Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended | |
Sep. 30, 2013 | Nov. 06, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'CDW Corp | ' |
Entity Central Index Key | '0001402057 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 171,957,419 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $350.20 | $37.90 |
Accounts receivable, net of allowance for doubtful accounts | 1,310.60 | 1,285 |
Merchandise inventory | 353.8 | 314.6 |
Miscellaneous receivables | 197.1 | 148.5 |
Deferred income taxes | 10.9 | 14.1 |
Prepaid expenses and other | 63.1 | 34.6 |
Total current assets | 2,285.70 | 1,834.70 |
Property and equipment, net | 129.6 | 142.7 |
Goodwill | 2,222.90 | 2,209.30 |
Other intangible assets, net | 1,365.50 | 1,478.50 |
Deferred financing costs, net | 33.7 | 53.2 |
Other assets | 1.4 | 1.6 |
Total assets | 6,038.80 | 5,720 |
Current liabilities: | ' | ' |
Accounts payable-trade | 672.6 | 518.6 |
Accounts payable-inventory financing | 225.2 | 249.2 |
Current maturities of long-term debt | 170.4 | 40 |
Deferred revenue | 82.5 | 57.8 |
Accrued expenses: | ' | ' |
Compensation | 93.6 | 99.4 |
Interest | 78.4 | 50.7 |
Sales taxes | 23.3 | 22.6 |
Advertising | 34.4 | 33.9 |
Income taxes | 0 | 0.2 |
Other | 116.1 | 95.8 |
Total current liabilities | 1,496.50 | 1,168.20 |
Long-term liabilities: | ' | ' |
Debt | 3,239.70 | 3,731 |
Deferred income taxes | 599.4 | 624.3 |
Other Accrued Interest | 2.5 | 8 |
Other liabilities | 40.9 | 52 |
Total long-term liabilities | 3,882.50 | 4,415.30 |
Commitments and contingencies | ' | ' |
Shareholders' equity (deficit): | ' | ' |
Preferred Stock, Value, Issued | 0 | 0 |
Common shares | 1.7 | 1.4 |
Paid-in capital | 2,685.80 | 2,207.70 |
Accumulated deficit | -2,024.40 | -2,073 |
Accumulated other comprehensive loss | -3.3 | 0.4 |
Total shareholders' equity (deficit) | 659.8 | 136.5 |
Total liabilities and shareholders' equity (deficit) | $6,038.80 | $5,720 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets Parenthetical (Parentheticals) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, except Per Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $5.40 | $5.40 |
Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Preferred Stock, Shares Authorized | 100 | 0 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common shares, par value | $0.01 | $0.01 |
Common shares, shares authorized | 1,000 | 286.1 |
Common shares, shares issued | 172 | 145.2 |
Common shares, shares outstanding | 172 | 145.1 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net sales | $2,864.30 | $2,623.30 | $8,055.30 | $7,527.20 |
Cost of sales | 2,405.90 | 2,190.60 | 6,743.30 | 6,283 |
Gross profit | 458.4 | 432.7 | 1,312 | 1,244.20 |
Selling and administrative expenses | 332.4 | 257 | 850.3 | 768.1 |
Advertising expense | 33.1 | 36 | 95.1 | 96.4 |
Income from operations | 92.9 | 139.7 | 366.6 | 379.7 |
Interest expense, net | -56.2 | -76.7 | -198.6 | -232.5 |
Net loss on extinguishments of long-term debt | -41.3 | 0 | -55.5 | -9.4 |
Other (expense) income, net | -0.2 | 0.2 | 0.4 | 0.2 |
(Loss) income before income taxes | -4.8 | 63.2 | 112.9 | 138 |
Income tax benefit (expense) | 2.6 | -25.2 | -40.1 | -52.3 |
Net (loss) income | ($2.20) | $38 | $72.80 | $85.70 |
Net (loss) income per common share, basic | ($0.01) | $0.26 | $0.48 | $0.59 |
Net (loss) income per common share, diluted | ($0.01) | $0.26 | $0.47 | $0.59 |
Weighted-average number of shares outstanding, basic | 166.8 | 145.1 | 152.5 | 145 |
Weighted-average number of shares outstanding, diluted | 166.8 | 145.9 | 154.3 | 145.8 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income (loss) | ($2.20) | $38 | $72.80 | $85.70 |
Foreign currency translation adjustment | 2 | 3.1 | -3.7 | 3.4 |
Other comprehensive income (loss) | 2 | 3.1 | -3.7 | 3.4 |
Comprehensive income (loss) | ($0.20) | $41.10 | $69.10 | $89.10 |
Consolidated_Statement_Of_Shar
Consolidated Statement Of Shareholders' Equity (Deficit) (USD $) | Total | Preferred Stock [Member] | Common Shares [Member] | Paid-In Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Millions, unless otherwise specified | ||||||
Balance at Dec. 31, 2012 | $136.50 | $0 | $1.40 | $2,207.70 | ($2,073) | $0.40 |
Shareholders' Equity (Deficit) [Roll Forward] | ' | ' | ' | ' | ' | ' |
Equity-based compensation expense | 44.3 | 0 | 0 | 44.3 | 0 | 0 |
Issuance of common shares | 424.7 | 0 | 0.3 | 424.4 | 0 | 0 |
Repurchase of common shares | -0.1 | 0 | 0 | 0 | -0.1 | 0 |
Reclassification to goodwill of accrued charitable contributions | 9.4 | 0 | 0 | 9.4 | 0 | 0 |
Incentive compensation plan units withheld for taxes | -24.1 | 0 | 0 | 0 | -24.1 | 0 |
Net income (loss) | 72.8 | 0 | 0 | 0 | 72.8 | 0 |
Foreign currency translation adjustment | -3.7 | 0 | 0 | 0 | 0 | -3.7 |
Balance at Sep. 30, 2013 | $659.80 | $0 | $1.70 | $2,685.80 | ($2,024.40) | ($3.30) |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income (loss) | $72.80 | $85.70 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 156.3 | 159.1 |
Equity-based compensation expense | 44.3 | 18 |
Deferred income taxes | -21.3 | -48.1 |
Amortization of deferred financing costs and debt premium | 7.1 | 10.8 |
Net loss on extinguishments of long-term debt | 55.5 | 9.4 |
Other | 0.1 | 0.9 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | -27.9 | -20.3 |
Merchandise inventory | -39.2 | -25.1 |
Other assets | -72.2 | -43.2 |
Accounts payable-trade | 154.8 | 172.7 |
Other current liabilities | 47 | 47.1 |
Long-term liabilities | -6.5 | 0.1 |
Net cash provided by operating activities | 370.8 | 367.1 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -30.5 | -25.4 |
Net cash used in investing activities | -30.5 | -25.4 |
Cash flows from financing activities: | ' | ' |
Proceeds from borrowings under revolving credit facility | 63 | 256 |
Repayments of borrowings under revolving credit facility | -63 | -256 |
Repayments of long-term debt | -47.2 | -201 |
Proceeds from Issuance of long-term Debt | 1,535.20 | 135.7 |
Payments to extinguish long-term debt | -1,885.90 | -136.9 |
Payments of debt financing costs | -6 | -2.1 |
Net change in accounts payable-inventory financing | -24 | -44.6 |
Payment of incentive compensation plan withholding taxes | -24.1 | 0 |
Net proceeds from issuance of common shares | 424.7 | 0 |
Repurchase of Class B common shares | -0.1 | -0.4 |
Net cash used in financing activities | -27.4 | -249.3 |
Effect of exchange rate changes on cash and cash equivalents | -0.6 | 0.7 |
Net increase (decrease) in cash and cash equivalents | 312.3 | 93.1 |
Cash and cash equivalents - beginning of period | 37.9 | 99.9 |
Cash and cash equivalents - end of period | 350.2 | 193 |
Supplementary disclosure of cash flow information: | ' | ' |
Interest paid | -169.5 | -165.6 |
Taxes paid, net | ($64.30) | ($81.90) |
Description_Of_Business_And_Su
Description Of Business And Summary Of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Description of Business and Summary of Significant Accounting Policies [Abstract] | ' |
Description Of Business And Summary Of Significant Accounting Policies | ' |
Description of Business and Summary of Significant Accounting Policies | |
Description of Business | |
CDW is a Fortune 500 company and a leading provider of integrated information technology (“IT”) solutions to small, medium and large business, government, education and healthcare customers in the U.S. and Canada. The Company's offerings range from discrete hardware and software products to integrated IT solutions such as mobility, security, data center optimization, cloud computing, virtualization and collaboration. | |
Basis of Presentation | |
The accompanying unaudited interim consolidated financial statements as of September 30, 2013 and for the three and nine months ended September 30, 2013 and 2012 ("consolidated financial statements") have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") for interim financial statements. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted pursuant to such rules and regulations. The consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2012 ("December 31, 2012 financial statements"). The significant accounting policies used in preparing these consolidated financial statements were applied on a basis consistent with those reflected in the December 31, 2012 financial statements, except as disclosed in Note 2. In the opinion of management, the consolidated financial statements contain all adjustments (consisting of a normal, recurring nature) necessary to present fairly the Company's financial position, results of operations, comprehensive income, cash flows and changes in shareholders' equity as of the dates and for the periods indicated. The unaudited consolidated statements of operations for such interim periods reported are not necessarily indicative of results for the full year. | |
CDW Corporation ("Parent") was previously owned directly by CDW Holdings LLC ("CDW Holdings"), a company controlled by investment funds affiliated with Madison Dearborn Partners, LLC ("Madison Dearborn") and Providence Equity Partners, L.L.C. ("Providence Equity," and together with Madison Dearborn, the "Sponsors"), certain other co-investors and certain members of CDW management. On July 2, 2013, Parent completed an initial public offering ("IPO") of its common stock. During June 2013, in connection with the IPO, CDW Holdings distributed all of its shares of Parent's common stock to its members in accordance with their respective membership interests. See Note 6 for additional discussion of the IPO. | |
Parent has two 100% owned subsidiaries, CDW LLC and CDW Finance Corporation. CDW LLC is an Illinois limited liability company that, together with its 100% owned subsidiaries, holds all material assets and conducts all business activities and operations of the Company. CDW Finance Corporation is a Delaware corporation formed for the sole purpose of acting as co-issuer of certain debt obligations as described in Note 12 and does not hold any material assets or engage in any business activities or operations. | |
Throughout these notes, the terms the “Company” and “CDW” refer to Parent and its 100% owned subsidiaries. | |
Principles of Consolidation | |
The accompanying consolidated financial statements include the accounts of Parent and its 100% owned subsidiaries. All intercompany transactions and accounts are eliminated in consolidation. | |
Use of Estimates | |
The preparation of consolidated financial statements in accordance with GAAP requires management to make use of certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reported periods. The Company bases its estimates on historical experience and on various other assumptions that management believes are reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates. | |
The notes to the consolidated financial statements contained in the December 31, 2012 financial statements include an additional discussion of the significant accounting policies and estimates used in the preparation of the Company's consolidated financial statements. There have been no material changes to the Company's significant accounting policies and estimates during the nine months ended September 30, 2013. | |
Reclassifications | |
Certain reclassifications have been made to the prior period consolidated financial statements to conform to the current period presentation. | |
See Note 6 for a description of the reclassification and split of the Company's common shares that were completed during the second quarter of 2013. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
Recent Accounting Pronouncements [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
Disclosure of the Effects of Reclassifications from Accumulated Other Comprehensive Income | |
In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update 2013-02, which required that the effects of significant reclassifications from accumulated other comprehensive income to net income be shown parenthetically on the face of the consolidated financial statements or disclosed in a note. The adoption of this new guidance on January 1, 2013 did not have an impact on the Company's consolidated financial position, results of operations or cash flows. |
Inventory_Financing_Agreements
Inventory Financing Agreements | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Financing Agreements [Abstract] | ' | ||||||||
Inventory Financing Agreements | ' | ||||||||
Inventory Financing Agreements | |||||||||
The Company has entered into agreements with certain financial intermediaries to facilitate the purchase of inventory from various suppliers under certain terms and conditions, as described below. These amounts are classified separately as accounts payable-inventory financing on the accompanying consolidated balance sheets. The Company does not incur any interest expense associated with these agreements as balances are paid when they are due. | |||||||||
The following table presents the amounts included in accounts payable-inventory financing: | |||||||||
(in millions) | 30-Sep-13 | 31-Dec-12 | |||||||
Revolving Loan inventory financing agreement | $ | 223.7 | $ | 248.3 | |||||
Other inventory financing agreements | 1.5 | 0.9 | |||||||
Accounts payable-inventory financing | $ | 225.2 | $ | 249.2 | |||||
The Company maintains a senior secured asset-based revolving credit facility as described in Note 4, which incorporates a $400.0 million floorplan sub-facility to facilitate the purchase of inventory from a certain vendor. In connection with the floorplan sub-facility, the Company maintains an inventory financing agreement on an unsecured basis with a financial intermediary to facilitate the purchase of inventory from this vendor (the “Revolving Loan inventory financing agreement”). Amounts outstanding under the Revolving Loan inventory financing agreement are unsecured and non-interest bearing. | |||||||||
The Company also maintains other inventory financing agreements with financial intermediaries to facilitate the purchase of inventory from certain vendors. At September 30, 2013 and December 31, 2012, amounts owed under other inventory financing agreements of $1.5 million and $0.9 million, respectively, were collateralized by the inventory purchased under these financing agreements and a second lien on the related accounts receivable. |
LongTerm_Debt
Long-Term Debt | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Long-term Debt, Unclassified [Abstract] | ' | |||||||||||
Long-Term Debt | ' | |||||||||||
Long-Term Debt | ||||||||||||
Long-term debt was as follows: | ||||||||||||
(dollars in millions) | Interest | September 30, | December 31, | |||||||||
Rate (1) | 2013 | 2012 | ||||||||||
Senior secured asset-based revolving credit facility | — | % | $ | — | $ | — | ||||||
Senior secured term loan facility | 3.5 | % | 1,532.80 | 1,339.50 | ||||||||
Unamortized discount on senior secured term loan facility | (4.6 | ) | — | |||||||||
Senior secured notes due 2018 | 8 | % | 325 | 500 | ||||||||
Senior notes due 2019 | 8.5 | % | 1,305.00 | 1,305.00 | ||||||||
Unamortized premium on senior notes due 2019 | 4.4 | 5 | ||||||||||
Senior subordinated notes due 2017 | 12.535 | % | 247.5 | 621.5 | ||||||||
Total long-term debt | 3,410.10 | 3,771.00 | ||||||||||
Less current maturities of long-term debt | (170.4 | ) | (40.0 | ) | ||||||||
Long-term debt, excluding current maturities | $ | 3,239.70 | $ | 3,731.00 | ||||||||
(1)Interest rate at September 30, 2013. | ||||||||||||
At September 30, 2013, the Company was in compliance with the covenants under its various credit agreements as described below. | ||||||||||||
Senior Secured Asset-Based Revolving Credit Facility (“Revolving Loan”) | ||||||||||||
At September 30, 2013, the Company had no outstanding borrowings under the Revolving Loan, $1.2 million of undrawn letters of credit and $222.0 million reserved related to the floorplan sub-facility. The Revolving Loan matures on June 24, 2016. | ||||||||||||
In connection with the floorplan sub-facility, the Company maintains a Revolving Loan inventory financing agreement with a financial intermediary. At September 30, 2013, the financial intermediary reported an outstanding balance of $214.3 million under the Revolving Loan inventory financing agreement. The total amount reported on the Company's consolidated balance sheet as accounts payable-inventory financing related to the Revolving Loan inventory financing agreement is $9.4 million more than the $214.3 million owed to the financial intermediary due to differences in the timing of reporting activity under the Revolving Loan inventory financing agreement. The outstanding balance reported by the financial intermediary excludes $7.7 million in reserves for open orders that reduce the availability under the Revolving Loan. | ||||||||||||
Availability under the Revolving Loan is limited to (a) the lesser of the revolving commitment of $900.0 million and the amount of the borrowing base less (b) outstanding borrowings, letters of credit and amounts outstanding under the Revolving Loan inventory financing agreement plus a reserve of 15% of open orders. At September 30, 2013, the borrowing base was $1,108.2 million based on the amount of eligible inventory and accounts receivable balances as of August 31, 2013. The Company could have borrowed up to an additional $676.8 million under the Revolving Loan at September 30, 2013. | ||||||||||||
Senior Secured Term Loan Facility | ||||||||||||
On April 29, 2013, the Company entered into a new seven-year, $1,350.0 million aggregate principal amount senior secured term loan facility (the "Term Loan"). The Term Loan was issued at a price of 99.75% of par, which resulted in a discount of $3.4 million. Substantially all of the proceeds from the Term Loan were used to repay the $1,299.5 million outstanding aggregate principal amount of the prior senior secured term loan facility (the "Prior Term Loan Facility"). In connection with this refinancing, the Company recorded a loss on extinguishment of long-term debt of $10.3 million in the consolidated statement of operations for the nine months ended September 30, 2013. This loss represented a write-off of the remaining unamortized deferred financing costs related to the Prior Term Loan Facility. | ||||||||||||
On July 31, 2013, the Company borrowed an additional $190.0 million aggregate principal amount under the Term Loan at a price of 99.25% of par, which resulted in a discount of $1.4 million. The discounts are reported on the consolidated balance sheet as a reduction to the face amount of the Term Loan and are being amortized to interest expense over the term of the related debt. | ||||||||||||
Borrowings under the Term Loan bear interest at either (a) the alternate base rate ("ABR") plus a margin or (b) LIBOR plus a margin; provided that for the purposes of the Term Loan, LIBOR shall not be less than 1.00% per annum at any time. The margin is based upon a net leverage ratio as defined in the agreement governing the Term Loan, ranging from 1.25%-1.50% for ABR borrowings and 2.25%- 2.50% for LIBOR borrowings. An interest rate of LIBOR plus 2.50% was in effect during the three-month period ended September 30, 2013. LIBOR margin will decrease to 2.25% during the fourth quarter of 2013 due to the decline in total net leverage ratio to below 4.0 as discussed below. | ||||||||||||
Unlike the Prior Term Loan Facility, the Term Loan does not include a senior secured leverage ratio requirement or a hedging requirement. Additionally, the definition of debt under the Term Loan was revised to exclude amounts outstanding under the Company's inventory financing agreements. The Term Loan is subject to certain requirements as was the Prior Term Loan Facility to make mandatory annual excess cash flow prepayments under designated circumstances, including (i) a prepayment in an amount equal to 50% of the Company's excess cash flow for a fiscal year (the percentage rate of which decreases to 25% when the total net leverage ratio, as defined in the governing agreement, is less than or equal to 5.5 but greater than 4.5; and decreases to 0% when the total net leverage ratio is less than or equal to 4.5) and (ii) the net cash proceeds from the incurrence of certain additional indebtedness by the Company or its subsidiaries. The total net leverage ratio was 3.8 at September 30, 2013. | ||||||||||||
The Company is required to pay quarterly principal installments equal to 0.25% of the original principal amount of the Term Loan, with the remaining principal amount payable on the maturity date of April 29, 2020. The quarterly principal installment payments commenced during the quarter ended June 30, 2013. At September 30, 2013, the outstanding principal amount of the Term Loan was $1,532.8 million, excluding $4.6 million in unamortized discount. | ||||||||||||
The Company has ten interest rate cap agreements in effect through January 14, 2015 with a combined notional amount of $1,150.0 million. These cap agreements have not been designated as cash flow hedges of interest rate risk for GAAP accounting purposes. Of the total $1,150.0 million notional amount, $500.0 million entitle the Company to payments from the counterparty of the amount, if any, by which three-month LIBOR exceeds 3.5% during the agreement period. The remaining cap agreements with a notional amount of $650.0 million entitle the Company to payments from the counterparty of the amount, if any, by which the three-month LIBOR exceeds 1.5% during the agreement period. The fair value of the Company's interest rate cap agreements was zero at September 30, 2013 and $0.1 million at December 31, 2012. | ||||||||||||
On January 30, 2013, the Company made an optional prepayment of $40.0 million aggregate principal amount outstanding under the Prior Term Loan Facility. The optional prepayment satisfied the excess cash flow payment provision of the Prior Term Loan Facility with respect to the year ended December 31, 2012. | ||||||||||||
8.0% Senior Secured Notes due 2018 (“Senior Secured Notes”) | ||||||||||||
The Senior Secured Notes were issued on December 17, 2010 and mature on December 15, 2018. At September 30, 2013, the outstanding principal amount of the Senior Secured Notes was $325.0 million. | ||||||||||||
On July 2, 2013, the Company used a portion of the net proceeds from the IPO to redeem $175.0 million aggregate principal amount of Senior Secured Notes. The redemption price of the Senior Secured Notes was 108.0% of the principal amount redeemed, plus $0.7 million of accrued and unpaid interest to the date of redemption. The Company used cash on hand to pay such accrued and unpaid interest. In connection with this redemption, the Company recorded a loss on extinguishment of long-term debt of $16.7 million in the consolidated statements of operations for the three and nine months ended September 30, 2013. This loss represented $14.0 million in redemption premium and $2.7 million for the write-off of a portion of the remaining deferred financing costs related to the Senior Secured Notes. | ||||||||||||
8.5% Senior Notes due 2019 (“Senior Notes”) | ||||||||||||
At September 30, 2013, the outstanding principal amount of Senior Notes was $1,305.0 million, excluding $4.4 million in unamortized premium. The Senior Notes mature on April 1, 2019. | ||||||||||||
12.535% Senior Subordinated Exchange Notes due 2017 (“Senior Subordinated Notes”) | ||||||||||||
At September 30, 2013, the outstanding principal amount of Senior Subordinated Notes was $247.5 million. The Senior Subordinated Notes mature on October 12, 2017. | ||||||||||||
On August 1, 2013, the Company redeemed $324.0 million aggregate principal amount of Senior Subordinated Notes. The Company used a portion of the net proceeds from the IPO to redeem $146.0 million aggregate principal amount of Senior Subordinated Notes and incremental borrowings of $190.0 million under the Term Loan to redeem $178.0 million aggregate principal amount of Senior Subordinated Notes. The redemption price of the Senior Subordinated Notes was 106.268% of the principal amount redeemed, plus $12.0 million of accrued and unpaid interest to the date of redemption. The Company used cash on hand to pay such accrued and unpaid interest. In connection with this redemption, the Company recorded a loss on extinguishment of long-term debt of $24.6 million in the consolidated statements of operations for the three and nine months ended September 30, 2013. This loss represented $20.3 million in redemption premium and $4.3 million for the write-off of a portion of the remaining deferred financing costs related to the Senior Subordinated Notes. | ||||||||||||
On March 8, 2013, the Company redeemed $50.0 million aggregate principal amount of Senior Subordinated Notes at a redemption price that was 106.268% of the principal amount redeemed. Cash on hand was used to fund the redemption of $50.0 million aggregate principal amount, $3.1 million of redemption premium and $2.5 million in accrued and unpaid interest. In connection with this redemption, the Company recorded a loss on extinguishment of long-term debt of $3.9 million in the Company's consolidated statement of operations for the nine months ended September 30, 2013. This loss represented $3.1 million in redemption premium and $0.8 million for the write-off of a portion of the unamortized deferred financing costs related to the Senior Subordinated Notes. | ||||||||||||
See Note 13 for a description of the $155.0 million redemption of Senior Subordinated Notes completed during the fourth quarter of 2013. | ||||||||||||
Fair Value | ||||||||||||
The fair value of the Company's long-term debt instruments at September 30, 2013 was $3,554.1 million. The fair value of the Senior Secured Notes, Senior Notes and Senior Subordinated Notes is estimated using quoted market prices for identical assets or liabilities that are traded in over-the-counter secondary markets that are not considered active. The fair value of the Term Loan is estimated using dealer quotes for identical assets or liabilities in markets that are not considered active. Consequently, the Company's long-term debt is classified as Level 2 within the fair value hierarchy. | ||||||||||||
At September 30, 2013, the carrying value of the Company's long-term debt was $3,410.3 million, excluding $4.4 million in unamortized premium and $4.6 million in unamortized discount. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The Company's effective income tax rate was 54.6% and 39.8% for the three months ended September 30, 2013 and 2012, respectively, and 35.5% and 37.9% for the nine months ended September 30, 2013 and 2012, respectively. | |
For the three months ended September 30, 2013, the Company's effective tax rate differed from the U.S. federal statutory rate primarily due to state income taxes and the benefit recorded to reflect a reduction in the Company’s expected annual effective tax rate relative to a small pre-tax loss. The effective tax rate for the three months ended September 30, 2012 differed from the U.S. federal statutory rate primarily due to state income taxes and non-deductible expenses, primarily equity-based compensation and meals and entertainment. | |
For the nine months ended September 30, 2013 and 2012, respectively, the Company's effective tax rate differed from the U.S. federal statutory rate primarily due to non-deductible equity-based compensation and meals and entertainment expenses. The decrease in the effective rate for the nine months ended September 30, 2013 compared to the same period in 2012 is primarily attributable to lower non-deductible expenses. | |
In the ordinary course of business, the Company is subject to review by domestic and foreign taxing authorities, including the Internal Revenue Service (“IRS”). In general, the Company is no longer subject to audit by the IRS for tax years through 2010 and state, local or foreign taxing authorities for tax years through 2007. Various taxing authorities are in the process of auditing income tax returns of the Company and its subsidiaries. The Company does not anticipate that any adjustments from the audits would have a material impact on its consolidated financial position, results of operations or cash flows. |
Shareholders_Equity_Notes
Shareholders' Equity (Notes) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Shareholders' Equity [Abstract] | ' | ||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||||||
Shareholders' Equity | |||||||||
On July 2, 2013, the Company completed an IPO of 23,250,000 shares of common stock. On July 31, 2013, the Company completed the sale of an additional 3,487,500 shares of common stock to the underwriters of the IPO pursuant to the underwriters' July 26, 2013 exercise in full of the overallotment option granted to them in connection with the IPO. Such shares were registered under the Securities Act of 1933, as amended, pursuant to the Company's Registration Statement on Form S-1, which was declared effective by the SEC on June 26, 2013. The common shares are listed on the NASDAQ Global Select Market under the symbol “CDW.” The Company's common shares were sold to the underwriters at a price of $17.00 per share in the IPO and upon the exercise of the overallotment option, which generated aggregate net proceeds of $424.7 million to the Company after deducting underwriting discounts, expenses and transaction costs. The following pre-tax IPO related expenses were included within selling and administrative expenses in the consolidated statements of operations during 2013: | |||||||||
(in millions) | Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | |||||||
Acceleration charge for certain equity awards and related employer payroll taxes(1) | $ | 40.7 | $ | 40.7 | |||||
RDU Plan cash retention pool accrual(2) | 7.5 | 7.5 | |||||||
Management services agreement termination fee(3) | 24.4 | 24.4 | |||||||
Other expenses | 1.5 | 1.7 | |||||||
Total IPO related expenses | $ | 74.1 | $ | 74.3 | |||||
(1)See Note 7 for additional discussion of the impact of the IPO on the Company's equity awards. | |||||||||
(2)See Note 9 for additional discussion of this transaction. | |||||||||
(3)Represents the payment of a termination fee to affiliates of the Sponsors in connection with the termination of the management services agreement with such entities. | |||||||||
In June 2013, the Company’s Board of Directors and the Company's sole shareholder at that time, CDW Holdings, approved the reclassification of the Company’s Class A common shares and Class B common shares into a single class of common shares and a 143.0299613-for-1 stock split, effective immediately. The par value of the common shares was maintained at $0.01 per share. All references to common shares and per share amounts in the accompanying consolidated financial statements have been adjusted to reflect the reclassification and stock split on a retroactive basis. | |||||||||
In June 2013, the Company amended and restated its certificate of incorporation to authorize the issuance of 100,000,000 shares of preferred stock with a par value of $0.01. No shares of preferred stock have been issued or are outstanding as of September 30, 2013. Additionally, the amended and restated certificate of incorporation increased the number of authorized common shares to 1,000,000,000. |
EquityBased_Compensation
Equity-Based Compensation | 9 Months Ended |
Sep. 30, 2013 | |
Equity-Based Compensation [Abstract] | ' |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' |
Equity-Based Compensation | |
The Company recognized $40.3 million and $6.5 million in equity-based compensation expense for the three months ended September 30, 2013 and 2012, respectively, and $44.3 million and $18.0 million in equity-based compensation expense for the nine months ended September 30, 2013 and 2012, respectively. Equity-based compensation expense for the three and nine months ended September 30, 2013 included incremental expense of $36.7 million related to the acceleration of the expense recognition for MPK units as discussed below. | |
In June 2013, the Company adopted the 2013 Long-Term Incentive Plan (the "2013 LTIP"). The 2013 LTIP provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, bonus stock and performance awards. The maximum aggregate number of shares that may be issued under the 2013 LTIP is 11,700,000 shares of the Company's common stock, in addition to the 3,798,508 shares of restricted stock granted in exchange for unvested B Units in connection with the Company's IPO, as discussed below. | |
On July 2, 2013, the Company completed an IPO of its common shares. In connection with the IPO, CDW Holdings distributed all of its shares of the Company's common stock to its existing members in accordance with their respective membership interests. Common stock received by holders of B Units in connection with the distribution is subject to any vesting provisions previously applicable to the holder's B Units. B Unit holders received 3,798,508 shares of restricted stock with respect to B Units that had not yet vested at the time of the distribution. As of September 30, 2013, 3,185,396 shares of restricted stock were outstanding and related unrecognized compensation cost of $5.5 million is expected to be recognized over the next 2.5 years. | |
In addition, the Company issued 1,268,986 stock options to the B Unit holders to preserve their fully-diluted equity ownership percentage. These options were issued with a per-share exercise price equal to the IPO price of $17.00 and are also subject to the same vesting provisions as the B Units to which they relate. The Company also granted 19,412 stock options under the 2013 LTIP. As of September 30, 2013, there were 1,288,398 options outstanding with a weighted-average grant-date fair value of $4.75 per option and related unrecognized compensation cost of $4.5 million is expected to be recognized over the next 3.8 years. | |
Under the terms of the MPK Incentive Plan II (the "MPK Plan"), vesting accelerated for all unvested units upon completion of the IPO. The Company recorded a pre-tax charge of $36.7 million for compensation expense related to the acceleration of the expense recognition for MPK Plan units in the three-months ended September 30, 2013. In connection with the completion of the IPO, the Company distributed common stock to each participant and withheld the number of shares of common stock equal to the required tax withholding for each participant. The Company paid required withholding taxes of $24.0 million to federal, state and foreign taxing authorities. This amount is reported as a financing activity in the consolidated statement of cash flows and as an increase to accumulated deficit in the consolidated statement of shareholders' equity for the nine months ended September 30, 2013. In addition, the Company paid $4.0 million of employer payroll taxes that are included as an operating activity in the consolidated statement of cash flows for the nine months ended September 30, 2013. | |
In connection with a 2007 business combination, the Company agreed with a significant selling shareholder to establish the MPK Plan and to make charitable contributions in amounts equal to the net income tax benefits derived from payouts to participants under the MPK Plan (net of any related employer payroll tax costs). The contributions of these amounts are due by March 15 of the calendar year following the year in which the Company realizes the benefits of the deductions. This arrangement has been accounted for as contingent consideration. Pre-2009 business combinations were accounted for under a former accounting standard which, among other aspects, did not require the recognition of certain contingent consideration as of the business combination date. Instead, under the former accounting standard, contingent consideration is accounted for as additional purchase price (goodwill) at the time the contingency is resolved. As of September 30, 2013, the Company has accrued approximately $21 million related to this arrangement within other current liabilities, as the Company expects to realize the tax benefit of the compensation deductions in 2013. The Company expects to make the related cash contribution during the first quarter of 2014. | |
In connection with the IPO, the Company granted 1,416,543 restricted stock units under the 2013 LTIP at a weighted-average grant-date fair value of $17.00 per unit. The restricted stock units granted cliff-vest at the end of four years. As of September 30, 2013, 1,390,816 restricted stock units were outstanding and related unrecognized compensation cost of $17.4 million is expected to be recognized over the next 3.8 years. |
Earnings_per_Share_Notes
Earnings per Share (Notes) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share [Text Block] | ' | |||||||||||
Earnings per Share | ||||||||||||
The numerator for both basic and diluted earnings per share is net income. The denominator for basic earnings per share is the weighted average number of common shares outstanding during the period. The dilutive effect of outstanding restricted stock, restricted stock units, stock options and MPK Plan units is reflected in the denominator for diluted earnings per share using the treasury stock method. | ||||||||||||
The following is a reconciliation of basic shares to diluted shares: | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||
Weighted-average shares - basic | 166.8 | 145.1 | 152.5 | 145 | ||||||||
Effect of dilutive securities | — | 0.8 | 1.8 | 0.8 | ||||||||
Weighted-average shares - diluted | 166.8 | 145.9 | 154.3 | 145.8 | ||||||||
There were 6.3 million and 0.1 million potential common shares excluded from diluted earnings per share for the three- and nine-month periods ended September 30, 2013, respectively, as their inclusion would have had an anti-dilutive effect. There were no potential common shares excluded from diluted earnings per share for both the three- and nine-month periods ended September 30, 2012. |
Deferred_Compensation_Plan
Deferred Compensation Plan | 9 Months Ended |
Sep. 30, 2013 | |
Deferred Compensation Plan [Abstract] | ' |
Deferred Compensation Plan | ' |
Deferred Compensation Plan | |
On March 10, 2010, in connection with the Company's purchase of $28.5 million principal amount of its outstanding senior subordinated debt, the Company established the Restricted Debt Unit Plan (the “RDU Plan”), an unfunded nonqualified deferred compensation plan. The total number of RDUs that can be granted under the RDU Plan is 28,500. As of September 30, 2013, 28,500 RDUs were outstanding. RDUs that are outstanding vest daily on a pro rata basis over the three-year period from January 1, 2012 (or, if later, the date of hire or the date of a subsequent RDU grant) through December 31, 2014. | |
The total amount of compensation available to be paid under the RDU Plan is based on two components, a principal component and an interest component. Participants have no rights to the underlying debt. The principal component credits the RDU Plan with an amount equal to the $28.5 million face value of the Senior Subordinated Notes (the “Debt Pool”), together with certain redemption premium equivalents as discussed below. Payment of the principal component of the RDU Plan is expected to be made on October 12, 2017, unless accelerated due to a sale of the Company. By December 31, 2014, amounts accrued under the RDU Plan are expected to equal the present value of the principal component, plus any accrued unpaid interest thereon. The interest component credits the RDU Plan with amounts equal to the interest that would have been earned on the Debt Pool from March 10, 2010 through maturity on October 12, 2017 as discussed below. Interest amounts for 2010 and 2011 were deferred until 2012, and thereafter, interest amounts were paid to participants semi-annually on the interest payment due dates. Payments totaling $1.7 million were made to participants under the RDU Plan in April 2013 in connection with the semi-annual interest payment due. | |
The Company used a portion of the IPO proceeds together with incremental borrowings to redeem $324.0 million of the total Senior Subordinated Notes outstanding on August 1, 2013. In accordance with the terms of the RDU Plan, upon redemption of Senior Subordinated Notes, the RDUs cease to accrue the related interest component credits. The Company expects to give participants the opportunity to share on a pro rata basis in cash retention pools that will be payable to participants who satisfy certain retention requirements. The aggregate amount of the retention pools was determined based on the amount of interest component credits that would have been allocated to the RDU Plan if the Senior Subordinated Notes remained outstanding through maturity. The Company recorded a pre-tax charge of $7.5 million in the three months ended September 30, 2013 for payment of the first cash retention pool. In addition, the Company added $1.3 million to the principal component in the three months ended September 30, 2013 as a redemption premium equivalent in accordance with the terms of the RDU plan. Unrecognized compensation expense as of September 30, 2013 of approximately $11 million is expected to be recognized through 2014 and approximately $7 million in 2015 through 2017. Payments under the RDU Plan may be impacted if certain significant events occur or circumstances change that would impact the financial condition or structure of the Company. | |
Compensation expense of $10.4 million and $2.1 million related to the RDU Plan was recognized for the three months ended September 30, 2013 and 2012, respectively, and $14.7 million and $6.3 million for the nine months ended September 30, 2013 and 2012, respectively. At September 30, 2013 and December 31, 2012, the Company had $21.0 million and $15.5 million of liabilities related to the RDU Plan recorded on the consolidated balance sheets, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
The Company is party to various legal proceedings that arise in the ordinary course of its business, which include commercial, intellectual property, employment, tort and other litigation matters. The Company is also subject to audit by federal, state and local authorities, by various partners and large customers, including government agencies, relating to purchases and sales under various contracts. In addition, the Company is subject to indemnification claims under various contracts. From time to time, certain customers of the Company file voluntary petitions for reorganization or liquidation under the U.S. bankruptcy laws. In such cases, certain pre-petition payments received by the Company could be considered preference items and subject to return to the bankruptcy administrator. | |
As of September 30, 2013, the Company does not believe that there is a reasonable possibility that any material loss exceeding the amounts already recognized for these proceedings and matters, if any, has been incurred. However, the ultimate resolutions of these proceedings and matters are inherently unpredictable. As such, the Company's financial condition and results of operations could be adversely affected in any particular period by the unfavorable resolution of one or more of these proceedings or matters. | |
The Company previously filed a claim as part of a class action settlement in a case alleging price fixing during the period of January 1, 1996 through December 31, 2006, by certain manufacturers of thin-film liquid crystal display panels. On July 13, 2013, the United Stated District Court for the Northern District of California approved distribution of the settlement proceeds, including a net payment to the Company of $10.4 million after fees and expenses. The Company has recognized a pre-tax benefit of $10.4 million within selling and administrative expenses in the consolidated statements of operations for the three-and nine-months ended September 30, 2013. The first of two settlement payments was received by the Company on July 29, 2013 in the amount of $8.5 million. The balance is expected to be received by year-end 2013. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||
Segment Information | |||||||||||||||||||||
Segment information is presented in accordance with a “management approach,” which designates the internal reporting used by the chief operating decision-maker for making decisions and assessing performance as the source of the Company's reportable segments. The Company's segments are organized in a manner consistent with which separate financial information is available and evaluated regularly by the chief operating decision-maker in deciding how to allocate resources and in assessing performance. | |||||||||||||||||||||
The Company has two reportable segments: Corporate, which is comprised primarily of private sector business customers, and Public, which is comprised of government agencies and education and healthcare institutions. The Company also has two other operating segments, CDW Advanced Services and Canada, which do not meet the reportable segment quantitative thresholds and, accordingly, are combined together as “Other.” | |||||||||||||||||||||
The Company has centralized logistics and headquarters functions that provide services to the segments. The logistics function includes purchasing, distribution and fulfillment services to support both the Corporate and Public segments. As a result, costs and intercompany charges associated with the logistics function are fully allocated to both of these segments based on a percent of sales. The centralized headquarters function provides services in areas such as accounting, information technology, marketing, legal and coworker services. Headquarters' function costs that are not allocated to the segments are included under the heading of “Headquarters” in the tables below. Depreciation expense is included in Headquarters as it is not allocated among segments or used in measuring segment performance. | |||||||||||||||||||||
The Company allocates resources to and evaluates performance of its segments based on net sales, income (loss) from operations and Adjusted EBITDA, a non-GAAP measure as defined in the Company's credit agreements. However, the Company has concluded that income (loss) from operations is the more useful measure in terms of discussion of operating results, as it is a GAAP measure. | |||||||||||||||||||||
Segment information for total assets and capital expenditures is not presented as such information is not used in measuring segment performance or allocating resources between segments. | |||||||||||||||||||||
Selected Segment Financial Information | |||||||||||||||||||||
The following table presents information about the Company’s segments for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||||||
(in millions) | Corporate | Public | Other | Headquarters | Total | ||||||||||||||||
Three Months Ended September 30, 2013: | |||||||||||||||||||||
Net sales | $ | 1,465.80 | $ | 1,244.60 | $ | 153.9 | $ | — | $ | 2,864.30 | |||||||||||
Income (loss) from operations | 63.2 | 71.1 | 3.7 | (45.1 | ) | 92.9 | |||||||||||||||
Depreciation and amortization expense | (24.3 | ) | (11.0 | ) | (2.1 | ) | (14.6 | ) | (52.0 | ) | |||||||||||
Three Months Ended September 30, 2012: | |||||||||||||||||||||
Net sales | $ | 1,312.80 | $ | 1,163.70 | $ | 146.8 | $ | — | $ | 2,623.30 | |||||||||||
Income (loss) from operations | 79.2 | 81.1 | 5.6 | (26.2 | ) | 139.7 | |||||||||||||||
Depreciation and amortization expense | (24.4 | ) | (11.0 | ) | (2.3 | ) | (15.7 | ) | (53.4 | ) | |||||||||||
Nine Months Ended September 30, 2013: | |||||||||||||||||||||
Net sales | $ | 4,407.10 | $ | 3,174.00 | $ | 474.2 | $ | — | $ | 8,055.30 | |||||||||||
Income (loss) from operations | 260.5 | 185.8 | 18.6 | (98.3 | ) | 366.6 | |||||||||||||||
Depreciation and amortization expense | (73.1 | ) | (33.1 | ) | (6.6 | ) | (43.5 | ) | (156.3 | ) | |||||||||||
Nine Months Ended September 30, 2012: | |||||||||||||||||||||
Net sales | $ | 4,070.00 | $ | 3,021.70 | $ | 435.5 | $ | — | $ | 7,527.20 | |||||||||||
Income (loss) from operations | 256.3 | 189.2 | 13.2 | (79.0 | ) | 379.7 | |||||||||||||||
Depreciation and amortization expense | (73.1 | ) | (33.0 | ) | (7.0 | ) | (46.0 | ) | (159.1 | ) |
Supplemental_Guarantor_Informa
Supplemental Guarantor Information | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||
Supplemental Guarantor Information [Abstract] | ' | |||||||||||||||||||||||||||
Supplemental Guarantor Information | ' | |||||||||||||||||||||||||||
Supplemental Guarantor Information | ||||||||||||||||||||||||||||
The Senior Secured Notes, Senior Notes and Senior Subordinated Notes are guaranteed by Parent and each of CDW LLC’s direct and indirect, 100% owned, domestic subsidiaries (the “Guarantor Subsidiaries”). All guarantees by Parent and Guarantor Subsidiaries are joint and several, and full and unconditional; provided that each guarantee by the Guarantor Subsidiaries is subject to certain customary release provisions contained in the indentures governing the Senior Secured Notes, Senior Notes and Senior Subordinated Notes. CDW LLC's Canada subsidiary (the “Non-Guarantor Subsidiary”) does not guarantee the debt obligations. CDW LLC and CDW Finance Corporation, as co-issuers, are 100% owned by Parent, and each of the Guarantor Subsidiaries and the Non-Guarantor Subsidiary is 100% owned by CDW LLC. | ||||||||||||||||||||||||||||
The following tables set forth condensed consolidating balance sheets as of September 30, 2013 and December 31, 2012, consolidating statements of operations for the three and nine months ended September 30, 2013 and 2012, condensed consolidating statements of comprehensive income for the three and nine months ended September 30, 2013 and 2012, and condensed consolidating statements of cash flows for the nine months ended September 30, 2013 and 2012, in accordance with Rule 3-10 of Regulation S-X. The consolidating financial information includes the accounts of CDW Corporation (the “Parent Guarantor”), which has no independent assets or operations, the accounts of CDW LLC (the “Subsidiary Issuer”), the combined accounts of the Guarantor Subsidiaries, the accounts of the Non-Guarantor Subsidiary, and the accounts of CDW Finance Corporation (the “Co-Issuer”) for the periods indicated. The information was prepared on the same basis as the Company’s consolidated financial statements. | ||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||
(in millions) | Parent | Subsidiary | Guarantor | Non-Guarantor | Co-Issuer | Consolidating | Consolidated | |||||||||||||||||||||
Guarantor | Issuer | Subsidiaries | Subsidiary | Adjustments | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 329.4 | $ | — | $ | 27.7 | $ | — | $ | (6.9 | ) | $ | 350.2 | |||||||||||||
Accounts receivable, net | — | — | 1,255.60 | 55 | — | — | 1,310.60 | |||||||||||||||||||||
Merchandise inventory | — | — | 351.1 | 2.7 | — | — | 353.8 | |||||||||||||||||||||
Miscellaneous receivables | — | 78.2 | 111.8 | 7.1 | — | — | 197.1 | |||||||||||||||||||||
Deferred income taxes | — | 8.5 | 2.5 | (0.1 | ) | — | — | 10.9 | ||||||||||||||||||||
Prepaid expenses and other | — | 14.2 | 48.3 | 0.6 | — | — | 63.1 | |||||||||||||||||||||
Total current assets | — | 430.3 | 1,769.30 | 93 | — | (6.9 | ) | 2,285.70 | ||||||||||||||||||||
Property and equipment, net | — | 68.4 | 59.2 | 2 | — | — | 129.6 | |||||||||||||||||||||
Goodwill | — | 752.1 | 1,440.40 | 30.4 | — | — | 2,222.90 | |||||||||||||||||||||
Other intangible assets, net | — | 340.7 | 1,017.60 | 7.2 | — | — | 1,365.50 | |||||||||||||||||||||
Deferred financing costs, net | — | 33.7 | — | — | — | — | 33.7 | |||||||||||||||||||||
Other assets | 5 | 1.5 | — | 0.6 | — | (5.7 | ) | 1.4 | ||||||||||||||||||||
Investment from and advances to subsidiaries | 654.8 | 2,877.30 | — | — | — | (3,532.1 | ) | — | ||||||||||||||||||||
Total assets | $ | 659.8 | $ | 4,504.00 | $ | 4,286.50 | $ | 133.2 | $ | — | $ | (3,544.7 | ) | $ | 6,038.80 | |||||||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||
Accounts payable—trade | $ | — | $ | 21.4 | $ | 635 | $ | 23.1 | $ | — | $ | (6.9 | ) | $ | 672.6 | |||||||||||||
Accounts payable—inventory financing | — | — | 225.2 | — | — | — | 225.2 | |||||||||||||||||||||
Current maturities of long-term debt | — | 170.4 | — | — | — | — | 170.4 | |||||||||||||||||||||
Deferred revenue | — | — | 81.9 | 0.6 | — | — | 82.5 | |||||||||||||||||||||
Accrued expenses | — | 183.8 | 155 | 7 | — | — | 345.8 | |||||||||||||||||||||
Total current liabilities | — | 375.6 | 1,097.10 | 30.7 | — | (6.9 | ) | 1,496.50 | ||||||||||||||||||||
Long-term liabilities: | ||||||||||||||||||||||||||||
Debt | — | 3,239.70 | — | — | — | — | 3,239.70 | |||||||||||||||||||||
Deferred income taxes | — | 194.9 | 407.8 | 1.7 | — | (5.0 | ) | 599.4 | ||||||||||||||||||||
Accrued interest | — | 2.5 | — | — | — | — | 2.5 | |||||||||||||||||||||
Other liabilities | — | 36.5 | 3.6 | 1.5 | — | (0.7 | ) | 40.9 | ||||||||||||||||||||
Total long-term liabilities | — | 3,473.60 | 411.4 | 3.2 | — | (5.7 | ) | 3,882.50 | ||||||||||||||||||||
Total shareholders’ equity | 659.8 | 654.8 | 2,778.00 | 99.3 | — | (3,532.1 | ) | 659.8 | ||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 659.8 | $ | 4,504.00 | $ | 4,286.50 | $ | 133.2 | $ | — | $ | (3,544.7 | ) | $ | 6,038.80 | |||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||
(in millions) | Parent | Subsidiary | Guarantor | Non-Guarantor | Co-Issuer | Consolidating | Consolidated | |||||||||||||||||||||
Guarantor | Issuer | Subsidiaries | Subsidiary | Adjustments | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 48 | $ | — | $ | 9.8 | $ | — | $ | (19.9 | ) | $ | 37.9 | |||||||||||||
Accounts receivable, net | — | — | 1,217.70 | 67.3 | — | — | 1,285.00 | |||||||||||||||||||||
Merchandise inventory | — | — | 313.2 | 1.4 | — | — | 314.6 | |||||||||||||||||||||
Miscellaneous receivables | — | 61.7 | 82 | 4.8 | — | — | 148.5 | |||||||||||||||||||||
Deferred income taxes | — | 8.7 | 5.5 | (0.1 | ) | — | — | 14.1 | ||||||||||||||||||||
Prepaid expenses and other | — | 10.1 | 24.4 | 0.1 | — | — | 34.6 | |||||||||||||||||||||
Total current assets | — | 128.5 | 1,642.80 | 83.3 | — | (19.9 | ) | 1,834.70 | ||||||||||||||||||||
Property and equipment, net | — | 73.9 | 66.2 | 2.6 | — | — | 142.7 | |||||||||||||||||||||
Goodwill | — | 749.4 | 1,428.50 | 31.4 | — | — | 2,209.30 | |||||||||||||||||||||
Other intangible assets, net | — | 348.6 | 1,121.70 | 8.2 | — | — | 1,478.50 | |||||||||||||||||||||
Deferred financing costs, net | — | 53.2 | — | — | — | — | 53.2 | |||||||||||||||||||||
Other assets | 5.4 | 1.1 | 0.4 | 0.6 | — | (5.9 | ) | 1.6 | ||||||||||||||||||||
Investment in and advances to subsidiaries | 131.1 | 2,946.00 | — | — | — | (3,077.1 | ) | — | ||||||||||||||||||||
Total assets | $ | 136.5 | $ | 4,300.70 | $ | 4,259.60 | $ | 126.1 | $ | — | $ | (3,102.9 | ) | $ | 5,720.00 | |||||||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||
Accounts payable—trade | $ | — | $ | 16.5 | $ | 500.3 | $ | 21.7 | $ | — | $ | (19.9 | ) | $ | 518.6 | |||||||||||||
Accounts payable—inventory financing | — | — | 249.2 | — | — | — | 249.2 | |||||||||||||||||||||
Current maturities of long-term debt | — | 40 | — | — | — | — | 40 | |||||||||||||||||||||
Deferred revenue | — | — | 57.8 | — | — | — | 57.8 | |||||||||||||||||||||
Accrued expenses | — | 139.3 | 157.4 | 5.9 | — | — | 302.6 | |||||||||||||||||||||
Total current liabilities | — | 195.8 | 964.7 | 27.6 | — | (19.9 | ) | 1,168.20 | ||||||||||||||||||||
Long-term liabilities: | ||||||||||||||||||||||||||||
Debt | — | 3,731.00 | — | — | — | — | 3,731.00 | |||||||||||||||||||||
Deferred income taxes | — | 188.1 | 440 | 1.7 | — | (5.5 | ) | 624.3 | ||||||||||||||||||||
Accrued interest | — | 8 | — | — | — | — | 8 | |||||||||||||||||||||
Other liabilities | — | 46.7 | 4 | 1.7 | — | (0.4 | ) | 52 | ||||||||||||||||||||
Total long-term liabilities | — | 3,973.80 | 444 | 3.4 | — | (5.9 | ) | 4,415.30 | ||||||||||||||||||||
Total shareholders’ equity | 136.5 | 131.1 | 2,850.90 | 95.1 | — | (3,077.1 | ) | 136.5 | ||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 136.5 | $ | 4,300.70 | $ | 4,259.60 | $ | 126.1 | $ | — | $ | (3,102.9 | ) | $ | 5,720.00 | |||||||||||||
Consolidating Statement of Operations | ||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||||||||
(in millions) | Parent | Subsidiary | Guarantor | Non-Guarantor | Co-Issuer | Consolidating | Consolidated | |||||||||||||||||||||
Guarantor | Issuer | Subsidiaries | Subsidiary | Adjustments | ||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 2,753.40 | $ | 110.9 | $ | — | $ | — | $ | 2,864.30 | ||||||||||||||
Cost of sales | — | — | 2,309.00 | 96.9 | — | — | 2,405.90 | |||||||||||||||||||||
Gross profit | — | — | 444.4 | 14 | — | — | 458.4 | |||||||||||||||||||||
Selling and administrative expenses | 24.4 | 20.6 | 278.6 | 8.8 | — | — | 332.4 | |||||||||||||||||||||
Advertising expense | — | — | 31.9 | 1.2 | — | — | 33.1 | |||||||||||||||||||||
(Loss) income from operations | (24.4 | ) | (20.6 | ) | 133.9 | 4 | — | — | 92.9 | |||||||||||||||||||
Interest (expense) income, net | — | (56.4 | ) | 0.2 | — | — | — | (56.2 | ) | |||||||||||||||||||
Net loss on extinguishments of long-term debt | — | (41.3 | ) | — | — | — | — | (41.3 | ) | |||||||||||||||||||
Management fee | — | 1 | — | (1.0 | ) | — | — | — | ||||||||||||||||||||
Other (expense) income, net | — | (0.4 | ) | 0.2 | — | — | — | (0.2 | ) | |||||||||||||||||||
(Loss) income before income taxes | (24.4 | ) | (117.7 | ) | 134.3 | 3 | — | — | (4.8 | ) | ||||||||||||||||||
Income tax benefit (expense) | 9.2 | 43.6 | (49.4 | ) | (0.8 | ) | — | — | 2.6 | |||||||||||||||||||
(Loss) income before equity in earnings of subsidiaries | (15.2 | ) | (74.1 | ) | 84.9 | 2.2 | — | — | (2.2 | ) | ||||||||||||||||||
Equity in earnings of subsidiaries | 13 | 87.1 | — | — | — | (100.1 | ) | — | ||||||||||||||||||||
Net (loss) income | $ | (2.2 | ) | $ | 13 | $ | 84.9 | $ | 2.2 | $ | — | $ | (100.1 | ) | $ | (2.2 | ) | |||||||||||
Consolidating Statement of Operations | ||||||||||||||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||||||||||
(in millions) | Parent | Subsidiary | Guarantor | Non-Guarantor | Co-Issuer | Consolidating | Consolidated | |||||||||||||||||||||
Guarantor | Issuer | Subsidiaries | Subsidiary | Adjustments | ||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 2,515.60 | $ | 107.7 | $ | — | $ | — | $ | 2,623.30 | ||||||||||||||
Cost of sales | — | — | 2,096.90 | 93.7 | — | — | 2,190.60 | |||||||||||||||||||||
Gross profit | — | — | 418.7 | 14 | — | — | 432.7 | |||||||||||||||||||||
Selling and administrative expenses | — | 26.2 | 222.5 | 8.3 | — | — | 257 | |||||||||||||||||||||
Advertising expense | — | — | 35 | 1 | — | — | 36 | |||||||||||||||||||||
(Loss) income from operations | — | (26.2 | ) | 161.2 | 4.7 | — | — | 139.7 | ||||||||||||||||||||
Interest (expense) income, net | — | (76.8 | ) | — | 0.1 | — | — | (76.7 | ) | |||||||||||||||||||
Management fee | — | 0.8 | — | (0.8 | ) | — | — | — | ||||||||||||||||||||
Other income, net | — | — | 0.2 | — | — | — | 0.2 | |||||||||||||||||||||
(Loss) income before income taxes | — | (102.2 | ) | 161.4 | 4 | — | — | 63.2 | ||||||||||||||||||||
Income tax benefit (expense) | — | 34.2 | (58.3 | ) | (1.1 | ) | — | — | (25.2 | ) | ||||||||||||||||||
(Loss) income before equity in earnings of subsidiaries | — | (68.0 | ) | 103.1 | 2.9 | — | — | 38 | ||||||||||||||||||||
Equity in earnings of subsidiaries | 38 | 106 | — | — | — | (144.0 | ) | — | ||||||||||||||||||||
Net income | $ | 38 | $ | 38 | $ | 103.1 | $ | 2.9 | $ | — | $ | (144.0 | ) | $ | 38 | |||||||||||||
Consolidating Statement of Operations | ||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||
(in millions) | Parent | Subsidiary | Guarantor | Non-Guarantor | Co-Issuer | Consolidating | Consolidated | |||||||||||||||||||||
Guarantor | Issuer | Subsidiaries | Subsidiary | Adjustments | ||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 7,705.20 | $ | 350.1 | $ | — | $ | — | $ | 8,055.30 | ||||||||||||||
Cost of sales | — | — | 6,436.50 | 306.8 | — | — | 6,743.30 | |||||||||||||||||||||
Gross profit | — | — | 1,268.70 | 43.3 | — | — | 1,312.00 | |||||||||||||||||||||
Selling and administrative expenses | 24.4 | 73.9 | 725.4 | 26.6 | — | — | 850.3 | |||||||||||||||||||||
Advertising expense | — | — | 92 | 3.1 | — | — | 95.1 | |||||||||||||||||||||
(Loss) income from operations | (24.4 | ) | (73.9 | ) | 451.3 | 13.6 | — | — | 366.6 | |||||||||||||||||||
Interest (expense) income, net | — | (199.0 | ) | 0.2 | 0.2 | — | — | (198.6 | ) | |||||||||||||||||||
Net loss on extinguishments of long-term debt | — | (55.5 | ) | — | — | — | — | (55.5 | ) | |||||||||||||||||||
Management fee | — | 3.4 | — | (3.4 | ) | — | — | — | ||||||||||||||||||||
Other (expense) income, net | — | (0.5 | ) | 0.6 | 0.3 | — | — | 0.4 | ||||||||||||||||||||
(Loss) income before income taxes | (24.4 | ) | (325.5 | ) | 452.1 | 10.7 | — | — | 112.9 | |||||||||||||||||||
Income tax benefit (expense) | 9.2 | 121 | (167.8 | ) | (2.5 | ) | — | — | (40.1 | ) | ||||||||||||||||||
(Loss) income before equity in earnings of subsidiaries | (15.2 | ) | (204.5 | ) | 284.3 | 8.2 | — | — | 72.8 | |||||||||||||||||||
Equity in earnings of subsidiaries | 88 | 292.5 | — | — | — | (380.5 | ) | — | ||||||||||||||||||||
Net income | $ | 72.8 | $ | 88 | $ | 284.3 | $ | 8.2 | $ | — | $ | (380.5 | ) | $ | 72.8 | |||||||||||||
Consolidating Statement of Operations | ||||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||
(in millions) | Parent | Subsidiary | Guarantor | Non-Guarantor | Co-Issuer | Consolidating | Consolidated | |||||||||||||||||||||
Guarantor | Issuer | Subsidiaries | Subsidiary | Adjustments | ||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 7,200.50 | $ | 326.7 | $ | — | $ | — | $ | 7,527.20 | ||||||||||||||
Cost of sales | — | — | 5,998.10 | 284.9 | — | — | 6,283.00 | |||||||||||||||||||||
Gross profit | — | — | 1,202.40 | 41.8 | — | — | 1,244.20 | |||||||||||||||||||||
Selling and administrative expenses | — | 79 | 663.8 | 25.3 | — | — | 768.1 | |||||||||||||||||||||
Advertising expense | — | — | 93.5 | 2.9 | — | — | 96.4 | |||||||||||||||||||||
(Loss) income from operations | — | (79.0 | ) | 445.1 | 13.6 | — | — | 379.7 | ||||||||||||||||||||
Interest (expense) income, net | — | (232.9 | ) | 0.3 | 0.1 | — | — | (232.5 | ) | |||||||||||||||||||
Net loss on extinguishments of long-term debt | — | (9.4 | ) | — | — | — | — | (9.4 | ) | |||||||||||||||||||
Management fee | — | 3 | — | (3.0 | ) | — | — | — | ||||||||||||||||||||
Other (expense) income, net | — | (0.1 | ) | 0.3 | — | — | — | 0.2 | ||||||||||||||||||||
(Loss) income before income taxes | — | (318.4 | ) | 445.7 | 10.7 | — | — | 138 | ||||||||||||||||||||
Income tax benefit (expense) | — | 124 | (173.4 | ) | (2.9 | ) | — | — | (52.3 | ) | ||||||||||||||||||
(Loss) income before equity in earnings of subsidiaries | — | (194.4 | ) | 272.3 | 7.8 | — | — | 85.7 | ||||||||||||||||||||
Equity in earnings of subsidiaries | 85.7 | 280.1 | — | — | — | (365.8 | ) | — | ||||||||||||||||||||
Net income | $ | 85.7 | $ | 85.7 | $ | 272.3 | $ | 7.8 | $ | — | $ | (365.8 | ) | $ | 85.7 | |||||||||||||
Condensed Consolidating Statement of Comprehensive (Loss) Income | ||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||||||||
(in millions) | Parent | Subsidiary | Guarantor | Non-Guarantor | Co-Issuer | Consolidating | Consolidated | |||||||||||||||||||||
Guarantor | Issuer | Subsidiaries | Subsidiary | Adjustments | ||||||||||||||||||||||||
Comprehensive (loss) income | $ | (0.2 | ) | $ | 15 | $ | 84.9 | $ | 4.2 | $ | — | $ | (104.1 | ) | $ | (0.2 | ) | |||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||||||||||
(in millions) | Parent | Subsidiary | Guarantor | Non-Guarantor | Co-Issuer | Consolidating | Consolidated | |||||||||||||||||||||
Guarantor | Issuer | Subsidiaries | Subsidiary | Adjustments | ||||||||||||||||||||||||
Comprehensive income | $ | 41.1 | $ | 41.1 | $ | 103.1 | $ | 6 | $ | — | $ | (150.2 | ) | $ | 41.1 | |||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||
(in millions) | Parent | Subsidiary | Guarantor | Non-Guarantor | Co-Issuer | Consolidating | Consolidated | |||||||||||||||||||||
Guarantor | Issuer | Subsidiaries | Subsidiary | Adjustments | ||||||||||||||||||||||||
Comprehensive income | $ | 69.1 | $ | 84.2 | $ | 284.3 | $ | 4.5 | $ | — | $ | (373.0 | ) | $ | 69.1 | |||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||
(in millions) | Parent | Subsidiary | Guarantor | Non-Guarantor | Co-Issuer | Consolidating | Consolidated | |||||||||||||||||||||
Guarantor | Issuer | Subsidiaries | Subsidiary | Adjustments | ||||||||||||||||||||||||
Comprehensive income | $ | 89.1 | $ | 89.1 | $ | 272.3 | $ | 11.2 | $ | — | $ | (372.6 | ) | $ | 89.1 | |||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||
(in millions) | Parent | Subsidiary | Guarantor | Non-Guarantor | Co-Issuer | Consolidating | Consolidated | |||||||||||||||||||||
Guarantor | Issuer | Subsidiaries | Subsidiary | Adjustments | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (15.2 | ) | $ | (71.5 | ) | $ | 425.5 | $ | 19 | $ | — | $ | 13 | $ | 370.8 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||||
Capital expenditures | — | (27.2 | ) | (3.2 | ) | (0.1 | ) | — | — | (30.5 | ) | |||||||||||||||||
Net cash used in investing activities | — | (27.2 | ) | (3.2 | ) | (0.1 | ) | — | — | (30.5 | ) | |||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||
Proceeds from borrowings under revolving credit facility | — | 63 | — | — | — | — | 63 | |||||||||||||||||||||
Repayments of borrowings under revolving credit facility | — | (63.0 | ) | — | — | — | — | (63.0 | ) | |||||||||||||||||||
Repayments of long-term debt | — | (47.2 | ) | — | — | — | — | (47.2 | ) | |||||||||||||||||||
Proceeds from issuance of long-term debt | — | 1,535.20 | — | — | — | — | 1,535.20 | |||||||||||||||||||||
Payments to extinguish long-term debt | — | (1,885.9 | ) | — | — | — | — | (1,885.9 | ) | |||||||||||||||||||
Net change in accounts payable-inventory financing | — | — | (24.0 | ) | — | — | — | (24.0 | ) | |||||||||||||||||||
Payment of incentive compensation plan withholding taxes | — | (4.0 | ) | (19.6 | ) | (0.5 | ) | — | — | (24.1 | ) | |||||||||||||||||
Net proceeds from issuance of common shares | 424.7 | — | — | — | — | — | 424.7 | |||||||||||||||||||||
Advances (to) from affiliates | (409.5 | ) | 788.1 | (378.7 | ) | 0.1 | — | — | — | |||||||||||||||||||
Other financing activities | — | (6.1 | ) | — | — | — | — | (6.1 | ) | |||||||||||||||||||
Net cash provided by (used in) financing activities | 15.2 | 380.1 | (422.3 | ) | (0.4 | ) | — | — | (27.4 | ) | ||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (0.6 | ) | — | — | (0.6 | ) | |||||||||||||||||||
Net increase in cash and cash equivalents | — | 281.4 | — | 17.9 | — | 13 | 312.3 | |||||||||||||||||||||
Cash and cash equivalents—beginning of period | — | 48 | — | 9.8 | — | (19.9 | ) | 37.9 | ||||||||||||||||||||
Cash and cash equivalents—end of period | $ | — | $ | 329.4 | $ | — | $ | 27.7 | $ | — | $ | (6.9 | ) | $ | 350.2 | |||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||
(in millions) | Parent | Subsidiary | Guarantor | Non-Guarantor | Co-Issuer | Consolidating | Consolidated | |||||||||||||||||||||
Guarantor | Issuer | Subsidiaries | Subsidiary | Adjustments | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | — | $ | (123.7 | ) | $ | 475.3 | $ | 13.9 | $ | — | $ | 1.6 | $ | 367.1 | |||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||||
Capital expenditures | — | (14.2 | ) | (10.7 | ) | (0.5 | ) | — | — | (25.4 | ) | |||||||||||||||||
Net cash used in investing activities | — | (14.2 | ) | (10.7 | ) | (0.5 | ) | — | — | (25.4 | ) | |||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||
Proceeds from borrowings under revolving credit facility | — | 256 | — | — | — | — | 256 | |||||||||||||||||||||
Repayments of borrowings under revolving credit facility | — | (256.0 | ) | — | — | — | — | (256.0 | ) | |||||||||||||||||||
Repayments of long-term debt | — | (201.0 | ) | — | — | — | — | (201.0 | ) | |||||||||||||||||||
Proceeds from issuance of long-term debt | — | 135.7 | — | — | — | — | 135.7 | |||||||||||||||||||||
Payments to extinguish long-term debt | — | (136.9 | ) | — | — | — | — | (136.9 | ) | |||||||||||||||||||
Net change in accounts payable-inventory financing | — | — | (44.6 | ) | — | — | — | (44.6 | ) | |||||||||||||||||||
Advances from (to) affiliates | — | 409 | (409.3 | ) | 0.3 | — | — | — | ||||||||||||||||||||
Other financing activities | — | (2.5 | ) | — | — | — | — | (2.5 | ) | |||||||||||||||||||
Net cash provided by (used in) financing activities | — | 204.3 | (453.9 | ) | 0.3 | — | — | (249.3 | ) | |||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 0.7 | — | — | 0.7 | |||||||||||||||||||||
Net increase in cash and cash equivalents | — | 66.4 | 10.7 | 14.4 | — | 1.6 | 93.1 | |||||||||||||||||||||
Cash and cash equivalents—beginning of period | — | 102.1 | 15.8 | 8.1 | — | (26.1 | ) | 99.9 | ||||||||||||||||||||
Cash and cash equivalents—end of period | $ | — | $ | 168.5 | $ | 26.5 | $ | 22.5 | $ | — | $ | (24.5 | ) | $ | 193 | |||||||||||||
Subsequent_Events_Notes
Subsequent Events (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Subsequent Events | |
On October 18, 2013, the Company redeemed $155.0 million aggregate principal amount of Senior Subordinated Notes at a redemption price that was 104.178% of the principal amount redeemed plus $0.2 million in accrued and unpaid interest to the date of redemption. Following this redemption, $92.5 million aggregate principal amount of the Senior Subordinated Notes remain outstanding. In connection with this redemption, the Company expects to record a loss on extinguishment of long-term debt of $8.5 million in the consolidated statement of operations during the fourth quarter of 2013. This loss represents $6.5 million in redemption premium and $2.0 million for the write-off of a portion of the remaining deferred financing costs related to the Senior Subordinated Notes. | |
On November 1, 2013, the Company announced that its board of directors declared a cash dividend on the Company's common stock of $0.0425 per common share. The dividend will be paid on December 2, 2013 to all shareholders of record as of the close of business on November 15, 2013. Future dividends will be subject to the approval of the Company's board of directors. |
Description_Of_Business_And_Su1
Description Of Business And Summary Of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Description of Business and Summary of Significant Accounting Policies [Abstract] | ' |
Basis of Presentation, Policy | ' |
Basis of Presentation | |
The accompanying unaudited interim consolidated financial statements as of September 30, 2013 and for the three and nine months ended September 30, 2013 and 2012 ("consolidated financial statements") have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") for interim financial statements. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted pursuant to such rules and regulations. The consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2012 ("December 31, 2012 financial statements"). The significant accounting policies used in preparing these consolidated financial statements were applied on a basis consistent with those reflected in the December 31, 2012 financial statements, except as disclosed in Note 2. In the opinion of management, the consolidated financial statements contain all adjustments (consisting of a normal, recurring nature) necessary to present fairly the Company's financial position, results of operations, comprehensive income, cash flows and changes in shareholders' equity as of the dates and for the periods indicated. The unaudited consolidated statements of operations for such interim periods reported are not necessarily indicative of results for the full year. | |
CDW Corporation ("Parent") was previously owned directly by CDW Holdings LLC ("CDW Holdings"), a company controlled by investment funds affiliated with Madison Dearborn Partners, LLC ("Madison Dearborn") and Providence Equity Partners, L.L.C. ("Providence Equity," and together with Madison Dearborn, the "Sponsors"), certain other co-investors and certain members of CDW management. On July 2, 2013, Parent completed an initial public offering ("IPO") of its common stock. During June 2013, in connection with the IPO, CDW Holdings distributed all of its shares of Parent's common stock to its members in accordance with their respective membership interests. See Note 6 for additional discussion of the IPO. | |
Parent has two 100% owned subsidiaries, CDW LLC and CDW Finance Corporation. CDW LLC is an Illinois limited liability company that, together with its 100% owned subsidiaries, holds all material assets and conducts all business activities and operations of the Company. CDW Finance Corporation is a Delaware corporation formed for the sole purpose of acting as co-issuer of certain debt obligations as described in Note 12 and does not hold any material assets or engage in any business activities or operations. | |
Throughout these notes, the terms the “Company” and “CDW” refer to Parent and its 100% owned subsidiaries. | |
Principles of Consolidation, Policy | ' |
Principles of Consolidation | |
The accompanying consolidated financial statements include the accounts of Parent and its 100% owned subsidiaries. All intercompany transactions and accounts are eliminated in consolidation. | |
Use of Estimates, Policy | ' |
Use of Estimates | |
The preparation of consolidated financial statements in accordance with GAAP requires management to make use of certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reported periods. The Company bases its estimates on historical experience and on various other assumptions that management believes are reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates. | |
The notes to the consolidated financial statements contained in the December 31, 2012 financial statements include an additional discussion of the significant accounting policies and estimates used in the preparation of the Company's consolidated financial statements. There have been no material changes to the Company's significant accounting policies and estimates during the nine months ended September 30, 2013. | |
Reclassifications, Policy | ' |
Reclassifications | |
Certain reclassifications have been made to the prior period consolidated financial statements to conform to the current period presentation. | |
See Note 6 for a description of the reclassification and split of the Company's common shares that were completed during the second quarter of 2013. |
Inventory_Financing_Agreements1
Inventory Financing Agreements (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Financing Agreements [Abstract] | ' | ||||||||
Inventory Financing Agreements | ' | ||||||||
The following table presents the amounts included in accounts payable-inventory financing: | |||||||||
(in millions) | 30-Sep-13 | 31-Dec-12 | |||||||
Revolving Loan inventory financing agreement | $ | 223.7 | $ | 248.3 | |||||
Other inventory financing agreements | 1.5 | 0.9 | |||||||
Accounts payable-inventory financing | $ | 225.2 | $ | 249.2 | |||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Long-term Debt, Unclassified [Abstract] | ' | |||||||||||
Carrying Value of Long-Term Debt | ' | |||||||||||
Long-term debt was as follows: | ||||||||||||
(dollars in millions) | Interest | September 30, | December 31, | |||||||||
Rate (1) | 2013 | 2012 | ||||||||||
Senior secured asset-based revolving credit facility | — | % | $ | — | $ | — | ||||||
Senior secured term loan facility | 3.5 | % | 1,532.80 | 1,339.50 | ||||||||
Unamortized discount on senior secured term loan facility | (4.6 | ) | — | |||||||||
Senior secured notes due 2018 | 8 | % | 325 | 500 | ||||||||
Senior notes due 2019 | 8.5 | % | 1,305.00 | 1,305.00 | ||||||||
Unamortized premium on senior notes due 2019 | 4.4 | 5 | ||||||||||
Senior subordinated notes due 2017 | 12.535 | % | 247.5 | 621.5 | ||||||||
Total long-term debt | 3,410.10 | 3,771.00 | ||||||||||
Less current maturities of long-term debt | (170.4 | ) | (40.0 | ) | ||||||||
Long-term debt, excluding current maturities | $ | 3,239.70 | $ | 3,731.00 | ||||||||
(1)Interest rate at September 30, 2013. |
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
IPO Related Expenses [Abstract] | ' | ||||||||
IPO related expenses [Table Text Block] | ' | ||||||||
The following pre-tax IPO related expenses were included within selling and administrative expenses in the consolidated statements of operations during 2013: | |||||||||
(in millions) | Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | |||||||
Acceleration charge for certain equity awards and related employer payroll taxes(1) | $ | 40.7 | $ | 40.7 | |||||
RDU Plan cash retention pool accrual(2) | 7.5 | 7.5 | |||||||
Management services agreement termination fee(3) | 24.4 | 24.4 | |||||||
Other expenses | 1.5 | 1.7 | |||||||
Total IPO related expenses | $ | 74.1 | $ | 74.3 | |||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule of Weighted Average Number of Shares [Table Text Block] | ' | |||||||||||
The following is a reconciliation of basic shares to diluted shares: | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||
Weighted-average shares - basic | 166.8 | 145.1 | 152.5 | 145 | ||||||||
Effect of dilutive securities | — | 0.8 | 1.8 | 0.8 | ||||||||
Weighted-average shares - diluted | 166.8 | 145.9 | 154.3 | 145.8 | ||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Reporting | ' | ||||||||||||||||||||
The following table presents information about the Company’s segments for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||||||
(in millions) | Corporate | Public | Other | Headquarters | Total | ||||||||||||||||
Three Months Ended September 30, 2013: | |||||||||||||||||||||
Net sales | $ | 1,465.80 | $ | 1,244.60 | $ | 153.9 | $ | — | $ | 2,864.30 | |||||||||||
Income (loss) from operations | 63.2 | 71.1 | 3.7 | (45.1 | ) | 92.9 | |||||||||||||||
Depreciation and amortization expense | (24.3 | ) | (11.0 | ) | (2.1 | ) | (14.6 | ) | (52.0 | ) | |||||||||||
Three Months Ended September 30, 2012: | |||||||||||||||||||||
Net sales | $ | 1,312.80 | $ | 1,163.70 | $ | 146.8 | $ | — | $ | 2,623.30 | |||||||||||
Income (loss) from operations | 79.2 | 81.1 | 5.6 | (26.2 | ) | 139.7 | |||||||||||||||
Depreciation and amortization expense | (24.4 | ) | (11.0 | ) | (2.3 | ) | (15.7 | ) | (53.4 | ) | |||||||||||
Nine Months Ended September 30, 2013: | |||||||||||||||||||||
Net sales | $ | 4,407.10 | $ | 3,174.00 | $ | 474.2 | $ | — | $ | 8,055.30 | |||||||||||
Income (loss) from operations | 260.5 | 185.8 | 18.6 | (98.3 | ) | 366.6 | |||||||||||||||
Depreciation and amortization expense | (73.1 | ) | (33.1 | ) | (6.6 | ) | (43.5 | ) | (156.3 | ) | |||||||||||
Nine Months Ended September 30, 2012: | |||||||||||||||||||||
Net sales | $ | 4,070.00 | $ | 3,021.70 | $ | 435.5 | $ | — | $ | 7,527.20 | |||||||||||
Income (loss) from operations | 256.3 | 189.2 | 13.2 | (79.0 | ) | 379.7 | |||||||||||||||
Depreciation and amortization expense | (73.1 | ) | (33.0 | ) | (7.0 | ) | (46.0 | ) | (159.1 | ) |
Supplemental_Guarantor_Informa1
Supplemental Guarantor Information (Tables) | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||
Supplemental Guarantor Information [Abstract] | ' | |||||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ' | |||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||
(in millions) | Parent | Subsidiary | Guarantor | Non-Guarantor | Co-Issuer | Consolidating | Consolidated | |||||||||||||||||||||
Guarantor | Issuer | Subsidiaries | Subsidiary | Adjustments | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 48 | $ | — | $ | 9.8 | $ | — | $ | (19.9 | ) | $ | 37.9 | |||||||||||||
Accounts receivable, net | — | — | 1,217.70 | 67.3 | — | — | 1,285.00 | |||||||||||||||||||||
Merchandise inventory | — | — | 313.2 | 1.4 | — | — | 314.6 | |||||||||||||||||||||
Miscellaneous receivables | — | 61.7 | 82 | 4.8 | — | — | 148.5 | |||||||||||||||||||||
Deferred income taxes | — | 8.7 | 5.5 | (0.1 | ) | — | — | 14.1 | ||||||||||||||||||||
Prepaid expenses and other | — | 10.1 | 24.4 | 0.1 | — | — | 34.6 | |||||||||||||||||||||
Total current assets | — | 128.5 | 1,642.80 | 83.3 | — | (19.9 | ) | 1,834.70 | ||||||||||||||||||||
Property and equipment, net | — | 73.9 | 66.2 | 2.6 | — | — | 142.7 | |||||||||||||||||||||
Goodwill | — | 749.4 | 1,428.50 | 31.4 | — | — | 2,209.30 | |||||||||||||||||||||
Other intangible assets, net | — | 348.6 | 1,121.70 | 8.2 | — | — | 1,478.50 | |||||||||||||||||||||
Deferred financing costs, net | — | 53.2 | — | — | — | — | 53.2 | |||||||||||||||||||||
Other assets | 5.4 | 1.1 | 0.4 | 0.6 | — | (5.9 | ) | 1.6 | ||||||||||||||||||||
Investment in and advances to subsidiaries | 131.1 | 2,946.00 | — | — | — | (3,077.1 | ) | — | ||||||||||||||||||||
Total assets | $ | 136.5 | $ | 4,300.70 | $ | 4,259.60 | $ | 126.1 | $ | — | $ | (3,102.9 | ) | $ | 5,720.00 | |||||||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||
Accounts payable—trade | $ | — | $ | 16.5 | $ | 500.3 | $ | 21.7 | $ | — | $ | (19.9 | ) | $ | 518.6 | |||||||||||||
Accounts payable—inventory financing | — | — | 249.2 | — | — | — | 249.2 | |||||||||||||||||||||
Current maturities of long-term debt | — | 40 | — | — | — | — | 40 | |||||||||||||||||||||
Deferred revenue | — | — | 57.8 | — | — | — | 57.8 | |||||||||||||||||||||
Accrued expenses | — | 139.3 | 157.4 | 5.9 | — | — | 302.6 | |||||||||||||||||||||
Total current liabilities | — | 195.8 | 964.7 | 27.6 | — | (19.9 | ) | 1,168.20 | ||||||||||||||||||||
Long-term liabilities: | ||||||||||||||||||||||||||||
Debt | — | 3,731.00 | — | — | — | — | 3,731.00 | |||||||||||||||||||||
Deferred income taxes | — | 188.1 | 440 | 1.7 | — | (5.5 | ) | 624.3 | ||||||||||||||||||||
Accrued interest | — | 8 | — | — | — | — | 8 | |||||||||||||||||||||
Other liabilities | — | 46.7 | 4 | 1.7 | — | (0.4 | ) | 52 | ||||||||||||||||||||
Total long-term liabilities | — | 3,973.80 | 444 | 3.4 | — | (5.9 | ) | 4,415.30 | ||||||||||||||||||||
Total shareholders’ equity | 136.5 | 131.1 | 2,850.90 | 95.1 | — | (3,077.1 | ) | 136.5 | ||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 136.5 | $ | 4,300.70 | $ | 4,259.60 | $ | 126.1 | $ | — | $ | (3,102.9 | ) | $ | 5,720.00 | |||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||
(in millions) | Parent | Subsidiary | Guarantor | Non-Guarantor | Co-Issuer | Consolidating | Consolidated | |||||||||||||||||||||
Guarantor | Issuer | Subsidiaries | Subsidiary | Adjustments | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 329.4 | $ | — | $ | 27.7 | $ | — | $ | (6.9 | ) | $ | 350.2 | |||||||||||||
Accounts receivable, net | — | — | 1,255.60 | 55 | — | — | 1,310.60 | |||||||||||||||||||||
Merchandise inventory | — | — | 351.1 | 2.7 | — | — | 353.8 | |||||||||||||||||||||
Miscellaneous receivables | — | 78.2 | 111.8 | 7.1 | — | — | 197.1 | |||||||||||||||||||||
Deferred income taxes | — | 8.5 | 2.5 | (0.1 | ) | — | — | 10.9 | ||||||||||||||||||||
Prepaid expenses and other | — | 14.2 | 48.3 | 0.6 | — | — | 63.1 | |||||||||||||||||||||
Total current assets | — | 430.3 | 1,769.30 | 93 | — | (6.9 | ) | 2,285.70 | ||||||||||||||||||||
Property and equipment, net | — | 68.4 | 59.2 | 2 | — | — | 129.6 | |||||||||||||||||||||
Goodwill | — | 752.1 | 1,440.40 | 30.4 | — | — | 2,222.90 | |||||||||||||||||||||
Other intangible assets, net | — | 340.7 | 1,017.60 | 7.2 | — | — | 1,365.50 | |||||||||||||||||||||
Deferred financing costs, net | — | 33.7 | — | — | — | — | 33.7 | |||||||||||||||||||||
Other assets | 5 | 1.5 | — | 0.6 | — | (5.7 | ) | 1.4 | ||||||||||||||||||||
Investment from and advances to subsidiaries | 654.8 | 2,877.30 | — | — | — | (3,532.1 | ) | — | ||||||||||||||||||||
Total assets | $ | 659.8 | $ | 4,504.00 | $ | 4,286.50 | $ | 133.2 | $ | — | $ | (3,544.7 | ) | $ | 6,038.80 | |||||||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||
Accounts payable—trade | $ | — | $ | 21.4 | $ | 635 | $ | 23.1 | $ | — | $ | (6.9 | ) | $ | 672.6 | |||||||||||||
Accounts payable—inventory financing | — | — | 225.2 | — | — | — | 225.2 | |||||||||||||||||||||
Current maturities of long-term debt | — | 170.4 | — | — | — | — | 170.4 | |||||||||||||||||||||
Deferred revenue | — | — | 81.9 | 0.6 | — | — | 82.5 | |||||||||||||||||||||
Accrued expenses | — | 183.8 | 155 | 7 | — | — | 345.8 | |||||||||||||||||||||
Total current liabilities | — | 375.6 | 1,097.10 | 30.7 | — | (6.9 | ) | 1,496.50 | ||||||||||||||||||||
Long-term liabilities: | ||||||||||||||||||||||||||||
Debt | — | 3,239.70 | — | — | — | — | 3,239.70 | |||||||||||||||||||||
Deferred income taxes | — | 194.9 | 407.8 | 1.7 | — | (5.0 | ) | 599.4 | ||||||||||||||||||||
Accrued interest | — | 2.5 | — | — | — | — | 2.5 | |||||||||||||||||||||
Other liabilities | — | 36.5 | 3.6 | 1.5 | — | (0.7 | ) | 40.9 | ||||||||||||||||||||
Total long-term liabilities | — | 3,473.60 | 411.4 | 3.2 | — | (5.7 | ) | 3,882.50 | ||||||||||||||||||||
Total shareholders’ equity | 659.8 | 654.8 | 2,778.00 | 99.3 | — | (3,532.1 | ) | 659.8 | ||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 659.8 | $ | 4,504.00 | $ | 4,286.50 | $ | 133.2 | $ | — | $ | (3,544.7 | ) | $ | 6,038.80 | |||||||||||||
Consolidating Statements of Operations | ' | |||||||||||||||||||||||||||
Consolidating Statement of Operations | ||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||||||||
(in millions) | Parent | Subsidiary | Guarantor | Non-Guarantor | Co-Issuer | Consolidating | Consolidated | |||||||||||||||||||||
Guarantor | Issuer | Subsidiaries | Subsidiary | Adjustments | ||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 2,753.40 | $ | 110.9 | $ | — | $ | — | $ | 2,864.30 | ||||||||||||||
Cost of sales | — | — | 2,309.00 | 96.9 | — | — | 2,405.90 | |||||||||||||||||||||
Gross profit | — | — | 444.4 | 14 | — | — | 458.4 | |||||||||||||||||||||
Selling and administrative expenses | 24.4 | 20.6 | 278.6 | 8.8 | — | — | 332.4 | |||||||||||||||||||||
Advertising expense | — | — | 31.9 | 1.2 | — | — | 33.1 | |||||||||||||||||||||
(Loss) income from operations | (24.4 | ) | (20.6 | ) | 133.9 | 4 | — | — | 92.9 | |||||||||||||||||||
Interest (expense) income, net | — | (56.4 | ) | 0.2 | — | — | — | (56.2 | ) | |||||||||||||||||||
Net loss on extinguishments of long-term debt | — | (41.3 | ) | — | — | — | — | (41.3 | ) | |||||||||||||||||||
Management fee | — | 1 | — | (1.0 | ) | — | — | — | ||||||||||||||||||||
Other (expense) income, net | — | (0.4 | ) | 0.2 | — | — | — | (0.2 | ) | |||||||||||||||||||
(Loss) income before income taxes | (24.4 | ) | (117.7 | ) | 134.3 | 3 | — | — | (4.8 | ) | ||||||||||||||||||
Income tax benefit (expense) | 9.2 | 43.6 | (49.4 | ) | (0.8 | ) | — | — | 2.6 | |||||||||||||||||||
(Loss) income before equity in earnings of subsidiaries | (15.2 | ) | (74.1 | ) | 84.9 | 2.2 | — | — | (2.2 | ) | ||||||||||||||||||
Equity in earnings of subsidiaries | 13 | 87.1 | — | — | — | (100.1 | ) | — | ||||||||||||||||||||
Net (loss) income | $ | (2.2 | ) | $ | 13 | $ | 84.9 | $ | 2.2 | $ | — | $ | (100.1 | ) | $ | (2.2 | ) | |||||||||||
Consolidating Statement of Operations | ||||||||||||||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||||||||||
(in millions) | Parent | Subsidiary | Guarantor | Non-Guarantor | Co-Issuer | Consolidating | Consolidated | |||||||||||||||||||||
Guarantor | Issuer | Subsidiaries | Subsidiary | Adjustments | ||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 2,515.60 | $ | 107.7 | $ | — | $ | — | $ | 2,623.30 | ||||||||||||||
Cost of sales | — | — | 2,096.90 | 93.7 | — | — | 2,190.60 | |||||||||||||||||||||
Gross profit | — | — | 418.7 | 14 | — | — | 432.7 | |||||||||||||||||||||
Selling and administrative expenses | — | 26.2 | 222.5 | 8.3 | — | — | 257 | |||||||||||||||||||||
Advertising expense | — | — | 35 | 1 | — | — | 36 | |||||||||||||||||||||
(Loss) income from operations | — | (26.2 | ) | 161.2 | 4.7 | — | — | 139.7 | ||||||||||||||||||||
Interest (expense) income, net | — | (76.8 | ) | — | 0.1 | — | — | (76.7 | ) | |||||||||||||||||||
Management fee | — | 0.8 | — | (0.8 | ) | — | — | — | ||||||||||||||||||||
Other income, net | — | — | 0.2 | — | — | — | 0.2 | |||||||||||||||||||||
(Loss) income before income taxes | — | (102.2 | ) | 161.4 | 4 | — | — | 63.2 | ||||||||||||||||||||
Income tax benefit (expense) | — | 34.2 | (58.3 | ) | (1.1 | ) | — | — | (25.2 | ) | ||||||||||||||||||
(Loss) income before equity in earnings of subsidiaries | — | (68.0 | ) | 103.1 | 2.9 | — | — | 38 | ||||||||||||||||||||
Equity in earnings of subsidiaries | 38 | 106 | — | — | — | (144.0 | ) | — | ||||||||||||||||||||
Net income | $ | 38 | $ | 38 | $ | 103.1 | $ | 2.9 | $ | — | $ | (144.0 | ) | $ | 38 | |||||||||||||
Consolidating Statement of Operations | ||||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||
(in millions) | Parent | Subsidiary | Guarantor | Non-Guarantor | Co-Issuer | Consolidating | Consolidated | |||||||||||||||||||||
Guarantor | Issuer | Subsidiaries | Subsidiary | Adjustments | ||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 7,200.50 | $ | 326.7 | $ | — | $ | — | $ | 7,527.20 | ||||||||||||||
Cost of sales | — | — | 5,998.10 | 284.9 | — | — | 6,283.00 | |||||||||||||||||||||
Gross profit | — | — | 1,202.40 | 41.8 | — | — | 1,244.20 | |||||||||||||||||||||
Selling and administrative expenses | — | 79 | 663.8 | 25.3 | — | — | 768.1 | |||||||||||||||||||||
Advertising expense | — | — | 93.5 | 2.9 | — | — | 96.4 | |||||||||||||||||||||
(Loss) income from operations | — | (79.0 | ) | 445.1 | 13.6 | — | — | 379.7 | ||||||||||||||||||||
Interest (expense) income, net | — | (232.9 | ) | 0.3 | 0.1 | — | — | (232.5 | ) | |||||||||||||||||||
Net loss on extinguishments of long-term debt | — | (9.4 | ) | — | — | — | — | (9.4 | ) | |||||||||||||||||||
Management fee | — | 3 | — | (3.0 | ) | — | — | — | ||||||||||||||||||||
Other (expense) income, net | — | (0.1 | ) | 0.3 | — | — | — | 0.2 | ||||||||||||||||||||
(Loss) income before income taxes | — | (318.4 | ) | 445.7 | 10.7 | — | — | 138 | ||||||||||||||||||||
Income tax benefit (expense) | — | 124 | (173.4 | ) | (2.9 | ) | — | — | (52.3 | ) | ||||||||||||||||||
(Loss) income before equity in earnings of subsidiaries | — | (194.4 | ) | 272.3 | 7.8 | — | — | 85.7 | ||||||||||||||||||||
Equity in earnings of subsidiaries | 85.7 | 280.1 | — | — | — | (365.8 | ) | — | ||||||||||||||||||||
Net income | $ | 85.7 | $ | 85.7 | $ | 272.3 | $ | 7.8 | $ | — | $ | (365.8 | ) | $ | 85.7 | |||||||||||||
Consolidating Statement of Operations | ||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||
(in millions) | Parent | Subsidiary | Guarantor | Non-Guarantor | Co-Issuer | Consolidating | Consolidated | |||||||||||||||||||||
Guarantor | Issuer | Subsidiaries | Subsidiary | Adjustments | ||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 7,705.20 | $ | 350.1 | $ | — | $ | — | $ | 8,055.30 | ||||||||||||||
Cost of sales | — | — | 6,436.50 | 306.8 | — | — | 6,743.30 | |||||||||||||||||||||
Gross profit | — | — | 1,268.70 | 43.3 | — | — | 1,312.00 | |||||||||||||||||||||
Selling and administrative expenses | 24.4 | 73.9 | 725.4 | 26.6 | — | — | 850.3 | |||||||||||||||||||||
Advertising expense | — | — | 92 | 3.1 | — | — | 95.1 | |||||||||||||||||||||
(Loss) income from operations | (24.4 | ) | (73.9 | ) | 451.3 | 13.6 | — | — | 366.6 | |||||||||||||||||||
Interest (expense) income, net | — | (199.0 | ) | 0.2 | 0.2 | — | — | (198.6 | ) | |||||||||||||||||||
Net loss on extinguishments of long-term debt | — | (55.5 | ) | — | — | — | — | (55.5 | ) | |||||||||||||||||||
Management fee | — | 3.4 | — | (3.4 | ) | — | — | — | ||||||||||||||||||||
Other (expense) income, net | — | (0.5 | ) | 0.6 | 0.3 | — | — | 0.4 | ||||||||||||||||||||
(Loss) income before income taxes | (24.4 | ) | (325.5 | ) | 452.1 | 10.7 | — | — | 112.9 | |||||||||||||||||||
Income tax benefit (expense) | 9.2 | 121 | (167.8 | ) | (2.5 | ) | — | — | (40.1 | ) | ||||||||||||||||||
(Loss) income before equity in earnings of subsidiaries | (15.2 | ) | (204.5 | ) | 284.3 | 8.2 | — | — | 72.8 | |||||||||||||||||||
Equity in earnings of subsidiaries | 88 | 292.5 | — | — | — | (380.5 | ) | — | ||||||||||||||||||||
Net income | $ | 72.8 | $ | 88 | $ | 284.3 | $ | 8.2 | $ | — | $ | (380.5 | ) | $ | 72.8 | |||||||||||||
Condensed Consolidating Statements of Comprehensive Income (Loss) | ' | |||||||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive (Loss) Income | ||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||||||||
(in millions) | Parent | Subsidiary | Guarantor | Non-Guarantor | Co-Issuer | Consolidating | Consolidated | |||||||||||||||||||||
Guarantor | Issuer | Subsidiaries | Subsidiary | Adjustments | ||||||||||||||||||||||||
Comprehensive (loss) income | $ | (0.2 | ) | $ | 15 | $ | 84.9 | $ | 4.2 | $ | — | $ | (104.1 | ) | $ | (0.2 | ) | |||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||
(in millions) | Parent | Subsidiary | Guarantor | Non-Guarantor | Co-Issuer | Consolidating | Consolidated | |||||||||||||||||||||
Guarantor | Issuer | Subsidiaries | Subsidiary | Adjustments | ||||||||||||||||||||||||
Comprehensive income | $ | 89.1 | $ | 89.1 | $ | 272.3 | $ | 11.2 | $ | — | $ | (372.6 | ) | $ | 89.1 | |||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||||||||||
(in millions) | Parent | Subsidiary | Guarantor | Non-Guarantor | Co-Issuer | Consolidating | Consolidated | |||||||||||||||||||||
Guarantor | Issuer | Subsidiaries | Subsidiary | Adjustments | ||||||||||||||||||||||||
Comprehensive income | $ | 41.1 | $ | 41.1 | $ | 103.1 | $ | 6 | $ | — | $ | (150.2 | ) | $ | 41.1 | |||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||
(in millions) | Parent | Subsidiary | Guarantor | Non-Guarantor | Co-Issuer | Consolidating | Consolidated | |||||||||||||||||||||
Guarantor | Issuer | Subsidiaries | Subsidiary | Adjustments | ||||||||||||||||||||||||
Comprehensive income | $ | 69.1 | $ | 84.2 | $ | 284.3 | $ | 4.5 | $ | — | $ | (373.0 | ) | $ | 69.1 | |||||||||||||
Condensed Consolidating Statements Cash Flows | ' | |||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||
(in millions) | Parent | Subsidiary | Guarantor | Non-Guarantor | Co-Issuer | Consolidating | Consolidated | |||||||||||||||||||||
Guarantor | Issuer | Subsidiaries | Subsidiary | Adjustments | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (15.2 | ) | $ | (71.5 | ) | $ | 425.5 | $ | 19 | $ | — | $ | 13 | $ | 370.8 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||||
Capital expenditures | — | (27.2 | ) | (3.2 | ) | (0.1 | ) | — | — | (30.5 | ) | |||||||||||||||||
Net cash used in investing activities | — | (27.2 | ) | (3.2 | ) | (0.1 | ) | — | — | (30.5 | ) | |||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||
Proceeds from borrowings under revolving credit facility | — | 63 | — | — | — | — | 63 | |||||||||||||||||||||
Repayments of borrowings under revolving credit facility | — | (63.0 | ) | — | — | — | — | (63.0 | ) | |||||||||||||||||||
Repayments of long-term debt | — | (47.2 | ) | — | — | — | — | (47.2 | ) | |||||||||||||||||||
Proceeds from issuance of long-term debt | — | 1,535.20 | — | — | — | — | 1,535.20 | |||||||||||||||||||||
Payments to extinguish long-term debt | — | (1,885.9 | ) | — | — | — | — | (1,885.9 | ) | |||||||||||||||||||
Net change in accounts payable-inventory financing | — | — | (24.0 | ) | — | — | — | (24.0 | ) | |||||||||||||||||||
Payment of incentive compensation plan withholding taxes | — | (4.0 | ) | (19.6 | ) | (0.5 | ) | — | — | (24.1 | ) | |||||||||||||||||
Net proceeds from issuance of common shares | 424.7 | — | — | — | — | — | 424.7 | |||||||||||||||||||||
Advances (to) from affiliates | (409.5 | ) | 788.1 | (378.7 | ) | 0.1 | — | — | — | |||||||||||||||||||
Other financing activities | — | (6.1 | ) | — | — | — | — | (6.1 | ) | |||||||||||||||||||
Net cash provided by (used in) financing activities | 15.2 | 380.1 | (422.3 | ) | (0.4 | ) | — | — | (27.4 | ) | ||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (0.6 | ) | — | — | (0.6 | ) | |||||||||||||||||||
Net increase in cash and cash equivalents | — | 281.4 | — | 17.9 | — | 13 | 312.3 | |||||||||||||||||||||
Cash and cash equivalents—beginning of period | — | 48 | — | 9.8 | — | (19.9 | ) | 37.9 | ||||||||||||||||||||
Cash and cash equivalents—end of period | $ | — | $ | 329.4 | $ | — | $ | 27.7 | $ | — | $ | (6.9 | ) | $ | 350.2 | |||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||
(in millions) | Parent | Subsidiary | Guarantor | Non-Guarantor | Co-Issuer | Consolidating | Consolidated | |||||||||||||||||||||
Guarantor | Issuer | Subsidiaries | Subsidiary | Adjustments | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | — | $ | (123.7 | ) | $ | 475.3 | $ | 13.9 | $ | — | $ | 1.6 | $ | 367.1 | |||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||||
Capital expenditures | — | (14.2 | ) | (10.7 | ) | (0.5 | ) | — | — | (25.4 | ) | |||||||||||||||||
Net cash used in investing activities | — | (14.2 | ) | (10.7 | ) | (0.5 | ) | — | — | (25.4 | ) | |||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||
Proceeds from borrowings under revolving credit facility | — | 256 | — | — | — | — | 256 | |||||||||||||||||||||
Repayments of borrowings under revolving credit facility | — | (256.0 | ) | — | — | — | — | (256.0 | ) | |||||||||||||||||||
Repayments of long-term debt | — | (201.0 | ) | — | — | — | — | (201.0 | ) | |||||||||||||||||||
Proceeds from issuance of long-term debt | — | 135.7 | — | — | — | — | 135.7 | |||||||||||||||||||||
Payments to extinguish long-term debt | — | (136.9 | ) | — | — | — | — | (136.9 | ) | |||||||||||||||||||
Net change in accounts payable-inventory financing | — | — | (44.6 | ) | — | — | — | (44.6 | ) | |||||||||||||||||||
Advances from (to) affiliates | — | 409 | (409.3 | ) | 0.3 | — | — | — | ||||||||||||||||||||
Other financing activities | — | (2.5 | ) | — | — | — | — | (2.5 | ) | |||||||||||||||||||
Net cash provided by (used in) financing activities | — | 204.3 | (453.9 | ) | 0.3 | — | — | (249.3 | ) | |||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 0.7 | — | — | 0.7 | |||||||||||||||||||||
Net increase in cash and cash equivalents | — | 66.4 | 10.7 | 14.4 | — | 1.6 | 93.1 | |||||||||||||||||||||
Cash and cash equivalents—beginning of period | — | 102.1 | 15.8 | 8.1 | — | (26.1 | ) | 99.9 | ||||||||||||||||||||
Cash and cash equivalents—end of period | $ | — | $ | 168.5 | $ | 26.5 | $ | 22.5 | $ | — | $ | (24.5 | ) | $ | 193 | |||||||||||||
Inventory_Financing_Agreements2
Inventory Financing Agreements (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Inventory Financing Agreements [Line Items] | ' | ' |
Accounts payable-inventory financing | $225,200,000 | $249,200,000 |
Accounts Payable, Inventory Financing [Member] | ' | ' |
Inventory Financing Agreements [Line Items] | ' | ' |
Revolving Loan inventory financing agreement | 223,700,000 | 248,300,000 |
Other inventory financing agreements | 1,500,000 | 900,000 |
Accounts payable-inventory financing | 225,200,000 | 249,200,000 |
Floorplan sub-facility | 400,000,000 | ' |
Other inventory financing agreements, current | $1,500,000 | $900,000 |
LongTerm_Debt_Debt_Balances_an
Long-Term Debt -Debt Balances and Interest Rates (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jul. 31, 2013 | Apr. 29, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Oct. 18, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |||||
In Millions, unless otherwise specified | Revolving Loan [Member] | Revolving Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Senior Secured Notes, due 2018 [Member] | Senior Secured Notes, due 2018 [Member] | 2019 Senior Notes, due 2019 [Member] | 2019 Senior Notes, due 2019 [Member] | Subordinated Debt [Member] | Subordinated Debt [Member] | Subordinated Debt [Member] | |||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Debt, short-term and long-term | ' | ' | $0 | $0 | $1,532.80 | ' | ' | $1,339.50 | $325 | $500 | $1,305 | $1,305 | $92.50 | $247.50 | $621.50 | |||||
Debt Instrument, Unamortized Discount | ' | ' | ' | ' | -4.6 | 1.4 | 3.4 | 0 | ' | ' | ' | ' | ' | ' | ' | |||||
Premium, unamortized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.4 | 5 | ' | ' | ' | |||||
Debt, total short-term and long-term | 3,410.10 | 3,771 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Current maturities of long-term debt | -170.4 | -40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Debt | $3,239.70 | $3,731 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Long-term Debt, weighted average interest rate | ' | ' | 0.00% | [1] | ' | 3.50% | [1] | ' | ' | ' | 8.00% | [1] | ' | 8.50% | [1] | ' | ' | 12.54% | [1] | ' |
[1] | Interest rate at SeptemberB 30, 2013 |
LongTerm_Debt_Revolving_Loan_D
Long-Term Debt -Revolving Loan (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Revolving Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, short-term and long-term | $0 | $0 |
Floorplan sub-facility, reserve | 222,000,000 | ' |
Revolving Commitment | 900,000,000 | ' |
Revolving loan financing agreement, percentage reserve for open orders | 15.00% | ' |
Borrowing Base | 1,108,200,000 | ' |
Availability under Revolving Loan | 676,800,000 | ' |
Letter of Credit [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Undrawn letters of credit | 1,200,000 | ' |
Accounts Payable, Inventory Financing [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Floorplan sub-facility, reserve | 7,700,000 | ' |
Floorplan sub-facility, amount owed | 214,300,000 | ' |
Floorplan sub-facility, variation between balance in financials and balance per financial intermediary due to timing differences in reporting | $9,400,000 | ' |
LongTerm_Debt_Term_Loan_Detail
Long-Term Debt -Term Loan (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 31, 2013 | Apr. 30, 2013 | Sep. 30, 2013 | Apr. 29, 2013 | Dec. 31, 2012 | Jan. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Prior Term Loan Facility [Member] | Prior Term Loan Facility [Member] | Prior Term Loan Facility [Member] | Greater than 5.5 [Member] | Less than or equal to 5.5 but greater than 4.5 [Member] | Less than or equal to 4.5 [Member] | Maximum, less than 4.0 [Member] | Maximum, less than or equal to 5.5 [Member] | Minimum, greater than 4.5 [Member] | Maximum, less than or equal to 4.5 [Member] | LIBOR [Member] | LIBOR [Member] | LIBOR [Member] | ABR [Member] | ABR [Member] | Accounts Payable, Inventory Financing [Member] | |||||
Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | ||||||||||||||
Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Floorplan sub-facility, reserve | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,700,000 |
Proceeds from Issuance of long-term Debt | ' | ' | 1,535,200,000 | 135,700,000 | ' | 1,350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount, percent of par | ' | ' | ' | ' | 99.25% | ' | ' | 99.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Unamortized Discount | ' | ' | ' | ' | 1,400,000 | ' | -4,600,000 | 3,400,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, short-term and long-term | ' | ' | ' | ' | ' | ' | 1,532,800,000 | ' | 1,339,500,000 | ' | ' | 1,299,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss on extinguishments of long-term debt | -41,300,000 | 0 | -55,500,000 | -9,400,000 | ' | ' | ' | ' | ' | ' | -10,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Increase, Additional Borrowings | ' | ' | ' | ' | 190,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net leverage ratio | ' | ' | ' | ' | ' | ' | 3.8 | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 5.5 | 4.5 | 4.5 | ' | ' | ' | ' | ' | ' |
Reference Interest Rate Floor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' |
Variable Interest Rate Margin | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.25% | ' | ' | 1250000.00% | 1500000.00% | ' |
Variable Interest Rate Margin, Current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | ' | ' | ' |
Mandatory prepayments as percentage of excess cash flow | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 25.00% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly principal installment, percentage of original Term Loan principal | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term Loan Repayments | ' | ' | ' | ' | ' | ' | ' | ' | ' | $40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Interest_Rate_Ca
Long-Term Debt -Interest Rate Caps (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Interest Rate Cap, fair value | $0 | $0.10 |
Cap agreement effective January 14, 2013-2015 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Interest Rate Cap, number of agreements | 10 | ' |
Interest Rate Cap, notional amount | 1,150 | ' |
Interest Rate Cap Purchased During 2011 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount of Interest Rate Derivative Instruments Not Designated as Hedging Instruments | 500 | ' |
Interest Rate Cap, cap rate | 3.50% | ' |
Interest Rate Cap Purchased During 2012 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount of Interest Rate Derivative Instruments Not Designated as Hedging Instruments | $650 | ' |
Interest Rate Cap, cap rate | 1.50% | ' |
LongTerm_Debt_Senior_Secured_N
Long-Term Debt -Senior Secured Notes (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Jul. 02, 2013 | Dec. 31, 2012 | |
Senior Secured Notes, due 2018 [Member] | Senior Secured Notes, due 2018 [Member] | Senior Secured Notes, due 2018 [Member] | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, stated interest rate | ' | ' | ' | ' | 8.00% | ' | ' |
Debt, short-term and long-term | ' | ' | ' | ' | $325,000,000 | ' | $500,000,000 |
Debt Instrument, Repurchased Face Amount | ' | ' | ' | ' | ' | 175,000,000 | ' |
Redemption Premium, percentage of par value | ' | ' | ' | ' | ' | 108.00% | ' |
Extinguishment of Debt, Accrued Interest Paid to Lenders | ' | ' | ' | ' | ' | 700,000 | ' |
Net loss on extinguishments of long-term debt | -41,300,000 | 0 | -55,500,000 | -9,400,000 | -16,700,000 | ' | ' |
Extinguishment of Debt, Fees Paid to Lenders | ' | ' | ' | ' | ' | 14,000,000 | ' |
Write off of unamortized deferred financing costs | ' | ' | ' | ' | $2,700,000 | ' | ' |
LongTerm_Debt_Senior_Notes_due
Long-Term Debt -Senior Notes due 2015 (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
2019 Senior Notes, due 2019 [Member] | 2019 Senior Notes, due 2019 [Member] | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Long-term Debt, stated interest rate | ' | ' | ' | ' | 8.50% | ' |
Debt, short-term and long-term | ' | ' | ' | ' | $1,305 | $1,305 |
Proceeds from Issuance of long-term Debt | ' | ' | 1,535.20 | 135.7 | ' | ' |
Net loss on extinguishments of long-term debt | $41.30 | $0 | $55.50 | $9.40 | ' | ' |
LongTerm_Debt_Senior_Notes_Det
Long-Term Debt -Senior Notes (Details) (USD $) | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
2019 Senior Notes, due 2019 [Member] | 2019 Senior Notes, due 2019 [Member] | |||
Debt Instrument [Line Items] | ' | ' | ' | ' |
Proceeds from Issuance of long-term Debt | $1,535.20 | $135.70 | ' | ' |
Long-term Debt, stated interest rate | ' | ' | 8.50% | ' |
Debt, short-term and long-term | ' | ' | 1,305 | 1,305 |
Premium, unamortized | ' | ' | $4.40 | $5 |
LongTerm_Debt_Senior_Subordina
Long-Term Debt Senior Subordinated Notes (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 1 Months Ended | ||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 18, 2013 | Aug. 01, 2013 | Mar. 08, 2013 | Dec. 31, 2012 | Mar. 10, 2010 | Dec. 31, 2013 | Oct. 18, 2013 | Jul. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Aug. 01, 2013 | Aug. 01, 2013 | |
Subordinated Debt [Member] | Subordinated Debt [Member] | Subordinated Debt [Member] | Subordinated Debt [Member] | Subordinated Debt [Member] | Subordinated Debt [Member] | Subordinated Debt [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | IPO Proceeds [Member] | Term Loan Incremental Borrowings [Member] | |||||
Subordinated Debt [Member] | Subordinated Debt [Member] | |||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, stated interest rate | ' | ' | ' | ' | 12.54% | 12.54% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, short-term and long-term | ' | ' | ' | ' | $247,500,000 | $247,500,000 | $92,500,000 | ' | ' | $621,500,000 | ' | ' | ' | ' | $1,532,800,000 | $1,339,500,000 | ' | ' |
Senior Subordinated Notes, repurchased amount | ' | ' | ' | ' | ' | ' | 155,000,000 | 324,000,000 | 50,000,000 | ' | 28,500,000 | ' | ' | ' | ' | ' | 146,000,000 | 178,000,000 |
Debt Instrument, Increase, Additional Borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 190,000,000 | ' | ' | ' | ' |
Redemption Premium, percentage of par value | ' | ' | ' | ' | ' | ' | ' | 106.27% | 106.27% | ' | ' | ' | 104.18% | ' | ' | ' | ' | ' |
Extinguishment of Debt, Accrued Interest Paid to Lenders | ' | ' | ' | ' | ' | ' | 200,000 | 12,000,000 | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss on extinguishments of long-term debt | 41,300,000 | 0 | 55,500,000 | 9,400,000 | 24,600,000 | 3,900,000 | ' | ' | ' | ' | ' | 8,500,000 | ' | ' | ' | ' | ' | ' |
Extinguishment of Debt, Fees Paid to Lenders | ' | ' | ' | ' | ' | ' | ' | 20,300,000 | 3,100,000 | ' | ' | ' | 6,500,000 | ' | ' | ' | ' | ' |
Write off of unamortized deferred financing costs | ' | ' | ' | ' | $4,300,000 | $800,000 | ' | ' | ' | ' | ' | $2,000,000 | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Fair_Value_of_Lo
Long-Term Debt -Fair Value of Long-Term Debt (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
2019 Senior Notes, due 2019 [Member] | ' | ' |
Fair Value [Line Items] | ' | ' |
Debt, short-term and long-term | $1,305 | $1,305 |
Premium, unamortized | 4.4 | 5 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Fair Value [Line Items] | ' | ' |
Debt, short-term and long-term | 3,410.30 | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value [Line Items] | ' | ' |
Long-term Debt, fair value disclosures | $3,554.10 | ' |
Income_Taxes_Details
Income Taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective Income Tax Rate | 54.60% | 39.80% | 35.50% | 37.90% |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 1 Months Ended | 0 Months Ended | 1 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Jul. 31, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Jul. 02, 2013 | Jul. 31, 2013 | Jul. 31, 2013 |
IPO [Member] | IPO Over-Allotment [Member] | IPO Over-Allotment [Member] | |||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Issued | ' | ' | 0 | 0 | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | ' | 23,250,000 | 3,487,500 | ' |
Share Price | ' | ' | ' | ' | $17 | ' | $17 |
Proceeds from Issuance Initial Public Offering | $424.70 | ' | ' | ' | ' | ' | ' |
Stockholders' Equity Note, Stock Split, Conversion Ratio | ' | 143.0299613 | ' | ' | ' | ' | ' |
Common shares, par value | ' | ' | $0.01 | $0.01 | ' | ' | ' |
Preferred Stock, Shares Authorized | ' | ' | 100,000,000 | 0 | ' | ' | ' |
Preferred Stock, Par or Stated Value Per Share | ' | ' | $0.01 | $0.01 | ' | ' | ' |
Preferred Stock, Shares Outstanding | ' | ' | 0 | 0 | ' | ' | ' |
Common shares, shares authorized | ' | ' | 1,000,000,000 | 286,100,000 | ' | ' | ' |
Shareholders_Equity_IPO_Relate
Shareholders' Equity IPO Related Expenses (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | ||
IPO related expenses [Line Items] | ' | ' | ||
Accelerated share based compensation expense, including employer portion of incentive compensation plan withholding taxes | $40.70 | [1] | $40.70 | [1] |
Charge for payment of RDU Plan cash retention pool | 7.5 | [2] | 7.5 | [2] |
Net Proceeds Used For Termination Of Management Services Agreement | 24.4 | [3] | 24.4 | [3] |
Other IPO Related Expenses | 1.5 | 1.7 | ||
IPO Related Expenses | $74.10 | $74.30 | ||
[1] | See Note 7 for additional discussion of the impact of the IPO on the Company's equity awards. | |||
[2] | See Note 9 for additional discussion of this transaction. | |||
[3] | Represents the payment of a termination fee to affiliates of the Sponsors in connection with the termination of the management services agreement with such entities. |
EquityBased_Compensation_Detai
Equity-Based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Equity-Based Compensation Plan Activity [Line Items] | ' | ' | ' | ' |
Equity-based compensation expense | $40.30 | $6.50 | $44.30 | $18 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 11,700,000 | ' | 11,700,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ' | ' | 1,268,986 | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | ' | ' | $17 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,288,398 | ' | 1,288,398 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | ' | $4.75 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options | 4.5 | ' | 4.5 | ' |
Payment of incentive compensation plan withholding taxes | ' | ' | 24 | ' |
Payment of incentive compensation plan withholding taxes, employer portion | ' | ' | 4 | ' |
Accrued contingent consideration | 21 | ' | 21 | ' |
MPK Plan Units [Member] | ' | ' | ' | ' |
Equity-Based Compensation Plan Activity [Line Items] | ' | ' | ' | ' |
Accelerated share based compensation expense recognized | 36.7 | ' | 36.7 | ' |
2013 Long-Term Incentive Plan [Member] | ' | ' | ' | ' |
Equity-Based Compensation Plan Activity [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ' | ' | 19,412 | ' |
Restricted Stock [Member] | ' | ' | ' | ' |
Equity-Based Compensation Plan Activity [Line Items] | ' | ' | ' | ' |
Equity awards granted | ' | ' | 3,798,508 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Number | 3,185,396 | ' | 3,185,396 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 5.5 | ' | 5.5 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '2 years 6 months | ' | ' | ' |
Stock Options [Member] | ' | ' | ' | ' |
Equity-Based Compensation Plan Activity [Line Items] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '3 years 10 months | ' | ' | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Equity-Based Compensation Plan Activity [Line Items] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $17.40 | ' | $17.40 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '3 years 9 months | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | ' | $17 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | '4 years 0 months 0 days | ' |
Restricted Stock Units (RSUs) [Member] | 2013 Long-Term Incentive Plan [Member] | ' | ' | ' | ' |
Equity-Based Compensation Plan Activity [Line Items] | ' | ' | ' | ' |
Equity awards granted | ' | ' | 1,416,543 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Number | 1,390,816 | ' | 1,390,816 | ' |
Earnings_per_Share_Details
Earnings per Share (Details) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Weighted-average number of shares outstanding, basic | 166.8 | 145.1 | 152.5 | 145 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | 0.8 | 1.8 | 0.8 |
Weighted-average number of shares outstanding, diluted | 166.8 | 145.9 | 154.3 | 145.8 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6.3 | 0 | 0.1 | 0 |
Deferred_Compensation_Plan_Det
Deferred Compensation Plan (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Apr. 30, 2013 | Dec. 31, 2012 | Oct. 18, 2013 | Aug. 01, 2013 | Mar. 08, 2013 | Mar. 10, 2010 | Sep. 30, 2013 | Sep. 30, 2013 | |||
Subordinated Debt [Member] | Subordinated Debt [Member] | Subordinated Debt [Member] | Subordinated Debt [Member] | 2013 through 2014 [Member] | 2015 through 2017 [Member] | |||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt Instrument, Repurchased Face Amount | ' | ' | ' | ' | ' | ' | $155,000,000 | $324,000,000 | $50,000,000 | $28,500,000 | ' | ' | ||
RDU Plan, units authorized for issuance | 28,500 | ' | 28,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
RDU Plan, units outstanding | 28,500 | ' | 28,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Deferred Compensation Arrangement with Individual, Requisite Service Period | ' | ' | 'P3Y0M0D | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Deferred Compensation Arrangement with Individual, Distributions Paid | ' | ' | ' | ' | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | ||
Charge for payment of RDU Plan cash retention pool | 7,500,000 | [1] | ' | 7,500,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption premium added to debt face amount, RDU plan | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
RDU Plan, unrecognized compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,000,000 | 7,000,000 | ||
RDU Plan, compensation expense | 10,400,000 | 2,100,000 | 14,700,000 | 6,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
RDU Plan, liability | $21,000,000 | ' | $21,000,000 | ' | ' | $15,500,000 | ' | ' | ' | ' | ' | ' | ||
[1] | See Note 9 for additional discussion of this transaction. |
Commitments_and_Contingencies_
Commitments and Contingencies Class Action Settlement (Details) (USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Jul. 31, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ' |
Litigation Settlement, Net Of Expense | $10.40 |
Proceeds from Legal Settlements | $8.50 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Information [Line Items] | ' | ' | ' | ' |
Number of Reportable Segments | ' | ' | 2 | ' |
Number of operating segments which do not meet reportable unit quantitative threshold | ' | ' | 2 | ' |
Net sales | $2,864.30 | $2,623.30 | $8,055.30 | $7,527.20 |
Income (loss) from operations | 92.9 | 139.7 | 366.6 | 379.7 |
Depreciation and amortization expense | -52 | -53.4 | -156.3 | -159.1 |
Corporate [Member] | ' | ' | ' | ' |
Segment Information [Line Items] | ' | ' | ' | ' |
Net sales | 1,465.80 | 1,312.80 | 4,407.10 | 4,070 |
Income (loss) from operations | 63.2 | 79.2 | 260.5 | 256.3 |
Depreciation and amortization expense | -24.3 | -24.4 | -73.1 | -73.1 |
Public [Member] | ' | ' | ' | ' |
Segment Information [Line Items] | ' | ' | ' | ' |
Net sales | 1,244.60 | 1,163.70 | 3,174 | 3,021.70 |
Income (loss) from operations | 71.1 | 81.1 | 185.8 | 189.2 |
Depreciation and amortization expense | -11 | -11 | -33.1 | -33 |
Other [Member] | ' | ' | ' | ' |
Segment Information [Line Items] | ' | ' | ' | ' |
Net sales | 153.9 | 146.8 | 474.2 | 435.5 |
Income (loss) from operations | 3.7 | 5.6 | 18.6 | 13.2 |
Depreciation and amortization expense | -2.1 | -2.3 | -6.6 | -7 |
Headquarters [Member] | ' | ' | ' | ' |
Segment Information [Line Items] | ' | ' | ' | ' |
Net sales | 0 | 0 | 0 | 0 |
Income (loss) from operations | -45.1 | -26.2 | -98.3 | -79 |
Depreciation and amortization expense | ($14.60) | ($15.70) | ($43.50) | ($46) |
Supplemental_Guarantor_Informa2
Supplemental Guarantor Information -Condensed Consolidating Balance Sheets (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $350.20 | $37.90 | $193 | $99.90 |
Accounts receivable, net of allowance for doubtful accounts | 1,310.60 | 1,285 | ' | ' |
Merchandise inventory | 353.8 | 314.6 | ' | ' |
Miscellaneous receivables | 197.1 | 148.5 | ' | ' |
Deferred income taxes | 10.9 | 14.1 | ' | ' |
Prepaid expenses and other | 63.1 | 34.6 | ' | ' |
Total current assets | 2,285.70 | 1,834.70 | ' | ' |
Property and equipment, net | 129.6 | 142.7 | ' | ' |
Goodwill | 2,222.90 | 2,209.30 | ' | ' |
Other intangible assets, net | 1,365.50 | 1,478.50 | ' | ' |
Deferred financing costs, net | 33.7 | 53.2 | ' | ' |
Other assets | 1.4 | 1.6 | ' | ' |
Total assets | 6,038.80 | 5,720 | ' | ' |
Accounts payable-trade | 672.6 | 518.6 | ' | ' |
Accounts payable-inventory financing | 225.2 | 249.2 | ' | ' |
Current maturities of long-term debt | 170.4 | 40 | ' | ' |
Deferred revenue | 82.5 | 57.8 | ' | ' |
Total current liabilities | 1,496.50 | 1,168.20 | ' | ' |
Debt | 3,239.70 | 3,731 | ' | ' |
Deferred income taxes | 599.4 | 624.3 | ' | ' |
Other Accrued Interest | 2.5 | 8 | ' | ' |
Other liabilities | 40.9 | 52 | ' | ' |
Total long-term liabilities | 3,882.50 | 4,415.30 | ' | ' |
Total shareholders' equity (deficit) | 659.8 | 136.5 | ' | ' |
Total liabilities and shareholders' equity (deficit) | 6,038.80 | 5,720 | ' | ' |
Parent Guarantor [Member] | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net of allowance for doubtful accounts | 0 | 0 | ' | ' |
Merchandise inventory | 0 | 0 | ' | ' |
Miscellaneous receivables | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Prepaid expenses and other | 0 | 0 | ' | ' |
Total current assets | 0 | 0 | ' | ' |
Property and equipment, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangible assets, net | 0 | 0 | ' | ' |
Deferred financing costs, net | 0 | 0 | ' | ' |
Other assets | 5 | 5.4 | ' | ' |
Investment from and advances to subsidiaries | 654.8 | 131.1 | ' | ' |
Total assets | 659.8 | 136.5 | ' | ' |
Accounts payable-trade | 0 | 0 | ' | ' |
Accounts payable-inventory financing | 0 | 0 | ' | ' |
Current maturities of long-term debt | 0 | 0 | ' | ' |
Deferred revenue | 0 | 0 | ' | ' |
Accrued Expenses | 0 | 0 | ' | ' |
Total current liabilities | 0 | 0 | ' | ' |
Debt | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other Accrued Interest | 0 | 0 | ' | ' |
Other liabilities | 0 | 0 | ' | ' |
Total long-term liabilities | 0 | 0 | ' | ' |
Total shareholders' equity (deficit) | 659.8 | 136.5 | ' | ' |
Total liabilities and shareholders' equity (deficit) | 659.8 | 136.5 | ' | ' |
Subsidiary Issuer [Member] | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 329.4 | 48 | 168.5 | 102.1 |
Accounts receivable, net of allowance for doubtful accounts | 0 | 0 | ' | ' |
Merchandise inventory | 0 | 0 | ' | ' |
Miscellaneous receivables | 78.2 | 61.7 | ' | ' |
Deferred income taxes | 8.5 | 8.7 | ' | ' |
Prepaid expenses and other | 14.2 | 10.1 | ' | ' |
Total current assets | 430.3 | 128.5 | ' | ' |
Property and equipment, net | 68.4 | 73.9 | ' | ' |
Goodwill | 752.1 | 749.4 | ' | ' |
Other intangible assets, net | 340.7 | 348.6 | ' | ' |
Deferred financing costs, net | 33.7 | 53.2 | ' | ' |
Other assets | 1.5 | 1.1 | ' | ' |
Investment from and advances to subsidiaries | 2,877.30 | 2,946 | ' | ' |
Total assets | 4,504 | 4,300.70 | ' | ' |
Accounts payable-trade | 21.4 | 16.5 | ' | ' |
Accounts payable-inventory financing | 0 | 0 | ' | ' |
Current maturities of long-term debt | 170.4 | 40 | ' | ' |
Deferred revenue | 0 | 0 | ' | ' |
Accrued Expenses | 183.8 | 139.3 | ' | ' |
Total current liabilities | 375.6 | 195.8 | ' | ' |
Debt | 3,239.70 | 3,731 | ' | ' |
Deferred income taxes | 194.9 | 188.1 | ' | ' |
Other Accrued Interest | 2.5 | 8 | ' | ' |
Other liabilities | 36.5 | 46.7 | ' | ' |
Total long-term liabilities | 3,473.60 | 3,973.80 | ' | ' |
Total shareholders' equity (deficit) | 654.8 | 131.1 | ' | ' |
Total liabilities and shareholders' equity (deficit) | 4,504 | 4,300.70 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 26.5 | 15.8 |
Accounts receivable, net of allowance for doubtful accounts | 1,255.60 | 1,217.70 | ' | ' |
Merchandise inventory | 351.1 | 313.2 | ' | ' |
Miscellaneous receivables | 111.8 | 82 | ' | ' |
Deferred income taxes | 2.5 | 5.5 | ' | ' |
Prepaid expenses and other | 48.3 | 24.4 | ' | ' |
Total current assets | 1,769.30 | 1,642.80 | ' | ' |
Property and equipment, net | 59.2 | 66.2 | ' | ' |
Goodwill | 1,440.40 | 1,428.50 | ' | ' |
Other intangible assets, net | 1,017.60 | 1,121.70 | ' | ' |
Deferred financing costs, net | 0 | 0 | ' | ' |
Other assets | 0 | 0.4 | ' | ' |
Investment from and advances to subsidiaries | 0 | 0 | ' | ' |
Total assets | 4,286.50 | 4,259.60 | ' | ' |
Accounts payable-trade | 635 | 500.3 | ' | ' |
Accounts payable-inventory financing | 225.2 | 249.2 | ' | ' |
Current maturities of long-term debt | 0 | 0 | ' | ' |
Deferred revenue | 81.9 | 57.8 | ' | ' |
Accrued Expenses | 155 | 157.4 | ' | ' |
Total current liabilities | 1,097.10 | 964.7 | ' | ' |
Debt | 0 | 0 | ' | ' |
Deferred income taxes | 407.8 | 440 | ' | ' |
Other Accrued Interest | 0 | 0 | ' | ' |
Other liabilities | 3.6 | 4 | ' | ' |
Total long-term liabilities | 411.4 | 444 | ' | ' |
Total shareholders' equity (deficit) | 2,778 | 2,850.90 | ' | ' |
Total liabilities and shareholders' equity (deficit) | 4,286.50 | 4,259.60 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 27.7 | 9.8 | 22.5 | 8.1 |
Accounts receivable, net of allowance for doubtful accounts | 55 | 67.3 | ' | ' |
Merchandise inventory | 2.7 | 1.4 | ' | ' |
Miscellaneous receivables | 7.1 | 4.8 | ' | ' |
Deferred income taxes | -0.1 | -0.1 | ' | ' |
Prepaid expenses and other | 0.6 | 0.1 | ' | ' |
Total current assets | 93 | 83.3 | ' | ' |
Property and equipment, net | 2 | 2.6 | ' | ' |
Goodwill | 30.4 | 31.4 | ' | ' |
Other intangible assets, net | 7.2 | 8.2 | ' | ' |
Deferred financing costs, net | 0 | 0 | ' | ' |
Other assets | 0.6 | 0.6 | ' | ' |
Investment from and advances to subsidiaries | 0 | 0 | ' | ' |
Total assets | 133.2 | 126.1 | ' | ' |
Accounts payable-trade | 23.1 | 21.7 | ' | ' |
Accounts payable-inventory financing | 0 | 0 | ' | ' |
Current maturities of long-term debt | 0 | 0 | ' | ' |
Deferred revenue | 0.6 | 0 | ' | ' |
Accrued Expenses | 7 | 5.9 | ' | ' |
Total current liabilities | 30.7 | 27.6 | ' | ' |
Debt | 0 | 0 | ' | ' |
Deferred income taxes | 1.7 | 1.7 | ' | ' |
Other Accrued Interest | 0 | 0 | ' | ' |
Other liabilities | 1.5 | 1.7 | ' | ' |
Total long-term liabilities | 3.2 | 3.4 | ' | ' |
Total shareholders' equity (deficit) | 99.3 | 95.1 | ' | ' |
Total liabilities and shareholders' equity (deficit) | 133.2 | 126.1 | ' | ' |
Co-Issuer [Member] | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net of allowance for doubtful accounts | 0 | 0 | ' | ' |
Merchandise inventory | 0 | 0 | ' | ' |
Miscellaneous receivables | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Prepaid expenses and other | 0 | 0 | ' | ' |
Total current assets | 0 | 0 | ' | ' |
Property and equipment, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangible assets, net | 0 | 0 | ' | ' |
Deferred financing costs, net | 0 | 0 | ' | ' |
Other assets | 0 | 0 | ' | ' |
Investment from and advances to subsidiaries | 0 | 0 | ' | ' |
Total assets | 0 | 0 | ' | ' |
Accounts payable-trade | 0 | 0 | ' | ' |
Accounts payable-inventory financing | 0 | 0 | ' | ' |
Current maturities of long-term debt | 0 | 0 | ' | ' |
Deferred revenue | 0 | 0 | ' | ' |
Accrued Expenses | 0 | 0 | ' | ' |
Total current liabilities | 0 | 0 | ' | ' |
Debt | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other Accrued Interest | 0 | 0 | ' | ' |
Other liabilities | 0 | 0 | ' | ' |
Total long-term liabilities | 0 | 0 | ' | ' |
Total shareholders' equity (deficit) | 0 | 0 | ' | ' |
Total liabilities and shareholders' equity (deficit) | 0 | 0 | ' | ' |
Consolidating Adjustments [Member] | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | -6.9 | -19.9 | -24.5 | -26.1 |
Accounts receivable, net of allowance for doubtful accounts | 0 | 0 | ' | ' |
Merchandise inventory | 0 | 0 | ' | ' |
Miscellaneous receivables | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Prepaid expenses and other | 0 | 0 | ' | ' |
Total current assets | -6.9 | -19.9 | ' | ' |
Property and equipment, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangible assets, net | 0 | 0 | ' | ' |
Deferred financing costs, net | 0 | 0 | ' | ' |
Other assets | -5.7 | -5.9 | ' | ' |
Investment from and advances to subsidiaries | -3,532.10 | -3,077.10 | ' | ' |
Total assets | -3,544.70 | -3,102.90 | ' | ' |
Accounts payable-trade | -6.9 | -19.9 | ' | ' |
Accounts payable-inventory financing | 0 | 0 | ' | ' |
Current maturities of long-term debt | 0 | 0 | ' | ' |
Deferred revenue | 0 | 0 | ' | ' |
Accrued Expenses | 0 | 0 | ' | ' |
Total current liabilities | -6.9 | -19.9 | ' | ' |
Debt | 0 | 0 | ' | ' |
Deferred income taxes | -5 | -5.5 | ' | ' |
Other Accrued Interest | 0 | 0 | ' | ' |
Other liabilities | -0.7 | -0.4 | ' | ' |
Total long-term liabilities | -5.7 | -5.9 | ' | ' |
Total shareholders' equity (deficit) | -3,532.10 | -3,077.10 | ' | ' |
Total liabilities and shareholders' equity (deficit) | -3,544.70 | -3,102.90 | ' | ' |
Consolidated [Member] | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 350.2 | 37.9 | 193 | 99.9 |
Accounts receivable, net of allowance for doubtful accounts | 1,310.60 | 1,285 | ' | ' |
Merchandise inventory | 353.8 | 314.6 | ' | ' |
Miscellaneous receivables | 197.1 | 148.5 | ' | ' |
Deferred income taxes | 10.9 | 14.1 | ' | ' |
Prepaid expenses and other | 63.1 | 34.6 | ' | ' |
Total current assets | 2,285.70 | 1,834.70 | ' | ' |
Property and equipment, net | 129.6 | 142.7 | ' | ' |
Goodwill | 2,222.90 | 2,209.30 | ' | ' |
Other intangible assets, net | 1,365.50 | 1,478.50 | ' | ' |
Deferred financing costs, net | 33.7 | 53.2 | ' | ' |
Other assets | 1.4 | 1.6 | ' | ' |
Investment from and advances to subsidiaries | 0 | 0 | ' | ' |
Total assets | 6,038.80 | 5,720 | ' | ' |
Accounts payable-trade | 672.6 | 518.6 | ' | ' |
Accounts payable-inventory financing | 225.2 | 249.2 | ' | ' |
Current maturities of long-term debt | 170.4 | 40 | ' | ' |
Deferred revenue | 82.5 | 57.8 | ' | ' |
Accrued Expenses | 345.8 | 302.6 | ' | ' |
Total current liabilities | 1,496.50 | 1,168.20 | ' | ' |
Debt | 3,239.70 | 3,731 | ' | ' |
Deferred income taxes | 599.4 | 624.3 | ' | ' |
Other Accrued Interest | 2.5 | 8 | ' | ' |
Other liabilities | 40.9 | 52 | ' | ' |
Total long-term liabilities | 3,882.50 | 4,415.30 | ' | ' |
Total shareholders' equity (deficit) | 659.8 | 136.5 | ' | ' |
Total liabilities and shareholders' equity (deficit) | $6,038.80 | $5,720 | ' | ' |
Supplemental_Guarantor_Informa3
Supplemental Guarantor Information -Consolidating Statements of Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Net sales | $2,864.30 | $2,623.30 | $8,055.30 | $7,527.20 |
Cost of sales | 2,405.90 | 2,190.60 | 6,743.30 | 6,283 |
Gross Profit | 458.4 | 432.7 | 1,312 | 1,244.20 |
Selling and administrative expenses | 332.4 | 257 | 850.3 | 768.1 |
Advertising expense | 33.1 | 36 | 95.1 | 96.4 |
Income from operations | 92.9 | 139.7 | 366.6 | 379.7 |
Interest Expense | -56.2 | -76.7 | -198.6 | -232.5 |
Net loss on extinguishments of long-term debt | -41.3 | 0 | -55.5 | -9.4 |
Other (expense) income, net | -0.2 | 0.2 | 0.4 | 0.2 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | -4.8 | 63.2 | 112.9 | 138 |
Income Tax Expense (Benefit) | 2.6 | -25.2 | -40.1 | -52.3 |
Net income (loss) | -2.2 | 38 | 72.8 | 85.7 |
Parent Guarantor [Member] | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Net sales | 0 | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 | 0 |
Gross Profit | 0 | 0 | 0 | 0 |
Selling and administrative expenses | 24.4 | 0 | 24.4 | 0 |
Advertising expense | 0 | 0 | 0 | 0 |
Income from operations | -24.4 | 0 | -24.4 | 0 |
Interest Expense | 0 | 0 | 0 | 0 |
Net loss on extinguishments of long-term debt | 0 | ' | 0 | 0 |
Management Fee Income (Expense) | 0 | 0 | 0 | 0 |
Other (expense) income, net | 0 | 0 | 0 | 0 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | -24.4 | 0 | -24.4 | 0 |
Income Tax Expense (Benefit) | 9.2 | 0 | 9.2 | 0 |
Income (Loss) before equity in earnings (loss) of subsidiaries | -15.2 | 0 | -15.2 | 0 |
Equity in Earnings (Loss) of Subsidiaries | 13 | 38 | 88 | 85.7 |
Net income (loss) | -2.2 | 38 | 72.8 | 85.7 |
Subsidiary Issuer [Member] | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Net sales | 0 | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 | 0 |
Gross Profit | 0 | 0 | 0 | 0 |
Selling and administrative expenses | 20.6 | 26.2 | 73.9 | 79 |
Advertising expense | 0 | 0 | 0 | 0 |
Income from operations | -20.6 | -26.2 | -73.9 | -79 |
Interest Expense | -56.4 | -76.8 | -199 | -232.9 |
Net loss on extinguishments of long-term debt | -41.3 | ' | -55.5 | -9.4 |
Management Fee Income (Expense) | 1 | 0.8 | 3.4 | 3 |
Other (expense) income, net | -0.4 | 0 | -0.5 | -0.1 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | -117.7 | -102.2 | -325.5 | -318.4 |
Income Tax Expense (Benefit) | 43.6 | 34.2 | 121 | 124 |
Income (Loss) before equity in earnings (loss) of subsidiaries | -74.1 | -68 | -204.5 | -194.4 |
Equity in Earnings (Loss) of Subsidiaries | 87.1 | 106 | 292.5 | 280.1 |
Net income (loss) | 13 | 38 | 88 | 85.7 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Net sales | 2,753.40 | 2,515.60 | 7,705.20 | 7,200.50 |
Cost of sales | 2,309 | 2,096.90 | 6,436.50 | 5,998.10 |
Gross Profit | 444.4 | 418.7 | 1,268.70 | 1,202.40 |
Selling and administrative expenses | 278.6 | 222.5 | 725.4 | 663.8 |
Advertising expense | 31.9 | 35 | 92 | 93.5 |
Income from operations | 133.9 | 161.2 | 451.3 | 445.1 |
Interest Expense | 0.2 | 0 | 0.2 | 0.3 |
Net loss on extinguishments of long-term debt | 0 | ' | 0 | 0 |
Management Fee Income (Expense) | 0 | 0 | 0 | 0 |
Other (expense) income, net | 0.2 | 0.2 | 0.6 | 0.3 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 134.3 | 161.4 | 452.1 | 445.7 |
Income Tax Expense (Benefit) | -49.4 | -58.3 | -167.8 | -173.4 |
Income (Loss) before equity in earnings (loss) of subsidiaries | 84.9 | 103.1 | 284.3 | 272.3 |
Equity in Earnings (Loss) of Subsidiaries | 0 | 0 | 0 | 0 |
Net income (loss) | 84.9 | 103.1 | 284.3 | 272.3 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Net sales | 110.9 | 107.7 | 350.1 | 326.7 |
Cost of sales | 96.9 | 93.7 | 306.8 | 284.9 |
Gross Profit | 14 | 14 | 43.3 | 41.8 |
Selling and administrative expenses | 8.8 | 8.3 | 26.6 | 25.3 |
Advertising expense | 1.2 | 1 | 3.1 | 2.9 |
Income from operations | 4 | 4.7 | 13.6 | 13.6 |
Interest Expense | 0 | 0.1 | 0.2 | 0.1 |
Net loss on extinguishments of long-term debt | 0 | ' | 0 | 0 |
Management Fee Income (Expense) | -1 | -0.8 | -3.4 | -3 |
Other (expense) income, net | 0 | 0 | 0.3 | 0 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 3 | 4 | 10.7 | 10.7 |
Income Tax Expense (Benefit) | -0.8 | -1.1 | -2.5 | -2.9 |
Income (Loss) before equity in earnings (loss) of subsidiaries | 2.2 | 2.9 | 8.2 | 7.8 |
Equity in Earnings (Loss) of Subsidiaries | 0 | 0 | 0 | 0 |
Net income (loss) | 2.2 | 2.9 | 8.2 | 7.8 |
Co-Issuer [Member] | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Net sales | 0 | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 | 0 |
Gross Profit | 0 | 0 | 0 | 0 |
Selling and administrative expenses | 0 | 0 | 0 | 0 |
Advertising expense | 0 | 0 | 0 | 0 |
Income from operations | 0 | 0 | 0 | 0 |
Interest Expense | 0 | 0 | 0 | 0 |
Net loss on extinguishments of long-term debt | 0 | ' | 0 | 0 |
Management Fee Income (Expense) | 0 | 0 | 0 | 0 |
Other (expense) income, net | 0 | 0 | 0 | 0 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 0 | 0 | 0 | 0 |
Income Tax Expense (Benefit) | 0 | 0 | 0 | 0 |
Income (Loss) before equity in earnings (loss) of subsidiaries | 0 | 0 | 0 | 0 |
Equity in Earnings (Loss) of Subsidiaries | 0 | 0 | 0 | 0 |
Net income (loss) | 0 | 0 | 0 | 0 |
Consolidating Adjustments [Member] | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Net sales | 0 | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 | 0 |
Gross Profit | 0 | 0 | 0 | 0 |
Selling and administrative expenses | 0 | 0 | 0 | 0 |
Advertising expense | 0 | 0 | 0 | 0 |
Income from operations | 0 | 0 | 0 | 0 |
Interest Expense | 0 | 0 | 0 | 0 |
Net loss on extinguishments of long-term debt | 0 | ' | 0 | 0 |
Management Fee Income (Expense) | 0 | 0 | 0 | 0 |
Other (expense) income, net | 0 | 0 | 0 | 0 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 0 | 0 | 0 | 0 |
Income Tax Expense (Benefit) | 0 | 0 | 0 | 0 |
Income (Loss) before equity in earnings (loss) of subsidiaries | 0 | 0 | 0 | 0 |
Equity in Earnings (Loss) of Subsidiaries | -100.1 | -144 | -380.5 | -365.8 |
Net income (loss) | -100.1 | -144 | -380.5 | -365.8 |
Consolidated [Member] | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Net sales | 2,864.30 | 2,623.30 | 8,055.30 | 7,527.20 |
Cost of sales | 2,405.90 | 2,190.60 | 6,743.30 | 6,283 |
Gross Profit | 458.4 | 432.7 | 1,312 | 1,244.20 |
Selling and administrative expenses | 332.4 | 257 | 850.3 | 768.1 |
Advertising expense | 33.1 | 36 | 95.1 | 96.4 |
Income from operations | 92.9 | 139.7 | 366.6 | 379.7 |
Interest Expense | -56.2 | -76.7 | -198.6 | -232.5 |
Net loss on extinguishments of long-term debt | -41.3 | ' | -55.5 | -9.4 |
Management Fee Income (Expense) | 0 | 0 | 0 | 0 |
Other (expense) income, net | -0.2 | 0.2 | 0.4 | 0.2 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | -4.8 | 63.2 | 112.9 | 138 |
Income Tax Expense (Benefit) | 2.6 | -25.2 | -40.1 | -52.3 |
Income (Loss) before equity in earnings (loss) of subsidiaries | -2.2 | 38 | 72.8 | 85.7 |
Equity in Earnings (Loss) of Subsidiaries | 0 | 0 | 0 | 0 |
Net income (loss) | ($2.20) | $38 | $72.80 | $85.70 |
Supplemental_Guarantor_Informa4
Supplemental Guarantor Information -Condensed Consolidating Statements of Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Comprehensive income (loss) | ($0.20) | $41.10 | $69.10 | $89.10 |
Parent Guarantor [Member] | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Comprehensive income (loss) | -0.2 | 41.1 | 69.1 | 89.1 |
Subsidiary Issuer [Member] | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Comprehensive income (loss) | 15 | 41.1 | 84.2 | 89.1 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Comprehensive income (loss) | 84.9 | 103.1 | 284.3 | 272.3 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Comprehensive income (loss) | 4.2 | 6 | 4.5 | 11.2 |
Co-Issuer [Member] | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Comprehensive income (loss) | 0 | 0 | 0 | 0 |
Consolidating Adjustments [Member] | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Comprehensive income (loss) | -104.1 | -150.2 | -373 | -372.6 |
Consolidated [Member] | ' | ' | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' | ' | ' |
Comprehensive income (loss) | ($0.20) | $41.10 | $69.10 | $89.10 |
Supplemental_Guarantor_Informa5
Supplemental Guarantor Information -Condensed Consolidating Statements of Cash Flows (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Supplemental Guarantor Information [Line Items] | ' | ' |
Net cash provided by operating activities | $370.80 | $367.10 |
Capital expenditures | -30.5 | -25.4 |
Net cash used in investing activities | -30.5 | -25.4 |
Proceeds from borrowings under revolving credit facility | 63 | 256 |
Repayments of borrowings under revolving credit facility | -63 | -256 |
Repayments of long-term debt | -47.2 | -201 |
Proceeds from Issuance of long-term Debt | 1,535.20 | 135.7 |
Payments to extinguish long-term debt | -1,885.90 | -136.9 |
Net change in accounts payable-inventory financing | -24 | -44.6 |
Payment of incentive compensation plan withholding taxes | -24.1 | 0 |
Net proceeds from issuance of common shares | 424.7 | 0 |
Net cash used in financing activities | -27.4 | -249.3 |
Effect of exchange rate changes on cash and cash equivalents | -0.6 | 0.7 |
Net increase (decrease) in cash and cash equivalents | 312.3 | 93.1 |
Cash and cash equivalents - beginning of period | 37.9 | 99.9 |
Cash and cash equivalents - end of period | 350.2 | 193 |
Parent Guarantor [Member] | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' |
Net cash provided by operating activities | -15.2 | 0 |
Capital expenditures | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Proceeds from borrowings under revolving credit facility | 0 | 0 |
Repayments of borrowings under revolving credit facility | 0 | 0 |
Repayments of long-term debt | 0 | 0 |
Proceeds from Issuance of long-term Debt | 0 | 0 |
Payments to extinguish long-term debt | 0 | 0 |
Net change in accounts payable-inventory financing | 0 | 0 |
Payment of incentive compensation plan withholding taxes | 0 | ' |
Net proceeds from issuance of common shares | 424.7 | ' |
Advances from (to) affiliates | -409.5 | 0 |
Other financing activities | 0 | 0 |
Net cash used in financing activities | 15.2 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents - beginning of period | 0 | 0 |
Cash and cash equivalents - end of period | 0 | 0 |
Subsidiary Issuer [Member] | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' |
Net cash provided by operating activities | -71.5 | -123.7 |
Capital expenditures | -27.2 | -14.2 |
Net cash used in investing activities | -27.2 | -14.2 |
Proceeds from borrowings under revolving credit facility | 63 | 256 |
Repayments of borrowings under revolving credit facility | -63 | -256 |
Repayments of long-term debt | -47.2 | -201 |
Proceeds from Issuance of long-term Debt | 1,535.20 | 135.7 |
Payments to extinguish long-term debt | -1,885.90 | -136.9 |
Net change in accounts payable-inventory financing | 0 | 0 |
Payment of incentive compensation plan withholding taxes | -4 | ' |
Net proceeds from issuance of common shares | 0 | ' |
Advances from (to) affiliates | 788.1 | 409 |
Other financing activities | -6.1 | -2.5 |
Net cash used in financing activities | 380.1 | 204.3 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 281.4 | 66.4 |
Cash and cash equivalents - beginning of period | 48 | 102.1 |
Cash and cash equivalents - end of period | 329.4 | 168.5 |
Guarantor Subsidiaries [Member] | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' |
Net cash provided by operating activities | 425.5 | 475.3 |
Capital expenditures | -3.2 | -10.7 |
Net cash used in investing activities | -3.2 | -10.7 |
Proceeds from borrowings under revolving credit facility | 0 | 0 |
Repayments of borrowings under revolving credit facility | 0 | 0 |
Repayments of long-term debt | 0 | 0 |
Proceeds from Issuance of long-term Debt | 0 | 0 |
Payments to extinguish long-term debt | 0 | 0 |
Net change in accounts payable-inventory financing | -24 | -44.6 |
Payment of incentive compensation plan withholding taxes | -19.6 | ' |
Net proceeds from issuance of common shares | 0 | ' |
Advances from (to) affiliates | -378.7 | -409.3 |
Other financing activities | 0 | 0 |
Net cash used in financing activities | -422.3 | -453.9 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 10.7 |
Cash and cash equivalents - beginning of period | 0 | 15.8 |
Cash and cash equivalents - end of period | 0 | 26.5 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' |
Net cash provided by operating activities | 19 | 13.9 |
Capital expenditures | -0.1 | -0.5 |
Net cash used in investing activities | -0.1 | -0.5 |
Proceeds from borrowings under revolving credit facility | 0 | 0 |
Repayments of borrowings under revolving credit facility | 0 | 0 |
Repayments of long-term debt | 0 | 0 |
Proceeds from Issuance of long-term Debt | 0 | 0 |
Payments to extinguish long-term debt | 0 | 0 |
Net change in accounts payable-inventory financing | 0 | 0 |
Payment of incentive compensation plan withholding taxes | -0.5 | ' |
Net proceeds from issuance of common shares | 0 | ' |
Advances from (to) affiliates | 0.1 | 0.3 |
Other financing activities | 0 | 0 |
Net cash used in financing activities | -0.4 | 0.3 |
Effect of exchange rate changes on cash and cash equivalents | -0.6 | 0.7 |
Net increase (decrease) in cash and cash equivalents | 17.9 | 14.4 |
Cash and cash equivalents - beginning of period | 9.8 | 8.1 |
Cash and cash equivalents - end of period | 27.7 | 22.5 |
Co-Issuer [Member] | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' |
Net cash provided by operating activities | 0 | 0 |
Capital expenditures | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Proceeds from borrowings under revolving credit facility | 0 | 0 |
Repayments of borrowings under revolving credit facility | 0 | 0 |
Repayments of long-term debt | 0 | 0 |
Proceeds from Issuance of long-term Debt | 0 | 0 |
Payments to extinguish long-term debt | 0 | 0 |
Net change in accounts payable-inventory financing | 0 | 0 |
Payment of incentive compensation plan withholding taxes | 0 | ' |
Net proceeds from issuance of common shares | 0 | ' |
Advances from (to) affiliates | 0 | 0 |
Other financing activities | 0 | 0 |
Net cash used in financing activities | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents - beginning of period | 0 | 0 |
Cash and cash equivalents - end of period | 0 | 0 |
Consolidating Adjustments [Member] | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' |
Net cash provided by operating activities | 13 | 1.6 |
Capital expenditures | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Proceeds from borrowings under revolving credit facility | 0 | 0 |
Repayments of borrowings under revolving credit facility | 0 | 0 |
Repayments of long-term debt | 0 | 0 |
Proceeds from Issuance of long-term Debt | 0 | 0 |
Payments to extinguish long-term debt | 0 | 0 |
Net change in accounts payable-inventory financing | 0 | 0 |
Payment of incentive compensation plan withholding taxes | 0 | ' |
Net proceeds from issuance of common shares | 0 | ' |
Advances from (to) affiliates | 0 | 0 |
Other financing activities | 0 | 0 |
Net cash used in financing activities | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 13 | 1.6 |
Cash and cash equivalents - beginning of period | -19.9 | -26.1 |
Cash and cash equivalents - end of period | -6.9 | -24.5 |
Consolidated [Member] | ' | ' |
Supplemental Guarantor Information [Line Items] | ' | ' |
Net cash provided by operating activities | 370.8 | 367.1 |
Capital expenditures | -30.5 | -25.4 |
Net cash used in investing activities | -30.5 | -25.4 |
Proceeds from borrowings under revolving credit facility | 63 | 256 |
Repayments of borrowings under revolving credit facility | -63 | -256 |
Repayments of long-term debt | -47.2 | -201 |
Proceeds from Issuance of long-term Debt | 1,535.20 | 135.7 |
Payments to extinguish long-term debt | -1,885.90 | -136.9 |
Net change in accounts payable-inventory financing | -24 | -44.6 |
Payment of incentive compensation plan withholding taxes | -24.1 | ' |
Net proceeds from issuance of common shares | 424.7 | ' |
Advances from (to) affiliates | 0 | 0 |
Other financing activities | -6.1 | -2.5 |
Net cash used in financing activities | -27.4 | -249.3 |
Effect of exchange rate changes on cash and cash equivalents | -0.6 | 0.7 |
Net increase (decrease) in cash and cash equivalents | 312.3 | 93.1 |
Cash and cash equivalents - beginning of period | 37.9 | 99.9 |
Cash and cash equivalents - end of period | $350.20 | $193 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Oct. 18, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 18, 2013 | Aug. 01, 2013 | Mar. 08, 2013 | Dec. 31, 2012 | Mar. 10, 2010 | Aug. 01, 2013 | Aug. 01, 2013 | |
Term Loan [Member] | Term Loan [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | Subordinated Debt [Member] | Subordinated Debt [Member] | Subordinated Debt [Member] | Subordinated Debt [Member] | Subordinated Debt [Member] | Subordinated Debt [Member] | Subordinated Debt [Member] | IPO Proceeds [Member] | Term Loan Incremental Borrowings [Member] | ||||||
Subordinated Debt [Member] | Subordinated Debt [Member] | |||||||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Repurchased Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $155,000,000 | $324,000,000 | $50,000,000 | ' | $28,500,000 | $146,000,000 | $178,000,000 |
Redemption Premium, percentage of par value | ' | ' | ' | ' | ' | ' | ' | ' | 104.18% | ' | ' | ' | 106.27% | 106.27% | ' | ' | ' | ' |
Extinguishment of Debt, Accrued Interest Paid to Lenders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 12,000,000 | 2,500,000 | ' | ' | ' | ' |
Debt, short-term and long-term | ' | ' | ' | ' | ' | 1,532,800,000 | 1,339,500,000 | ' | ' | 247,500,000 | 247,500,000 | 92,500,000 | ' | ' | 621,500,000 | ' | ' | ' |
Net loss on extinguishments of long-term debt | ' | 41,300,000 | 0 | 55,500,000 | 9,400,000 | ' | ' | 8,500,000 | ' | 24,600,000 | 3,900,000 | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of Debt, Fees Paid to Lenders | ' | ' | ' | ' | ' | ' | ' | ' | 6,500,000 | ' | ' | ' | 20,300,000 | 3,100,000 | ' | ' | ' | ' |
Write off of unamortized deferred financing costs | ' | ' | ' | ' | ' | ' | ' | $2,000,000 | ' | $4,300,000 | $800,000 | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Dividends, Per Share, Declared | $0.04 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |