Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | CDW Corp | |
Entity Central Index Key | 1402057 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 172,613,182 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Current Assets: | ||
Cash and cash equivalents | $447.40 | $344.50 |
Accounts receivable, net of allowance for doubtful accounts | 1,448.90 | 1,561.10 |
Merchandise inventory | 357 | 337.5 |
Miscellaneous receivables | 174.1 | 155.6 |
Prepaid expenses and other | 58.5 | 54.7 |
Total current assets | 2,485.90 | 2,453.40 |
Property and equipment, net | 135.1 | 137.2 |
Equity Method Investments | 86.7 | 86.7 |
Goodwill | 2,215.20 | 2,217.60 |
Other intangible assets, net | 1,128.80 | 1,168.80 |
Deferred financing costs, net | 34.3 | 33 |
Other assets | 2.6 | 3.2 |
Total assets | 6,088.60 | 6,099.90 |
Current liabilities: | ||
Accounts payable-trade | 695.1 | 704 |
Accounts payable-inventory financing | 289.8 | 332.1 |
Current maturities of long-term debt | 15.4 | 15.4 |
Deferred revenue | 82.3 | 81.3 |
Accrued expenses: | ||
Compensation | 102.3 | 130.1 |
Interest | 17.2 | 28.1 |
Sales taxes | 27.1 | 29.1 |
Advertising | 35.4 | 34 |
Income taxes | 47.4 | 0.2 |
Other | 113.6 | 113.7 |
Total current liabilities | 1,425.60 | 1,468 |
Long-term liabilities: | ||
Debt | 3,190.80 | 3,174.60 |
Deferred income taxes | 450 | 475 |
Other liabilities | 46.7 | 45.8 |
Total long-term liabilities | 3,687.50 | 3,695.40 |
Commitments and contingencies | ||
Shareholders' equity (deficit): | ||
Preferred Shares | 0 | 0 |
Common shares | 1.7 | 1.7 |
Paid-in capital | 2,718.90 | 2,711.90 |
Accumulated deficit | -1,717.50 | -1,760.50 |
Accumulated other comprehensive loss | -27.6 | -16.6 |
Total shareholders' equity (deficit) | 975.5 | 936.5 |
Total liabilities and shareholders' equity (deficit) | $6,088.60 | $6,099.90 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets Parenthetical (Parentheticals) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, except Per Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $5.70 | $5.70 |
Preferred shares, par value | $0.01 | $0.01 |
Preferred shares, authorized | 100 | 100 |
Preferred shares, issued | 0 | 0 |
Preferred shares, outstanding | 0 | 0 |
Common shares, par value | $0.01 | $0.01 |
Common shares, shares authorized | 1,000 | 1,000 |
Common shares, shares issued | 172.5 | 172.2 |
Common shares, shares outstanding | 172.5 | 172.2 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Net Sales | $2,755.20 | $2,652.30 |
Cost of sales | 2,298.70 | 2,227.10 |
Gross profit | 456.5 | 425.2 |
Selling and administrative expenses | 275.5 | 260.9 |
Advertising expense | 29.4 | 28.5 |
Income from operations | 151.6 | 135.8 |
Interest Income (Expense), Net | 44.8 | 50.1 |
Net loss on extinguishments of long-term debt | -24.3 | -5.4 |
Other income (loss), net | 4.5 | 0.5 |
Income (loss) before income taxes | 87 | 80.8 |
Income tax (expense) benefit | -32.3 | -29.9 |
Net income (loss) | $54.70 | $50.90 |
Income Per Share - Basic | $0.32 | $0.30 |
Income Per Share - Diluted | $0.32 | $0.30 |
Weighted Average Shares - Basic | 172.1 | 169.6 |
Weighted Average Shares - Diluted | 173.5 | 172.3 |
Common Stock, Dividends, Per Share, Cash Paid | $0.07 | $0.04 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $54.70 | $50.90 |
Foreign currency translation adjustment | -11 | -3.9 |
Other comprehensive loss, net of tax | -11 | -3.9 |
Comprehensive income (loss) | 43.7 | 47 |
Statement [Line Items] | ||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | $1.40 | $0 |
Consolidated_Statement_Of_Shar
Consolidated Statement Of Shareholders' Equity (Deficit) (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Paid-In Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Millions, unless otherwise specified | ||||||
Balance at Dec. 31, 2014 | $936.50 | $0 | $1.70 | $2,711.90 | ($1,760.50) | ($16.60) |
Preferred shares, issued, beginning balance at Dec. 31, 2014 | 0 | 0 | ||||
Common shares, shares issued, beginning balance at Dec. 31, 2014 | 172.2 | 172.2 | ||||
Stock Issued During Period, Shares, New Issues | 0.2 | |||||
Stock Issued During Period, Value, New Issues | 0 | 0 | 0 | 0 | 0 | 0 |
Shareholders' Equity (Deficit) [Roll Forward] | ||||||
Equity-based compensation expense | 4.7 | 0 | 0 | 4.7 | 0 | 0 |
Stock Option Exercises | 0.5 | 0 | 0 | 0.5 | 0 | 0 |
Dividends Declared | -11.7 | 0 | 0 | 0 | -11.7 | 0 |
Net income (loss) | 54.7 | 0 | 0 | 0 | 54.7 | 0 |
Foreign currency translation adjustment | -11 | 0 | 0 | 0 | 0 | -11 |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | 0.1 | 0 | 0 | 0.1 | 0 | 0 |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 0.1 | |||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 1.7 | 0 | 0 | 1.7 | 0 | 0 |
Balance at Mar. 31, 2015 | $975.50 | $0 | $1.70 | $2,718.90 | ($1,717.50) | ($27.60) |
Preferred shares, issued, ending balance at Mar. 31, 2015 | 0 | 0 | ||||
Common shares, shares issued, ending balance at Mar. 31, 2015 | 172.5 | 172.5 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net income (loss) | $54.70 | $50.90 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 52.5 | 52 |
Allocated Share-based Compensation Expense | 4.7 | 3.3 |
Deferred income taxes | -22.6 | -22.1 |
Amortization of deferred financing costs, debt premium and debt discount, net | 1.5 | 1.6 |
Net loss on extinguishments of long-term debt | 24.3 | 5.4 |
Income (Loss) from Equity Method Investments | 4 | 0 |
Other | 1.3 | 0 |
Changes in assets and liabilities: | ||
Accounts receivable | 105.4 | 113.2 |
Merchandise inventory | -19.7 | -6.5 |
Other assets | -23.1 | -25.7 |
Increase (Decrease) in Accounts Payable, Trade | -7 | 21.5 |
Other current liabilities | 8.7 | 52 |
Long-term liabilities | 1.1 | 0.7 |
Net cash provided by operating activities | 177.8 | 246.3 |
Cash flows from investing activities: | ||
Capital expenditures | -10 | -9.3 |
Payment of accrued charitable contribution related to the MPK Coworker Incentive Plan II | 0 | -20.9 |
Interest rate cap agreements premiums paid | -0.5 | 0 |
Net cash used in investing activities | -10.5 | -30.2 |
Cash flows from financing activities: | ||
Repayments of long-term debt | -3.9 | -3.9 |
Proceeds from Issuance of Long-term Debt | 525 | 0 |
Payments to extinguish long-term debt | -525.3 | -79.5 |
Payments of Financing Costs | -6.8 | 0 |
Net change in accounts payable-inventory financing | -42.3 | -6.4 |
Proceeds from stock option exercises | 0.5 | 0.1 |
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Excluding Stock Options | 1.7 | 0 |
Dividends paid | -11.7 | -7.3 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0.1 | 0 |
Net cash used in financing activities | -62.7 | -97 |
Effect of exchange rate changes on cash and cash equivalents | -1.7 | -0.5 |
Net increase (decrease) in cash and cash equivalents | 102.9 | 118.6 |
Cash and cash equivalents - beginning of period | 344.5 | 188.1 |
Cash and cash equivalents - end of period | 447.4 | 306.7 |
Supplementary disclosure of cash flow information: | ||
Interest paid | -53.1 | -16.1 |
Taxes paid, net | ($4.30) | ($9.50) |
Description_Of_Business_And_Su
Description Of Business And Summary Of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
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 Corporation (“Parent”) 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. | |
Throughout these notes, the terms the “Company” and “CDW” refer to Parent and its 100% owned subsidiaries. | |
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 8 and does not hold any material assets or engage in any business activities or operations. | |
Basis of Presentation | |
The accompanying unaudited interim consolidated financial statements as of March 31, 2015 and for the three months ended March 31, 2015 and 2014 (the “consolidated financial statements”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial statements. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These 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, 2014 (the “December 31, 2014 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, 2014 financial statements. 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. | |
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 the 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, 2014 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 three months ended March 31, 2015. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement | |
In April 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2015-05 that amends the guidance to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement by providing guidance as to whether an arrangement includes the sale or license of software. The new guidance is effective for the Company beginning in the first quarter of 2016, with early adoption permitted. An entity can elect to adopt the amendments either prospectively to all arrangements entered into or materially modified after the effective date or retrospectively. While the Company is currently evaluating the impact of the standard, it does not expect that this standard will have a material impact on its consolidated financial position, results of operations and cash flows. | |
Debt Issuance Costs | |
In April 2015, the FASB issued ASU 2015-03 that amends the presentation of debt issuance costs guidance. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The new guidance is effective for the Company beginning in the first quarter of 2016, with early adoption permitted. The standard requires retrospective application of the new guidance to all prior periods (i.e., the balance sheet for each period presented is adjusted). While the Company is currently evaluating the impact of the standard, it does not expect that this standard will have a material impact on its consolidated financial position, results of operations and cash flows. | |
Consolidation | |
In February 2015, the FASB issued ASU 2015-02 that amends the current consolidation guidance. The amendments affect both the variable interest entity (VIE) and voting interest entity (VOE) consolidation models. The new guidance is effective for the Company beginning in the first quarter of 2016, with early adoption permitted. The standard allows for either a full retrospective approach or a modified retrospective approach. This new guidance is not expected to have a material impact on the Company’s consolidated financial position, results of operations and cash flows. | |
Revenue Recognition | |
In May 2014, the FASB issued ASU 2014-09, which clarifies the standard for recognizing revenue from contracts with customers. The standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes the most current revenue recognition guidance. The standard is effective for the Company beginning in the first quarter of 2017 and early adoption is not permitted. The standard allows for either a full retrospective approach or a modified retrospective approach. The Company is currently evaluating the impact that the standard will have on its consolidated financial position, results of operations and cash flows. |
Inventory_Financing_Agreements
Inventory Financing Agreements | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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) | 31-Mar-15 | 31-Dec-14 | |||||||
Revolving Loan inventory financing agreement | $ | 289.2 | $ | 330.1 | |||||
Other inventory financing agreements | 0.6 | 2 | |||||||
Accounts payable-inventory financing | $ | 289.8 | $ | 332.1 | |||||
The Company's Revolving Loan described in Note 4 below includes an inventory floorplan sub-facility in conjunction with the related Revolving Loan inventory financing agreement with a financial intermediary to facilitate the purchase of inventory from a certain vendor. 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 March 31, 2015 and December 31, 2014, amounts owed under other inventory financing agreements of $0.6 million and $2.0 million, respectively, were collateralized by the inventory purchased under these financing agreements and a second lien on the related accounts receivable. |
LongTerm_Debt_LongTerm_Debt
Long-Term Debt Long-Term Debt | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Long-term Debt, Unclassified [Abstract] | ||||||||||||
Long-Term Debt | Long-Term Debt | |||||||||||
Long-term debt was as follows: | ||||||||||||
(dollars in millions) | Interest | 31-Mar-15 | December 31, | |||||||||
Rate (1) | 2014 | |||||||||||
Senior secured asset-based revolving credit facility | — | % | $ | — | $ | — | ||||||
Senior secured term loan facility | 3.25 | % | 1,509.70 | 1,513.50 | ||||||||
Unamortized discount on senior secured term loan facility | (3.5 | ) | (3.7 | ) | ||||||||
Senior notes due 2019 | 8.5 | % | — | 503.9 | ||||||||
Unamortized premium on senior notes due 2019 | — | 1.3 | ||||||||||
Senior notes due 2022 | 6 | % | 600 | 600 | ||||||||
Senior notes due 2023 | 5 | % | 525 | — | ||||||||
Senior notes due 2024 | 5.5 | % | 575 | 575 | ||||||||
Total long-term debt | 3,206.20 | 3,190.00 | ||||||||||
Less current maturities of long-term debt | (15.4 | ) | (15.4 | ) | ||||||||
Long-term debt, excluding current maturities | $ | 3,190.80 | $ | 3,174.60 | ||||||||
(1)Interest rate at March 31, 2015. | ||||||||||||
At March 31, 2015, the Company remained in compliance with the covenants under its various credit agreements. Under the credit agreement governing the Senior Secured Term Loan Facility there are restrictions on the ability of CDW to pay dividends, make share repurchases, redeem subordinated debt and engage in certain other transactions. At March 31, 2015, the amount of CDW’s restricted payment capacity under the Senior Secured Term Loan Facility was $765.9 million. | ||||||||||||
Senior Secured Asset-Based Revolving Credit Facility (“Revolving Loan”) | ||||||||||||
At March 31, 2015, the Company had no outstanding borrowings under the Revolving Loan, $2.1 million of undrawn letters of credit and $280.1 million reserved related to the floorplan sub-facility. At March 31, 2015, the borrowing base was $1,224.9 million based on the amount of eligible inventory and accounts receivable balances as of February 28, 2015. The Company could have borrowed up to an additional $942.7 million under the Revolving Loan at March 31, 2015. | ||||||||||||
The Revolving Loan includes an inventory floorplan sub-facility that is related to the Revolving Loan inventory financing agreement with a financial intermediary. At March 31, 2015, the financial intermediary reported an outstanding balance of $280.1 million under the Revolving Loan inventory financing agreement. The amount included on the Company's consolidated balance sheet as of March 31, 2015 as accounts payable-inventory financing related to the Revolving Loan inventory financing agreement of $289.2 million includes a $9.1 million accrual for amounts in transit. | ||||||||||||
Senior Secured Term Loan Facility (“Term Loan”) | ||||||||||||
At March 31, 2015, the outstanding principal amount of the Term Loan was $1,509.7 million, excluding $3.5 million in unamortized discount. The total net leverage ratio was 3.0 at March 31, 2015. An interest rate of 3.25%, comprised of the 1% LIBOR floor plus a 2.25% margin, was in effect during the three-month period ended March 31, 2015. | ||||||||||||
In order to manage the risk associated with changes in interest rates on borrowings under the Term Loan, the Company maintains interest rate cap agreements. During the year ended December 31, 2014, the Company entered into fourteen interest rate cap agreements with a combined notional amount of $1,000.0 million. In the first quarter of 2015, the Company entered into six interest rate cap agreements at a rate of 2.0% with a combined notional amount of $400.0 million. Under the 2015 agreements, the Company made premium payments totaling $0.5 million to the counterparties in exchange for the right to receive payments equal to the amount, if any, by which the three-month LIBOR exceeds 2.0% during the agreement period. The interest rate cap agreements are effective from January 14, 2015 through January 14, 2017. The fair value of the Company's interest rate cap agreements was $0.9 million and $1.7 million at March 31, 2015 and December 31, 2014, respectively. Previously, the Company had ten interest rate cap agreements with a combined notional amount of $1,150.0 million that expired on January 14, 2015. | ||||||||||||
The Company's interest rate cap agreements have not been designated as cash flow hedges of interest rate risk for GAAP accounting purposes. The interest rate cap agreements are recorded at fair value on the Company’s consolidated balance sheet in other assets each period, with changes in fair value recorded directly to interest expense in the Company's consolidated statement of operations. The fair value of the Company's interest rate cap agreements is classified as Level 2 in the fair value hierarchy. | ||||||||||||
8.5% Senior Notes due 2019 (“2019 Senior Notes”) | ||||||||||||
At March 31, 2015, there were no outstanding 2019 Senior Notes. | ||||||||||||
On March 3, 2015, the proceeds from the issuance of the 2023 Senior Notes, discussed below, along with cash on hand, were deposited with the trustee to redeem the remaining $503.9 million aggregate principal amount of the 2019 Senior Notes at a redemption price of 104.25% of the principal amount redeemed, plus accrued and unpaid interest up to, but not including, the date of redemption, April 2, 2015. On the same date, the indenture governing the 2019 Senior Notes was satisfied and discharged and the Company was released from its remaining obligation by the trustee. In connection with this redemption, the Company recorded a loss on extinguishment of long-term debt of $24.3 million in the consolidated statement of operations for the three months ended March 31, 2015, which was comprised of $4.2 million for the write-off of the remaining unamortized deferred financing fees and a redemption premium of $21.4 million, partially offset by $1.3 million for the write-off of the remaining unamortized premium. | ||||||||||||
5.0% Senior Notes due 2023 (“2023 Senior Notes”) | ||||||||||||
On March 3, 2015, CDW LLC and CDW Finance Corporation, as co-issuers, completed the issuance of $525.0 million aggregate principal amount of 2023 Senior Notes at par. Fees of $6.8 million related to the 2023 Senior Notes were capitalized as deferred financing costs and are being amortized over the term of the notes on a straight-line basis. The 2023 Senior Notes will mature on September 1, 2023 and bear interest at a rate of 5.0% per annum, payable semi-annually on March 1 and September 1 of each year. | ||||||||||||
CDW LLC and CDW Finance Corporation are the co-issuers of the 2023 Senior Notes and the obligations under the notes are guaranteed by Parent and each of CDW LLC's direct and indirect, wholly owned, domestic subsidiaries. The 2023 Senior Notes indenture contains negative covenants that, among other things, place restrictions and limitations on the ability of Parent and each of CDW LLC's direct and indirect 100% owned domestic subsidiaries to enter into sale and lease-back transactions, incur additional secured indebtedness, and create liens. The indenture governing the 2023 Senior Notes does not contain any financial covenants. | ||||||||||||
Fair Value | ||||||||||||
The fair values of the 2022, 2023, and 2024 Senior Notes were 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 was 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. | ||||||||||||
The approximate fair values and related carrying values of the Company's long-term debt, including current maturities, were as follows: | ||||||||||||
(in millions) | March 31, | December 31, | ||||||||||
2015 | 2014 | |||||||||||
Fair value | $ | 3,282.00 | $ | 3,208.70 | ||||||||
Carrying value | 3,209.70 | 3,192.40 | ||||||||||
Earnings_per_Share_Earnings_pe
Earnings per Share Earnings per Share | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Earnings Per Share [Abstract] | ||||||
Earnings Per Share | 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 Coworker Stock Purchase 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 March 31, | ||||||
(in millions) | 2015 | 2014 | ||||
Weighted-average shares - basic | 172.1 | 169.6 | ||||
Effect of dilutive securities | 1.4 | 2.7 | ||||
Weighted-average shares - diluted | 173.5 | 172.3 | ||||
There were 0.4 million and 0.1 million potential common shares excluded from diluted earnings per share for the three-month periods ended March 31, 2015 and 2014, respectively, as their inclusion would have had an anti-dilutive effect. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
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, group purchasing organizations and 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 March 31, 2015, 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. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
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 three other operating segments, CDW Advanced Services, Canada, and Kelway TopCo Limited (“Kelway”), which do not meet the reportable segment quantitative thresholds and, accordingly, are combined in an all other category (“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 a 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 months ended March 31, 2015 and 2014: | |||||||||||||||||||||
(in millions) | Corporate | Public | Other | Headquarters | Total | ||||||||||||||||
Three Months Ended March 31, 2015: | |||||||||||||||||||||
Net sales | $ | 1,574.00 | $ | 1,005.80 | $ | 175.4 | $ | — | $ | 2,755.20 | |||||||||||
Income (loss) from operations | 110.2 | 59.6 | 10.1 | (28.3 | ) | 151.6 | |||||||||||||||
Depreciation and amortization expense | (24.0 | ) | (10.9 | ) | (2.3 | ) | (15.3 | ) | (52.5 | ) | |||||||||||
Three Months Ended March 31, 2014: | |||||||||||||||||||||
Net sales | $ | 1,505.60 | $ | 969.9 | $ | 176.8 | $ | — | $ | 2,652.30 | |||||||||||
Income (loss) from operations | 101.1 | 54.1 | 6.5 | (25.9 | ) | 135.8 | |||||||||||||||
Depreciation and amortization expense | (24.1 | ) | (10.9 | ) | (2.1 | ) | (14.9 | ) | (52.0 | ) | |||||||||||
Supplemental_Guarantor_Informa
Supplemental Guarantor Information | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Supplemental Guarantor Information [Abstract] | ||||||||||||||||||||||||||||
Supplemental Guarantor Information | Supplemental Guarantor Information | |||||||||||||||||||||||||||
The 2022 Senior Notes, the 2023 Senior Notes and the 2024 Senior Notes are, and, prior to being redeemed in full, the 2019 Senior Notes, the Senior Subordinated Notes, and the Senior Secured Notes were 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 and were joint and several, and full and unconditional; provided that guarantees by the Guarantor Subsidiaries (i) are subject to certain customary release provisions contained in the indentures governing the 2022 Senior Notes, the 2023 Senior Notes and the 2024 Senior Notes and (ii) were subject to certain customary release provisions contained in the indentures governing the 2019 Senior Notes, the Senior Subordinated Notes and the Senior Secured Notes until such indentures were satisfied and discharged in 2014 and the first quarter of 2015. 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 March 31, 2015 and December 31, 2014, consolidating statements of operations for the three months ended March 31, 2015 and 2014, condensed consolidating statements of comprehensive income for the three months ended March 31, 2015 and 2014, and condensed consolidating statements of cash flows for the three months ended March 31, 2015 and 2014, 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 | ||||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||
(in millions) | Parent | Subsidiary | Guarantor | Non-Guarantor | Co-Issuer | Consolidating | Consolidated | |||||||||||||||||||||
Guarantor | Issuer | Subsidiaries | Subsidiary | Adjustments | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 428.3 | $ | — | $ | 29.3 | $ | — | $ | (10.2 | ) | $ | 447.4 | |||||||||||||
Accounts receivable, net | — | — | 1,375.80 | 73.1 | — | — | 1,448.90 | |||||||||||||||||||||
Merchandise inventory | — | — | 352.4 | 4.6 | — | — | 357 | |||||||||||||||||||||
Miscellaneous receivables | — | 58.7 | 109.5 | 5.9 | — | — | 174.1 | |||||||||||||||||||||
Prepaid expenses and other | — | 14.5 | 46.5 | 0.6 | — | (3.1 | ) | 58.5 | ||||||||||||||||||||
Total current assets | — | 501.5 | 1,884.20 | 113.5 | — | (13.3 | ) | 2,485.90 | ||||||||||||||||||||
Property and equipment, net | — | 81.3 | 52.8 | 1 | — | — | 135.1 | |||||||||||||||||||||
Equity investments | — | 86.7 | — | — | — | — | 86.7 | |||||||||||||||||||||
Goodwill | — | 751.8 | 1,439.00 | 24.4 | — | — | 2,215.20 | |||||||||||||||||||||
Other intangible assets, net | — | 314.7 | 809.5 | 4.6 | — | — | 1,128.80 | |||||||||||||||||||||
Deferred financing costs, net | — | 34.3 | — | — | — | — | 34.3 | |||||||||||||||||||||
Other assets | 4.3 | 2.4 | 0.4 | 1.6 | — | (6.1 | ) | 2.6 | ||||||||||||||||||||
Investment in and advances to subsidiaries | 971.2 | 2,770.40 | — | — | — | (3,741.6 | ) | — | ||||||||||||||||||||
Total assets | $ | 975.5 | $ | 4,543.10 | $ | 4,185.90 | $ | 145.1 | $ | — | $ | (3,761.0 | ) | $ | 6,088.60 | |||||||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||
Accounts payable—trade | $ | — | $ | 22.3 | $ | 648.5 | $ | 34.6 | $ | — | $ | (10.3 | ) | $ | 695.1 | |||||||||||||
Accounts payable—inventory financing | — | — | 289.8 | — | — | — | 289.8 | |||||||||||||||||||||
Current maturities of | — | 15.4 | — | — | — | — | 15.4 | |||||||||||||||||||||
long-term debt | ||||||||||||||||||||||||||||
Deferred revenue | — | — | 82 | 0.3 | — | — | 82.3 | |||||||||||||||||||||
Accrued expenses | — | 163.1 | 176.2 | 7.1 | — | (3.4 | ) | 343 | ||||||||||||||||||||
Total current liabilities | — | 200.8 | 1,196.50 | 42 | — | (13.7 | ) | 1,425.60 | ||||||||||||||||||||
Long-term liabilities: | ||||||||||||||||||||||||||||
Debt | — | 3,190.80 | — | — | — | — | 3,190.80 | |||||||||||||||||||||
Deferred income taxes | — | 136.6 | 316.5 | 1.2 | — | (4.3 | ) | 450 | ||||||||||||||||||||
Other liabilities | — | 43.7 | 3.6 | 0.8 | — | (1.4 | ) | 46.7 | ||||||||||||||||||||
Total long-term liabilities | — | 3,371.10 | 320.1 | 2 | — | (5.7 | ) | 3,687.50 | ||||||||||||||||||||
Total shareholders’ equity | 975.5 | 971.2 | 2,669.30 | 101.1 | — | (3,741.6 | ) | 975.5 | ||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 975.5 | $ | 4,543.10 | $ | 4,185.90 | $ | 145.1 | $ | — | $ | (3,761.0 | ) | $ | 6,088.60 | |||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||
(in millions) | Parent | Subsidiary | Guarantor | Non-Guarantor | Co-Issuer | Consolidating | Consolidated | |||||||||||||||||||||
Guarantor | Issuer | Subsidiaries | Subsidiary | Adjustments | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 346.4 | $ | — | $ | 24.6 | $ | — | $ | (26.5 | ) | $ | 344.5 | |||||||||||||
Accounts receivable, net | — | — | 1,479.10 | 82 | — | — | 1,561.10 | |||||||||||||||||||||
Merchandise inventory | — | — | 333.9 | 3.6 | — | — | 337.5 | |||||||||||||||||||||
Miscellaneous receivables | — | 56.1 | 93.3 | 6.2 | — | — | 155.6 | |||||||||||||||||||||
Prepaid expenses and other | — | 11 | 46 | 1.5 | — | (3.8 | ) | 54.7 | ||||||||||||||||||||
Total current assets | — | 413.5 | 1,952.30 | 117.9 | — | (30.3 | ) | 2,453.40 | ||||||||||||||||||||
Property and equipment, net | — | 80.5 | 55.5 | 1.2 | — | — | 137.2 | |||||||||||||||||||||
Equity investments | — | 86.7 | — | — | 86.7 | |||||||||||||||||||||||
Goodwill | — | 751.8 | 1,439.00 | 26.8 | — | — | 2,217.60 | |||||||||||||||||||||
Other intangible assets, net | — | 320 | 843.6 | 5.2 | — | — | 1,168.80 | |||||||||||||||||||||
Deferred financing costs, net | — | 33 | — | — | — | — | 33 | |||||||||||||||||||||
Other assets | 4.3 | 3.2 | 0.4 | 1.4 | — | (6.1 | ) | 3.2 | ||||||||||||||||||||
Investment in and advances to subsidiaries | 932.2 | 2,784.50 | — | — | — | (3,716.7 | ) | — | ||||||||||||||||||||
Total assets | $ | 936.5 | $ | 4,473.20 | $ | 4,290.80 | $ | 152.5 | $ | — | $ | (3,753.1 | ) | $ | 6,099.90 | |||||||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||
Accounts payable-trade | $ | — | $ | 23.9 | $ | 671.9 | $ | 34.7 | $ | — | $ | (26.5 | ) | $ | 704 | |||||||||||||
Accounts payable-inventory financing | — | — | 332.1 | — | — | — | 332.1 | |||||||||||||||||||||
Current maturities of long-term debt | — | 15.4 | — | — | — | — | 15.4 | |||||||||||||||||||||
Deferred revenue | — | — | 79.9 | 1.4 | — | — | 81.3 | |||||||||||||||||||||
Accrued expenses | — | 137.8 | 193.6 | 7.9 | — | (4.1 | ) | 335.2 | ||||||||||||||||||||
Total current liabilities | — | 177.1 | 1,277.50 | 44 | — | (30.6 | ) | 1,468.00 | ||||||||||||||||||||
Long-term liabilities: | ||||||||||||||||||||||||||||
Debt | — | 3,174.60 | — | — | — | — | 3,174.60 | |||||||||||||||||||||
Deferred income taxes | — | 146.7 | 331.3 | 1.3 | — | (4.3 | ) | 475 | ||||||||||||||||||||
Other liabilities | — | 42.6 | 3.7 | 1 | — | (1.5 | ) | 45.8 | ||||||||||||||||||||
Total long-term liabilities | — | 3,363.90 | 335 | 2.3 | — | (5.8 | ) | 3,695.40 | ||||||||||||||||||||
Total shareholders’ equity | 936.5 | 932.2 | 2,678.30 | 106.2 | — | (3,716.7 | ) | 936.5 | ||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 936.5 | $ | 4,473.20 | $ | 4,290.80 | $ | 152.5 | $ | — | $ | (3,753.1 | ) | $ | 6,099.90 | |||||||||||||
Consolidating Statement of Operations | ||||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||||||||||
(in millions) | Parent | Subsidiary | Guarantor | Non-Guarantor | Co-Issuer | Consolidating | Consolidated | |||||||||||||||||||||
Guarantor | Issuer | Subsidiaries | Subsidiary | Adjustments | ||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 2,627.60 | $ | 127.6 | $ | — | $ | — | $ | 2,755.20 | ||||||||||||||
Cost of sales | — | — | 2,186.40 | 112.3 | — | — | 2,298.70 | |||||||||||||||||||||
Gross profit | — | — | 441.2 | 15.3 | — | — | 456.5 | |||||||||||||||||||||
Selling and administrative expenses | — | 28.3 | 238.5 | 8.7 | — | — | 275.5 | |||||||||||||||||||||
Advertising expense | — | — | 28.7 | 0.7 | — | — | 29.4 | |||||||||||||||||||||
Income (loss) from operations | — | (28.3 | ) | 174 | 5.9 | — | — | 151.6 | ||||||||||||||||||||
Interest (expense) income, net | — | (44.9 | ) | — | 0.1 | — | — | (44.8 | ) | |||||||||||||||||||
Net loss on extinguishments of long-term debt | — | (24.3 | ) | — | — | — | — | (24.3 | ) | |||||||||||||||||||
Management fee | — | 1 | — | (1.0 | ) | — | — | — | ||||||||||||||||||||
Other income (expense), net | — | 4.1 | 0.7 | (0.3 | ) | — | — | 4.5 | ||||||||||||||||||||
Income (loss) before income taxes | — | (92.4 | ) | 174.7 | 4.7 | — | — | 87 | ||||||||||||||||||||
Income tax benefit (expense) | — | 34.8 | (65.8 | ) | (1.3 | ) | — | — | (32.3 | ) | ||||||||||||||||||
Income (loss) before equity in earnings of subsidiaries | — | (57.6 | ) | 108.9 | 3.4 | — | — | 54.7 | ||||||||||||||||||||
Equity in earnings of subsidiaries | 54.7 | 112.3 | — | — | (167.0 | ) | — | |||||||||||||||||||||
Net income | $ | 54.7 | $ | 54.7 | $ | 108.9 | $ | 3.4 | $ | — | $ | (167.0 | ) | $ | 54.7 | |||||||||||||
Consolidating Statement of Operations | ||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||
(in millions) | Parent | Subsidiary | Guarantor | Non-Guarantor | Co-Issuer | Consolidating | Consolidated | |||||||||||||||||||||
Guarantor | Issuer | Subsidiaries | Subsidiary | Adjustments | ||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 2,518.10 | $ | 134.2 | $ | — | $ | — | $ | 2,652.30 | ||||||||||||||
Cost of sales | — | — | 2,107.50 | 119.6 | — | — | 2,227.10 | |||||||||||||||||||||
Gross profit | — | — | 410.6 | 14.6 | — | — | 425.2 | |||||||||||||||||||||
Selling and administrative expenses | — | 25.9 | 226.3 | 8.7 | — | — | 260.9 | |||||||||||||||||||||
Advertising expense | — | — | 27.8 | 0.7 | — | — | 28.5 | |||||||||||||||||||||
Income (loss) from operations | — | (25.9 | ) | 156.5 | 5.2 | — | — | 135.8 | ||||||||||||||||||||
Interest (expense) income, net | — | (50.2 | ) | — | 0.1 | — | — | (50.1 | ) | |||||||||||||||||||
Net loss on extinguishments of long-term debt | — | (5.4 | ) | — | — | — | — | (5.4 | ) | |||||||||||||||||||
Management fee | — | 1 | — | (1.0 | ) | — | — | — | ||||||||||||||||||||
Other (expense) income, net | — | — | 0.4 | 0.1 | — | — | 0.5 | |||||||||||||||||||||
Income (loss) before income taxes | — | (80.5 | ) | 156.9 | 4.4 | — | — | 80.8 | ||||||||||||||||||||
Income tax benefit (expense) | — | 30.2 | (58.9 | ) | (1.2 | ) | — | — | (29.9 | ) | ||||||||||||||||||
Income (loss) before equity in earnings of subsidiaries | — | (50.3 | ) | 98 | 3.2 | — | — | 50.9 | ||||||||||||||||||||
Equity in earnings of subsidiaries | 50.9 | 101.2 | — | — | — | (152.1 | ) | — | ||||||||||||||||||||
Net income | $ | 50.9 | $ | 50.9 | $ | 98 | $ | 3.2 | $ | — | $ | (152.1 | ) | $ | 50.9 | |||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||||||||||
(in millions) | Parent | Subsidiary | Guarantor | Non-Guarantor | Co-Issuer | Consolidating | Consolidated | |||||||||||||||||||||
Guarantor | Issuer | Subsidiaries | Subsidiary | Adjustments | ||||||||||||||||||||||||
Comprehensive income (loss) | $ | 43.7 | $ | 43.7 | $ | 108.9 | $ | (7.6 | ) | $ | — | $ | (145.0 | ) | $ | 43.7 | ||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||
(in millions) | Parent | Subsidiary | Guarantor | Non-Guarantor | Co-Issuer | Consolidating | Consolidated | |||||||||||||||||||||
Guarantor | Issuer | Subsidiaries | Subsidiary | Adjustments | ||||||||||||||||||||||||
Comprehensive income (loss) | $ | 47 | $ | 47 | $ | 98 | $ | (0.7 | ) | $ | — | $ | (144.3 | ) | $ | 47 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||||||||||
(in millions) | Parent | Subsidiary | Guarantor | Non-Guarantor | Co-Issuer | Consolidating | Consolidated | |||||||||||||||||||||
Guarantor | Issuer | Subsidiaries | Subsidiary | Adjustments | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | — | $ | (20.6 | ) | $ | 175.3 | $ | 6.8 | $ | — | $ | 16.3 | $ | 177.8 | |||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||||
Capital expenditures | — | (8.7 | ) | (1.1 | ) | (0.2 | ) | — | — | (10.0 | ) | |||||||||||||||||
Premium payments on interest rate cap agreements | — | (0.5 | ) | — | — | — | — | (0.5 | ) | |||||||||||||||||||
Net cash used in investing activities | — | (9.2 | ) | (1.1 | ) | (0.2 | ) | — | — | (10.5 | ) | |||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||
Repayments of long-term debt | — | (3.9 | ) | — | — | — | — | (3.9 | ) | |||||||||||||||||||
Proceeds from the issuance of long-term debt | — | 525 | — | — | — | — | 525 | |||||||||||||||||||||
Payments to extinguish long-term debt | — | (525.3 | ) | — | — | — | — | (525.3 | ) | |||||||||||||||||||
Payments of debt financing costs | — | (6.8 | ) | — | — | — | — | (6.8 | ) | |||||||||||||||||||
Net change in accounts payable-inventory financing | — | — | (42.3 | ) | — | — | — | (42.3 | ) | |||||||||||||||||||
Proceeds from stock option exercises | — | 0.5 | — | — | — | — | 0.5 | |||||||||||||||||||||
Proceeds from Coworker Stock Purchase Plan | — | 1.7 | — | — | — | — | 1.7 | |||||||||||||||||||||
Dividends paid | (11.7 | ) | — | — | — | — | — | (11.7 | ) | |||||||||||||||||||
Excess tax benefits from equity-based compensation | — | 0.1 | — | — | — | — | 0.1 | |||||||||||||||||||||
Advances from (to) affiliates | 11.7 | 120.4 | (131.9 | ) | (0.2 | ) | — | — | — | |||||||||||||||||||
Net cash provided by (used in) financing activities | — | 111.7 | (174.2 | ) | (0.2 | ) | — | — | (62.7 | ) | ||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (1.7 | ) | — | — | (1.7 | ) | |||||||||||||||||||
Net increase in cash and cash equivalents | — | 81.9 | — | 4.7 | — | 16.3 | 102.9 | |||||||||||||||||||||
Cash and cash equivalents—beginning of period | — | 346.4 | — | 24.6 | — | (26.5 | ) | 344.5 | ||||||||||||||||||||
Cash and cash equivalents—end of period | $ | — | $ | 428.3 | $ | — | $ | 29.3 | $ | — | $ | (10.2 | ) | $ | 447.4 | |||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||
(in millions) | Parent | Subsidiary | Guarantor | Non-Guarantor | Co-Issuer | Consolidating | Consolidated | |||||||||||||||||||||
Guarantor | Issuer | Subsidiaries | Subsidiary | Adjustments | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | — | $ | 14.3 | $ | 207 | $ | 8.6 | $ | — | $ | 16.4 | $ | 246.3 | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||||
Capital expenditures | — | (8.6 | ) | (0.7 | ) | — | — | — | (9.3 | ) | ||||||||||||||||||
Payment of accrued charitable contribution related to the MPK Coworker Incentive Plan II | — | (20.9 | ) | — | — | — | — | (20.9 | ) | |||||||||||||||||||
Net cash used in investing activities | — | (29.5 | ) | (0.7 | ) | — | — | — | (30.2 | ) | ||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||
Repayments of long-term debt | — | (3.9 | ) | — | — | — | — | (3.9 | ) | |||||||||||||||||||
Payments to extinguish long-term debt | — | (79.5 | ) | — | — | — | — | (79.5 | ) | |||||||||||||||||||
Net change in accounts payable - inventory financing | — | — | (6.4 | ) | — | — | — | (6.4 | ) | |||||||||||||||||||
Proceeds from stock option exercises | 0.1 | — | — | — | — | — | 0.1 | |||||||||||||||||||||
Dividends paid | (7.3 | ) | — | — | — | — | — | (7.3 | ) | |||||||||||||||||||
Advances from (to) affiliates | 7.2 | 192.6 | (199.9 | ) | 0.1 | — | — | — | ||||||||||||||||||||
Net cash provided by (used in) financing activities | — | 109.2 | (206.3 | ) | 0.1 | — | — | (97.0 | ) | |||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (0.5 | ) | — | — | (0.5 | ) | |||||||||||||||||||
Net increase in cash and cash equivalents | — | 94 | — | 8.2 | — | 16.4 | 118.6 | |||||||||||||||||||||
Cash and cash equivalents—beginning of period | — | 196.5 | — | 14 | — | (22.4 | ) | 188.1 | ||||||||||||||||||||
Cash and cash equivalents—end of period | $ | — | $ | 290.5 | $ | — | $ | 22.2 | $ | — | $ | (6.0 | ) | $ | 306.7 | |||||||||||||
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events |
On May 7, 2015, the Company announced that its Board of Directors has declared a quarterly cash dividend of $0.0675 per common share to be paid on June 10, 2015 to all shareholders of record as of the close of business on May 26, 2015. Future dividends will be subject to Board approval. |
Description_Of_Business_And_Su1
Description Of Business And Summary Of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Description of Business and Summary of Significant Accounting Policies [Abstract] | |
Description of Business [Policy Text Block] | Description of Business |
CDW Corporation (“Parent”) 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. | |
Throughout these notes, the terms the “Company” and “CDW” refer to Parent and its 100% owned subsidiaries. | |
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 8 and does not hold any material assets or engage in any business activities or operations. | |
Basis of Presentation, Policy | Basis of Presentation |
The accompanying unaudited interim consolidated financial statements as of March 31, 2015 and for the three months ended March 31, 2015 and 2014 (the “consolidated financial statements”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial statements. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These 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, 2014 (the “December 31, 2014 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, 2014 financial statements. 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. | |
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 the 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, 2014 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 three months ended March 31, 2015. |
Inventory_Financing_Agreements1
Inventory Financing Agreements (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Financing Agreements [Abstract] | |||||||||
Inventory Financing Agreements | The following table presents the amounts included in accounts payable-inventory financing: | ||||||||
(in millions) | 31-Mar-15 | 31-Dec-14 | |||||||
Revolving Loan inventory financing agreement | $ | 289.2 | $ | 330.1 | |||||
Other inventory financing agreements | 0.6 | 2 | |||||||
Accounts payable-inventory financing | $ | 289.8 | $ | 332.1 | |||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | The approximate fair values and related carrying values of the Company's long-term debt, including current maturities, were as follows: | |||||||||||
(in millions) | March 31, | December 31, | ||||||||||
2015 | 2014 | |||||||||||
Fair value | $ | 3,282.00 | $ | 3,208.70 | ||||||||
Carrying value | 3,209.70 | 3,192.40 | ||||||||||
Carrying Value of Long-Term Debt | Long-term debt was as follows: | |||||||||||
(dollars in millions) | Interest | 31-Mar-15 | December 31, | |||||||||
Rate (1) | 2014 | |||||||||||
Senior secured asset-based revolving credit facility | — | % | $ | — | $ | — | ||||||
Senior secured term loan facility | 3.25 | % | 1,509.70 | 1,513.50 | ||||||||
Unamortized discount on senior secured term loan facility | (3.5 | ) | (3.7 | ) | ||||||||
Senior notes due 2019 | 8.5 | % | — | 503.9 | ||||||||
Unamortized premium on senior notes due 2019 | — | 1.3 | ||||||||||
Senior notes due 2022 | 6 | % | 600 | 600 | ||||||||
Senior notes due 2023 | 5 | % | 525 | — | ||||||||
Senior notes due 2024 | 5.5 | % | 575 | 575 | ||||||||
Total long-term debt | 3,206.20 | 3,190.00 | ||||||||||
Less current maturities of long-term debt | (15.4 | ) | (15.4 | ) | ||||||||
Long-term debt, excluding current maturities | $ | 3,190.80 | $ | 3,174.60 | ||||||||
(1)Interest rate at March 31, 2015. |
Earnings_per_Share_Tables
Earnings per Share (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
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 March 31, | ||||||
(in millions) | 2015 | 2014 | ||||
Weighted-average shares - basic | 172.1 | 169.6 | ||||
Effect of dilutive securities | 1.4 | 2.7 | ||||
Weighted-average shares - diluted | 173.5 | 172.3 | ||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following table presents information about the Company’s segments for the three months ended March 31, 2015 and 2014: | ||||||||||||||||||||
(in millions) | Corporate | Public | Other | Headquarters | Total | ||||||||||||||||
Three Months Ended March 31, 2015: | |||||||||||||||||||||
Net sales | $ | 1,574.00 | $ | 1,005.80 | $ | 175.4 | $ | — | $ | 2,755.20 | |||||||||||
Income (loss) from operations | 110.2 | 59.6 | 10.1 | (28.3 | ) | 151.6 | |||||||||||||||
Depreciation and amortization expense | (24.0 | ) | (10.9 | ) | (2.3 | ) | (15.3 | ) | (52.5 | ) | |||||||||||
Three Months Ended March 31, 2014: | |||||||||||||||||||||
Net sales | $ | 1,505.60 | $ | 969.9 | $ | 176.8 | $ | — | $ | 2,652.30 | |||||||||||
Income (loss) from operations | 101.1 | 54.1 | 6.5 | (25.9 | ) | 135.8 | |||||||||||||||
Depreciation and amortization expense | (24.1 | ) | (10.9 | ) | (2.1 | ) | (14.9 | ) | (52.0 | ) | |||||||||||
Supplemental_Guarantor_Informa1
Supplemental Guarantor Information (Tables) | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Supplemental Guarantor Information [Abstract] | ||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||
(in millions) | Parent | Subsidiary | Guarantor | Non-Guarantor | Co-Issuer | Consolidating | Consolidated | |||||||||||||||||||||
Guarantor | Issuer | Subsidiaries | Subsidiary | Adjustments | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 428.3 | $ | — | $ | 29.3 | $ | — | $ | (10.2 | ) | $ | 447.4 | |||||||||||||
Accounts receivable, net | — | — | 1,375.80 | 73.1 | — | — | 1,448.90 | |||||||||||||||||||||
Merchandise inventory | — | — | 352.4 | 4.6 | — | — | 357 | |||||||||||||||||||||
Miscellaneous receivables | — | 58.7 | 109.5 | 5.9 | — | — | 174.1 | |||||||||||||||||||||
Prepaid expenses and other | — | 14.5 | 46.5 | 0.6 | — | (3.1 | ) | 58.5 | ||||||||||||||||||||
Total current assets | — | 501.5 | 1,884.20 | 113.5 | — | (13.3 | ) | 2,485.90 | ||||||||||||||||||||
Property and equipment, net | — | 81.3 | 52.8 | 1 | — | — | 135.1 | |||||||||||||||||||||
Equity investments | — | 86.7 | — | — | — | — | 86.7 | |||||||||||||||||||||
Goodwill | — | 751.8 | 1,439.00 | 24.4 | — | — | 2,215.20 | |||||||||||||||||||||
Other intangible assets, net | — | 314.7 | 809.5 | 4.6 | — | — | 1,128.80 | |||||||||||||||||||||
Deferred financing costs, net | — | 34.3 | — | — | — | — | 34.3 | |||||||||||||||||||||
Other assets | 4.3 | 2.4 | 0.4 | 1.6 | — | (6.1 | ) | 2.6 | ||||||||||||||||||||
Investment in and advances to subsidiaries | 971.2 | 2,770.40 | — | — | — | (3,741.6 | ) | — | ||||||||||||||||||||
Total assets | $ | 975.5 | $ | 4,543.10 | $ | 4,185.90 | $ | 145.1 | $ | — | $ | (3,761.0 | ) | $ | 6,088.60 | |||||||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||
Accounts payable—trade | $ | — | $ | 22.3 | $ | 648.5 | $ | 34.6 | $ | — | $ | (10.3 | ) | $ | 695.1 | |||||||||||||
Accounts payable—inventory financing | — | — | 289.8 | — | — | — | 289.8 | |||||||||||||||||||||
Current maturities of | — | 15.4 | — | — | — | — | 15.4 | |||||||||||||||||||||
long-term debt | ||||||||||||||||||||||||||||
Deferred revenue | — | — | 82 | 0.3 | — | — | 82.3 | |||||||||||||||||||||
Accrued expenses | — | 163.1 | 176.2 | 7.1 | — | (3.4 | ) | 343 | ||||||||||||||||||||
Total current liabilities | — | 200.8 | 1,196.50 | 42 | — | (13.7 | ) | 1,425.60 | ||||||||||||||||||||
Long-term liabilities: | ||||||||||||||||||||||||||||
Debt | — | 3,190.80 | — | — | — | — | 3,190.80 | |||||||||||||||||||||
Deferred income taxes | — | 136.6 | 316.5 | 1.2 | — | (4.3 | ) | 450 | ||||||||||||||||||||
Other liabilities | — | 43.7 | 3.6 | 0.8 | — | (1.4 | ) | 46.7 | ||||||||||||||||||||
Total long-term liabilities | — | 3,371.10 | 320.1 | 2 | — | (5.7 | ) | 3,687.50 | ||||||||||||||||||||
Total shareholders’ equity | 975.5 | 971.2 | 2,669.30 | 101.1 | — | (3,741.6 | ) | 975.5 | ||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 975.5 | $ | 4,543.10 | $ | 4,185.90 | $ | 145.1 | $ | — | $ | (3,761.0 | ) | $ | 6,088.60 | |||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||
(in millions) | Parent | Subsidiary | Guarantor | Non-Guarantor | Co-Issuer | Consolidating | Consolidated | |||||||||||||||||||||
Guarantor | Issuer | Subsidiaries | Subsidiary | Adjustments | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 346.4 | $ | — | $ | 24.6 | $ | — | $ | (26.5 | ) | $ | 344.5 | |||||||||||||
Accounts receivable, net | — | — | 1,479.10 | 82 | — | — | 1,561.10 | |||||||||||||||||||||
Merchandise inventory | — | — | 333.9 | 3.6 | — | — | 337.5 | |||||||||||||||||||||
Miscellaneous receivables | — | 56.1 | 93.3 | 6.2 | — | — | 155.6 | |||||||||||||||||||||
Prepaid expenses and other | — | 11 | 46 | 1.5 | — | (3.8 | ) | 54.7 | ||||||||||||||||||||
Total current assets | — | 413.5 | 1,952.30 | 117.9 | — | (30.3 | ) | 2,453.40 | ||||||||||||||||||||
Property and equipment, net | — | 80.5 | 55.5 | 1.2 | — | — | 137.2 | |||||||||||||||||||||
Equity investments | — | 86.7 | — | — | 86.7 | |||||||||||||||||||||||
Goodwill | — | 751.8 | 1,439.00 | 26.8 | — | — | 2,217.60 | |||||||||||||||||||||
Other intangible assets, net | — | 320 | 843.6 | 5.2 | — | — | 1,168.80 | |||||||||||||||||||||
Deferred financing costs, net | — | 33 | — | — | — | — | 33 | |||||||||||||||||||||
Other assets | 4.3 | 3.2 | 0.4 | 1.4 | — | (6.1 | ) | 3.2 | ||||||||||||||||||||
Investment in and advances to subsidiaries | 932.2 | 2,784.50 | — | — | — | (3,716.7 | ) | — | ||||||||||||||||||||
Total assets | $ | 936.5 | $ | 4,473.20 | $ | 4,290.80 | $ | 152.5 | $ | — | $ | (3,753.1 | ) | $ | 6,099.90 | |||||||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||
Accounts payable-trade | $ | — | $ | 23.9 | $ | 671.9 | $ | 34.7 | $ | — | $ | (26.5 | ) | $ | 704 | |||||||||||||
Accounts payable-inventory financing | — | — | 332.1 | — | — | — | 332.1 | |||||||||||||||||||||
Current maturities of long-term debt | — | 15.4 | — | — | — | — | 15.4 | |||||||||||||||||||||
Deferred revenue | — | — | 79.9 | 1.4 | — | — | 81.3 | |||||||||||||||||||||
Accrued expenses | — | 137.8 | 193.6 | 7.9 | — | (4.1 | ) | 335.2 | ||||||||||||||||||||
Total current liabilities | — | 177.1 | 1,277.50 | 44 | — | (30.6 | ) | 1,468.00 | ||||||||||||||||||||
Long-term liabilities: | ||||||||||||||||||||||||||||
Debt | — | 3,174.60 | — | — | — | — | 3,174.60 | |||||||||||||||||||||
Deferred income taxes | — | 146.7 | 331.3 | 1.3 | — | (4.3 | ) | 475 | ||||||||||||||||||||
Other liabilities | — | 42.6 | 3.7 | 1 | — | (1.5 | ) | 45.8 | ||||||||||||||||||||
Total long-term liabilities | — | 3,363.90 | 335 | 2.3 | — | (5.8 | ) | 3,695.40 | ||||||||||||||||||||
Total shareholders’ equity | 936.5 | 932.2 | 2,678.30 | 106.2 | — | (3,716.7 | ) | 936.5 | ||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 936.5 | $ | 4,473.20 | $ | 4,290.80 | $ | 152.5 | $ | — | $ | (3,753.1 | ) | $ | 6,099.90 | |||||||||||||
Consolidating Statements of Operations | Consolidating Statement of Operations | |||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||
(in millions) | Parent | Subsidiary | Guarantor | Non-Guarantor | Co-Issuer | Consolidating | Consolidated | |||||||||||||||||||||
Guarantor | Issuer | Subsidiaries | Subsidiary | Adjustments | ||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 2,518.10 | $ | 134.2 | $ | — | $ | — | $ | 2,652.30 | ||||||||||||||
Cost of sales | — | — | 2,107.50 | 119.6 | — | — | 2,227.10 | |||||||||||||||||||||
Gross profit | — | — | 410.6 | 14.6 | — | — | 425.2 | |||||||||||||||||||||
Selling and administrative expenses | — | 25.9 | 226.3 | 8.7 | — | — | 260.9 | |||||||||||||||||||||
Advertising expense | — | — | 27.8 | 0.7 | — | — | 28.5 | |||||||||||||||||||||
Income (loss) from operations | — | (25.9 | ) | 156.5 | 5.2 | — | — | 135.8 | ||||||||||||||||||||
Interest (expense) income, net | — | (50.2 | ) | — | 0.1 | — | — | (50.1 | ) | |||||||||||||||||||
Net loss on extinguishments of long-term debt | — | (5.4 | ) | — | — | — | — | (5.4 | ) | |||||||||||||||||||
Management fee | — | 1 | — | (1.0 | ) | — | — | — | ||||||||||||||||||||
Other (expense) income, net | — | — | 0.4 | 0.1 | — | — | 0.5 | |||||||||||||||||||||
Income (loss) before income taxes | — | (80.5 | ) | 156.9 | 4.4 | — | — | 80.8 | ||||||||||||||||||||
Income tax benefit (expense) | — | 30.2 | (58.9 | ) | (1.2 | ) | — | — | (29.9 | ) | ||||||||||||||||||
Income (loss) before equity in earnings of subsidiaries | — | (50.3 | ) | 98 | 3.2 | — | — | 50.9 | ||||||||||||||||||||
Equity in earnings of subsidiaries | 50.9 | 101.2 | — | — | — | (152.1 | ) | — | ||||||||||||||||||||
Net income | $ | 50.9 | $ | 50.9 | $ | 98 | $ | 3.2 | $ | — | $ | (152.1 | ) | $ | 50.9 | |||||||||||||
Consolidating Statement of Operations | ||||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||||||||||
(in millions) | Parent | Subsidiary | Guarantor | Non-Guarantor | Co-Issuer | Consolidating | Consolidated | |||||||||||||||||||||
Guarantor | Issuer | Subsidiaries | Subsidiary | Adjustments | ||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 2,627.60 | $ | 127.6 | $ | — | $ | — | $ | 2,755.20 | ||||||||||||||
Cost of sales | — | — | 2,186.40 | 112.3 | — | — | 2,298.70 | |||||||||||||||||||||
Gross profit | — | — | 441.2 | 15.3 | — | — | 456.5 | |||||||||||||||||||||
Selling and administrative expenses | — | 28.3 | 238.5 | 8.7 | — | — | 275.5 | |||||||||||||||||||||
Advertising expense | — | — | 28.7 | 0.7 | — | — | 29.4 | |||||||||||||||||||||
Income (loss) from operations | — | (28.3 | ) | 174 | 5.9 | — | — | 151.6 | ||||||||||||||||||||
Interest (expense) income, net | — | (44.9 | ) | — | 0.1 | — | — | (44.8 | ) | |||||||||||||||||||
Net loss on extinguishments of long-term debt | — | (24.3 | ) | — | — | — | — | (24.3 | ) | |||||||||||||||||||
Management fee | — | 1 | — | (1.0 | ) | — | — | — | ||||||||||||||||||||
Other income (expense), net | — | 4.1 | 0.7 | (0.3 | ) | — | — | 4.5 | ||||||||||||||||||||
Income (loss) before income taxes | — | (92.4 | ) | 174.7 | 4.7 | — | — | 87 | ||||||||||||||||||||
Income tax benefit (expense) | — | 34.8 | (65.8 | ) | (1.3 | ) | — | — | (32.3 | ) | ||||||||||||||||||
Income (loss) before equity in earnings of subsidiaries | — | (57.6 | ) | 108.9 | 3.4 | — | — | 54.7 | ||||||||||||||||||||
Equity in earnings of subsidiaries | 54.7 | 112.3 | — | — | (167.0 | ) | — | |||||||||||||||||||||
Net income | $ | 54.7 | $ | 54.7 | $ | 108.9 | $ | 3.4 | $ | — | $ | (167.0 | ) | $ | 54.7 | |||||||||||||
Condensed Consolidating Statements of Comprehensive Income (Loss) | Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||||||||||
(in millions) | Parent | Subsidiary | Guarantor | Non-Guarantor | Co-Issuer | Consolidating | Consolidated | |||||||||||||||||||||
Guarantor | Issuer | Subsidiaries | Subsidiary | Adjustments | ||||||||||||||||||||||||
Comprehensive income (loss) | $ | 43.7 | $ | 43.7 | $ | 108.9 | $ | (7.6 | ) | $ | — | $ | (145.0 | ) | $ | 43.7 | ||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||
(in millions) | Parent | Subsidiary | Guarantor | Non-Guarantor | Co-Issuer | Consolidating | Consolidated | |||||||||||||||||||||
Guarantor | Issuer | Subsidiaries | Subsidiary | Adjustments | ||||||||||||||||||||||||
Comprehensive income (loss) | $ | 47 | $ | 47 | $ | 98 | $ | (0.7 | ) | $ | — | $ | (144.3 | ) | $ | 47 | ||||||||||||
Condensed Consolidating Statements Cash Flows | Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||
(in millions) | Parent | Subsidiary | Guarantor | Non-Guarantor | Co-Issuer | Consolidating | Consolidated | |||||||||||||||||||||
Guarantor | Issuer | Subsidiaries | Subsidiary | Adjustments | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | — | $ | 14.3 | $ | 207 | $ | 8.6 | $ | — | $ | 16.4 | $ | 246.3 | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||||
Capital expenditures | — | (8.6 | ) | (0.7 | ) | — | — | — | (9.3 | ) | ||||||||||||||||||
Payment of accrued charitable contribution related to the MPK Coworker Incentive Plan II | — | (20.9 | ) | — | — | — | — | (20.9 | ) | |||||||||||||||||||
Net cash used in investing activities | — | (29.5 | ) | (0.7 | ) | — | — | — | (30.2 | ) | ||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||
Repayments of long-term debt | — | (3.9 | ) | — | — | — | — | (3.9 | ) | |||||||||||||||||||
Payments to extinguish long-term debt | — | (79.5 | ) | — | — | — | — | (79.5 | ) | |||||||||||||||||||
Net change in accounts payable - inventory financing | — | — | (6.4 | ) | — | — | — | (6.4 | ) | |||||||||||||||||||
Proceeds from stock option exercises | 0.1 | — | — | — | — | — | 0.1 | |||||||||||||||||||||
Dividends paid | (7.3 | ) | — | — | — | — | — | (7.3 | ) | |||||||||||||||||||
Advances from (to) affiliates | 7.2 | 192.6 | (199.9 | ) | 0.1 | — | — | — | ||||||||||||||||||||
Net cash provided by (used in) financing activities | — | 109.2 | (206.3 | ) | 0.1 | — | — | (97.0 | ) | |||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (0.5 | ) | — | — | (0.5 | ) | |||||||||||||||||||
Net increase in cash and cash equivalents | — | 94 | — | 8.2 | — | 16.4 | 118.6 | |||||||||||||||||||||
Cash and cash equivalents—beginning of period | — | 196.5 | — | 14 | — | (22.4 | ) | 188.1 | ||||||||||||||||||||
Cash and cash equivalents—end of period | $ | — | $ | 290.5 | $ | — | $ | 22.2 | $ | — | $ | (6.0 | ) | $ | 306.7 | |||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||||||||||
(in millions) | Parent | Subsidiary | Guarantor | Non-Guarantor | Co-Issuer | Consolidating | Consolidated | |||||||||||||||||||||
Guarantor | Issuer | Subsidiaries | Subsidiary | Adjustments | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | — | $ | (20.6 | ) | $ | 175.3 | $ | 6.8 | $ | — | $ | 16.3 | $ | 177.8 | |||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||||
Capital expenditures | — | (8.7 | ) | (1.1 | ) | (0.2 | ) | — | — | (10.0 | ) | |||||||||||||||||
Premium payments on interest rate cap agreements | — | (0.5 | ) | — | — | — | — | (0.5 | ) | |||||||||||||||||||
Net cash used in investing activities | — | (9.2 | ) | (1.1 | ) | (0.2 | ) | — | — | (10.5 | ) | |||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||
Repayments of long-term debt | — | (3.9 | ) | — | — | — | — | (3.9 | ) | |||||||||||||||||||
Proceeds from the issuance of long-term debt | — | 525 | — | — | — | — | 525 | |||||||||||||||||||||
Payments to extinguish long-term debt | — | (525.3 | ) | — | — | — | — | (525.3 | ) | |||||||||||||||||||
Payments of debt financing costs | — | (6.8 | ) | — | — | — | — | (6.8 | ) | |||||||||||||||||||
Net change in accounts payable-inventory financing | — | — | (42.3 | ) | — | — | — | (42.3 | ) | |||||||||||||||||||
Proceeds from stock option exercises | — | 0.5 | — | — | — | — | 0.5 | |||||||||||||||||||||
Proceeds from Coworker Stock Purchase Plan | — | 1.7 | — | — | — | — | 1.7 | |||||||||||||||||||||
Dividends paid | (11.7 | ) | — | — | — | — | — | (11.7 | ) | |||||||||||||||||||
Excess tax benefits from equity-based compensation | — | 0.1 | — | — | — | — | 0.1 | |||||||||||||||||||||
Advances from (to) affiliates | 11.7 | 120.4 | (131.9 | ) | (0.2 | ) | — | — | — | |||||||||||||||||||
Net cash provided by (used in) financing activities | — | 111.7 | (174.2 | ) | (0.2 | ) | — | — | (62.7 | ) | ||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (1.7 | ) | — | — | (1.7 | ) | |||||||||||||||||||
Net increase in cash and cash equivalents | — | 81.9 | — | 4.7 | — | 16.3 | 102.9 | |||||||||||||||||||||
Cash and cash equivalents—beginning of period | — | 346.4 | — | 24.6 | — | (26.5 | ) | 344.5 | ||||||||||||||||||||
Cash and cash equivalents—end of period | $ | — | $ | 428.3 | $ | — | $ | 29.3 | $ | — | $ | (10.2 | ) | $ | 447.4 | |||||||||||||
Inventory_Financing_Agreements2
Inventory Financing Agreements (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Inventory Financing Agreements [Line Items] | ||
Accounts payable-inventory financing | $289.80 | $332.10 |
Accounts Payable, Inventory Financing [Member] | ||
Inventory Financing Agreements [Line Items] | ||
Revolving Loan inventory financing agreement | 289.2 | 330.1 |
Other inventory financing agreements | 0.6 | 2 |
Accounts payable-inventory financing | $289.80 | $332.10 |
LongTerm_Debt_Debt_Balances_an
Long-Term Debt -Debt Balances and Interest Rates (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | |
In Millions, unless otherwise specified | |||
Debt Instrument [Line Items] | |||
Debt, total short-term and long-term | $3,206.20 | $3,190 | |
Current maturities of long-term debt | -15.4 | -15.4 | |
Debt | 3,190.80 | 3,174.60 | |
Revolving Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt, short-term and long-term | 0 | 0 | |
Long-term Debt, Weighted Average Interest Rate | 0.00% | [1] | |
Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt, short-term and long-term | 1,509.70 | 1,513.50 | |
Discount, Unamortized | -3.5 | -3.7 | |
Long-term Debt, Weighted Average Interest Rate | 3.25% | [1] | |
Senior notes due 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Debt, short-term and long-term | 0 | 503.9 | |
Long-term Debt, Weighted Average Interest Rate | 8.50% | [1] | |
Premium, unamortized | 0 | 1.3 | |
Senior Notes due 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Debt, short-term and long-term | 525 | 0 | |
Long-term Debt, Weighted Average Interest Rate | 5.00% | [1] | |
Senior Notes due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Debt, short-term and long-term | 600 | 600 | |
Long-term Debt, Weighted Average Interest Rate | 6.00% | [1] | |
Senior Notes due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Debt, short-term and long-term | $575 | $575 | |
Long-term Debt, Weighted Average Interest Rate | 5.50% | [1] | |
LIBOR [Member] | Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Weighted Average Interest Rate | 3.25% | ||
[1] | Interest rate at MarchB 31, 2015 |
LongTerm_Debt_Revolving_Loan_D
Long-Term Debt -Revolving Loan (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||
Net loss on extinguishments of long-term debt | ($24.30) | ($5.40) | |
Revolving Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt, short-term and long-term | 0 | 0 | |
Undrawn letters of credit | 2.1 | ||
Floorplan sub-facility, reserve | 280.1 | ||
Borrowing Base | 1,224.90 | ||
Availability under Revolving Loan | 942.7 | ||
Accounts Payable, Inventory Financing [Member] | |||
Debt Instrument [Line Items] | |||
Revolving Loan inventory financing agreement | 289.2 | 330.1 | |
Accounts Payable, Inventory Financing [Member] | Revolving Loan [Member] | |||
Debt Instrument [Line Items] | |||
Amount owed under Revolving loan financing agreement | 280.1 | ||
Floorplan sub-facility, variation between balance in financials and balance per financial intermediary due to timing differences in reporting | $9.10 |
LongTerm_Debt_Term_Loan_Detail
Long-Term Debt -Term Loan (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||||
Net Income free of restrictions under credit agreements | $765.90 | |||
Proceeds from Issuance of Long-term Debt | 525 | 0 | ||
Net loss on extinguishments of long-term debt | -24.3 | -5.4 | ||
Interest rate cap agreements premiums paid | 0.5 | 0 | ||
Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, short-term and long-term | 1,509.70 | 1,513.50 | ||
Net leverage ratio | 3 | |||
Long-term Debt, Weighted Average Interest Rate | 3.25% | [1] | ||
Discount, Unamortized | 3.5 | 3.7 | ||
LIBOR [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Weighted Average Interest Rate | 3.25% | |||
LIBOR [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Variable Interest Rate Margin | 2.25% | |||
LIBOR [Member] | Minimum [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Reference Interest Rate Floor | 1.00% | |||
Cap agreement effective January 14, 2015-2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest Rate Cap, cap rate | 2.00% | |||
Number of Interest Rate Derivatives Held | 6 | 14 | ||
Derivative, Notional Amount | 400 | 1,000 | ||
Interest rate cap agreements premiums paid | 0.5 | |||
Interest Rate Cap, fair value | 0.9 | 1.7 | ||
Cap agreement effective January 14, 2013-2015 [Member] | ||||
Debt Instrument [Line Items] | ||||
Number of Interest Rate Derivatives Held | 10 | |||
Derivative, Notional Amount | $1,150 | |||
[1] | Interest rate at MarchB 31, 2015 |
LongTerm_Debt_Interest_Rate_Ca
Long-Term Debt -Interest Rate Caps (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Derivative [Line Items] | |||
Interest rate cap agreements premiums paid | $0.50 | $0 | |
Cap agreement effective January 14, 2013-2015 [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 1,150 | ||
Cap agreement effective January 14, 2015-2017 [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 400 | 1,000 | |
Interest rate cap agreements premiums paid | 0.5 | ||
Interest Rate Cap, cap rate | 2.00% | ||
Interest Rate Cap, fair value | $0.90 | $1.70 |
LongTerm_Debt_Senior_Notes_Det
Long-Term Debt -Senior Notes (Details) (USD $) | 3 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Mar. 03, 2015 | |
Debt Instrument [Line Items] | |||||
Net loss on extinguishments of long-term debt | ($24.30) | ($5.40) | |||
Deferred financing costs, net | 34.3 | 33 | |||
Senior notes due 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Net loss on extinguishments of long-term debt | 24.3 | ||||
Long-term Debt, stated interest rate | 8.50% | ||||
Debt, short-term and long-term | 0 | 503.9 | |||
Long-term Debt, Weighted Average Interest Rate | 8.50% | [1] | |||
Premium, unamortized | 0 | 1.3 | |||
Debt Instrument, Repurchased Face Amount | 503.9 | ||||
Redemption Premium, percentage of par value | 104.25% | ||||
Extinguishment of Debt, Fees Paid to Lenders | 21.4 | ||||
Write off of Deferred Debt Issuance Cost | 4.2 | ||||
Write off of Deferred Debt issuance Cost, unamortized premium | 1.3 | ||||
Senior Notes due 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, stated interest rate | 5.00% | ||||
Debt, short-term and long-term | 525 | 0 | |||
Deferred financing costs, net | $6.80 | ||||
Long-term Debt, Weighted Average Interest Rate | 5.00% | [1] | |||
[1] | Interest rate at MarchB 31, 2015 |
LongTerm_Debt_Senior_Subordina
Long-Term Debt Senior Subordinated Notes (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Debt Instrument [Line Items] | ||
Net loss on extinguishments of long-term debt | $24.30 | $5.40 |
LongTerm_Debt_Fair_Value_of_Lo
Long-Term Debt -Fair Value of Long-Term Debt (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value [Line Items] | ||
Long-term Debt, fair value disclosures | $3,282 | $3,208.70 |
Reported Value Measurement [Member] | ||
Fair Value [Line Items] | ||
Debt, short-term and long-term | $3,209.70 | $3,192.40 |
Earnings_per_Share_Details
Earnings per Share (Details) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Weighted Average Shares - Basic | 172.1 | 169.6 |
Effect of dilutive securities | 1.4 | 2.7 |
Weighted Average Shares - Diluted | 173.5 | 172.3 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.4 | 0.1 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Net Sales | $2,755.20 | $2,652.30 |
Number of Reportable Segments | 2 | |
Number of operating segments which do not meet reportable unit quantitative threshold | 3 | |
Income (loss) from operations | 151.6 | 135.8 |
Depreciation and amortization expense | -52.5 | -52 |
Corporate Segment: Private Sector Business [Member] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 1,574 | 1,505.60 |
Income (loss) from operations | 110.2 | 101.1 |
Depreciation and amortization expense | -24 | -24.1 |
Public [Member] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 1,005.80 | 969.9 |
Income (loss) from operations | 59.6 | 54.1 |
Depreciation and amortization expense | -10.9 | -10.9 |
Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 175.4 | 176.8 |
Income (loss) from operations | 10.1 | 6.5 |
Depreciation and amortization expense | -2.3 | -2.1 |
Headquarters [Member] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 0 | 0 |
Income (loss) from operations | -28.3 | -25.9 |
Depreciation and amortization expense | ($15.30) | ($14.90) |
Supplemental_Guarantor_Informa2
Supplemental Guarantor Information -Condensed Consolidating Balance Sheets (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||||
Supplemental Guarantor Information [Line Items] | ||||
Cash and cash equivalents | $447.40 | $344.50 | $306.70 | $188.10 |
Accounts receivable, net of allowance for doubtful accounts | 1,448.90 | 1,561.10 | ||
Merchandise inventory | 357 | 337.5 | ||
Miscellaneous receivables | 174.1 | 155.6 | ||
Prepaid expenses and other | 58.5 | 54.7 | ||
Total current assets | 2,485.90 | 2,453.40 | ||
Property and equipment, net | 135.1 | 137.2 | ||
Equity Method Investments | 86.7 | 86.7 | ||
Goodwill | 2,215.20 | 2,217.60 | ||
Other intangible assets, net | 1,128.80 | 1,168.80 | ||
Deferred financing costs, net | 34.3 | 33 | ||
Other assets | 2.6 | 3.2 | ||
Total assets | 6,088.60 | 6,099.90 | ||
Accounts payable-trade | 695.1 | 704 | ||
Accounts payable-inventory financing | 289.8 | 332.1 | ||
Current maturities of long-term debt | 15.4 | 15.4 | ||
Deferred revenue | 82.3 | 81.3 | ||
Total current liabilities | 1,425.60 | 1,468 | ||
Debt | 3,190.80 | 3,174.60 | ||
Deferred income taxes | 450 | 475 | ||
Other liabilities | 46.7 | 45.8 | ||
Total long-term liabilities | 3,687.50 | 3,695.40 | ||
Total shareholders' equity (deficit) | 975.5 | 936.5 | ||
Total liabilities and shareholders' equity (deficit) | 6,088.60 | 6,099.90 | ||
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 | ||
Prepaid expenses and other | 0 | 0 | ||
Total current assets | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Equity Method Investments | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other intangible assets, net | 0 | 0 | ||
Deferred financing costs, net | 0 | 0 | ||
Other assets | 4.3 | 4.3 | ||
Investment from and advances to subsidiaries | 971.2 | 932.2 | ||
Total assets | 975.5 | 936.5 | ||
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 liabilities | 0 | 0 | ||
Total long-term liabilities | 0 | 0 | ||
Total shareholders' equity (deficit) | 975.5 | 936.5 | ||
Total liabilities and shareholders' equity (deficit) | 975.5 | 936.5 | ||
Subsidiary Issuer [Member] | ||||
Supplemental Guarantor Information [Line Items] | ||||
Cash and cash equivalents | 428.3 | 346.4 | 290.5 | 196.5 |
Accounts receivable, net of allowance for doubtful accounts | 0 | 0 | ||
Merchandise inventory | 0 | 0 | ||
Miscellaneous receivables | 58.7 | 56.1 | ||
Prepaid expenses and other | 14.5 | 11 | ||
Total current assets | 501.5 | 413.5 | ||
Property and equipment, net | 81.3 | 80.5 | ||
Equity Method Investments | 86.7 | 86.7 | ||
Goodwill | 751.8 | 751.8 | ||
Other intangible assets, net | 314.7 | 320 | ||
Deferred financing costs, net | 34.3 | 33 | ||
Other assets | 2.4 | 3.2 | ||
Investment from and advances to subsidiaries | 2,770.40 | 2,784.50 | ||
Total assets | 4,543.10 | 4,473.20 | ||
Accounts payable-trade | 22.3 | 23.9 | ||
Accounts payable-inventory financing | 0 | 0 | ||
Current maturities of long-term debt | 15.4 | 15.4 | ||
Deferred revenue | 0 | 0 | ||
Accrued Expenses | 163.1 | 137.8 | ||
Total current liabilities | 200.8 | 177.1 | ||
Debt | 3,190.80 | 3,174.60 | ||
Deferred income taxes | 136.6 | 146.7 | ||
Other liabilities | 43.7 | 42.6 | ||
Total long-term liabilities | 3,371.10 | 3,363.90 | ||
Total shareholders' equity (deficit) | 971.2 | 932.2 | ||
Total liabilities and shareholders' equity (deficit) | 4,543.10 | 4,473.20 | ||
Guarantor Subsidiaries [Member] | ||||
Supplemental Guarantor Information [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net of allowance for doubtful accounts | 1,375.80 | 1,479.10 | ||
Merchandise inventory | 352.4 | 333.9 | ||
Miscellaneous receivables | 109.5 | 93.3 | ||
Prepaid expenses and other | 46.5 | 46 | ||
Total current assets | 1,884.20 | 1,952.30 | ||
Property and equipment, net | 52.8 | 55.5 | ||
Equity Method Investments | 0 | 0 | ||
Goodwill | 1,439 | 1,439 | ||
Other intangible assets, net | 809.5 | 843.6 | ||
Deferred financing costs, net | 0 | 0 | ||
Other assets | 0.4 | 0.4 | ||
Investment from and advances to subsidiaries | 0 | 0 | ||
Total assets | 4,185.90 | 4,290.80 | ||
Accounts payable-trade | 648.5 | 671.9 | ||
Accounts payable-inventory financing | 289.8 | 332.1 | ||
Current maturities of long-term debt | 0 | 0 | ||
Deferred revenue | 82 | 79.9 | ||
Accrued Expenses | 176.2 | 193.6 | ||
Total current liabilities | 1,196.50 | 1,277.50 | ||
Debt | 0 | 0 | ||
Deferred income taxes | 316.5 | 331.3 | ||
Other liabilities | 3.6 | 3.7 | ||
Total long-term liabilities | 320.1 | 335 | ||
Total shareholders' equity (deficit) | 2,669.30 | 2,678.30 | ||
Total liabilities and shareholders' equity (deficit) | 4,185.90 | 4,290.80 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Supplemental Guarantor Information [Line Items] | ||||
Cash and cash equivalents | 29.3 | 24.6 | 22.2 | 14 |
Accounts receivable, net of allowance for doubtful accounts | 73.1 | 82 | ||
Merchandise inventory | 4.6 | 3.6 | ||
Miscellaneous receivables | 5.9 | 6.2 | ||
Prepaid expenses and other | 0.6 | 1.5 | ||
Total current assets | 113.5 | 117.9 | ||
Property and equipment, net | 1 | 1.2 | ||
Equity Method Investments | 0 | 0 | ||
Goodwill | 24.4 | 26.8 | ||
Other intangible assets, net | 4.6 | 5.2 | ||
Deferred financing costs, net | 0 | 0 | ||
Other assets | 1.6 | 1.4 | ||
Investment from and advances to subsidiaries | 0 | 0 | ||
Total assets | 145.1 | 152.5 | ||
Accounts payable-trade | 34.6 | 34.7 | ||
Accounts payable-inventory financing | 0 | 0 | ||
Current maturities of long-term debt | 0 | 0 | ||
Deferred revenue | 0.3 | 1.4 | ||
Accrued Expenses | 7.1 | 7.9 | ||
Total current liabilities | 42 | 44 | ||
Debt | 0 | 0 | ||
Deferred income taxes | 1.2 | 1.3 | ||
Other liabilities | 0.8 | 1 | ||
Total long-term liabilities | 2 | 2.3 | ||
Total shareholders' equity (deficit) | 101.1 | 106.2 | ||
Total liabilities and shareholders' equity (deficit) | 145.1 | 152.5 | ||
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 | ||
Prepaid expenses and other | 0 | 0 | ||
Total current assets | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Equity Method Investments | 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 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 | -10.2 | -26.5 | -6 | -22.4 |
Accounts receivable, net of allowance for doubtful accounts | 0 | 0 | ||
Merchandise inventory | 0 | 0 | ||
Miscellaneous receivables | 0 | 0 | ||
Prepaid expenses and other | -3.1 | -3.8 | ||
Total current assets | -13.3 | -30.3 | ||
Property and equipment, net | 0 | |||
Equity Method Investments | 0 | |||
Goodwill | 0 | 0 | ||
Other intangible assets, net | 0 | 0 | ||
Deferred financing costs, net | 0 | 0 | ||
Other assets | -6.1 | -6.1 | ||
Investment from and advances to subsidiaries | -3,741.60 | -3,716.70 | ||
Total assets | -3,761 | -3,753.10 | ||
Accounts payable-trade | -10.3 | -26.5 | ||
Accounts payable-inventory financing | 0 | 0 | ||
Current maturities of long-term debt | 0 | 0 | ||
Deferred revenue | 0 | 0 | ||
Accrued Expenses | -3.4 | -4.1 | ||
Total current liabilities | -13.7 | -30.6 | ||
Debt | 0 | 0 | ||
Deferred income taxes | -4.3 | -4.3 | ||
Other liabilities | -1.4 | -1.5 | ||
Total long-term liabilities | -5.7 | -5.8 | ||
Total shareholders' equity (deficit) | -3,741.60 | -3,716.70 | ||
Total liabilities and shareholders' equity (deficit) | -3,761 | -3,753.10 | ||
Consolidated [Member] | ||||
Supplemental Guarantor Information [Line Items] | ||||
Cash and cash equivalents | 447.4 | 344.5 | 306.7 | 188.1 |
Accounts receivable, net of allowance for doubtful accounts | 1,448.90 | 1,561.10 | ||
Merchandise inventory | 357 | 337.5 | ||
Miscellaneous receivables | 174.1 | 155.6 | ||
Prepaid expenses and other | 58.5 | 54.7 | ||
Total current assets | 2,485.90 | 2,453.40 | ||
Property and equipment, net | 135.1 | 137.2 | ||
Equity Method Investments | 86.7 | 86.7 | ||
Goodwill | 2,215.20 | 2,217.60 | ||
Other intangible assets, net | 1,128.80 | 1,168.80 | ||
Deferred financing costs, net | 34.3 | 33 | ||
Other assets | 2.6 | 3.2 | ||
Investment from and advances to subsidiaries | 0 | 0 | ||
Total assets | 6,088.60 | 6,099.90 | ||
Accounts payable-trade | 695.1 | 704 | ||
Accounts payable-inventory financing | 289.8 | 332.1 | ||
Current maturities of long-term debt | 15.4 | 15.4 | ||
Deferred revenue | 82.3 | 81.3 | ||
Accrued Expenses | 343 | 335.2 | ||
Total current liabilities | 1,425.60 | 1,468 | ||
Debt | 3,190.80 | 3,174.60 | ||
Deferred income taxes | 450 | 475 | ||
Other liabilities | 46.7 | 45.8 | ||
Total long-term liabilities | 3,687.50 | 3,695.40 | ||
Total shareholders' equity (deficit) | 975.5 | 936.5 | ||
Total liabilities and shareholders' equity (deficit) | $6,088.60 | $6,099.90 |
Supplemental_Guarantor_Informa3
Supplemental Guarantor Information -Consolidating Statements of Operations (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Supplemental Guarantor Information [Line Items] | ||
Net Sales | $2,755.20 | $2,652.30 |
Cost of sales | 2,298.70 | 2,227.10 |
Gross Profit | 456.5 | 425.2 |
Selling and administrative expenses | 275.5 | 260.9 |
Advertising expense | 29.4 | 28.5 |
Income from operations | 151.6 | 135.8 |
Interest Income (Expense), Net | 44.8 | 50.1 |
Net loss on extinguishments of long-term debt | -24.3 | -5.4 |
Other income (loss), net | 4.5 | 0.5 |
Income (loss) before income taxes | 87 | 80.8 |
Income Tax Expense (Benefit) | -32.3 | -29.9 |
Net income (loss) | 54.7 | 50.9 |
Parent Guarantor [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Net Sales | 0 | 0 |
Cost of sales | 0 | 0 |
Gross Profit | 0 | 0 |
Selling and administrative expenses | 0 | 0 |
Advertising expense | 0 | 0 |
Income from operations | 0 | 0 |
Interest Income (Expense), Net | 0 | 0 |
Net loss on extinguishments of long-term debt | 0 | 0 |
Management Fee Income (Expense) | 0 | 0 |
Other income (loss), net | 0 | 0 |
Income (loss) before income taxes | 0 | 0 |
Income Tax Expense (Benefit) | 0 | 0 |
Income (Loss) before equity in earnings (loss) of subsidiaries | 0 | 0 |
Equity in Earnings (Loss) of Subsidiaries | 54.7 | 50.9 |
Net income (loss) | 54.7 | 50.9 |
Subsidiary Issuer [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Net Sales | 0 | 0 |
Cost of sales | 0 | 0 |
Gross Profit | 0 | 0 |
Selling and administrative expenses | 28.3 | 25.9 |
Advertising expense | 0 | 0 |
Income from operations | -28.3 | -25.9 |
Interest Income (Expense), Net | -44.9 | -50.2 |
Net loss on extinguishments of long-term debt | -24.3 | -5.4 |
Management Fee Income (Expense) | 1 | 1 |
Other income (loss), net | 4.1 | 0 |
Income (loss) before income taxes | -92.4 | -80.5 |
Income Tax Expense (Benefit) | -34.8 | -30.2 |
Income (Loss) before equity in earnings (loss) of subsidiaries | -57.6 | -50.3 |
Equity in Earnings (Loss) of Subsidiaries | 112.3 | 101.2 |
Net income (loss) | 54.7 | 50.9 |
Guarantor Subsidiaries [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Net Sales | 2,627.60 | 2,518.10 |
Cost of sales | 2,186.40 | 2,107.50 |
Gross Profit | 441.2 | 410.6 |
Selling and administrative expenses | 238.5 | 226.3 |
Advertising expense | 28.7 | 27.8 |
Income from operations | 174 | 156.5 |
Interest Income (Expense), Net | 0 | 0 |
Net loss on extinguishments of long-term debt | 0 | 0 |
Management Fee Income (Expense) | 0 | 0 |
Other income (loss), net | 0.7 | 0.4 |
Income (loss) before income taxes | 174.7 | 156.9 |
Income Tax Expense (Benefit) | 65.8 | 58.9 |
Income (Loss) before equity in earnings (loss) of subsidiaries | 108.9 | 98 |
Equity in Earnings (Loss) of Subsidiaries | 0 | 0 |
Net income (loss) | 108.9 | 98 |
Non-Guarantor Subsidiaries [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Net Sales | 127.6 | 134.2 |
Cost of sales | 112.3 | 119.6 |
Gross Profit | 15.3 | 14.6 |
Selling and administrative expenses | 8.7 | 8.7 |
Advertising expense | 0.7 | 0.7 |
Income from operations | 5.9 | 5.2 |
Interest Income (Expense), Net | 0.1 | 0.1 |
Net loss on extinguishments of long-term debt | 0 | 0 |
Management Fee Income (Expense) | -1 | -1 |
Other income (loss), net | -0.3 | 0.1 |
Income (loss) before income taxes | 4.7 | 4.4 |
Income Tax Expense (Benefit) | -1.3 | 1.2 |
Income (Loss) before equity in earnings (loss) of subsidiaries | 3.4 | 3.2 |
Equity in Earnings (Loss) of Subsidiaries | 0 | |
Net income (loss) | 3.4 | 3.2 |
Co-Issuer [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Net Sales | 0 | 0 |
Cost of sales | 0 | 0 |
Gross Profit | 0 | 0 |
Selling and administrative expenses | 0 | 0 |
Advertising expense | 0 | 0 |
Income from operations | 0 | 0 |
Interest Income (Expense), Net | 0 | 0 |
Net loss on extinguishments of long-term debt | 0 | 0 |
Management Fee Income (Expense) | 0 | 0 |
Other income (loss), net | 0 | 0 |
Income (loss) before income taxes | 0 | 0 |
Income Tax Expense (Benefit) | 0 | 0 |
Income (Loss) before equity in earnings (loss) of subsidiaries | 0 | 0 |
Equity in Earnings (Loss) of Subsidiaries | 0 | 0 |
Net income (loss) | 0 | 0 |
Consolidating Adjustments [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Net Sales | 0 | 0 |
Cost of sales | 0 | 0 |
Gross Profit | 0 | 0 |
Selling and administrative expenses | 0 | 0 |
Advertising expense | 0 | 0 |
Income from operations | 0 | 0 |
Interest Income (Expense), Net | 0 | 0 |
Net loss on extinguishments of long-term debt | 0 | 0 |
Management Fee Income (Expense) | 0 | 0 |
Other income (loss), net | 0 | 0 |
Income (loss) before income taxes | 0 | 0 |
Income Tax Expense (Benefit) | 0 | 0 |
Income (Loss) before equity in earnings (loss) of subsidiaries | 0 | 0 |
Equity in Earnings (Loss) of Subsidiaries | -167 | -152.1 |
Net income (loss) | -167 | -152.1 |
Consolidated [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Net Sales | 2,755.20 | 2,652.30 |
Cost of sales | 2,298.70 | 2,227.10 |
Gross Profit | 456.5 | 425.2 |
Selling and administrative expenses | 275.5 | 260.9 |
Advertising expense | 29.4 | 28.5 |
Income from operations | 151.6 | 135.8 |
Interest Income (Expense), Net | -44.8 | -50.1 |
Net loss on extinguishments of long-term debt | -24.3 | -5.4 |
Management Fee Income (Expense) | 0 | 0 |
Other income (loss), net | 4.5 | 0.5 |
Income (loss) before income taxes | 87 | 80.8 |
Income Tax Expense (Benefit) | -32.3 | -29.9 |
Income (Loss) before equity in earnings (loss) of subsidiaries | 54.7 | 50.9 |
Equity in Earnings (Loss) of Subsidiaries | 0 | 0 |
Net income (loss) | $54.70 | $50.90 |
Supplemental_Guarantor_Informa4
Supplemental Guarantor Information -Condensed Consolidating Statements of Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Supplemental Guarantor Information [Line Items] | ||
Comprehensive income (loss) | $43.70 | $47 |
Parent Guarantor [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Comprehensive income (loss) | 43.7 | 47 |
Subsidiary Issuer [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Comprehensive income (loss) | 43.7 | 47 |
Guarantor Subsidiaries [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Comprehensive income (loss) | 108.9 | 98 |
Non-Guarantor Subsidiaries [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Comprehensive income (loss) | -7.6 | -0.7 |
Co-Issuer [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Comprehensive income (loss) | 0 | 0 |
Consolidating Adjustments [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Comprehensive income (loss) | -145 | -144.3 |
Consolidated [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Comprehensive income (loss) | $43.70 | $47 |
Supplemental_Guarantor_Informa5
Supplemental Guarantor Information -Condensed Consolidating Statements of Cash Flows (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Supplemental Guarantor Information [Line Items] | ||
Net cash provided by operating activities | $177.80 | $246.30 |
Capital expenditures | -10 | -9.3 |
Payment of accrued charitable contribution related to the MPK Coworker Incentive Plan II | 0 | -20.9 |
Net cash used in investing activities | -10.5 | -30.2 |
Repayments of long-term debt | -3.9 | -3.9 |
Proceeds from Issuance of Long-term Debt | 525 | 0 |
Repayments of Long-term Debt | -525.3 | -79.5 |
Payments of Financing Costs | -6.8 | 0 |
Net change in accounts payable-inventory financing | -42.3 | -6.4 |
Proceeds from stock option exercises | 0.5 | 0.1 |
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Excluding Stock Options | 1.7 | 0 |
Payments of Ordinary Dividends, Common Stock | -11.7 | -7.3 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0.1 | 0 |
Net cash used in financing activities | -62.7 | -97 |
Effect of exchange rate changes on cash and cash equivalents | -1.7 | -0.5 |
Net increase (decrease) in cash and cash equivalents | 102.9 | 118.6 |
Cash and cash equivalents - beginning of period | 344.5 | 188.1 |
Cash and cash equivalents - end of period | 447.4 | 306.7 |
Parent Guarantor [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Net cash provided by operating activities | 0 | 0 |
Capital expenditures | 0 | 0 |
Payment of accrued charitable contribution related to the MPK Coworker Incentive Plan II | 0 | |
Payments for Derivative Instrument, Financing Activities | 0 | |
Net cash used in investing activities | 0 | 0 |
Repayments of long-term debt | 0 | 0 |
Proceeds from Issuance of Long-term Debt | 0 | |
Repayments of Long-term Debt | 0 | 0 |
Payments of Financing Costs | 0 | |
Net change in accounts payable-inventory financing | 0 | 0 |
Proceeds from stock option exercises | 0 | 0.1 |
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Excluding Stock Options | 0 | |
Payments of Ordinary Dividends, Common Stock | -11.7 | -7.3 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | |
Advances from (to) affiliates | 11.7 | 7.2 |
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 |
Subsidiary Issuer [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Net cash provided by operating activities | -20.6 | 14.3 |
Capital expenditures | -8.7 | -8.6 |
Payment of accrued charitable contribution related to the MPK Coworker Incentive Plan II | -20.9 | |
Payments for Derivative Instrument, Financing Activities | -0.5 | |
Net cash used in investing activities | -9.2 | -29.5 |
Repayments of long-term debt | -3.9 | -3.9 |
Proceeds from Issuance of Long-term Debt | 525 | |
Repayments of Long-term Debt | -525.3 | -79.5 |
Payments of Financing Costs | -6.8 | |
Net change in accounts payable-inventory financing | 0 | 0 |
Proceeds from stock option exercises | 0.5 | 0 |
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Excluding Stock Options | 1.7 | |
Payments of Ordinary Dividends, Common Stock | 0 | 0 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0.1 | |
Advances from (to) affiliates | 120.4 | 192.6 |
Net cash used in financing activities | 111.7 | 109.2 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 81.9 | 94 |
Cash and cash equivalents - beginning of period | 346.4 | 196.5 |
Cash and cash equivalents - end of period | 428.3 | 290.5 |
Guarantor Subsidiaries [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Net cash provided by operating activities | 175.3 | 207 |
Capital expenditures | -1.1 | -0.7 |
Payment of accrued charitable contribution related to the MPK Coworker Incentive Plan II | 0 | |
Payments for Derivative Instrument, Financing Activities | 0 | |
Net cash used in investing activities | -1.1 | -0.7 |
Repayments of long-term debt | 0 | 0 |
Proceeds from Issuance of Long-term Debt | 0 | |
Repayments of Long-term Debt | 0 | 0 |
Payments of Financing Costs | 0 | |
Net change in accounts payable-inventory financing | -42.3 | -6.4 |
Proceeds from stock option exercises | 0 | 0 |
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Excluding Stock Options | 0 | |
Payments of Ordinary Dividends, Common Stock | 0 | 0 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | |
Advances from (to) affiliates | -131.9 | -199.9 |
Net cash used in financing activities | -174.2 | -206.3 |
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 |
Non-Guarantor Subsidiaries [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Net cash provided by operating activities | 6.8 | 8.6 |
Capital expenditures | -0.2 | 0 |
Payment of accrued charitable contribution related to the MPK Coworker Incentive Plan II | 0 | |
Payments for Derivative Instrument, Financing Activities | 0 | |
Net cash used in investing activities | -0.2 | 0 |
Repayments of long-term debt | 0 | 0 |
Proceeds from Issuance of Long-term Debt | 0 | |
Repayments of Long-term Debt | 0 | 0 |
Payments of Financing Costs | 0 | |
Net change in accounts payable-inventory financing | 0 | 0 |
Proceeds from stock option exercises | 0 | 0 |
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Excluding Stock Options | 0 | |
Payments of Ordinary Dividends, Common Stock | 0 | 0 |
Advances from (to) affiliates | -0.2 | 0.1 |
Net cash used in financing activities | -0.2 | 0.1 |
Effect of exchange rate changes on cash and cash equivalents | -1.7 | -0.5 |
Net increase (decrease) in cash and cash equivalents | 4.7 | 8.2 |
Cash and cash equivalents - beginning of period | 24.6 | 14 |
Cash and cash equivalents - end of period | 29.3 | 22.2 |
Co-Issuer [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Net cash provided by operating activities | 0 | 0 |
Capital expenditures | 0 | 0 |
Payment of accrued charitable contribution related to the MPK Coworker Incentive Plan II | 0 | |
Payments for Derivative Instrument, Financing Activities | 0 | |
Net cash used in investing activities | 0 | 0 |
Repayments of long-term debt | 0 | 0 |
Proceeds from Issuance of Long-term Debt | 0 | |
Repayments of Long-term Debt | 0 | 0 |
Payments of Financing Costs | 0 | |
Net change in accounts payable-inventory financing | 0 | 0 |
Proceeds from stock option exercises | 0 | 0 |
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Excluding Stock Options | 0 | |
Payments of Ordinary Dividends, Common Stock | 0 | 0 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | |
Advances from (to) affiliates | 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 | 16.3 | 16.4 |
Capital expenditures | 0 | 0 |
Payment of accrued charitable contribution related to the MPK Coworker Incentive Plan II | 0 | |
Payments for Derivative Instrument, Financing Activities | 0 | |
Net cash used in investing activities | 0 | 0 |
Repayments of long-term debt | 0 | 0 |
Proceeds from Issuance of Long-term Debt | 0 | |
Repayments of Long-term Debt | 0 | 0 |
Payments of Financing Costs | 0 | |
Net change in accounts payable-inventory financing | 0 | 0 |
Proceeds from stock option exercises | 0 | 0 |
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Excluding Stock Options | 0 | |
Payments of Ordinary Dividends, Common Stock | 0 | 0 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | |
Advances from (to) affiliates | 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 | 16.3 | 16.4 |
Cash and cash equivalents - beginning of period | -26.5 | -22.4 |
Cash and cash equivalents - end of period | -10.2 | -6 |
Consolidated [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Net cash provided by operating activities | 177.8 | 246.3 |
Capital expenditures | -10 | -9.3 |
Payment of accrued charitable contribution related to the MPK Coworker Incentive Plan II | -20.9 | |
Payments for Derivative Instrument, Financing Activities | -0.5 | |
Net cash used in investing activities | -10.5 | -30.2 |
Repayments of long-term debt | -3.9 | -3.9 |
Proceeds from Issuance of Long-term Debt | 525 | |
Repayments of Long-term Debt | -525.3 | -79.5 |
Payments of Financing Costs | -6.8 | |
Net change in accounts payable-inventory financing | -42.3 | -6.4 |
Proceeds from stock option exercises | 0.5 | 0.1 |
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Excluding Stock Options | 1.7 | |
Payments of Ordinary Dividends, Common Stock | -11.7 | -7.3 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0.1 | |
Advances from (to) affiliates | 0 | 0 |
Net cash used in financing activities | -62.7 | -97 |
Effect of exchange rate changes on cash and cash equivalents | -1.7 | -0.5 |
Net increase (decrease) in cash and cash equivalents | 102.9 | 118.6 |
Cash and cash equivalents - beginning of period | 344.5 | 188.1 |
Cash and cash equivalents - end of period | $447.40 | $306.70 |
Supplemental_Guarantor_Informa6
Supplemental Guarantor Information Guarantor (Details) (USD $) | Mar. 31, 2015 | Mar. 03, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | |||
Senior Notes due 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Debt, short-term and long-term | $525 | $0 | |
Long-term Debt, stated interest rate | 5.00% | ||
Senior notes due 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Repurchased Face Amount | 503.9 | ||
Debt, short-term and long-term | $0 | $503.90 | |
Long-term Debt, stated interest rate | 8.50% |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event [Member], USD $) | 3 Months Ended |
Jun. 30, 2015 | |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Common Stock, Dividends, Per Share, Declared | $0.07 |