) | |||
Balance, December 31, 2011 | — | ||||
Charges | 1,135 | ||||
Issuance of non-vested stock | (842 | ) | |||
Cash payments | (293 | ) | |||
Balance, December 31, 2012 | $ | — | |||
Bank_Borrowings
Bank Borrowings | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Bank Borrowings | ' | ||||||||||||
7. BANK BORROWINGS | |||||||||||||
We have a $50,000 credit facility collateralized by our receivables that expires February 24, 2017. This facility can be increased, at our option, to $80,000 for approved acquisitions or other uses authorized by the lender at substantially the same terms. Amounts outstanding under this facility bear interest at the one-month London Interbank Offered Rate (“LIBOR”), plus a spread based on our funded debt ratio, or in the absence of LIBOR, the prime rate (3.25% at December 31, 2013). The one-month LIBOR rate at December 31, 2013 was 0.17%. The credit facility includes various customary financial ratios and operating covenants, including minimum net worth and maximum funded debt ratio requirements, and default acceleration provisions, none of which we believe significantly restricts our operations. Funded debt ratio is the ratio of average outstanding advances under the credit facility to Adjusted EBITDA (Earnings Before Interest Expense, Taxes, Depreciation, Amortization, and Special Charges). The maximum allowable funded debt ratio under the agreement is 2.0 to 1.0. Decreases in our consolidated Adjusted EBITDA could limit our potential borrowings under the credit facility; however, we did not have any borrowings under our credit facility in 2013. We had no outstanding bank borrowings at December 31, 2013 or 2012, and accordingly, the entire $50,000 facility was available for borrowings under the credit facility. | |||||||||||||
Certain information with respect to short-term borrowings was as follows: | |||||||||||||
Year ended December 31, | Weighted | Maximum | Average | ||||||||||
Average | Amount | Amount | |||||||||||
Interest Rate | Outstanding | Outstanding | |||||||||||
2012 | 0.8 | % | $ | 6,707 | $ | 19 | |||||||
2011 | 0.8 | 21,007 | 750 |
Trade_Credit_Agreements
Trade Credit Agreements | 12 Months Ended |
Dec. 31, 2013 | |
Trade Credit Agreements | ' |
8. TRADE CREDIT AGREEMENTS | |
At December 31, 2013 and 2012, we had security agreements with two financial institutions to facilitate the purchase of inventory from various suppliers under certain terms and conditions. The agreements allow a collateralized first position in certain branded products in our inventory financed by the financial institutions up to an aggregated amount of $47,000. The cost of such financing under these agreements is borne by the suppliers by discounting their invoices to the financial institutions. We do not pay any interest or discount fees on such inventory. At December 31, 2013 and December 31, 2012, accounts payable included $15,543 and $18,901, respectively, owed to these financial institutions. |
Capital_Lease
Capital Lease | 12 Months Ended |
Dec. 31, 2013 | |
Capital Lease | ' |
9. CAPITAL LEASE | |
In November 1997, we entered into a fifteen-year lease for our corporate headquarters with an entity controlled by our principal stockholders, which we recorded as a capital lease. Annual lease payments under the terms of the lease, as amended, were approximately $911 for the first five years of the lease, increasing to $1,025 for years six through ten and $1,139 for years eleven through fifteen. The lease required us to pay our proportionate share of real estate taxes and common area maintenance charges either directly to providers or as additional rent and also to pay insurance premiums for the leased property. The initial term of the lease ended November 30, 2013, and we have the option under the original lease agreement to renew the lease for two additional terms of five years each. We are currently renting the space on a month-to-month basis for approximately $95 a month. The net book value of the capital lease asset was $441 as of December 31, 2012, and $0 at December 31, 2013. | |
Stockholders_Equity_and_ShareB
Stockholders' Equity and Share-Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Stockholders' Equity and Share-Based Compensation | ' | ||||||||||||||||
10. STOCKHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION | |||||||||||||||||
Preferred Stock | |||||||||||||||||
Our Amended and Restated Certificate of Incorporation (the “Restated Certificate”) authorizes the issuance of up to 10,000 shares of preferred stock, $.01 par value per share (the “Preferred Stock”). Under the terms of the Restated Certificate, the Board is authorized, subject to any limitations prescribed by law, without stockholder approval, to issue by a unanimous vote such shares of Preferred Stock in one or more series. Each such series of Preferred Stock shall have such rights, preferences, privileges, and restrictions, including voting rights, dividend rights, redemption privileges, and liquidation preferences, as shall be determined by the Board. There were no preferred shares outstanding at December 31, 2013 or 2012. | |||||||||||||||||
Share Repurchase Authorization | |||||||||||||||||
On March 28, 2001, our Board of Directors authorized the spending of up to $15,000 to repurchase our common stock. We consider block repurchases directly from larger stockholders, as well as open market purchases, in carrying out our ongoing stock repurchase program. | |||||||||||||||||
We did not repurchase any shares in 2013, however we repurchased 762 shares for $7,813 in 2012, and 461 shares for $3,823 in 2011. Our 2012 repurchases included the purchase of 600 shares from two principal stockholders at an average price of $10.58 per share. This share purchase agreement was approved by our Board of Directors and was considered a separate transaction from our 2001 Board authorized program. As of December 31, 2013, we have repurchased an aggregate of 1,682 shares for $12,233 under our repurchase program. The maximum approximate dollar value of shares that may yet be purchased under our 2001 share repurchase program is $2,767. We have issued nonvested shares from treasury stock and have reflected, upon the vesting of such shares, the net remaining balance of treasury stock on the consolidated balance sheet. In addition, we withheld 19 shares, having an aggregate fair value of $284, upon the vesting of nonvested stock to satisfy related employee tax obligations during the year ended December 31, 2013. Such transactions were recognized as a repurchase of common stock and returned to treasury but did not apply against authorized repurchase limits under our Board of Directors’ authorization. | |||||||||||||||||
On February 11, 2014, our Board approved a new share repurchase program authorizing up to $15,000 in share repurchases. There is no fixed termination date for this new repurchase program. Purchases may be made in open-market transactions, block transactions on or off an exchange, or in privately negotiated transactions. We intend to complete the 2001 repurchase program before repurchasing shares under the new program. The timing and amount of any share repurchases will be based on market conditions and other factors. | |||||||||||||||||
Dividend Payments | |||||||||||||||||
In 2013, we paid a cash dividend of $0.40 per share. The total cash payment of $10,475 was made on December 26, 2013, to shareholders of record at the close of business on December 12, 2013. In 2012, we paid a cash dividend of $0.38 per share. The total cash payment of $10,074 was made on December 14, 2012 to shareholders of record at the close of business on November 28, 2012. In 2011, we paid a cash dividend of $0.40 per share. The total cash payment of $10,588 was made on December 5, 2011 to shareholders of record at the close of business on November 25, 2011. We have no current plans to pay additional cash dividends on our common stock in the foreseeable future, and declaration of any future cash dividends will depend upon our financial position, strategic plans, and general business conditions. | |||||||||||||||||
Equity Compensation Plan Descriptions | |||||||||||||||||
In November 1997, the Board adopted and the stockholders approved the 1997 Stock Incentive Plan (the “1997 Plan”). Under the terms of the 1997 Plan, we were authorized, for a ten-year period, to grant stock options, nonvested stock, and other stock-based awards. The 1997 Plan expired in November 2007. Under such plan, options to purchase 171 shares remain outstanding as of December 31, 2013. | |||||||||||||||||
In 2007, the Board adopted, and our stockholders approved, the 2007 Stock Incentive Plan (the “2007 Plan”). In May 2013, our shareholders approved an amendment to the 2007 Plan that authorized the issuance of 1,400 shares of common stock under the 2007 Plan. Under the terms of the 2007 Plan, we are authorized, for a ten-year period to grant options, stock appreciation rights, nonvested stock, nonvested stock units, and other stock-based awards to employees, officers, directors, and consultants. As of December 31, 2013, there were 53 shares eligible for future grants under the 2007 Plan. | |||||||||||||||||
1997 Employee Stock Purchase Plan | |||||||||||||||||
In November 1997, the Board adopted and the stockholders approved the 1997 Employee Stock Purchase Plan (the “Purchase Plan”), which became effective on February 1, 1999. The Purchase Plan authorizes the issuance of common stock to participating employees. Under the Purchase Plan, as amended, our employees are eligible to purchase company stock at 95% of the purchase price as of the last business day of each six-month offering period. An aggregate of 1,038 shares of common stock has been reserved for issuance under the Purchase Plan, of which 953 shares have been purchased. | |||||||||||||||||
Accounting for Share-Based Compensation | |||||||||||||||||
We measure the grant date fair value of equity awards given to employees and recognize that cost, adjusted for forfeitures, over the period that services are performed. We value grants with multiple vesting periods as a single award and record share-based compensation as a component of SG&A expenses or special charges. In 2013, 2012, and 2011, we granted nonvested stock units, and in previous years, we have granted both nonvested stock awards and stock options. | |||||||||||||||||
We employ the Black-Scholes option valuation model to assess the grant date fair value of each option grant. The application of this model requires certain key input assumptions, including expected volatility, option term, and risk-free interest rates. Expected volatility is based on the historical volatility of our common stock. The expected term of an option grant is estimated using the historical exercise behavior of employees and directors. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve that corresponds most closely to the stock option’s expected average life. We estimate expected forfeitures based upon historical patterns of employee turnover. | |||||||||||||||||
The following table summarizes the components of share-based compensation recorded as expense for the three years ended December 31, 2013: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Nonvested shares/units | $ | 864 | $ | 1,333 | $ | 530 | |||||||||||
Stock options | 94 | 161 | 294 | ||||||||||||||
Pre-tax compensation expense | 958 | 1,494 | 824 | ||||||||||||||
Tax benefit | (329 | ) | (517 | ) | (234 | ) | |||||||||||
Net effect on net income | $ | 629 | $ | 977 | $ | 590 | |||||||||||
We have historically settled stock option exercises with newly issued common shares. The intrinsic value of options exercised in 2013, 2012, and 2011 was $1,610, $374, and $253, respectively. The following table sets forth our stock option activity for the year ended December 31, 2013: | |||||||||||||||||
Options | Weighted | Weighted | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise Price | Remaining | Value | |||||||||||||||
Contractual | |||||||||||||||||
Term (Years) | |||||||||||||||||
Outstanding, January 1, 2013 | 540 | $ | 9.54 | ||||||||||||||
Exercised | (225 | ) | 7.89 | ||||||||||||||
Forfeited | (6 | ) | 6.35 | ||||||||||||||
Expired | (50 | ) | 13.13 | ||||||||||||||
Outstanding, December 31, 2013 | 259 | $ | 10.36 | 4.32 | $ | 3,752 | |||||||||||
Vested and expected to vest | 257 | $ | 10.4 | 4.3 | $ | 3,711 | |||||||||||
Exercisable, December 31, 2013 | 254 | $ | 10.44 | 4.28 | $ | 3,659 | |||||||||||
Unearned compensation cost related to the unvested portion of outstanding stock options as of December 31, 2013 was $3 and is expected to be recognized in the first quarter of 2014. | |||||||||||||||||
We have issued nonvested stock awards from treasury stock. Recipients of these awards possess the rights of stockholders, including voting rights and the right to receive dividends. In 2013, 2012 and 2011, we issued nonvested stock units that settle in stock and vest over periods up to nine years. Recipients of nonvested stock units do not possess stockholder rights. The fair value of these two grant types is based on the end of day market value of our common stock on the grant date. The following table summarizes our nonvested stock award and unit activity in 2013: | |||||||||||||||||
Nonvested Stock Awards | Nonvested Stock Units | ||||||||||||||||
Shares | Weighted-Average | Shares | Weighted-Average | ||||||||||||||
Grant Date Fair | Grant Date | ||||||||||||||||
Value | Fair Value | ||||||||||||||||
Nonvested at January 1, 2013 | 48 | $ | 4.51 | 353 | $ | 8.33 | |||||||||||
Awarded | — | — | 165 | 21.51 | |||||||||||||
Vested | (48 | ) | 4.51 | (43 | ) | 10.61 | |||||||||||
Nonvested at December 31, 2013 | — | — | 475 | 12.7 | |||||||||||||
The total fair values of nonvested stock awards that vested in 2013, 2012, and 2011 were $728, $1,715, and $731, respectively. The weighted-average grant-date fair value of nonvested stock units granted in 2012 and 2011 was $9.84 and $5.54, respectively. The total fair value of nonvested stock units that vested in 2013 was $768, and no units vested in 2012 or 2011. Unearned compensation cost related to the nonvested portion of outstanding nonvested stock units was $3,062 as of December 31, 2013, and is expected to be recognized over a weighted-average period of approximately 6.5 years. | |||||||||||||||||
Stock Equivalent Units | |||||||||||||||||
In 2013 and 2012, we issued 40 and 179 stock equivalent units, (“SEUs”), respectively. The SEU awards settle in cash and vest ratably over four years. The fair value of the awards is based on the closing market price of our common stock, and is remeasured at the end of each reporting period until the SEUs vest. We incurred $1,159 and $349 of expense in 2013 and 2012, respectively, for these liability awards, and reported the liability as accrued payroll on the consolidated balance sheet. | |||||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes | ' | ||||||||||||
11. INCOME TAXES | |||||||||||||
The provision for income taxes consisted of the following: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
Federal | $ | 15,494 | $ | 17,728 | $ | 13,130 | |||||||
State | 3,493 | 3,034 | 2,865 | ||||||||||
Total current | 18,987 | 20,762 | 15,995 | ||||||||||
Deferred: | |||||||||||||
Federal | 4,160 | 344 | 2,220 | ||||||||||
State | 418 | 330 | 429 | ||||||||||
Total deferred | 4,578 | 674 | 2,649 | ||||||||||
Net provision | $ | 23,565 | $ | 21,436 | $ | 18,644 | |||||||
The components of the deferred taxes at December 31, 2013 and 2012 are as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Provisions for doubtful accounts | $ | 891 | $ | 990 | |||||||||
Inventory costs capitalized for tax purposes | 166 | 112 | |||||||||||
Inventory valuation reserves | 558 | 267 | |||||||||||
Sales return reserves | 155 | 122 | |||||||||||
Deductible expenses, primarily employee-benefit related | 615 | 461 | |||||||||||
Accrued compensation | 1,764 | 924 | |||||||||||
State tax contingency | 248 | 230 | |||||||||||
Other | 2,076 | 2,184 | |||||||||||
Compensation under non-statutory stock option agreements | 669 | 769 | |||||||||||
State tax loss carryforwards | 622 | 511 | |||||||||||
State tax credit carryforwards | — | 259 | |||||||||||
Federal benefit for uncertain state tax positions | 692 | 708 | |||||||||||
Total gross deferred tax assets | 8,456 | 7,537 | |||||||||||
Less: Valuation allowance | (249 | ) | (291 | ) | |||||||||
Net deferred tax assets | 8,207 | 7,246 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Goodwill and other intangibles | (12,926 | ) | (11,082 | ) | |||||||||
Property and equipment | (5,123 | ) | (1,428 | ) | |||||||||
Total gross deferred tax liabilities | (18,049 | ) | (12,510 | ) | |||||||||
Net deferred tax liability | $ | (9,842 | ) | $ | (5,264 | ) | |||||||
Current net deferred tax assets | $ | 6,382 | $ | 5,250 | |||||||||
Noncurrent deferred tax liability | (16,224 | ) | (10,514 | ) | |||||||||
Net deferred tax liability | $ | (9,842 | ) | $ | (5,264 | ) | |||||||
We have state net operating loss carryforwards aggregating $957 at December 31, 2013 representing state tax benefits, net of federal taxes, of approximately $622. These loss carryforwards are subject to between five, fifteen, and twenty-year carryforward periods, with $6 expiring after 2016, $3 expiring after 2017 and $948 expiring beyond 2018. We have provided valuation allowances of $249 and $291 at December 31, 2013 and 2012 respectively, against the state tax loss carryforwards, representing the portion of carryforward losses that we believe are not likely to be realized. The net change in the valuation allowance totaled $42, $237, and $145 in 2013, 2012, and 2011, respectively. The change in the valuation allowance represents a reduction related to the utilization and expiration of state net operating loss carryforwards. | |||||||||||||
A reconciliation of our 2013, 2012, and 2011 income tax provision to total income taxes at the statutory federal tax rate is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal income taxes, at statutory tax rate | $ | 20,736 | $ | 19,077 | $ | 16,601 | |||||||
State income taxes, net of federal benefit | 2,467 | 2,232 | 2,573 | ||||||||||
Nondeductible expenses | 420 | 277 | 8 | ||||||||||
Other—net | (58 | ) | (150 | ) | (538 | ) | |||||||
Tax provision | $ | 23,565 | $ | 21,436 | $ | 18,644 | |||||||
We file one consolidated United States Federal income tax return that includes all of our subsidiaries as well as several consolidated, combined, and separate company returns in many U.S. state tax jurisdictions. The tax years 2009-2012 remain open to examination by the major state taxing jurisdictions in which we file. The tax years 2010-2012 remain open to examination by the Internal Revenue Service. | |||||||||||||
A reconciliation of unrecognized tax benefits for 2013, 2012, and 2011, is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at January 1, | $ | 1,084 | $ | 1,535 | $ | 1,791 | |||||||
Lapses of applicable statute of limitations | (76 | ) | (451 | ) | (256 | ) | |||||||
Balance at December 31, | $ | 1,008 | $ | 1,084 | $ | 1,535 | |||||||
We recognize interest and penalties related to unrecognized income tax benefits as a component of income tax expense, and the corresponding accrual is included as a component of our liability for unrecognized income tax benefits. During the years ended December 31, 2013, 2012, and 2011, we recognized interest and penalties totaling $81, $93, and $120, respectively. At December 31, 2013 and 2012, accrued interest aggregated $967 and $944, respectively, and accrued penalties aggregated $254 and $273, respectively. As of December 31, 2013 and 2012, all unrecognized tax benefits and the related interest and penalties, if recognized, would favorably affect our effective tax rate. | |||||||||||||
We do not anticipate that total unrecognized tax benefits will change significantly due to the settlement of audits, expiration of statutes of limitations, or other reasons in the next twelve months. |
Employee_Benefit_Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2013 | |
Employee Benefit Plan | ' |
12. EMPLOYEE BENEFIT PLAN | |
We have a contributory profit-sharing and employee savings plan covering all qualified employees. No contributions to the profit-sharing element of the plan were made by us in 2013, 2012, or 2011. We made matching contributions to the employee savings element of such plan of $1,768, $1,568, and $1,288 in 2013, 2012, and 2011, respectively. |
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Commitments And Contingencies | ' | ||||||||||||
13. COMMITMENTS AND CONTINGENCIES | |||||||||||||
Operating Leases | |||||||||||||
We lease an office facility adjacent to our corporate headquarters from an entity controlled by our principal stockholders. This operating lease commenced in August 2008 and has a ten-year term with the option to renew for two additional two-year terms. We also lease several other buildings from our principal stockholders on a month-to-month basis. We believe that the above operating lease transactions were consummated on terms comparable to terms we could have obtained with unrelated third parties. | |||||||||||||
In addition, we lease office, distribution facilities, and equipment from unrelated parties with remaining terms of one to five years. | |||||||||||||
Future aggregate minimum annual lease payments under these leases at December 31, 2013 are as follows: | |||||||||||||
Year Ending December 31 | Related Parties | Others | Total | ||||||||||
2014 | $ | 235 | $ | 2,270 | $ | 2,505 | |||||||
2015 | 235 | 1,898 | 2,133 | ||||||||||
2016 | 235 | 553 | 788 | ||||||||||
2017 | 235 | 318 | 553 | ||||||||||
2018 | 137 | 32 | 169 | ||||||||||
2019 and thereafter | — | — | — | ||||||||||
Total rent expense aggregated $3,282, $3,318, and $3,104 for the years ended December 31, 2013, 2012, and 2011, respectively, under the terms of the operating leases described above. Such amounts included $372, $464, and $524 in 2013, 2012, and 2011, respectively, paid to related parties. | |||||||||||||
Sports Marketing Agreements | |||||||||||||
We have entered into a sponsorship agreement with the Boston Red Sox that extends through 2014. This agreement grants us various marketing rights and seating arrangements, and has a future minimum payment of $105. Total sports marketing expense payments aggregated $408, $522, and $935 for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||
Contingencies | |||||||||||||
We are subject to various legal proceedings and claims, including patent infringement claims, which have arisen during the ordinary course of business. In the opinion of management, the outcome of such matters is not expected to have a material effect on our financial position, results of operations, and cash flows. | |||||||||||||
We have received direct claims of infringement of patents owned by third parties. Many of these underlying claims have not yet been resolved, and the extent, if any, of the Company’s indemnification obligations have not been determined. Certain of these matters include speculative claims for substantial or indeterminate amounts of damages. In addition, some of the patents at issue are the subject of pending legal proceedings between the patent owners and one or more leading digital commerce companies, and the outcome of those proceedings could affect the extent to which the patent owners seek to prosecute claims against us or our customers. Our business could be materially adversely affected by any significant disputes between us and our customers as to intellectual property litigation to which we may become a party. Adverse results in these matters may include awards of substantial monetary damages, costly licensing agreements, or orders preventing us from offering certain features, functionalities, products, or services, and may also cause us to change our business practices, and require development of non-infringing products or technologies, which could result in a loss of revenues and otherwise harm our business. As of December 31, 2013, the Company has not made an accrual related to these matters. | |||||||||||||
We record a liability when it believes that a loss is both probable and reasonably estimable. On a quarterly basis, we review each of these legal proceedings to determine whether it is probable, reasonably possible or remote that a liability has been incurred and, if it is at least reasonably possible, whether a range of loss can be reasonably estimated. Significant judgment is required to determine both the likelihood of there being a loss and the estimated amount of such loss. Until the final resolution of such matters, there may be an exposure to loss in excess of the amount recorded, and such amounts could be material. We expense legal fees in the period in which they are incurred. | |||||||||||||
We are subject to audits by states on sales and income taxes, unclaimed property, employment matters, and other assessments. A comprehensive multi-state unclaimed property audit continues to be in progress, and total accruals for unclaimed property aggregated $1,792 and $2,418 at December 31, 2013 and 2012, respectively. While management believes that known and estimated unclaimed property liabilities have been adequately provided for, it is too early to determine the ultimate outcome of such audits, as formal assessments have not been finalized. Additional liabilities for this or other audits could be assessed, and such outcomes could have a material negative impact on our financial position, results of operations, and cash flows. |
Other_RelatedParty_Transaction
Other Related-Party Transactions | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Related-Party Transactions | ' | ||||||||||||
14. OTHER RELATED-PARTY TRANSACTIONS | |||||||||||||
As described in Notes 9 and 13, we leased certain facilities from related parties. Other related-party transactions include the transactions summarized below. Related parties consist primarily of affiliated companies related to us through common ownership. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenue: | |||||||||||||
Sales of services to affiliated companies | $ | 115 | $ | 100 | $ | 94 |
Segment_And_Related_Disclosure
Segment And Related Disclosures | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment And Related Disclosures | ' | ||||||||||||
15. SEGMENT AND RELATED DISCLOSURES | |||||||||||||
The internal reporting structure used by our chief operating decision maker (“CODM”) to assess performance and allocate resources determines the basis for our reportable operating segments. Our CODM is our Chairman of the Board of Directors, and she evaluates operations and allocates resources based on a measure of operating income. | |||||||||||||
Our operations are organized under three reporting segments—the SMB segment, which serves primarily small- and medium-sized businesses; the Large Account segment, which serves primarily medium-to-large corporations; and the Public Sector segment, which serves primarily federal, state, and local government and educational institutions. In addition, the Headquarters/Other group provides services in areas such as finance, human resources, information technology, marketing, and product management. Most of the operating costs associated with the Headquarters/Other group functions are charged to the operating segments based on their estimated usage of the underlying functions. We report these charges to the operating segments as “Allocations.” Certain headquarters costs relating to executive oversight and other fiduciary functions that are not allocated to the operating segments are included under the heading of Headquarters/Other in the tables below. | |||||||||||||
Net sales presented below exclude inter-segment product revenues. Segment information applicable to our reportable operating segments for the years ended December 31, 2013, 2012, and 2011 is shown below: | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net sales: | |||||||||||||
SMB | $ | 952,785 | $ | 902,642 | $ | 922,439 | |||||||
Large Account | 793,686 | 773,352 | 711,177 | ||||||||||
Public Sector | 475,167 | 482,879 | 469,679 | ||||||||||
Total net sales | $ | 2,221,638 | $ | 2,158,873 | $ | 2,103,295 | |||||||
Operating income (loss): | |||||||||||||
SMB | 31,635 | 31,730 | 26,725 | ||||||||||
Large Account | 31,667 | 32,764 | 28,644 | ||||||||||
Public Sector | 3,415 | 8,316 | 4,886 | ||||||||||
Headquarters/Other | (7,321 | ) | (18,178 | ) | (12,644 | ) | |||||||
Total operating income | 59,396 | 54,632 | 47,611 | ||||||||||
Interest expense | (149 | ) | (166 | ) | (369 | ) | |||||||
Other, net | — | 41 | 189 | ||||||||||
Income before taxes | $ | 59,247 | $ | 54,507 | $ | 47,431 | |||||||
Selected operating expense: | |||||||||||||
Depreciation and amortization: | |||||||||||||
SMB | 5 | 9 | 26 | ||||||||||
Large Account | 2,079 | 2,156 | 1,377 | ||||||||||
Public Sector | 174 | 165 | 170 | ||||||||||
Headquarters/Other | 4,831 | 4,565 | 4,378 | ||||||||||
Total depreciation and amortization | $ | 7,089 | $ | 6,895 | $ | 5,951 | |||||||
Special charges (Headquarters/Other) | $ | — | $ | 1,135 | $ | — | |||||||
Total assets: | |||||||||||||
SMB | $ | 165,620 | $ | 146,633 | |||||||||
Large Account | 243,940 | 221,171 | |||||||||||
Public Sector | 57,961 | 63,210 | |||||||||||
Headquarters/Other | 33,423 | 37,309 | |||||||||||
Total assets | $ | 500,944 | $ | 468,323 | |||||||||
The assets of our operating segments presented above consist primarily of accounts receivable, intercompany receivable, goodwill, and other intangibles. Goodwill of $51,276 is held by our Large Account segment for the years ended December 31, 2013 and 2012. Assets reported under the Headquarters/Other group are managed by corporate headquarters, including cash, inventory, and property and equipment. Total assets for the Headquarters/Other group are presented net of intercompany balances eliminations of $30,481 and $32,955 for the years ended December 31, 2013 and 2012, respectively. Our capital expenditures consist largely of IT hardware and software purchased to maintain or upgrade our management information systems. These systems serve all of our subsidiaries, to varying degrees, and as a result, our CODM does not evaluate capital expenditures on a segment basis. | |||||||||||||
Substantially, all of our sales in 2013, 2012, and 2011 were made to customers located in the United States. Shipments to customers located in foreign countries were not more than 1% in 2013, 2012, and 2011. All of our assets at December 31, 2013 and 2012 were located in the United States. Our primary target customers are SMBs, federal, state, and local government agencies, educational institutions, and medium-to-large corporate accounts. No single customer accounted for more than 2% of total net sales in 2013, 2012, or 2011. While no single agency of the federal government comprised more than 2% of total sales, aggregate sales to the federal government were 6.4% in 2013 and 8.4% in 2012 and 2011. |
Quarterly_Financial_Results_Un
Quarterly Financial Results (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Results (Unaudited) | ' | ||||||||||||||||
16. QUARTERLY FINANCIAL RESULTS (UNAUDITED) | |||||||||||||||||
The following table sets forth certain unaudited quarterly data of the Company for each of the calendar quarters in 2013 and 2012. This information has been prepared on the same basis as the annual financial statements, and all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to present fairly the selected quarterly information when read in conjunction with the annual financial statements and the notes thereto included elsewhere in this document. The quarterly operating results are not necessarily indicative of future results of operations. | |||||||||||||||||
Quarters Ended | |||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||||||
Net sales | $ | 505,423 | $ | 557,287 | $ | 580,356 | $ | 578,572 | |||||||||
Cost of sales | 438,585 | 483,371 | 503,803 | 502,879 | |||||||||||||
Gross profit | 66,838 | 73,916 | 76,553 | 75,693 | |||||||||||||
Selling, general and administrative expenses | 56,713 | 58,533 | 59,043 | 59,315 | |||||||||||||
Income from operations | 10,125 | 15,383 | 17,510 | 16,378 | |||||||||||||
Interest expense | (53 | ) | (46 | ) | (39 | ) | (11 | ) | |||||||||
Other, net | 3 | — | — | (3 | ) | ||||||||||||
Income before taxes | 10,075 | 15,337 | 17,471 | 16,364 | |||||||||||||
Income tax provision | (3,977 | ) | (6,183 | ) | (6,882 | ) | (6,523 | ) | |||||||||
Net income | $ | 6,098 | $ | 9,154 | $ | 10,589 | $ | 9,841 | |||||||||
Earnings per common share: | |||||||||||||||||
Basic | $ | 0.23 | $ | 0.35 | $ | 0.4 | $ | 0.38 | |||||||||
Diluted | $ | 0.23 | $ | 0.35 | $ | 0.4 | $ | 0.37 | |||||||||
Weighted average common shares outstanding: | |||||||||||||||||
Basic | 25,998 | 26,127 | 26,169 | 26,181 | |||||||||||||
Diluted | 26,272 | 26,379 | 26,399 | 26,453 | |||||||||||||
Quarters Ended | |||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
2012 | 2012 | 2012 | 2012 | ||||||||||||||
Net sales | $ | 498,763 | $ | 542,569 | $ | 561,294 | $ | 556,247 | |||||||||
Cost of sales | 432,152 | 470,998 | 489,088 | 484,546 | |||||||||||||
Gross profit | 66,611 | 71,571 | 72,206 | 71,701 | |||||||||||||
Selling, general and administrative expenses | 56,450 | 56,903 | 55,906 | 57,063 | |||||||||||||
Special charges | 1,135 | — | — | — | |||||||||||||
Income from operations | 9,026 | 14,668 | 16,300 | 14,638 | |||||||||||||
Interest expense | — | (64 | ) | (69 | ) | (33 | ) | ||||||||||
Other, net | 46 | (29 | ) | 6 | 18 | ||||||||||||
Income before taxes | 9,072 | 14,575 | 16,237 | 14,623 | |||||||||||||
Income tax provision | (3,597 | ) | (5,749 | ) | (6,336 | ) | (5,754 | ) | |||||||||
Net income | $ | 5,475 | $ | 8,826 | $ | 9,901 | $ | 8,869 | |||||||||
Earnings per common share: | |||||||||||||||||
Basic | $ | 0.21 | $ | 0.33 | $ | 0.37 | $ | 0.34 | |||||||||
Diluted | $ | 0.21 | $ | 0.33 | $ | 0.37 | $ | 0.33 | |||||||||
Weighted average common shares outstanding: | |||||||||||||||||
Basic | 26,439 | 26,403 | 26,470 | 26,413 | |||||||||||||
Diluted | 26,586 | 26,519 | 26,660 | 26,598 | |||||||||||||
Schedule_IIValuation_And_Quali
Schedule II-Valuation And Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Schedule II-Valuation And Qualifying Accounts | ' | ||||||||||||||||
PC CONNECTION, INC. AND SUBSIDIARIES | |||||||||||||||||
SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||
(amounts in thousands) | |||||||||||||||||
Balance at | Charged to | Deductions/ | Balance at | ||||||||||||||
Beginning | Costs and | Write-Offs | End of | ||||||||||||||
of Period | Expenses | Period | |||||||||||||||
Description | |||||||||||||||||
Allowance for Sales Returns | |||||||||||||||||
Year Ended December 31, 2011 | 3,244 | 32,969 | (33,781 | ) | 2,432 | ||||||||||||
Year Ended December 31, 2012 | 2,432 | 31,316 | (31,333 | ) | 2,415 | ||||||||||||
Year Ended December 31, 2013 | 2,415 | 31,843 | (31,198 | ) | 3,060 | ||||||||||||
Allowance for Doubtful Accounts | |||||||||||||||||
Year Ended December 31, 2011 | 2,841 | 2,768 | (2,315 | ) | 3,294 | ||||||||||||
Year Ended December 31, 2012 | 3,294 | 1,561 | (2,341 | ) | 2,514 | ||||||||||||
Year Ended December 31, 2013 | 2,514 | 1,078 | (1,327 | ) | 2,265 |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Principles of Consolidation | ' | ||||||||||||
Principles of Consolidation | |||||||||||||
The consolidated financial statements include the accounts of PC Connection, Inc. and its subsidiaries, all of which are wholly-owned. Intercompany transactions and balances are eliminated in consolidation. | |||||||||||||
Use of Estimates in the Preparation of Financial Statements | ' | ||||||||||||
Use of Estimates in the Preparation of Financial Statements | |||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts and disclosures of assets and liabilities and the reported amounts and disclosures of revenue and expenses during the period. By nature, estimates are subject to an inherent degree of uncertainty. Actual results could differ from those estimates and assumptions. | |||||||||||||
Revenue Recognition | ' | ||||||||||||
Revenue Recognition | |||||||||||||
Revenue on product sales is recognized at the point in time when persuasive evidence of an arrangement exists, the price is fixed or determinable, delivery has occurred, and there is a reasonable assurance of collection of the sales proceeds. We generally obtain oral or written purchase authorizations from our customers for a specified amount of product at a specified price. Because we either (i) have a general practice of covering customer losses while products are in-transit despite title transferring at the point of shipment or (ii) have FOB—destination shipping terms specifically set out in our arrangements with federal agencies and certain commercial customers, delivery is deemed to have occurred at the point in time when the product is received by the customer. | |||||||||||||
We provide our customers with a limited thirty-day right of return generally limited to defective merchandise. Revenue is recognized at delivery and a reserve for sales returns is recorded. We make reasonable and reliable estimates of product returns based on significant historical experience and record our sales reserves as a reduction of revenues and either as offsets to accounts receivable or, for customers who have already paid, as offsets to accrued expenses. At December 31, 2013, we recorded sales reserves of $3,060 and $208 as components of accounts receivable and accrued expenses, respectively. At December 31, 2012, we recorded sales reserves of $2,415 and $152 as components of accounts receivable and accrued expenses, respectively. | |||||||||||||
All amounts billed to a customer in a sales transaction related to shipping and handling, if any, represent revenues earned for the goods provided, and these amounts have been classified as “net sales.” Costs related to such shipping and handling billings are classified as “cost of sales.” Sales are reported net of sales, use, or other transaction taxes that are collected from customers and remitted to taxing authorities. | |||||||||||||
We use our own engineering personnel in projects involving the design and installation of systems and networks, and we also engage third-party service providers to perform warranty maintenance, implementations, asset disposals, and other services. We evaluate such engagements to determine whether we or the third party assumes the general risk and reward of ownership in these transactions. For those transactions in which we do not assume the risk and reward but instead act as an agent, we recognize the transaction revenue on a net basis. Under net sales recognition, we recognize the cost of the third party as a reduction to the selling price, and accordingly, report as revenue only our gross profit earned on the transaction. In those engagements in which we are the principal and primary obligor, we report the sale on a gross basis, and the cost of the service provider is recognized in cost of goods sold. | |||||||||||||
Similarly, we recognize revenue from agency sales transactions on a net sales basis. In agency sales transactions, we facilitate product sales by equipment and software manufacturers directly to our customers and receive agency, or referral, fees for such transactions. We do not take title to the products or assume any maintenance or return obligations in these transactions; title is passed directly from the supplier to our customer. | |||||||||||||
Amounts recognized on a net basis included in net sales for such third-party services and agency sales transactions were $20,570, $18,870, and $17,463 for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||
Although service revenue represents a small percentage of our consolidated revenue, we offer a wide range of services, including design, installation, configuration, and other services performed by our personnel and third-party providers. In certain revenue arrangements, our contracts require that we provide multiple units of hardware, software, or services deliverables. Under these multiple-element arrangements, each service performed and product delivered is considered a separate deliverable and qualifies as a separate unit of accounting. For material multiple element arrangements, we allocate revenue based on vendor-specific objective evidence of fair value of the underlying services and products. If we were to enter into a multiple element arrangement in which vendor-specific objective evidence was not available, we would utilize third-party evidence to allocate the selling price. If neither vendor-specific objective evidence nor third-party evidence was available, we would estimate the selling price based on market price and company specific factors. | |||||||||||||
Cost of Sales and Certain Other Costs | ' | ||||||||||||
Cost of Sales and Certain Other Costs | |||||||||||||
Cost of sales includes the invoice cost of the product, direct employee and third party cost of services, direct costs of packaging, inbound and outbound freight, and provisions for inventory obsolescence, adjusted for discounts, rebates, and other vendor allowances. Direct operating expenses relating to our purchasing function and receiving, inspection, warehousing, packing and shipping, and other expenses of our distribution center are included in our SG&A expenses. Accordingly, our gross margin may not be comparable to those of other entities who include all of the costs related to their distribution network in cost of goods sold. Such distribution costs included in our SG&A expenses are as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
$13,843 | $ | 13,878 | $ | 13,455 | |||||||||
Cash and Cash Equivalents | ' | ||||||||||||
Cash and Cash Equivalents | |||||||||||||
We consider all highly liquid short-term investments with original maturities of 90 days or less to be cash equivalents. The carrying value of our cash equivalents approximates fair value. The majority of payments due from credit card processors and banks for third-party credit card and debit card transactions process within one to five business days. All credit card and debit card transactions that process in less than seven days are classified as cash and cash equivalents. Amounts due from banks for credit card transactions classified as cash equivalents totaled $5,115 and $2,611 at December 31, 2013 and 2012, respectively. | |||||||||||||
Accounts Receivable | ' | ||||||||||||
Accounts Receivable | |||||||||||||
We perform ongoing credit evaluations of our customers and adjust credit limits based on payment history and customer creditworthiness. We maintain an allowance for estimated doubtful accounts based on our historical experience and the customer credit issues identified. Our customers do not post collateral for open accounts receivable. We monitor collections regularly and adjust the allowance for doubtful accounts as necessary to recognize any changes in credit exposure. Trade receivables are charged off in the period in which they are deemed uncollectible. Recoveries of trade receivables previously charged are recorded when received. | |||||||||||||
Inventories | ' | ||||||||||||
Inventories | |||||||||||||
Inventories (all finished goods) consisting of software packages, computer systems, and peripheral equipment, are stated at cost (determined under a weighted-average cost method which approximates the first-in, first-out method) or market, whichever is lower. Inventory quantities on hand are reviewed regularly, and allowances are maintained for obsolete, slow moving, and nonsalable inventory. | |||||||||||||
Vendor Allowances | ' | ||||||||||||
Vendor Allowances | |||||||||||||
We receive allowances from merchandise vendors for price protections, discounts, product rebates, and other programs. These allowances are treated as a reduction of the vendor’s prices and are recorded as adjustments to cost of sales or inventory, as applicable. Allowances for product rebates that require certain volumes of product sales or purchases are recorded as the related milestones are probable of being met. | |||||||||||||
Advertising Costs and Allowances | ' | ||||||||||||
Advertising Costs and Allowances | |||||||||||||
Costs of producing and distributing catalogs are charged to expense in the period in which the catalogs are first circulated. Other advertising costs are expensed as incurred. | |||||||||||||
Vendors have the ability to place advertisements in our catalogs or fund other advertising activities for which we receive advertising allowances. These vendor allowances, to the extent that they represent specific reimbursements of the underlying incremental and identifiable costs, are offset against SG&A expenses. Advertising allowances that cannot be associated with a specific program funded by an individual vendor or that exceed the fair value of advertising expense associated with that program are classified as offsets to cost of sales or inventory. Our vendor partners generally consolidate their funding of advertising and other marketing programs, and accordingly, we classify substantially all vendor consideration as a reduction of cost of sales or inventory rather than a reduction of advertising expense. Advertising expense, which is classified as a component of SG&A expenses, totaled $18,019, $20,029, and $20,858, for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||
Property and Equipment | ' | ||||||||||||
Property and Equipment | |||||||||||||
Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization is provided for financial reporting purposes over the estimated useful lives of the assets ranging from three to seven years. Computer software, including licenses and internally developed software, is capitalized and amortized over lives ranging from three to seven years. Depreciation is provided using the straight-line method. Leasehold improvements and facilities under capital leases are amortized over the terms of the related leases or their useful lives, whichever is shorter, whereas for income tax reporting purposes, they are amortized over the applicable tax lives. | |||||||||||||
Costs incurred to develop internal-use software during the application development stage are recorded in property and equipment at cost. External direct costs of materials and services consumed in developing or obtaining internal-use computer software and payroll-related costs for employees who devote time to the development of internal-use computer software projects, to the extent of the time spent directly on the project and specific to application development, are capitalized. In 2013, we capitalized $2,203 of internally developed software costs related to our Customer Master Data Management (“Customer MDM”) project. In the third quarter of 2013, we completed the first phase of the Customer MDM software project and placed into service $12,044 of related software and integration expenditures. | |||||||||||||
When events or circumstances indicate a potential impairment, we evaluate the carrying value of property and equipment based upon current and anticipated undiscounted cash flows. We recognize impairment when it is probable that such estimated future cash flows will be less than the asset carrying value. | |||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||
Our intangible assets consist of goodwill, which is not subject to amortization, and amortizing intangibles, which consist of customer lists, tradenames, and certain technology licensing agreements, which are being amortized over their useful lives. | |||||||||||||
Note 2 describes the annual impairment methodology that we employ on January 1st of each year in calculating the recoverability of goodwill. This same impairment test is performed at other times during the course of a year should an event occur or circumstance change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. | |||||||||||||
Recoverability of amortizing intangibles assets is assessed only when events have occurred that may give rise to impairment. When a potential impairment has been identified, forecasted undiscounted net cash flows of the operations to which the asset relates are compared to the current carrying value of the long-lived assets present in that operation. If such cash flows are less than such carrying amounts, long-lived assets including such intangibles, are written down to their respective fair values. | |||||||||||||
Concentrations | ' | ||||||||||||
Concentrations | |||||||||||||
Concentrations of credit risk with respect to trade account receivables are limited due to the large number of customers comprising our customer base. No single customer accounted for more than 2% of total net sales in 2013, 2012, and 2011. While no single agency of the federal government comprised more than 2% of total sales, aggregate sales to the federal government were 6.4% in 2013 and 8.4% in 2012 and 2011. | |||||||||||||
Product purchases from Ingram Micro, Inc. (“Ingram”), our largest supplier, accounted for approximately 24%, 26%, and 25% of our total product purchases in 2013, 2012, and 2011, respectively. Purchases from Synnex Corporation (“Synnex”) comprised 12% of our total product purchases in 2013 and 14% in 2012 and 2011, respectively. Purchases from Tech Data Corporation (“Tech Data”) comprised 10% of our total product purchases in 2013 and 2012, respectively, and 12% in 2011. Purchases from Hewlett-Packard Company (“HP”), comprised 9% of our total product purchases in 2013 and 2012, respectively, and 10% in 2011. No other vendor supplied more than 10% of our total product purchases in 2013, 2012, or 2011. We believe that, while we may experience some short-term disruption, alternative sources for products obtained directly from Ingram, Synnex, Tech Data, and HP are available to us. | |||||||||||||
Products manufactured by HP represented 25%, 27%, and 28% of our net sales in 2013, 2012, and 2011, respectively. We believe that in the event we experience either a short-term or permanent disruption of supply of HP products, such disruption would likely have a material adverse effect on our results of operations and cash flows. | |||||||||||||
Earnings Per Share | ' | ||||||||||||
Earnings Per Share | |||||||||||||
Basic earnings per common share is computed using the weighted average number of shares outstanding. Diluted earnings per share is computed using the weighted average number of shares outstanding adjusted for the incremental shares attributable to nonvested stock units and stock options outstanding, if dilutive. | |||||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator: | |||||||||||||
Net income | $ | 35,682 | $ | 33,071 | $ | 28,787 | |||||||
Denominator: | |||||||||||||
Denominator for basic earnings per share | 26,120 | 26,431 | 26,703 | ||||||||||
Dilutive effect of employee stock awards | 267 | 155 | 97 | ||||||||||
Denominator for diluted earnings per share | 26,387 | 26,586 | 26,800 | ||||||||||
Earnings per share: | |||||||||||||
Basic | $ | 1.37 | $ | 1.25 | $ | 1.08 | |||||||
Diluted | $ | 1.35 | $ | 1.24 | $ | 1.07 | |||||||
For the years ended December 31, 2013, 2012, and 2011, the following outstanding nonvested stock units and stock options were excluded from the computation of diluted earnings per share because including them would have had an anti-dilutive effect: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Employee Stock Awards | 162 | 299 | 399 | ||||||||||
Comprehensive Income | ' | ||||||||||||
Comprehensive Income | |||||||||||||
We had no items of comprehensive income, other than our net income for each of the periods presented. |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Distribution Costs Included in Selling, General and Administrative Expenses | ' | ||||||||||||
Direct operating expenses relating to our purchasing function and receiving, inspection, warehousing, packing and shipping, and other expenses of our distribution center are included in our SG&A expenses. Accordingly, our gross margin may not be comparable to those of other entities who include all of the costs related to their distribution network in cost of goods sold. Such distribution costs included in our SG&A expenses are as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
$13,843 | $ | 13,878 | $ | 13,455 | |||||||||
Computation of Basic and Diluted Earnings Per Share | ' | ||||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator: | |||||||||||||
Net income | $ | 35,682 | $ | 33,071 | $ | 28,787 | |||||||
Denominator: | |||||||||||||
Denominator for basic earnings per share | 26,120 | 26,431 | 26,703 | ||||||||||
Dilutive effect of employee stock awards | 267 | 155 | 97 | ||||||||||
Denominator for diluted earnings per share | 26,387 | 26,586 | 26,800 | ||||||||||
Earnings per share: | |||||||||||||
Basic | $ | 1.37 | $ | 1.25 | $ | 1.08 | |||||||
Diluted | $ | 1.35 | $ | 1.24 | $ | 1.07 | |||||||
Outstanding Non-vested Stock Units and Stock Options Excluded from Computation of Diluted Earnings Per Share | ' | ||||||||||||
For the years ended December 31, 2013, 2012, and 2011, the following outstanding nonvested stock units and stock options were excluded from the computation of diluted earnings per share because including them would have had an anti-dilutive effect: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Employee Stock Awards | 162 | 299 | 399 |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Carrying Amount of Goodwill | ' | ||||||||||||||||||||||||||||
The carrying amount of goodwill for the periods presented is detailed below: | |||||||||||||||||||||||||||||
SMB | Large Account | Public Sector | Total | ||||||||||||||||||||||||||
Goodwill, gross | $ | 1,173 | $ | 51,276 | $ | 7,634 | $ | 60,083 | |||||||||||||||||||||
Accumulated impairment losses | (1,173 | ) | — | (7,634 | ) | (8,807 | ) | ||||||||||||||||||||||
Net balance | $ | — | $ | 51,276 | $ | — | $ | 51,276 | |||||||||||||||||||||
Intangible Assets and Related Accumulated Amortization | ' | ||||||||||||||||||||||||||||
Our intangible assets, which are amortized in proportion to the estimates of the future cash flows underlying the valuation of the assets, and the related accumulated amortization, are detailed below: | |||||||||||||||||||||||||||||
Estimated | December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||
Useful Lives | Gross | Accumulated | Net | Gross | Accumulated | Net Amount | |||||||||||||||||||||||
Amount | Amortization | Amount | Amount | Amortization | |||||||||||||||||||||||||
Customer List | 8 | $ | 3,400 | $ | 1,514 | $ | 1,886 | $ | 3,400 | $ | 989 | $ | 2,411 | ||||||||||||||||
Tradename | 5 | 1,190 | 397 | 793 | 1,190 | 159 | 1,031 | ||||||||||||||||||||||
License Agreements | 5 | 800 | 625 | 175 | 800 | 485 | 315 | ||||||||||||||||||||||
Total Intangible Assets | $ | 5,390 | $ | 2,536 | $ | 2,854 | $ | 5,390 | $ | 1,633 | $ | 3,757 | |||||||||||||||||
Estimated Amortization Expense | ' | ||||||||||||||||||||||||||||
The estimated amortization expense relating to intangible assets in each of the five succeeding years and thereafter is as follows: | |||||||||||||||||||||||||||||
For the Years Ending December 31, | |||||||||||||||||||||||||||||
2014 | $ | 901 | |||||||||||||||||||||||||||
2015 | 735 | ||||||||||||||||||||||||||||
2016 | 599 | ||||||||||||||||||||||||||||
2017 | 362 | ||||||||||||||||||||||||||||
2018 | 221 | ||||||||||||||||||||||||||||
Thereafter | 36 |
Fair_Value_Tables
Fair Value (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Assets Measured At Fair Value On Recurring Basis | ' | ||||||||||||||||
Assets measured at fair value on a recurring basis consisted of the following types of instruments at December 31, 2013 and 2012: | |||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
Quoted Prices in | Significant | Significant | Total | ||||||||||||||
Active Markets | Other | Unobservable | Balance | ||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||
Instruments | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Assets | |||||||||||||||||
Cash Equivalents: | |||||||||||||||||
Money market fund deposits at December 31, 2013 | $ | 38 | $ | — | $ | — | $ | 38 | |||||||||
Money market fund deposits at | 38 | — | — | 38 | |||||||||||||
December 31, 2012 |
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounts Receivable | ' | ||||||||
Accounts receivable consisted of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Trade | $ | 266,330 | $ | 251,249 | |||||
Vendor returns, consideration, and other | 21,872 | 20,830 | |||||||
Due from employees | 163 | 139 | |||||||
Due from affiliates | 11 | 21 | |||||||
Total Gross Accounts Receivable | 288,376 | 272,239 | |||||||
Allowances for: | |||||||||
Sales returns | (3,060 | ) | (2,415 | ) | |||||
Doubtful accounts | (2,265 | ) | (2,514 | ) | |||||
Accounts Receivable, net | $ | 283,051 | $ | 267,310 | |||||
Property_And_Equipment_Tables
Property And Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property And Equipment | ' | ||||||||
Property and equipment consisted of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Facilities and equipment under capital lease with affiliate | $ | 7,215 | $ | 7,215 | |||||
Leasehold improvements | 7,534 | 7,380 | |||||||
Furniture and equipment | 25,698 | 23,120 | |||||||
Computer software, including licenses and internally-developed software | 58,257 | 53,942 | |||||||
Total | 98,704 | 91,657 | |||||||
Accumulated depreciation and amortization | (71,104 | ) | (65,553 | ) | |||||
Property and equipment, net | $ | 27,600 | $ | 26,104 | |||||
Special_Charges_Tables
Special Charges (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Roll Forward of Accrual | ' | ||||
A roll forward of liabilities related to special charges is shown below. | |||||
Workforce | |||||
Reductions & | |||||
Other | |||||
Balance, January 1, 2011 | $ | 16 | |||
Cash payments | (16 | ) | |||
Balance, December 31, 2011 | — | ||||
Charges | 1,135 | ||||
Issuance of non-vested stock | (842 | ) | |||
Cash payments | (293 | ) | |||
Balance, December 31, 2012 | $ | — | |||
Bank_Borrowings_Tables
Bank Borrowings (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Short-Term Borrowings | ' | ||||||||||||
Certain information with respect to short-term borrowings was as follows: | |||||||||||||
Year ended December 31, | Weighted | Maximum | Average | ||||||||||
Average | Amount | Amount | |||||||||||
Interest Rate | Outstanding | Outstanding | |||||||||||
2012 | 0.8 | % | $ | 6,707 | $ | 19 | |||||||
2011 | 0.8 | 21,007 | 750 |
Stockholders_Equity_and_ShareB1
Stockholders' Equity and Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Components of Share-Based Compensation Recorded as Expense | ' | ||||||||||||||||
The following table summarizes the components of share-based compensation recorded as expense for the three years ended December 31, 2013: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Nonvested shares/units | $ | 864 | $ | 1,333 | $ | 530 | |||||||||||
Stock options | 94 | 161 | 294 | ||||||||||||||
Pre-tax compensation expense | 958 | 1,494 | 824 | ||||||||||||||
Tax benefit | (329 | ) | (517 | ) | (234 | ) | |||||||||||
Net effect on net income | $ | 629 | $ | 977 | $ | 590 | |||||||||||
Stock Option Activity | ' | ||||||||||||||||
The following table sets forth our stock option activity for the year ended December 31, 2013: | |||||||||||||||||
Options | Weighted | Weighted | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise Price | Remaining | Value | |||||||||||||||
Contractual | |||||||||||||||||
Term (Years) | |||||||||||||||||
Outstanding, January 1, 2013 | 540 | $ | 9.54 | ||||||||||||||
Exercised | (225 | ) | 7.89 | ||||||||||||||
Forfeited | (6 | ) | 6.35 | ||||||||||||||
Expired | (50 | ) | 13.13 | ||||||||||||||
Outstanding, December 31, 2013 | 259 | $ | 10.36 | 4.32 | $ | 3,752 | |||||||||||
Vested and expected to vest | 257 | $ | 10.4 | 4.3 | $ | 3,711 | |||||||||||
Exercisable, December 31, 2013 | 254 | $ | 10.44 | 4.28 | $ | 3,659 | |||||||||||
Nonvested Stock Award and Unit Activity | ' | ||||||||||||||||
The following table summarizes our nonvested stock award and unit activity in 2013: | |||||||||||||||||
Nonvested Stock Awards | Nonvested Stock Units | ||||||||||||||||
Shares | Weighted-Average | Shares | Weighted-Average | ||||||||||||||
Grant Date Fair | Grant Date | ||||||||||||||||
Value | Fair Value | ||||||||||||||||
Nonvested at January 1, 2013 | 48 | $ | 4.51 | 353 | $ | 8.33 | |||||||||||
Awarded | — | — | 165 | 21.51 | |||||||||||||
Vested | (48 | ) | 4.51 | (43 | ) | 10.61 | |||||||||||
Nonvested at December 31, 2013 | — | — | 475 | 12.7 | |||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Provision for Income Taxes | ' | ||||||||||||
The provision for income taxes consisted of the following: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
Federal | $ | 15,494 | $ | 17,728 | $ | 13,130 | |||||||
State | 3,493 | 3,034 | 2,865 | ||||||||||
Total current | 18,987 | 20,762 | 15,995 | ||||||||||
Deferred: | |||||||||||||
Federal | 4,160 | 344 | 2,220 | ||||||||||
State | 418 | 330 | 429 | ||||||||||
Total deferred | 4,578 | 674 | 2,649 | ||||||||||
Net provision | $ | 23,565 | $ | 21,436 | $ | 18,644 | |||||||
Components of Deferred Taxes | ' | ||||||||||||
The components of the deferred taxes at December 31, 2013 and 2012 are as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Provisions for doubtful accounts | $ | 891 | $ | 990 | |||||||||
Inventory costs capitalized for tax purposes | 166 | 112 | |||||||||||
Inventory valuation reserves | 558 | 267 | |||||||||||
Sales return reserves | 155 | 122 | |||||||||||
Deductible expenses, primarily employee-benefit related | 615 | 461 | |||||||||||
Accrued compensation | 1,764 | 924 | |||||||||||
State tax contingency | 248 | 230 | |||||||||||
Other | 2,076 | 2,184 | |||||||||||
Compensation under non-statutory stock option agreements | 669 | 769 | |||||||||||
State tax loss carryforwards | 622 | 511 | |||||||||||
State tax credit carryforwards | — | 259 | |||||||||||
Federal benefit for uncertain state tax positions | 692 | 708 | |||||||||||
Total gross deferred tax assets | 8,456 | 7,537 | |||||||||||
Less: Valuation allowance | (249 | ) | (291 | ) | |||||||||
Net deferred tax assets | 8,207 | 7,246 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Goodwill and other intangibles | (12,926 | ) | (11,082 | ) | |||||||||
Property and equipment | (5,123 | ) | (1,428 | ) | |||||||||
Total gross deferred tax liabilities | (18,049 | ) | (12,510 | ) | |||||||||
Net deferred tax liability | $ | (9,842 | ) | $ | (5,264 | ) | |||||||
Current net deferred tax assets | $ | 6,382 | $ | 5,250 | |||||||||
Noncurrent deferred tax liability | (16,224 | ) | (10,514 | ) | |||||||||
Net deferred tax liability | $ | (9,842 | ) | $ | (5,264 | ) | |||||||
Reconciliation of Income Tax Provision to Total Income Taxes at Statutory Federal Tax Rate | ' | ||||||||||||
A reconciliation of our 2013, 2012, and 2011 income tax provision to total income taxes at the statutory federal tax rate is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal income taxes, at statutory tax rate | $ | 20,736 | $ | 19,077 | $ | 16,601 | |||||||
State income taxes, net of federal benefit | 2,467 | 2,232 | 2,573 | ||||||||||
Nondeductible expenses | 420 | 277 | 8 | ||||||||||
Other—net | (58 | ) | (150 | ) | (538 | ) | |||||||
Tax provision | $ | 23,565 | $ | 21,436 | $ | 18,644 | |||||||
Reconciliation of Unrecognized Tax Benefits | ' | ||||||||||||
A reconciliation of unrecognized tax benefits for 2013, 2012, and 2011, is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at January 1, | $ | 1,084 | $ | 1,535 | $ | 1,791 | |||||||
Lapses of applicable statute of limitations | (76 | ) | (451 | ) | (256 | ) | |||||||
Balance at December 31, | $ | 1,008 | $ | 1,084 | $ | 1,535 | |||||||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Future Aggregate Minimum Annual Lease Payments Under Operating Leases | ' | ||||||||||||
Future aggregate minimum annual lease payments under these leases at December 31, 2013 are as follows: | |||||||||||||
Year Ending December 31 | Related Parties | Others | Total | ||||||||||
2014 | $ | 235 | $ | 2,270 | $ | 2,505 | |||||||
2015 | 235 | 1,898 | 2,133 | ||||||||||
2016 | 235 | 553 | 788 | ||||||||||
2017 | 235 | 318 | 553 | ||||||||||
2018 | 137 | 32 | 169 | ||||||||||
2019 and thereafter | — | — | — |
Other_RelatedParty_Transaction1
Other Related-Party Transactions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Related-Party Transactions | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenue: | |||||||||||||
Sales of services to affiliated companies | $ | 115 | $ | 100 | $ | 94 |
Segment_And_Related_Disclosure1
Segment And Related Disclosures (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Information Applicable to Reportable Operating Segments | ' | ||||||||||||
Net sales presented below exclude inter-segment product revenues. Segment information applicable to our reportable operating segments for the years ended December 31, 2013, 2012, and 2011 is shown below: | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net sales: | |||||||||||||
SMB | $ | 952,785 | $ | 902,642 | $ | 922,439 | |||||||
Large Account | 793,686 | 773,352 | 711,177 | ||||||||||
Public Sector | 475,167 | 482,879 | 469,679 | ||||||||||
Total net sales | $ | 2,221,638 | $ | 2,158,873 | $ | 2,103,295 | |||||||
Operating income (loss): | |||||||||||||
SMB | 31,635 | 31,730 | 26,725 | ||||||||||
Large Account | 31,667 | 32,764 | 28,644 | ||||||||||
Public Sector | 3,415 | 8,316 | 4,886 | ||||||||||
Headquarters/Other | (7,321 | ) | (18,178 | ) | (12,644 | ) | |||||||
Total operating income | 59,396 | 54,632 | 47,611 | ||||||||||
Interest expense | (149 | ) | (166 | ) | (369 | ) | |||||||
Other, net | — | 41 | 189 | ||||||||||
Income before taxes | $ | 59,247 | $ | 54,507 | $ | 47,431 | |||||||
Selected operating expense: | |||||||||||||
Depreciation and amortization: | |||||||||||||
SMB | 5 | 9 | 26 | ||||||||||
Large Account | 2,079 | 2,156 | 1,377 | ||||||||||
Public Sector | 174 | 165 | 170 | ||||||||||
Headquarters/Other | 4,831 | 4,565 | 4,378 | ||||||||||
Total depreciation and amortization | $ | 7,089 | $ | 6,895 | $ | 5,951 | |||||||
Special charges (Headquarters/Other) | $ | — | $ | 1,135 | $ | — | |||||||
Total assets: | |||||||||||||
SMB | $ | 165,620 | $ | 146,633 | |||||||||
Large Account | 243,940 | 221,171 | |||||||||||
Public Sector | 57,961 | 63,210 | |||||||||||
Headquarters/Other | 33,423 | 37,309 | |||||||||||
Total assets | $ | 500,944 | $ | 468,323 | |||||||||
Quarterly_Financial_Results_Un1
Quarterly Financial Results (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Operating Results | ' | ||||||||||||||||
Quarters Ended | |||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||||||
Net sales | $ | 505,423 | $ | 557,287 | $ | 580,356 | $ | 578,572 | |||||||||
Cost of sales | 438,585 | 483,371 | 503,803 | 502,879 | |||||||||||||
Gross profit | 66,838 | 73,916 | 76,553 | 75,693 | |||||||||||||
Selling, general and administrative expenses | 56,713 | 58,533 | 59,043 | 59,315 | |||||||||||||
Income from operations | 10,125 | 15,383 | 17,510 | 16,378 | |||||||||||||
Interest expense | (53 | ) | (46 | ) | (39 | ) | (11 | ) | |||||||||
Other, net | 3 | — | — | (3 | ) | ||||||||||||
Income before taxes | 10,075 | 15,337 | 17,471 | 16,364 | |||||||||||||
Income tax provision | (3,977 | ) | (6,183 | ) | (6,882 | ) | (6,523 | ) | |||||||||
Net income | $ | 6,098 | $ | 9,154 | $ | 10,589 | $ | 9,841 | |||||||||
Earnings per common share: | |||||||||||||||||
Basic | $ | 0.23 | $ | 0.35 | $ | 0.4 | $ | 0.38 | |||||||||
Diluted | $ | 0.23 | $ | 0.35 | $ | 0.4 | $ | 0.37 | |||||||||
Weighted average common shares outstanding: | |||||||||||||||||
Basic | 25,998 | 26,127 | 26,169 | 26,181 | |||||||||||||
Diluted | 26,272 | 26,379 | 26,399 | 26,453 | |||||||||||||
Quarters Ended | |||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
2012 | 2012 | 2012 | 2012 | ||||||||||||||
Net sales | $ | 498,763 | $ | 542,569 | $ | 561,294 | $ | 556,247 | |||||||||
Cost of sales | 432,152 | 470,998 | 489,088 | 484,546 | |||||||||||||
Gross profit | 66,611 | 71,571 | 72,206 | 71,701 | |||||||||||||
Selling, general and administrative expenses | 56,450 | 56,903 | 55,906 | 57,063 | |||||||||||||
Special charges | 1,135 | — | — | — | |||||||||||||
Income from operations | 9,026 | 14,668 | 16,300 | 14,638 | |||||||||||||
Interest expense | — | (64 | ) | (69 | ) | (33 | ) | ||||||||||
Other, net | 46 | (29 | ) | 6 | 18 | ||||||||||||
Income before taxes | 9,072 | 14,575 | 16,237 | 14,623 | |||||||||||||
Income tax provision | (3,597 | ) | (5,749 | ) | (6,336 | ) | (5,754 | ) | |||||||||
Net income | $ | 5,475 | $ | 8,826 | $ | 9,901 | $ | 8,869 | |||||||||
Earnings per common share: | |||||||||||||||||
Basic | $ | 0.21 | $ | 0.33 | $ | 0.37 | $ | 0.34 | |||||||||
Diluted | $ | 0.21 | $ | 0.33 | $ | 0.37 | $ | 0.33 | |||||||||
Weighted average common shares outstanding: | |||||||||||||||||
Basic | 26,439 | 26,403 | 26,470 | 26,413 | |||||||||||||
Diluted | 26,586 | 26,519 | 26,660 | 26,598 | |||||||||||||
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 |
Segment | ||||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Number of sales segments | 3 | ' | ' | ' |
Third-party services and agency sales transactions | $20,570 | $18,870 | $17,463 | ' |
Amounts due from banks for credit card transactions, classified as cash equivalents | 5,115 | 2,611 | ' | ' |
Software and integration expenditures | 58,257 | 53,942 | ' | 12,044 |
Minimum | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Property and equipment, estimated useful lives | '3 years | ' | ' | ' |
Maximum | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Property and equipment, estimated useful lives | '7 years | ' | ' | ' |
Hewlett Packard Company | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Product purchases, percentage | 9.00% | 9.00% | 10.00% | ' |
Products manufactured by HP as a percentage of net sales | 25.00% | 27.00% | 28.00% | ' |
Ingram Micro Inc Class | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Product purchases, percentage | 24.00% | 26.00% | 25.00% | ' |
Synnex Corporation | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Product purchases, percentage | 12.00% | 14.00% | 14.00% | ' |
Tech Data Corporation | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Product purchases, percentage | 10.00% | 10.00% | 12.00% | ' |
Software | Minimum | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Finite-lived intangible assets, estimated useful lives | '3 years | ' | ' | ' |
Software | Maximum | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Finite-lived intangible assets, estimated useful lives | '7 years | ' | ' | ' |
Customer MDM | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Software and integration expenditures | 2,203 | ' | ' | ' |
Selling, General and Administrative Expenses | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Advertising expense | 18,019 | 20,029 | 20,858 | ' |
Single Customer | Maximum | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Percentage of total net sales | 2.00% | 2.00% | 2.00% | ' |
Federal Government Agencies | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Percentage of total net sales | 6.40% | 8.40% | 8.40% | ' |
Federal Government Agencies | Maximum | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Percentage of total net sales | 2.00% | 2.00% | 2.00% | ' |
Accounts Receivable | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Sale reserves | 3,060 | 2,415 | ' | ' |
Accrued Expenses | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Sale reserves | $208 | $152 | ' | ' |
Distribution_Costs_Included_in
Distribution Costs Included in Selling, General and Administrative Expenses (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Component Of Other Operating Income And Expense [Line Items] | ' | ' | ' |
Distribution costs | $13,843 | $13,878 | $13,455 |
Computation_of_Basic_and_Dilut
Computation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $9,841 | $10,589 | $9,154 | $6,098 | $8,869 | $9,901 | $8,826 | $5,475 | $35,682 | $33,071 | $28,787 |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Denominator for basic earnings per share | 26,181 | 26,169 | 26,127 | 25,998 | 26,413 | 26,470 | 26,403 | 26,439 | 26,120 | 26,431 | 26,703 |
Dilutive effect of employee stock awards | ' | ' | ' | ' | ' | ' | ' | ' | 267 | 155 | 97 |
Denominator for diluted earnings per share | 26,453 | 26,399 | 26,379 | 26,272 | 26,598 | 26,660 | 26,519 | 26,586 | 26,387 | 26,586 | 26,800 |
Earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $0.38 | $0.40 | $0.35 | $0.23 | $0.34 | $0.37 | $0.33 | $0.21 | $1.37 | $1.25 | $1.08 |
Diluted | $0.37 | $0.40 | $0.35 | $0.23 | $0.33 | $0.37 | $0.33 | $0.21 | $1.35 | $1.24 | $1.07 |
Outstanding_Nonvested_Stock_Un
Outstanding Nonvested Stock Units and Stock Options Excluded From Computation of Diluted Earnings Per Share (Detail) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Employee Stock Awards | 162 | 299 | 399 |
Recovered_Sheet1
Goodwill And Other Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Weighted average cost of capital rate | 12.90% | ' | ' |
Estimated terminal growth rate | 4.00% | ' | ' |
Working capital requirements | 7.50% | ' | ' |
Changes in carrying amount of goodwill | $0 | $0 | ' |
Amortization expense | $903,000 | $1,448,000 | $631,000 |
Carrying_Amount_of_Goodwill_De
Carrying Amount of Goodwill (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Goodwill [Line Items] | ' | ' |
Goodwill, gross | $60,083 | ' |
Accumulated impairment losses | -8,807 | ' |
Net balance | 51,276 | 51,276 |
Small and Medium Sized Businesses segment | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, gross | 1,173 | ' |
Accumulated impairment losses | -1,173 | ' |
Large Account Segment | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, gross | 51,276 | ' |
Net balance | 51,276 | 51,276 |
Public Sector Segment | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, gross | 7,634 | ' |
Accumulated impairment losses | ($7,634) | ' |
Amortizable_Intangible_Assets_
Amortizable Intangible Assets and Related Accumulated Amortization (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Amount | $5,390 | $5,390 |
Accumulated Amortization | 2,536 | 1,633 |
Net Amount | 2,854 | 3,757 |
Customer List | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Estimated Useful Lives | '8 years | ' |
Gross Amount | 3,400 | 3,400 |
Accumulated Amortization | 1,514 | 989 |
Net Amount | 1,886 | 2,411 |
Tradename | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Estimated Useful Lives | '5 years | ' |
Gross Amount | 1,190 | 1,190 |
Accumulated Amortization | 397 | 159 |
Net Amount | 793 | 1,031 |
License Agreements | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Estimated Useful Lives | '5 years | ' |
Gross Amount | 800 | 800 |
Accumulated Amortization | 625 | 485 |
Net Amount | $175 | $315 |
Estimated_Amortization_Expense
Estimated Amortization Expense (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Assets [Line Items] | ' |
2014 | $901 |
2015 | 735 |
2016 | 599 |
2017 | 362 |
2018 | 221 |
Thereafter | $36 |
Assets_Measured_at_Fair_Value_
Assets Measured at Fair Value on Recurring Basis (Detail) (Fair Value, Measurements, Recurring, Cash and Cash Equivalents, Money market fund deposits, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value of assets | $38 | $38 |
Fair Value, Inputs, Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value of assets | $38 | $38 |
Accounts_Receivable_Detail
Accounts Receivable (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Trade | $266,330 | $251,249 |
Vendor returns, consideration, and other | 21,872 | 20,830 |
Due from employees | 163 | 139 |
Due from affiliates | 11 | 21 |
Total Gross Accounts Receivable | 288,376 | 272,239 |
Doubtful accounts | -2,265 | -2,514 |
Accounts Receivable, net | 283,051 | 267,310 |
Accounts Receivable | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Sales returns | ($3,060) | ($2,415) |
Property_and_Equipment_Detail
Property and Equipment (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Facilities and equipment under capital lease with affiliate | $7,215 | ' | $7,215 |
Leasehold improvements | 7,534 | ' | 7,380 |
Furniture and equipment | 25,698 | ' | 23,120 |
Computer software, including licenses and internally-developed software | 58,257 | 12,044 | 53,942 |
Total | 98,704 | ' | 91,657 |
Accumulated depreciation and amortization | -71,104 | ' | -65,553 |
Property and equipment, net | $27,600 | ' | $26,104 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation and amortization | $6,186 | $5,447 | $5,320 |
Special_Charges_Additional_Inf
Special Charges - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2012 | Dec. 31, 2012 |
Component of Operating Other Cost and Expense [Line Items] | ' | ' |
Special charges | $1,135 | $1,135 |
Non-cash charge of nonvested stock | ' | 842 |
Nonvested Shares | ' | ' |
Component of Operating Other Cost and Expense [Line Items] | ' | ' |
Non-cash charge of nonvested stock | ' | $842 |
Roll_Forward_of_Accrual_Detail
Roll Forward of Accrual (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 |
Component of Operating Other Cost and Expense [Line Items] | ' | ' | ' |
Balance, beginning of period | ' | ' | $16 |
Charges | 1,135 | 1,135 | ' |
Issuance of non-vested stock | ' | -842 | ' |
Cash payments | ' | -293 | -16 |
Balance, end of period | ' | ' | ' |
Bank_Borrowings_Additional_inf
Bank Borrowings - Additional information (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Subordinated Borrowing [Line Items] | ' | ' |
Line of credit, borrowing capacity | $50,000 | ' |
Credit facility, expiration date | 24-Feb-17 | ' |
Line of credit, maximum borrowing capacity | 80,000 | ' |
Debt instrument, description of variable rate basis | 'One-month LIBOR | ' |
Debt ratio | 2 | ' |
Line of credit, outstanding borrowing | 0 | 0 |
Line of credit, available for borrowing | $50,000 | $50,000 |
Prime Rate | ' | ' |
Subordinated Borrowing [Line Items] | ' | ' |
Debt instrument, interest rate | 3.25% | ' |
One-month LIBOR rate | ' | ' |
Subordinated Borrowing [Line Items] | ' | ' |
Debt instrument, interest rate | 0.17% | ' |
Shortterm_Borrowings_Detail
Short-term Borrowings (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
Short-term Debt [Line Items] | ' | ' |
Weighted Average Interest Rate | 0.80% | 0.80% |
Maximum Amount Outstanding | $6,707 | $21,007 |
Average Amount Outstanding | $19 | $750 |
Trade_Credit_Agreements_Additi
Trade Credit Agreements - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Maximum | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Amount owed to financial institution for inventory financing | $47,000 | ' |
Accounts Payable | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Amount owed to financial institution for inventory financing | $15,543 | $18,901 |
Capital_Lease_Additional_Infor
Capital Lease - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Y | ||
Capital Leased Assets [Line Items] | ' | ' |
Capital lease, term | '15 years | ' |
Capital leases minimum payments due in years one through five | $911 | ' |
Capital leases minimum payments due in years six through ten | 1,025 | ' |
Capital leases minimum payments due in years eleven through fifteen | 1,139 | ' |
Lease expiration date | 30-Nov-13 | ' |
Capital lease renewal period | 5 | ' |
Capital lease payments in a month to month basis | 95 | ' |
Capital Lease Asset | $0 | $441 |
Stockholders_Equity_And_Share_
Stockholders' Equity And Share Based Compensation - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 28, 2001 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 11, 2014 | Nov. 30, 1997 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | 31-May-13 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Subsequent Event | 1997 Stock Incentive Plan (the "1997 Plan") | 1997 Stock Incentive Plan (the "1997 Plan") | 1997 Employee Stock Purchase Plan | Stock Incentive Plan 2007 | Stock Incentive Plan 2007 | Two Principal Stockholders | Nonvested Stock Units | Nonvested Stock Units | Nonvested Stock Units | Nonvested Stock Awards | Nonvested Stock Awards | Nonvested Stock Awards | Phantom Share Units (PSUs) | Phantom Share Units (PSUs) | Maximum | Maximum | Maximum | ||||||||
Nonvested Stock Units | Nonvested Stock Units | Nonvested Stock Units | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | ' | 10,000 | 10,000 | ' | 10,000 | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, par value | ' | $0.01 | $0.01 | ' | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, shares outstanding | ' | 0 | 0 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of common stock, authorized amount | $15,000 | ' | ' | ' | ' | ' | ' | $15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of share repurchased | ' | ' | ' | ' | 0 | 762 | 461 | ' | ' | ' | ' | ' | ' | 600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10.58 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares repurchased, value | ' | ' | ' | ' | ' | 7,813 | 3,823 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of aggregated share repurchased | ' | 12,233 | ' | ' | 12,233 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of aggregated share repurchased | ' | 1,682 | ' | ' | 1,682 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum approximate dollar value of shares that may yet be purchased | ' | ' | ' | ' | 2,767 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares withheld to satisfy employee tax obligation | ' | ' | ' | ' | 19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares withheld to satisfy employee tax obligation, value | ' | ' | ' | ' | 577 | 504 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividend paid per share | ' | $0.40 | $0.38 | $0.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend paid, date of record | ' | 12-Dec-13 | 28-Nov-12 | 25-Nov-11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total amount of dividend payment | ' | 10,475 | 10,074 | 10,588 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | 171 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of stock option | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares authorized for issuance under stock incentive plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for future grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price under employee stock purchase plan as a percentage of price as of the last day of each six month offering period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock reserved for issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,038 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share purchased under employee stock purchase plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 953 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value options exercised | ' | ' | ' | ' | 1,610 | 374 | 253 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unearned compensation cost related to the unvested portion of outstanding stock options | ' | 3 | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | '4 years | '9 years | '9 years | '9 years |
Total fair values of nonvested stock awards that vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 768 | 0 | 0 | 728 | 1,715 | 731 | ' | ' | ' | ' | ' |
Weighted-average grant-date fair values of nonvested stock awards granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9.84 | $5.54 | ' | ' | ' | ' | ' | ' | ' | ' |
Unearned compensation cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,062 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation costs, weighted average period of recognition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years 6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of Stock Equivalent Units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40 | 179 | ' | ' | ' |
Expenses Incurred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,159 | $349 | ' | ' | ' |
Components_of_ShareBased_Compe
Components of Share-Based Compensation Recorded as Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Pre-tax compensation expense | $958 | $1,494 | $824 |
Tax benefit | -329 | -517 | -234 |
Net effect on net income | 629 | 977 | 590 |
Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Pre-tax compensation expense | 94 | 161 | 294 |
Nonvested Shares | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Pre-tax compensation expense | $864 | $1,333 | $530 |
Stock_Option_Activity_Detail
Stock Option Activity (Detail) (Stock Options, USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Stock Options | ' |
Options | ' |
Outstanding at beginning of period | 540 |
Exercised | -225 |
Forfeited | -6 |
Expired | -50 |
Outstanding at end of period | 259 |
Vested and expected to vest | 257 |
Exercisable at end of period | 254 |
Weighted Average Exercise Price | ' |
Outstanding at beginning of period | $9.54 |
Exercised | $7.89 |
Forfeited | $6.35 |
Expired | $13.13 |
Outstanding at end of period | $10.36 |
Vested and expected to vest | $10.40 |
Exercisable at end of period | $10.44 |
Weighted Average Remaining Contractual Term (Years) | ' |
Outstanding at end of period | '4 years 3 months 26 days |
Vested and expected to vest | '4 years 3 months 18 days |
Exercisable at end of period | '4 years 3 months 11 days |
Aggregate Intrinsic Value | ' |
Outstanding at end of period | $3,752 |
Vested and expected to vest | 3,711 |
Exercisable at end of period | $3,659 |
Nonvested_Stock_Award_and_Unit
Nonvested Stock Award and Unit Activity (Detail) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Nonvested Shares | ' |
Shares | ' |
Nonvested shares beginning balance | 48 |
Vested | -48 |
Nonvested shares ending balance | ' |
Weighted-Average Grant Date Fair Value | ' |
Nonvested shares beginning balance | $4.51 |
Vested | $4.51 |
Nonvested shares ending balance | ' |
Nonvested Stock Units | ' |
Shares | ' |
Nonvested shares beginning balance | 353 |
Awarded | 165 |
Vested | -43 |
Nonvested shares ending balance | 475 |
Weighted-Average Grant Date Fair Value | ' |
Nonvested shares beginning balance | $8.33 |
Awarded | $21.51 |
Vested | $10.61 |
Nonvested shares ending balance | $12.70 |
Provision_for_Income_Taxes_Det
Provision for Income Taxes (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | $15,494 | $17,728 | $13,130 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 3,493 | 3,034 | 2,865 |
Total current | ' | ' | ' | ' | ' | ' | ' | ' | 18,987 | 20,762 | 15,995 |
Deferred: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | 4,160 | 344 | 2,220 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 418 | 330 | 429 |
Total deferred | ' | ' | ' | ' | ' | ' | ' | ' | 4,578 | 674 | 2,649 |
Net provision | $6,523 | $6,882 | $6,183 | $3,977 | $5,754 | $6,336 | $5,749 | $3,597 | $23,565 | $21,436 | $18,644 |
Components_of_Deferred_Taxes_D
Components of Deferred Taxes (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Provisions for doubtful accounts | $891 | $990 |
Inventory costs capitalized for tax purposes | 166 | 112 |
Inventory valuation reserves | 558 | 267 |
Sales return reserves | 155 | 122 |
Deductible expenses, primarily employee-benefit related | 615 | 461 |
Accrued compensation | 1,764 | 924 |
State tax contingency | 248 | 230 |
Other | 2,076 | 2,184 |
Compensation under non-statutory stock option agreements | 669 | 769 |
State tax loss carryforwards | 622 | 511 |
State tax credit carryforwards | ' | 259 |
Federal benefit for uncertain state tax positions | 692 | 708 |
Total gross deferred tax assets | 8,456 | 7,537 |
Less: Valuation allowance | -249 | -291 |
Net deferred tax assets | 8,207 | 7,246 |
Deferred tax liabilities: | ' | ' |
Goodwill and other intangibles | -12,926 | -11,082 |
Property and equipment | -5,123 | -1,428 |
Total gross deferred tax liabilities | -18,049 | -12,510 |
Net deferred tax liability | -9,842 | -5,264 |
Current net deferred tax assets | 6,382 | 5,250 |
Noncurrent deferred tax liability | -16,224 | -10,514 |
Net deferred tax liability | ($9,842) | ($5,264) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Examination [Line Items] | ' | ' | ' |
State net operating loss carryforwards | $957 | ' | ' |
Operating loss carryforwards, state tax benefits net of federal taxes | 622 | 511 | ' |
State tax credit and state tax loss carryforwards, valuation allowance | 249 | 291 | ' |
Net change in the valuation allowance related to utilization and expiration of tax carryforwards | 42 | 237 | 145 |
Unrecognized income tax benefits, interest and penalties recognized | 81 | 93 | 120 |
Unrecognized income tax benefits, accrued interest | 967 | 944 | ' |
Unrecognized income tax benefits, accrued penalties | 254 | 273 | ' |
Expiring After 2016 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
State net operating loss carryforwards | 6 | ' | ' |
Expiring After 2017 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
State net operating loss carryforwards | 3 | ' | ' |
Expiring beyond 2018 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
State net operating loss carryforwards | $948 | ' | ' |
Period 1 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
State net operating loss carryforwards, expiration period | '5 years | ' | ' |
Period 2 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
State net operating loss carryforwards, expiration period | '15 years | ' | ' |
Period 3 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
State net operating loss carryforwards, expiration period | '20 years | ' | ' |
Reconciliation_of_Income_Tax_P
Reconciliation of Income Tax Provision To Total Income Taxes At Statutory Federal Tax Rate (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investments, Owned, Federal Income Tax Note [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal income taxes, at statutory tax rate | ' | ' | ' | ' | ' | ' | ' | ' | $20,736 | $19,077 | $16,601 |
State income taxes, net of federal benefit | ' | ' | ' | ' | ' | ' | ' | ' | 2,467 | 2,232 | 2,573 |
Nondeductible expenses | ' | ' | ' | ' | ' | ' | ' | ' | 420 | 277 | 8 |
Other-net | ' | ' | ' | ' | ' | ' | ' | ' | -58 | -150 | -538 |
Net provision | $6,523 | $6,882 | $6,183 | $3,977 | $5,754 | $6,336 | $5,749 | $3,597 | $23,565 | $21,436 | $18,644 |
Reconciliation_Of_Unrecognized
Reconciliation Of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Contingency [Line Items] | ' | ' | ' |
Beginning balance | $1,084 | $1,535 | $1,791 |
Lapses of applicable statute of limitations | -76 | -451 | -256 |
Ending balance | $1,008 | $1,084 | $1,535 |
Employee_Benefit_Plan_Addition
Employee Benefit Plan - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Contribution Plan Disclosure [Line Items] | ' | ' | ' |
Employer matching contributions to employee savings | $1,768 | $1,568 | $1,288 |
Recovered_Sheet2
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Y | |||
Contract | |||
Loss Contingencies [Line Items] | ' | ' | ' |
Operating lease term | '10 years | ' | ' |
Operating lease renewal term | '2 years | ' | ' |
Operating lease term, number of additional renewal option | 2 | ' | ' |
Property leased from unrelated parties with remaining terms, minimum | 1 | ' | ' |
Property leased from unrelated parties with remaining terms, maximum | 5 | ' | ' |
Total rent expense | $3,282 | $3,318 | $3,104 |
Total marketing expense payments | 408 | 522 | 935 |
Total accruals for unclaimed property | 1,792 | 2,418 | ' |
Sports Marketing Agreements | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
2014 | 105 | ' | ' |
Related Party | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Total rent expense | $372 | $464 | $524 |
Future_Aggregate_Minimum_Annua
Future Aggregate Minimum Annual Lease Payments Under Operating Leases (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Operating Leased Assets [Line Items] | ' |
2014 | $2,505 |
2015 | 2,133 |
2016 | 788 |
2017 | 553 |
2018 | 169 |
2019 and thereafter | ' |
Related Parties | ' |
Operating Leased Assets [Line Items] | ' |
2014 | 235 |
2015 | 235 |
2016 | 235 |
2017 | 235 |
2018 | 137 |
2019 and thereafter | ' |
Others | ' |
Operating Leased Assets [Line Items] | ' |
2014 | 2,270 |
2015 | 1,898 |
2016 | 553 |
2017 | 318 |
2018 | 32 |
2019 and thereafter | ' |
Other_RelatedParty_Transaction2
Other Related-Party Transactions (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transaction [Line Items] | ' | ' | ' |
Sales of services to affiliated companies | $115 | $100 | $94 |
Recovered_Sheet3
Segment and Related Disclosures - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of reporting segments | 3 | ' | ' |
Goodwill | 51,276 | 51,276 | ' |
Total assets net | 500,944 | 468,323 | ' |
Single Customer | Maximum | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Percentage of sales by segment | 2.00% | 2.00% | 2.00% |
Federal Government Agencies | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Percentage of sales by segment | 6.40% | 8.40% | 8.40% |
Federal Government Agencies | Maximum | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Percentage of sales by segment | 2.00% | 2.00% | 2.00% |
Geographic Concentration Risk | Maximum | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Percentage of sales by segment | 1.00% | 1.00% | 1.00% |
Large Account Segment | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Goodwill | 51,276 | 51,276 | ' |
Total assets net | 243,940 | 221,171 | ' |
Intersegment Elimination | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total assets net | 30,481 | 32,955 | ' |
Segment_Information_Applicable
Segment Information Applicable to Reportable Operating Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $578,572 | $580,356 | $557,287 | $505,423 | $556,247 | $561,294 | $542,569 | $498,763 | $2,221,638 | $2,158,873 | $2,103,295 |
Operating income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income (loss) | 16,378 | 17,510 | 15,383 | 10,125 | 14,638 | 16,300 | 14,668 | 9,026 | 59,396 | 54,632 | 47,611 |
Interest expense | -11 | -39 | -46 | -53 | -33 | -69 | -64 | ' | -149 | -166 | -369 |
Other, net | -3 | ' | ' | 3 | 18 | 6 | -29 | 46 | ' | 41 | 189 |
Income before taxes | 16,364 | 17,471 | 15,337 | 10,075 | 14,623 | 16,237 | 14,575 | 9,072 | 59,247 | 54,507 | 47,431 |
Depreciation and amortization: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 7,089 | 6,895 | 5,951 |
Special charges | ' | ' | ' | ' | ' | ' | ' | 1,135 | ' | 1,135 | ' |
Total assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 500,944 | ' | ' | ' | 468,323 | ' | ' | ' | 500,944 | 468,323 | ' |
Small and Medium Sized Businesses segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 952,785 | 902,642 | 922,439 |
Operating income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 31,635 | 31,730 | 26,725 |
Depreciation and amortization: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 9 | 26 |
Total assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 165,620 | ' | ' | ' | 146,633 | ' | ' | ' | 165,620 | 146,633 | ' |
Large Account Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 793,686 | 773,352 | 711,177 |
Operating income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 31,667 | 32,764 | 28,644 |
Depreciation and amortization: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 2,079 | 2,156 | 1,377 |
Total assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 243,940 | ' | ' | ' | 221,171 | ' | ' | ' | 243,940 | 221,171 | ' |
Public Sector | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 475,167 | 482,879 | 469,679 |
Operating income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 3,415 | 8,316 | 4,886 |
Depreciation and amortization: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 174 | 165 | 170 |
Total assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 57,961 | ' | ' | ' | 63,210 | ' | ' | ' | 57,961 | 63,210 | ' |
Headquarters and Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -7,321 | -18,178 | -12,644 |
Depreciation and amortization: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 4,831 | 4,565 | 4,378 |
Special charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,135 | ' |
Total assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | $33,423 | ' | ' | ' | $37,309 | ' | ' | ' | $33,423 | $37,309 | ' |
Quarterly_Data_of_Company_Deta
Quarterly Data of Company (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net sales | $578,572 | $580,356 | $557,287 | $505,423 | $556,247 | $561,294 | $542,569 | $498,763 | $2,221,638 | $2,158,873 | $2,103,295 |
Cost of sales | 502,879 | 503,803 | 483,371 | 438,585 | 484,546 | 489,088 | 470,998 | 432,152 | 1,928,638 | 1,876,784 | 1,838,411 |
Gross profit | 75,693 | 76,553 | 73,916 | 66,838 | 71,701 | 72,206 | 71,571 | 66,611 | 293,000 | 282,089 | 264,884 |
Selling, general and administrative expenses | 59,315 | 59,043 | 58,533 | 56,713 | 57,063 | 55,906 | 56,903 | 56,450 | 233,604 | 226,322 | 217,273 |
Special charges | ' | ' | ' | ' | ' | ' | ' | 1,135 | ' | 1,135 | ' |
Income from operations | 16,378 | 17,510 | 15,383 | 10,125 | 14,638 | 16,300 | 14,668 | 9,026 | 59,396 | 54,632 | 47,611 |
Interest expense | -11 | -39 | -46 | -53 | -33 | -69 | -64 | ' | -149 | -166 | -369 |
Other, net | -3 | ' | ' | 3 | 18 | 6 | -29 | 46 | ' | 41 | 189 |
Income before taxes | 16,364 | 17,471 | 15,337 | 10,075 | 14,623 | 16,237 | 14,575 | 9,072 | 59,247 | 54,507 | 47,431 |
Income tax provision | -6,523 | -6,882 | -6,183 | -3,977 | -5,754 | -6,336 | -5,749 | -3,597 | -23,565 | -21,436 | -18,644 |
Net income | $9,841 | $10,589 | $9,154 | $6,098 | $8,869 | $9,901 | $8,826 | $5,475 | $35,682 | $33,071 | $28,787 |
Earnings per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $0.38 | $0.40 | $0.35 | $0.23 | $0.34 | $0.37 | $0.33 | $0.21 | $1.37 | $1.25 | $1.08 |
Diluted | $0.37 | $0.40 | $0.35 | $0.23 | $0.33 | $0.37 | $0.33 | $0.21 | $1.35 | $1.24 | $1.07 |
Weighted average common shares outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | 26,181 | 26,169 | 26,127 | 25,998 | 26,413 | 26,470 | 26,403 | 26,439 | 26,120 | 26,431 | 26,703 |
Diluted | 26,453 | 26,399 | 26,379 | 26,272 | 26,598 | 26,660 | 26,519 | 26,586 | 26,387 | 26,586 | 26,800 |
Summary_of_Valuation_and_Quali
Summary of Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Sales Returns | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Beginning Balance | $2,415 | $2,432 | $3,244 |
Charged to Costs and Expenses | 31,843 | 31,316 | 32,969 |
Deductions/Write-Offs | -31,198 | -31,333 | -33,781 |
Ending Balance | 3,060 | 2,415 | 2,432 |
Allowance for Doubtful Accounts | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Beginning Balance | 2,514 | 3,294 | 2,841 |
Charged to Costs and Expenses | 1,078 | 1,561 | 2,768 |
Deductions/Write-Offs | -1,327 | -2,341 | -2,315 |
Ending Balance | $2,265 | $2,514 | $3,294 |