CDW (CDW) 10-Q 7 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	CDW Corp
Entity Central Index Key	1,402,057
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		170,203,154

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Current Assets:
Cash and cash equivalents	$ 335.7	$ 344.5
Accounts receivable, net of allowance for doubtful accounts	1,712.5	1,561.1
Merchandise inventory	436.2	337.5
Miscellaneous receivables	188.7	155.6
Prepaid expenses and other	41.3	54.7
Total current assets	2,714.4	2,453.4
Property and equipment, net	134.2	137.2
Equity Method Investments	95.4	86.7
Goodwill	2,215.6	2,217.6
Other intangible assets, net	1,089.4	1,168.8
Other assets	2.2	3.2
Total assets	6,251.2	6,066.9
Current liabilities:
Accounts payable-trade	853.9	704
Accounts payable-inventory financing	373.3	332.1
Current maturities of long-term debt	15.4	15.4
Deferred revenue	56.5	81.3
Accrued expenses:
Compensation	108.2	130.1
Interest	25	28.1
Sales taxes	27	29.1
Advertising	37.9	34
Income taxes	15	0.2
Other	113.4	113.7
Total current liabilities	1,625.6	1,468
Long-term liabilities:
Long-term Debt, Excluding Current Maturities	3,154.2	3,141.6
Deferred income taxes	428.2	475
Other liabilities	47.4	45.8
Total long-term liabilities	$ 3,629.8	$ 3,662.4
Commitments and contingencies
Shareholders' equity (deficit):
Preferred Shares	$ 0	$ 0
Common shares	1.7	1.7
Paid-in capital	2,729.5	2,711.9
Accumulated deficit	(1,712.5)	(1,760.5)
Accumulated other comprehensive loss	(22.9)	(16.6)
Total shareholders' equity (deficit)	995.8	936.5
Total liabilities and shareholders' equity (deficit)	$ 6,251.2	$ 6,066.9

Consolidated Balance Sheets Par

Consolidated Balance Sheets Parenthetical (Parentheticals) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 6.4	$ 5.7
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	170.1	172.2
Common shares, shares outstanding	170.1	172.2

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Net Sales	$ 3,314	$ 3,106	$ 6,069.2	$ 5,758.3
Cost of sales	2,779.5	2,609.1	5,078.2	4,836.2
Gross profit	534.5	496.9	991	922.1
Selling and administrative expenses	290.6	273.9	566.1	534.8
Advertising expense	38	34.8	67.4	63.3
Income from operations	205.9	188.2	357.5	324
Interest Income (Expense), Net	(37.8)	(48.5)	(82.6)	(98.6)
Net loss on extinguishments of long-term debt	0	(2.6)	(24.3)	(8)
Other income (loss), net	4	0.1	8.5	0.6
Income (loss) before income taxes	172.1	137.2	259.1	218
Income tax (expense) benefit	(63.9)	(50.6)	(96.2)	(80.5)
Net income (loss)	$ 108.2	$ 86.6	$ 162.9	$ 137.5
Income Per Share - Basic	$ 0.63	$ 0.51	$ 0.95	$ 0.81
Income Per Share - Diluted	$ 0.63	$ 0.50	$ 0.94	$ 0.80
Weighted Average Shares - Basic	171	170.2	171.6	169.9
Weighted Average Shares - Diluted	172.5	172.7	173	172.5
Common Stock, Dividends, Per Share, Cash Paid	$ 0.0675	$ 0.0425	$ 0.1350	$ 0.0850

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 108.2	$ 86.6	$ 162.9	$ 137.5
Foreign currency translation adjustment	4.7	3.7	(6.3)	(0.2)
Other Comprehensive Income (Loss), Net of Tax	4.7	3.7	(6.3)	(0.2)
Comprehensive income (loss)	$ 112.9	$ 90.3	$ 156.6	$ 137.3

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Loss) Parenthetical (Parentheticals) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax	$ 1.7	$ 0	$ 0.3	$ 0

Consolidated Statement Of Share

Consolidated Statement Of Shareholders' Equity (Deficit) - 6 months ended Jun. 30, 2015 - USD ($) shares in Millions, $ in Millions	Total	Preferred Stock [Member]	Common Stock [Member]	Paid-In Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
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, Shares, Employee Stock Purchase Plans			0.2
Stock Repurchased During Period, Shares	(2)		(2.5)
Preferred shares, issued, ending balance at Jun. 30, 2015	0	0
Common shares, shares issued, ending balance at Jun. 30, 2015	170.1		170.1
Balance at Dec. 31, 2014	$ 936.5	$ 0	$ 1.7	$ 2,711.9	$ (1,760.5)	$ (16.6)
Shareholders' Equity (Deficit) [Roll Forward]
Equity-based compensation expense	12.2	0	0	12.2	0	0
Stock Option Exercises	1	0	0	1	0	0
Stock Issued During Period, Value, New Issues	0	0	0	0	0	0
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation	0.2	0	0	0.2	0	0
Stock Issued During Period, Value, Employee Stock Purchase Plan	4.2	0	0	4.2	0	0
Dividends Declared	(23.2)	0	0	0	(23.2)	0
Net income (loss)	162.9	0	0	0	162.9	0
Stock Repurchased and Retired During Period, Value	(91.7)	0	0	0	(91.7)	0
Foreign currency translation adjustment	(6.3)	0	0	0	0	(6.3)
Balance at Jun. 30, 2015	$ 995.8	$ 0	$ 1.7	$ 2,729.5	$ (1,712.5)	$ (22.9)

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income (loss)	$ 162.9	$ 137.5
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	105.1	104
Allocated Share-based Compensation Expense	12.2	7.6
Deferred income taxes	(45.2)	(44.4)
Allowance for doubtful accounts	0.7	0.3
Amortization of deferred financing costs, debt premium and debt discount, net	3.1	3.2
Net loss on extinguishments of long-term debt	24.3	8
Income (Loss) from Equity Method Investments	(7.9)	0
Derivative, Gain (Loss) on Derivative, Net	1.7	0
Changes in assets and liabilities:
Accounts receivable	(157.7)	(75.7)
Merchandise inventory	(98.9)	(67.6)
Other assets	(20.1)	(19.5)
Increase (Decrease) in Accounts Payable, Trade	151.9	146.4
Other current liabilities	(34.7)	(25.7)
Long-term liabilities	1.7	1.8
Net cash provided by operating activities	99.1	175.9
Cash flows from investing activities:
Capital expenditures	(22.9)	(21)
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	(23.4)	(41.9)
Cash flows from financing activities:
Repayments of long-term debt	(7.7)	(7.7)
Proceeds from Issuance of Long-term Debt	525	0
Payments to extinguish long-term debt	(525.3)	(123.8)
Payments of Financing Costs	(6.8)	(6.4)
Net change in accounts payable-inventory financing	41.2	55
Proceeds from stock option exercises	1	0.8
Proceeds from Coworker Stock Purchase Plan	4.2	2
Payments for Repurchase of Common Stock	(91.7)
Dividends paid	(23.2)	(14.6)
Excess Tax Benefit from Share-based Compensation, Financing Activities	0.2	0
Net cash used in financing activities	(83.1)	(94.7)
Effect of exchange rate changes on cash and cash equivalents	(1.4)	0.2
Net increase (decrease) in cash and cash equivalents	(8.8)	39.5
Cash and cash equivalents - beginning of period	344.5	188.1
Cash and cash equivalents - end of period	335.7	227.6
Supplementary disclosure of cash flow information:
Interest paid	(81.3)	(99.8)
Taxes paid, net	$ (123.4)	$ (111.9)

Description Of Business And Sum

Description Of Business And Summary Of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 June 30, 2015 and for the six months ended June 30, 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 six months ended June 30, 2015 .

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2015
Recent Accounting Pronouncements [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Simplifying the Measurement of Inventory In July 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2015-11 that simplifies the subsequent measurement of inventory by requiring inventory to be measured at the lower of cost and net realizable value instead of the lower of cost or market value. The new standard is effective for the Company beginning in the first quarter of 2017, with early adoption permitted. The new standard must be applied prospectively after the date of adoption. The Company is currently evaluating the impact that the standard will have on its consolidated financial position, results of operations and cash flows. Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement In April 2015, the FASB issued ASU 2015-05 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 standard 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. The Company already accounts for fees paid in a cloud computing arrangement utilizing the method outlined by ASU 2015-05 and is not impacted by this new standard. Debt Issuance Costs In April 2015, the FASB issued ASU 2015-03 that amends the presentation of debt issuance costs. The amendments in this ASU require that deferred financing 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 deferred financing costs are not affected by the amendments in this ASU. The new standard is effective for the Company beginning in the first quarter of 2016, with early adoption permitted. The standard requires retrospective application to all prior periods (i.e., the balance sheet for each period presented is adjusted). The Company has elected to early adopt this new standard beginning in the second quarter of 2015. At June 30, 2015, the Company classified deferred financing costs as a direct deduction from the carrying value of the long-term debt liability on the consolidated balance sheet. The Company retroactively adjusted the deferred financing costs and long-term debt liability presented as of December 31, 2014 by reducing the long-term debt liability by the amount of the deferred financing costs and eliminating the presentation of deferred financing costs as an asset on the consolidated balance sheet. These adjustments have no impact on consolidated net income, comprehensive income, total shareholders’ equity, cash flows, or the total net leverage ratio, as defined in the Company’s credit agreement. The Company has determined that the adjustments are not material either individually or in aggregate to any of its previously issued consolidated financial statements. A summary of the revisions to the consolidated balance sheet at December 31, 2014 is as follows: December 31, 2014 (in millions) As Previously Reported Revision As Revised Deferred financing costs, net $ 33.0 $ (33.0 ) $ — Long-term debt $ (3,174.6 ) $ 33.0 $ (3,141.6 ) 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 standard 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 standard 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 current revenue recognition guidance. In July 2015, the FASB approved the deferral of the effective date by one year. The new standard will be effective for the Company beginning in the first quarter of 2018 with early adoption in the first quarter of 2017 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	6 Months Ended
	Jun. 30, 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) June 30, 2015 December 31, 2014 Revolving Loan inventory financing agreement $ 372.4 $ 330.1 Other inventory financing agreements 0.9 2.0 Accounts payable-inventory financing $ 373.3 $ 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 June 30, 2015 and December 31, 2014 , amounts owed under other inventory financing agreements of $0.9 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.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2015
Long-term Debt, Unclassified [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt was as follows: (dollars in millions) Interest Rate (1) June 30, 2015 December 31, 2014 Senior secured asset-based revolving credit facility — % $ — $ — Senior secured term loan facility 3.25 % 1,505.8 1,513.5 Unamortized discount on senior secured term loan facility (3.3 ) (3.7 ) Senior notes due 2019 8.5 % — 503.9 Unamortized premium on senior notes due 2019 — 1.3 Senior notes due 2022 6.0 % 600.0 600.0 Senior notes due 2023 5.0 % 525.0 — Senior notes due 2024 5.5 % 575.0 575.0 Unamortized deferred financing costs (2) (32.9 ) (33.0 ) Total long-term debt 3,169.6 3,157.0 Less current maturities of long-term debt (15.4 ) (15.4 ) Long-term debt, excluding current maturities $ 3,154.2 $ 3,141.6 (1) Interest rate at June 30, 2015 . (2) Refer to Note 2, Recent Accounting Pronouncements, for a description of the change in the presentation of deferred financing costs during the second quarter of 2015. At June 30, 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 June 30, 2015, the amount of CDW’s restricted payment capacity under the Senior Secured Term Loan Facility was $777.9 million . Senior Secured Asset-Based Revolving Credit Facility (“Revolving Loan”) At June 30, 2015 , the Company had no outstanding borrowings under the Revolving Loan, $2.1 million of undrawn letters of credit and $359.4 million reserved related to the floorplan sub-facility. At June 30, 2015 , the borrowing base was $1,342.2 million based on the amount of eligible inventory and accounts receivable balances as of May 31, 2015. The Company could have borrowed up to an additional $888.5 million under the Revolving Loan at June 30, 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 June 30, 2015 , the financial intermediary reported an outstanding balance of $359.4 million under the Revolving Loan inventory financing agreement. The amount included on the Company's consolidated balance sheet as of June 30, 2015 as accounts payable-inventory financing related to the Revolving Loan inventory financing agreement of $372.4 million includes a $13.0 million accrual for amounts in transit. Senior Secured Term Loan Facility (“Term Loan”) At June 30, 2015 , the outstanding principal amount of the Term Loan was $1,505.8 million . The total net leverage ratio was 3.0 at June 30, 2015 . The total net leverage ratio is defined as the ratio of total debt at period-end excluding any unamortized discount and/or premium and unamortized deferred financing costs, less cash and cash equivalents, to trailing twelve months adjusted earnings before taxes, interest expense, and depreciation and amortization (“Adjusted EBITDA”), a non-GAAP measure defined in the Company's credit agreement. An interest rate of 3.25% , comprised of the 1.0% LIBOR floor plus a 2.25% margin, was in effect during the six-month period ended June 30, 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 at a rate of 2.0% with a combined notional amount of $1,000.0 million . During the six-month period ended June 30, 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. These 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 $0.5 million and $1.7 million at June 30, 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. The valuation of the interest rate cap agreements is derived by using a discounted cash flow analysis on the expected cash receipts that would occur if variable interest rates rise above the period to maturity, and uses observable market-based inputs, including LIBOR curves and implied volatilities. The Company also incorporates insignificant credit valuation adjustments to appropriately reflect the respective counterparty's nonperformance risk in the fair value measurements. The counterparty credit spreads are based on publicly available credit information obtained from a third party credit data provider. 8.5% Senior Notes due 2019 (“2019 Senior Notes”) At June 30, 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 six months ended June 30, 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”) At June 30, 2015 , the outstanding principal amount of 2023 Senior Notes was $525.0 million . 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 and excluding unamortized discount and/or premium and unamortized deferred financing costs, were as follows: (in millions) June 30, December 31, Fair value $ 3,206.7 $ 3,208.7 Carrying value 3,205.8 3,192.4

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, (in millions) 2015 2014 2015 2014 Weighted-average shares - basic 171.0 170.2 171.6 169.9 Effect of dilutive securities 1.5 2.5 1.4 2.6 Weighted-average shares - diluted 172.5 172.7 173.0 172.5 There were 0.9 million and 0.7 million potential common shares excluded from diluted earnings per share for the three and six month periods ended June 30, 2015 , respectively, as their inclusion would have had an anti-dilutive effect. There was an insignificant amount of potential common shares excluded from diluted earnings per share for the three and six month periods ended June 30, 2014 .

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 June 30, 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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2015 and 2014 : (in millions) Corporate Public Other Headquarters Total Three Months Ended June 30, 2015: Net sales $ 1,761.4 $ 1,374.2 $ 178.4 $ — $ 3,314.0 Income (loss) from operations 130.5 94.7 9.7 (29.0 ) 205.9 Depreciation and amortization expense (24.1 ) (10.9 ) (2.3 ) (15.3 ) (52.6 ) Three Months Ended June 30, 2014: Net sales $ 1,656.2 $ 1,271.6 $ 178.2 $ — $ 3,106.0 Income (loss) from operations 119.7 88.8 7.6 (27.9 ) 188.2 Depreciation and amortization expense (24.1 ) (10.9 ) (2.2 ) (14.8 ) (52.0 ) (in millions) Corporate Public Other Headquarters Total Six Months Ended June 30, 2015: Net sales $ 3,335.3 $ 2,380.1 $ 353.8 $ — $ 6,069.2 Income (loss) from operations 240.7 154.3 19.9 (57.4 ) 357.5 Depreciation and amortization expense (48.1 ) (21.9 ) (4.6 ) (30.5 ) (105.1 ) Six Months Ended June 30, 2014: Net sales $ 3,161.8 $ 2,241.5 $ 355.0 $ — $ 5,758.3 Income (loss) from operations 220.7 142.8 14.2 (53.7 ) 324.0 Depreciation and amortization expense (48.2 ) (21.8 ) (4.3 ) (29.7 ) (104.0 )

Supplemental Guarantor Informat

Supplemental Guarantor Information	6 Months Ended
	Jun. 30, 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 June 30, 2015 and December 31, 2014, consolidating statements of operations for the three and six months ended June 30, 2015 and 2014 , condensed consolidating statements of comprehensive income for the three and six months ended June 30, 2015 and 2014 , and condensed consolidating statements of cash flows for the six months ended June 30, 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 June 30, 2015 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiary Co-Issuer Consolidating Adjustments Consolidated Assets Current assets: Cash and cash equivalents $ — $ 313.9 $ — $ 37.5 $ — $ (15.7 ) $ 335.7 Accounts receivable, net — — 1,647.8 64.7 — — 1,712.5 Merchandise inventory — — 432.5 3.7 — — 436.2 Miscellaneous receivables — 55.1 126.6 7.0 — — 188.7 Prepaid expenses and other — 12.3 30.9 0.4 — (2.3 ) 41.3 Total current assets — 381.3 2,237.8 113.3 — (18.0 ) 2,714.4 Property and equipment, net — 79.8 53.5 0.9 — — 134.2 Equity investments — 95.4 — — — — 95.4 Goodwill — 751.8 1,439.0 24.8 — — 2,215.6 Other intangible assets, net — 310.5 774.5 4.4 — — 1,089.4 Other assets 4.3 2.1 0.1 1.5 — (5.8 ) 2.2 Investment in and advances to subsidiaries 991.5 2,878.3 — — — (3,869.8 ) — Total assets $ 995.8 $ 4,499.2 $ 4,504.9 $ 144.9 $ — $ (3,893.6 ) $ 6,251.2 Liabilities and Shareholders’ Equity Current liabilities: Accounts payable—trade $ — $ 17.5 $ 822.6 $ 29.5 $ — $ (15.7 ) $ 853.9 Accounts payable—inventory financing — — 373.3 — — — 373.3 Current maturities of long-term debt — 15.4 — — — — 15.4 Deferred revenue — — 56.5 — — — 56.5 Accrued expenses — 146.4 174.8 7.6 — (2.3 ) 326.5 Total current liabilities — 179.3 1,427.2 37.1 — (18.0 ) 1,625.6 Long-term liabilities: Debt — 3,154.2 — — — — 3,154.2 Deferred income taxes — 129.6 301.6 1.2 — (4.2 ) 428.2 Other liabilities — 44.6 3.7 0.7 — (1.6 ) 47.4 Total long-term liabilities — 3,328.4 305.3 1.9 — (5.8 ) 3,629.8 Total shareholders’ equity 995.8 991.5 2,772.4 105.9 — (3,869.8 ) 995.8 Total liabilities and shareholders’ equity $ 995.8 $ 4,499.2 $ 4,504.9 $ 144.9 $ — $ (3,893.6 ) $ 6,251.2 Condensed Consolidating Balance Sheet December 31, 2014 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiary Co-Issuer Consolidating Adjustments Consolidated Assets Current assets: Cash and cash equivalents $ — $ 346.4 $ — $ 24.6 $ — $ (26.5 ) $ 344.5 Accounts receivable, net — — 1,479.1 82.0 — — 1,561.1 Merchandise inventory — — 333.9 3.6 — — 337.5 Miscellaneous receivables — 56.1 93.3 6.2 — — 155.6 Prepaid expenses and other — 11.0 46.0 1.5 — (3.8 ) 54.7 Total current assets — 413.5 1,952.3 117.9 — (30.3 ) 2,453.4 Property and equipment, net — 80.5 55.5 1.2 — — 137.2 Equity investments — 86.7 — — 86.7 Goodwill — 751.8 1,439.0 26.8 — — 2,217.6 Other intangible assets, net — 320.0 843.6 5.2 — — 1,168.8 Other assets 4.3 3.2 0.4 1.4 — (6.1 ) 3.2 Investment in and advances to subsidiaries 932.2 2,784.5 — — — (3,716.7 ) — Total assets $ 936.5 $ 4,440.2 $ 4,290.8 $ 152.5 $ — $ (3,753.1 ) $ 6,066.9 Liabilities and Shareholders’ Equity Current liabilities: Accounts payable-trade $ — $ 23.9 $ 671.9 $ 34.7 $ — $ (26.5 ) $ 704.0 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 1,277.5 44.0 — (30.6 ) 1,468.0 Long-term liabilities: Debt — 3,141.6 — — — — 3,141.6 Deferred income taxes — 146.7 331.3 1.3 — (4.3 ) 475.0 Other liabilities — 42.6 3.7 1.0 — (1.5 ) 45.8 Total long-term liabilities — 3,330.9 335.0 2.3 — (5.8 ) 3,662.4 Total shareholders’ equity 936.5 932.2 2,678.3 106.2 — (3,716.7 ) 936.5 Total liabilities and shareholders’ equity $ 936.5 $ 4,440.2 $ 4,290.8 $ 152.5 $ — $ (3,753.1 ) $ 6,066.9 Consolidating Statement of Operations Three Months Ended June 30, 2015 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiary Co-Issuer Consolidating Adjustments Consolidated Net sales $ — $ — $ 3,187.2 $ 126.8 $ — $ — $ 3,314.0 Cost of sales — — 2,667.9 111.6 — — 2,779.5 Gross profit — — 519.3 15.2 — — 534.5 Selling and administrative expenses — 29.1 252.9 8.6 — — 290.6 Advertising expense — — 36.9 1.1 — — 38.0 Income (loss) from operations — (29.1 ) 229.5 5.5 — — 205.9 Interest (expense) income, net — (37.8 ) — — — — (37.8 ) Net loss on extinguishments of long-term debt — — — — — — — Management fee — 1.2 — (1.2 ) — — — Other income (expense), net — 3.8 0.3 (0.1 ) — — 4.0 Income (loss) before income taxes — (61.9 ) 229.8 4.2 — — 172.1 Income tax benefit (expense) — 23.0 (85.7 ) (1.2 ) — — (63.9 ) Income (loss) before equity in earnings of subsidiaries — (38.9 ) 144.1 3.0 — — 108.2 Equity in earnings of subsidiaries 108.2 147.1 — — (255.3 ) — Net income $ 108.2 $ 108.2 $ 144.1 $ 3.0 $ — $ (255.3 ) $ 108.2 Consolidating Statement of Operations Three Months Ended June 30, 2014 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiary Co-Issuer Consolidating Adjustments Consolidated Net sales $ — $ — $ 2,972.9 $ 133.1 $ — $ — $ 3,106.0 Cost of sales — — 2,492.4 116.7 — — 2,609.1 Gross profit — — 480.5 16.4 — — 496.9 Selling and administrative expenses — 27.8 237.2 8.9 — — 273.9 Advertising expense — — 33.6 1.2 — — 34.8 Income (loss) from operations — (27.8 ) 209.7 6.3 — — 188.2 Interest (expense) income, net — (48.5 ) — — — — (48.5 ) Net loss on extinguishments of long-term debt — (2.6 ) — — — — (2.6 ) Management fee — 1.0 — (1.0 ) — — — Other (expense) income, net — — 0.3 (0.2 ) — — 0.1 Income (loss) before income taxes — (77.9 ) 210.0 5.1 — — 137.2 Income tax benefit (expense) — 29.0 (78.2 ) (1.4 ) — — (50.6 ) Income (loss) before equity in earnings of subsidiaries — (48.9 ) 131.8 3.7 — — 86.6 Equity in earnings of subsidiaries 86.6 135.5 — — — (222.1 ) — Net income $ 86.6 $ 86.6 $ 131.8 $ 3.7 $ — $ (222.1 ) $ 86.6 Consolidating Statement of Operations Six Months Ended June 30, 2015 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiary Co-Issuer Consolidating Adjustments Consolidated Net sales $ — $ — $ 5,814.7 $ 254.5 $ — $ — $ 6,069.2 Cost of sales — — 4,854.2 224.0 — — 5,078.2 Gross profit — — 960.5 30.5 — — 991.0 Selling and administrative expenses — 57.4 491.4 17.3 — — 566.1 Advertising expense — — 65.6 1.8 — — 67.4 Income (loss) from operations — (57.4 ) 403.5 11.4 — — 357.5 Interest (expense) income, net — (82.8 ) — 0.2 — — (82.6 ) Net loss on extinguishments of long-term debt — (24.3 ) — — — — (24.3 ) Management fee — 2.2 — (2.2 ) — — — Other income (expense), net — 7.9 1.0 (0.4 ) — — 8.5 Income (loss) before income taxes — (154.4 ) 404.5 9.0 — — 259.1 Income tax benefit (expense) — 57.8 (151.5 ) (2.5 ) — — (96.2 ) Income (loss) before equity in earnings of subsidiaries — (96.6 ) 253.0 6.5 — — 162.9 Equity in earnings of subsidiaries 162.9 259.5 — — — (422.4 ) — Net income $ 162.9 $ 162.9 $ 253.0 $ 6.5 $ — $ (422.4 ) $ 162.9 Consolidating Statement of Operations Six Months Ended June 30, 2014 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiary Co-Issuer Consolidating Adjustments Consolidated Net sales $ — $ — $ 5,491.1 $ 267.2 $ — $ — $ 5,758.3 Cost of sales — — 4,600.0 236.2 — — 4,836.2 Gross profit — — 891.1 31.0 — — 922.1 Selling and administrative expenses — 53.7 463.5 17.6 — — 534.8 Advertising expense — — 61.4 1.9 — — 63.3 Income (loss) from operations — (53.7 ) 366.2 11.5 — — 324.0 Interest (expense) income, net — (98.7 ) — 0.1 — — (98.6 ) Net loss on extinguishments of long-term debt — (8.0 ) — — — — (8.0 ) Management fee — 2.0 — (2.0 ) — — — Other income (expense), net — — 0.7 (0.1 ) — — 0.6 Income (loss) before income taxes — (158.4 ) 366.9 9.5 — — 218.0 Income tax benefit (expense) — 59.2 (137.1 ) (2.6 ) — — (80.5 ) Income (loss) before equity in earnings of subsidiaries — (99.2 ) 229.8 6.9 — — 137.5 Equity in earnings of subsidiaries 137.5 236.7 — — — (374.2 ) — Net income $ 137.5 $ 137.5 $ 229.8 $ 6.9 $ — $ (374.2 ) $ 137.5 Condensed Consolidating Statement of Comprehensive Income Three Months Ended June 30, 2015 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiary Co-Issuer Consolidating Adjustments Consolidated Comprehensive income $ 112.9 $ 112.9 $ 144.1 $ 7.8 $ — $ (264.8 ) $ 112.9 Condensed Consolidating Statement of Comprehensive Income Three Months Ended June 30, 2014 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiary Co-Issuer Consolidating Adjustments Consolidated Comprehensive income $ 90.3 $ 90.3 $ 131.8 $ 7.4 $ — $ (229.5 ) $ 90.3 Condensed Consolidating Statement of Comprehensive Income Six Months Ended June 30, 2015 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiary Co-Issuer Consolidating Adjustments Consolidated Comprehensive income $ 156.6 $ 156.6 $ 253.0 $ 0.2 $ — $ (409.8 ) $ 156.6 Condensed Consolidating Statement of Comprehensive Income Six Months Ended June 30, 2014 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiary Co-Issuer Consolidating Adjustments Consolidated Comprehensive income $ 137.3 $ 137.3 $ 229.8 $ 6.7 $ — $ (373.8 ) $ 137.3 Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2015 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiary Co-Issuer Consolidating Adjustments Consolidated Net cash (used in) provided by operating activities $ — $ (76.4 ) $ 150.1 $ 14.6 $ — $ 10.8 $ 99.1 Cash flows from investing activities: Capital expenditures — (18.4 ) (4.2 ) (0.3 ) — — (22.9 ) Premium payments on interest rate cap agreements — (0.5 ) — — — — (0.5 ) Net cash used in investing activities — (18.9 ) (4.2 ) (0.3 ) — — (23.4 ) Cash flows from financing activities: Repayments of long-term debt — (7.7 ) — — — — (7.7 ) Proceeds from the issuance of long-term debt — 525.0 — — — — 525.0 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 — — 41.2 — — — 41.2 Proceeds from stock option exercises — 1.0 — — — — 1.0 Proceeds from Coworker Stock Purchase Plan — 4.2 — — — — 4.2 Shares repurchased (91.7 ) — — — — — (91.7 ) Dividends paid (23.2 ) — — — — — (23.2 ) Excess tax benefits from equity-based compensation — 0.2 — — — — 0.2 Advances from (to) affiliates 114.9 72.2 (187.1 ) — — — — Net cash provided by (used in) financing activities — 62.8 (145.9 ) — — — (83.1 ) Effect of exchange rate changes on cash and cash equivalents — — — (1.4 ) — — (1.4 ) Net (decrease)/increase in cash and cash equivalents — (32.5 ) — 12.9 — 10.8 (8.8 ) Cash and cash equivalents—beginning of period — 346.4 — 24.6 — (26.5 ) 344.5 Cash and cash equivalents—end of period $ — $ 313.9 $ — $ 37.5 $ — $ (15.7 ) $ 335.7 Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2014 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiary Co-Issuer Consolidating Adjustments Consolidated Net cash (used in) provided by operating activities $ — $ (112.6 ) $ 269.9 $ 9.6 $ — $ 9.0 $ 175.9 Cash flows from investing activities: Capital expenditures — (19.1 ) (1.9 ) — — — (21.0 ) Payment of accrued charitable contribution related to the MPK Coworker Incentive Plan II — (20.9 ) — — — — (20.9 ) Net cash used in investing activities — (40.0 ) (1.9 ) — — — (41.9 ) Cash flows from financing activities: Repayments of long-term debt — (7.7 ) — — — — (7.7 ) Payments to extinguish long-term debt — (123.8 ) — — — — (123.8 ) Payment of debt financing costs (6.4 ) (6.4 ) Net change in accounts payable - inventory financing — — 55.0 — — — 55.0 Proceeds from stock option exercises — 0.8 — — — — 0.8 Proceeds from Coworker Stock Purchase Plan — 2.0 — — — — 2.0 Dividends paid (14.6 ) — — — — — (14.6 ) Advances from (to) affiliates 14.6 308.0 (323.0 ) 0.4 — — — Net cash provided by (used in) financing activities — 172.9 (268.0 ) 0.4 — — (94.7 ) Effect of exchange rate changes on cash and cash equivalents — — — 0.2 — — 0.2 Net increase in cash and cash equivalents — 20.3 — 10.2 — 9.0 39.5 Cash and cash equivalents—beginning of period — 196.5 — 14.0 — (22.4 ) 188.1 Cash and cash equivalents—end of period $ — $ 216.8 $ — $ 24.2 $ — $ (13.4 ) $ 227.6

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions Disclosure	Related Party Transactions On May 22, 2015 , the Company completed a public offering of 11.5 million shares of its common stock by certain selling stockholders, which included 1.5 million shares sold by the selling stockholders to the underwriters pursuant to the grant of an option that was exercised in full. The Company did not receive any proceeds from the sale of these shares. On May 17, 2015 , the Company entered into a share repurchase agreement with certain selling stockholders affiliated with Madison Dearborn Partners, LLC and Providence Equity Partners, LLC pursuant to which it repurchased 2.0 million shares of its common stock from such selling stockholders. This share repurchase was effected in a private, non-underwritten transaction for $36.60 per share, which was equal to the per share price paid by the underwriters to the selling stockholders in connection with the public offering completed on May 22, 2015 .

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On August 1, 2015 , the Company completed the acquisition of Kelway TopCo Limited ("Kelway") by purchasing the remaining 65% of its outstanding common stock. In total the Company paid $431.0 million , before transaction fees and expenses, of which $372.3 million was settled in cash and $58.7 million was settled by issuing certain of the sellers 1.6 million shares of CDW common stock. The total purchase price includes the November 2014 cash investment to acquire a 35% non-controlling interest in Kelway, which was accounted for using the equity method. As a result of the completion of the acquisition, the Company will also consolidate approximately $80 million of Kelway debt. The shares of CDW common stock issued to the sellers are subject to a three-year lock up restriction from August 1, 2015. Kelway is a UK-based IT solutions provider which has cross-border supply chain relationships that enable it to conduct business in over 80 countries. The acquisition will enhance the Company's ability to provide IT solutions to US-based customers with international locations. All the inputs required for the completion of the purchase price allocation were not available prior to the filing of these financial statements with the SEC. As a result, the Company is unable to provide the amounts recognized as of the acquisition date for the major classes of assets acquired and liabilities assumed, including the information required for the valuation of intangible assets, goodwill and the Company's 35% non-controlling interest. The Company will include this information in its Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2015. On August 3, 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 September 10, 2015 to all shareholders of record as of the close of business on August 25, 2015 . Future dividends will be subject to Board approval.

Description Of Business And S19

Description Of Business And Summary Of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Description of Business and Summary of Significant Accounting Policies [Abstract]
Description of Business, Policy	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 June 30, 2015 and for the six months ended June 30, 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 six months ended June 30, 2015 .

Recent Accounting Pronounceme20

Recent Accounting Pronouncements Effects of Recent Accounting Pronouncements (Tables)	6 Months Ended
	Jun. 30, 2015
Accounting Changes [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	A summary of the revisions to the consolidated balance sheet at December 31, 2014 is as follows: December 31, 2014 (in millions) As Previously Reported Revision As Revised Deferred financing costs, net $ 33.0 $ (33.0 ) $ — Long-term debt $ (3,174.6 ) $ 33.0 $ (3,141.6 )

Inventory Financing Agreements

Inventory Financing Agreements (Tables)	6 Months Ended
	Jun. 30, 2015
Inventory Financing Agreements [Abstract]
Inventory Financing Agreements	The following table presents the amounts included in accounts payable-inventory financing: (in millions) June 30, 2015 December 31, 2014 Revolving Loan inventory financing agreement $ 372.4 $ 330.1 Other inventory financing agreements 0.9 2.0 Accounts payable-inventory financing $ 373.3 $ 332.1

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 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 and excluding unamortized discount and/or premium and unamortized deferred financing costs, were as follows: (in millions) June 30, December 31, Fair value $ 3,206.7 $ 3,208.7 Carrying value 3,205.8 3,192.4
Carrying Value of Long-Term Debt	Long-term debt was as follows: (dollars in millions) Interest Rate (1) June 30, 2015 December 31, 2014 Senior secured asset-based revolving credit facility — % $ — $ — Senior secured term loan facility 3.25 % 1,505.8 1,513.5 Unamortized discount on senior secured term loan facility (3.3 ) (3.7 ) Senior notes due 2019 8.5 % — 503.9 Unamortized premium on senior notes due 2019 — 1.3 Senior notes due 2022 6.0 % 600.0 600.0 Senior notes due 2023 5.0 % 525.0 — Senior notes due 2024 5.5 % 575.0 575.0 Unamortized deferred financing costs (2) (32.9 ) (33.0 ) Total long-term debt 3,169.6 3,157.0 Less current maturities of long-term debt (15.4 ) (15.4 ) Long-term debt, excluding current maturities $ 3,154.2 $ 3,141.6 (1) Interest rate at June 30, 2015 .

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, (in millions) 2015 2014 2015 2014 Weighted-average shares - basic 171.0 170.2 171.6 169.9 Effect of dilutive securities 1.5 2.5 1.4 2.6 Weighted-average shares - diluted 172.5 172.7 173.0 172.5

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting Information [Line Items]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	The following table presents information about the Company’s segments for the three and six months ended June 30, 2015 and 2014 : (in millions) Corporate Public Other Headquarters Total Three Months Ended June 30, 2015: Net sales $ 1,761.4 $ 1,374.2 $ 178.4 $ — $ 3,314.0 Income (loss) from operations 130.5 94.7 9.7 (29.0 ) 205.9 Depreciation and amortization expense (24.1 ) (10.9 ) (2.3 ) (15.3 ) (52.6 ) Three Months Ended June 30, 2014: Net sales $ 1,656.2 $ 1,271.6 $ 178.2 $ — $ 3,106.0 Income (loss) from operations 119.7 88.8 7.6 (27.9 ) 188.2 Depreciation and amortization expense (24.1 ) (10.9 ) (2.2 ) (14.8 ) (52.0 ) (in millions) Corporate Public Other Headquarters Total Six Months Ended June 30, 2015: Net sales $ 3,335.3 $ 2,380.1 $ 353.8 $ — $ 6,069.2 Income (loss) from operations 240.7 154.3 19.9 (57.4 ) 357.5 Depreciation and amortization expense (48.1 ) (21.9 ) (4.6 ) (30.5 ) (105.1 ) Six Months Ended June 30, 2014: Net sales $ 3,161.8 $ 2,241.5 $ 355.0 $ — $ 5,758.3 Income (loss) from operations 220.7 142.8 14.2 (53.7 ) 324.0 Depreciation and amortization expense (48.2 ) (21.8 ) (4.3 ) (29.7 ) (104.0 )

Supplemental Guarantor Inform25

Supplemental Guarantor Information (Tables)	6 Months Ended
	Jun. 30, 2015
Condensed Income Statements, Captions [Line Items]
Condensed Consolidating Balance Sheets	Condensed Consolidating Balance Sheet June 30, 2015 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiary Co-Issuer Consolidating Adjustments Consolidated Assets Current assets: Cash and cash equivalents $ — $ 313.9 $ — $ 37.5 $ — $ (15.7 ) $ 335.7 Accounts receivable, net — — 1,647.8 64.7 — — 1,712.5 Merchandise inventory — — 432.5 3.7 — — 436.2 Miscellaneous receivables — 55.1 126.6 7.0 — — 188.7 Prepaid expenses and other — 12.3 30.9 0.4 — (2.3 ) 41.3 Total current assets — 381.3 2,237.8 113.3 — (18.0 ) 2,714.4 Property and equipment, net — 79.8 53.5 0.9 — — 134.2 Equity investments — 95.4 — — — — 95.4 Goodwill — 751.8 1,439.0 24.8 — — 2,215.6 Other intangible assets, net — 310.5 774.5 4.4 — — 1,089.4 Other assets 4.3 2.1 0.1 1.5 — (5.8 ) 2.2 Investment in and advances to subsidiaries 991.5 2,878.3 — — — (3,869.8 ) — Total assets $ 995.8 $ 4,499.2 $ 4,504.9 $ 144.9 $ — $ (3,893.6 ) $ 6,251.2 Liabilities and Shareholders’ Equity Current liabilities: Accounts payable—trade $ — $ 17.5 $ 822.6 $ 29.5 $ — $ (15.7 ) $ 853.9 Accounts payable—inventory financing — — 373.3 — — — 373.3 Current maturities of long-term debt — 15.4 — — — — 15.4 Deferred revenue — — 56.5 — — — 56.5 Accrued expenses — 146.4 174.8 7.6 — (2.3 ) 326.5 Total current liabilities — 179.3 1,427.2 37.1 — (18.0 ) 1,625.6 Long-term liabilities: Debt — 3,154.2 — — — — 3,154.2 Deferred income taxes — 129.6 301.6 1.2 — (4.2 ) 428.2 Other liabilities — 44.6 3.7 0.7 — (1.6 ) 47.4 Total long-term liabilities — 3,328.4 305.3 1.9 — (5.8 ) 3,629.8 Total shareholders’ equity 995.8 991.5 2,772.4 105.9 — (3,869.8 ) 995.8 Total liabilities and shareholders’ equity $ 995.8 $ 4,499.2 $ 4,504.9 $ 144.9 $ — $ (3,893.6 ) $ 6,251.2 Condensed Consolidating Balance Sheet December 31, 2014 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiary Co-Issuer Consolidating Adjustments Consolidated Assets Current assets: Cash and cash equivalents $ — $ 346.4 $ — $ 24.6 $ — $ (26.5 ) $ 344.5 Accounts receivable, net — — 1,479.1 82.0 — — 1,561.1 Merchandise inventory — — 333.9 3.6 — — 337.5 Miscellaneous receivables — 56.1 93.3 6.2 — — 155.6 Prepaid expenses and other — 11.0 46.0 1.5 — (3.8 ) 54.7 Total current assets — 413.5 1,952.3 117.9 — (30.3 ) 2,453.4 Property and equipment, net — 80.5 55.5 1.2 — — 137.2 Equity investments — 86.7 — — 86.7 Goodwill — 751.8 1,439.0 26.8 — — 2,217.6 Other intangible assets, net — 320.0 843.6 5.2 — — 1,168.8 Other assets 4.3 3.2 0.4 1.4 — (6.1 ) 3.2 Investment in and advances to subsidiaries 932.2 2,784.5 — — — (3,716.7 ) — Total assets $ 936.5 $ 4,440.2 $ 4,290.8 $ 152.5 $ — $ (3,753.1 ) $ 6,066.9 Liabilities and Shareholders’ Equity Current liabilities: Accounts payable-trade $ — $ 23.9 $ 671.9 $ 34.7 $ — $ (26.5 ) $ 704.0 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 1,277.5 44.0 — (30.6 ) 1,468.0 Long-term liabilities: Debt — 3,141.6 — — — — 3,141.6 Deferred income taxes — 146.7 331.3 1.3 — (4.3 ) 475.0 Other liabilities — 42.6 3.7 1.0 — (1.5 ) 45.8 Total long-term liabilities — 3,330.9 335.0 2.3 — (5.8 ) 3,662.4 Total shareholders’ equity 936.5 932.2 2,678.3 106.2 — (3,716.7 ) 936.5 Total liabilities and shareholders’ equity $ 936.5 $ 4,440.2 $ 4,290.8 $ 152.5 $ — $ (3,753.1 ) $ 6,066.9
Consolidating Statements of Operations	Consolidating Statement of Operations Three Months Ended June 30, 2014 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiary Co-Issuer Consolidating Adjustments Consolidated Net sales $ — $ — $ 2,972.9 $ 133.1 $ — $ — $ 3,106.0 Cost of sales — — 2,492.4 116.7 — — 2,609.1 Gross profit — — 480.5 16.4 — — 496.9 Selling and administrative expenses — 27.8 237.2 8.9 — — 273.9 Advertising expense — — 33.6 1.2 — — 34.8 Income (loss) from operations — (27.8 ) 209.7 6.3 — — 188.2 Interest (expense) income, net — (48.5 ) — — — — (48.5 ) Net loss on extinguishments of long-term debt — (2.6 ) — — — — (2.6 ) Management fee — 1.0 — (1.0 ) — — — Other (expense) income, net — — 0.3 (0.2 ) — — 0.1 Income (loss) before income taxes — (77.9 ) 210.0 5.1 — — 137.2 Income tax benefit (expense) — 29.0 (78.2 ) (1.4 ) — — (50.6 ) Income (loss) before equity in earnings of subsidiaries — (48.9 ) 131.8 3.7 — — 86.6 Equity in earnings of subsidiaries 86.6 135.5 — — — (222.1 ) — Net income $ 86.6 $ 86.6 $ 131.8 $ 3.7 $ — $ (222.1 ) $ 86.6 Consolidating Statement of Operations Three Months Ended June 30, 2015 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiary Co-Issuer Consolidating Adjustments Consolidated Net sales $ — $ — $ 3,187.2 $ 126.8 $ — $ — $ 3,314.0 Cost of sales — — 2,667.9 111.6 — — 2,779.5 Gross profit — — 519.3 15.2 — — 534.5 Selling and administrative expenses — 29.1 252.9 8.6 — — 290.6 Advertising expense — — 36.9 1.1 — — 38.0 Income (loss) from operations — (29.1 ) 229.5 5.5 — — 205.9 Interest (expense) income, net — (37.8 ) — — — — (37.8 ) Net loss on extinguishments of long-term debt — — — — — — — Management fee — 1.2 — (1.2 ) — — — Other income (expense), net — 3.8 0.3 (0.1 ) — — 4.0 Income (loss) before income taxes — (61.9 ) 229.8 4.2 — — 172.1 Income tax benefit (expense) — 23.0 (85.7 ) (1.2 ) — — (63.9 ) Income (loss) before equity in earnings of subsidiaries — (38.9 ) 144.1 3.0 — — 108.2 Equity in earnings of subsidiaries 108.2 147.1 — — (255.3 ) — Net income $ 108.2 $ 108.2 $ 144.1 $ 3.0 $ — $ (255.3 ) $ 108.2 Consolidating Statement of Operations Six Months Ended June 30, 2015 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiary Co-Issuer Consolidating Adjustments Consolidated Net sales $ — $ — $ 5,814.7 $ 254.5 $ — $ — $ 6,069.2 Cost of sales — — 4,854.2 224.0 — — 5,078.2 Gross profit — — 960.5 30.5 — — 991.0 Selling and administrative expenses — 57.4 491.4 17.3 — — 566.1 Advertising expense — — 65.6 1.8 — — 67.4 Income (loss) from operations — (57.4 ) 403.5 11.4 — — 357.5 Interest (expense) income, net — (82.8 ) — 0.2 — — (82.6 ) Net loss on extinguishments of long-term debt — (24.3 ) — — — — (24.3 ) Management fee — 2.2 — (2.2 ) — — — Other income (expense), net — 7.9 1.0 (0.4 ) — — 8.5 Income (loss) before income taxes — (154.4 ) 404.5 9.0 — — 259.1 Income tax benefit (expense) — 57.8 (151.5 ) (2.5 ) — — (96.2 ) Income (loss) before equity in earnings of subsidiaries — (96.6 ) 253.0 6.5 — — 162.9 Equity in earnings of subsidiaries 162.9 259.5 — — — (422.4 ) — Net income $ 162.9 $ 162.9 $ 253.0 $ 6.5 $ — $ (422.4 ) $ 162.9 Consolidating Statement of Operations Six Months Ended June 30, 2014 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiary Co-Issuer Consolidating Adjustments Consolidated Net sales $ — $ — $ 5,491.1 $ 267.2 $ — $ — $ 5,758.3 Cost of sales — — 4,600.0 236.2 — — 4,836.2 Gross profit — — 891.1 31.0 — — 922.1 Selling and administrative expenses — 53.7 463.5 17.6 — — 534.8 Advertising expense — — 61.4 1.9 — — 63.3 Income (loss) from operations — (53.7 ) 366.2 11.5 — — 324.0 Interest (expense) income, net — (98.7 ) — 0.1 — — (98.6 ) Net loss on extinguishments of long-term debt — (8.0 ) — — — — (8.0 ) Management fee — 2.0 — (2.0 ) — — — Other income (expense), net — — 0.7 (0.1 ) — — 0.6 Income (loss) before income taxes — (158.4 ) 366.9 9.5 — — 218.0 Income tax benefit (expense) — 59.2 (137.1 ) (2.6 ) — — (80.5 ) Income (loss) before equity in earnings of subsidiaries — (99.2 ) 229.8 6.9 — — 137.5 Equity in earnings of subsidiaries 137.5 236.7 — — — (374.2 ) — Net income $ 137.5 $ 137.5 $ 229.8 $ 6.9 $ — $ (374.2 ) $ 137.5
Condensed Consolidating Statements of Comprehensive Income (Loss)	Condensed Consolidating Statement of Comprehensive Income Six Months Ended June 30, 2014 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiary Co-Issuer Consolidating Adjustments Consolidated Comprehensive income $ 137.3 $ 137.3 $ 229.8 $ 6.7 $ — $ (373.8 ) $ 137.3 Condensed Consolidating Statement of Comprehensive Income Three Months Ended June 30, 2014 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiary Co-Issuer Consolidating Adjustments Consolidated Comprehensive income $ 90.3 $ 90.3 $ 131.8 $ 7.4 $ — $ (229.5 ) $ 90.3 Condensed Consolidating Statement of Comprehensive Income Six Months Ended June 30, 2015 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiary Co-Issuer Consolidating Adjustments Consolidated Comprehensive income $ 156.6 $ 156.6 $ 253.0 $ 0.2 $ — $ (409.8 ) $ 156.6 Condensed Consolidating Statement of Comprehensive Income Three Months Ended June 30, 2015 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiary Co-Issuer Consolidating Adjustments Consolidated Comprehensive income $ 112.9 $ 112.9 $ 144.1 $ 7.8 $ — $ (264.8 ) $ 112.9
Condensed Consolidating Statements Cash Flows	Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2014 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiary Co-Issuer Consolidating Adjustments Consolidated Net cash (used in) provided by operating activities $ — $ (112.6 ) $ 269.9 $ 9.6 $ — $ 9.0 $ 175.9 Cash flows from investing activities: Capital expenditures — (19.1 ) (1.9 ) — — — (21.0 ) Payment of accrued charitable contribution related to the MPK Coworker Incentive Plan II — (20.9 ) — — — — (20.9 ) Net cash used in investing activities — (40.0 ) (1.9 ) — — — (41.9 ) Cash flows from financing activities: Repayments of long-term debt — (7.7 ) — — — — (7.7 ) Payments to extinguish long-term debt — (123.8 ) — — — — (123.8 ) Payment of debt financing costs (6.4 ) (6.4 ) Net change in accounts payable - inventory financing — — 55.0 — — — 55.0 Proceeds from stock option exercises — 0.8 — — — — 0.8 Proceeds from Coworker Stock Purchase Plan — 2.0 — — — — 2.0 Dividends paid (14.6 ) — — — — — (14.6 ) Advances from (to) affiliates 14.6 308.0 (323.0 ) 0.4 — — — Net cash provided by (used in) financing activities — 172.9 (268.0 ) 0.4 — — (94.7 ) Effect of exchange rate changes on cash and cash equivalents — — — 0.2 — — 0.2 Net increase in cash and cash equivalents — 20.3 — 10.2 — 9.0 39.5 Cash and cash equivalents—beginning of period — 196.5 — 14.0 — (22.4 ) 188.1 Cash and cash equivalents—end of period $ — $ 216.8 $ — $ 24.2 $ — $ (13.4 ) $ 227.6 Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2015 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiary Co-Issuer Consolidating Adjustments Consolidated Net cash (used in) provided by operating activities $ — $ (76.4 ) $ 150.1 $ 14.6 $ — $ 10.8 $ 99.1 Cash flows from investing activities: Capital expenditures — (18.4 ) (4.2 ) (0.3 ) — — (22.9 ) Premium payments on interest rate cap agreements — (0.5 ) — — — — (0.5 ) Net cash used in investing activities — (18.9 ) (4.2 ) (0.3 ) — — (23.4 ) Cash flows from financing activities: Repayments of long-term debt — (7.7 ) — — — — (7.7 ) Proceeds from the issuance of long-term debt — 525.0 — — — — 525.0 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 — — 41.2 — — — 41.2 Proceeds from stock option exercises — 1.0 — — — — 1.0 Proceeds from Coworker Stock Purchase Plan — 4.2 — — — — 4.2 Shares repurchased (91.7 ) — — — — — (91.7 ) Dividends paid (23.2 ) — — — — — (23.2 ) Excess tax benefits from equity-based compensation — 0.2 — — — — 0.2 Advances from (to) affiliates 114.9 72.2 (187.1 ) — — — — Net cash provided by (used in) financing activities — 62.8 (145.9 ) — — — (83.1 ) Effect of exchange rate changes on cash and cash equivalents — — — (1.4 ) — — (1.4 ) Net (decrease)/increase in cash and cash equivalents — (32.5 ) — 12.9 — 10.8 (8.8 ) Cash and cash equivalents—beginning of period — 346.4 — 24.6 — (26.5 ) 344.5 Cash and cash equivalents—end of period $ — $ 313.9 $ — $ 37.5 $ — $ (15.7 ) $ 335.7

Recent Accounting Pronounceme26

Recent Accounting Pronouncements Effects of Recent Accounting Pronouncements (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing costs, net		$ 0
Long-term Debt, Excluding Current Maturities	$ (3,154.2)	(3,141.6)
Adjustments for New Accounting Pronouncement [Member] | Scenario, Previously Reported [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing costs, net		33
Long-term Debt, Excluding Current Maturities		(3,174.6)
Adjustments for New Accounting Pronouncement [Member] | Restatement Adjustment [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing costs, net		(33)
Long-term Debt, Excluding Current Maturities		$ 33

Inventory Financing Agreement27

Inventory Financing Agreements (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Inventory Financing Agreements [Line Items]
Accounts payable-inventory financing	$ 373.3	$ 332.1
Accounts Payable, Inventory Financing [Member]
Inventory Financing Agreements [Line Items]
Revolving Loan inventory financing agreement	372.4	330.1
Other inventory financing agreements	0.9	2
Accounts payable-inventory financing	$ 373.3	$ 332.1

Long-Term Debt -Debt Balances a

Long-Term Debt -Debt Balances and Interest Rates (Details) - USD ($) $ in Millions		Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Deferred financing costs, net			$ 0
Debt, Long-term and Short-term, Combined Amount		$ 3,169.6	3,157
Current maturities of long-term debt		(15.4)	(15.4)
Long-term Debt, Excluding Current Maturities		3,154.2	3,141.6
Revolving Loan [Member]
Debt Instrument [Line Items]
Debt, short-term and long-term		$ 0	0
Long-term Debt, Weighted Average Interest Rate	[1]	0.00%
Term Loan [Member]
Debt Instrument [Line Items]
Debt, short-term and long-term		$ 1,505.8	1,513.5
Discount, Unamortized		$ (3.3)	(3.7)
Long-term Debt, Weighted Average Interest Rate	[1]	3.25%
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	[1]	8.50%
Premium, unamortized		$ 0	1.3
Senior Notes due 2023 [Member]
Debt Instrument [Line Items]
Debt, short-term and long-term		525	0
Deferred financing costs, net		$ 6.8
Long-term Debt, Weighted Average Interest Rate	[1]	5.00%
Senior Notes due 2022 [Member]
Debt Instrument [Line Items]
Debt, short-term and long-term		$ 600	600
Long-term Debt, Weighted Average Interest Rate	[1]	6.00%
Senior Notes due 2024 [Member]
Debt Instrument [Line Items]
Debt, short-term and long-term		$ 575	575
Long-term Debt, Weighted Average Interest Rate	[1]	5.50%
Long-term Debt [Member]
Debt Instrument [Line Items]
Deferred financing costs, net		$ 32.9	$ 33
LIBOR [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Long-term Debt, Weighted Average Interest Rate		3.25%
[1]	Interest rate at June 30, 2015

Long-Term Debt -Revolving Loan

Long-Term Debt -Revolving Loan (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Debt Instrument [Line Items]
Net loss on extinguishments of long-term debt	$ 0	$ (2.6)	$ (24.3)	$ (8)
Revolving Loan [Member]
Debt Instrument [Line Items]
Debt, short-term and long-term	0		0		$ 0
Undrawn letters of credit	2.1		2.1
Floorplan sub-facility, reserve	359.4		359.4
Borrowing Base	1,342.2		1,342.2
Availability under Revolving Loan	888.5		888.5
Accounts Payable, Inventory Financing [Member]
Debt Instrument [Line Items]
Revolving Loan inventory financing agreement	372.4		372.4		$ 330.1
Accounts Payable, Inventory Financing [Member] | Revolving Loan [Member]
Debt Instrument [Line Items]
Amount owed under Revolving loan financing agreement	359.4		359.4
Floorplan sub-facility, variation between balance in financials and balance per financial intermediary due to timing differences in reporting	$ 13		$ 13

Long-Term Debt -Term Loan (Deta

Long-Term Debt -Term Loan (Details) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Net Income free of restrictions under credit agreements		$ 777.9		$ 777.9
Proceeds from Issuance of Long-term Debt				525	$ 0
Net loss on extinguishments of long-term debt		0	$ (2.6)	(24.3)	(8)
Interest rate cap agreements premiums paid				0.5	$ 0
Term Loan [Member]
Debt Instrument [Line Items]
Debt, short-term and long-term		$ 1,505.8		$ 1,505.8		$ 1,513.5
Net leverage ratio		3		3
Long-term Debt, Weighted Average Interest Rate	[1]	3.25%		3.25%
Discount, Unamortized		$ 3.3		$ 3.3		$ 3.7
LIBOR [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Long-term Debt, Weighted Average Interest Rate		3.25%		3.25%
LIBOR [Member] | Minimum [Member]
Debt Instrument [Line Items]
Variable Interest Rate Margin		2.25%		2.25%
LIBOR [Member] | Minimum [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Reference Interest Rate Floor		1.00%		1.00%
Cap agreement effective January 14, 2015-2017 [Member]
Debt Instrument [Line Items]
Interest Rate Cap, cap rate		2.00%		2.00%		2.00%
Number of Interest Rate Derivatives Held		6		6		14
Derivative, Notional Amount		$ 400		$ 400		$ 1,000
Interest rate cap agreements premiums paid				0.5
Interest Rate Cap, fair value		$ 0.5		$ 0.5		$ 1.7
Cap agreement effective January 14, 2013-2015 [Member]
Debt Instrument [Line Items]
Number of Interest Rate Derivatives Held		10		10
Derivative, Notional Amount		$ 1,150		$ 1,150
[1]	Interest rate at June 30, 2015

Long-Term Debt -Interest Rate C

Long-Term Debt -Interest Rate Caps (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Derivative [Line Items]
Interest rate cap agreements premiums paid	$ 0.5	$ 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%		2.00%
Interest Rate Cap, fair value	$ 0.5		$ 1.7

Long-Term Debt -Senior Notes (D

Long-Term Debt -Senior Notes (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Mar. 03, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Net loss on extinguishments of long-term debt		$ 0	$ (2.6)	$ (24.3)	$ (8)
Deferred financing costs, net							$ 0
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%		8.50%
Debt, short-term and long-term		$ 0		$ 0			503.9
Long-term Debt, Weighted Average Interest Rate	[1]	8.50%		8.50%
Premium, unamortized		$ 0		$ 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%		5.00%
Debt, short-term and long-term		$ 525		$ 525			0
Deferred financing costs, net		$ 6.8		$ 6.8
Long-term Debt, Weighted Average Interest Rate	[1]	5.00%		5.00%
Term Loan [Member]
Debt Instrument [Line Items]
Debt, short-term and long-term		$ 1,505.8		$ 1,505.8			$ 1,513.5
Long-term Debt, Weighted Average Interest Rate	[1]	3.25%		3.25%
[1]	Interest rate at June 30, 2015

Long-Term Debt Senior Subordina

Long-Term Debt Senior Subordinated Notes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Debt Instrument [Line Items]
Net loss on extinguishments of long-term debt	$ 0	$ 2.6	$ 24.3	$ 8

Long-Term Debt -Fair Value of L

Long-Term Debt -Fair Value of Long-Term Debt (Details) - Long-term Debt, Type [Domain] - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Inputs, Level 2 [Member]
Fair Value [Line Items]
Long-term Debt, fair value disclosures	$ 3,206.7	$ 3,208.7
Reported Value Measurement [Member]
Fair Value [Line Items]
Debt, short-term and long-term	$ 3,205.8	$ 3,192.4

Earnings per Share (Details)

Earnings per Share (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Weighted Average Shares - Basic	171	170.2	171.6	169.9
Effect of dilutive securities	1.5	2.5	1.4	2.6
Weighted Average Shares - Diluted	172.5	172.7	173	172.5
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0.9	0	0.7	0

Segment Information (Details)

Segment Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)
Segment Reporting Information [Line Items]
Number of Reportable Segments			2
Number of operating segments which do not meet reportable unit quantitative threshold			3
Net Sales	$ 3,314	$ 3,106	$ 6,069.2	$ 5,758.3
Income (loss) from operations	205.9	188.2	357.5	324
Depreciation and amortization expense	(52.6)	(52)	(105.1)	(104)
Corporate [Member]
Segment Reporting Information [Line Items]
Net Sales	1,761.4	1,656.2	3,335.3	3,161.8
Income (loss) from operations	130.5	119.7	240.7	220.7
Depreciation and amortization expense	(24.1)	(24.1)	(48.1)	(48.2)
Public [Member]
Segment Reporting Information [Line Items]
Net Sales	1,374.2	1,271.6	2,380.1	2,241.5
Income (loss) from operations	94.7	88.8	154.3	142.8
Depreciation and amortization expense	(10.9)	(10.9)	(21.9)	(21.8)
Other [Member]
Segment Reporting Information [Line Items]
Net Sales	178.4	178.2	353.8	355
Income (loss) from operations	9.7	7.6	19.9	14.2
Depreciation and amortization expense	(2.3)	(2.2)	(4.6)	(4.3)
Headquarters [Member]
Segment Reporting Information [Line Items]
Net Sales	0	0	0	0
Income (loss) from operations	(29)	(27.9)	(57.4)	(53.7)
Depreciation and amortization expense	$ (15.3)	$ (14.8)	$ (30.5)	$ (29.7)

Supplemental Guarantor Inform37

Supplemental Guarantor Information -Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Supplemental Guarantor Information [Line Items]
Cash and cash equivalents	$ 335.7	$ 344.5	$ 227.6	$ 188.1
Accounts receivable, net of allowance for doubtful accounts	1,712.5	1,561.1
Merchandise inventory	436.2	337.5
Miscellaneous receivables	188.7	155.6
Prepaid expenses and other	41.3	54.7
Total current assets	2,714.4	2,453.4
Property and equipment, net	134.2	137.2
Equity Method Investments	95.4	86.7
Goodwill	2,215.6	2,217.6
Other intangible assets, net	1,089.4	1,168.8
Deferred financing costs, net		0
Other assets	2.2	3.2
Total assets	6,251.2	6,066.9
Accounts payable-trade	853.9	704
Accounts payable-inventory financing	373.3	332.1
Current maturities of long-term debt	15.4	15.4
Deferred revenue	56.5	81.3
Total current liabilities	1,625.6	1,468
Long-term Debt, Excluding Current Maturities	3,154.2	3,141.6
Deferred income taxes	428.2	475
Other liabilities	47.4	45.8
Total long-term liabilities	3,629.8	3,662.4
Total shareholders' equity (deficit)	995.8	936.5
Total liabilities and shareholders' equity (deficit)	6,251.2	6,066.9
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
Other assets	4.3	4.3
Investment from and advances to subsidiaries	991.5	932.2
Total assets	995.8	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
Long-term Debt, Excluding Current Maturities	0	0
Deferred income taxes	0	0
Other liabilities	0	0
Total long-term liabilities	0	0
Total shareholders' equity (deficit)	995.8	936.5
Total liabilities and shareholders' equity (deficit)	995.8	936.5
Subsidiary Issuer [Member]
Supplemental Guarantor Information [Line Items]
Cash and cash equivalents	313.9	346.4	216.8	196.5
Accounts receivable, net of allowance for doubtful accounts	0	0
Merchandise inventory	0	0
Miscellaneous receivables	55.1	56.1
Prepaid expenses and other	12.3	11
Total current assets	381.3	413.5
Property and equipment, net	79.8	80.5
Equity Method Investments	95.4	86.7
Goodwill	751.8	751.8
Other intangible assets, net	310.5	320
Other assets	2.1	3.2
Investment from and advances to subsidiaries	2,878.3	2,784.5
Total assets	4,499.2	4,440.2
Accounts payable-trade	17.5	23.9
Accounts payable-inventory financing	0	0
Current maturities of long-term debt	15.4	15.4
Deferred revenue	0	0
Accrued Expenses	146.4	137.8
Total current liabilities	179.3	177.1
Long-term Debt, Excluding Current Maturities	3,154.2	3,141.6
Deferred income taxes	129.6	146.7
Other liabilities	44.6	42.6
Total long-term liabilities	3,328.4	3,330.9
Total shareholders' equity (deficit)	991.5	932.2
Total liabilities and shareholders' equity (deficit)	4,499.2	4,440.2
Guarantor Subsidiaries [Member]
Supplemental Guarantor Information [Line Items]
Cash and cash equivalents	0	0	0	0
Accounts receivable, net of allowance for doubtful accounts	1,647.8	1,479.1
Merchandise inventory	432.5	333.9
Miscellaneous receivables	126.6	93.3
Prepaid expenses and other	30.9	46
Total current assets	2,237.8	1,952.3
Property and equipment, net	53.5	55.5
Equity Method Investments	0	0
Goodwill	1,439	1,439
Other intangible assets, net	774.5	843.6
Other assets	0.1	0.4
Investment from and advances to subsidiaries	0	0
Total assets	4,504.9	4,290.8
Accounts payable-trade	822.6	671.9
Accounts payable-inventory financing	373.3	332.1
Current maturities of long-term debt	0	0
Deferred revenue	56.5	79.9
Accrued Expenses	174.8	193.6
Total current liabilities	1,427.2	1,277.5
Long-term Debt, Excluding Current Maturities	0	0
Deferred income taxes	301.6	331.3
Other liabilities	3.7	3.7
Total long-term liabilities	305.3	335
Total shareholders' equity (deficit)	2,772.4	2,678.3
Total liabilities and shareholders' equity (deficit)	4,504.9	4,290.8
Non-Guarantor Subsidiaries [Member]
Supplemental Guarantor Information [Line Items]
Cash and cash equivalents	37.5	24.6	24.2	14
Accounts receivable, net of allowance for doubtful accounts	64.7	82
Merchandise inventory	3.7	3.6
Miscellaneous receivables	7	6.2
Prepaid expenses and other	0.4	1.5
Total current assets	113.3	117.9
Property and equipment, net	0.9	1.2
Equity Method Investments	0	0
Goodwill	24.8	26.8
Other intangible assets, net	4.4	5.2
Other assets	1.5	1.4
Investment from and advances to subsidiaries	0	0
Total assets	144.9	152.5
Accounts payable-trade	29.5	34.7
Accounts payable-inventory financing	0	0
Current maturities of long-term debt	0	0
Deferred revenue	0	1.4
Accrued Expenses	7.6	7.9
Total current liabilities	37.1	44
Long-term Debt, Excluding Current Maturities	0	0
Deferred income taxes	1.2	1.3
Other liabilities	0.7	1
Total long-term liabilities	1.9	2.3
Total shareholders' equity (deficit)	105.9	106.2
Total liabilities and shareholders' equity (deficit)	144.9	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
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
Long-term Debt, Excluding Current Maturities	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	(15.7)	(26.5)	(13.4)	(22.4)
Accounts receivable, net of allowance for doubtful accounts	0	0
Merchandise inventory	0	0
Miscellaneous receivables	0	0
Prepaid expenses and other	(2.3)	(3.8)
Total current assets	(18)	(30.3)
Property and equipment, net		$ 0
Equity Method Investments	0
Goodwill	0	$ 0
Other intangible assets, net	0	0
Other assets	(5.8)	(6.1)
Investment from and advances to subsidiaries	(3,869.8)	(3,716.7)
Total assets	(3,893.6)	(3,753.1)
Accounts payable-trade	(15.7)	(26.5)
Accounts payable-inventory financing	0	0
Current maturities of long-term debt	0	0
Deferred revenue	0	0
Accrued Expenses	(2.3)	(4.1)
Total current liabilities	(18)	(30.6)
Long-term Debt, Excluding Current Maturities	0	0
Deferred income taxes	(4.2)	(4.3)
Other liabilities	(1.6)	(1.5)
Total long-term liabilities	(5.8)	(5.8)
Total shareholders' equity (deficit)	(3,869.8)	(3,716.7)
Total liabilities and shareholders' equity (deficit)	(3,893.6)	(3,753.1)
Consolidated [Member]
Supplemental Guarantor Information [Line Items]
Cash and cash equivalents	335.7	344.5	$ 227.6	$ 188.1
Accounts receivable, net of allowance for doubtful accounts	1,712.5	1,561.1
Merchandise inventory	436.2	337.5
Miscellaneous receivables	188.7	155.6
Prepaid expenses and other	41.3	54.7
Total current assets	2,714.4	2,453.4
Property and equipment, net	134.2	137.2
Equity Method Investments	95.4	86.7
Goodwill	2,215.6	2,217.6
Other intangible assets, net	1,089.4	1,168.8
Other assets	2.2	3.2
Investment from and advances to subsidiaries	0	0
Total assets	6,251.2	6,066.9
Accounts payable-trade	853.9	704
Accounts payable-inventory financing	373.3	332.1
Current maturities of long-term debt	15.4	15.4
Deferred revenue	56.5	81.3
Accrued Expenses	326.5	335.2
Total current liabilities	1,625.6	1,468
Long-term Debt, Excluding Current Maturities	3,154.2	3,141.6
Deferred income taxes	428.2	475
Other liabilities	47.4	45.8
Total long-term liabilities	3,629.8	3,662.4
Total shareholders' equity (deficit)	995.8	936.5
Total liabilities and shareholders' equity (deficit)	$ 6,251.2	$ 6,066.9

Supplemental Guarantor Inform38

Supplemental Guarantor Information -Consolidating Statements of Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Supplemental Guarantor Information [Line Items]
Net Sales	$ 3,314	$ 3,106	$ 6,069.2	$ 5,758.3
Cost of sales	2,779.5	2,609.1	5,078.2	4,836.2
Gross profit	534.5	496.9	991	922.1
Selling and administrative expenses	290.6	273.9	566.1	534.8
Advertising expense	38	34.8	67.4	63.3
Income from operations	205.9	188.2	357.5	324
Interest Income (Expense), Net	(37.8)	(48.5)	(82.6)	(98.6)
Net loss on extinguishments of long-term debt	0	(2.6)	(24.3)	(8)
Other income (loss), net	4	0.1	8.5	0.6
Income (loss) before income taxes	172.1	137.2	259.1	218
Income Tax Expense (Benefit)	(63.9)	(50.6)	(96.2)	(80.5)
Net income (loss)	108.2	86.6	162.9	137.5
Parent Guarantor [Member]
Supplemental Guarantor Information [Line Items]
Net Sales	0	0	0	0
Cost of sales	0	0	0	0
Gross profit	0	0	0	0
Selling and administrative expenses	0	0	0	0
Advertising expense	0	0	0	0
Income from operations	0	0	0	0
Interest Income (Expense), Net	0	0	0	0
Net loss on extinguishments of long-term debt	0	0	0	0
Management Fee Income (Expense)	0	0	0	0
Other income (loss), net	0	0	0	0
Income (loss) before income taxes	0	0	0	0
Income Tax Expense (Benefit)	0	0	0	0
Income (Loss) before equity in earnings (loss) of subsidiaries	0	0	0	0
Equity in Earnings (Loss) of Subsidiaries	108.2	86.6	162.9	137.5
Net income (loss)	108.2	86.6	162.9	137.5
Subsidiary Issuer [Member]
Supplemental Guarantor Information [Line Items]
Net Sales	0	0	0	0
Cost of sales	0	0	0	0
Gross profit	0	0	0	0
Selling and administrative expenses	29.1	27.8	57.4	53.7
Advertising expense	0	0	0	0
Income from operations	(29.1)	(27.8)	(57.4)	(53.7)
Interest Income (Expense), Net	37.8	48.5	82.8	98.7
Net loss on extinguishments of long-term debt	0	(2.6)	(24.3)	(8)
Management Fee Income (Expense)	1.2	1	2.2	2
Other income (loss), net	3.8	0	7.9	0
Income (loss) before income taxes	(61.9)	(77.9)	(154.4)	(158.4)
Income Tax Expense (Benefit)	23	29	57.8	59.2
Income (Loss) before equity in earnings (loss) of subsidiaries	(38.9)	(48.9)	(96.6)	(99.2)
Equity in Earnings (Loss) of Subsidiaries	147.1	135.5	259.5	236.7
Net income (loss)	108.2	86.6	162.9	137.5
Guarantor Subsidiaries [Member]
Supplemental Guarantor Information [Line Items]
Net Sales	3,187.2	2,972.9	5,814.7	5,491.1
Cost of sales	2,667.9	2,492.4	4,854.2	4,600
Gross profit	519.3	480.5	960.5	891.1
Selling and administrative expenses	252.9	237.2	491.4	463.5
Advertising expense	36.9	33.6	65.6	61.4
Income from operations	229.5	209.7	403.5	366.2
Interest Income (Expense), Net	0	0	0	0
Net loss on extinguishments of long-term debt	0	0	0	0
Management Fee Income (Expense)	0	0	0	0
Other income (loss), net	0.3	0.3	1	0.7
Income (loss) before income taxes	229.8	210	404.5	366.9
Income Tax Expense (Benefit)	(85.7)	(78.2)	(151.5)	(137.1)
Income (Loss) before equity in earnings (loss) of subsidiaries	144.1	131.8	253	229.8
Equity in Earnings (Loss) of Subsidiaries	0	0	0	0
Net income (loss)	144.1	131.8	253	229.8
Non-Guarantor Subsidiaries [Member]
Supplemental Guarantor Information [Line Items]
Net Sales	126.8	133.1	254.5	267.2
Cost of sales	111.6	116.7	224	236.2
Gross profit	15.2	16.4	30.5	31
Selling and administrative expenses	8.6	8.9	17.3	17.6
Advertising expense	1.1	1.2	1.8	1.9
Income from operations	5.5	6.3	11.4	11.5
Interest Income (Expense), Net	0	0	(0.2)	(0.1)
Net loss on extinguishments of long-term debt	0	0	0	0
Management Fee Income (Expense)	(1.2)	(1)	(2.2)	(2)
Other income (loss), net	(0.1)	(0.2)	(0.4)	(0.1)
Income (loss) before income taxes	4.2	5.1	9	9.5
Income Tax Expense (Benefit)	(1.2)	(1.4)	(2.5)	(2.6)
Income (Loss) before equity in earnings (loss) of subsidiaries	$ 3	3.7	6.5	6.9
Equity in Earnings (Loss) of Subsidiaries		0	0	0
Net income (loss)	$ 3	3.7	6.5	6.9
Co-Issuer [Member]
Supplemental Guarantor Information [Line Items]
Net Sales	0	0	0	0
Cost of sales	0	0	0	0
Gross profit	0	0	0	0
Selling and administrative expenses	0	0	0	0
Advertising expense	0	0	0	0
Income from operations	0	0	0	0
Interest Income (Expense), Net	0	0	0	0
Net loss on extinguishments of long-term debt	0	0	0	0
Management Fee Income (Expense)	0	0	0	0
Other income (loss), net	0	0	0	0
Income (loss) before income taxes	0	0	0	0
Income Tax Expense (Benefit)	0	0	0	0
Income (Loss) before equity in earnings (loss) of subsidiaries	0	0	0	0
Equity in Earnings (Loss) of Subsidiaries	0	0	0	0
Net income (loss)	0	0	0	0
Consolidating Adjustments [Member]
Supplemental Guarantor Information [Line Items]
Net Sales	0	0	0	0
Cost of sales	0	0	0	0
Gross profit	0	0	0	0
Selling and administrative expenses	0	0	0	0
Advertising expense	0	0	0	0
Income from operations	0	0	0	0
Interest Income (Expense), Net	0	0	0	0
Net loss on extinguishments of long-term debt	0	0	0	0
Management Fee Income (Expense)	0	0	0	0
Other income (loss), net	0	0	0	0
Income (loss) before income taxes	0	0	0	0
Income Tax Expense (Benefit)	0	0	0	0
Income (Loss) before equity in earnings (loss) of subsidiaries	0	0	0	0
Equity in Earnings (Loss) of Subsidiaries	(255.3)	(222.1)	(422.4)	(374.2)
Net income (loss)	(255.3)	(222.1)	(422.4)	(374.2)
Consolidated [Member]
Supplemental Guarantor Information [Line Items]
Net Sales	3,314	3,106	6,069.2	5,758.3
Cost of sales	2,779.5	2,609.1	5,078.2	4,836.2
Gross profit	534.5	496.9	991	922.1
Selling and administrative expenses	290.6	273.9	566.1	534.8
Advertising expense	38	34.8	67.4	63.3
Income from operations	205.9	188.2	357.5	324
Interest Income (Expense), Net	37.8	48.5	82.6	98.6
Net loss on extinguishments of long-term debt	0	(2.6)	(24.3)	(8)
Management Fee Income (Expense)	0	0	0	0
Other income (loss), net	4	0.1	8.5	0.6
Income (loss) before income taxes	172.1	137.2	259.1	218
Income Tax Expense (Benefit)	(63.9)	(50.6)	(96.2)	(80.5)
Income (Loss) before equity in earnings (loss) of subsidiaries	108.2	86.6	162.9	137.5
Equity in Earnings (Loss) of Subsidiaries	0	0	0	0
Net income (loss)	$ 108.2	$ 86.6	$ 162.9	$ 137.5

Supplemental Guarantor Inform39

Supplemental Guarantor Information -Condensed Consolidating Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Supplemental Guarantor Information [Line Items]
Comprehensive income (loss)	$ 112.9	$ 90.3	$ 156.6	$ 137.3
Parent Guarantor [Member]
Supplemental Guarantor Information [Line Items]
Comprehensive income (loss)	112.9	90.3	156.6	137.3
Subsidiary Issuer [Member]
Supplemental Guarantor Information [Line Items]
Comprehensive income (loss)	112.9	90.3	156.6	137.3
Guarantor Subsidiaries [Member]
Supplemental Guarantor Information [Line Items]
Comprehensive income (loss)	144.1	131.8	253	229.8
Non-Guarantor Subsidiaries [Member]
Supplemental Guarantor Information [Line Items]
Comprehensive income (loss)	7.8	7.4	0.2	6.7
Co-Issuer [Member]
Supplemental Guarantor Information [Line Items]
Comprehensive income (loss)	0	0	0	0
Consolidating Adjustments [Member]
Supplemental Guarantor Information [Line Items]
Comprehensive income (loss)	(264.8)	(229.5)	(409.8)	(373.8)
Consolidated [Member]
Supplemental Guarantor Information [Line Items]
Comprehensive income (loss)	$ 112.9	$ 90.3	$ 156.6	$ 137.3

Supplemental Guarantor Inform40

Supplemental Guarantor Information -Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Supplemental Guarantor Information [Line Items]
Net cash provided by operating activities		$ 99.1	$ 175.9
Capital expenditures		(22.9)	(21)
Payment of accrued charitable contribution related to the MPK Coworker Incentive Plan II		0	20.9
Net cash used in investing activities		(23.4)	(41.9)
Repayments of long-term debt		(7.7)	(7.7)
Proceeds from Issuance of Long-term Debt		525	0
Repayments of Long-term Debt		(525.3)	(123.8)
Payments of Financing Costs		(6.8)	(6.4)
Net change in accounts payable-inventory financing		41.2	55
Proceeds from stock option exercises		1	0.8
Proceeds from Coworker Stock Purchase Plan		4.2	2
Payments of Ordinary Dividends, Common Stock		(23.2)	(14.6)
Stock Repurchased and Retired During Period, Value	$ 0	(91.7)
Excess Tax Benefit from Share-based Compensation, Financing Activities		0.2	0
Net cash used in financing activities		(83.1)	(94.7)
Effect of exchange rate changes on cash and cash equivalents		(1.4)	0.2
Net increase (decrease) in cash and cash equivalents		(8.8)	39.5
Cash and cash equivalents - beginning of period		344.5	188.1
Cash and cash equivalents - end of period	227.6	335.7	227.6
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
Proceeds from Coworker Stock Purchase Plan		0	0
Payments of Ordinary Dividends, Common Stock		(23.2)	(14.6)
Stock Repurchased and Retired During Period, Value		(91.7)
Excess Tax Benefit from Share-based Compensation, Financing Activities		0
Advances from (to) affiliates		114.9	14.6
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	0
Subsidiary Issuer [Member]
Supplemental Guarantor Information [Line Items]
Net cash provided by operating activities		(76.4)	(112.6)
Capital expenditures		(18.4)	(19.1)
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		(18.9)	(40)
Repayments of long-term debt		(7.7)	(7.7)
Proceeds from Issuance of Long-term Debt		525
Repayments of Long-term Debt		(525.3)	(123.8)
Payments of Financing Costs		(6.8)	(6.4)
Net change in accounts payable-inventory financing		0	0
Proceeds from stock option exercises		1	0.8
Proceeds from Coworker Stock Purchase Plan		4.2	2
Payments of Ordinary Dividends, Common Stock		0	0
Stock Repurchased and Retired During Period, Value		0
Excess Tax Benefit from Share-based Compensation, Financing Activities		0.2
Advances from (to) affiliates		72.2	308
Net cash used in financing activities		62.8	172.9
Effect of exchange rate changes on cash and cash equivalents		0	0
Net increase (decrease) in cash and cash equivalents		(32.5)	20.3
Cash and cash equivalents - beginning of period		346.4	196.5
Cash and cash equivalents - end of period	216.8	313.9	216.8
Guarantor Subsidiaries [Member]
Supplemental Guarantor Information [Line Items]
Net cash provided by operating activities		150.1	269.9
Capital expenditures		(4.2)	(1.9)
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		(4.2)	(1.9)
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		41.2	$ 55
Proceeds from stock option exercises		0	0
Proceeds from Coworker Stock Purchase Plan		0	0
Payments of Ordinary Dividends, Common Stock		0	0
Stock Repurchased and Retired During Period, Value		0
Excess Tax Benefit from Share-based Compensation, Financing Activities		0
Advances from (to) affiliates		(187.1)	(323)
Net cash used in financing activities		(145.9)	(268)
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	0
Non-Guarantor Subsidiaries [Member]
Supplemental Guarantor Information [Line Items]
Net cash provided by operating activities		14.6	9.6
Capital expenditures		(0.3)	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		(0.3)	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 Coworker Stock Purchase Plan		0	0
Payments of Ordinary Dividends, Common Stock		0	0
Stock Repurchased and Retired During Period, Value		0
Excess Tax Benefit from Share-based Compensation, Financing Activities		0
Advances from (to) affiliates		0	0.4
Net cash used in financing activities		0	0.4
Effect of exchange rate changes on cash and cash equivalents		(1.4)	0.2
Net increase (decrease) in cash and cash equivalents		12.9	10.2
Cash and cash equivalents - beginning of period		24.6	14
Cash and cash equivalents - end of period	24.2	37.5	24.2
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 Coworker Stock Purchase Plan		0	0
Payments of Ordinary Dividends, Common Stock		0	0
Stock Repurchased and Retired During Period, Value		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	0
Consolidating Adjustments [Member]
Supplemental Guarantor Information [Line Items]
Net cash provided by operating activities		10.8	9
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 Coworker Stock Purchase Plan		0	0
Payments of Ordinary Dividends, Common Stock		0	0
Stock Repurchased and Retired During Period, Value		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		10.8	9
Cash and cash equivalents - beginning of period		(26.5)	(22.4)
Cash and cash equivalents - end of period	(13.4)	(15.7)	(13.4)
Consolidated [Member]
Supplemental Guarantor Information [Line Items]
Net cash provided by operating activities		99.1	175.9
Capital expenditures		(22.9)	(21)
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		(23.4)	(41.9)
Repayments of long-term debt		(7.7)	(7.7)
Proceeds from Issuance of Long-term Debt		525
Repayments of Long-term Debt		(525.3)	(123.8)
Payments of Financing Costs		(6.8)	(6.4)
Net change in accounts payable-inventory financing		41.2	55
Proceeds from stock option exercises		1	0.8
Proceeds from Coworker Stock Purchase Plan		4.2	2
Payments of Ordinary Dividends, Common Stock		(23.2)	(14.6)
Stock Repurchased and Retired During Period, Value		(91.7)
Excess Tax Benefit from Share-based Compensation, Financing Activities		0.2
Advances from (to) affiliates		0	0
Net cash used in financing activities		(83.1)	(94.7)
Effect of exchange rate changes on cash and cash equivalents		(1.4)	0.2
Net increase (decrease) in cash and cash equivalents		(8.8)	39.5
Cash and cash equivalents - beginning of period		344.5	188.1
Cash and cash equivalents - end of period	$ 227.6	$ 335.7	$ 227.6

Supplemental Guarantor Inform41

Supplemental Guarantor Information Guarantor (Details) - USD ($) $ in Millions	Jun. 30, 2015	Mar. 03, 2015	Dec. 31, 2014
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		$ 503.9
Long-term Debt, stated interest rate	8.50%

Related Party Transactions (Det

Related Party Transactions (Details) - 6 months ended Jun. 30, 2015 - $ / shares shares in Millions	Total
Related Party Transaction [Line Items]
Shares sold by certain selling stockholders	11.5
Stock Repurchased and Retired During Period, Shares	2
Treasury Stock Acquired, Average Cost Per Share	$ 36.60
Over-Allotment Option [Member]
Related Party Transaction [Line Items]
Shares sold by certain selling stockholders	1.5

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member] - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Aug. 03, 2015	Aug. 01, 2015
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.0675
Kelway TopCo Limited [Member]
Subsequent Event [Line Items]
Business Acquisition, Ownership Percentage Acquired		65.00%
Equity Method Investment, Ownership Percentage		35.00%
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable		$ 58.7
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable, Shares Issued		1.6
Business Combination, Liabilities Consolidated		$ 80
Including Cash Paid for Previously Held Equity Investment [Member] | Kelway TopCo Limited [Member]
Subsequent Event [Line Items]
Business Combination, Consideration Transferred		431
Payments to Acquire Businesses, Gross		$ 372.3