Delaware | 26-0273989 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
75 Tri-State International | ||||||||
Lincolnshire, Illinois | 60069 | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Common stock, par value $0.01 per share | CDW | Nasdaq Global Select Market |
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||||||||||||||||
Non-accelerated filer | Smaller reporting company | |||||||||||||||||||
Emerging growth company | ||||||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. |
Page | ||||||||
PART I | FINANCIAL INFORMATION | |||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II | OTHER INFORMATION | |||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
SIGNATURES |
CDW CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (dollars in millions, except per share amounts) | |||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
Assets | (unaudited) | ||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 384.6 | $ | 258.1 | |||||||
Accounts receivable, net of allowance for credit losses of $24.0 and $20.4, respectively | 4,549.4 | 4,499.4 | |||||||||
Merchandise inventory | 914.5 | 927.6 | |||||||||
Miscellaneous receivables | 486.4 | 435.5 | |||||||||
Prepaid expenses and other | 560.3 | 357.5 | |||||||||
Total current assets | 6,895.2 | 6,478.1 | |||||||||
Operating lease right-of-use assets | 153.8 | 155.6 | |||||||||
Property and equipment, net | 188.0 | 195.8 | |||||||||
Goodwill | 4,327.5 | 4,382.9 | |||||||||
Other intangible assets, net | 1,525.5 | 1,628.1 | |||||||||
Other assets | 385.6 | 358.9 | |||||||||
Total Assets | $ | 13,475.6 | $ | 13,199.4 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable-trade | $ | 3,251.1 | $ | 3,114.2 | |||||||
Accounts payable-inventory financing | 478.7 | 448.3 | |||||||||
Current maturities of long-term debt | 57.8 | 102.7 | |||||||||
Contract liabilities | 437.7 | 402.9 | |||||||||
Accrued expenses and other current liabilities: | |||||||||||
Compensation | 359.1 | 361.7 | |||||||||
Advertising | 169.8 | 145.5 | |||||||||
Sales and income taxes | 58.0 | 65.9 | |||||||||
Other | 546.6 | 454.8 | |||||||||
Total current liabilities | 5,358.8 | 5,096.0 | |||||||||
Long-term liabilities: | |||||||||||
Debt | 6,100.0 | 6,755.8 | |||||||||
Deferred income taxes | 208.3 | 222.3 | |||||||||
Operating lease liabilities | 180.0 | 184.2 | |||||||||
Other liabilities | 302.5 | 235.4 | |||||||||
Total long-term liabilities | 6,790.8 | 7,397.7 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $0.01 par value, 100.0 shares authorized; no shares issued or outstanding for both periods | — | — | |||||||||
Common stock, $0.01 par value, 1,000.0 shares authorized; 135.3 and 134.8 shares outstanding, respectively | 1.4 | 1.3 | |||||||||
Paid-in capital | 3,481.5 | 3,369.5 | |||||||||
Accumulated deficit | (1,969.3) | (2,570.7) | |||||||||
Accumulated other comprehensive loss | (187.6) | (94.4) | |||||||||
Total stockholders’ equity | 1,326.0 | 705.7 | |||||||||
Total Liabilities and Stockholders’ Equity | $ | 13,475.6 | $ | 13,199.4 |
CDW CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in millions, except per-share amounts) | |||||||
September 30, 2017 | December 31, 2016 | ||||||
Assets | (unaudited) | ||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 97.9 | $ | 263.7 | |||
Accounts receivable, net of allowance for doubtful accounts of $6.2 and $5.9, respectively | 2,311.3 | 2,168.6 | |||||
Merchandise inventory | 549.0 | 452.0 | |||||
Miscellaneous receivables | 380.8 | 234.9 | |||||
Prepaid expenses and other | 153.5 | 118.9 | |||||
Total current assets | 3,492.5 | 3,238.1 | |||||
Property and equipment, net | 162.5 | 163.7 | |||||
Goodwill | 2,477.6 | 2,455.0 | |||||
Other intangible assets, net | 937.1 | 1,055.6 | |||||
Other assets | 32.1 | 36.0 | |||||
Total assets | $ | 7,101.8 | $ | 6,948.4 | |||
Liabilities and Stockholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable-trade | $ | 1,224.6 | $ | 1,072.9 | |||
Accounts payable-inventory financing | 541.3 | 580.4 | |||||
Current maturities of long-term debt | 41.5 | 18.5 | |||||
Deferred revenue | 228.4 | 172.6 | |||||
Accrued expenses: | |||||||
Compensation | 138.3 | 167.6 | |||||
Interest | 15.4 | 25.1 | |||||
Sales taxes | 30.2 | 38.0 | |||||
Advertising | 122.6 | 55.8 | |||||
Income taxes | 31.6 | 2.6 | |||||
Other | 184.8 | 147.2 | |||||
Total current liabilities | 2,558.7 | 2,280.7 | |||||
Long-term liabilities: | |||||||
Debt | 3,388.4 | 3,215.9 | |||||
Deferred income taxes | 315.9 | 369.2 | |||||
Other liabilities | 32.3 | 37.1 | |||||
Total long-term liabilities | 3,736.6 | 3,622.2 | |||||
Commitments and contingencies (Note 12) | |||||||
Stockholders’ equity: | |||||||
Preferred stock, $0.01 par value, 100.0 shares authorized, no shares issued or outstanding for both periods | — | — | |||||
Common stock, $0.01 par value, 1,000.0 shares authorized, 152.9 and 160.3 shares issued and outstanding, respectively | 1.5 | 1.6 | |||||
Paid-in capital | 2,903.9 | 2,857.3 | |||||
Accumulated deficit | (1,997.2 | ) | (1,673.8 | ) | |||
Accumulated other comprehensive loss | (101.7 | ) | (139.6 | ) | |||
Total stockholders’ equity | 806.5 | 1,045.5 | |||||
Total liabilities and stockholders’ equity | $ | 7,101.8 | $ | 6,948.4 |
CDW CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (dollars in millions, except per-share amounts) (unaudited) | ||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net sales | $ | 6,215.5 | $ | 5,300.0 | $ | 18,310.4 | $ | 15,283.9 | ||||||||||||||||||
Cost of sales | 4,982.3 | 4,385.1 | 14,804.9 | 12,691.0 | ||||||||||||||||||||||
Gross profit | 1,233.2 | 914.9 | 3,505.5 | 2,592.9 | ||||||||||||||||||||||
Selling and administrative expenses | 766.8 | 528.5 | 2,216.9 | 1,513.2 | ||||||||||||||||||||||
Operating income | 466.4 | 386.4 | 1,288.6 | 1,079.7 | ||||||||||||||||||||||
Interest expense, net | (62.6) | (36.4) | (176.3) | (107.5) | ||||||||||||||||||||||
Other (expense) income, net | (4.8) | 0.4 | (5.7) | 38.3 | ||||||||||||||||||||||
Income before income taxes | 399.0 | 350.4 | 1,106.6 | 1,010.5 | ||||||||||||||||||||||
Income tax expense | (101.2) | (83.8) | (279.3) | (237.2) | ||||||||||||||||||||||
Net income | $ | 297.8 | $ | 266.6 | $ | 827.3 | $ | 773.3 | ||||||||||||||||||
Net income per common share: | ||||||||||||||||||||||||||
Basic | $ | 2.20 | $ | 1.94 | $ | 6.12 | $ | 5.54 | ||||||||||||||||||
Diluted | $ | 2.17 | $ | 1.91 | $ | 6.04 | $ | 5.47 | ||||||||||||||||||
Weighted-average common shares outstanding: | ||||||||||||||||||||||||||
Basic | 135.3 | 137.3 | 135.1 | 139.5 | ||||||||||||||||||||||
Diluted | 137.1 | 139.4 | 136.9 | 141.4 |
CDW CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per-share amounts) (unaudited) | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net sales | $ | 4,033.9 | $ | 3,708.2 | $ | 11,353.0 | $ | 10,489.5 | ||||||||
Cost of sales | 3,391.9 | 3,093.9 | 9,517.4 | 8,740.2 | ||||||||||||
Gross profit | 642.0 | 614.3 | 1,835.6 | 1,749.3 | ||||||||||||
Selling and administrative expenses | 352.0 | 334.9 | 1,062.9 | 1,009.0 | ||||||||||||
Advertising expense | 46.3 | 41.9 | 128.1 | 118.3 | ||||||||||||
Income from operations | 243.7 | 237.5 | 644.6 | 622.0 | ||||||||||||
Interest expense, net | (37.8 | ) | (37.6 | ) | (113.4 | ) | (112.6 | ) | ||||||||
Net loss on extinguishments of long-term debt | — | (2.1 | ) | (57.4 | ) | (2.1 | ) | |||||||||
Other income | 0.7 | 0.4 | 1.9 | 2.3 | ||||||||||||
Income before income taxes | 206.6 | 198.2 | 475.7 | 509.6 | ||||||||||||
Income tax expense | (77.4 | ) | (72.3 | ) | (147.9 | ) | (188.4 | ) | ||||||||
Net income | $ | 129.2 | $ | 125.9 | $ | 327.8 | $ | 321.2 | ||||||||
Net income per common share: | ||||||||||||||||
Basic | $ | 0.84 | $ | 0.78 | $ | 2.10 | $ | 1.95 | ||||||||
Diluted | $ | 0.83 | $ | 0.76 | $ | 2.06 | $ | 1.93 | ||||||||
Weighted-average common shares outstanding: | ||||||||||||||||
Basic | 153.8 | 162.1 | 156.3 | 164.8 | ||||||||||||
Diluted | 156.2 | 164.9 | 159.2 | 166.9 | ||||||||||||
Cash dividends declared per common share | $ | 0.1600 | $ | 0.1075 | $ | 0.4800 | $ | 0.3225 |
CDW CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (dollars in millions) (unaudited) | ||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net income | $ | 297.8 | $ | 266.6 | $ | 827.3 | $ | 773.3 | ||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||
Unrealized gain from cash flow hedge, net of tax | 0.7 | — | 2.1 | — | ||||||||||||||||||||||
Reclassification of cash flow hedge loss to net income, net of tax | 1.0 | 0.7 | 2.6 | 1.7 | ||||||||||||||||||||||
Foreign currency translation, net of tax | (50.0) | (15.0) | (97.9) | (3.4) | ||||||||||||||||||||||
Other comprehensive income (loss) | (48.3) | (14.3) | (93.2) | (1.7) | ||||||||||||||||||||||
Comprehensive income | $ | 249.5 | $ | 252.3 | $ | 734.1 | $ | 771.6 |
CDW CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in millions) (unaudited) | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net income | $ | 129.2 | $ | 125.9 | $ | 327.8 | $ | 321.2 | ||||||||
Foreign currency translation, net(1) | 13.9 | (11.9 | ) | 39.3 | (54.7 | ) | ||||||||||
Unrealized gain (loss) from hedge accounting, net(2) | 0.3 | — | (1.4 | ) | — | |||||||||||
Other comprehensive income (loss), net | 14.2 | (11.9 | ) | 37.9 | (54.7 | ) | ||||||||||
Comprehensive income | $ | 143.4 | $ | 114.0 | $ | 365.7 | $ | 266.5 |
CDW CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (in millions) (unaudited) | ||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total Stockholders’ Equity | |||||||||||||||||||||||
Balance as of December 31, 2016 | — | $ | — | 160.3 | $ | 1.6 | $ | 2,857.3 | $ | (1,673.8 | ) | $ | (139.6 | ) | $ | 1,045.5 | ||||||||||||||
Net income | — | — | — | — | — | 327.8 | — | 327.8 | ||||||||||||||||||||||
Equity-based compensation expense | — | — | — | — | 29.3 | — | — | 29.3 | ||||||||||||||||||||||
Stock option exercises | — | — | 1.4 | — | 9.1 | — | — | 9.1 | ||||||||||||||||||||||
Coworker Stock Purchase Plan | — | — | 0.1 | — | 7.6 | — | — | 7.6 | ||||||||||||||||||||||
Repurchases of common stock | — | — | (8.9 | ) | (0.1 | ) | — | (533.9 | ) | (534.0 | ) | |||||||||||||||||||
Dividends | — | — | — | — | 0.6 | (75.3 | ) | — | (74.7 | ) | ||||||||||||||||||||
Incentive compensation plan shares withheld for taxes | — | — | — | — | — | (42.0 | ) | — | (42.0 | ) | ||||||||||||||||||||
Foreign currency translation | — | — | — | — | — | — | 39.3 | 39.3 | ||||||||||||||||||||||
Unrealized loss from hedge accounting | — | — | — | — | — | — | (1.4 | ) | (1.4 | ) | ||||||||||||||||||||
Balance as of September 30, 2017 | — | $ | — | 152.9 | $ | 1.5 | $ | 2,903.9 | $ | (1,997.2 | ) | $ | (101.7 | ) | $ | 806.5 |
CDW CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (dollars in millions) (unaudited) | ||||||||||||||
Nine Months Ended September 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income | $ | 827.3 | $ | 773.3 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization | 218.1 | 140.0 | ||||||||||||
Equity-based compensation expense | 71.4 | 53.3 | ||||||||||||
Deferred income taxes | (12.3) | (6.7) | ||||||||||||
Provision for credit losses | 6.6 | (7.3) | ||||||||||||
Other | 13.1 | (33.4) | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||
Accounts receivable | (156.2) | (323.5) | ||||||||||||
Merchandise inventory | (16.1) | (87.5) | ||||||||||||
Other assets | (273.9) | (92.6) | ||||||||||||
Accounts payable-trade | 188.5 | 179.7 | ||||||||||||
Other liabilities | 227.5 | 41.4 | ||||||||||||
Net cash provided by operating activities | 1,094.0 | 636.7 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Capital expenditures | (97.2) | (66.2) | ||||||||||||
Acquisitions of businesses, net of cash acquired | (28.0) | (339.7) | ||||||||||||
Proceeds from the sale of equity method investment | — | 36.0 | ||||||||||||
Net cash used in investing activities | (125.2) | (369.9) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Proceeds from borrowings under revolving credit facility | 1,854.6 | 548.3 | ||||||||||||
Repayments of borrowings under revolving credit facility | (2,047.3) | (379.6) | ||||||||||||
Repayments of debt | (435.5) | (11.2) | ||||||||||||
Repayments of receivable financing liability | (58.9) | (2.1) | ||||||||||||
Payments to extinguish debt | — | (56.5) | ||||||||||||
Net change in accounts payable-inventory financing | 46.6 | (183.7) | ||||||||||||
Financing payments for revenue generating assets | — | (46.1) | ||||||||||||
Repurchases of common stock | — | (1,185.3) | ||||||||||||
Proceeds from stock option exercises | 20.7 | 60.7 | ||||||||||||
Payment of incentive compensation plan withholding taxes | (21.9) | (28.4) | ||||||||||||
Dividend payments | (202.7) | (167.1) | ||||||||||||
Other | 14.0 | 19.2 | ||||||||||||
Net cash used in financing activities | (830.4) | (1,431.8) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (11.9) | (0.1) | ||||||||||||
Net increase (decrease) in cash and cash equivalents | 126.5 | (1,165.1) | ||||||||||||
Cash and cash equivalents—beginning of period | 258.1 | 1,410.2 | ||||||||||||
Cash and cash equivalents—end of period | $ | 384.6 | $ | 245.1 | ||||||||||
Supplementary disclosure of cash flow information: | ||||||||||||||
Interest paid | $ | (131.6) | $ | (85.1) | ||||||||||
Income taxes paid, net | $ | (274.5) | $ | (264.4) |
CDW CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) (unaudited) | ||||||||
Nine Months Ended September 30, | ||||||||
2017 | 2016 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 327.8 | $ | 321.2 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 195.2 | 190.7 | ||||||
Equity-based compensation expense | 33.6 | 28.1 | ||||||
Deferred income taxes | (55.2 | ) | (74.8 | ) | ||||
Allowance for doubtful accounts | 0.3 | — | ||||||
Amortization of deferred financing costs, debt premium and debt discount, net | 4.0 | 4.4 | ||||||
Net loss on extinguishments of long-term debt | 57.4 | 2.1 | ||||||
Gain on interest rate cap agreements | (0.5 | ) | — | |||||
Other | 0.1 | 0.5 | ||||||
Changes in assets and liabilities: | ||||||||
Accounts receivable | (120.4 | ) | (17.9 | ) | ||||
Merchandise inventory | (90.5 | ) | (64.6 | ) | ||||
Other assets | (179.3 | ) | (101.2 | ) | ||||
Accounts payable-trade | 140.2 | 141.5 | ||||||
Other current liabilities | 130.9 | 97.4 | ||||||
Long-term liabilities | (4.5 | ) | (28.1 | ) | ||||
Net cash provided by operating activities | 439.1 | 499.3 | ||||||
Cash flows used in investing activities: | ||||||||
Capital expenditures | (58.6 | ) | (41.4 | ) | ||||
Premium payments on interest rate cap agreements | — | (2.1 | ) | |||||
Net cash used in investing activities | (58.6 | ) | (43.5 | ) | ||||
Cash flows used in financing activities: | ||||||||
Proceeds from borrowings under revolving credit facilities | 1,279.1 | 332.1 | ||||||
Repayments of borrowings under revolving credit facilities | (1,087.5 | ) | (332.1 | ) | ||||
Repayments of long-term debt | (11.2 | ) | (17.0 | ) | ||||
Proceeds from issuance of long-term debt | 2,083.0 | 1,483.0 | ||||||
Payments to extinguish long-term debt | (2,121.3 | ) | (1,490.4 | ) | ||||
Net change in other long-term obligation | (3.8 | ) | 15.7 | |||||
Payments of debt financing costs | (9.6 | ) | (5.9 | ) | ||||
Net change in accounts payable-inventory financing | (41.4 | ) | 39.2 | |||||
Effective portion of interest rate cap agreements | 0.2 | — | ||||||
Proceeds from stock option exercises | 9.1 | 6.0 | ||||||
Proceeds from Coworker Stock Purchase Plan | 7.6 | 6.9 | ||||||
Repurchases of common stock | (534.0 | ) | (355.0 | ) | ||||
Payment of incentive compensation plan withholding taxes | (42.0 | ) | — | |||||
Dividends | (74.7 | ) | (53.1 | ) | ||||
Principal payments under capital lease obligations | (1.1 | ) | (0.3 | ) | ||||
Net cash used in financing activities | (547.6 | ) | (370.9 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | 1.3 | (4.2 | ) | |||||
Net (decrease) increase in cash and cash equivalents | (165.8 | ) | 80.7 | |||||
Cash and cash equivalents—beginning of period | 263.7 | 37.6 | ||||||
Cash and cash equivalents—end of period | $ | 97.9 | $ | 118.3 | ||||
Supplementary disclosure of cash flow information: | ||||||||
Cash paid for Interest, net | $ | (118.6 | ) | $ | (117.4 | ) | ||
Cash paid for Income taxes, net | $ | (169.6 | ) | $ | (234.5 | ) |
CDW CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (dollars in millions) (unaudited) | ||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||
Shares | Amount | Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | 135.2 | $ | 1.4 | $ | 3,441.8 | $ | (2,197.7) | $ | (139.3) | $ | 1,106.2 | |||||||||||||||||||||||||||
Net income | — | — | — | 297.8 | — | 297.8 | ||||||||||||||||||||||||||||||||
Equity-based compensation expense | — | — | 26.8 | — | — | 26.8 | ||||||||||||||||||||||||||||||||
Stock option exercises | 0.1 | — | 5.6 | — | — | 5.6 | ||||||||||||||||||||||||||||||||
Coworker Stock Purchase Plan | — | — | 6.9 | — | — | 6.9 | ||||||||||||||||||||||||||||||||
Dividends paid ($0.50 per share) | — | — | 0.4 | (68.1) | — | (67.7) | ||||||||||||||||||||||||||||||||
Incentive compensation plan stock withheld for taxes | — | — | — | (1.3) | — | (1.3) | ||||||||||||||||||||||||||||||||
Unrealized gain on cash flow hedge | — | — | — | — | 0.7 | 0.7 | ||||||||||||||||||||||||||||||||
Reclassification of cash flow hedge loss to net income | — | — | — | — | 1.0 | 1.0 | ||||||||||||||||||||||||||||||||
Foreign currency translation | — | — | — | — | (50.0) | (50.0) | ||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | 135.3 | $ | 1.4 | $ | 3,481.5 | $ | (1,969.3) | $ | (187.6) | $ | 1,326.0 |
Three Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||
Shares | Amount | Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | 138.3 | $ | 1.4 | $ | 3,294.1 | $ | (2,163.5) | $ | (83.2) | $ | 1,048.8 | |||||||||||||||||||||||||||
Net income | — | — | — | 266.6 | — | 266.6 | ||||||||||||||||||||||||||||||||
Equity-based compensation expense | — | — | 16.9 | — | — | 16.9 | ||||||||||||||||||||||||||||||||
Stock option exercises | 0.3 | — | 18.9 | — | — | 18.9 | ||||||||||||||||||||||||||||||||
Coworker Stock Purchase Plan | — | — | 5.5 | — | — | 5.5 | ||||||||||||||||||||||||||||||||
Repurchases of common stock | (2.4) | — | — | (450.0) | — | (450.0) | ||||||||||||||||||||||||||||||||
Dividends paid ($0.40 per share) | — | — | 0.3 | (55.1) | — | (54.8) | ||||||||||||||||||||||||||||||||
Incentive compensation plan stock withheld for taxes | — | — | — | (0.6) | — | (0.6) | ||||||||||||||||||||||||||||||||
Reclassification of cash flow hedge loss to net income | — | — | — | — | 0.7 | 0.7 | ||||||||||||||||||||||||||||||||
Foreign currency translation | — | — | — | — | (15.0) | (15.0) | ||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | 136.2 | $ | 1.4 | $ | 3,335.7 | $ | (2,402.6) | $ | (97.5) | $ | 837.0 |
CDW CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (dollars in millions) (unaudited) | ||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||
Shares | Amount | Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | 134.8 | $ | 1.3 | $ | 3,369.5 | $ | (2,570.7) | $ | (94.4) | $ | 705.7 | |||||||||||||||||||||||||||
Net income | — | — | — | 827.3 | — | 827.3 | ||||||||||||||||||||||||||||||||
Equity-based compensation expense | — | — | 71.4 | — | — | 71.4 | ||||||||||||||||||||||||||||||||
Stock option exercises | 0.4 | 0.1 | 20.6 | — | — | 20.7 | ||||||||||||||||||||||||||||||||
Coworker Stock Purchase Plan | 0.1 | — | 18.7 | — | — | 18.7 | ||||||||||||||||||||||||||||||||
Dividends paid ($1.50 per share) | — | — | 1.3 | (204.0) | — | (202.7) | ||||||||||||||||||||||||||||||||
Incentive compensation plan stock withheld for taxes | — | — | — | (21.9) | — | (21.9) | ||||||||||||||||||||||||||||||||
Unrealized gain on cash flow hedge | — | — | — | — | 2.1 | 2.1 | ||||||||||||||||||||||||||||||||
Reclassification of cash flow hedge loss to net income | — | — | — | — | 2.6 | 2.6 | ||||||||||||||||||||||||||||||||
Foreign currency translation | — | — | — | — | (97.9) | (97.9) | ||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | 135.3 | $ | 1.4 | $ | 3,481.5 | $ | (1,969.3) | $ | (187.6) | $ | 1,326.0 |
Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||
Shares | Amount | Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 141.9 | $ | 1.4 | $ | 3,204.9 | $ | (1,813.4) | $ | (95.8) | $ | 1,297.1 | |||||||||||||||||||||||||||
Net income | — | — | — | 773.3 | — | 773.3 | ||||||||||||||||||||||||||||||||
Equity-based compensation expense | — | — | 53.3 | — | — | 53.3 | ||||||||||||||||||||||||||||||||
Stock option exercises | 1.2 | — | 60.7 | — | — | 60.7 | ||||||||||||||||||||||||||||||||
Coworker Stock Purchase Plan | 0.1 | — | 15.9 | — | — | 15.9 | ||||||||||||||||||||||||||||||||
Repurchases of common stock | (7.0) | — | — | (1,185.3) | — | (1,185.3) | ||||||||||||||||||||||||||||||||
Dividends paid ($1.20 per share) | — | — | 0.9 | (168.0) | — | (167.1) | ||||||||||||||||||||||||||||||||
Incentive compensation plan stock withheld for taxes | — | — | — | (28.4) | — | (28.4) | ||||||||||||||||||||||||||||||||
Reclassification of cash flow hedge loss to net income | — | — | — | — | 1.7 | 1.7 | ||||||||||||||||||||||||||||||||
Foreign currency translation | — | — | — | — | (3.4) | (3.4) | ||||||||||||||||||||||||||||||||
Impact of adoption of Topic 740 | — | — | — | 19.2 | — | 19.2 | ||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | 136.2 | $ | 1.4 | $ | 3,335.7 | $ | (2,402.6) | $ | (97.5) | $ | 837.0 |
September 30, 2022 | December 31, 2021 | |||||||||||||
Accounts receivable, current(1) | $ | 4,549.4 | $ | 4,499.4 | ||||||||||
Accounts receivable, noncurrent(2) | 199.6 | 197.4 | ||||||||||||
Total accounts receivable | $ | 4,749.0 | $ | 4,696.8 |
September 30, 2022 | December 31, 2021 | |||||||||||||
Contract assets(1) | $ | 274.2 | $ | 134.7 | ||||||||||
Contract liabilities(2)(3) | $ | 460.5 | $ | 423.3 |
Within 1 Year | Years 1-2 | Years 2-3 | Thereafter | |||||||||||||||||||||||
Remaining performance obligations | $ | 49.6 | $ | 22.7 | $ | 9.3 | $ | 1.3 |
September 30, 2022 | December 31, 2021 | |||||||||||||
Revolving Loan inventory financing agreement(1) | $ | 434.6 | $ | 310.1 | ||||||||||
Other inventory financing agreements | 44.1 | 138.2 | ||||||||||||
Accounts payable-inventory financing | $ | 478.7 | $ | 448.3 |
(in millions) | September 30, 2017 | December 31, 2016 | ||||||
Revolving Loan inventory financing agreement(1) | $ | 503.8 | $ | 558.3 | ||||
Other inventory financing agreements(2) | 37.5 | 22.1 | ||||||
Accounts payable-inventory financing | $ | 541.3 | $ | 580.4 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Change in fair value recorded to AOCL | $ | 0.7 | $ | — | $ | 2.1 | $ | — | ||||||||||||||||||
Reclassification from AOCL to Interest expense, net | $ | 1.0 | $ | 0.7 | $ | 2.6 | $ | 1.7 |
As of September 30, 2022 | As of December 31, 2021 | |||||||||||||||||||||||||||||||
Maturity Date | Interest Rate | Amount | Interest Rate | Amount | ||||||||||||||||||||||||||||
Credit Facility | ||||||||||||||||||||||||||||||||
Senior unsecured revolving loan facility | December 2026 | Variable | $ | 101.6 | Variable | $ | 316.4 | |||||||||||||||||||||||||
Term Loan | ||||||||||||||||||||||||||||||||
Senior unsecured term loan facility | December 2026 | Variable | 984.5 | Variable | 1,420.0 | |||||||||||||||||||||||||||
Unsecured Senior Notes | ||||||||||||||||||||||||||||||||
Senior notes due 2024 | December 2024 | 5.500 | % | 575.0 | 5.500 | % | 575.0 | |||||||||||||||||||||||||
Senior notes due 2025 | May 2025 | 4.125 | % | 600.0 | 4.125 | % | 600.0 | |||||||||||||||||||||||||
Senior notes due 2028 | April 2028 | 4.250 | % | 600.0 | 4.250 | % | 600.0 | |||||||||||||||||||||||||
Senior notes due 2029 | February 2029 | 3.250 | % | 700.0 | 3.250 | % | 700.0 | |||||||||||||||||||||||||
Senior notes due 2026 | December 2026 | 2.670 | % | 1,000.0 | 2.670 | % | 1,000.0 | |||||||||||||||||||||||||
Senior notes due 2028 | December 2028 | 3.276 | % | 500.0 | 3.276 | % | 500.0 | |||||||||||||||||||||||||
Senior notes due 2031 | December 2031 | 3.569 | % | 1,000.0 | 3.569 | % | 1,000.0 | |||||||||||||||||||||||||
Total unsecured senior notes | 4,975.0 | 4,975.0 | ||||||||||||||||||||||||||||||
Receivable financing liability | 124.3 | 179.5 | ||||||||||||||||||||||||||||||
Other long-term obligations | 12.2 | 13.6 | ||||||||||||||||||||||||||||||
Unamortized discounts and deferred financing fees | (39.8) | (46.0) | ||||||||||||||||||||||||||||||
Current maturities of long-term debt | (57.8) | (102.7) | ||||||||||||||||||||||||||||||
Total long-term debt | $ | 6,100.0 | $ | 6,755.8 |
(dollars in millions) | Interest Rate | Principal | Unamortized Discount and Deferred Financing Costs | Total | |||||||||||
Senior secured asset-based revolving credit facility(1) | 2.9 | % | $ | 176.0 | $ | — | $ | 176.0 | |||||||
CDW UK revolving credit facility(1) | 1.7 | % | 16.1 | — | 16.1 | ||||||||||
Senior secured term loan facility | 3.3 | % | 1,471.8 | (2.2 | ) | 1,469.6 | |||||||||
CDW UK term loan | 1.7 | % | 75.0 | (1.3 | ) | 73.7 | |||||||||
Senior notes due 2023 | 5.0 | % | 525.0 | (4.7 | ) | 520.3 | |||||||||
Senior notes due 2024 | 5.5 | % | 575.0 | (5.4 | ) | 569.6 | |||||||||
Senior notes due 2025 | 5.0 | % | 600.0 | (7.6 | ) | 592.4 | |||||||||
Other long-term obligations | 12.2 | — | 12.2 | ||||||||||||
Total debt | 3,451.1 | (21.2 | ) | 3,429.9 | |||||||||||
Less current maturities | (41.5 | ) | — | (41.5 | ) | ||||||||||
Long-term debt, excluding current maturities | $ | 3,409.6 | $ | (21.2 | ) | $ | 3,388.4 |
(dollars in millions) | Interest Rate | Principal | Unamortized Discount and Deferred Financing Costs | Total | |||||||||||
Senior secured asset-based revolving credit facility | — | % | $ | — | $ | — | $ | — | |||||||
CDW UK revolving credit facility | — | % | — | — | — | ||||||||||
Senior secured term loan facility | 3.3 | % | 1,483.0 | (14.9 | ) | 1,468.1 | |||||||||
CDW UK Term Loan | 1.8 | % | 69.1 | (1.6 | ) | 67.5 | |||||||||
Senior notes due 2022 | 6.0 | % | 600.0 | (5.6 | ) | 594.4 | |||||||||
Senior notes due 2023 | 5.0 | % | 525.0 | (5.3 | ) | 519.7 | |||||||||
Senior notes due 2024 | 5.5 | % | 575.0 | (6.0 | ) | 569.0 | |||||||||
Other long-term obligations | 15.7 | — | 15.7 | ||||||||||||
Total debt | 3,267.8 | (33.4 | ) | 3,234.4 | |||||||||||
Less current maturities | (18.5 | ) | — | (18.5 | ) | ||||||||||
Long-term debt, excluding current maturities | $ | 3,249.3 | $ | (33.4 | ) | $ | 3,215.9 |
September 30, 2022 | December 31, 2021 | |||||||||||||
Fair value | $ | 5,494.7 | $ | 6,996.0 | ||||||||||
Carrying value | 6,197.6 | 6,904.5 |
(in millions) | September 30, 2017 | December 31, 2016 | ||||||
Fair value | $ | 3,583.8 | $ | 3,334.8 | ||||
Carrying value | 3,451.1 | 3,267.8 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Basic weighted-average shares outstanding | 135.3 | 137.3 | 135.1 | 139.5 | |||||||||||||||||||
Effect of dilutive securities(1) | 1.8 | 2.1 | 1.8 | 1.9 | |||||||||||||||||||
Diluted weighted-average shares outstanding(2) | 137.1 | 139.4 | 136.9 | 141.4 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | |||||||
Basic weighted-average shares outstanding | 153.8 | 162.1 | 156.3 | 164.8 | |||||||
Effect of dilutive securities(1) | 2.4 | 2.8 | 2.9 | 2.1 | |||||||
Diluted weighted-average shares outstanding(2) | 156.2 | 164.9 | 159.2 | 166.9 |
(in millions) | Corporate | Small Business | Public | Other | Headquarters | Total | ||||||||||||||||||
Three Months Ended September 30, 2017: | ||||||||||||||||||||||||
Net sales | $ | 1,598.5 | $ | 311.5 | $ | 1,732.9 | $ | 391.0 | $ | — | $ | 4,033.9 | ||||||||||||
Income (loss) from operations | 121.0 | 17.7 | 122.3 | 14.5 | (31.8 | ) | 243.7 | |||||||||||||||||
Depreciation and amortization expense | (20.8 | ) | (5.2 | ) | (11.2 | ) | (8.0 | ) | (20.5 | ) | (65.7 | ) | ||||||||||||
Three Months Ended September 30, 2016: | ||||||||||||||||||||||||
Net sales | $ | 1,466.4 | $ | 282.5 | $ | 1,640.6 | $ | 318.7 | $ | — | $ | 3,708.2 | ||||||||||||
Income (loss) from operations | 120.0 | 18.0 | 120.0 | 10.0 | (30.5 | ) | 237.5 | |||||||||||||||||
Depreciation and amortization expense | (20.7 | ) | (5.1 | ) | (11.2 | ) | (7.6 | ) | (18.5 | ) | (63.1 | ) |
Corporate | Small Business | Public | Other | Headquarters | Total | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||
Net sales | $ | 2,577.8 | $ | 491.2 | $ | 2,424.3 | $ | 722.2 | $ | — | $ | 6,215.5 | ||||||||||||||||||||||||||
Operating income (loss) | 203.3 | 47.0 | 234.0 | 32.3 | (50.2) | 466.4 | ||||||||||||||||||||||||||||||||
Depreciation and amortization expense | (30.8) | (3.1) | (11.9) | (7.7) | (22.1) | (75.6) | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||
Net sales | $ | 2,067.3 | $ | 467.1 | $ | 2,153.9 | $ | 611.7 | $ | — | $ | 5,300.0 | ||||||||||||||||||||||||||
Operating income (loss) | 186.0 | 41.4 | 178.7 | 21.9 | (41.6) | 386.4 | ||||||||||||||||||||||||||||||||
Depreciation and amortization expense | (4.1) | (0.9) | (16.9) | (8.5) | (17.8) | (48.2) | ||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||
Net sales | $ | 7,866.1 | $ | 1,515.2 | $ | 6,700.3 | $ | 2,228.8 | $ | — | $ | 18,310.4 | ||||||||||||||||||||||||||
Operating income (loss) | 644.5 | 140.7 | 553.0 | 96.8 | (146.4) | 1,288.6 | ||||||||||||||||||||||||||||||||
Depreciation and amortization expense | (79.4) | (6.4) | (44.7) | (24.2) | (63.4) | (218.1) | ||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||
Net sales | $ | 5,856.2 | $ | 1,382.7 | $ | 6,156.3 | $ | 1,888.7 | $ | — | $ | 15,283.9 | ||||||||||||||||||||||||||
Operating income (loss) | 522.6 | 128.2 | 468.7 | 73.3 | (113.1) | 1,079.7 | ||||||||||||||||||||||||||||||||
Depreciation and amortization expense | (11.9) | (2.5) | (46.4) | (25.7) | (53.5) | (140.0) |
(in millions) | Corporate | Small Business | Public | Other | Headquarters | Total | ||||||||||||||||||
Nine Months Ended September 30, 2017: | ||||||||||||||||||||||||
Net sales | $ | 4,705.5 | $ | 931.7 | $ | 4,583.5 | $ | 1,132.3 | $ | — | $ | 11,353.0 | ||||||||||||
Income (loss) from operations | 359.5 | 53.7 | 287.4 | 39.8 | (95.8 | ) | $ | 644.6 | ||||||||||||||||
Depreciation and amortization expense | (62.5 | ) | (15.4 | ) | (33.6 | ) | (22.7 | ) | (61.0 | ) | $ | (195.2 | ) | |||||||||||
Nine Months Ended September 30, 2016: | ||||||||||||||||||||||||
Net sales | $ | 4,372.1 | $ | 848.2 | $ | 4,257.1 | $ | 1,012.1 | $ | — | $ | 10,489.5 | ||||||||||||
Income (loss) from operations | 339.1 | 52.3 | 287.0 | 27.4 | (83.8 | ) | $ | 622.0 | ||||||||||||||||
Depreciation and amortization expense | (62.1 | ) | (15.5 | ) | (33.5 | ) | (24.6 | ) | (55.0 | ) | $ | (190.7 | ) |
Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||
Corporate | Small Business | Public | Other | Total | |||||||||||||||||||||||||
Geography(1) | |||||||||||||||||||||||||||||
United States | $ | 2,570.8 | $ | 491.2 | $ | 2,424.3 | $ | 5.6 | $ | 5,491.9 | |||||||||||||||||||
Rest of World | 7.0 | — | — | 716.6 | 723.6 | ||||||||||||||||||||||||
Total Net sales | 2,577.8 | 491.2 | 2,424.3 | 722.2 | 6,215.5 | ||||||||||||||||||||||||
Major Product and Services | |||||||||||||||||||||||||||||
Hardware | 1,958.1 | 399.5 | 1,921.4 | 533.7 | 4,812.7 | ||||||||||||||||||||||||
Software | 355.1 | 62.4 | 346.8 | 119.9 | 884.2 | ||||||||||||||||||||||||
Services | 245.8 | 24.0 | 151.1 | 66.0 | 486.9 | ||||||||||||||||||||||||
Other(2) | 18.8 | 5.3 | 5.0 | 2.6 | 31.7 | ||||||||||||||||||||||||
Total Net sales | 2,577.8 | 491.2 | 2,424.3 | 722.2 | 6,215.5 | ||||||||||||||||||||||||
Sales by Channel | |||||||||||||||||||||||||||||
Corporate | 2,577.8 | — | — | — | 2,577.8 | ||||||||||||||||||||||||
Small Business | — | 491.2 | — | — | 491.2 | ||||||||||||||||||||||||
Government | — | — | 788.4 | — | 788.4 | ||||||||||||||||||||||||
Education | — | — | 1,021.1 | — | 1,021.1 | ||||||||||||||||||||||||
Healthcare | — | — | 614.8 | — | 614.8 | ||||||||||||||||||||||||
Other | — | — | — | 722.2 | 722.2 | ||||||||||||||||||||||||
Total Net sales | 2,577.8 | 491.2 | 2,424.3 | 722.2 | 6,215.5 | ||||||||||||||||||||||||
Timing of Revenue Recognition | |||||||||||||||||||||||||||||
Transferred at a point in time where CDW is principal | 2,216.3 | 438.4 | 2,189.4 | 641.2 | 5,485.3 | ||||||||||||||||||||||||
Transferred at a point in time where CDW is agent | 194.3 | 36.3 | 129.5 | 22.2 | 382.3 | ||||||||||||||||||||||||
Transferred over time where CDW is principal | 167.2 | 16.5 | 105.4 | 58.8 | 347.9 | ||||||||||||||||||||||||
Total Net sales | $ | 2,577.8 | $ | 491.2 | $ | 2,424.3 | $ | 722.2 | $ | 6,215.5 | |||||||||||||||||||
(1)Net sales by geography is generally based on the ship-to address with the exception of certain services that may be performed at, or on behalf of, multiple locations. Such service arrangements are categorized based on the bill-to address. | |||||||||||||||||||||||||||||
(2)Includes items such as delivery charges to customers. | |||||||||||||||||||||||||||||
Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||
Corporate | Small Business | Public | Other | Total | |||||||||||||||||||||||||
Geography(1) | |||||||||||||||||||||||||||||
United States | $ | 2,064.6 | $ | 467.1 | $ | 2,153.9 | $ | 5.4 | $ | 4,691.0 | |||||||||||||||||||
Rest of World | 2.7 | — | — | 606.3 | 609.0 | ||||||||||||||||||||||||
Total Net sales | 2,067.3 | 467.1 | 2,153.9 | 611.7 | 5,300.0 | ||||||||||||||||||||||||
Major Product and Services | |||||||||||||||||||||||||||||
Hardware | 1,641.2 | 400.7 | 1,747.3 | 474.5 | 4,263.7 | ||||||||||||||||||||||||
Software | 279.3 | 50.2 | 312.9 | 75.3 | 717.7 | ||||||||||||||||||||||||
Services | 128.5 | 10.4 | 89.2 | 58.8 | 286.9 | ||||||||||||||||||||||||
Other(2) | 18.3 | 5.8 | 4.5 | 3.1 | 31.7 | ||||||||||||||||||||||||
Total Net sales | 2,067.3 | 467.1 | 2,153.9 | 611.7 | 5,300.0 | ||||||||||||||||||||||||
Sales by Channel | |||||||||||||||||||||||||||||
Corporate | 2,067.3 | — | — | — | 2,067.3 | ||||||||||||||||||||||||
Small Business | — | 467.1 | — | — | 467.1 | ||||||||||||||||||||||||
Government | — | — | 568.8 | — | 568.8 | ||||||||||||||||||||||||
Education | — | — | 1,103.6 | — | 1,103.6 | ||||||||||||||||||||||||
Healthcare | — | — | 481.5 | — | 481.5 | ||||||||||||||||||||||||
Other | — | — | — | 611.7 | 611.7 | ||||||||||||||||||||||||
Total Net sales | 2,067.3 | 467.1 | 2,153.9 | 611.7 | 5,300.0 | ||||||||||||||||||||||||
Timing of Revenue Recognition | |||||||||||||||||||||||||||||
Transferred at a point in time where CDW is principal | 1,851.0 | 434.6 | 1,984.8 | 542.6 | 4,813.0 | ||||||||||||||||||||||||
Transferred at a point in time where CDW is agent | 135.6 | 27.8 | 109.1 | 16.3 | 288.8 | ||||||||||||||||||||||||
Transferred over time where CDW is principal | 80.7 | 4.7 | 60.0 | 52.8 | 198.2 | ||||||||||||||||||||||||
Total Net sales | $ | 2,067.3 | $ | 467.1 | $ | 2,153.9 | $ | 611.7 | $ | 5,300.0 | |||||||||||||||||||
(1)Net sales by geography is generally based on the ship-to address with the exception of certain services that may be performed at, or on behalf of, multiple locations. Such service arrangements are categorized based on the bill-to address. | |||||||||||||||||||||||||||||
(2)Includes items such as delivery charges to customers. | |||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||
September 30, 2017 | |||||||||||||||||||||||||||
(in millions) | Parent Guarantor | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Co-Issuer | Consolidating Adjustments | Consolidated | ||||||||||||||||||||
Assets | |||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 79.3 | $ | — | $ | 30.3 | $ | — | $ | (11.7 | ) | $ | 97.9 | ||||||||||||
Accounts receivable, net | — | — | 2,013.0 | 298.3 | — | — | 2,311.3 | ||||||||||||||||||||
Merchandise inventory | — | — | 456.2 | 92.8 | — | — | 549.0 | ||||||||||||||||||||
Miscellaneous receivables | — | 122.8 | 232.5 | 25.5 | — | — | 380.8 | ||||||||||||||||||||
Prepaid expenses and other | — | 16.5 | 88.9 | 48.1 | — | — | 153.5 | ||||||||||||||||||||
Total current assets | — | 218.6 | 2,790.6 | 495.0 | — | (11.7 | ) | 3,492.5 | |||||||||||||||||||
Property and equipment, net | — | 97.9 | 45.2 | 19.4 | — | — | 162.5 | ||||||||||||||||||||
Goodwill | — | 751.8 | 1,439.0 | 286.8 | — | — | 2,477.6 | ||||||||||||||||||||
Other intangible assets, net | — | 280.6 | 459.3 | 197.2 | — | — | 937.1 | ||||||||||||||||||||
Other assets | 2.8 | 34.9 | 234.1 | 4.4 | — | (244.1 | ) | 32.1 | |||||||||||||||||||
Investment in and advances to subsidiaries | 845.8 | 3,155.5 | — | — | — | (4,001.3 | ) | — | |||||||||||||||||||
Total assets | $ | 848.6 | $ | 4,539.3 | $ | 4,968.2 | $ | 1,002.8 | $ | — | $ | (4,257.1 | ) | $ | 7,101.8 | ||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||
Accounts payable—trade | $ | — | $ | 22.7 | $ | 1,065.8 | $ | 147.8 | $ | — | $ | (11.7 | ) | $ | 1,224.6 | ||||||||||||
Accounts payable—inventory financing | — | — | 506.6 | 34.7 | — | — | 541.3 | ||||||||||||||||||||
Current maturities of long-term debt | — | 14.9 | 3.8 | 22.8 | — | — | 41.5 | ||||||||||||||||||||
Deferred revenue | — | — | 136.4 | 92.0 | — | — | 228.4 | ||||||||||||||||||||
Accrued expenses | — | 227.4 | 224.1 | 71.0 | — | 0.4 | 522.9 | ||||||||||||||||||||
Total current liabilities | — | 265.0 | 1,936.7 | 368.3 | — | (11.3 | ) | 2,558.7 | |||||||||||||||||||
Long-term liabilities: | |||||||||||||||||||||||||||
Debt | — | 3,313.2 | 8.3 | 66.9 | — | — | 3,388.4 | ||||||||||||||||||||
Deferred income taxes | — | 91.8 | 160.5 | 66.4 | — | (2.8 | ) | 315.9 | |||||||||||||||||||
Other liabilities | 42.1 | 23.5 | 4.5 | 203.9 | — | (241.7 | ) | 32.3 | |||||||||||||||||||
Total long-term liabilities | 42.1 | 3,428.5 | 173.3 | 337.2 | — | (244.5 | ) | 3,736.6 | |||||||||||||||||||
Total stockholders’ equity | 806.5 | 845.8 | 2,858.2 | 297.3 | — | (4,001.3 | ) | 806.5 | |||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 848.6 | $ | 4,539.3 | $ | 4,968.2 | $ | 1,002.8 | $ | — | $ | (4,257.1 | ) | $ | 7,101.8 |
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||
Corporate | Small Business | Public | Other | Total | |||||||||||||||||||||||||
Geography(1) | |||||||||||||||||||||||||||||
United States | $ | 7,843.0 | $ | 1,515.2 | $ | 6,700.3 | $ | 14.3 | $ | 16,072.8 | |||||||||||||||||||
Rest of World | 23.1 | — | — | 2,214.5 | 2,237.6 | ||||||||||||||||||||||||
Total Net sales | 7,866.1 | 1,515.2 | 6,700.3 | 2,228.8 | 18,310.4 | ||||||||||||||||||||||||
Major Product and Services | |||||||||||||||||||||||||||||
Hardware | 5,931.0 | 1,262.7 | 5,364.8 | 1,658.2 | 14,216.7 | ||||||||||||||||||||||||
Software | 1,177.9 | 177.2 | 888.8 | 359.7 | 2,603.6 | ||||||||||||||||||||||||
Services | 700.0 | 58.9 | 432.6 | 202.5 | 1,394.0 | ||||||||||||||||||||||||
Other(2) | 57.2 | 16.4 | 14.1 | 8.4 | 96.1 | ||||||||||||||||||||||||
Total Net sales | 7,866.1 | 1,515.2 | 6,700.3 | 2,228.8 | 18,310.4 | ||||||||||||||||||||||||
Sales by Channel | |||||||||||||||||||||||||||||
Corporate | 7,866.1 | — | — | — | 7,866.1 | ||||||||||||||||||||||||
Small Business | — | 1,515.2 | — | — | 1,515.2 | ||||||||||||||||||||||||
Government | — | — | 1,941.8 | — | 1,941.8 | ||||||||||||||||||||||||
Education | — | — | 2,965.2 | — | 2,965.2 | ||||||||||||||||||||||||
Healthcare | — | — | 1,793.3 | — | 1,793.3 | ||||||||||||||||||||||||
Other | — | — | — | 2,228.8 | 2,228.8 | ||||||||||||||||||||||||
Total Net sales | 7,866.1 | 1,515.2 | 6,700.3 | 2,228.8 | 18,310.4 | ||||||||||||||||||||||||
Timing of Revenue Recognition | |||||||||||||||||||||||||||||
Transferred at a point in time where CDW is principal | 6,833.4 | 1,374.6 | 6,062.1 | 1,980.9 | 16,251.0 | ||||||||||||||||||||||||
Transferred at a point in time where CDW is agent | 547.2 | 104.0 | 329.3 | 71.0 | 1,051.5 | ||||||||||||||||||||||||
Transferred over time where CDW is principal | 485.5 | 36.6 | 308.9 | 176.9 | 1,007.9 | ||||||||||||||||||||||||
Total Net sales | $ | 7,866.1 | $ | 1,515.2 | $ | 6,700.3 | $ | 2,228.8 | $ | 18,310.4 | |||||||||||||||||||
(1)Net sales by geography is generally based on the ship-to address with the exception of certain services that may be performed at, or on behalf of, multiple locations. Such service arrangements are categorized based on the bill-to address. | |||||||||||||||||||||||||||||
(2)Includes items such as delivery charges to customers. | |||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||
December 31, 2016 | |||||||||||||||||||||||||||
(in millions) | Parent Guarantor | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Co-Issuer | Consolidating Adjustments | Consolidated | ||||||||||||||||||||
Assets | |||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 222.7 | $ | 3.1 | $ | 37.9 | $ | — | $ | — | $ | 263.7 | |||||||||||||
Accounts receivable, net | — | — | 1,904.9 | 263.7 | — | — | 2,168.6 | ||||||||||||||||||||
Merchandise inventory | — | — | 390.6 | 61.4 | — | — | 452.0 | ||||||||||||||||||||
Miscellaneous receivables | — | 92.6 | 130.1 | 12.2 | — | — | 234.9 | ||||||||||||||||||||
Prepaid expenses and other | — | 14.3 | 69.0 | 35.6 | — | — | 118.9 | ||||||||||||||||||||
Total current assets | — | 329.6 | 2,497.7 | 410.8 | — | — | 3,238.1 | ||||||||||||||||||||
Property and equipment, net | — | 105.6 | 49.3 | 8.8 | — | — | 163.7 | ||||||||||||||||||||
Goodwill | — | 751.8 | 1,439.0 | 264.2 | — | — | 2,455.0 | ||||||||||||||||||||
Other intangible assets, net | — | 291.5 | 565.1 | 199.0 | — | — | 1,055.6 | ||||||||||||||||||||
Other assets | 3.2 | 19.4 | 248.2 | 1.5 | — | (236.3 | ) | 36.0 | |||||||||||||||||||
Investment in and advances to subsidiaries | 1,042.3 | 3,026.5 | — | — | — | (4,068.8 | ) | — | |||||||||||||||||||
Total assets | $ | 1,045.5 | $ | 4,524.4 | $ | 4,799.3 | $ | 884.3 | $ | — | $ | (4,305.1 | ) | $ | 6,948.4 | ||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||
Accounts payable-trade | $ | — | $ | 25.9 | $ | 895.3 | $ | 151.7 | $ | — | $ | — | $ | 1,072.9 | |||||||||||||
Accounts payable-inventory financing | — | 1.2 | 559.5 | 19.7 | — | — | 580.4 | ||||||||||||||||||||
Current maturities of long-term debt | — | 14.9 | 3.6 | — | — | — | 18.5 | ||||||||||||||||||||
Deferred revenue | — | — | 100.8 | 71.8 | — | — | 172.6 | ||||||||||||||||||||
Accrued expenses | — | 173.9 | 214.8 | 47.7 | — | (0.1 | ) | 436.3 | |||||||||||||||||||
Total current liabilities | — | 215.9 | 1,774.0 | 290.9 | — | (0.1 | ) | 2,280.7 | |||||||||||||||||||
Long-term liabilities: | |||||||||||||||||||||||||||
Debt | — | 3,136.3 | 12.1 | 67.5 | — | — | 3,215.9 | ||||||||||||||||||||
Deferred income taxes | — | 99.1 | 205.4 | 67.9 | — | (3.2 | ) | 369.2 | |||||||||||||||||||
Other liabilities | — | 30.8 | 3.6 | 235.7 | — | (233.0 | ) | 37.1 | |||||||||||||||||||
Total long-term liabilities | — | 3,266.2 | 221.1 | 371.1 | — | (236.2 | ) | 3,622.2 | |||||||||||||||||||
Total stockholders’ equity | 1,045.5 | 1,042.3 | 2,804.2 | 222.3 | — | (4,068.8 | ) | 1,045.5 | |||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,045.5 | $ | 4,524.4 | $ | 4,799.3 | $ | 884.3 | $ | — | $ | (4,305.1 | ) | $ | 6,948.4 |
Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||
Corporate | Small Business | Public | Other | Total | |||||||||||||||||||||||||
Geography(1) | |||||||||||||||||||||||||||||
United States | $ | 5,844.3 | $ | 1,382.7 | $ | 6,156.3 | $ | 14.7 | $ | 13,398.0 | |||||||||||||||||||
Rest of World | 11.9 | — | — | 1,874.0 | 1,885.9 | ||||||||||||||||||||||||
Total Net sales | 5,856.2 | 1,382.7 | 6,156.3 | 1,888.7 | 15,283.9 | ||||||||||||||||||||||||
Major Product and Services | |||||||||||||||||||||||||||||
Hardware | 4,648.6 | 1,185.3 | 5,180.5 | 1,445.9 | 12,460.3 | ||||||||||||||||||||||||
Software | 813.9 | 148.7 | 745.4 | 251.2 | 1,959.2 | ||||||||||||||||||||||||
Services | 342.0 | 31.9 | 217.2 | 181.3 | 772.4 | ||||||||||||||||||||||||
Other(2) | 51.7 | 16.8 | 13.2 | 10.3 | 92.0 | ||||||||||||||||||||||||
Total Net sales | 5,856.2 | 1,382.7 | 6,156.3 | 1,888.7 | 15,283.9 | ||||||||||||||||||||||||
Sales by Channel | |||||||||||||||||||||||||||||
Corporate | 5,856.2 | — | — | — | 5,856.2 | ||||||||||||||||||||||||
Small Business | — | 1,382.7 | — | — | 1,382.7 | ||||||||||||||||||||||||
Government | — | — | 1,598.3 | — | 1,598.3 | ||||||||||||||||||||||||
Education | — | — | 3,159.0 | — | 3,159.0 | ||||||||||||||||||||||||
Healthcare | — | — | 1,399.0 | — | 1,399.0 | ||||||||||||||||||||||||
Other | — | — | — | 1,888.7 | 1,888.7 | ||||||||||||||||||||||||
Total Net sales | 5,856.2 | 1,382.7 | 6,156.3 | 1,888.7 | 15,283.9 | ||||||||||||||||||||||||
Timing of Revenue Recognition | |||||||||||||||||||||||||||||
Transferred at a point in time where CDW is principal | 5,267.9 | 1,288.2 | 5,764.2 | 1,670.4 | 13,990.7 | ||||||||||||||||||||||||
Transferred at a point in time where CDW is agent | 368.6 | 80.6 | 252.2 | 59.5 | 760.9 | ||||||||||||||||||||||||
Transferred over time where CDW is principal | 219.7 | 13.9 | 139.9 | 158.8 | 532.3 | ||||||||||||||||||||||||
Total Net sales | $ | 5,856.2 | $ | 1,382.7 | $ | 6,156.3 | $ | 1,888.7 | $ | 15,283.9 | |||||||||||||||||||
(1)Net sales by geography is generally based on the ship-to address with the exception of certain services that may be performed at, or on behalf of, multiple locations. Such service arrangements are categorized based on the bill-to address. | |||||||||||||||||||||||||||||
(2)Includes items such as delivery charges to customers. |
Consolidating Statement of Operations | |||||||||||||||||||||||||||
Three Months Ended September 30, 2017 | |||||||||||||||||||||||||||
(in millions) | Parent Guarantor | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Co-Issuer | Consolidating Adjustments | Consolidated | ||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 3,642.9 | $ | 391.0 | $ | — | $ | — | $ | 4,033.9 | |||||||||||||
Cost of sales | — | — | 3,066.2 | 325.7 | — | — | 3,391.9 | ||||||||||||||||||||
Gross profit | — | — | 576.7 | 65.3 | — | — | 642.0 | ||||||||||||||||||||
Selling and administrative expenses | — | 31.8 | 271.9 | 48.3 | — | — | 352.0 | ||||||||||||||||||||
Advertising expense | — | — | 43.8 | 2.5 | — | — | 46.3 | ||||||||||||||||||||
Income (loss) from operations | — | (31.8 | ) | 261.0 | 14.5 | — | — | 243.7 | |||||||||||||||||||
Interest (expense) income, net | — | (37.3 | ) | 1.0 | (1.5 | ) | — | — | (37.8 | ) | |||||||||||||||||
Other income (expense) | — | (0.2 | ) | 0.3 | 0.6 | — | — | 0.7 | |||||||||||||||||||
Income (loss) before income taxes | — | (69.3 | ) | 262.3 | 13.6 | — | — | 206.6 | |||||||||||||||||||
Income tax benefit (expense) | — | 26.2 | (100.2 | ) | (3.4 | ) | — | — | (77.4 | ) | |||||||||||||||||
Income (loss) before equity in earnings of subsidiaries | — | (43.1 | ) | 162.1 | 10.2 | — | — | 129.2 | |||||||||||||||||||
Equity in earnings of subsidiaries | 129.2 | 172.3 | — | — | — | (301.5 | ) | — | |||||||||||||||||||
Net income | $ | 129.2 | $ | 129.2 | $ | 162.1 | $ | 10.2 | $ | — | $ | (301.5 | ) | $ | 129.2 |
Three Months Ended September 30, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Net Sales | Percentage of Total Net Sales | Net Sales | Percentage of Total Net Sales | ||||||||||||||||||||
Notebooks/Mobile Devices | $ | 1,592.6 | 25.6 | % | $ | 1,641.6 | 31.0 | % | |||||||||||||||
Netcomm Products | 721.0 | 11.6 | 501.7 | 9.5 | |||||||||||||||||||
Desktops | 333.9 | 5.4 | 316.1 | 6.0 | |||||||||||||||||||
Video | 441.4 | 7.1 | 424.0 | 8.0 | |||||||||||||||||||
Enterprise and Data Storage (Including Drives) | 376.9 | 6.1 | 228.1 | 4.3 | |||||||||||||||||||
Other Hardware | 1,346.9 | 21.7 | 1,152.2 | 21.7 | |||||||||||||||||||
Total Hardware(1) | 4,812.7 | 77.5 | 4,263.7 | 80.5 | |||||||||||||||||||
Software(2) | 884.2 | 14.2 | 717.7 | 13.5 | |||||||||||||||||||
Services(2) | 486.9 | 7.8 | 286.9 | 5.4 | |||||||||||||||||||
Other(3) | 31.7 | 0.5 | 31.7 | 0.6 | |||||||||||||||||||
Total Net sales | $ | 6,215.5 | 100.0 | % | $ | 5,300.0 | 100.0 | % | |||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Net Sales | Percentage of Total Net Sales | Net Sales | Percentage of Total Net Sales | ||||||||||||||||||||
Notebooks/Mobile Devices | $ | 5,070.0 | 27.7 | % | $ | 4,944.3 | 32.3 | % | |||||||||||||||
Netcomm Products | 1,912.6 | 10.4 | 1,442.2 | 9.4 | |||||||||||||||||||
Desktops | 1,021.5 | 5.6 | 873.5 | 5.7 | |||||||||||||||||||
Video | 1,453.9 | 7.9 | 1,161.7 | 7.6 | |||||||||||||||||||
Enterprise and Data Storage (Including Drives) | 1,053.9 | 5.8 | 730.2 | 4.8 | |||||||||||||||||||
Other Hardware | 3,704.8 | 20.2 | 3,308.4 | 21.6 | |||||||||||||||||||
Total Hardware | 14,216.7 | 77.6 | 12,460.3 | 81.4 | |||||||||||||||||||
Software(2) | 2,603.6 | 14.2 | 1,959.2 | 12.8 | |||||||||||||||||||
Services(2) | 1,394.0 | 7.6 | 772.4 | 5.1 | |||||||||||||||||||
Other(3) | 96.1 | 0.6 | 92.0 | 0.7 | |||||||||||||||||||
Total Net sales | $ | 18,310.4 | 100.0 | % | $ | 15,283.9 | 100.0 | % |
Consolidating Statement of Operations | |||||||||||||||||||||||||||
Three Months Ended September 30, 2016 | |||||||||||||||||||||||||||
(in millions) | Parent Guarantor | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Co-Issuer | Consolidating Adjustments | Consolidated | ||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 3,389.6 | $ | 318.6 | $ | — | $ | — | $ | 3,708.2 | |||||||||||||
Cost of sales | — | — | 2,828.7 | 265.2 | — | — | 3,093.9 | ||||||||||||||||||||
Gross profit | — | — | 560.9 | 53.4 | — | — | 614.3 | ||||||||||||||||||||
Selling and administrative expenses | — | 30.0 | 262.1 | 42.8 | — | — | 334.9 | ||||||||||||||||||||
Advertising expense | — | — | 40.9 | 1.0 | — | — | 41.9 | ||||||||||||||||||||
Income (loss) from operations | — | (30.0 | ) | 257.9 | 9.6 | — | — | 237.5 | |||||||||||||||||||
Interest (expense) income, net | — | (37.6 | ) | 1.8 | (1.8 | ) | — | — | (37.6 | ) | |||||||||||||||||
Net loss on extinguishments of long-term debt | — | (2.1 | ) | — | — | — | — | (2.1 | ) | ||||||||||||||||||
Other income | — | 0.7 | 0.3 | (0.6 | ) | — | — | 0.4 | |||||||||||||||||||
Income (loss) before income taxes | — | (69.0 | ) | 260.0 | 7.2 | — | — | 198.2 | |||||||||||||||||||
Income tax benefit (expense) | — | 27.6 | (99.4 | ) | (0.5 | ) | — | — | (72.3 | ) | |||||||||||||||||
Income (loss) before equity in earnings of subsidiaries | — | (41.4 | ) | 160.6 | 6.7 | — | — | 125.9 | |||||||||||||||||||
Equity in earnings of subsidiaries | 125.9 | 167.3 | — | — | — | (293.2 | ) | — | |||||||||||||||||||
Net income | $ | 125.9 | $ | 125.9 | $ | 160.6 | $ | 6.7 | $ | — | $ | (293.2 | ) | $ | 125.9 |
Consolidating Statement of Operations | |||||||||||||||||||||||||||
Nine Months Ended September 30, 2017 | |||||||||||||||||||||||||||
(in millions) | Parent Guarantor | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Co-Issuer | Consolidating Adjustments | Consolidated | ||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 10,220.7 | $ | 1,132.3 | $ | — | $ | — | $ | 11,353.0 | |||||||||||||
Cost of sales | — | — | 8,571.2 | 946.2 | — | — | 9,517.4 | ||||||||||||||||||||
Gross profit | — | — | 1,649.5 | 186.1 | — | — | 1,835.6 | ||||||||||||||||||||
Selling and administrative expenses | — | 95.8 | 826.3 | 140.8 | — | — | 1,062.9 | ||||||||||||||||||||
Advertising expense | — | — | 122.6 | 5.5 | — | — | 128.1 | ||||||||||||||||||||
Income (loss) from operations | — | (95.8 | ) | 700.6 | 39.8 | — | — | 644.6 | |||||||||||||||||||
Interest (expense) income, net | — | (111.8 | ) | 3.1 | (4.7 | ) | — | — | (113.4 | ) | |||||||||||||||||
Net loss on extinguishments of long-term debt | — | (57.4 | ) | — | — | — | — | (57.4 | ) | ||||||||||||||||||
Other income | — | — | 0.4 | 1.5 | — | — | 1.9 | ||||||||||||||||||||
Income (loss) before income taxes | — | (265.0 | ) | 704.1 | 36.6 | — | — | 475.7 | |||||||||||||||||||
Income tax benefit (expense) | — | 112.8 | (251.2 | ) | (9.5 | ) | — | — | (147.9 | ) | |||||||||||||||||
Income (loss) before equity in earnings of subsidiaries | — | (152.2 | ) | 452.9 | 27.1 | — | — | 327.8 | |||||||||||||||||||
Equity in earnings of subsidiaries | 327.8 | 480.0 | — | — | — | (807.8 | ) | — | |||||||||||||||||||
Net income | $ | 327.8 | $ | 327.8 | $ | 452.9 | $ | 27.1 | $ | — | $ | (807.8 | ) | $ | 327.8 |
Consolidating Statement of Operations | |||||||||||||||||||||||||||
Nine Months Ended September 30, 2016 | |||||||||||||||||||||||||||
(in millions) | Parent Guarantor | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Co-Issuer | Consolidating Adjustments | Consolidated | ||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 9,477.4 | $ | 1,012.1 | $ | — | $ | — | $ | 10,489.5 | |||||||||||||
Cost of sales | — | — | 7,891.6 | 848.6 | — | — | 8,740.2 | ||||||||||||||||||||
Gross profit | — | — | 1,585.8 | 163.5 | — | — | 1,749.3 | ||||||||||||||||||||
Selling and administrative expenses | — | 83.1 | 793.2 | 132.7 | — | — | 1,009.0 | ||||||||||||||||||||
Advertising expense | — | — | 114.5 | 3.8 | — | — | 118.3 | ||||||||||||||||||||
Income (loss) from operations | — | (83.1 | ) | 678.1 | 27.0 | — | — | 622.0 | |||||||||||||||||||
Interest (expense) income, net | — | (112.4 | ) | 5.6 | (5.8 | ) | — | — | (112.6 | ) | |||||||||||||||||
Net loss on extinguishments of long-term debt | — | (2.1 | ) | — | — | — | — | (2.1 | ) | ||||||||||||||||||
Other income | — | 0.7 | 1.0 | 0.6 | — | — | 2.3 | ||||||||||||||||||||
Income (loss) before income taxes | — | (196.9 | ) | 684.7 | 21.8 | — | — | 509.6 | |||||||||||||||||||
Income tax benefit (expense) | — | 76.2 | (259.9 | ) | (4.7 | ) | — | — | (188.4 | ) | |||||||||||||||||
Income (loss) before equity in earnings of subsidiaries | — | (120.7 | ) | 424.8 | 17.1 | — | — | 321.2 | |||||||||||||||||||
Equity in earnings of subsidiaries | 321.2 | 441.9 | — | — | — | (763.1 | ) | — | |||||||||||||||||||
Net income | $ | 321.2 | $ | 321.2 | $ | 424.8 | $ | 17.1 | $ | — | $ | (763.1 | ) | $ | 321.2 |
Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||||||||||||
Three Months Ended September 30, 2017 | |||||||||||||||||||||||||||
(in millions) | Parent Guarantor | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Co-Issuer | Consolidating Adjustments | Consolidated | ||||||||||||||||||||
Comprehensive income | $ | 143.4 | $ | 143.4 | $ | 162.1 | $ | 24.1 | $ | — | $ | (329.6 | ) | $ | 143.4 |
Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||||||||||||
Three Months Ended September 30, 2016 | |||||||||||||||||||||||||||
(in millions) | Parent Guarantor | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Co-Issuer | Consolidating Adjustments | Consolidated | ||||||||||||||||||||
Comprehensive income (loss) | $ | 114.0 | $ | 114.0 | $ | 160.6 | $ | (5.2 | ) | $ | — | $ | (269.4 | ) | $ | 114.0 |
Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||||||||||||
Nine Months Ended September 30, 2017 | |||||||||||||||||||||||||||
(in millions) | Parent Guarantor | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Co-Issuer | Consolidating Adjustments | Consolidated | ||||||||||||||||||||
Comprehensive income | $ | 365.7 | $ | 365.7 | $ | 452.9 | $ | 66.4 | $ | — | $ | (885.0 | ) | $ | 365.7 |
Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||||||||||||
Nine Months Ended September 30, 2016 | |||||||||||||||||||||||||||
(in millions) | Parent Guarantor | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Co-Issuer | Consolidating Adjustments | Consolidated | ||||||||||||||||||||
Comprehensive income (loss) | $ | 266.5 | $ | 266.5 | $ | 424.8 | $ | (37.6 | ) | $ | — | $ | (653.7 | ) | $ | 266.5 |
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2017 | |||||||||||||||||||||||||||||||||
(in millions) | Parent Guarantor | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Co-Issuer | Consolidating Adjustments | Consolidated | ||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 42.4 | $ | (17.7 | ) | $ | 422.4 | $ | 14.0 | $ | — | $ | (22.0 | ) | $ | 439.1 | |||||||||||||||||
Cash flows used in investing activities: | |||||||||||||||||||||||||||||||||
Capital expenditures | — | (40.0 | ) | (4.8 | ) | (13.8 | ) | — | — | (58.6 | ) | ||||||||||||||||||||||
Net cash used in investing activities | — | (40.0 | ) | (4.8 | ) | (13.8 | ) | — | — | (58.6 | ) | ||||||||||||||||||||||
Cash flows from (used in) financing activities: | |||||||||||||||||||||||||||||||||
Proceeds from borrowings under revolving credit facility | — | 1,233.3 | — | 45.8 | — | — | 1,279.1 | ||||||||||||||||||||||||||
Repayments of borrowings under revolving credit facility | — | (1,057.0 | ) | — | (30.5 | ) | — | — | (1,087.5 | ) | |||||||||||||||||||||||
Repayments of long-term debt | — | (11.2 | ) | — | — | — | — | (11.2 | ) | ||||||||||||||||||||||||
Proceeds from the issuance of long-term debt | — | 2,083.0 | — | — | — | — | 2,083.0 | ||||||||||||||||||||||||||
Payments to extinguish long-term debt | — | (2,121.3 | ) | — | — | — | — | (2,121.3 | ) | ||||||||||||||||||||||||
Net change in other long-term obligation | — | — | (3.8 | ) | — | — | — | (3.8 | ) | ||||||||||||||||||||||||
Payments of debt financing costs | — | (9.6 | ) | — | — | — | — | (9.6 | ) | ||||||||||||||||||||||||
Net change in accounts payable-inventory financing | — | (1.2 | ) | (52.9 | ) | 12.7 | — | — | (41.4 | ) | |||||||||||||||||||||||
Effective portion of interest rate cap agreements | — | — | 0.2 | — | — | — | — | — | — | — | — | — | 0.2 | ||||||||||||||||||||
Proceeds from stock option exercises | — | 9.1 | — | — | — | — | 9.1 | ||||||||||||||||||||||||||
Proceeds from Coworker Stock Purchase Plan | — | 7.6 | — | — | — | — | 7.6 | ||||||||||||||||||||||||||
Repurchases of common stock | (534.0 | ) | — | — | — | — | — | (534.0 | ) | ||||||||||||||||||||||||
Payment of incentive compensation plan withholding taxes | — | (16.0 | ) | (24.0 | ) | (2.0 | ) | — | — | (42.0 | ) | ||||||||||||||||||||||
Dividends | (74.7 | ) | — | — | — | — | — | (74.7 | ) | ||||||||||||||||||||||||
Principal payments under capital lease obligations | — | — | (0.3 | ) | (0.8 | ) | — | — | (1.1 | ) | |||||||||||||||||||||||
Repayment of intercompany loan | — | — | 34.3 | (34.3 | ) | — | — | — | |||||||||||||||||||||||||
Distributions and advances from (to) affiliates | 566.3 | (202.6 | ) | (374.0 | ) | — | — | 10.3 | — | ||||||||||||||||||||||||
Net cash used in financing activities | (42.4 | ) | — | (85.7 | ) | — | (420.7 | ) | — | (9.1 | ) | — | — | — | 10.3 | — | (547.6 | ) | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 1.3 | — | — | 1.3 | ||||||||||||||||||||||||||
Net decrease in cash and cash equivalents | — | (143.4 | ) | (3.1 | ) | (7.6 | ) | — | (11.7 | ) | (165.8 | ) | |||||||||||||||||||||
Cash and cash equivalents—beginning of period | — | 222.7 | 3.1 | 37.9 | — | — | 263.7 | ||||||||||||||||||||||||||
Cash and cash equivalents—end of period | $ | — | $ | 79.3 | $ | — | $ | 30.3 | $ | — | $ | (11.7 | ) | $ | 97.9 |
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||
Nine Months Ended September 30, 2016 | |||||||||||||||||||||||||||
(in millions) | Parent Guarantor | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Co-Issuer | Consolidating Adjustments | Consolidated | ||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | — | $ | (91.9 | ) | $ | 495.7 | $ | 62.8 | $ | — | $ | 32.7 | $ | 499.3 | ||||||||||||
Cash flows used in investing activities: | |||||||||||||||||||||||||||
Capital expenditures | — | (35.4 | ) | (3.2 | ) | (2.8 | ) | — | — | (41.4 | ) | ||||||||||||||||
Premium payments on interest rate cap agreements | — | (2.1 | ) | — | — | — | — | (2.1 | ) | ||||||||||||||||||
Net cash used in investing activities | — | (37.5 | ) | (3.2 | ) | (2.8 | ) | — | — | (43.5 | ) | ||||||||||||||||
Cash flows from (used in) financing activities: | |||||||||||||||||||||||||||
Proceeds from borrowings under revolving credit facility | — | 329.7 | — | 2.4 | — | — | 332.1 | ||||||||||||||||||||
Repayments of borrowings under revolving credit facility | — | (329.7 | ) | — | (2.4 | ) | — | — | (332.1 | ) | |||||||||||||||||
Repayments of long-term debt | — | (11.4 | ) | — | (5.6 | ) | — | — | (17.0 | ) | |||||||||||||||||
Proceeds from issuance of long-term debt | — | 1,483.0 | — | — | — | — | 1,483.0 | ||||||||||||||||||||
Payments to extinguish long-term debt | — | (1,490.4 | ) | — | — | — | — | (1,490.4 | ) | ||||||||||||||||||
Net change in other long-term obligation | — | — | 15.7 | — | — | — | 15.7 | ||||||||||||||||||||
Payment of debt financing costs | — | (4.5 | ) | — | (1.4 | ) | — | — | (5.9 | ) | |||||||||||||||||
Net change in accounts payable - inventory financing | — | 1.4 | 41.0 | (3.2 | ) | — | — | 39.2 | |||||||||||||||||||
Proceeds from stock option exercises | — | 6.0 | — | — | — | — | 6.0 | ||||||||||||||||||||
Proceeds from Coworker Stock Purchase Plan | — | 6.9 | — | — | — | — | 6.9 | ||||||||||||||||||||
Repurchases of common stock | (355.0 | ) | — | — | — | — | — | (355.0 | ) | ||||||||||||||||||
Dividends | (53.1 | ) | — | — | — | — | — | (53.1 | ) | ||||||||||||||||||
Principal payments under capital lease obligations | — | — | 0.8 | (1.1 | ) | — | — | (0.3 | ) | ||||||||||||||||||
Repayment of intercompany loan | — | — | 40.4 | (40.4 | ) | — | — | — | |||||||||||||||||||
Distributions and advances from (to) affiliates | 408.1 | 195.6 | (590.4 | ) | — | — | (13.3 | ) | — | ||||||||||||||||||
Net cash provided by (used in) financing activities | — | 186.6 | (492.5 | ) | (51.7 | ) | — | (13.3 | ) | (370.9 | ) | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (4.2 | ) | — | — | (4.2 | ) | ||||||||||||||||||
Net increase in cash and cash equivalents | — | 57.2 | — | 4.1 | — | 19.4 | 80.7 | ||||||||||||||||||||
Cash and cash equivalents—beginning of period | — | 45.1 | — | 31.9 | — | (39.4 | ) | 37.6 | |||||||||||||||||||
Cash and cash equivalents—end of period | $ | — | $ | 102.3 | $ | — | $ | 36.0 | $ | — | $ | (20.0 | ) | $ | 118.3 |
Three Months Ended September 30, | |||||||||||
(dollars in millions) | 2022 | 2021 | |||||||||
Net sales | $ | 6,215.5 | $ | 5,300.0 | |||||||
Gross profit | 1,233.2 | 914.9 | |||||||||
Operating income | 466.4 | 386.4 | |||||||||
Net income | 297.8 | 266.6 | |||||||||
Non-GAAP operating income | 549.0 | 435.1 | |||||||||
Non-GAAP net income | 357.0 | 298.0 | |||||||||
Average daily sales(1) | 97.1 | 82.8 | |||||||||
Net debt(2) | 5,773.2 | 3,821.1 | |||||||||
Cash conversion cycle (in days)(3) | 18 | 25 |
Three Months Ended September 30, | |||||||
(dollars in millions) | 2017 | 2016 | |||||
Net sales | $ | 4,033.9 | $ | 3,708.2 | |||
Gross profit | 642.0 | 614.3 | |||||
Income from operations | 243.7 | 237.5 | |||||
Net income | 129.2 | 125.9 | |||||
Non-GAAP net income | 168.2 | 160.3 | |||||
Adjusted EBITDA | 324.3 | 310.4 | |||||
Average daily sales (1) | 64.0 | 57.9 | |||||
Net debt (2) | 3,332.0 | 3,123.1 | |||||
Cash conversion cycle (in days) (3) | 19 | 18 |
Three Months Ended September 30, | ||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||
Dollars in Millions | Percentage of Net Sales | Dollars in Millions | Percentage of Net Sales | |||||||||||||||||||||||
Net sales | $ | 6,215.5 | 100.0 | % | $ | 5,300.0 | 100.0 | % | ||||||||||||||||||
Cost of sales | 4,982.3 | 80.2 | 4,385.1 | 82.7 | ||||||||||||||||||||||
Gross profit | 1,233.2 | 19.8 | 914.9 | 17.3 | ||||||||||||||||||||||
Selling and administrative expenses | 766.8 | 12.3 | 528.5 | 10.0 | ||||||||||||||||||||||
Operating income | 466.4 | 7.5 | 386.4 | 7.3 | ||||||||||||||||||||||
Interest expense, net | (62.6) | (1.0) | (36.4) | (0.7) | ||||||||||||||||||||||
Other (expense) income, net | (4.8) | (0.1) | 0.4 | — | ||||||||||||||||||||||
Income before income taxes | 399.0 | 6.4 | 350.4 | 6.6 | ||||||||||||||||||||||
Income tax expense | (101.2) | (1.6) | (83.8) | (1.6) | ||||||||||||||||||||||
Net income | $ | 297.8 | 4.8 | % | $ | 266.6 | 5.0 | % |
Three Months Ended September 30, | ||||||||||||||
2017 | 2016 | |||||||||||||
Dollars in Millions | Percentage of Net Sales | Dollars in Millions | Percentage of Net Sales | |||||||||||
Net sales | $ | 4,033.9 | 100.0 | % | $ | 3,708.2 | 100.0 | % | ||||||
Cost of sales | 3,391.9 | 84.1 | 3,093.9 | 83.4 | ||||||||||
Gross profit | 642.0 | 15.9 | 614.3 | 16.6 | ||||||||||
Selling and administrative expenses | 352.0 | 8.7 | 334.9 | 9.0 | ||||||||||
Advertising expense | 46.3 | 1.1 | 41.9 | 1.1 | ||||||||||
Income from operations | 243.7 | 6.0 | 237.5 | 6.4 | ||||||||||
Interest expense, net | (37.8 | ) | (0.9 | ) | (37.6 | ) | (1.0 | ) | ||||||
Net loss on extinguishments of long-term debt | — | — | (2.1 | ) | (0.1 | ) | ||||||||
Other income | 0.7 | — | 0.4 | — | ||||||||||
Income before income taxes | 206.6 | 5.1 | 198.2 | 5.3 | ||||||||||
Income tax expense | (77.4 | ) | (1.9 | ) | (72.3 | ) | (1.9 | ) | ||||||
Net income | $ | 129.2 | 3.2 | % | $ | 125.9 | 3.4 | % |
Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | Net Sales | Percentage of Total Net Sales | Net Sales | Percentage of Total Net Sales | Dollar Change | Percent Change(1) | ||||||||||||||||||||||||||||||||||||||
Corporate | $ | 2,577.8 | 41.5 | % | $ | 2,067.3 | 39.0 | % | $ | 510.5 | 24.7 | % | ||||||||||||||||||||||||||||||||
Small Business | 491.2 | 7.9 | 467.1 | 8.8 | 24.1 | 5.2 | ||||||||||||||||||||||||||||||||||||||
Public: | ||||||||||||||||||||||||||||||||||||||||||||
Government | 788.4 | 12.7 | 568.8 | 10.7 | 219.6 | 38.6 | ||||||||||||||||||||||||||||||||||||||
Education | 1,021.1 | 16.4 | 1,103.6 | 20.8 | (82.5) | (7.5) | ||||||||||||||||||||||||||||||||||||||
Healthcare | 614.8 | 9.9 | 481.5 | 9.1 | 133.3 | 27.7 | ||||||||||||||||||||||||||||||||||||||
Total Public | 2,424.3 | 39.0 | 2,153.9 | 40.6 | 270.4 | 12.6 | ||||||||||||||||||||||||||||||||||||||
Other | 722.2 | 11.6 | 611.7 | 11.6 | 110.5 | 18.1 | ||||||||||||||||||||||||||||||||||||||
Total Net sales | $ | 6,215.5 | 100.0 | % | $ | 5,300.0 | 100.0 | % | $ | 915.5 | 17.3 | % |
Three Months Ended September 30, | |||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||
(dollars in millions) | Net Sales | Percentage of Total Net Sales | Net Sales(1) | Percentage of Total Net Sales | Dollar Change | Percent Change(2) | |||||||||||||||
Corporate | $ | 1,598.5 | 39.6 | % | $ | 1,466.4 | 39.6 | % | $ | 132.1 | 9.0 | % | |||||||||
Small Business | 311.5 | 7.7 | 282.5 | 7.6 | 29.0 | 10.3 | |||||||||||||||
Public: | |||||||||||||||||||||
Government | 606.7 | 15.0 | 537.5 | 14.5 | 69.2 | 12.9 | |||||||||||||||
Education | 700.7 | 17.4 | 671.4 | 18.1 | 29.3 | 4.4 | |||||||||||||||
Healthcare | 425.5 | 10.6 | 431.7 | 11.6 | (6.2 | ) | (1.4 | ) | |||||||||||||
Total Public | 1,732.9 | 43.0 | 1,640.6 | 44.2 | 92.3 | 5.6 | |||||||||||||||
Other | 391.0 | 9.7 | 318.7 | 8.6 | 72.3 | 22.6 | |||||||||||||||
Total net sales | $ | 4,033.9 | 100.0 | % | $ | 3,708.2 | 100.0 | % | $ | 325.7 | 8.8 | % |
(1)There were |
Three Months Ended September 30, | ||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||
Dollars in Millions | Operating Margin | Dollars in Millions | Operating Margin | Percent Change in Operating Income | ||||||||||||||||||||||||||||
Segments:(1) | ||||||||||||||||||||||||||||||||
Corporate | $ | 203.3 | 7.9 | % | $ | 186.0 | 9.0 | % | 9.3 | % | ||||||||||||||||||||||
Small Business | 47.0 | 9.6 | 41.4 | 8.9 | 13.5 | |||||||||||||||||||||||||||
Public | 234.0 | 9.7 | 178.7 | 8.3 | 30.9 | |||||||||||||||||||||||||||
Other(2) | 32.3 | 4.5 | 21.9 | 3.6 | 47.5 | |||||||||||||||||||||||||||
Headquarters(3) | (50.2) | nm* | (41.6) | nm* | 20.7 | |||||||||||||||||||||||||||
Total Operating income | $ | 466.4 | 7.5 | % | $ | 386.4 | 7.3 | % | 20.7 | % |
Three Months Ended September 30, | |||||||||||||||||
2017 | 2016 | ||||||||||||||||
Dollars in Millions | Operating Margin Percentage | Dollars in Millions | Operating Margin Percentage | Percent Change in Income from Operations | |||||||||||||
Segments:(1) | |||||||||||||||||
Corporate | $ | 121.0 | 7.6 | % | $ | 120.0 | 8.2 | % | 0.9 | % | |||||||
Small Business(2) | 17.7 | 5.7 | 18.0 | 6.4 | (1.4 | ) | |||||||||||
Public | 122.3 | 7.1 | 120.0 | 7.3 | 1.9 | ||||||||||||
Other(3) | 14.5 | 3.7 | 10.0 | 3.1 | 45.9 | ||||||||||||
Headquarters(4) | (31.8 | ) | nm* | (30.5 | ) | nm* | 4.4 | ||||||||||
Total income from operations | $ | 243.7 | 6.0 | % | $ | 237.5 | 6.4 | % | 2.6 | % |
Three Months Ended September 30, | ||||||||||||||||||||
(dollars in millions) | 2022 | 2021 | % Change | |||||||||||||||||
Operating income, as reported | $ | 466.4 | $ | 386.4 | 20.7 | % | ||||||||||||||
Amortization of intangibles(1) | 44.8 | 24.6 | ||||||||||||||||||
Equity-based compensation | 26.8 | 16.9 | ||||||||||||||||||
Acquisition and integration expenses | 9.7 | 6.1 | ||||||||||||||||||
Other adjustments | 1.3 | 1.1 | ||||||||||||||||||
Non-GAAP operating income | $ | 549.0 | $ | 435.1 | 26.2 | % | ||||||||||||||
Non-GAAP operating income margin | 8.8 | % | 8.2 | % |
Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | Income before income taxes | Income tax expense(1) | Net income | Income before income taxes | Income tax expense(1) | Net income | Net Income % Change | |||||||||||||||||||||||||||||||||||||
As reported | $ | 399.0 | $ | (101.2) | $ | 297.8 | $ | 350.4 | $ | (83.8) | $ | 266.6 | 11.7 | % | ||||||||||||||||||||||||||||||
Amortization of intangibles(2) | 44.8 | (12.6) | 32.2 | 24.6 | (6.2) | 18.4 | ||||||||||||||||||||||||||||||||||||||
Equity-based compensation | 26.8 | (8.1) | 18.7 | 16.9 | (9.3) | 7.6 | ||||||||||||||||||||||||||||||||||||||
Acquisition and integration expenses | 9.7 | (2.6) | 7.1 | 6.1 | (1.5) | 4.6 | ||||||||||||||||||||||||||||||||||||||
Other adjustments | 1.3 | (0.1) | 1.2 | 1.1 | (0.3) | 0.8 | ||||||||||||||||||||||||||||||||||||||
Non-GAAP | $ | 481.6 | $ | (124.6) | $ | 357.0 | $ | 399.1 | $ | (101.1) | $ | 298.0 | 19.8 | % |
Three Months Ended September 30, | ||||||||||||||||||||||||||
(dollars in millions) | 2022 | 2021 | % Change(1) | |||||||||||||||||||||||
Net sales, as reported | $ | 6,215.5 | $ | 5,300.0 | 17.3 | % | ||||||||||||||||||||
Foreign currency translation(2) | — | (63.8) | ||||||||||||||||||||||||
Net sales, on a constant currency basis | $ | 6,215.5 | $ | 5,236.2 | 18.7 | % |
Three Months Ended September 30, | ||||||||
(in millions) | 2017 | 2016 | ||||||
Net income | $ | 129.2 | $ | 125.9 | ||||
Amortization of intangibles(1) | 46.5 | 46.5 | ||||||
Equity-based compensation | 10.0 | 10.0 | ||||||
Net loss on extinguishments of long-term debt | — | 2.1 | ||||||
Integration expenses(2) | — | 2.4 | ||||||
Reinstatement of prior year unclaimed property balances(3) | 4.1 | — | ||||||
Other adjustments(4) | (0.2 | ) | (3.3 | ) | ||||
Aggregate adjustment for income taxes(5) | (21.4 | ) | (23.3 | ) | ||||
Non-GAAP net income | $ | 168.2 | $ | 160.3 |
Three Months Ended September 30, | ||||||||
2017 | 2016 | |||||||
Total Non-GAAP adjustments | $ | 60.4 | $ | 57.7 | ||||
Weighted-average statutory effective rate | 36.0 | % | 36.0 | % | ||||
Income tax | (21.7 | ) | (20.8 | ) | ||||
Excess tax benefits from equity-based compensation | (0.6 | ) | (1.2 | ) | ||||
Non-deductible adjustments and other | 0.9 | (1.3 | ) | |||||
Total aggregate adjustment for income taxes | $ | (21.4 | ) | $ | (23.3 | ) |
Three Months Ended September 30, | ||||||||||||||
(in millions) | 2017 | Percentage of Net Sales | 2016 | Percentage of Net Sales | ||||||||||
Net income | $ | 129.2 | 3.2 | % | $ | 125.9 | 3.4 | % | ||||||
Depreciation and amortization | 65.7 | 63.1 | ||||||||||||
Income tax expense | 77.4 | 72.3 | ||||||||||||
Interest expense, net | 37.8 | 37.6 | ||||||||||||
EBITDA | 310.1 | 7.7 | % | 298.9 | 8.1 | % | ||||||||
Adjustments: | ||||||||||||||
Equity-based compensation | 10.0 | 10.0 | ||||||||||||
Net loss on extinguishments of long-term debt | — | 2.1 | ||||||||||||
Income from equity investment(1) | (0.2 | ) | (0.2 | ) | ||||||||||
Integration expenses(2) | — | 2.4 | ||||||||||||
Reinstatement of prior year unclaimed property balances(3) | 4.1 | — | ||||||||||||
Other adjustments(4) | 0.3 | (2.8 | ) | |||||||||||
Total adjustments | 14.2 | 11.5 | ||||||||||||
Adjusted EBITDA | $ | 324.3 | 8.0 | % | $ | 310.4 | 8.4 | % |
Three Months Ended September 30, | ||||||||||||||
(in millions) | 2017 | 2016 | % Change | Average Daily % Change(1) | ||||||||||
Consolidated Net sales, as reported | $ | 4,033.9 | $ | 3,708.2 | 8.8 | % | 10.5 | % | ||||||
Foreign currency translation(2) | — | 4.3 | ||||||||||||
Consolidated Net sales, on a constant currency basis | $ | 4,033.9 | $ | 3,712.5 | 8.7 | % | 10.4 | % |
Nine Months Ended September 30, | |||||||||||
(dollars in millions) | 2022 | 2021 | |||||||||
Net sales | $ | 18,310.4 | $ | 15,283.9 | |||||||
Gross profit | 3,505.5 | 2,592.9 | |||||||||
Operating income | 1,288.6 | 1,079.7 | |||||||||
Net income | 827.3 | 773.3 | |||||||||
Non-GAAP operating income | 1,527.4 | 1,220.9 | |||||||||
Non-GAAP net income | 998.0 | 833.5 | |||||||||
Average daily sales(1) | 95.9 | 80.0 | |||||||||
Net debt(2) | 5,773.2 | 3,821.1 | |||||||||
Cash conversion cycle (in days)(3) | 18 | 25 |
Nine Months Ended September 30, | |||||||
(dollars in millions) | 2017 | 2016 | |||||
Net sales | $ | 11,353.0 | $ | 10,489.5 | |||
Gross profit | 1,835.6 | 1,749.3 | |||||
Income from operations | 644.6 | 622.0 | |||||
Net income | 327.8 | 321.2 | |||||
Non-GAAP net income | 452.7 | 428.6 | |||||
Adjusted EBITDA | 888.2 | 843.6 | |||||
Average daily sales (1) | 59.4 | 54.6 | |||||
Net debt (2) | 3,332.0 | 3,123.1 | |||||
Cash conversion cycle (in days) (3) | 19 | 18 |
Nine Months Ended September 30, | ||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||
Dollars in Millions | Percentage of Net Sales | Dollars in Millions | Percentage of Net Sales | |||||||||||||||||||||||
Net sales | $ | 18,310.4 | 100.0 | % | $ | 15,283.9 | 100.0 | % | ||||||||||||||||||
Cost of sales | 14,804.9 | 80.9 | 12,691.0 | 83.0 | ||||||||||||||||||||||
Gross profit | 3,505.5 | 19.1 | 2,592.9 | 17.0 | ||||||||||||||||||||||
Selling and administrative expenses | 2,216.9 | 12.1 | 1,513.2 | 9.9 | ||||||||||||||||||||||
Operating income | 1,288.6 | 7.0 | 1,079.7 | 7.1 | ||||||||||||||||||||||
Interest expense, net | (176.3) | (1.0) | (107.5) | (0.7) | ||||||||||||||||||||||
Other (expense) income, net | (5.7) | — | 38.3 | 0.3 | ||||||||||||||||||||||
Income before income taxes | 1,106.6 | 6.0 | 1,010.5 | 6.7 | ||||||||||||||||||||||
Income tax expense | (279.3) | (1.5) | (237.2) | (1.6) | ||||||||||||||||||||||
Net income | $ | 827.3 | 4.5 | % | $ | 773.3 | 5.1 | % |
Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | |||||||||||||
Dollars in Millions | Percentage of Net Sales | Dollars in Millions | Percentage of Net Sales | |||||||||||
Net sales | $ | 11,353.0 | 100.0 | % | $ | 10,489.5 | 100.0 | % | ||||||
Cost of sales | 9,517.4 | 83.8 | 8,740.2 | 83.3 | ||||||||||
Gross profit | 1,835.6 | 16.2 | 1,749.3 | 16.7 | ||||||||||
Selling and administrative expenses | 1,062.9 | 9.4 | 1,009.0 | 9.6 | ||||||||||
Advertising expense | 128.1 | 1.1 | 118.3 | 1.1 | ||||||||||
Income from operations | 644.6 | 5.7 | 622.0 | 5.9 | ||||||||||
Interest expense, net | (113.4 | ) | (1.0 | ) | (112.6 | ) | (1.1 | ) | ||||||
Net loss on extinguishments of long-term debt | (57.4 | ) | (0.5 | ) | (2.1 | ) | — | |||||||
Other income | 1.9 | — | 2.3 | — | ||||||||||
Income before income taxes | 475.7 | 4.2 | 509.6 | 4.9 | ||||||||||
Income tax expense | (147.9 | ) | (1.3 | ) | (188.4 | ) | (1.8 | ) | ||||||
Net income | $ | 327.8 | 2.9 | % | $ | 321.2 | 3.1 | % |
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | Net Sales | Percentage of Total Net Sales | Net Sales | Percentage of Total Net Sales | Dollar Change | Percent Change(1) | ||||||||||||||||||||||||||||||||||||||
Corporate | $ | 7,866.1 | 43.0 | % | $ | 5,856.2 | 38.3 | % | $ | 2,009.9 | 34.3 | % | ||||||||||||||||||||||||||||||||
Small Business | 1,515.2 | 8.3 | 1,382.7 | 9.0 | 132.5 | 9.6 | ||||||||||||||||||||||||||||||||||||||
Public: | ||||||||||||||||||||||||||||||||||||||||||||
Government | 1,941.8 | 10.6 | 1,598.3 | 10.5 | 343.5 | 21.5 | ||||||||||||||||||||||||||||||||||||||
Education | 2,965.2 | 16.2 | 3,159.0 | 20.7 | (193.8) | (6.1) | ||||||||||||||||||||||||||||||||||||||
Healthcare | 1,793.3 | 9.8 | 1,399.0 | 9.2 | 394.3 | 28.2 | ||||||||||||||||||||||||||||||||||||||
Total Public | 6,700.3 | 36.6 | 6,156.3 | 40.4 | 544.0 | 8.8 | ||||||||||||||||||||||||||||||||||||||
Other | 2,228.8 | 12.1 | 1,888.7 | 12.3 | 340.1 | 18.0 | ||||||||||||||||||||||||||||||||||||||
Total Net sales | $ | 18,310.4 | 100.0 | % | $ | 15,283.9 | 100.0 | % | $ | 3,026.5 | 19.8 | % |
Nine Months Ended September 30, | |||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||
(dollars in millions) | Net Sales | Percentage of Total Net Sales | Net Sales(1) | Percentage of Total Net Sales | Dollar Change | Percent Change(2) | |||||||||||||||
Corporate | $ | 4,705.5 | 41.4 | % | $ | 4,372.1 | 41.7 | % | $ | 333.4 | 7.6 | % | |||||||||
Small Business | 931.7 | 8.2 | 848.2 | 8.1 | 83.5 | 9.9 | |||||||||||||||
Public: | |||||||||||||||||||||
Government | 1,537.4 | 13.5 | 1,334.1 | 12.7 | 203.3 | 15.3 | |||||||||||||||
Education | 1,810.7 | 15.9 | 1,652.4 | 15.8 | 158.3 | 9.6 | |||||||||||||||
Healthcare | 1,235.4 | 10.9 | 1,270.6 | 12.1 | (35.2 | ) | (2.8 | ) | |||||||||||||
Total Public | 4,583.5 | 40.4 | 4,257.1 | 40.6 | 326.4 | 7.7 | |||||||||||||||
Other | 1,132.3 | 10.0 | 1,012.1 | 9.6 | 120.2 | 11.9 | |||||||||||||||
Total net sales | $ | 11,353.0 | 100.0 | % | $ | 10,489.5 | 100.0 | % | $ | 863.5 | 8.2 | % |
(1)There were 191 |
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||
Dollars in Millions | Operating Margin | Dollars in Millions | Operating Margin | Percent Change in Operating Income | ||||||||||||||||||||||||||||
Segments:(1) | ||||||||||||||||||||||||||||||||
Corporate | $ | 644.5 | 8.2 | % | $ | 522.6 | 8.9 | % | 23.3 | % | ||||||||||||||||||||||
Small Business | 140.7 | 9.3 | 128.2 | 9.3 | 9.8 | |||||||||||||||||||||||||||
Public | 553.0 | 8.3 | 468.7 | 7.6 | 18.0 | |||||||||||||||||||||||||||
Other(2) | 96.8 | 4.3 | 73.3 | 3.9 | 32.1 | |||||||||||||||||||||||||||
Headquarters(3) | (146.4) | nm* | (113.1) | nm* | 29.4 | |||||||||||||||||||||||||||
Total Operating income | $ | 1,288.6 | 7.0 | % | $ | 1,079.7 | 7.1 | % | 19.3 | % |
Nine Months Ended September 30, | |||||||||||||||||
2017 | 2016 | ||||||||||||||||
Dollars in Millions | Operating Margin Percentage | Dollars in Millions | Operating Margin Percentage | Percent Change in Income from Operations | |||||||||||||
Segments:(1) | |||||||||||||||||
Corporate | $ | 359.5 | 7.6 | % | $ | 339.1 | 7.8 | % | 6.0 | % | |||||||
Small Business(2) | 53.7 | 5.8 | 52.3 | 6.2 | 2.7 | ||||||||||||
Public | 287.4 | 6.3 | 287.0 | 6.7 | 0.2 | ||||||||||||
Other(3) | 39.8 | 3.5 | 27.4 | 2.7 | 44.8 | ||||||||||||
Headquarters(4) | (95.8 | ) | nm* | (83.8 | ) | nm* | 14.3 | ||||||||||
Total income from operations | $ | 644.6 | 5.7 | % | $ | 622.0 | 5.9 | % | 3.6 | % |
Month of Extinguishment | Debt Instrument | (in millions) | ||||
Loss Recognized | ||||||
February 2017 | Senior Secured Term Loan Facility | $ | (13.7 | ) | ||
March 2017 | Senior Notes due 2022 | (42.5 | ) | |||
March 2017 | Senior secured asset-based revolving credit facility | (1.2 | ) | |||
Total Loss Recognized | $ | (57.4 | ) | |||
August 2016 | Senior Secured Term Loan Facility | $ | (2.1 | ) | ||
Total Loss Recognized | $ | (2.1 | ) |
Nine Months Ended September 30, | ||||||||||||||||||||
(dollars in millions) | 2022 | 2021 | % Change | |||||||||||||||||
Operating income, as reported | $ | 1,288.6 | $ | 1,079.7 | 19.3 | % | ||||||||||||||
Amortization of intangibles(1) | 126.4 | 70.6 | ||||||||||||||||||
Equity-based compensation | 71.4 | 53.3 | ||||||||||||||||||
Acquisition and integration expenses | 36.3 | 12.5 | ||||||||||||||||||
Other adjustments | 4.7 | 4.8 | ||||||||||||||||||
Non-GAAP operating income | $ | 1,527.4 | $ | 1,220.9 | 25.1 | % | ||||||||||||||
Non-GAAP operating income margin | 8.3 | % | 8.0 | % |
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | Income before income taxes | Income tax expense(1) | Net income | Income before income taxes | Income tax expense(1) | Net income | Net Income % Change | |||||||||||||||||||||||||||||||||||||
As reported | $ | 1,106.6 | $ | (279.3) | $ | 827.3 | $ | 1,010.5 | $ | (237.2) | $ | 773.3 | 7.0 | % | ||||||||||||||||||||||||||||||
Gain on sale of equity method investment | — | — | — | (36.0) | 8.8 | (27.2) | ||||||||||||||||||||||||||||||||||||||
Amortization of intangibles(2) | 126.4 | (33.8) | 92.6 | 70.6 | (13.4) | 57.2 | ||||||||||||||||||||||||||||||||||||||
Equity-based compensation | 71.4 | (23.7) | 47.7 | 53.3 | (36.3) | 17.0 | ||||||||||||||||||||||||||||||||||||||
Acquisition and integration expenses | 36.3 | (9.4) | 26.9 | 12.5 | (3.1) | 9.4 | ||||||||||||||||||||||||||||||||||||||
Other adjustments | 4.7 | (1.2) | 3.5 | 5.2 | (1.4) | 3.8 | ||||||||||||||||||||||||||||||||||||||
Non-GAAP | $ | 1,345.4 | $ | (347.4) | $ | 998.0 | $ | 1,116.1 | $ | (282.6) | $ | 833.5 | 19.7 | % |
Nine Months Ended September 30, | ||||||||||||||||||||||||||
(dollars in millions) | 2022 | 2021 | % Change(1) | |||||||||||||||||||||||
Net sales, as reported | $ | 18,310.4 | $ | 15,283.9 | 19.8 | % | ||||||||||||||||||||
Foreign currency translation(2) | — | (125.7) | ||||||||||||||||||||||||
Net sales, on a constant currency basis | $ | 18,310.4 | $ | 15,158.2 | 20.8 | % |
Nine Months Ended September 30, | ||||||||
(in millions) | 2017 | 2016 | ||||||
Net income | $ | 327.8 | $ | 321.2 | ||||
Amortization of intangibles(1) | 138.9 | 141.0 | ||||||
Equity-based compensation | 33.6 | 28.1 | ||||||
Net loss on extinguishments of long-term debt | 57.4 | 2.1 | ||||||
Integration expenses(2) | 2.5 | 6.2 | ||||||
Reinstatement of prior year unclaimed property balances(3) | 4.1 | — | ||||||
Other adjustments(4) | 4.8 | (6.0 | ) | |||||
Aggregate adjustment for income taxes(5) | (116.4 | ) | (64.0 | ) | ||||
Non-GAAP net income | $ | 452.7 | $ | 428.6 |
Nine Months Ended September 30, | ||||||||
2017 | 2016 | |||||||
Total Non-GAAP adjustments | $ | 241.3 | $ | 171.4 | ||||
Weighted-average statutory effective rate | 36.0 | % | 36.0 | % | ||||
Income tax | (86.9 | ) | (61.7 | ) | ||||
Excess tax benefits from equity-based compensation | (30.7 | ) | (1.2 | ) | ||||
Non-deductible adjustments and other | 1.2 | (1.1 | ) | |||||
Total aggregate adjustment for income taxes | $ | (116.4 | ) | $ | (64.0 | ) |
Nine Months Ended September 30, | ||||||||||||||
(in millions) | 2017 | Percentage of Net Sales | 2016 | Percentage of Net Sales | ||||||||||
Net income | $ | 327.8 | 2.9 | % | $ | 321.2 | 3.1 | % | ||||||
Depreciation and amortization | 195.2 | 190.7 | ||||||||||||
Income tax expense | 147.9 | 188.4 | ||||||||||||
Interest expense, net | 113.4 | 112.6 | ||||||||||||
EBITDA | 784.3 | 6.9 | % | 812.9 | 7.8 | % | ||||||||
Adjustments: | ||||||||||||||
Equity-based compensation | 33.6 | 28.1 | ||||||||||||
Net loss on extinguishments of long-term debt | 57.4 | 2.1 | ||||||||||||
Income from equity investments(1) | (0.4 | ) | (0.9 | ) | ||||||||||
Integration expenses(2) | 2.5 | 6.2 | ||||||||||||
Reinstatement of prior year unclaimed property balances(3) | 4.1 | — | ||||||||||||
Other adjustments(4) | 6.7 | (4.8 | ) | |||||||||||
Total adjustments | 103.9 | 30.7 | ||||||||||||
Adjusted EBITDA | $ | 888.2 | 7.8 | % | $ | 843.6 | 8.0 | % |
Nine Months Ended September 30, | ||||||||||||||
(in millions) | 2017 | 2016 | % Change | Average Daily % Change(1) | ||||||||||
Consolidated Net sales, as reported | $ | 11,353.0 | $ | 10,489.5 | 8.2 | % | 8.8 | % | ||||||
Foreign currency translation(2) | — | (49.6 | ) | |||||||||||
Consolidated Net sales, on a constant currency basis | $ | 11,353.0 | $ | 10,439.9 | 8.7 | % | 9.3 | % |
Nine Months Ended September 30, | |||||||
(in millions) | 2017 | 2016 | |||||
Net cash provided by (used in): | |||||||
Operating activities | $ | 439.1 | $ | 499.3 | |||
Investing activities | (58.6 | ) | (43.5 | ) | |||
Net change in accounts payable-inventory financing | (41.4 | ) | 39.2 | ||||
Other financing activities | (506.2 | ) | (410.1 | ) | |||
Financing activities | (547.6 | ) | (370.9 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | 1.3 | (4.2 | ) | ||||
Net (decrease) increase in cash and cash equivalents | $ | (165.8 | ) | $ | 80.7 |
Nine Months Ended September 30, | |||||||||||
(in millions) | 2017 | 2016 | Dollar Change | ||||||||
Net income | $ | 327.8 | $ | 321.2 | $ | 6.6 | |||||
Adjustments for the impact of non-cash items(1) | 234.9 | 151.0 | 83.9 | ||||||||
Net income adjusted for the impact of non-cash items(2) | 562.7 | 472.2 | 90.5 | ||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable(3) | (120.4 | ) | (17.9 | ) | (102.5 | ) | |||||
Merchandise inventory(4) | (90.5 | ) | (64.6 | ) | (25.9 | ) | |||||
Accounts payable-trade | 140.2 | 141.5 | (1.3 | ) | |||||||
Other(5) | (52.9 | ) | (31.9 | ) | (21.0 | ) | |||||
Net cash provided by operating activities | $ | 439.1 | $ | 499.3 | $ | (60.2 | ) |
September 30, | |||||
(in days) | 2017 | 2016 | |||
Days of sales outstanding (“DSO”)(1) | 53 | 49 | |||
Days of supply in inventory (“DIO”)(2) | 13 | 13 | |||
Days of purchases outstanding (“DPO”)(3) | (47 | ) | (44 | ) | |
Cash conversion cycle | 19 | 18 |
Dividend Amount | Declaration Date | Record Date | Payment Date | |||||||||||||||||
$0.50 | February 9, 2022 | February 25, 2022 | March 10, 2022 | |||||||||||||||||
$0.50 | May 4, 2022 | May 25, 2022 | June 10, 2022 | |||||||||||||||||
$0.50 | August 3, 2022 | August 25, 2022 | September 9, 2022 | |||||||||||||||||
Nine Months Ended September 30, | |||||||||||
(dollars in millions) | 2022 | 2021 | |||||||||
Net cash provided by: | |||||||||||
Operating Activities | $ | 1,094.0 | $ | 636.7 | |||||||
Investing Activities | |||||||||||
Capital expenditures | (97.2) | (66.2) | |||||||||
Acquisitions of businesses, net of cash acquired | (28.0) | (339.7) | |||||||||
Proceeds from sale of equity method investment | — | 36.0 | |||||||||
Cash flows used in investing activities | (125.2) | (369.9) | |||||||||
Financing Activities | |||||||||||
Net change in accounts payable - inventory financing | 46.6 | (183.7) | |||||||||
Financing payments for revenue generating assets | — | (46.1) | |||||||||
Other cash flows used in financing activities | (877.0) | (1,202.0) | |||||||||
Cash flows used in financing activities | (830.4) | (1,431.8) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (11.9) | (0.1) | |||||||||
Net increase (decrease) in cash and cash equivalents | $ | 126.5 | $ | (1,165.1) | |||||||
Nine Months Ended September 30, | |||||||||||||||||
(dollars in millions) | 2022 | 2021 | Change | ||||||||||||||
Net income | $ | 827.3 | $ | 773.3 | $ | 54.0 | |||||||||||
Adjustments for the impact of non-cash items(1) | 296.9 | 145.9 | 151.0 | ||||||||||||||
Net income adjusted for the impact of non-cash items | 1,124.2 | 919.2 | 205.0 | ||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||
Accounts receivable(2) | (156.2) | (323.5) | 167.3 | ||||||||||||||
Merchandise inventory(3) | (16.1) | (87.5) | 71.4 | ||||||||||||||
Accounts payable-trade | 188.5 | 179.7 | 8.8 | ||||||||||||||
Other | (46.4) | (51.2) | 4.8 | ||||||||||||||
Cash flows provided by operating activities | $ | 1,094.0 | $ | 636.7 | $ | 457.3 |
September 30, | |||||||||||
(in days) | 2022 | 2021 | |||||||||
Days of sales outstanding (DSO)(1) | 68 | 61 | |||||||||
Days of supply in inventory (DIO)(2) | 18 | 17 | |||||||||
Days of purchases outstanding (DPO)(3) | (68) | (53) | |||||||||
Cash conversion cycle | 18 | 25 |
(dollars in millions) | September 30, 2022 | December 31, 2021 | |||||||||
Current assets | $ | 5,989.6 | $ | 4,584.1 | |||||||
Goodwill | 3,944.0 | 2,373.1 | |||||||||
Other assets | 2,064.4 | 1,017.3 | |||||||||
Total Non-current assets | 6,008.4 | 3,390.4 | |||||||||
Current liabilities | 4,830.7 | 3,393.0 | |||||||||
Long-term debt | 5,997.4 | 6,534.6 | |||||||||
Other liabilities | 618.8 | 562.4 | |||||||||
Total Long-term liabilities | 6,616.2 | 7,097.0 |
(dollars in millions) | Nine Months Ended September 30, 2022 | Year Ended December 31, 2021 | |||||||||
Net sales | $ | 16,004.5 | $ | 17,979.4 | |||||||
Gross profit | 3,122.4 | 3,078.0 | |||||||||
Operating income | 1,181.0 | 1,301.9 | |||||||||
Net income | 747.6 | 921.3 |
Period | Total Number of Shares Purchased (in millions) | Average Price Paid per Share | Total Number of Shares Purchased as Part of a Publicly Announced Program (in millions) | Maximum Dollar Value of Shares that May Yet be Purchased Under the Program (1) (in millions) | ||||||||||
July 1 through July 31, 2017 | 1.0 | $ | 63.25 | 1.0 | $ | 223.3 | ||||||||
August 1 through August 31, 2017 | 0.9 | $ | 62.19 | 0.9 | $ | 914.8 | ||||||||
September 1 through September 30, 2017 | 0.9 | $ | 60.93 | 0.9 | $ | 858.2 | ||||||||
Total | 2.8 | 2.8 |
Exhibit | Description | |||||||
31.2* | ||||||||
32.1** | ||||||||
32.2** | ||||||||
101.INS* | XBRL Instance | |||||||
101.SCH* | Inline XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
104* | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
* Filed herewith ** These items are furnished and not filed. |
CDW CORPORATION | |||||||||||||||||||
Date: | November 2, 2022 | By: | /s/ Albert J. Miralles | ||||||||||||||||
Senior Vice President and Chief Financial Officer | |||||||||||||||||||
(Duly authorized officer and principal financial officer) |