Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 30, 2016 | |
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 | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 165,609,467 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 248.2 | $ 37.6 |
Accounts receivable, net of allowance for doubtful accounts | 1,780.2 | 2,017.4 |
Merchandise inventory | 460.4 | 393.1 |
Miscellaneous receivables | 212.7 | 198.4 |
Prepaid expenses and other | 114.8 | 144.3 |
Total current assets | 2,816.3 | 2,790.8 |
Property and equipment, net | 168.4 | 175.4 |
Goodwill | 2,495.2 | 2,500.4 |
Other intangible assets, net | 1,225.4 | 1,276.4 |
Other assets | 12.6 | 12.3 |
Total assets | 6,717.9 | 6,755.3 |
Current liabilities: | ||
Accounts payable-trade | 958.6 | 866.5 |
Accounts payable-inventory financing | 372.9 | 439.6 |
Current maturities of long-term debt | 26.9 | 27.2 |
Deferred revenue | 166.3 | 151.9 |
Accrued expenses: | ||
Compensation | 126.7 | 120.4 |
Interest | 17.5 | 25.1 |
Sales taxes | 38.1 | 38.1 |
Advertising | 50.8 | 52.3 |
Income taxes | 51.6 | 0 |
Other | 134 | 166.2 |
Total current liabilities | 1,943.4 | 1,887.3 |
Long-term liabilities: | ||
Long-term Debt, Excluding Current Maturities | 3,225 | 3,232.5 |
Deferred income taxes | 448.5 | 469.6 |
Other liabilities | 61.1 | 70 |
Total long-term liabilities | $ 3,734.6 | $ 3,772.1 |
Commitments and contingencies | ||
Shareholders' equity (deficit): | ||
Preferred stock | $ 0 | $ 0 |
Common stock | 1.7 | 1.7 |
Paid-in capital | 2,817.1 | 2,806.9 |
Accumulated deficit | (1,710) | (1,651.6) |
Accumulated other comprehensive loss | (68.9) | (61.1) |
Total shareholders' equity (deficit) | 1,039.9 | 1,095.9 |
Total liabilities and shareholders' equity (deficit) | $ 6,717.9 | $ 6,755.3 |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parenthetical (Parentheticals) - USD ($) shares in Millions, $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 5.9 | $ 6 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, authorized | 100 | 100 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,000 | 1,000 |
Common stock, shares issued | 165.5 | 168.2 |
Common stock, shares outstanding | 165.5 | 168.2 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||
Net Sales | $ 3,116.7 | $ 2,755.2 |
Cost of sales | 2,592.2 | 2,298.7 |
Gross profit | 524.5 | 456.5 |
Selling and administrative expenses | 329.3 | 275.5 |
Advertising expense | 34.2 | 29.4 |
Income from operations | 161 | 151.6 |
Interest Income (Expense), Net | (38.1) | (44.8) |
Net loss on extinguishments of long-term debt | 0 | (24.3) |
Other income (loss), net | 1 | 4.5 |
Income (loss) before income taxes | 123.9 | 87 |
Income tax (expense) benefit | (46.1) | (32.3) |
Net income (loss) | $ 77.8 | $ 54.7 |
Income Per Share - Basic | $ 0.47 | $ 0.32 |
Income Per Share - Diluted | $ 0.46 | $ 0.32 |
Weighted Average Shares - Basic | 167.3 | 172.1 |
Weighted Average Shares - Diluted | 168.9 | 173.5 |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.1075 | $ 0.0675 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 77.8 | $ 54.7 |
Foreign currency translation adjustment | (7.8) | (11) |
Other Comprehensive Income (Loss), Net of Tax | (7.8) | (11) |
Comprehensive income (loss) | $ 70 | $ 43.7 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Loss) Parenthetical (Parentheticals) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | $ 0 | $ 1.4 |
Consolidated Statement Of Share
Consolidated Statement Of Shareholders' Equity (Deficit) - 3 months ended Mar. 31, 2016 - 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 stock, issued, beginning balance at Dec. 31, 2015 | 0 | 0 | ||||
Common stock, shares issued, beginning balance at Dec. 31, 2015 | 168.2 | 168.2 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | |||||
Stock Issued During Period, Shares, New Issues | 0.3 | |||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 0 | |||||
Stock Repurchased During Period, Shares | (3) | |||||
Preferred stock, issued, ending balance at Mar. 31, 2016 | 0 | 0 | ||||
Common stock, shares issued, ending balance at Mar. 31, 2016 | 165.5 | 165.5 | ||||
Balance at Dec. 31, 2015 | $ 1,095.9 | $ 0 | $ 1.7 | $ 2,806.9 | $ (1,651.6) | $ (61.1) |
Shareholders' Equity (Deficit) [Roll Forward] | ||||||
Equity-based compensation expense | 6.7 | 0 | 0 | 6.7 | 0 | 0 |
Stock Option Exercises | 1.2 | 0 | 0 | 1.2 | 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 | 1.9 | 0 | 0 | 1.9 | 0 | 0 |
Dividends | (18) | 0 | 0 | 0.2 | (18.2) | 0 |
Net income (loss) | 77.8 | 0 | 0 | 0 | 77.8 | 0 |
Stock Repurchased and Retired During Period, Value | (118) | 0 | 0 | 0 | (118) | 0 |
Foreign currency translation adjustment | (7.8) | 0 | 0 | 0 | 0 | (7.8) |
Balance at Mar. 31, 2016 | $ 1,039.9 | $ 0 | $ 1.7 | $ 2,817.1 | $ (1,710) | $ (68.9) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 77.8 | $ 54.7 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 64 | 52.5 |
Equity based compensation expense | 8.4 | 4.7 |
Deferred Income Taxes | (25) | (22.6) |
Amortization of deferred financing costs, debt premium and debt discount, net | 1.6 | 1.5 |
Net loss on extinguishments of long-term debt | 0 | 24.3 |
Income (Loss) from Equity Method Investments | 0 | (4) |
Other Operating Activities, Cash Flow Statement | 0 | 1.3 |
Changes in assets and liabilities: | ||
Accounts receivable | 237.6 | 105.4 |
Merchandise inventory | (68.2) | (19.7) |
Other assets | 9.4 | (23.1) |
Accounts payable trade | 91 | (7) |
Other current liabilities | 38 | 8.7 |
Long-term liabilities | (7) | 1.1 |
Net cash provided by operating activities | 427.6 | 177.8 |
Cash flows from investing activities: | ||
Payments to Acquire Property, Plant, and Equipment | (11) | (10) |
Interest rate cap agreements premiums paid | 0 | (0.5) |
Net cash used in investing activities | (11) | (10.5) |
Cash flows from financing activities: | ||
Proceeds from Lines of Credit | 63.4 | 0 |
Repayments of Lines of Credit | (63.4) | 0 |
Repayments of long-term debt | (6.7) | (3.9) |
Proceeds from Issuance of Long-term Debt | 0 | 525 |
Payments to extinguish long-term debt | 0 | (525.3) |
Payments of Financing Costs | 0 | (6.8) |
Net change in accounts payable-inventory financing | (66.5) | (42.3) |
Proceeds from stock option exercises | 1.2 | 0.5 |
Proceeds from Coworker Stock Purchase Plan | 1.9 | 1.7 |
Payments for Repurchase of Common Stock | (118) | 0 |
Dividends paid | (18) | (11.7) |
Proceeds from (Payments for) Other Financing Activities | (0.5) | 0 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0.2 | 0.1 |
Net cash used in financing activities | (206.4) | (62.7) |
Effect of exchange rate changes on cash and cash equivalents | 0.4 | (1.7) |
Net increase (decrease) in cash and cash equivalents | 210.6 | 102.9 |
Cash and cash equivalents - beginning of period | 37.6 | 344.5 |
Cash and cash equivalents - end of period | 248.2 | 447.4 |
Supplementary disclosure of cash flow information: | ||
Interest paid | (44.1) | (53.1) |
Taxes paid, net | $ (6.8) | $ (4.3) |
Description Of Business And Sum
Description Of Business And Summary Of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
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 with multi-national capabilities and a leading provider of integrated information technology (“IT”) solutions to small, medium and large business, government, education and healthcare customers in the United States, Canada and the United Kingdom. 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 this report, 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 and does not hold any material assets or engage in any business activities or operations. On August 1, 2015, the Company completed the acquisition of Kelway TopCo Limited (“Kelway”) by purchasing the remaining 65% of its outstanding common stock which increased the Company’s ownership interest from 35% to 100% , and provided the Company control. On April 4, 2016, Kelway was rebranded CDW UK. Throughout this report, the term "CDW UK" refers to Kelway. For further details regarding the acquisition, see Note 3 (Acquisition). Basis of Presentation The unaudited interim Consolidated Financial Statements as of March 31, 2016 and for the three months ended March 31, 2016 and 2015 (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 Consolidated 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, 2015 (the “December 31, 2015 Consolidated 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, 2015 Consolidated 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 stockholders' equity as of the dates and for the periods indicated. The unaudited results 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 as of 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, 2015 Consolidated Financial Statements include an additional discussion of the significant accounting policies and estimates used in the preparation of the Company's Consolidated Financial Statements. There have been no material changes to the Company's significant accounting policies and estimates during the three months ended March 31, 2016 . |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2016 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Improvements to Employee Share-Based Payment Accounting In March 2016, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, requiring the recognition of the income tax effects of stock awards in the income statement when the awards are settled and allowing the Company to repurchase more of an employee's shares than allowed under current guidance, without triggering liability accounting. This ASU also addresses simplifications related to statement of cash flows classification and accounting for forfeitures. This ASU is effective for the Company beginning in the first quarter of 2017 and allows for early adoption. The Company is currently evaluating the method of adoption and the impact this ASU will have on its Consolidated Financial Statements. Accounting for Leases In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), requiring lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by long-term leases and to disclose additional quantitative and qualitative information about leasing arrangements. This ASU is effective for the Company beginning in the first quarter of 2019 and allows for early adoption. The Company is currently evaluating the method of adoption and the impact this ASU will have on its Consolidated Financial Statements. Balance Sheet Classification of Deferred Taxes In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, simplifying the presentation of deferred income taxes by requiring all deferred taxes to be presented as noncurrent in the balance sheet. In the first quarter of 2016, the Company elected to early adopt ASU 2015-17 on a prospective basis. The adoption of this standard did not have a material impact on the Company's Consolidated Financial Statements. Simplifying the Measurement of Inventory In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory, amending 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. This ASU is effective for the Company beginning in the first quarter of 2017, allows for early adoption and must be applied prospectively after the date of adoption. This ASU is not expected to have a material impact on the Company’s Consolidated Financial Statements. Revenue Recognition In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), replacing most existing revenue recognition guidance under GAAP and eliminating industry specific guidance. The core principle of the new guidance is that an entity should recognize revenue for the transfer of goods and services equal to an amount it expects to be entitled to receive for those goods and services. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, deferring the effective date by one year. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Gross versus Net), clarifying the principal versus agent guidance in the new revenue recognition standard, by revising the indicators to focus on evidence that the company is a principal. This ASU is effective for the Company beginning in the first quarter of 2018, allows for early adoption in the first quarter of 2017 and may be applied using either a full retrospective approach or a modified retrospective approach. The Company is currently evaluating the method of adoption and the impact this ASU will have on its Consolidated Financial Statements. |
Acquisition
Acquisition | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisition | Acquisition On August 1, 2015 , the Company completed the acquisition of CDW UK by purchasing the remaining 65% of its outstanding common stock which increased the Company's ownership interest from 35% to 100% , and provided the Company control. A summary of the total consideration transferred is as follows: (in millions) Acquisition-Date Fair Value Cash $ 291.6 Fair value of CDW common stock (1) 33.2 Fair value of previously held equity investment on the date of acquisition (2) 174.9 Total consideration $ 499.7 (1) The Company issued 2 million shares of CDW common stock. The fair value of the common stock was based on the closing market price on July 31, 2015 , adjusted for the lack of marketability as the shares of CDW common stock issued to the sellers are subject to a three -year lock up restriction from August 1, 2015 . One of the sellers granted 1 million stock options to certain CDW UK coworkers over his shares of CDW common stock received in the transaction. The fair value of these stock options was $22 million , which has been accounted for as post-combination stock-based compensation and is being amortized over the weighted-average requisite service period of 3.2 years. Compensation expense for these options is included in Selling and administrative expenses in the Consolidated Statements of Operations. (2) As a result of the Company obtaining control over CDW UK, the Company’s previously held 35% equity investment was remeasured to fair value, resulting in a gain of $98 million included in Gain on remeasurement of equity investment in the Consolidated Statements of Operations. The fair value of the previously held equity investment was determined by management with the assistance of a third party valuation firm, based on information available as of the acquisition date. The recognized amounts of identifiable assets acquired and liabilities assumed, translated using the foreign currency exchange rates on the date of acquisition, are as follows: (in millions) Acquisition-Date Fair Value (1) Cash $ 27.8 Accounts receivable 135.7 Merchandise inventory 27.1 Property and equipment, net 11.4 Identified intangible assets (2) 289.8 Other assets 53.6 Total assets acquired 545.4 Accounts payable—trade (86.1 ) Deferred revenue (57.2 ) Other liabilities (41.5 ) Deferred tax liabilities (55.1 ) Debt (111.5 ) Total liabilities assumed (351.4 ) Total identifiable net assets 194.0 Goodwill 305.7 Total purchase price $ 499.7 (1) The fair values assigned to the tangible and intangible assets acquired and liabilities assumed were based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. These fair values are subject to change within the measurement period. (2) Details of the identified intangible assets are as follows: (in millions) Acquisition-Date Fair Value Weighted-Average Amortization Period (in years) Customer relationships $ 260.8 13 Customer contracts 25.9 3 Developed technology 1.7 2 Trade name 1.4 1 Total identified intangible assets $ 289.8 Goodwill in the amount of $306 million was recognized in the acquisition of CDW UK and is attributable to the business from new customers and the value of the acquired assembled workforce. The goodwill was allocated to the CDW UK operating segment which is included with CDW Canada in an all other category (“Other”). The full amount of goodwill recognized is not deductible for income tax purposes in the United Kingdom. The unaudited pro forma Consolidated Statements of Operations in the table below summarizes the combined results of operations of the Company and CDW UK, as if the acquisition had been completed on January 1, 2015, and gives effect to pro forma events that are factually supportable and directly attributable to the transaction. The unaudited pro forma results reflect adjustments for equity-based compensation, acquisition and integration costs, incremental intangible asset amortization based on the fair values of each identifiable intangible asset, which are subject to change within the measurement period, pre-acquisition equity earnings, the gain on the remeasurement of the Company’s previously held 35% equity method investment, elimination of pre-acquisition intercompany sales transactions and the impacts of certain other pre-acquisition transactions. Pro forma adjustments were tax-effected at the statutory rates within the applicable jurisdictions. This unaudited pro forma information is presented for informational purposes only and may not be indicative of the historical results of operations that would have been obtained if the acquisition had taken place on January 1, 2015, nor the results that may be obtained in the future. This unaudited pro forma information does not reflect future synergies, integration costs, or other such costs or savings. The unaudited pro forma Consolidated Statements of Operations for the three months ended March 31, 2015 is as follows: Net sales $ 2,972.7 Net income 56.1 The unaudited pro forma information above reflects the following adjustments: (1) Excludes acquisition and integration costs directly related to the transaction. (2) Includes additional amortization expense related to the fair value of acquired intangibles. (3) Excludes the Company's share of net income/loss from its previously held 35% equity investment prior to the completion of the acquisition. (4) Excludes non-cash equity-based compensation related to certain equity awards granted by one of the sellers to CDW UK coworkers in July 2015 prior to the completion of the acquisition. (5) Includes additional non-cash equity-based compensation related to equity awards granted to CDW UK coworkers after the completion of the acquisition. |
Inventory Financing Agreements
Inventory Financing Agreements | 3 Months Ended |
Mar. 31, 2016 | |
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. These amounts are classified separately as Accounts payable-inventory financing on the Consolidated Balance Sheets. The Company does not incur any interest expense associated with these agreements as balances are paid when they are due. Amounts included in Accounts payable-inventory financing are as follows: (in millions) March 31, 2016 December 31, 2015 Revolving Loan inventory financing agreement $ 354.9 $ 427.0 Other inventory financing agreements (1) 18.0 12.6 Accounts payable-inventory financing $ 372.9 $ 439.6 (1) As of March 31, 2016 and December 31, 2015 , amounts owed under other inventory financing agreements of $1 million or less for both periods, 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 | 3 Months Ended |
Mar. 31, 2016 | |
Long-term Debt, Unclassified [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt as of March 31, 2016 is as follows: (dollars in millions) Interest Rate Principal Unamortized Discount and Deferred Financing Costs (1) Total Senior secured asset-based revolving credit facility (1) — % $ — $ — $ — CDW UK revolving credit facility (2) — % — — — Senior secured term loan facility 3.25 % 1,494.3 (6.3 ) 1,488.0 CDW UK term loan 1.99 % 83.3 (0.5 ) 82.8 Senior notes due 2022 6.0 % 600.0 (6.4 ) 593.6 Senior notes due 2023 5.0 % 525.0 (6.0 ) 519.0 Senior notes due 2024 5.5 % 575.0 (6.5 ) 568.5 Total long-term debt 3,277.6 (25.7 ) 3,251.9 Less current maturities of long-term debt (26.9 ) — (26.9 ) Long-term debt, excluding current maturities $ 3,250.7 $ (25.7 ) $ 3,225.0 Long-term debt as of December 31, 2015 is as follows: (dollars in millions) Interest Principal Unamortized Discount and Deferred Financing Costs (1) Total Senior secured asset-based revolving credit facility (1) — % $ — $ — $ — CDW UK revolving credit facility (2) — % — — — Senior secured term loan facility 3.25 % 1,498.1 (6.7 ) 1,491.4 CDW UK Term Loan 1.98 % 88.4 (0.6 ) 87.8 Senior notes due 2022 6.0 % 600.0 (6.6 ) 593.4 Senior notes due 2023 5.0 % 525.0 (6.2 ) 518.8 Senior notes due 2024 5.5 % 575.0 (6.7 ) 568.3 Total long-term debt 3,286.5 (26.8 ) 3,259.7 Less current maturities of long-term debt (27.2 ) — (27.2 ) Long-term debt, excluding current maturities $ 3,259.3 $ (26.8 ) $ 3,232.5 (1) The Senior Secured Asset-Based Revolving Credit Facility (“Revolving Loan”) includes an inventory floorplan sub-facility that is related to the Revolving Loan inventory financing agreement with a financial intermediary. As of March 31, 2016 , the Company had no outstanding borrowings under the Revolving Loan, $2 million of undrawn letters of credit and $340 million reserved related to the floorplan sub-facility. As of March 31, 2016 , the borrowing base was $1,334 million based on the amount of eligible inventory and accounts receivable balances as of February 29, 2016. The Company could have borrowed up to an additional $908 million under the Revolving Loan as of March 31, 2016 . (2) The CDW UK Credit Facility is a multi-currency revolving credit facility, expiring on July 17, 2017, under which CDW UK is permitted to borrow an aggregate amount of £ 50.0 million ( $72 million ). Debt Covenants As of March 31, 2016 , the Company remained in compliance with the covenants under its various credit agreements, the most restrictive of which is under the credit agreement governing the Senior Secured Term Loan Facility ("Term Loan"). Under the Term Loan, there are restrictions on the ability of CDW to pay dividends, make share repurchases, redeem subordinated debt and engage in certain other transactions. As of March 31, 2016 , the amount of CDW’s restricted payment capacity under the Term Loan was $680 million . However, the Company is separately permitted to make restricted payments, so long as the total net leverage ratio is less than 3.25 on a pro forma basis. The total net leverage ratio was 2.8 as of March 31, 2016 . 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 fair value of the CDW UK Term Loan was estimated using a discounted cash flow analysis based on current incremental borrowing rates for similar arrangements. The approximate fair values and related carrying values of the Company's long-term debt, including current maturities and excluding unamortized discount and unamortized deferred financing costs, were as follows: (in millions) March 31, 2016 December 31, Fair value $ 3,338.2 $ 3,330.4 Carrying value 3,277.6 3,286.5 |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2016 | |
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 shares outstanding during the period. A reconciliation of basic weighted-average shares outstanding to diluted weighted-average shares outstanding is as follows: Three Months Ended March 31, (in millions) 2016 2015 Basic weighted-average shares outstanding 167.3 172.1 Effect of dilutive securities (1) 1.6 1.4 Diluted weighted-average shares outstanding (2) 168.9 173.5 (1) The dilutive effect of outstanding stock options, restricted stock units, restricted stock and Coworker Stock Purchase Plan units is reflected in the diluted weighted-average shares outstanding using the treasury stock method. (2) There were less than 1 million potential common shares excluded from diluted weighted-average shares outstanding for the three months ended March 31, 2016 and 2015 as their inclusion would have had an anti-dilutive effect. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
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, international, national, provincial and local authorities, and 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 US bankruptcy laws or similar laws of the jurisdictions for the Company’s business activities outside of the US. In such cases, certain pre-petition payments received by the Company could be considered preference items and subject to return to the bankruptcy administrator. On October 29, 2015, the Company received a request for production of documents in connection with an investigation by the SEC of the Company’s vendor partner program incentives. The Company has produced documents to the SEC and is continuing to cooperate with the SEC in this matter. As of March 31, 2016 , the Company does not believe that there is a reasonable possibility that any material loss exceeding the amounts already recognized for these proceedings and matters, if any, has been incurred. However, the ultimate resolutions of these proceedings and matters are inherently unpredictable. As such, the Company's financial condition and results of operations could be adversely affected in any particular period by the unfavorable resolution of one or more of these proceedings or matters. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company has two reportable segments: Corporate, which is comprised primarily of private sector business customers in the US, and Public, which is comprised of government agencies and education and healthcare institutions in the US. The Company has two other operating segments: CDW Canada and CDW UK, both of which do not meet the reportable segment quantitative thresholds and, accordingly, are included in an all other category (“Other”). Effective January 1, 2016, CDW Advanced Services is no longer an operating segment. Its results have been allocated to the Corporate and Public segments to align the Company's financial reporting with the manner in which the Chief Operating Decision Maker assesses performance and makes resource allocation decisions. Segment information reported in prior periods has been reclassified to conform to the current period presentation. Information about the Company’s segments for the three months ended March 31, 2016 and 2015 is as follows: (in millions) Corporate Public Other Headquarters Total Three Months Ended March 31, 2016: Net sales $ 1,692.3 $ 1,069.4 $ 355.0 $ — $ 3,116.7 Income (loss) from operations (1) 118.2 58.5 8.1 (23.8 ) 161.0 Depreciation and amortization expense (25.9 ) (11.2 ) (8.7 ) (18.2 ) (64.0 ) Three Months Ended March 31, 2015: Net sales $ 1,610.4 $ 1,017.2 $ 127.6 $ — $ 2,755.2 Income (loss) from operations (1) 118.6 55.4 4.9 (27.3 ) 151.6 Depreciation and amortization expense (25.7 ) (11.1 ) (0.4 ) (15.3 ) (52.5 ) (1) Certain costs related to technology specialists have been reclassified between our Corporate and Public segments. Prior periods have been reclassified to conform to the current period presentation. |
Supplemental Guarantor Informat
Supplemental Guarantor Information | 3 Months Ended |
Mar. 31, 2016 | |
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 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 the 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 until such indentures were satisfied and discharged in the first quarter of 2015. CDW LLC's 100% owned foreign subsidiaries, CDW International Holdings Limited, which is comprised of CDW UK and Canada, (together the “Non-Guarantor Subsidiaries”) do 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 Subsidiaries are, directly or indirectly, 100% owned by CDW LLC. The following tables set forth condensed Consolidating Balance Sheets as of March 31, 2016 and December 31, 2015, Consolidating Statements of Operations for the three months ended March 31, 2016 and 2015 , condensed Consolidating Statements of Comprehensive Income for the three months ended March 31, 2016 and 2015 and condensed Consolidating Statements of Cash Flows for the three months ended March 31, 2016 and 2015 , 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 Subsidiaries, and the accounts of CDW Finance Corporation (the “Co-Issuer”) for the periods indicated. The information was prepared on the same basis as the Consolidated Financial Statements. Condensed Consolidating Balance Sheet March 31, 2016 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Co-Issuer Consolidating Adjustments Consolidated Assets Current assets: Cash and cash equivalents $ — $ 185.4 $ — $ 82.6 $ — $ (19.8 ) $ 248.2 Accounts receivable, net — — 1,529.0 251.2 — — 1,780.2 Merchandise inventory — — 393.1 67.3 — — 460.4 Miscellaneous receivables — 77.7 111.9 23.1 — — 212.7 Prepaid expenses and other — 16.6 61.4 36.8 — — 114.8 Total current assets — 279.7 2,095.4 461.0 — (19.8 ) 2,816.3 Property and equipment, net — 106.1 51.5 10.8 — — 168.4 Goodwill — 751.8 1,439.0 304.4 — — 2,495.2 Other intangible assets, net — 303.7 670.2 251.5 — — 1,225.4 Other assets 3.6 23.1 263.2 3.4 — (280.7 ) 12.6 Investment in and advances to subsidiaries 1,036.3 3,120.4 — — — (4,156.7 ) — Total assets $ 1,039.9 $ 4,584.8 $ 4,519.3 $ 1,031.1 $ — $ (4,457.2 ) $ 6,717.9 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable—trade $ — $ 24.9 $ 774.6 $ 178.9 $ — $ (19.8 ) $ 958.6 Accounts payable—inventory financing — — 355.6 17.5 — (0.2 ) 372.9 Current maturities of long-term debt — 15.4 — 11.5 — — 26.9 Deferred revenue — — 90.9 75.4 — — 166.3 Accrued expenses — 184.8 187.5 47.0 — (0.6 ) 418.7 Total current liabilities — 225.1 1,408.6 330.3 — (20.6 ) 1,943.4 Long-term liabilities: Debt — 3,153.7 — 71.3 — — 3,225.0 Deferred income taxes — 116.5 255.3 80.3 — (3.6 ) 448.5 Other liabilities — 53.2 3.4 280.6 — (276.1 ) 61.1 Total long-term liabilities — 3,323.4 258.7 432.2 — (279.7 ) 3,734.6 Total stockholders’ equity 1,039.9 1,036.3 2,852.0 268.6 — (4,156.9 ) 1,039.9 Total liabilities and stockholders’ equity $ 1,039.9 $ 4,584.8 $ 4,519.3 $ 1,031.1 $ — $ (4,457.2 ) $ 6,717.9 Condensed Consolidating Balance Sheet December 31, 2015 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiary Co-Issuer Consolidating Adjustments Consolidated Assets Current assets: Cash and cash equivalents $ — $ 45.1 $ — $ 31.9 $ — $ (39.4 ) $ 37.6 Accounts receivable, net — — 1,788.6 228.8 — — 2,017.4 Merchandise inventory — — 340.3 52.8 — — 393.1 Miscellaneous receivables — 83.7 90.1 24.6 — — 198.4 Prepaid expenses and other — 13.0 50.4 84.0 — (3.1 ) 144.3 Total current assets — 141.8 2,269.4 422.1 — (42.5 ) 2,790.8 Property and equipment, net — 110.0 54.1 11.3 — — 175.4 Goodwill — 751.8 1,439.0 309.6 — — 2,500.4 Other intangible assets, net — 306.0 704.9 265.5 — — 1,276.4 Other assets 3.8 17.3 263.0 3.0 — (274.8 ) 12.3 Investment in and advances to subsidiaries 1,092.1 3,302.0 — — — (4,394.1 ) — Total assets $ 1,095.9 $ 4,628.9 $ 4,730.4 $ 1,011.5 $ — $ (4,711.4 ) $ 6,755.3 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable-trade $ — $ 31.0 $ 727.4 $ 147.5 $ — $ (39.4 ) $ 866.5 Accounts payable-inventory financing — — 428.4 11.4 — (0.2 ) 439.6 Current maturities of long-term debt — 15.4 — 11.8 — — 27.2 Deferred revenue — — 77.4 74.5 — — 151.9 Accrued expenses — 156.0 190.9 58.6 — (3.4 ) 402.1 Total current liabilities — 202.4 1,424.1 303.8 — (43.0 ) 1,887.3 Long-term liabilities: Debt — 3,156.5 — 76.0 — — 3,232.5 Deferred income taxes — 117.3 272.8 83.4 — (3.9 ) 469.6 Other liabilities — 60.7 2.9 276.8 — (270.4 ) 70.0 Total long-term liabilities — 3,334.5 275.7 436.2 — (274.3 ) 3,772.1 Total stockholders’ equity 1,095.9 1,092.0 3,030.6 271.5 — (4,394.1 ) 1,095.9 Total liabilities and stockholders’ equity $ 1,095.9 $ 4,628.9 $ 4,730.4 $ 1,011.5 $ — $ (4,711.4 ) $ 6,755.3 Consolidating Statement of Operations Three Months Ended March 31, 2016 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Co-Issuer Consolidating Adjustments Consolidated Net sales $ — $ — $ 2,761.7 $ 355.0 $ — $ — $ 3,116.7 Cost of sales — — 2,291.4 300.8 — — 2,592.2 Gross profit — — 470.3 54.2 — — 524.5 Selling and administrative expenses — 23.6 260.7 45.0 — — 329.3 Advertising expense — — 33.0 1.2 — — 34.2 Income (loss) from operations — (23.6 ) 176.6 8.0 — — 161.0 Interest (expense) income, net — (37.5 ) 1.4 (2.0 ) — — (38.1 ) Other income (expense), net — — 0.6 0.4 — — 1.0 Income (loss) before income taxes — (61.1 ) 178.6 6.4 — — 123.9 Income tax benefit (expense) — 23.4 (67.6 ) (1.9 ) — — (46.1 ) Income (loss) before equity in earnings of subsidiaries — (37.7 ) 111.0 4.5 — — 77.8 Equity in earnings of subsidiaries 77.8 115.5 — — — (193.3 ) — Net income $ 77.8 $ 77.8 $ 111.0 $ 4.5 $ — $ (193.3 ) $ 77.8 Consolidating Statement of Operations Three Months Ended March 31, 2015 (1) (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiary Co-Issuer Consolidating Adjustments Consolidated Net sales $ — $ — $ 2,627.6 $ 127.6 $ — $ — $ 2,755.2 Cost of sales — — 2,186.4 112.3 — — 2,298.7 Gross profit — — 441.2 15.3 — — 456.5 Selling and administrative expenses — 27.3 238.5 9.7 — — 275.5 Advertising expense — — 28.7 0.7 — — 29.4 Income (loss) from operations — (27.3 ) 174.0 4.9 — — 151.6 Interest (expense) income, net — (44.9 ) — 0.1 — — (44.8 ) Net loss on extinguishments of long-term debt — (24.3 ) — — — — (24.3 ) Other income (expense), net — 4.1 0.7 (0.3 ) — — 4.5 Income (loss) before income taxes — (92.4 ) 174.7 4.7 — — 87.0 Income tax benefit (expense) — 34.8 (65.8 ) (1.3 ) — — (32.3 ) Income (loss) before equity in earnings of subsidiaries — (57.6 ) 108.9 3.4 — — 54.7 Equity in earnings of subsidiaries 54.7 112.3 — — — (167.0 ) — Net income $ 54.7 $ 54.7 $ 108.9 $ 3.4 $ — $ (167.0 ) $ 54.7 (1) Certain amounts have been reclassified to conform to the current period presentation. Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2016 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Co-Issuer Consolidating Adjustments Consolidated Comprehensive income $ 70.0 $ 70.0 $ 111.0 $ (3.3 ) $ — $ (177.7 ) $ 70.0 Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2015 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiary Co-Issuer Consolidating Adjustments Consolidated Comprehensive income $ 43.7 $ 43.7 $ 108.9 $ (7.6 ) $ — $ (145.0 ) $ 43.7 Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2016 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Co-Issuer Consolidating Adjustments Consolidated Net cash (used in) provided by operating activities $ — $ (17.0 ) $ 377.9 $ 42.1 $ — $ 24.6 $ 427.6 Cash flows from investing activities: Capital expenditures — (9.9 ) (0.5 ) (0.6 ) — — (11.0 ) Net cash used in investing activities — (9.9 ) (0.5 ) (0.6 ) — — (11.0 ) Cash flows from financing activities: Proceeds from borrowings under revolving credit facility — 63.4 — — — — 63.4 Repayments of borrowings under revolving credit facility — (63.4 ) — — — — (63.4 ) Repayments of long-term debt — (3.9 ) — (2.8 ) — — (6.7 ) Net change in accounts payable-inventory financing — — (72.9 ) 6.4 — — (66.5 ) Proceeds from stock option exercises — 1.2 — — — — 1.2 Excess tax benefits from equity-based compensation — 0.2 — — — — 0.2 Proceeds from Coworker Stock Purchase Plan — 1.9 — — — — 1.9 Repurchases of common stock (118.0 ) — — — — — (118.0 ) Dividends (18.0 ) — — — — — (18.0 ) Other — — — (0.5 ) — — (0.5 ) Advances from (to) affiliates 136.0 167.8 (304.5 ) 5.7 — (5.0 ) — Net cash provided by (used in) financing activities — 167.2 (377.4 ) 8.8 — (5.0 ) (206.4 ) Effect of exchange rate changes on cash and cash equivalents — — — 0.4 — — 0.4 Net increase in cash and cash equivalents — 140.3 — 50.7 — 19.6 210.6 Cash and cash equivalents—beginning of period — 45.1 — 31.9 — (39.4 ) 37.6 Cash and cash equivalents—end of period $ — $ 185.4 $ — $ 82.6 $ — $ (19.8 ) $ 248.2 Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 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 $ — $ (20.6 ) $ 175.3 $ 6.8 $ — $ 16.3 $ 177.8 Cash flows from investing activities: Capital expenditures — (8.7 ) (1.1 ) (0.2 ) — — (10.0 ) Premium payments on interest rate cap agreements — (0.5 ) — — — — (0.5 ) Net cash used in investing activities — (9.2 ) (1.1 ) (0.2 ) — — (10.5 ) Cash flows from financing activities: Repayments of long-term debt — (3.9 ) — — — — (3.9 ) Proceeds from issuance of long-term debt — 525.0 — — — — 525.0 Payments to extinguish long-term debt — (525.3 ) — — — — (525.3 ) Payment of debt financing costs — (6.8 ) — — — — (6.8 ) Net change in accounts payable - inventory financing — — (42.3 ) — — — (42.3 ) Proceeds from stock option exercises — 0.5 — — — — 0.5 Excess tax benefits from equity-based compensation — 0.1 — — — — 0.1 Proceeds from Coworker Stock Purchase Plan — 1.7 — — — — 1.7 Dividends (11.7 ) — — — — — (11.7 ) Advances from (to) affiliates 11.7 120.4 (131.9 ) (0.2 ) — — — Net cash provided by (used in) financing activities — 111.7 (174.2 ) (0.2 ) — — (62.7 ) Effect of exchange rate changes on cash and cash equivalents — — — (1.7 ) — — (1.7 ) Net increase in cash and cash equivalents — 81.9 — 4.7 — 16.3 102.9 Cash and cash equivalents—beginning of period — 346.4 — 24.6 — (26.5 ) 344.5 Cash and cash equivalents—end of period $ — $ 428.3 $ — $ 29.3 $ — $ (10.2 ) $ 447.4 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On May 4, 2016, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.1075 per common share to be paid on June 10, 2016 to all stockholders of record as of the close of business on May 25, 2016 . Future dividends will be subject to Board of Directors approval. On May 4, 2016, the Company announced that its Board of Directors authorized a $750 million increase to the Company's share repurchase program under which the Company may repurchase shares of the Company's common stock in the open market or through privately negotiated or other transactions, depending on share price, market conditions and other factors. The increase to the share repurchase program is effective immediately. |
Description Of Business And S19
Description Of Business And Summary Of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
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 with multi-national capabilities and a leading provider of integrated information technology (“IT”) solutions to small, medium and large business, government, education and healthcare customers in the United States, Canada and the United Kingdom. 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 this report, 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 and does not hold any material assets or engage in any business activities or operations. On August 1, 2015, the Company completed the acquisition of Kelway TopCo Limited (“Kelway”) by purchasing the remaining 65% of its outstanding common stock which increased the Company’s ownership interest from 35% to 100% , and provided the Company control. On April 4, 2016, Kelway was rebranded CDW UK. Throughout this report, the term "CDW UK" refers to Kelway. For further details regarding the acquisition, see Note 3 (Acquisition). |
Basis of Presentation, Policy | Basis of Presentation The unaudited interim Consolidated Financial Statements as of March 31, 2016 and for the three months ended March 31, 2016 and 2015 (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 Consolidated 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, 2015 (the “December 31, 2015 Consolidated 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, 2015 Consolidated 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 stockholders' equity as of the dates and for the periods indicated. The unaudited results 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 as of 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, 2015 Consolidated Financial Statements include an additional discussion of the significant accounting policies and estimates used in the preparation of the Company's Consolidated Financial Statements. There have been no material changes to the Company's significant accounting policies and estimates during the three months ended March 31, 2016 . |
Acquisition (Tables)
Acquisition (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of Consideration Transferred | A summary of the total consideration transferred is as follows: (in millions) Acquisition-Date Fair Value Cash $ 291.6 Fair value of CDW common stock (1) 33.2 Fair value of previously held equity investment on the date of acquisition (2) 174.9 Total consideration $ 499.7 (1) The Company issued 2 million shares of CDW common stock. The fair value of the common stock was based on the closing market price on July 31, 2015 , adjusted for the lack of marketability as the shares of CDW common stock issued to the sellers are subject to a three -year lock up restriction from August 1, 2015 . One of the sellers granted 1 million stock options to certain CDW UK coworkers over his shares of CDW common stock received in the transaction. The fair value of these stock options was $22 million , which has been accounted for as post-combination stock-based compensation and is being amortized over the weighted-average requisite service period of 3.2 years. Compensation expense for these options is included in Selling and administrative expenses in the Consolidated Statements of Operations. (2) As a result of the Company obtaining control over CDW UK, the Company’s previously held 35% equity investment was remeasured to fair value, resulting in a gain of $98 million included in Gain on remeasurement of equity investment in the Consolidated Statements of Operations. The fair value of the previously held equity investment was determined by management with the assistance of a third party valuation firm, based on information available as of the acquisition date. |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The recognized amounts of identifiable assets acquired and liabilities assumed, translated using the foreign currency exchange rates on the date of acquisition, are as follows: (in millions) Acquisition-Date Fair Value (1) Cash $ 27.8 Accounts receivable 135.7 Merchandise inventory 27.1 Property and equipment, net 11.4 Identified intangible assets (2) 289.8 Other assets 53.6 Total assets acquired 545.4 Accounts payable—trade (86.1 ) Deferred revenue (57.2 ) Other liabilities (41.5 ) Deferred tax liabilities (55.1 ) Debt (111.5 ) Total liabilities assumed (351.4 ) Total identifiable net assets 194.0 Goodwill 305.7 Total purchase price $ 499.7 (1) The fair values assigned to the tangible and intangible assets acquired and liabilities assumed were based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. These fair values are subject to change within the measurement period. (2) Details of the identified intangible assets are as follows: (in millions) Acquisition-Date Fair Value Weighted-Average Amortization Period (in years) Customer relationships $ 260.8 13 Customer contracts 25.9 3 Developed technology 1.7 2 Trade name 1.4 1 Total identified intangible assets $ 289.8 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | Details of the identified intangible assets are as follows: (in millions) Acquisition-Date Fair Value Weighted-Average Amortization Period (in years) Customer relationships $ 260.8 13 Customer contracts 25.9 3 Developed technology 1.7 2 Trade name 1.4 1 Total identified intangible assets $ 289.8 |
Business Acquisition, Pro Forma Information | The unaudited pro forma Consolidated Statements of Operations for the three months ended March 31, 2015 is as follows: Net sales $ 2,972.7 Net income 56.1 |
Inventory Financing Agreements
Inventory Financing Agreements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Inventory Financing Agreements [Abstract] | |
Inventory Financing Agreements | (in millions) March 31, 2016 December 31, 2015 Revolving Loan inventory financing agreement $ 354.9 $ 427.0 Other inventory financing agreements (1) 18.0 12.6 Accounts payable-inventory financing $ 372.9 $ 439.6 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Long-term Debt, Unclassified [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | 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 fair value of the CDW UK Term Loan was estimated using a discounted cash flow analysis based on current incremental borrowing rates for similar arrangements. The approximate fair values and related carrying values of the Company's long-term debt, including current maturities and excluding unamortized discount and unamortized deferred financing costs, were as follows: (in millions) March 31, 2016 December 31, Fair value $ 3,338.2 $ 3,330.4 Carrying value 3,277.6 3,286.5 |
Carrying Value of Long-Term Debt | Long-term debt as of March 31, 2016 is as follows: (dollars in millions) Interest Rate Principal Unamortized Discount and Deferred Financing Costs (1) Total Senior secured asset-based revolving credit facility (1) — % $ — $ — $ — CDW UK revolving credit facility (2) — % — — — Senior secured term loan facility 3.25 % 1,494.3 (6.3 ) 1,488.0 CDW UK term loan 1.99 % 83.3 (0.5 ) 82.8 Senior notes due 2022 6.0 % 600.0 (6.4 ) 593.6 Senior notes due 2023 5.0 % 525.0 (6.0 ) 519.0 Senior notes due 2024 5.5 % 575.0 (6.5 ) 568.5 Total long-term debt 3,277.6 (25.7 ) 3,251.9 Less current maturities of long-term debt (26.9 ) — (26.9 ) Long-term debt, excluding current maturities $ 3,250.7 $ (25.7 ) $ 3,225.0 Long-term debt as of December 31, 2015 is as follows: (dollars in millions) Interest Principal Unamortized Discount and Deferred Financing Costs (1) Total Senior secured asset-based revolving credit facility (1) — % $ — $ — $ — CDW UK revolving credit facility (2) — % — — — Senior secured term loan facility 3.25 % 1,498.1 (6.7 ) 1,491.4 CDW UK Term Loan 1.98 % 88.4 (0.6 ) 87.8 Senior notes due 2022 6.0 % 600.0 (6.6 ) 593.4 Senior notes due 2023 5.0 % 525.0 (6.2 ) 518.8 Senior notes due 2024 5.5 % 575.0 (6.7 ) 568.3 Total long-term debt 3,286.5 (26.8 ) 3,259.7 Less current maturities of long-term debt (27.2 ) — (27.2 ) Long-term debt, excluding current maturities $ 3,259.3 $ (26.8 ) $ 3,232.5 (1) The Senior Secured Asset-Based Revolving Credit Facility (“Revolving Loan”) includes an inventory floorplan sub-facility that is related to the Revolving Loan inventory financing agreement with a financial intermediary. As of March 31, 2016 , the Company had no outstanding borrowings under the Revolving Loan, $2 million of undrawn letters of credit and $340 million reserved related to the floorplan sub-facility. As of March 31, 2016 , the borrowing base was $1,334 million based on the amount of eligible inventory and accounts receivable balances as of February 29, 2016. The Company could have borrowed up to an additional $908 million under the Revolving Loan as of March 31, 2016 . (2) The CDW UK Credit Facility is a multi-currency revolving credit facility, expiring on July 17, 2017, under which CDW UK is permitted to borrow an aggregate amount of £ 50.0 million ( $72 million ). |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Shares | A reconciliation of basic weighted-average shares outstanding to diluted weighted-average shares outstanding is as follows: Three Months Ended March 31, (in millions) 2016 2015 Basic weighted-average shares outstanding 167.3 172.1 Effect of dilutive securities (1) 1.6 1.4 Diluted weighted-average shares outstanding (2) 168.9 173.5 (1) The dilutive effect of outstanding stock options, restricted stock units, restricted stock and Coworker Stock Purchase Plan units is reflected in the diluted weighted-average shares outstanding using the treasury stock method. (2) There were less than 1 million potential common shares excluded from diluted weighted-average shares outstanding for the three months ended March 31, 2016 and 2015 as their inclusion would have had an anti-dilutive effect. |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment | Information about the Company’s segments for the three months ended March 31, 2016 and 2015 is as follows: (in millions) Corporate Public Other Headquarters Total Three Months Ended March 31, 2016: Net sales $ 1,692.3 $ 1,069.4 $ 355.0 $ — $ 3,116.7 Income (loss) from operations (1) 118.2 58.5 8.1 (23.8 ) 161.0 Depreciation and amortization expense (25.9 ) (11.2 ) (8.7 ) (18.2 ) (64.0 ) Three Months Ended March 31, 2015: Net sales $ 1,610.4 $ 1,017.2 $ 127.6 $ — $ 2,755.2 Income (loss) from operations (1) 118.6 55.4 4.9 (27.3 ) 151.6 Depreciation and amortization expense (25.7 ) (11.1 ) (0.4 ) (15.3 ) (52.5 ) (1) Certain costs related to technology specialists have been reclassified between our Corporate and Public segments. Prior periods have been reclassified to conform to the current period presentation. |
Supplemental Guarantor Inform25
Supplemental Guarantor Information (Tables) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Condensed Income Statements, Captions [Line Items] | ||
Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheet March 31, 2016 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Co-Issuer Consolidating Adjustments Consolidated Assets Current assets: Cash and cash equivalents $ — $ 185.4 $ — $ 82.6 $ — $ (19.8 ) $ 248.2 Accounts receivable, net — — 1,529.0 251.2 — — 1,780.2 Merchandise inventory — — 393.1 67.3 — — 460.4 Miscellaneous receivables — 77.7 111.9 23.1 — — 212.7 Prepaid expenses and other — 16.6 61.4 36.8 — — 114.8 Total current assets — 279.7 2,095.4 461.0 — (19.8 ) 2,816.3 Property and equipment, net — 106.1 51.5 10.8 — — 168.4 Goodwill — 751.8 1,439.0 304.4 — — 2,495.2 Other intangible assets, net — 303.7 670.2 251.5 — — 1,225.4 Other assets 3.6 23.1 263.2 3.4 — (280.7 ) 12.6 Investment in and advances to subsidiaries 1,036.3 3,120.4 — — — (4,156.7 ) — Total assets $ 1,039.9 $ 4,584.8 $ 4,519.3 $ 1,031.1 $ — $ (4,457.2 ) $ 6,717.9 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable—trade $ — $ 24.9 $ 774.6 $ 178.9 $ — $ (19.8 ) $ 958.6 Accounts payable—inventory financing — — 355.6 17.5 — (0.2 ) 372.9 Current maturities of long-term debt — 15.4 — 11.5 — — 26.9 Deferred revenue — — 90.9 75.4 — — 166.3 Accrued expenses — 184.8 187.5 47.0 — (0.6 ) 418.7 Total current liabilities — 225.1 1,408.6 330.3 — (20.6 ) 1,943.4 Long-term liabilities: Debt — 3,153.7 — 71.3 — — 3,225.0 Deferred income taxes — 116.5 255.3 80.3 — (3.6 ) 448.5 Other liabilities — 53.2 3.4 280.6 — (276.1 ) 61.1 Total long-term liabilities — 3,323.4 258.7 432.2 — (279.7 ) 3,734.6 Total stockholders’ equity 1,039.9 1,036.3 2,852.0 268.6 — (4,156.9 ) 1,039.9 Total liabilities and stockholders’ equity $ 1,039.9 $ 4,584.8 $ 4,519.3 $ 1,031.1 $ — $ (4,457.2 ) $ 6,717.9 | Condensed Consolidating Balance Sheet December 31, 2015 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiary Co-Issuer Consolidating Adjustments Consolidated Assets Current assets: Cash and cash equivalents $ — $ 45.1 $ — $ 31.9 $ — $ (39.4 ) $ 37.6 Accounts receivable, net — — 1,788.6 228.8 — — 2,017.4 Merchandise inventory — — 340.3 52.8 — — 393.1 Miscellaneous receivables — 83.7 90.1 24.6 — — 198.4 Prepaid expenses and other — 13.0 50.4 84.0 — (3.1 ) 144.3 Total current assets — 141.8 2,269.4 422.1 — (42.5 ) 2,790.8 Property and equipment, net — 110.0 54.1 11.3 — — 175.4 Goodwill — 751.8 1,439.0 309.6 — — 2,500.4 Other intangible assets, net — 306.0 704.9 265.5 — — 1,276.4 Other assets 3.8 17.3 263.0 3.0 — (274.8 ) 12.3 Investment in and advances to subsidiaries 1,092.1 3,302.0 — — — (4,394.1 ) — Total assets $ 1,095.9 $ 4,628.9 $ 4,730.4 $ 1,011.5 $ — $ (4,711.4 ) $ 6,755.3 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable-trade $ — $ 31.0 $ 727.4 $ 147.5 $ — $ (39.4 ) $ 866.5 Accounts payable-inventory financing — — 428.4 11.4 — (0.2 ) 439.6 Current maturities of long-term debt — 15.4 — 11.8 — — 27.2 Deferred revenue — — 77.4 74.5 — — 151.9 Accrued expenses — 156.0 190.9 58.6 — (3.4 ) 402.1 Total current liabilities — 202.4 1,424.1 303.8 — (43.0 ) 1,887.3 Long-term liabilities: Debt — 3,156.5 — 76.0 — — 3,232.5 Deferred income taxes — 117.3 272.8 83.4 — (3.9 ) 469.6 Other liabilities — 60.7 2.9 276.8 — (270.4 ) 70.0 Total long-term liabilities — 3,334.5 275.7 436.2 — (274.3 ) 3,772.1 Total stockholders’ equity 1,095.9 1,092.0 3,030.6 271.5 — (4,394.1 ) 1,095.9 Total liabilities and stockholders’ equity $ 1,095.9 $ 4,628.9 $ 4,730.4 $ 1,011.5 $ — $ (4,711.4 ) $ 6,755.3 |
Consolidating Statements of Operations | Consolidating Statement of Operations Three Months Ended March 31, 2016 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Co-Issuer Consolidating Adjustments Consolidated Net sales $ — $ — $ 2,761.7 $ 355.0 $ — $ — $ 3,116.7 Cost of sales — — 2,291.4 300.8 — — 2,592.2 Gross profit — — 470.3 54.2 — — 524.5 Selling and administrative expenses — 23.6 260.7 45.0 — — 329.3 Advertising expense — — 33.0 1.2 — — 34.2 Income (loss) from operations — (23.6 ) 176.6 8.0 — — 161.0 Interest (expense) income, net — (37.5 ) 1.4 (2.0 ) — — (38.1 ) Other income (expense), net — — 0.6 0.4 — — 1.0 Income (loss) before income taxes — (61.1 ) 178.6 6.4 — — 123.9 Income tax benefit (expense) — 23.4 (67.6 ) (1.9 ) — — (46.1 ) Income (loss) before equity in earnings of subsidiaries — (37.7 ) 111.0 4.5 — — 77.8 Equity in earnings of subsidiaries 77.8 115.5 — — — (193.3 ) — Net income $ 77.8 $ 77.8 $ 111.0 $ 4.5 $ — $ (193.3 ) $ 77.8 | Consolidating Statement of Operations Three Months Ended March 31, 2015 (1) (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiary Co-Issuer Consolidating Adjustments Consolidated Net sales $ — $ — $ 2,627.6 $ 127.6 $ — $ — $ 2,755.2 Cost of sales — — 2,186.4 112.3 — — 2,298.7 Gross profit — — 441.2 15.3 — — 456.5 Selling and administrative expenses — 27.3 238.5 9.7 — — 275.5 Advertising expense — — 28.7 0.7 — — 29.4 Income (loss) from operations — (27.3 ) 174.0 4.9 — — 151.6 Interest (expense) income, net — (44.9 ) — 0.1 — — (44.8 ) Net loss on extinguishments of long-term debt — (24.3 ) — — — — (24.3 ) Other income (expense), net — 4.1 0.7 (0.3 ) — — 4.5 Income (loss) before income taxes — (92.4 ) 174.7 4.7 — — 87.0 Income tax benefit (expense) — 34.8 (65.8 ) (1.3 ) — — (32.3 ) Income (loss) before equity in earnings of subsidiaries — (57.6 ) 108.9 3.4 — — 54.7 Equity in earnings of subsidiaries 54.7 112.3 — — — (167.0 ) — Net income $ 54.7 $ 54.7 $ 108.9 $ 3.4 $ — $ (167.0 ) $ 54.7 |
Condensed Consolidating Statements of Comprehensive Income (Loss) | Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2016 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Co-Issuer Consolidating Adjustments Consolidated Comprehensive income $ 70.0 $ 70.0 $ 111.0 $ (3.3 ) $ — $ (177.7 ) $ 70.0 | Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2015 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiary Co-Issuer Consolidating Adjustments Consolidated Comprehensive income $ 43.7 $ 43.7 $ 108.9 $ (7.6 ) $ — $ (145.0 ) $ 43.7 |
Condensed Consolidating Statements Cash Flows | Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2016 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Co-Issuer Consolidating Adjustments Consolidated Net cash (used in) provided by operating activities $ — $ (17.0 ) $ 377.9 $ 42.1 $ — $ 24.6 $ 427.6 Cash flows from investing activities: Capital expenditures — (9.9 ) (0.5 ) (0.6 ) — — (11.0 ) Net cash used in investing activities — (9.9 ) (0.5 ) (0.6 ) — — (11.0 ) Cash flows from financing activities: Proceeds from borrowings under revolving credit facility — 63.4 — — — — 63.4 Repayments of borrowings under revolving credit facility — (63.4 ) — — — — (63.4 ) Repayments of long-term debt — (3.9 ) — (2.8 ) — — (6.7 ) Net change in accounts payable-inventory financing — — (72.9 ) 6.4 — — (66.5 ) Proceeds from stock option exercises — 1.2 — — — — 1.2 Excess tax benefits from equity-based compensation — 0.2 — — — — 0.2 Proceeds from Coworker Stock Purchase Plan — 1.9 — — — — 1.9 Repurchases of common stock (118.0 ) — — — — — (118.0 ) Dividends (18.0 ) — — — — — (18.0 ) Other — — — (0.5 ) — — (0.5 ) Advances from (to) affiliates 136.0 167.8 (304.5 ) 5.7 — (5.0 ) — Net cash provided by (used in) financing activities — 167.2 (377.4 ) 8.8 — (5.0 ) (206.4 ) Effect of exchange rate changes on cash and cash equivalents — — — 0.4 — — 0.4 Net increase in cash and cash equivalents — 140.3 — 50.7 — 19.6 210.6 Cash and cash equivalents—beginning of period — 45.1 — 31.9 — (39.4 ) 37.6 Cash and cash equivalents—end of period $ — $ 185.4 $ — $ 82.6 $ — $ (19.8 ) $ 248.2 | Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 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 $ — $ (20.6 ) $ 175.3 $ 6.8 $ — $ 16.3 $ 177.8 Cash flows from investing activities: Capital expenditures — (8.7 ) (1.1 ) (0.2 ) — — (10.0 ) Premium payments on interest rate cap agreements — (0.5 ) — — — — (0.5 ) Net cash used in investing activities — (9.2 ) (1.1 ) (0.2 ) — — (10.5 ) Cash flows from financing activities: Repayments of long-term debt — (3.9 ) — — — — (3.9 ) Proceeds from issuance of long-term debt — 525.0 — — — — 525.0 Payments to extinguish long-term debt — (525.3 ) — — — — (525.3 ) Payment of debt financing costs — (6.8 ) — — — — (6.8 ) Net change in accounts payable - inventory financing — — (42.3 ) — — — (42.3 ) Proceeds from stock option exercises — 0.5 — — — — 0.5 Excess tax benefits from equity-based compensation — 0.1 — — — — 0.1 Proceeds from Coworker Stock Purchase Plan — 1.7 — — — — 1.7 Dividends (11.7 ) — — — — — (11.7 ) Advances from (to) affiliates 11.7 120.4 (131.9 ) (0.2 ) — — — Net cash provided by (used in) financing activities — 111.7 (174.2 ) (0.2 ) — — (62.7 ) Effect of exchange rate changes on cash and cash equivalents — — — (1.7 ) — — (1.7 ) Net increase in cash and cash equivalents — 81.9 — 4.7 — 16.3 102.9 Cash and cash equivalents—beginning of period — 346.4 — 24.6 — (26.5 ) 344.5 Cash and cash equivalents—end of period $ — $ 428.3 $ — $ 29.3 $ — $ (10.2 ) $ 447.4 |
Description Of Business And S26
Description Of Business And Summary Of Significant Accounting Policies Description of Business (Details) - Kelway TopCo Limited [Member] | Aug. 01, 2015 |
Business Acquisition [Line Items] | |
Business Acquisition, Percentage of Voting Interests Acquired | 65.00% |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 35.00% |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 100.00% |
Acquisition (Details)
Acquisition (Details) - Kelway TopCo Limited [Member] $ in Millions | Aug. 01, 2015USD ($) |
Business Acquisition [Line Items] | |
Goodwill, Acquired During Period | $ 305.7 |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 0 |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 35.00% |
Acquisition Ownership Acquired
Acquisition Ownership Acquired (Details) - Kelway TopCo Limited [Member] $ in Millions | Aug. 01, 2015USD ($) |
Business Acquisition [Line Items] | |
Business Acquisition, Percentage of Voting Interests Acquired | 65.00% |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 35.00% |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 100.00% |
Equity Awards Granted by Seller of Kelway [Member] | |
Business Acquisition [Line Items] | |
Fair value of options issued by one of the sellers to certain coworkers over shares of the seller's common stock received as part of consideration from acquisition | $ 21.8 |
Acquisition Fair Value of Consi
Acquisition Fair Value of Consideration Transferred (Details) - Kelway TopCo Limited [Member] $ in Millions | Aug. 01, 2015USD ($) |
Business Acquisition [Line Items] | |
Cash | $ 291.6 |
Fair value of CDW common stock | 33.2 |
Fair value of previously held equity investment on the date of acquisition | 174.9 |
Total consideration | $ 499.7 |
Acquisition Fair Value of Con30
Acquisition Fair Value of Consideration Transferred Footnotes (Details) - Kelway TopCo Limited [Member] shares in Millions, $ in Millions | Aug. 01, 2015USD ($)shares |
Business Acquisition [Line Items] | |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 1.6 |
Restriction period for common shares issued | 3 years |
Weighted-average service period of options issued by one of the sellers to certain coworkers over shares of the seller's common stock received as part of consideration from acquisition | 3 years 2 months 12 days |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 35.00% |
Gain on remeasurement of equity investment | $ | $ 98.1 |
Equity Awards Granted by Seller of Kelway [Member] | |
Business Acquisition [Line Items] | |
Options issued by one of the sellers to certain coworkers over shares of the seller's common stock received as part of consideration from acquisition | shares | 0.6 |
Fair value of options issued by one of the sellers to certain coworkers over shares of the seller's common stock received as part of consideration from acquisition | $ | $ 21.8 |
Acquisition Fair Value Recogniz
Acquisition Fair Value Recognized Assets and Liabilities Assumed (Details) - Kelway TopCo Limited [Member] $ in Millions | Aug. 01, 2015USD ($) |
Business Acquisition [Line Items] | |
Cash | $ 27.8 |
Accounts receivable | 135.7 |
Merchandise inventory | 27.1 |
Property and equipment, net | 11.4 |
Identified intangible assets | 289.8 |
Other assets | 53.6 |
Total assets acquired | 545.4 |
Accounts payable - trade | (86.1) |
Deferred revenue | (57.2) |
Other liabilities | (41.5) |
Deferred tax liabilities | (55.1) |
Debt | (111.5) |
Total liabilities assumed | (351.4) |
Total identifiable net assets | 194 |
Goodwill | 305.7 |
Total purchase price | $ 499.7 |
Acquisition Acquired Intangible
Acquisition Acquired Intangible Assets (Details) - Kelway TopCo Limited [Member] $ in Millions | Aug. 01, 2015USD ($) |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 289.8 |
Customer Relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 260.8 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 13 years |
Customer Contracts [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 25.9 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years |
Developed Technology Rights [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 1.7 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years |
Trade Names [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 1.4 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 1 year |
Acquisition Pro Forma Informati
Acquisition Pro Forma Information (Details) - Kelway TopCo Limited [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2015USD ($) | |
Pro Forma Information [Line Items] | |
Business Acquisition, Pro Forma Revenue | $ 2,972.7 |
Business Acquisition, Pro Forma Net Income (Loss) | $ 56.1 |
Inventory Financing Agreement34
Inventory Financing Agreements (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Inventory Financing Agreements [Line Items] | ||
Accounts payable-inventory financing | $ 372.9 | $ 439.6 |
Accounts Payable, Inventory Financing Collateralized [Member] | ||
Inventory Financing Agreements [Line Items] | ||
Other inventory financing agreements | 1.2 | |
Accounts Payable, Inventory Financing [Member] | ||
Inventory Financing Agreements [Line Items] | ||
Revolving Loan inventory financing agreement | 354.9 | 427 |
Other inventory financing agreements | 18 | 12.6 |
Accounts payable-inventory financing | $ 372.9 | $ 439.6 |
Long-Term Debt -Debt Balances a
Long-Term Debt -Debt Balances and Interest Rates (Details) £ in Millions, $ in Millions | Mar. 31, 2016USD ($) | Mar. 31, 2016GBP (£) | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | |||
Deferred Finance Costs, Net | $ (25.7) | $ (26.8) | |
Debt, short-term and long-term | 3,250.7 | 3,259.3 | |
Deferred financing costs, net | (25.7) | (26.8) | |
Debt, Long-term and Short-term, Combined Amount | 3,286.5 | ||
Current maturities of long-term debt | (26.9) | (27.2) | |
Deferred Finance Costs, Current, Net | 0 | 0 | |
Long-Term Debt, Current Maturities, Net of Deferred Financing Costs, Discount, or Premium | (26.9) | (27.2) | |
Long-term Debt, Excluding Current Maturities | 3,225 | 3,232.5 | |
Long-Term Debt, Net of Deferred Financing Costs, Discount, or Premium | 3,251.9 | 3,259.7 | |
Revolving Loan [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Remaining Borrowing Capacity | 907.7 | ||
Deferred Finance Costs, Net | 0 | 0 | |
Debt, short-term and long-term | $ 0 | $ 0 | |
Long-term Debt, Weighted Average Interest Rate | 0.00% | 0.00% | 0.00% |
Long-Term Debt, Net of Deferred Financing Costs, Discount, or Premium | $ 0 | $ 0 | |
CDW UK Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Remaining Borrowing Capacity | 71.8 | £ 50 | |
Deferred Finance Costs, Net | 0 | 0 | |
Debt, short-term and long-term | $ 0 | $ 0 | |
Long-term Debt, Weighted Average Interest Rate | 0.00% | 0.00% | 0.00% |
Long-Term Debt, Net of Deferred Financing Costs, Discount, or Premium | $ 0 | $ 0 | |
Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt, short-term and long-term | 1,494.3 | 1,498.1 | |
Deferred Finance Costs and Discount, Net | $ (6.3) | $ (6.7) | |
Long-term Debt, Weighted Average Interest Rate | 3.25% | 3.25% | 3.25% |
Long-Term Debt, Net of Deferred Financing Costs, Discount, or Premium | $ 1,488 | $ 1,491.4 | |
CDW UK Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Deferred Finance Costs, Net | (0.5) | ||
Debt, short-term and long-term | 83.3 | ||
Long-Term Debt, Net of Deferred Financing Costs, Discount, or Premium | 82.8 | ||
Senior Notes due 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Deferred Finance Costs, Net | (6) | (6.2) | |
Debt, short-term and long-term | $ 525 | $ 525 | |
Long-term Debt, Weighted Average Interest Rate | 5.00% | 5.00% | 5.00% |
Long-Term Debt, Net of Deferred Financing Costs, Discount, or Premium | $ 519 | $ 518.8 | |
Senior Notes due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Deferred Finance Costs, Net | (6.4) | (6.6) | |
Debt, short-term and long-term | $ 600 | $ 600 | |
Long-term Debt, Weighted Average Interest Rate | 6.00% | 6.00% | 6.00% |
Long-Term Debt, Net of Deferred Financing Costs, Discount, or Premium | $ 593.6 | $ 593.4 | |
Senior Notes due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Deferred Finance Costs, Net | (6.5) | (6.7) | |
Debt, short-term and long-term | $ 575 | $ 575 | |
Long-term Debt, Weighted Average Interest Rate | 5.50% | 5.50% | 5.50% |
Long-Term Debt, Net of Deferred Financing Costs, Discount, or Premium | $ 568.5 | $ 568.3 | |
Reported Value Measurement [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Long-term and Short-term, Combined Amount | $ 3,277.6 | 3,286.5 | |
LIBOR [Member] | CDW UK Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt, short-term and long-term | 88.4 | ||
Deferred Finance Costs, Net and Unamortized Premium | $ (0.6) | ||
Long-term Debt, Weighted Average Interest Rate | 1.99% | 1.99% | 1.98% |
Long-Term Debt, Net of Deferred Financing Costs, Discount, or Premium | $ 87.8 | ||
Accounts Payable, Inventory Financing [Member] | |||
Debt Instrument [Line Items] | |||
Revolving Loan financing agreement | $ 354.9 | $ 427 |
Long-Term Debt -Revolving Loan
Long-Term Debt -Revolving Loan (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Debt, short-term and long-term | $ 3,250.7 | $ 3,259.3 |
Revolving Loan [Member] | ||
Debt Instrument [Line Items] | ||
Debt, short-term and long-term | 0 | 0 |
Undrawn letters of credit | 2.1 | |
Borrowing Base | 1,333.6 | |
Availability under Revolving Loan | 907.7 | |
Accounts Payable, Inventory Financing [Member] | ||
Debt Instrument [Line Items] | ||
Revolving Loan inventory financing agreement | 354.9 | $ 427 |
Accounts Payable, Inventory Financing [Member] | Revolving Loan [Member] | ||
Debt Instrument [Line Items] | ||
Amount owed under Revolving loan financing agreement | $ 340.2 |
Long-Term Debt -Term Loan (Deta
Long-Term Debt -Term Loan (Details) $ in Millions | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | ||
Net Income free of restrictions under credit agreements | $ 679.7 | |
Debt, short-term and long-term | 3,250.7 | $ 3,259.3 |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Debt, short-term and long-term | $ 1,494.3 | $ 1,498.1 |
Net leverage ratio | 0 | |
Long-term Debt, Weighted Average Interest Rate | 3.25% | 3.25% |
Maximum [Member] | Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Net leverage ratio | 3.25 | |
Cap agreement effective January 14, 2015-2017 [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate Cap, cap rate | 2.00% | |
Interest Rate Cap, fair value | $ 1 | $ 1 |
Fair Value, Inputs, Level 2 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 3,338.2 | $ 3,330.4 |
Long-Term Debt -Interest Rate C
Long-Term Debt -Interest Rate Caps (Details) - Cap agreement effective January 14, 2015-2017 [Member] - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 1,400 | |
Interest Rate Cap, cap rate | 2.00% | |
Interest Rate Cap, fair value | $ 1 | $ 1 |
Long-Term Debt -Senior Notes (D
Long-Term Debt -Senior Notes (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Debt, short-term and long-term | $ 3,250.7 | $ 3,259.3 |
Deferred financing costs, net | 25.7 | 26.8 |
Deferred Finance Costs, Net | 25.7 | 26.8 |
Senior Notes due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Debt, short-term and long-term | $ 525 | $ 525 |
Long-term Debt, Weighted Average Interest Rate | 5.00% | 5.00% |
Deferred Finance Costs, Net | $ 6 | $ 6.2 |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Debt, short-term and long-term | $ 1,494.3 | $ 1,498.1 |
Long-term Debt, Weighted Average Interest Rate | 3.25% | 3.25% |
Long-Term Debt Senior Subordina
Long-Term Debt Senior Subordinated Notes (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Debt, short-term and long-term | $ 3,250.7 | $ 3,259.3 |
Long-Term Debt -Fair Value of L
Long-Term Debt -Fair Value of Long-Term Debt (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value [Line Items] | ||
Debt, Long-term and Short-term, Combined Amount | $ 3,286.5 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value [Line Items] | ||
Long-term Debt, fair value disclosures | $ 3,338.2 | $ 3,330.4 |
Earnings per Share (Details)
Earnings per Share (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Weighted Average Shares - Basic | 167.3 | 172.1 |
Effect of dilutive securities | 1.6 | 1.4 |
Weighted Average Shares - Diluted | 168.9 | 173.5 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.4 | 0.4 |
Segment Information (Details)
Segment Information (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of Reportable Segments | 2 | |
Number of operating segments which do not meet reportable unit quantitative threshold | 2 | |
Net Sales | $ 3,116.7 | $ 2,755.2 |
Income (loss) from operations | 161 | 151.6 |
Depreciation and amortization expense | (64) | (52.5) |
Corporate [Member] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 1,692.3 | 1,610.4 |
Income (loss) from operations | 118.2 | 118.6 |
Depreciation and amortization expense | (25.9) | (25.7) |
Public [Member] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 1,069.4 | 1,017.2 |
Income (loss) from operations | 58.5 | 55.4 |
Depreciation and amortization expense | (11.2) | (11.1) |
Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 355 | 127.6 |
Income (loss) from operations | 8.1 | 4.9 |
Depreciation and amortization expense | (8.7) | (0.4) |
Headquarters [Member] | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 0 | 0 |
Income (loss) from operations | (23.8) | (27.3) |
Depreciation and amortization expense | $ (18.2) | $ (15.3) |
Supplemental Guarantor Inform44
Supplemental Guarantor Information -Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Supplemental Guarantor Information [Line Items] | ||||
Cash and cash equivalents | $ 248.2 | $ 37.6 | $ 447.4 | $ 344.5 |
Accounts receivable, net of allowance for doubtful accounts | 1,780.2 | 2,017.4 | ||
Merchandise inventory | 460.4 | 393.1 | ||
Miscellaneous receivables | 212.7 | 198.4 | ||
Prepaid expenses and other | 114.8 | 144.3 | ||
Total current assets | 2,816.3 | 2,790.8 | ||
Property and equipment, net | 168.4 | 175.4 | ||
Goodwill | 2,495.2 | 2,500.4 | ||
Other intangible assets, net | 1,225.4 | 1,276.4 | ||
Other assets | 12.6 | 12.3 | ||
Total assets | 6,717.9 | 6,755.3 | ||
Accounts payable-trade | 958.6 | 866.5 | ||
Accounts payable-inventory financing | 372.9 | 439.6 | ||
Current maturities of long-term debt | 26.9 | 27.2 | ||
Deferred revenue | 166.3 | 151.9 | ||
Total current liabilities | 1,943.4 | 1,887.3 | ||
Long-term Debt, Excluding Current Maturities | 3,225 | 3,232.5 | ||
Deferred income taxes | 448.5 | 469.6 | ||
Other liabilities | 61.1 | 70 | ||
Total long-term liabilities | 3,734.6 | 3,772.1 | ||
Total shareholders' equity (deficit) | 1,039.9 | 1,095.9 | ||
Total liabilities and shareholders' equity (deficit) | 6,717.9 | 6,755.3 | ||
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 | ||
Goodwill | 0 | 0 | ||
Other intangible assets, net | 0 | 0 | ||
Other assets | 3.6 | 3.8 | ||
Investment from and advances to subsidiaries | 1,036.3 | 1,092.1 | ||
Total assets | 1,039.9 | 1,095.9 | ||
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) | 1,039.9 | 1,095.9 | ||
Total liabilities and shareholders' equity (deficit) | 1,039.9 | 1,095.9 | ||
Subsidiary Issuer [Member] | ||||
Supplemental Guarantor Information [Line Items] | ||||
Cash and cash equivalents | 185.4 | 45.1 | 428.3 | 346.4 |
Accounts receivable, net of allowance for doubtful accounts | 0 | 0 | ||
Merchandise inventory | 0 | 0 | ||
Miscellaneous receivables | 77.7 | 83.7 | ||
Prepaid expenses and other | 16.6 | 13 | ||
Total current assets | 279.7 | 141.8 | ||
Property and equipment, net | 106.1 | 110 | ||
Goodwill | 751.8 | 751.8 | ||
Other intangible assets, net | 303.7 | 306 | ||
Other assets | 23.1 | 17.3 | ||
Investment from and advances to subsidiaries | 3,120.4 | 3,302 | ||
Total assets | 4,584.8 | 4,628.9 | ||
Accounts payable-trade | 24.9 | 31 | ||
Accounts payable-inventory financing | 0 | 0 | ||
Current maturities of long-term debt | 15.4 | 15.4 | ||
Deferred revenue | 0 | 0 | ||
Accrued Expenses | 184.8 | 156 | ||
Total current liabilities | 225.1 | 202.4 | ||
Long-term Debt, Excluding Current Maturities | 3,153.7 | 3,156.5 | ||
Deferred income taxes | 116.5 | 117.3 | ||
Other liabilities | 53.2 | 60.7 | ||
Total long-term liabilities | 3,323.4 | 3,334.5 | ||
Total shareholders' equity (deficit) | 1,036.3 | 1,092 | ||
Total liabilities and shareholders' equity (deficit) | 4,584.8 | 4,628.9 | ||
Guarantor Subsidiaries [Member] | ||||
Supplemental Guarantor Information [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net of allowance for doubtful accounts | 1,529 | 1,788.6 | ||
Merchandise inventory | 393.1 | 340.3 | ||
Miscellaneous receivables | 111.9 | 90.1 | ||
Prepaid expenses and other | 61.4 | 50.4 | ||
Total current assets | 2,095.4 | 2,269.4 | ||
Property and equipment, net | 51.5 | 54.1 | ||
Goodwill | 1,439 | 1,439 | ||
Other intangible assets, net | 670.2 | 704.9 | ||
Other assets | 263.2 | 263 | ||
Investment from and advances to subsidiaries | 0 | 0 | ||
Total assets | 4,519.3 | 4,730.4 | ||
Accounts payable-trade | 774.6 | 727.4 | ||
Accounts payable-inventory financing | 355.6 | 428.4 | ||
Current maturities of long-term debt | 0 | 0 | ||
Deferred revenue | 90.9 | 77.4 | ||
Accrued Expenses | 187.5 | 190.9 | ||
Total current liabilities | 1,408.6 | 1,424.1 | ||
Long-term Debt, Excluding Current Maturities | 0 | 0 | ||
Deferred income taxes | 255.3 | 272.8 | ||
Other liabilities | 3.4 | 2.9 | ||
Total long-term liabilities | 258.7 | 275.7 | ||
Total shareholders' equity (deficit) | 2,852 | 3,030.6 | ||
Total liabilities and shareholders' equity (deficit) | 4,519.3 | 4,730.4 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Supplemental Guarantor Information [Line Items] | ||||
Cash and cash equivalents | 82.6 | 31.9 | 29.3 | 24.6 |
Accounts receivable, net of allowance for doubtful accounts | 251.2 | 228.8 | ||
Merchandise inventory | 67.3 | 52.8 | ||
Miscellaneous receivables | 23.1 | 24.6 | ||
Prepaid expenses and other | 36.8 | 84 | ||
Total current assets | 461 | 422.1 | ||
Property and equipment, net | 10.8 | 11.3 | ||
Goodwill | 304.4 | 309.6 | ||
Other intangible assets, net | 251.5 | 265.5 | ||
Other assets | 3.4 | 3 | ||
Investment from and advances to subsidiaries | 0 | 0 | ||
Total assets | 1,031.1 | 1,011.5 | ||
Accounts payable-trade | 178.9 | 147.5 | ||
Accounts payable-inventory financing | 17.5 | 11.4 | ||
Current maturities of long-term debt | 11.5 | 11.8 | ||
Deferred revenue | 75.4 | 74.5 | ||
Accrued Expenses | 47 | 58.6 | ||
Total current liabilities | 330.3 | 303.8 | ||
Long-term Debt, Excluding Current Maturities | 71.3 | 76 | ||
Deferred income taxes | 80.3 | 83.4 | ||
Other liabilities | 280.6 | 276.8 | ||
Total long-term liabilities | 432.2 | 436.2 | ||
Total shareholders' equity (deficit) | 268.6 | 271.5 | ||
Total liabilities and shareholders' equity (deficit) | 1,031.1 | 1,011.5 | ||
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 | ||
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 | (19.8) | (39.4) | (10.2) | (26.5) |
Accounts receivable, net of allowance for doubtful accounts | 0 | 0 | ||
Merchandise inventory | 0 | 0 | ||
Miscellaneous receivables | 0 | 0 | ||
Prepaid expenses and other | 0 | (3.1) | ||
Total current assets | (19.8) | (42.5) | ||
Property and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other intangible assets, net | 0 | 0 | ||
Other assets | (280.7) | (274.8) | ||
Investment from and advances to subsidiaries | (4,156.7) | (4,394.1) | ||
Total assets | (4,457.2) | (4,711.4) | ||
Accounts payable-trade | (19.8) | (39.4) | ||
Accounts payable-inventory financing | (0.2) | (0.2) | ||
Current maturities of long-term debt | 0 | 0 | ||
Deferred revenue | 0 | 0 | ||
Accrued Expenses | (0.6) | (3.4) | ||
Total current liabilities | (20.6) | (43) | ||
Long-term Debt, Excluding Current Maturities | 0 | 0 | ||
Deferred income taxes | (3.6) | (3.9) | ||
Other liabilities | (276.1) | (270.4) | ||
Total long-term liabilities | (279.7) | (274.3) | ||
Total shareholders' equity (deficit) | (4,156.9) | (4,394.1) | ||
Total liabilities and shareholders' equity (deficit) | (4,457.2) | (4,711.4) | ||
Consolidated [Member] | ||||
Supplemental Guarantor Information [Line Items] | ||||
Cash and cash equivalents | 248.2 | 37.6 | $ 447.4 | $ 344.5 |
Accounts receivable, net of allowance for doubtful accounts | 1,780.2 | 2,017.4 | ||
Merchandise inventory | 460.4 | 393.1 | ||
Miscellaneous receivables | 212.7 | 198.4 | ||
Prepaid expenses and other | 114.8 | 144.3 | ||
Total current assets | 2,816.3 | 2,790.8 | ||
Property and equipment, net | 168.4 | 175.4 | ||
Goodwill | 2,495.2 | 2,500.4 | ||
Other intangible assets, net | 1,225.4 | 1,276.4 | ||
Other assets | 12.6 | 12.3 | ||
Investment from and advances to subsidiaries | 0 | 0 | ||
Total assets | 6,717.9 | 6,755.3 | ||
Accounts payable-trade | 958.6 | 866.5 | ||
Accounts payable-inventory financing | 372.9 | 439.6 | ||
Current maturities of long-term debt | 26.9 | 27.2 | ||
Deferred revenue | 166.3 | 151.9 | ||
Accrued Expenses | 418.7 | 402.1 | ||
Total current liabilities | 1,943.4 | 1,887.3 | ||
Long-term Debt, Excluding Current Maturities | 3,225 | 3,232.5 | ||
Deferred income taxes | 448.5 | 469.6 | ||
Other liabilities | 61.1 | 70 | ||
Total long-term liabilities | 3,734.6 | 3,772.1 | ||
Total shareholders' equity (deficit) | 1,039.9 | 1,095.9 | ||
Total liabilities and shareholders' equity (deficit) | $ 6,717.9 | $ 6,755.3 |
Supplemental Guarantor Inform45
Supplemental Guarantor Information -Consolidating Statements of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Supplemental Guarantor Information [Line Items] | ||
Net Sales | $ 3,116.7 | $ 2,755.2 |
Cost of sales | 2,592.2 | 2,298.7 |
Gross profit | 524.5 | 456.5 |
Selling and administrative expenses | 329.3 | 275.5 |
Advertising expense | 34.2 | 29.4 |
Income from operations | 161 | 151.6 |
Interest Income (Expense), Net | (38.1) | (44.8) |
Net loss on extinguishments of long-term debt | 0 | (24.3) |
Other income (loss), net | 1 | 4.5 |
Income (loss) before income taxes | 123.9 | 87 |
Income Tax Expense (Benefit) | (46.1) | (32.3) |
Net income (loss) | 77.8 | 54.7 |
Parent Guarantor [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Net Sales | 0 | 0 |
Cost of sales | 0 | 0 |
Gross profit | 0 | 0 |
Selling and administrative expenses | 0 | 0 |
Advertising expense | 0 | 0 |
Income from operations | 0 | 0 |
Interest Income (Expense), Net | 0 | 0 |
Net loss on extinguishments of long-term debt | 0 | |
Other income (loss), net | 0 | 0 |
Income (loss) before income taxes | 0 | 0 |
Income Tax Expense (Benefit) | 0 | 0 |
Income (Loss) before equity in earnings (loss) of subsidiaries | 0 | 0 |
Equity in Earnings (Loss) of Subsidiaries | 77.8 | 54.7 |
Net income (loss) | 77.8 | 54.7 |
Subsidiary Issuer [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Net Sales | 0 | 0 |
Cost of sales | 0 | 0 |
Gross profit | 0 | 0 |
Selling and administrative expenses | 23.6 | 27.3 |
Advertising expense | 0 | 0 |
Income from operations | (23.6) | (27.3) |
Interest Income (Expense), Net | (37.5) | (44.9) |
Net loss on extinguishments of long-term debt | (24.3) | |
Other income (loss), net | 0 | 4.1 |
Income (loss) before income taxes | (61.1) | (92.4) |
Income Tax Expense (Benefit) | 23.4 | 34.8 |
Income (Loss) before equity in earnings (loss) of subsidiaries | (37.7) | (57.6) |
Equity in Earnings (Loss) of Subsidiaries | 115.5 | 112.3 |
Net income (loss) | 77.8 | 54.7 |
Guarantor Subsidiaries [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Net Sales | 2,761.7 | 2,627.6 |
Cost of sales | 2,291.4 | 2,186.4 |
Gross profit | 470.3 | 441.2 |
Selling and administrative expenses | 260.7 | 238.5 |
Advertising expense | 33 | 28.7 |
Income from operations | 176.6 | 174 |
Interest Income (Expense), Net | 1.4 | 0 |
Net loss on extinguishments of long-term debt | 0 | |
Other income (loss), net | 0.6 | 0.7 |
Income (loss) before income taxes | 178.6 | 174.7 |
Income Tax Expense (Benefit) | (67.6) | (65.8) |
Income (Loss) before equity in earnings (loss) of subsidiaries | 111 | 108.9 |
Equity in Earnings (Loss) of Subsidiaries | 0 | 0 |
Net income (loss) | 111 | 108.9 |
Non-Guarantor Subsidiaries [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Net Sales | 355 | 127.6 |
Cost of sales | 300.8 | 112.3 |
Gross profit | 54.2 | 15.3 |
Selling and administrative expenses | 45 | 9.7 |
Advertising expense | 1.2 | 0.7 |
Income from operations | 8 | 4.9 |
Interest Income (Expense), Net | (2) | 0.1 |
Net loss on extinguishments of long-term debt | 0 | |
Other income (loss), net | 0.4 | (0.3) |
Income (loss) before income taxes | 6.4 | 4.7 |
Income Tax Expense (Benefit) | (1.9) | (1.3) |
Income (Loss) before equity in earnings (loss) of subsidiaries | 4.5 | 3.4 |
Equity in Earnings (Loss) of Subsidiaries | 0 | 0 |
Net income (loss) | 4.5 | 3.4 |
Co-Issuer [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Net Sales | 0 | 0 |
Cost of sales | 0 | 0 |
Gross profit | 0 | 0 |
Selling and administrative expenses | 0 | 0 |
Advertising expense | 0 | 0 |
Income from operations | 0 | 0 |
Interest Income (Expense), Net | 0 | 0 |
Net loss on extinguishments of long-term debt | 0 | |
Other income (loss), net | 0 | 0 |
Income (loss) before income taxes | 0 | 0 |
Income Tax Expense (Benefit) | 0 | 0 |
Income (Loss) before equity in earnings (loss) of subsidiaries | 0 | 0 |
Equity in Earnings (Loss) of Subsidiaries | 0 | 0 |
Net income (loss) | 0 | 0 |
Consolidating Adjustments [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Net Sales | 0 | 0 |
Cost of sales | 0 | 0 |
Gross profit | 0 | 0 |
Selling and administrative expenses | 0 | 0 |
Advertising expense | 0 | 0 |
Income from operations | 0 | 0 |
Interest Income (Expense), Net | 0 | 0 |
Net loss on extinguishments of long-term debt | 0 | |
Other income (loss), net | 0 | 0 |
Income (loss) before income taxes | 0 | 0 |
Income Tax Expense (Benefit) | 0 | 0 |
Income (Loss) before equity in earnings (loss) of subsidiaries | 0 | 0 |
Equity in Earnings (Loss) of Subsidiaries | (193.3) | (167) |
Net income (loss) | (193.3) | (167) |
Consolidated [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Net Sales | 3,116.7 | 2,755.2 |
Cost of sales | 2,592.2 | 2,298.7 |
Gross profit | 524.5 | 456.5 |
Selling and administrative expenses | 329.3 | 275.5 |
Advertising expense | 34.2 | 29.4 |
Income from operations | 161 | 151.6 |
Interest Income (Expense), Net | (38.1) | (44.8) |
Net loss on extinguishments of long-term debt | (24.3) | |
Other income (loss), net | 1 | 4.5 |
Income (loss) before income taxes | 123.9 | 87 |
Income Tax Expense (Benefit) | (46.1) | (32.3) |
Income (Loss) before equity in earnings (loss) of subsidiaries | 77.8 | 54.7 |
Equity in Earnings (Loss) of Subsidiaries | 0 | 0 |
Net income (loss) | $ 77.8 | $ 54.7 |
Supplemental Guarantor Inform46
Supplemental Guarantor Information -Condensed Consolidating Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Supplemental Guarantor Information [Line Items] | ||
Comprehensive income (loss) | $ 70 | $ 43.7 |
Parent Guarantor [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Comprehensive income (loss) | 70 | 43.7 |
Subsidiary Issuer [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Comprehensive income (loss) | 70 | 43.7 |
Guarantor Subsidiaries [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Comprehensive income (loss) | 111 | 108.9 |
Non-Guarantor Subsidiaries [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Comprehensive income (loss) | (3.3) | (7.6) |
Co-Issuer [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Comprehensive income (loss) | 0 | 0 |
Consolidating Adjustments [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Comprehensive income (loss) | (177.7) | (145) |
Consolidated [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Comprehensive income (loss) | $ 70 | $ 43.7 |
Supplemental Guarantor Inform47
Supplemental Guarantor Information -Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Supplemental Guarantor Information [Line Items] | ||
Net cash provided by operating activities | $ 427.6 | $ 177.8 |
Payments to Acquire Property, Plant, and Equipment | (11) | (10) |
Net cash used in investing activities | (11) | (10.5) |
Proceeds from Lines of Credit | 63.4 | 0 |
Repayments of Lines of Credit | (63.4) | 0 |
Repayments of long-term debt | (6.7) | (3.9) |
Proceeds from Issuance of Long-term Debt | 0 | 525 |
Repayments of Long-term Debt | 0 | (525.3) |
Payments of Financing Costs | 0 | (6.8) |
Net change in accounts payable-inventory financing | (66.5) | (42.3) |
Proceeds from stock option exercises | 1.2 | 0.5 |
Proceeds from Coworker Stock Purchase Plan | 1.9 | 1.7 |
Stock Repurchased and Retired During Period, Value | (118) | 0 |
Payments of Ordinary Dividends, Common Stock | (18) | (11.7) |
Proceeds from (Payments for) Other Financing Activities | (0.5) | 0 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0.2 | 0.1 |
Net cash used in financing activities | (206.4) | (62.7) |
Effect of exchange rate changes on cash and cash equivalents | 0.4 | (1.7) |
Net increase (decrease) in cash and cash equivalents | 210.6 | 102.9 |
Cash and cash equivalents - beginning of period | 37.6 | 344.5 |
Cash and cash equivalents - end of period | 248.2 | 447.4 |
Parent Guarantor [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Net cash provided by operating activities | 0 | 0 |
Payments to Acquire Property, Plant, and Equipment | 0 | 0 |
Payments for Derivative Instrument, Financing Activities | 0 | |
Net cash used in investing activities | 0 | 0 |
Proceeds from Lines of Credit | 0 | |
Repayments of Lines of Credit | 0 | |
Repayments of long-term debt | 0 | 0 |
Proceeds from Issuance of Long-term Debt | 0 | |
Repayments of Long-term Debt | 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 |
Stock Repurchased and Retired During Period, Value | (118) | |
Payments of Ordinary Dividends, Common Stock | (18) | (11.7) |
Proceeds from (Payments for) Other Financing Activities | 0 | |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | 0 |
Advances from (to) affiliates | 136 | 11.7 |
Net cash used in financing activities | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents - beginning of period | 0 | 0 |
Cash and cash equivalents - end of period | 0 | 0 |
Subsidiary Issuer [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Net cash provided by operating activities | (17) | (20.6) |
Payments to Acquire Property, Plant, and Equipment | (9.9) | (8.7) |
Payments for Derivative Instrument, Financing Activities | (0.5) | |
Net cash used in investing activities | (9.9) | (9.2) |
Proceeds from Lines of Credit | 63.4 | |
Repayments of Lines of Credit | (63.4) | |
Repayments of long-term debt | (3.9) | (3.9) |
Proceeds from Issuance of Long-term Debt | 525 | |
Repayments of Long-term Debt | (525.3) | |
Payments of Financing Costs | (6.8) | |
Net change in accounts payable-inventory financing | 0 | 0 |
Proceeds from stock option exercises | 1.2 | 0.5 |
Proceeds from Coworker Stock Purchase Plan | 1.9 | 1.7 |
Stock Repurchased and Retired During Period, Value | 0 | |
Payments of Ordinary Dividends, Common Stock | 0 | 0 |
Proceeds from (Payments for) Other Financing Activities | 0 | |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0.2 | 0.1 |
Advances from (to) affiliates | 167.8 | 120.4 |
Net cash used in financing activities | 167.2 | 111.7 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 140.3 | 81.9 |
Cash and cash equivalents - beginning of period | 45.1 | 346.4 |
Cash and cash equivalents - end of period | 185.4 | 428.3 |
Guarantor Subsidiaries [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Net cash provided by operating activities | 377.9 | 175.3 |
Payments to Acquire Property, Plant, and Equipment | (0.5) | (1.1) |
Payments for Derivative Instrument, Financing Activities | 0 | |
Net cash used in investing activities | (0.5) | (1.1) |
Proceeds from Lines of Credit | 0 | |
Repayments of Lines of Credit | 0 | |
Repayments of long-term debt | 0 | 0 |
Proceeds from Issuance of Long-term Debt | 0 | |
Repayments of Long-term Debt | 0 | |
Payments of Financing Costs | 0 | |
Net change in accounts payable-inventory financing | (72.9) | (42.3) |
Proceeds from stock option exercises | 0 | 0 |
Proceeds from Coworker Stock Purchase Plan | 0 | 0 |
Stock Repurchased and Retired During Period, Value | 0 | |
Payments of Ordinary Dividends, Common Stock | 0 | 0 |
Proceeds from (Payments for) Other Financing Activities | 0 | |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | 0 |
Advances from (to) affiliates | (304.5) | (131.9) |
Net cash used in financing activities | (377.4) | (174.2) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents - beginning of period | 0 | 0 |
Cash and cash equivalents - end of period | 0 | 0 |
Non-Guarantor Subsidiaries [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Net cash provided by operating activities | 42.1 | 6.8 |
Payments to Acquire Property, Plant, and Equipment | (0.6) | (0.2) |
Payments for Derivative Instrument, Financing Activities | 0 | |
Net cash used in investing activities | (0.6) | (0.2) |
Proceeds from Lines of Credit | 0 | |
Repayments of Lines of Credit | 0 | |
Repayments of long-term debt | (2.8) | 0 |
Proceeds from Issuance of Long-term Debt | 0 | |
Repayments of Long-term Debt | 0 | |
Payments of Financing Costs | 0 | |
Net change in accounts payable-inventory financing | 6.4 | 0 |
Proceeds from stock option exercises | 0 | 0 |
Proceeds from Coworker Stock Purchase Plan | 0 | 0 |
Stock Repurchased and Retired During Period, Value | 0 | |
Payments of Ordinary Dividends, Common Stock | 0 | 0 |
Proceeds from (Payments for) Other Financing Activities | (0.5) | |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | 0 |
Advances from (to) affiliates | 5.7 | (0.2) |
Net cash used in financing activities | 8.8 | (0.2) |
Effect of exchange rate changes on cash and cash equivalents | 0.4 | (1.7) |
Net increase (decrease) in cash and cash equivalents | 50.7 | 4.7 |
Cash and cash equivalents - beginning of period | 31.9 | 24.6 |
Cash and cash equivalents - end of period | 82.6 | 29.3 |
Co-Issuer [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Net cash provided by operating activities | 0 | 0 |
Payments to Acquire Property, Plant, and Equipment | 0 | 0 |
Payments for Derivative Instrument, Financing Activities | 0 | |
Net cash used in investing activities | 0 | 0 |
Proceeds from Lines of Credit | 0 | |
Repayments of Lines of Credit | 0 | |
Repayments of long-term debt | 0 | 0 |
Proceeds from Issuance of Long-term Debt | 0 | |
Repayments of Long-term Debt | 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 |
Stock Repurchased and Retired During Period, Value | 0 | |
Payments of Ordinary Dividends, Common Stock | 0 | 0 |
Proceeds from (Payments for) Other Financing Activities | 0 | |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | 0 |
Advances from (to) affiliates | 0 | 0 |
Net cash used in financing activities | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents - beginning of period | 0 | 0 |
Cash and cash equivalents - end of period | 0 | 0 |
Consolidating Adjustments [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Net cash provided by operating activities | 24.6 | 16.3 |
Payments to Acquire Property, Plant, and Equipment | 0 | 0 |
Payments for Derivative Instrument, Financing Activities | 0 | |
Net cash used in investing activities | 0 | 0 |
Proceeds from Lines of Credit | 0 | |
Repayments of Lines of Credit | 0 | |
Repayments of long-term debt | 0 | 0 |
Proceeds from Issuance of Long-term Debt | 0 | |
Repayments of Long-term Debt | 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 |
Stock Repurchased and Retired During Period, Value | 0 | |
Payments of Ordinary Dividends, Common Stock | 0 | 0 |
Proceeds from (Payments for) Other Financing Activities | 0 | |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | 0 |
Advances from (to) affiliates | (5) | 0 |
Net cash used in financing activities | (5) | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 19.6 | 16.3 |
Cash and cash equivalents - beginning of period | (39.4) | (26.5) |
Cash and cash equivalents - end of period | (19.8) | (10.2) |
Consolidated [Member] | ||
Supplemental Guarantor Information [Line Items] | ||
Net cash provided by operating activities | 427.6 | 177.8 |
Payments to Acquire Property, Plant, and Equipment | (11) | 10 |
Payments for Derivative Instrument, Financing Activities | (0.5) | |
Net cash used in investing activities | (11) | (10.5) |
Proceeds from Lines of Credit | 63.4 | |
Repayments of Lines of Credit | (63.4) | |
Repayments of long-term debt | (6.7) | (3.9) |
Proceeds from Issuance of Long-term Debt | 525 | |
Repayments of Long-term Debt | (525.3) | |
Payments of Financing Costs | (6.8) | |
Net change in accounts payable-inventory financing | (66.5) | (42.3) |
Proceeds from stock option exercises | 1.2 | 0.5 |
Proceeds from Coworker Stock Purchase Plan | 1.9 | 1.7 |
Stock Repurchased and Retired During Period, Value | (118) | |
Payments of Ordinary Dividends, Common Stock | (18) | (11.7) |
Proceeds from (Payments for) Other Financing Activities | (0.5) | |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0.2 | 0.1 |
Advances from (to) affiliates | 0 | 0 |
Net cash used in financing activities | (206.4) | (62.7) |
Effect of exchange rate changes on cash and cash equivalents | 0.4 | (1.7) |
Net increase (decrease) in cash and cash equivalents | 210.6 | 102.9 |
Cash and cash equivalents - beginning of period | 37.6 | 344.5 |
Cash and cash equivalents - end of period | $ 248.2 | $ 447.4 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] shares in Millions | May. 04, 2016$ / sharesshares |
Subsequent Event [Line Items] | |
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.1075 |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | shares | 750 |