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CDW (CDW)

Document and Entity Information

Document and Entity Information - shares6 Months Ended
Jun. 30, 2019Jul. 26, 2019
Document and Entity Information [Abstract]
Document Type10-Q
Document Quarterly Reporttrue
Document Period End DateJun. 30,
2019
Document Transition Reportfalse
Entity File Number001-35985
Entity Central Index Key0001402057
Current Fiscal Year End Date--12-31
Entity Registrant NameCDW CORP
Entity Incorporation, State or Country CodeDE
Entity Tax Identification Number26-0273989
Entity Address, Address Line One75 Tri-State International
Entity Address, City or TownLincolnshire
Entity Address, State or ProvinceIL
Entity Address, Postal Zip Code60069
City Area Code847
Local Phone Number465-6000
Title of 12(b) SecurityCommon stock, par value $0.01 per share
Trading SymbolCDW
Security Exchange NameNASDAQ
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryLarge Accelerated Filer
Entity Emerging Growth Companyfalse
Entity Small Businessfalse
Entity Shell Companyfalse
Entity Common Stock, Shares Outstanding144,714,566
Document Fiscal Year Focus2019
Document Fiscal Period FocusQ2
Amendment Flagfalse

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in MillionsJun. 30, 2019Dec. 31, 2018
Current assets:
Cash and cash equivalents $ 194.5 $ 205.8
Accounts receivable, net of allowance for doubtful accounts of $8.9 and $7.0, respectively2,967.3 2,671.2
Merchandise inventory652.2 454.3
Miscellaneous receivables406 316.4
Prepaid expenses and other205.3 149.1
Total current assets4,425.3 3,796.8
Operating lease right-of-use assets117.3
Property and equipment, net163.4 156.1
Goodwill2,524.7 2,462.8
Other intangible assets, net660.5 712.2
Other assets30.7 39.8
Total Assets7,921.9 7,167.7
Current liabilities:
Accounts payable-trade2,055.8 1,577.1
Accounts payable-inventory financing465.7 429.3
Current maturities of long-term debt25.5 25.3
Contract liabilities200.8 178.3
Accrued expenses and other current liabilities:
Compensation161.7 186.4
Advertising140.2 119.2
Sales and income taxes59.8 55.5
Other350.8 232
Total current liabilities3,460.3 2,803.1
Long-term liabilities:
Debt3,253.3 3,183.3
Deferred income taxes123.1 141.9
Operating lease liabilities86.6
Other liabilities62.5 64.2
Total long-term liabilities3,525.5 3,389.4
Stockholders' equity:
Preferred stock, $0.01 par value, 100.0 shares authorized; no shares issued or outstanding for both periods0 0
Common stock, $0.01 par value, 1,000.0 shares authorized; 145.0 and 147.7 shares outstanding, respectively1.5 1.5
Paid-in capital3,047.6 2,996.9
Accumulated deficit(1,973.6)(1,892.6)
Accumulated other comprehensive loss(139.4)(130.6)
Total stockholders' equity936.1 975.2
Total Liabilities and Stockholders' Equity $ 7,921.9 $ 7,167.7

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Millions, $ in MillionsJun. 30, 2019Dec. 31, 2018
Statement of Financial Position [Abstract]
Allowance for doubtful accounts $ 8.9 $ 7
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, authorized (in shares)100 100
Preferred stock, issued (in shares)0 0
Preferred stock, outstanding (in shares)0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares)1,000 1,000
Common stock, shares issued (in shares)145 147.7
Common stock, shares outstanding (in shares)145 147.7

Consolidated Statements Of Oper

Consolidated Statements Of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions3 Months Ended6 Months Ended
Jun. 30, 2019Jun. 30, 2018Jun. 30, 2019Jun. 30, 2018
Income Statement [Abstract]
Net sales $ 4,629.9 $ 4,186.1 $ 8,587.8 $ 7,792.5
Cost of sales3,856.1 3,490.5 7,141.9 6,493
Gross profit773.8 695.6 1,445.9 1,299.5
Selling and administrative expenses420.4 381.4 824.4 744.1
Advertising expense53.1 48.7 92.3 85.8
Operating income300.3 265.5 529.2 469.6
Interest expense, net(40.5)(37.2)(78.8)(74.9)
Other income, net1.4 1.5 2.4 0.8
Income before income taxes261.2 229.8 452.8 395.5
Income tax expense(64.6)(56.8)(103.3)(95.5)
Net income $ 196.6 $ 173 $ 349.5 $ 300
Net income per common share:
Basic (in dollars per share) $ 1.35 $ 1.14 $ 2.39 $ 1.98
Diluted (in dollars per share) $ 1.33 $ 1.12 $ 2.35 $ 1.94
Weighted-average common shares outstanding:
Basic (in shares)145.7 151.6 146.3 151.9
Diluted (in shares)148.3 153.9 148.7 154.4

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income (Unaudited) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 30, 2019Jun. 30, 2018Jun. 30, 2019Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income $ 196.6 $ 173 $ 349.5 $ 300
Other comprehensive income (loss):
Unrealized (loss) gain from hedge accounting, net of tax(4.1)(12.4)
Unrealized (loss) gain from hedge accounting, net of tax1.4 4.1
Reclassification of hedge accounting gain to net income, net of tax0.2 1.7
Reclassification of hedge accounting gain to net income, net of tax0.9 1.4
Foreign currency translation, net of tax(8)(28.9)1.9 (14.7)
Other comprehensive loss(11.9)(26.6)(8.8)(9.2)
Comprehensive income $ 184.7 $ 146.4 $ 340.7 $ 290.8

Consolidated Statement of Share

Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($) shares in Millions, $ in MillionsTotalCommon StockPaid-in CapitalAccumulated DeficitAccumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2017153.1
Beginning balance at Dec. 31, 2017 $ 985.6 $ 1.5 $ 2,911.6 $ (1,831.6) $ (95.9)
Shareholders' Equity (Deficit) [Roll Forward]
Net income300 300
Equity-based compensation expense16.1 16.1
Stock option exercises (in shares)0.7
Stock option exercises19.9 19.9
Coworker Stock Purchase Plan (in shares)0.1
Coworker stock purchase plan5.4 5.4
Repurchases of common stock (in shares)(2.4)
Repurchases of common stock(176.4)(176.4)
Dividends paid(63.8)0.3 (64.1)
Incentive compensation plan stock withheld for taxes(8.7)(8.7)
Foreign currency translation(14.7)(14.7)
Unrealized (loss) gain from hedge accounting4.1 4.1
Realized gain from hedge accounting1.4 1.4
Ending balance (in shares) at Jun. 30, 2018151.5
Ending balance at Jun. 30, 20181,068.9 $ 1.5 2,953.3 (1,780.8)(105.1)
Beginning balance (in shares) at Mar. 31, 2018151.9
Beginning balance at Mar. 31, 2018996.9 $ 1.5 2,928.5 (1,854.6)(78.5)
Shareholders' Equity (Deficit) [Roll Forward]
Net income173 173
Equity-based compensation expense9 9
Stock option exercises (in shares)0.4
Stock option exercises12.6 12.6
Coworker Stock Purchase Plan (in shares)0.1
Coworker stock purchase plan3 3
Repurchases of common stock (in shares)(0.9)
Repurchases of common stock(67.2)(67.2)
Dividends paid(31.8)0.2 (32)
Foreign currency translation(28.9)(28.9)
Unrealized (loss) gain from hedge accounting1.4 1.4
Realized gain from hedge accounting0.9 0.9
Ending balance (in shares) at Jun. 30, 2018151.5
Ending balance at Jun. 30, 20181,068.9 $ 1.5 2,953.3 (1,780.8)(105.1)
Beginning balance (in shares) at Dec. 31, 2018147.7
Beginning balance at Dec. 31, 2018975.2 $ 1.5 2,996.9 (1,892.6)(130.6)
Shareholders' Equity (Deficit) [Roll Forward]
Net income349.5 349.5
Equity-based compensation expense24 24
Stock option exercises (in shares)0.7
Stock option exercises19 19
Coworker stock purchase plan7.3 7.3
Repurchases of common stock (in shares)(3.4)
Repurchases of common stock(332.2)(332.2)
Dividends paid(86.3)0.4 (86.7)
Incentive compensation plan stock withheld for taxes(11.6)(11.6)
Foreign currency translation1.9 1.9
Unrealized (loss) gain from hedge accounting(12.4)(12.4)
Realized gain from hedge accounting1.7 1.7
Ending balance (in shares) at Jun. 30, 2019145
Ending balance at Jun. 30, 2019936.1 $ 1.5 3,047.6 (1,973.6)(139.4)
Beginning balance (in shares) at Mar. 31, 2019146.3
Beginning balance at Mar. 31, 2019927.3 $ 1.5 3,025.3 (1,972)(127.5)
Shareholders' Equity (Deficit) [Roll Forward]
Net income196.6 196.6
Equity-based compensation expense11.8 11.8
Stock option exercises (in shares)0.2
Stock option exercises6 6
Coworker stock purchase plan4.3 4.3
Repurchases of common stock (in shares)(1.5)
Repurchases of common stock(155.1)(155.1)
Dividends paid(42.9)0.2 (43.1)
Foreign currency translation(8)(8)
Unrealized (loss) gain from hedge accounting(4.1)(4.1)
Realized gain from hedge accounting0.2 0.2
Ending balance (in shares) at Jun. 30, 2019145
Ending balance at Jun. 30, 2019 $ 936.1 $ 1.5 $ 3,047.6 $ (1,973.6) $ (139.4)

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares3 Months Ended6 Months Ended
Jun. 30, 2019Jun. 30, 2018Jun. 30, 2019Jun. 30, 2018
Statement of Stockholders' Equity [Abstract]
Dividends (in dollars per share) $ 0.295 $ 0.210 $ 0.590 $ 0.420

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions6 Months Ended
Jun. 30, 2019Jun. 30, 2018
Cash flows from operating activities:
Net income $ 349.5 $ 300
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization129.3 132.9
Equity-based compensation expense24.9 19.1
Deferred income taxes(22.5)(28.1)
Other6.4 5.1
Changes in assets and liabilities:
Accounts receivable(230.1)(295.2)
Merchandise inventory(197.3)(167.7)
Other assets(109.6)(62.2)
Accounts payable-trade414.9 386.8
Other liabilities49 41.6
Net cash provided by operating activities414.5 332.3
Cash flows used in investing activities:
Capital expenditures(43.9)(33.6)
Acquisition of business, net of cash acquired(75)0
Net cash used in investing activities(118.9)(33.6)
Cash flows used in financing activities:
Proceeds from borrowings under revolving credit facility891 488.1
Repayments of borrowings under revolving credit facility(815)(474.4)
Repayments of long-term debt(9.6)(7.5)
Net change in accounts payable-inventory financing36.3 (110.4)
Repurchases of common stock(332.2)(176.4)
Payment of incentive compensation plan withholding taxes(11.6)(8.7)
Dividend payments(86.3)(63.8)
Other22.2 14.9
Net cash used in financing activities(305.2)(338.2)
Effect of exchange rate changes on cash and cash equivalents(1.7)(4)
Net decrease in cash and cash equivalents(11.3)(43.5)
Cash and cash equivalents—beginning of period205.8 144.2
Cash and cash equivalents—end of period194.5 100.7
Supplementary disclosure of cash flow information:
Interest paid(76)(74.5)
Taxes paid, net $ (115.2) $ (118.4)

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies6 Months Ended
Jun. 30, 2019
Accounting Policies [Abstract]
Description of Business and Summary of Significant Accounting PoliciesDescription 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 ("US"), the United Kingdom ("UK") and Canada. The Company's offerings range from discrete hardware and software products to integrated IT solutions such as mobility, security, data center optimization, cloud computing, virtualization and collaboration. Throughout 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 as described in Note 13 (Supplemental Guarantor Information) and does not hold any material assets or engage in any business activities or operations. Basis of Presentation The accompanying unaudited interim Consolidated Financial Statements as of June 30, 2019 and for the three and six months ended June 30, 2019 and 2018 (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 US Securities and Exchange Commission (the "SEC") for interim financial statements. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018 (the " December 31, 2018 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, 2018 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, 2018 Consolidated Financial Statements include a discussion of the significant accounting policies and estimates used in the preparation of the Company's Consolidated Financial Statements. Except as noted below for the adoption of Accounting Standards Update ("ASU") 2016-02, Leases ("Topic 842"), there have been no material changes to the Company's significant accounting policies and estimates during the six months ended June 30, 2019 . Leases The Company enters into operating lease contracts, as assessed at contract inception, primarily for real estate, data centers and equipment. On the Company's Consolidated Balance Sheets, Operating lease assets are included in Operating lease right-of-use assets and Operating lease liabilities are included in Other current liabilities and Long-term operating lease liabilities. At the lease commencement date, the Company records Operating lease liabilities based on the present value of the future lease payments. In determining the present value of future lease payments, the Company uses its incremental borrowing rate based on the information available at the commencement date. For real estate and data center contracts, the Company accounts for the lease and non-lease components as a single lease component. For certain equipment leases, the Company applies a portfolio approach to account for the right-of-use asset and operating lease liability. In assessing the lease term, the Company includes options to renew only when it is reasonably certain that it will be exercised; a determination which is at the sole discretion of the Company. Generally, for leases with an initial term of 12 months or less, the Company has elected to not record a right-of-use asset and lease liability. For equipment leases used in revenue generating activities, the Company will record a right-of-use asset and lease liability for leases with a term of 12 months or less. The Company records lease expense on a straight-line basis over the lease term beginning on the commencement date.

Recent Accounting Pronouncement

Recent Accounting Pronouncements6 Months Ended
Jun. 30, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting PronouncementsRecent Accounting Pronouncements Measurement of Credit Losses on Financial Instruments In June 2016, the Financial Accounting Standards Board (the "FASB") issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The ASU introduces a new forward-looking approach, based on expected losses, to estimate credit losses on certain types of financial instruments, including trade receivables. The estimate of expected credit losses will require considerations of historical information, current information and reasonable and supportable forecasts. The ASU also expands the disclosure requirements to enable users of financial statements to understand the assumptions, models and methods for estimating expected credit losses. The ASU is effective for the Company beginning in the first quarter of 2020 and allows for early adoption. The Company is currently evaluating the impact the ASU will have on its Consolidated Financial Statements. Accounting for Leases On January 1, 2019, the Company adopted and applied Topic 842. The adoption of the standard resulted in the recognition of right-of-use assets and additional lease liabilities of $ 81 million as of January 1, 2019, mainly related to operating leases for the Company's real estate portfolio. For additional details regarding the impact to the Company's Consolidated Balance Sheets from adopting this standard, see Note 9 (Leases) .

Acquisition

Acquisition6 Months Ended
Jun. 30, 2019
Business Combinations [Abstract]
AcquisitionAcquisition On February 1, 2019, the Company completed the acquisition of all issued and outstanding shares of Scalar Decisions Inc. ("Scalar"), a leading technology solutions provider in Canada, for a total final purchase price of $88 million of which $13 million is deferred to satisfy potential indemnity obligations and is expected to be paid in the first quarter of 2021. The financial results of Scalar have been included in the Company's Consolidated Financial Statements since the date of the acquisition. The financial results are included in the Canada operating segment which is shown in an all other category ("Other") along with CDW UK. The purchase price allocation is preliminary and subject to revision as additional information about fair value of assets and liabilities becomes available. The preliminary purchase price allocation is as follows: (in millions) Acquisition-Date Fair Value Net assets acquired $ 5.9 Identified intangible assets (1) 20.3 Goodwill (2) 61.8 Total purchase price $ 88.0 (1) Net of a related deferred tax liability of $7 million . (2) Goodwill in the amount of $62 million was recognized in connection with the acquisition of Scalar, primarily attributed to cross selling opportunities and overall corporate synergies. The full amount of goodwill recognized is not deductible for income tax purposes in Canada.

Inventory Financing Agreements

Inventory Financing Agreements6 Months Ended
Jun. 30, 2019
Inventory Financing Agreements [Abstract]
Inventory Financing AgreementsInventory Financing Agreements The Company has entered into agreements with certain financial intermediaries to facilitate the purchase of inventory from various suppliers under certain terms and conditions, as described below. These amounts are classified separately as Accounts payable-inventory financing on the 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) June 30, 2019 December 31, 2018 Revolving Loan inventory financing agreement (1) $ 451.7 $ 406.3 Other inventory financing agreements 14.0 23.0 Accounts payable-inventory financing $ 465.7 $ 429.3 (1) The Senior Secured Asset-Based Revolving Credit Facility includes an inventory floorplan sub-facility that enables the Company to maintain an inventory financing agreement with a financial intermediary to facilitate the purchase of inventory from certain vendors on more favorable terms than offered directly by the vendors.

Contract Liabilities and Perfor

Contract Liabilities and Performance Obligations6 Months Ended
Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Contract Liabilities and Performance ObligationsContract Liabilities and Performance Obligations The Company's contract liabilities consist of payments received from customers, or such consideration that is contractually due, in advance of providing the product or performing services. The Company's contract liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. As of June 30, 2019 and December 31, 2018 , the contract liability balance was $201 million and $178 million , respectively. During the six months ended June 30, 2019 and 2018 , the Company recognized revenue of $113 million and $116 million , respectively, related to its contract liabilities. A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The following table represents the total transaction price for the remaining performance obligations as of June 30, 2019 related to non-cancelable contracts longer than 12 months in duration that is expected to be recognized over future periods. (in millions) Within 1 Year Years 1-2 Years 2-3 Thereafter Remaining performance obligations $ 40.8 $ 21.7 $ 6.4 $ 0.4

Financial Instruments

Financial Instruments6 Months Ended
Jun. 30, 2019
Financial Instruments [Abstract]
Financial InstrumentsFinancial Instruments The Company's indebtedness creates interest rate risk on its variable-rate debt. The Company uses derivative financial instruments to manage its exposure to interest rate risk. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. The Company has interest rate cap agreements that entitle it to payments from the counterparty of the amount, if any, by which three-month LIBOR exceeds the strike rates of the caps during the agreement period in exchange for an upfront premium. During 2019 , the Company entered into interest rate cap agreements with a combined notional value of $1.2 billion resulting in premiums paid to the counterparties of $6 million . As of June 30, 2019 and December 31, 2018 , the Company had the following interest rate cap agreements for which the fair values are classified within Other assets on the Consolidated Balance Sheets: June 30, 2019 December 31, 2018 Notional Value (in millions) Effective Date Maturity Date Fair Value (in millions) Fair Value (in millions) $ 1,400.0 December 31, 2018 December 31, 2020 $ 0.4 $ 10.6 1,400.0 December 31, 2020 December 31, 2022 2.1 1.5 $ 2.5 $ 12.1 The fair values of the Company's interest rate cap agreements are classified as Level 2 in the fair value hierarchy. The valuation of the interest rate cap agreements is derived by using a discounted cash flow analysis on the expected cash receipts that would occur if variable interest rates rise above the strike rates of the caps. This analysis reflects the contractual terms of the interest rate cap agreements, including the period to maturity, and uses observable market-based inputs, including LIBOR curves and implied volatilities. The Company also incorporates insignificant credit valuation adjustments to appropriately reflect the respective counterparty's nonperformance risk in the fair value measurements. The counterparty credit spreads are based on publicly available credit information obtained from a third-party credit data provider. For additional details, see Note 7 (Long-Term Debt) . The interest rate cap agreements are designated as cash flow hedges. The changes in the fair value of derivatives that qualify as cash flow hedges are recorded in Accumulated other comprehensive loss and are subsequently reclassified into Interest expense in the period when the hedged forecasted transaction affects earnings. The Company recorded a loss of $4 million and $12 million , net of tax, into Accumulated other comprehensive loss for the three and six months ended June 30, 2019 , respectively. The Company recorded a gain of $2 million and $5 million , net of tax, into Accumulated other comprehensive loss for the three and six months ended June 30, 2018 , respectively. During the three and six months ended June 30, 2019 , the Company reclassified an insignificant amount and $2 million , respectively, from Accumulated other comprehensive loss to earnings within Interest expense, net on the Consolidated Statement of Operations. During the three and six months ended June 30, 2018 , the Company reclassified $1 million and $2 million , respectively, from Accumulated other comprehensive loss to earnings within Interest expense, net on the Consolidated Statement of Operations. The Company expects to reclassify $6 million from Accumulated other comprehensive loss into Interest expense, net during the next 12 months.

Long-Term Debt

Long-Term Debt6 Months Ended
Jun. 30, 2019
Debt Disclosure [Abstract]
Long-Term DebtLong-Term Debt As of June 30, 2019 As of December 31, 2018 (dollars in millions) Maturities Interest Rate Amount Interest Rate Amount Credit Facilities CDW UK revolving credit facility (1) July 2021 — % $ — — % $ — Senior secured asset-based revolving credit facility March 2022 3.7 % 76.0 — % — Total credit facilities 76.0 — Term Loans CDW UK term loan (1) August 2021 2.2 % 64.7 2.3 % 65.0 Senior secured term loan facility August 2023 4.2 % 1,445.7 4.1 % 1,453.2 Total term loans 1,510.4 1,518.2 Unsecured Senior Notes Senior notes due 2023 ("2023 Senior Notes") September 2023 5.0 % 525.0 5.0 % 525.0 Senior notes due 2024 ("2024 Senior Notes") December 2024 5.5 % 575.0 5.5 % 575.0 Senior notes due 2025 ("2025 Senior Notes") September 2025 5.0 % 600.0 5.0 % 600.0 Total unsecured senior notes 1,700.0 1,700.0 Other long-term obligations 8.5 8.3 Unamortized deferred financing fees (16.1 ) (17.9 ) Current maturities of long-term debt (25.5 ) (25.3 ) Total long-term debt $ 3,253.3 $ 3,183.3 (1) British pound-denominated debt facilities. As of June 30, 2019 , the Company is in compliance with the covenants under the various credit agreements and indentures. Credit Facilities The Company has a variable rate CDW UK revolving credit facility that is denominated in British pounds. As of June 30, 2019 , the Company could have borrowed up to an additional £ 50 million ($ 63 million at June 30, 2019 ) under the CDW UK revolving credit facility. The Company also has a variable rate senior secured asset-based revolving credit facility (the "Revolving Loan") that is denominated in US dollars. The Revolving Loan is used by the Company for borrowings, issuances of letters of credit and floorplan financing. As of June 30, 2019 , the Revolving Loan had less than $ 1 million of undrawn letters of credit, $ 401 million reserved for the floorplan sub-facility and a borrowing base of $ 2.0 billion , which is based on the amount of eligible inventory and accounts receivable balances as of May 31, 2019 . As of June 30, 2019 , the Company could have borrowed up to an additional $973 million under the Revolving Loan. The Revolving Loan is collateralized by a first priority interest in inventory (excluding inventory to the extent collateralized under the inventory financing arrangements as described in Note 4 (Inventory Financing Agreements) ), deposits and accounts receivable, and by a second priority interest in substantially all other US assets. Term Loans The CDW UK term loan has a variable interest rate. The Company is required to make annual principal installments of £ 5 million ($ 6 million at June 30, 2019 ), with the remaining principal amount due at the maturity date. The CDW UK term loan agreement imposes restrictions on CDW UK's ability to transfer funds to the Company through the payment of dividends, repayment of intercompany loans, advances or subordinated debt that require, among other things, the maintenance of a minimum net leverage ratio. As of June 30, 2019 , the amount of restricted payment capacity under the CDW UK term loan was £ 138 million ($ 176 million at June 30, 2019 ). The senior secured term loan facility (the "Term Loan") has a variable interest rate, which has effectively been capped through the use of interest rate caps (see Note 6 (Financial Instruments) ). The interest rate disclosed in the table above represents the variable interest rates in effect for June 30, 2019 and December 31, 2018 , respectively. The Company is required to pay quarterly principal installments of $ 4 million with the remaining principal amount due at the maturity date. As of June 30, 2019 , the amount of CDW's restricted payment capacity under the Term Loan was $1.6 billion . The Term Loan is collateralized by a second priority interest in substantially all inventory (excluding inventory to the extent collateralized under the inventory financing arrangements as described in Note 4 (Inventory Financing Agreements) , deposits and accounts receivable, and by a first priority interest in substantially all other US assets. Unsecured Senior Notes The 2023 Senior Notes, 2024 Senior Notes and 2025 Senior Notes (collectively, the "Senior Notes") have a fixed interest rate, for which interest is paid semi-annually. Fair Value The fair values of the Senior Notes were estimated using quoted market prices for identical 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 liabilities in markets that are not considered active. The Senior Notes, Term Loan and CDW UK term loan are classified as Level 2 within the fair value hierarchy. The carrying value of the Revolving Loan and CDW UK revolving credit facility approximate fair value if there are outstanding borrowings. 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 fees, are as follows: (in millions) June 30, 2019 December 31, 2018 Fair value $ 3,375.6 $ 3,145.8 Carrying value 3,294.9 3,226.5

Income Taxes

Income Taxes6 Months Ended
Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income TaxesIncome Taxes Income tax expense was $65 million for the three months ended June 30, 2019 , compared to $57 million for the same period of the prior year. The effective tax rate, expressed by calculating the income tax expense as a percentage of Income before income taxes, was 24.7% for both the three months ended June 30, 2019 and 2018 and differed from the US federal statutory rate of 21.0% primarily due to state income taxes partially offset by excess tax benefits on equity-based compensation. Income tax expense was $103 million for the six months ended June 30, 2019 , compared to $96 million for the same period of the prior year. The effective tax rate was 22.8% and 24.1% for the six months ended June 30, 2019 and 2018

Leases

Leases6 Months Ended
Jun. 30, 2019
Leases [Abstract]
LeasesLeases The Company has operating leases primarily for real estate, data centers and equipment. Lease terms range from 1 year to 16 years . Supplemental Consolidated Balance Sheet information related to the Company's operating leases is as follows: (in millions) Classification on the Consolidated Balance Sheets June 30, 2019 Assets Operating lease right-of-use assets $ 117.3 Liabilities Current Accrued expenses and other current liabilities - Other $ 72.3 Long-term Long-term operating lease liabilities 86.6 Total lease liabilities $ 158.9 Lease term and discount rate June 30, 2019 Weighted average remaining lease term (years) 4.4 Weighted average discount rate 3.40 % The components of operating lease expense are as follows: (in millions) Financial statement line item Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Cost of sales $ 11.1 $ 13.8 Selling and administrative expenses 7.3 14.9 Total lease cost $ 18.4 $ 28.7 Maturities of operating lease liabilities are as follows: (in millions) June 30, 2019 Remainder of 2019 $ 60.3 2020 31.3 2021 22.0 2022 14.5 2023 11.4 Thereafter 37.2 Total lease payments $ 176.7 Less: Interest (17.8 ) Present value of lease liabilities $ 158.9 Supplemental cash flow information related to leases is as follows: (in millions) Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 27.4 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 52.6 As of June 30, 2019 , the Company has an additional operating lease commitment that has not yet commenced of $99 million . This operating lease is expected to commence in 2020 with a lease term of 16 years.

Earnings per Share

Earnings per Share6 Months Ended
Jun. 30, 2019
Earnings Per Share [Abstract]
Earnings per ShareEarnings 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 June 30, Six Months Ended June 30, (in millions) 2019 2018 2019 2018 Basic weighted-average shares outstanding 145.7 151.6 146.3 151.9 Effect of dilutive securities (1) 2.6 2.3 2.4 2.5 Diluted weighted-average shares outstanding (2) 148.3 153.9 148.7 154.4 (1) The dilutive effect of outstanding stock options, restricted stock units, restricted stock, performance share units and Coworker Stock Purchase Plan units is reflected in the diluted weighted-average shares outstanding using the treasury stock method. (2) There were fewer than 0.2 million potential common shares excluded from diluted weighted-average shares outstanding for both the three and six months ended June 30, 2019 and 2018 as their inclusion would have had an anti-dilutive effect.

Commitments and Contingencies

Commitments and Contingencies6 Months Ended
Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and ContingenciesCommitments 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. As of June 30, 2019 , 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 Information6 Months Ended
Jun. 30, 2019
Segment Reporting [Abstract]
Segment InformationSegment Information The Company has three reportable segments: Corporate, which is comprised primarily of US private sector business customers with more than 250 employees, Small Business, which primarily serves US private sector business customers with up to 250 employees, and Public, which is comprised of government agencies and education and healthcare institutions in the US. The Company has two other operating segments: CDW UK and CDW Canada, both of which do not meet the reportable segment quantitative thresholds and, accordingly, are included in an all other category ("Other"). Headquarters function costs that are not allocated to the segments are included under the heading of "Headquarters" in the tables below. During the first quarter of 2019, the Company evaluated its methodology for allocating certain depreciation and amortization expenses to each of its segments. The evaluation resulted in a revision to the allocation of depreciation and amortization expenses from Headquarters to the Company’s reportable segments, effective January 1, 2019. The prior period results have been recast to reflect these changes and present comparable information. Information about the Company's segments is as follows: (in millions) Corporate Small Business Public Other Headquarters Total Three Months Ended June 30, 2019 Net sales $ 1,883.9 $ 377.4 $ 1,840.1 $ 528.5 $ — $ 4,629.9 Operating income (loss) 157.2 26.6 129.4 19.1 (32.0 ) 300.3 Depreciation and amortization expense (21.6 ) (5.6 ) (13.7 ) (7.8 ) (16.3 ) (65.0 ) Three Months Ended June 30, 2018 Net sales $ 1,733.8 $ 329.5 $ 1,635.4 $ 487.4 $ — $ 4,186.1 Operating income (loss) 139.7 24.2 111.5 21.7 (31.6 ) 265.5 Depreciation and amortization expense (22.0 ) (5.6 ) (12.8 ) (9.0 ) (16.9 ) (66.3 ) (in millions) Corporate Small Business Public Other Headquarters Total Six Months Ended June 30, 2019 Net sales $ 3,620.1 $ 733.0 $ 3,170.8 $ 1,063.9 $ — $ 8,587.8 Operating income (loss) 291.9 51.0 205.5 44.7 (63.9 ) 529.2 Depreciation and amortization expense (43.1 ) (11.2 ) (26.4 ) (15.2 ) (33.4 ) (129.3 ) Six Months Ended June 30, 2018 Net sales $ 3,299.6 $ 657.1 $ 2,865.4 $ 970.4 $ — $ 7,792.5 Operating income (loss) 262.6 46.2 181.7 41.5 (62.4 ) 469.6 Depreciation and amortization expense (45.0 ) (11.1 ) (25.5 ) (17.8 ) (33.5 ) (132.9 ) Geographic Areas and Revenue Mix Three Months Ended June 30, 2019 (in millions) Corporate Small Business Public Other Total Geography (1) United States $ 1,881.7 $ 377.4 $ 1,840.1 $ 8.9 $ 4,108.1 Rest of World 2.2 — — 519.6 521.8 Total Net sales 1,883.9 377.4 1,840.1 528.5 4,629.9 Major Product and Services Hardware 1,496.8 316.4 1,523.0 389.0 3,725.2 Software 270.0 48.6 262.2 69.8 650.6 Services 99.4 7.0 50.1 66.9 223.4 Other (2) 17.7 5.4 4.8 2.8 30.7 Total Net sales 1,883.9 377.4 1,840.1 528.5 4,629.9 Sales by Channel Corporate 1,883.9 — — — 1,883.9 Small Business — 377.4 — — 377.4 Government — — 578.4 — 578.4 Education — — 773.6 — 773.6 Healthcare — — 488.1 — 488.1 Other — — — 528.5 528.5 Total Net sales 1,883.9 377.4 1,840.1 528.5 4,629.9 Timing of Revenue Recognition Transferred at a point in time where CDW is principal 1,708.2 355.5 1,725.5 465.0 4,254.2 Transferred at a point in time where CDW is agent 118.7 20.0 65.0 13.5 217.2 Transferred over time where CDW is principal 57.0 1.9 49.6 50.0 158.5 Total Net sales $ 1,883.9 $ 377.4 $ 1,840.1 $ 528.5 $ 4,629.9 (1) Net sales by geography is generally based on the ship-to address with the exception of certain services that may be performed at, or on behalf of, multiple locations. Such service arrangements are categorized based on the bill-to address. (2) Includes items such as delivery charges to customers. Three Months Ended June 30, 2018 (in millions) Corporate Small Business Public Other Total Geography (1) United States $ 1,731.4 $ 329.5 $ 1,635.4 $ 8.0 $ 3,704.3 Rest of World 2.4 — — 479.4 481.8 Total Net sales 1,733.8 329.5 1,635.4 487.4 4,186.1 Major Product and Services Hardware 1,382.3 273.7 1,338.7 392.5 3,387.2 Software 254.2 42.9 255.4 50.8 603.3 Services 79.9 7.7 37.0 41.7 166.3 Other (2) 17.4 5.2 4.3 2.4 29.3 Total Net sales 1,733.8 329.5 1,635.4 487.4 4,186.1 Sales by Channel Corporate 1,733.8 — — — 1,733.8 Small Business — 329.5 — — 329.5 Government — — 493.5 — 493.5 Education — — 712.1 — 712.1 Healthcare — — 429.8 — 429.8 Other — — — 487.4 487.4 Total Net sales 1,733.8 329.5 1,635.4 487.4 4,186.1 Timing of Revenue Recognition Transferred at a point in time where CDW is principal 1,583.4 309.6 1,537.3 441.6 3,871.9 Transferred at a point in time where CDW is agent 101.5 17.1 55.3 9.7 183.6 Transferred over time where CDW is principal 48.9 2.8 42.8 36.1 130.6 Total Net sales $ 1,733.8 $ 329.5 $ 1,635.4 $ 487.4 $ 4,186.1 (1) Net sales by geography is generally based on the ship-to address with the exception of certain services that may be performed at, or on behalf of, multiple locations. Such service arrangements are categorized based on the bill-to address. (2) Includes items such as delivery charges to customers. Six Months Ended June 30, 2019 (in millions) Corporate Small Business Public Other Total Geography (1) United States $ 3,614.6 $ 733.0 $ 3,170.8 $ 17.2 $ 7,535.6 Rest of World 5.5 — — 1,046.7 1,052.2 Total Net sales 3,620.1 733.0 3,170.8 1,063.9 8,587.8 Major Product and Services Hardware 2,880.9 611.6 2,586.1 784.9 6,863.5 Software 517.1 96.8 483.3 147.2 1,244.4 Services 187.5 14.1 92.3 126.1 420.0 Other (2) 34.6 10.5 9.1 5.7 59.9 Total Net sales 3,620.1 733.0 3,170.8 1,063.9 8,587.8 Sales by Channel Corporate 3,620.1 — — — 3,620.1 Small Business — 733.0 — — 733.0 Government — — 1,066.8 — 1,066.8 Education — — 1,174.0 — 1,174.0 Healthcare — — 930.0 — 930.0 Other — — — 1,063.9 1,063.9 Total Net sales 3,620.1 733.0 3,170.8 1,063.9 8,587.8 Timing of Revenue Recognition Transferred at a point in time where CDW is principal 3,290.0 690.7 2,968.7 939.9 7,889.3 Transferred at a point in time where CDW is agent 222.7 39.8 111.3 26.5 400.3 Transferred over time where CDW is principal 107.4 2.5 90.8 97.5 298.2 Total Net sales $ 3,620.1 $ 733.0 $ 3,170.8 $ 1,063.9 $ 8,587.8 (1) Net sales by geography is generally based on the ship-to address with the exception of certain services that may be performed at, or on behalf of, multiple locations. Such service arrangements are categorized based on the bill-to address. (2) Includes items such as delivery charges to customers. Six Months Ended June 30, 2018 (in millions) Corporate Small Business Public Other Total Geography (1) United States $ 3,295.8 $ 657.1 $ 2,865.4 $ 17.2 $ 6,835.5 Rest of World 3.8 — — 953.2 957.0 Total Net sales 3,299.6 657.1 2,865.4 970.4 7,792.5 Major Product and Services Hardware 2,633.0 546.8 2,345.7 773.2 6,298.7 Software 473.3 85.6 439.7 108.4 1,107.0 Services 159.3 14.0 71.6 84.4 329.3 Other (2) 34.0 10.7 8.4 4.4 57.5 Total Net sales 3,299.6 657.1 2,865.4 970.4 7,792.5 Sales by Channel Corporate 3,299.6 — — — 3,299.6 Small Business — 657.1 — — 657.1 Government — — 912.0 — 912.0 Education — — 1,109.3 — 1,109.3 Healthcare — — 844.1 — 844.1 Other — — — 970.4 970.4 Total Net sales 3,299.6 657.1 2,865.4 970.4 7,792.5 Timing of Revenue Recognition Transferred at a point in time where CDW is principal 3,009.7 619.0 2,681.2 874.6 7,184.5 Transferred at a point in time where CDW is agent 194.2 33.6 96.4 24.8 349.0 Transferred over time where CDW is principal 95.7 4.5 87.8 71.0 259.0 Total Net sales $ 3,299.6 $ 657.1 $ 2,865.4 $ 970.4 $ 7,792.5 (1) Net sales by geography is generally based on the ship-to address with the exception of certain services that may be performed at, or on behalf of, multiple locations. Such service arrangements are categorized based on the bill-to address. (2) Includes items such as delivery charges to customers. The following table presents Net sales by major category for the three and six months ended June 30, 2019 and 2018 . Categories are based upon internal classifications. Three Months Ended June 30, 2019 2018 Dollars in Percentage Dollars in Percentage Notebooks/Mobile Devices $ 1,232.9 26.6 % $ 1,078.0 25.8 % Netcomm Products 563.4 12.2 498.7 11.9 Desktops 431.3 9.3 353.6 8.4 Video 348.5 7.5 323.5 7.7 Enterprise and Data Storage (Including Drives) 273.0 5.9 268.8 6.4 Other Hardware 876.1 18.9 864.6 20.8 Total Hardware 3,725.2 80.4 3,387.2 81.0 Software (1) 650.6 14.1 603.3 14.3 Services (1) 223.4 4.8 166.3 4.0 Other (2) 30.7 0.7 29.3 0.7 Total Net sales $ 4,629.9 100.0 % $ 4,186.1 100.0 % Six Months Ended June 30, 2019 2018 Dollars in Percentage Dollars in Percentage Notebooks/Mobile Devices $ 2,210.1 25.7 % $ 1,943.9 24.9 % Netcomm Products 1,075.8 12.5 986.0 12.7 Desktops 734.9 8.6 664.3 8.5 Video 620.1 7.2 584.2 7.5 Enterprise and Data Storage (Including Drives) 563.7 6.6 518.8 6.7 Other Hardware 1,658.9 19.3 1,601.5 20.7 Total Hardware 6,863.5 79.9 6,298.7 81.0 Software (1) 1,244.4 14.5 1,107.0 14.1 Services (1) 420.0 4.9 329.3 4.2 Other (2) 59.9 0.7 57.5 0.7 Total Net sales $ 8,587.8 100.0 % $ 7,792.5 100.0 % (1) Certain software and services revenues are recorded on a net basis for accounting purposes. As a result, the category percentage of net revenues is not representative of the category percentage of gross profits. (2) Includes items such as delivery charges to customers.

Supplemental Guarantor Informat

Supplemental Guarantor Information6 Months Ended
Jun. 30, 2019
Supplemental Guarantor Information [Abstract]
Supplemental Guarantor InformationSupplemental Guarantor Information The Senior Notes are guaranteed by Parent and each of CDW LLC's direct and indirect, 100% owned, domestic subsidiaries (the "Guarantor Subsidiaries"). All guarantees by Parent and the Guarantor Subsidiaries are and were joint and several, and full and unconditional; provided that guarantees by the Guarantor Subsidiaries are subject to certain customary release provisions contained in the indentures governing the Senior Notes. CDW LLC's 100% owned foreign subsidiaries, CDW International Holdings Limited, which is comprised of CDW UK and CDW Canada (together the "Non-Guarantor Subsidiaries"), do not guarantee the Senior Notes. 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 June 30, 2019 and December 31, 2018 , Consolidating Statements of Operations for the three and six months ended June 30, 2019 and 2018 , Condensed Consolidating Statements of Comprehensive Income for the three and six months ended June 30, 2019 and 2018 , and Condensed Consolidating Statements of Cash Flows for the six months ended June 30, 2019 and 2018 , 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 combined accounts of the Non-Guarantor Subsidiaries, and the accounts of CDW Finance Corporation (the "Co-Issuer") for the periods indicated. The information is prepared on the same basis as the Company's Consolidated Financial Statements. Condensed Consolidating Balance Sheet June 30, 2019 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Co-Issuer Consolidating Adjustments Consolidated Assets Current assets: Cash and cash equivalents $ — $ 97.6 $ 23.8 $ 73.1 $ — $ — $ 194.5 Accounts receivable, net — — 2,584.9 382.4 — — 2,967.3 Merchandise inventory — — 577.9 74.3 — — 652.2 Miscellaneous receivables — 107.4 276.4 22.2 — — 406.0 Prepaid expenses and other — 25.9 124.2 55.2 — — 205.3 Total current assets — 230.9 3,587.2 607.2 — — 4,425.3 Operating lease right-of-use assets — 21.8 65.2 30.3 — — 117.3 Property and equipment, net — 81.8 54.7 26.9 — — 163.4 Goodwill — 751.8 1,437.8 335.1 — — 2,524.7 Other intangible assets, net — 246.4 237.2 176.9 — — 660.5 Other assets 0.6 43.0 7.8 178.9 — (199.6 ) 30.7 Investment in and advances to subsidiaries 935.5 3,178.7 — — — (4,114.2 ) — Total Assets $ 936.1 $ 4,554.4 $ 5,389.9 $ 1,355.3 $ — $ (4,313.8 ) $ 7,921.9 Liabilities and Stockholders' Equity Current liabilities: Accounts payable-trade $ — $ 38.4 $ 1,771.6 $ 245.8 $ — $ — $ 2,055.8 Accounts payable-inventory financing — 0.5 451.2 14.0 — — 465.7 Current maturities of long-term debt — 14.9 4.1 6.5 — — 25.5 Contract liabilities — — 100.5 100.3 — — 200.8 Accrued expenses and other current liabilities — 251.8 378.8 81.9 — — 712.5 Total current liabilities — 305.6 2,706.2 448.5 — — 3,460.3 Long-term liabilities: Debt — 3,191.4 4.3 57.6 — — 3,253.3 Deferred income taxes — 53.5 40.9 29.9 — (1.2 ) 123.1 Operating lease liabilities — 32.6 27.8 26.2 — — 86.6 Other liabilities — 35.8 4.9 220.2 — (198.4 ) 62.5 Total long-term liabilities — 3,313.3 77.9 333.9 — (199.6 ) 3,525.5 Total stockholders' equity 936.1 935.5 2,605.8 572.9 — (4,114.2 ) 936.1 Total Liabilities and Stockholders' Equity $ 936.1 $ 4,554.4 $ 5,389.9 $ 1,355.3 $ — $ (4,313.8 ) $ 7,921.9 Condensed Consolidating Balance Sheet December 31, 2018 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Co-Issuer Consolidating Adjustments Consolidated Assets Current assets: Cash and cash equivalents $ — $ 176.0 $ — $ 46.7 $ — $ (16.9 ) $ 205.8 Accounts receivable, net — — 2,331.2 340.0 — — 2,671.2 Merchandise inventory — — 387.4 66.9 — — 454.3 Miscellaneous receivables — 110.6 187.7 18.1 — — 316.4 Prepaid expenses and other — 17.1 93.8 38.2 — — 149.1 Total current assets — 303.7 3,000.1 509.9 — (16.9 ) 3,796.8 Property and equipment, net — 82.3 52.0 21.8 — — 156.1 Goodwill — 751.8 1,437.8 273.2 — — 2,462.8 Other intangible assets, net — 252.5 300.0 159.7 — — 712.2 Other assets 1.4 49.8 9.6 140.2 — (161.2 ) 39.8 Investment in and advances to subsidiaries 973.8 3,028.9 — — — (4,002.7 ) — Total Assets $ 975.2 $ 4,469.0 $ 4,799.5 $ 1,104.8 $ — $ (4,180.8 ) $ 7,167.7 Liabilities and Stockholders' Equity Current liabilities: Accounts payable-trade $ — $ 39.2 $ 1,387.9 $ 166.9 $ — $ (16.9 ) $ 1,577.1 Accounts payable-inventory financing — 0.2 406.1 23.0 — — 429.3 Current maturities of long-term debt — 14.9 4.0 6.4 — — 25.3 Contract liabilities — — 95.6 82.7 — — 178.3 Accrued expenses and other current liabilities — 217.6 306.7 68.8 — — 593.1 Total current liabilities — 271.9 2,200.3 347.8 — (16.9 ) 2,803.1 Long-term liabilities: Debt — 3,121.3 4.3 57.7 — — 3,183.3 Deferred income taxes — 55.9 60.5 26.9 — (1.4 ) 141.9 Other liabilities — 46.1 5.7 172.2 — (159.8 ) 64.2 Total long-term liabilities — 3,223.3 70.5 256.8 — (161.2 ) 3,389.4 Total stockholders' equity 975.2 973.8 2,528.7 500.2 — (4,002.7 ) 975.2 Total Liabilities and Stockholders' Equity $ 975.2 $ 4,469.0 $ 4,799.5 $ 1,104.8 $ — $ (4,180.8 ) $ 7,167.7 Consolidating Statement of Operations Three Months Ended June 30, 2019 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Co-Issuer Consolidating Adjustments Consolidated Net sales $ — $ — $ 4,101.4 $ 528.5 $ — $ — $ 4,629.9 Cost of sales — — 3,414.0 442.1 — — 3,856.1 Gross profit — — 687.4 86.4 — — 773.8 Selling and administrative expenses — 32.0 323.8 64.6 — — 420.4 Advertising expense — — 50.4 2.7 — — 53.1 Operating income (loss) — (32.0 ) 313.2 19.1 — — 300.3 Interest (expense) income, net — (40.2 ) 0.1 (0.4 ) — — (40.5 ) Other income, net — — 0.4 1.0 — — 1.4 Income (loss) before income taxes — (72.2 ) 313.7 19.7 — — 261.2 Income tax (expense) benefit (0.1 ) 18.5 (81.9 ) (1.1 ) — — (64.6 ) Income (loss) before equity in earnings of subsidiaries (0.1 ) (53.7 ) 231.8 18.6 — — 196.6 Equity in earnings of subsidiaries 196.7 250.4 — — — (447.1 ) — Net income $ 196.6 $ 196.7 $ 231.8 $ 18.6 $ — $ (447.1 ) $ 196.6 Consolidating Statement of Operations Three Months Ended June 30, 2018 (in millions) Parent Subsidiary Guarantor Non-Guarantor Co-Issuer Consolidating Consolidated Net sales $ — $ — $ 3,698.7 $ 487.4 $ — $ — $ 4,186.1 Cost of sales — — 3,083.0 407.5 — — 3,490.5 Gross profit — — 615.7 79.9 — — 695.6 Selling and administrative expenses — 35.1 289.6 56.7 — — 381.4 Advertising expense — — 47.2 1.5 — — 48.7 Operating income (loss) — (35.1 ) 278.9 21.7 — — 265.5 Interest (expense) income, net — (36.7 ) 0.9 (1.4 ) — — (37.2 ) Other income, net — — 0.1 1.4 — — 1.5 Income (loss) before income taxes — (71.8 ) 279.9 21.7 — — 229.8 Income tax (expense) benefit (0.1 ) 20.2 (72.0 ) (4.9 ) — — (56.8 ) Income (loss) before equity in earnings of subsidiaries (0.1 ) (51.6 ) 207.9 16.8 — — 173.0 Equity in earnings of subsidiaries 173.1 224.7 — — — (397.8 ) — Net income $ 173.0 $ 173.1 $ 207.9 $ 16.8 $ — $ (397.8 ) $ 173.0 Consolidating Statement of Operations Six Months Ended June 30, 2019 (in millions) Parent Subsidiary Guarantor Non-Guarantor Co-Issuer Consolidating Consolidated Net sales $ — $ — $ 7,523.9 $ 1,063.9 $ — $ — $ 8,587.8 Cost of sales — — 6,254.8 887.1 — — 7,141.9 Gross profit — — 1,269.1 176.8 — — 1,445.9 Selling and administrative expenses — 63.9 633.2 127.3 — — 824.4 Advertising expense — — 87.5 4.8 — — 92.3 Operating income (loss) — (63.9 ) 548.4 44.7 — — 529.2 Interest (expense) income, net — (78.2 ) 0.2 (0.8 ) — — (78.8 ) Other income, net — — 2.1 0.3 — — 2.4 Income (loss) before income taxes — (142.1 ) 550.7 44.2 — — 452.8 Income tax (expense) benefit (0.2 ) 44.9 (141.3 ) (6.7 ) — — (103.3 ) Income (loss) before equity in earnings of subsidiaries (0.2 ) (97.2 ) 409.4 37.5 — — 349.5 Equity in earnings of subsidiaries 349.7 446.9 — — — (796.6 ) — Net income $ 349.5 $ 349.7 $ 409.4 $ 37.5 $ — $ (796.6 ) $ 349.5 Consolidating Statement of Operations Six Months Ended June 30, 2018 (in millions) Parent Subsidiary Guarantor Non-Guarantor Co-Issuer Consolidating Consolidated Net sales $ — $ — $ 6,822.1 $ 970.4 $ — $ — $ 7,792.5 Cost of sales — — 5,680.0 813.0 — — 6,493.0 Gross profit — — 1,142.1 157.4 — — 1,299.5 Selling and administrative expenses — 69.6 562.0 112.5 — — 744.1 Advertising expense — — 82.4 3.4 — — 85.8 Operating income (loss) — (69.6 ) 497.7 41.5 — — 469.6 Interest (expense) income, net — (73.8 ) 1.9 (3.0 ) — — (74.9 ) Other income, net — — 0.5 0.3 — — 0.8 Income (loss) before income taxes — (143.4 ) 500.1 38.8 — — 395.5 Income tax (expense) benefit (0.2 ) 41.0 (127.3 ) (9.0 ) — — (95.5 ) Income (loss) before equity in earnings of subsidiaries (0.2 ) (102.4 ) 372.8 29.8 — — 300.0 Equity in earnings of subsidiaries 300.2 402.6 — — — (702.8 ) — Net income $ 300.0 $ 300.2 $ 372.8 $ 29.8 $ — $ (702.8 ) $ 300.0 Condensed Consolidating Statement of Comprehensive Income Three Months Ended June 30, 2019 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Co-Issuer Consolidating Adjustments Consolidated Comprehensive income $ 184.7 $ 184.8 $ 231.8 $ 10.6 $ — $ (427.2 ) $ 184.7 Condensed Consolidating Statement of Comprehensive Income Three Months Ended June 30, 2018 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Co-Issuer Consolidating Adjustments Consolidated Comprehensive income (loss) $ 146.4 $ 146.5 $ 207.9 $ (12.1 ) $ — $ (342.3 ) $ 146.4 Condensed Consolidating Statement of Comprehensive Income Six Months Ended June 30, 2019 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Co-Issuer Consolidating Adjustments Consolidated Comprehensive income $ 340.7 $ 340.9 $ 409.4 $ 39.4 $ — $ (789.7 ) $ 340.7 Condensed Consolidating Statement of Comprehensive Income Six Months Ended June 30, 2018 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Co-Issuer Consolidating Adjustments Consolidated Comprehensive income $ 290.8 $ 291.0 $ 372.8 $ 15.1 $ — $ (678.9 ) $ 290.8 Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2019 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Co-Issuer Consolidating Adjustments Consolidated Net cash provided by operating activities $ — $ (7.0 ) $ 317.0 $ 93.8 $ — $ 10.7 $ 414.5 Cash flows used in investing activities: Capital expenditures — (31.2 ) (8.0 ) (4.7 ) — — (43.9 ) Acquisition of business, net of cash acquired — — — (75.0 ) — — (75.0 ) Net cash used in investing activities — (31.2 ) (8.0 ) (79.7 ) — — (118.9 ) Cash flows (used in) provided by financing activities: Proceeds from borrowings under revolving credit facility — 891.0 — — — — 891.0 Repayments of borrowings under revolving credit facility — (815.0 ) — — — — (815.0 ) Repayments of long-term debt — (7.5 ) — (2.1 ) — — (9.6 ) Net change in accounts payable-inventory financing — 0.3 45.1 (9.1 ) — — 36.3 Repurchases of common stock (332.2 ) — — — — — (332.2 ) Payment of incentive compensation plan withholding taxes (11.6 ) — — — — — (11.6 ) Dividend payments (86.3 ) — — — — — (86.3 ) Capital contributions — (76.0 ) — 76.0 — — — Other — 22.4 (0.2 ) — — — 22.2 Distributions and advances from (to) affiliates 430.1 (55.4 ) (330.1 ) (50.8 ) — 6.2 — Net cash (used in) provided by financing activities — (40.2 ) (285.2 ) 14.0 — 6.2 (305.2 ) Effect of exchange rate changes on cash and cash equivalents — — — (1.7 ) — — (1.7 ) Net (decrease) increase in cash and cash equivalents — (78.4 ) 23.8 26.4 — 16.9 (11.3 ) Cash and cash equivalents—beginning of period — 176.0 — 46.7 — (16.9 ) 205.8 Cash and cash equivalents—end of period $ — $ 97.6 $ 23.8 $ 73.1 $ — $ — $ 194.5 Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2018 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Co-Issuer Consolidating Adjustments Consolidated Net cash provided by (used in) operating activities $ — $ (71.8 ) $ 343.9 $ 74.2 $ — $ (14.0 ) $ 332.3 Cash flows used in investing activities: Capital expenditures — (24.2 ) (1.9 ) (7.5 ) — — (33.6 ) Net cash used in investing activities — (24.2 ) (1.9 ) (7.5 ) — — (33.6 ) Cash flows (used in) provided by financing activities: Proceeds from borrowings under revolving credit facility — 467.5 — 20.6 — — 488.1 Repayments of borrowings under revolving credit facility — (467.5 ) — (6.9 ) — — (474.4 ) Repayments of long-term debt — (7.5 ) — — — — (7.5 ) Net change in accounts payable-inventory financing — (0.9 ) (100.8 ) (8.7 ) — — (110.4 ) Repurchases of common stock (176.4 ) — — — — — (176.4 ) Payment of incentive compensation plan withholding taxes (8.7 ) — — — — — (8.7 ) Dividend payments (63.8 ) — — — — — (63.8 ) Repayment of intercompany loan — — 47.5 (47.5 ) — — — Other — 15.3 (0.2 ) (0.2 ) — — 14.9 Distributions and advances from (to) affiliates 248.9 46.3 (288.5 ) — — (6.7 ) — Net cash (used in) provided by financing activities — 53.2 (342.0 ) (42.7 ) — (6.7 ) (338.2 ) Effect of exchange rate changes on cash and cash equivalents — — — (4.0 ) — — (4.0 ) Net (decrease) increase in cash and cash equivalents — (42.8 ) — 20.0 — (20.7 ) (43.5 ) Cash and cash equivalents—beginning of period — 113.7 — 32.4 — (1.9 ) 144.2 Cash and cash equivalents—end of period $ — $ 70.9 $ — $ 52.4 $ — $ (22.6 ) $ 100.7

Description of Business and S_2

Description of Business and Summary of Significant Accounting Policies (Policies)6 Months Ended
Jun. 30, 2019
Accounting Policies [Abstract]
Description of BusinessDescription 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 ("US"), the United Kingdom ("UK") and Canada. The Company's offerings range from discrete hardware and software products to integrated IT solutions such as mobility, security, data center optimization, cloud computing, virtualization and collaboration. Throughout 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 as described in Note 13 (Supplemental Guarantor Information) and does not hold any material assets or engage in any business activities or operations.
Basis of PresentationBasis of Presentation The accompanying unaudited interim Consolidated Financial Statements as of June 30, 2019 and for the three and six months ended June 30, 2019 and 2018 (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 US Securities and Exchange Commission (the "SEC") for interim financial statements. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018 (the " December 31, 2018 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, 2018 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 ConsolidationPrinciples 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 EstimatesUse 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, 2018 Consolidated Financial Statements include a discussion of the significant accounting policies and estimates used in the preparation of the Company's Consolidated Financial Statements. Except as noted below for the adoption of Accounting Standards Update ("ASU") 2016-02, Leases ("Topic 842"), there have been no material changes to the Company's significant accounting policies and estimates during the six months ended June 30, 2019 .
Recent Accounting PronouncementsMeasurement of Credit Losses on Financial Instruments In June 2016, the Financial Accounting Standards Board (the "FASB") issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The ASU introduces a new forward-looking approach, based on expected losses, to estimate credit losses on certain types of financial instruments, including trade receivables. The estimate of expected credit losses will require considerations of historical information, current information and reasonable and supportable forecasts. The ASU also expands the disclosure requirements to enable users of financial statements to understand the assumptions, models and methods for estimating expected credit losses. The ASU is effective for the Company beginning in the first quarter of 2020 and allows for early adoption. The Company is currently evaluating the impact the ASU will have on its Consolidated Financial Statements. Accounting for Leases On January 1, 2019, the Company adopted and applied Topic 842. The adoption of the standard resulted in the recognition of right-of-use assets and additional lease liabilities of $ 81 million as of January 1, 2019, mainly related to operating leases for the Company's real estate portfolio. For additional details regarding the impact to the Company's Consolidated Balance Sheets from adopting this standard, see Note 9 (Leases) .
LeasesLeases The Company enters into operating lease contracts, as assessed at contract inception, primarily for real estate, data centers and equipment. On the Company's Consolidated Balance Sheets, Operating lease assets are included in Operating lease right-of-use assets and Operating lease liabilities are included in Other current liabilities and Long-term operating lease liabilities. At the lease commencement date, the Company records Operating lease liabilities based on the present value of the future lease payments. In determining the present value of future lease payments, the Company uses its incremental borrowing rate based on the information available at the commencement date. For real estate and data center contracts, the Company accounts for the lease and non-lease components as a single lease component. For certain equipment leases, the Company applies a portfolio approach to account for the right-of-use asset and operating lease liability. In assessing the lease term, the Company includes options to renew only when it is reasonably certain that it will be exercised; a determination which is at the sole discretion of the Company. Generally, for leases with an initial term of 12 months or less, the Company has elected to not record a right-of-use asset and lease liability. For equipment leases used in revenue generating activities, the Company will record a right-of-use asset and lease liability for leases with a term of 12 months or less. The Company records lease expense on a straight-line basis over the lease term beginning on the commencement date.

Acquisition (Tables)

Acquisition (Tables)6 Months Ended
Jun. 30, 2019
Business Combinations [Abstract]
Schedule of Business Acquisitions, by AcquisitionThe preliminary purchase price allocation is as follows: (in millions) Acquisition-Date Fair Value Net assets acquired $ 5.9 Identified intangible assets (1) 20.3 Goodwill (2) 61.8 Total purchase price $ 88.0 (1) Net of a related deferred tax liability of $7 million . (2) Goodwill in the amount of $62 million was recognized in connection with the acquisition of Scalar, primarily attributed to cross selling opportunities and overall corporate synergies. The full amount of goodwill recognized is not deductible for income tax purposes in Canada.

Inventory Financing Agreements

Inventory Financing Agreements (Tables)6 Months Ended
Jun. 30, 2019
Inventory Financing Agreements [Abstract]
Inventory Financing AgreementsAmounts included in Accounts payable-inventory financing are as follows: (in millions) June 30, 2019 December 31, 2018 Revolving Loan inventory financing agreement (1) $ 451.7 $ 406.3 Other inventory financing agreements 14.0 23.0 Accounts payable-inventory financing $ 465.7 $ 429.3 (1) The Senior Secured Asset-Based Revolving Credit Facility includes an inventory floorplan sub-facility that enables the Company to maintain an inventory financing agreement with a financial intermediary to facilitate the purchase of inventory from certain vendors on more favorable terms than offered directly by the vendors.

Contract Liabilities and Perf_2

Contract Liabilities and Performance Obligations (Tables)6 Months Ended
Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Expected Timing of SatisfactionA contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The following table represents the total transaction price for the remaining performance obligations as of June 30, 2019 related to non-cancelable contracts longer than 12 months in duration that is expected to be recognized over future periods. (in millions) Within 1 Year Years 1-2 Years 2-3 Thereafter Remaining performance obligations $ 40.8 $ 21.7 $ 6.4 $ 0.4

Financial Instruments (Tables)

Financial Instruments (Tables)6 Months Ended
Jun. 30, 2019
Financial Instruments [Abstract]
Schedule of Interest Rate DerivativesAs of June 30, 2019 and December 31, 2018 , the Company had the following interest rate cap agreements for which the fair values are classified within Other assets on the Consolidated Balance Sheets: June 30, 2019 December 31, 2018 Notional Value (in millions) Effective Date Maturity Date Fair Value (in millions) Fair Value (in millions) $ 1,400.0 December 31, 2018 December 31, 2020 $ 0.4 $ 10.6 1,400.0 December 31, 2020 December 31, 2022 2.1 1.5 $ 2.5 $ 12.1

Long-Term Debt (Tables)

Long-Term Debt (Tables)6 Months Ended
Jun. 30, 2019
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments As of June 30, 2019 As of December 31, 2018 (dollars in millions) Maturities Interest Rate Amount Interest Rate Amount Credit Facilities CDW UK revolving credit facility (1) July 2021 — % $ — — % $ — Senior secured asset-based revolving credit facility March 2022 3.7 % 76.0 — % — Total credit facilities 76.0 — Term Loans CDW UK term loan (1) August 2021 2.2 % 64.7 2.3 % 65.0 Senior secured term loan facility August 2023 4.2 % 1,445.7 4.1 % 1,453.2 Total term loans 1,510.4 1,518.2 Unsecured Senior Notes Senior notes due 2023 ("2023 Senior Notes") September 2023 5.0 % 525.0 5.0 % 525.0 Senior notes due 2024 ("2024 Senior Notes") December 2024 5.5 % 575.0 5.5 % 575.0 Senior notes due 2025 ("2025 Senior Notes") September 2025 5.0 % 600.0 5.0 % 600.0 Total unsecured senior notes 1,700.0 1,700.0 Other long-term obligations 8.5 8.3 Unamortized deferred financing fees (16.1 ) (17.9 ) Current maturities of long-term debt (25.5 ) (25.3 ) Total long-term debt $ 3,253.3 $ 3,183.3 (1) British pound-denominated debt facilities.
Carrying Value of Long-Term DebtThe 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 fees, are as follows: (in millions) June 30, 2019 December 31, 2018 Fair value $ 3,375.6 $ 3,145.8 Carrying value 3,294.9 3,226.5

Leases (Tables)

Leases (Tables)6 Months Ended
Jun. 30, 2019
Leases [Abstract]
Assets And Liabilities, LesseeSupplemental Consolidated Balance Sheet information related to the Company's operating leases is as follows: (in millions) Classification on the Consolidated Balance Sheets June 30, 2019 Assets Operating lease right-of-use assets $ 117.3 Liabilities Current Accrued expenses and other current liabilities - Other $ 72.3 Long-term Long-term operating lease liabilities 86.6 Total lease liabilities $ 158.9 Lease term and discount rate June 30, 2019 Weighted average remaining lease term (years) 4.4 Weighted average discount rate 3.40 %
Lease, CostThe components of operating lease expense are as follows: (in millions) Financial statement line item Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Cost of sales $ 11.1 $ 13.8 Selling and administrative expenses 7.3 14.9 Total lease cost $ 18.4 $ 28.7 Supplemental cash flow information related to leases is as follows: (in millions) Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 27.4 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 52.6
Lessee, Operating Lease, Liability, MaturityMaturities of operating lease liabilities are as follows: (in millions) June 30, 2019 Remainder of 2019 $ 60.3 2020 31.3 2021 22.0 2022 14.5 2023 11.4 Thereafter 37.2 Total lease payments $ 176.7 Less: Interest (17.8 ) Present value of lease liabilities $ 158.9

Earnings per Share (Tables)

Earnings per Share (Tables)6 Months Ended
Jun. 30, 2019
Earnings Per Share [Abstract]
Schedule of Weighted Average Number of SharesA reconciliation of basic weighted-average shares outstanding to diluted weighted-average shares outstanding is as follows: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2019 2018 2019 2018 Basic weighted-average shares outstanding 145.7 151.6 146.3 151.9 Effect of dilutive securities (1) 2.6 2.3 2.4 2.5 Diluted weighted-average shares outstanding (2) 148.3 153.9 148.7 154.4 (1) The dilutive effect of outstanding stock options, restricted stock units, restricted stock, performance share units and Coworker Stock Purchase Plan units is reflected in the diluted weighted-average shares outstanding using the treasury stock method. (2) There were fewer than 0.2 million potential common shares excluded from diluted weighted-average shares outstanding for both the three and six months ended June 30, 2019 and 2018 as their inclusion would have had an anti-dilutive effect.

Segment Information (Tables)

Segment Information (Tables)6 Months Ended
Jun. 30, 2019
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by SegmentInformation about the Company's segments is as follows: (in millions) Corporate Small Business Public Other Headquarters Total Three Months Ended June 30, 2019 Net sales $ 1,883.9 $ 377.4 $ 1,840.1 $ 528.5 $ — $ 4,629.9 Operating income (loss) 157.2 26.6 129.4 19.1 (32.0 ) 300.3 Depreciation and amortization expense (21.6 ) (5.6 ) (13.7 ) (7.8 ) (16.3 ) (65.0 ) Three Months Ended June 30, 2018 Net sales $ 1,733.8 $ 329.5 $ 1,635.4 $ 487.4 $ — $ 4,186.1 Operating income (loss) 139.7 24.2 111.5 21.7 (31.6 ) 265.5 Depreciation and amortization expense (22.0 ) (5.6 ) (12.8 ) (9.0 ) (16.9 ) (66.3 ) (in millions) Corporate Small Business Public Other Headquarters Total Six Months Ended June 30, 2019 Net sales $ 3,620.1 $ 733.0 $ 3,170.8 $ 1,063.9 $ — $ 8,587.8 Operating income (loss) 291.9 51.0 205.5 44.7 (63.9 ) 529.2 Depreciation and amortization expense (43.1 ) (11.2 ) (26.4 ) (15.2 ) (33.4 ) (129.3 ) Six Months Ended June 30, 2018 Net sales $ 3,299.6 $ 657.1 $ 2,865.4 $ 970.4 $ — $ 7,792.5 Operating income (loss) 262.6 46.2 181.7 41.5 (62.4 ) 469.6 Depreciation and amortization expense (45.0 ) (11.1 ) (25.5 ) (17.8 ) (33.5 ) (132.9 )
Disaggregation of RevenueGeographic Areas and Revenue Mix Three Months Ended June 30, 2019 (in millions) Corporate Small Business Public Other Total Geography (1) United States $ 1,881.7 $ 377.4 $ 1,840.1 $ 8.9 $ 4,108.1 Rest of World 2.2 — — 519.6 521.8 Total Net sales 1,883.9 377.4 1,840.1 528.5 4,629.9 Major Product and Services Hardware 1,496.8 316.4 1,523.0 389.0 3,725.2 Software 270.0 48.6 262.2 69.8 650.6 Services 99.4 7.0 50.1 66.9 223.4 Other (2) 17.7 5.4 4.8 2.8 30.7 Total Net sales 1,883.9 377.4 1,840.1 528.5 4,629.9 Sales by Channel Corporate 1,883.9 — — — 1,883.9 Small Business — 377.4 — — 377.4 Government — — 578.4 — 578.4 Education — — 773.6 — 773.6 Healthcare — — 488.1 — 488.1 Other — — — 528.5 528.5 Total Net sales 1,883.9 377.4 1,840.1 528.5 4,629.9 Timing of Revenue Recognition Transferred at a point in time where CDW is principal 1,708.2 355.5 1,725.5 465.0 4,254.2 Transferred at a point in time where CDW is agent 118.7 20.0 65.0 13.5 217.2 Transferred over time where CDW is principal 57.0 1.9 49.6 50.0 158.5 Total Net sales $ 1,883.9 $ 377.4 $ 1,840.1 $ 528.5 $ 4,629.9 (1) Net sales by geography is generally based on the ship-to address with the exception of certain services that may be performed at, or on behalf of, multiple locations. Such service arrangements are categorized based on the bill-to address. (2) Includes items such as delivery charges to customers. Three Months Ended June 30, 2018 (in millions) Corporate Small Business Public Other Total Geography (1) United States $ 1,731.4 $ 329.5 $ 1,635.4 $ 8.0 $ 3,704.3 Rest of World 2.4 — — 479.4 481.8 Total Net sales 1,733.8 329.5 1,635.4 487.4 4,186.1 Major Product and Services Hardware 1,382.3 273.7 1,338.7 392.5 3,387.2 Software 254.2 42.9 255.4 50.8 603.3 Services 79.9 7.7 37.0 41.7 166.3 Other (2) 17.4 5.2 4.3 2.4 29.3 Total Net sales 1,733.8 329.5 1,635.4 487.4 4,186.1 Sales by Channel Corporate 1,733.8 — — — 1,733.8 Small Business — 329.5 — — 329.5 Government — — 493.5 — 493.5 Education — — 712.1 — 712.1 Healthcare — — 429.8 — 429.8 Other — — — 487.4 487.4 Total Net sales 1,733.8 329.5 1,635.4 487.4 4,186.1 Timing of Revenue Recognition Transferred at a point in time where CDW is principal 1,583.4 309.6 1,537.3 441.6 3,871.9 Transferred at a point in time where CDW is agent 101.5 17.1 55.3 9.7 183.6 Transferred over time where CDW is principal 48.9 2.8 42.8 36.1 130.6 Total Net sales $ 1,733.8 $ 329.5 $ 1,635.4 $ 487.4 $ 4,186.1 (1) Net sales by geography is generally based on the ship-to address with the exception of certain services that may be performed at, or on behalf of, multiple locations. Such service arrangements are categorized based on the bill-to address. (2) Includes items such as delivery charges to customers. Six Months Ended June 30, 2019 (in millions) Corporate Small Business Public Other Total Geography (1) United States $ 3,614.6 $ 733.0 $ 3,170.8 $ 17.2 $ 7,535.6 Rest of World 5.5 — — 1,046.7 1,052.2 Total Net sales 3,620.1 733.0 3,170.8 1,063.9 8,587.8 Major Product and Services Hardware 2,880.9 611.6 2,586.1 784.9 6,863.5 Software 517.1 96.8 483.3 147.2 1,244.4 Services 187.5 14.1 92.3 126.1 420.0 Other (2) 34.6 10.5 9.1 5.7 59.9 Total Net sales 3,620.1 733.0 3,170.8 1,063.9 8,587.8 Sales by Channel Corporate 3,620.1 — — — 3,620.1 Small Business — 733.0 — — 733.0 Government — — 1,066.8 — 1,066.8 Education — — 1,174.0 — 1,174.0 Healthcare — — 930.0 — 930.0 Other — — — 1,063.9 1,063.9 Total Net sales 3,620.1 733.0 3,170.8 1,063.9 8,587.8 Timing of Revenue Recognition Transferred at a point in time where CDW is principal 3,290.0 690.7 2,968.7 939.9 7,889.3 Transferred at a point in time where CDW is agent 222.7 39.8 111.3 26.5 400.3 Transferred over time where CDW is principal 107.4 2.5 90.8 97.5 298.2 Total Net sales $ 3,620.1 $ 733.0 $ 3,170.8 $ 1,063.9 $ 8,587.8 (1) Net sales by geography is generally based on the ship-to address with the exception of certain services that may be performed at, or on behalf of, multiple locations. Such service arrangements are categorized based on the bill-to address. (2) Includes items such as delivery charges to customers. Six Months Ended June 30, 2018 (in millions) Corporate Small Business Public Other Total Geography (1) United States $ 3,295.8 $ 657.1 $ 2,865.4 $ 17.2 $ 6,835.5 Rest of World 3.8 — — 953.2 957.0 Total Net sales 3,299.6 657.1 2,865.4 970.4 7,792.5 Major Product and Services Hardware 2,633.0 546.8 2,345.7 773.2 6,298.7 Software 473.3 85.6 439.7 108.4 1,107.0 Services 159.3 14.0 71.6 84.4 329.3 Other (2) 34.0 10.7 8.4 4.4 57.5 Total Net sales 3,299.6 657.1 2,865.4 970.4 7,792.5 Sales by Channel Corporate 3,299.6 — — — 3,299.6 Small Business — 657.1 — — 657.1 Government — — 912.0 — 912.0 Education — — 1,109.3 — 1,109.3 Healthcare — — 844.1 — 844.1 Other — — — 970.4 970.4 Total Net sales 3,299.6 657.1 2,865.4 970.4 7,792.5 Timing of Revenue Recognition Transferred at a point in time where CDW is principal 3,009.7 619.0 2,681.2 874.6 7,184.5 Transferred at a point in time where CDW is agent 194.2 33.6 96.4 24.8 349.0 Transferred over time where CDW is principal 95.7 4.5 87.8 71.0 259.0 Total Net sales $ 3,299.6 $ 657.1 $ 2,865.4 $ 970.4 $ 7,792.5 (1) Net sales by geography is generally based on the ship-to address with the exception of certain services that may be performed at, or on behalf of, multiple locations. Such service arrangements are categorized based on the bill-to address. (2) Includes items such as delivery charges to customers. The following table presents Net sales by major category for the three and six months ended June 30, 2019 and 2018 . Categories are based upon internal classifications. Three Months Ended June 30, 2019 2018 Dollars in Percentage Dollars in Percentage Notebooks/Mobile Devices $ 1,232.9 26.6 % $ 1,078.0 25.8 % Netcomm Products 563.4 12.2 498.7 11.9 Desktops 431.3 9.3 353.6 8.4 Video 348.5 7.5 323.5 7.7 Enterprise and Data Storage (Including Drives) 273.0 5.9 268.8 6.4 Other Hardware 876.1 18.9 864.6 20.8 Total Hardware 3,725.2 80.4 3,387.2 81.0 Software (1) 650.6 14.1 603.3 14.3 Services (1) 223.4 4.8 166.3 4.0 Other (2) 30.7 0.7 29.3 0.7 Total Net sales $ 4,629.9 100.0 % $ 4,186.1 100.0 % Six Months Ended June 30, 2019 2018 Dollars in Percentage Dollars in Percentage Notebooks/Mobile Devices $ 2,210.1 25.7 % $ 1,943.9 24.9 % Netcomm Products 1,075.8 12.5 986.0 12.7 Desktops 734.9 8.6 664.3 8.5 Video 620.1 7.2 584.2 7.5 Enterprise and Data Storage (Including Drives) 563.7 6.6 518.8 6.7 Other Hardware 1,658.9 19.3 1,601.5 20.7 Total Hardware 6,863.5 79.9 6,298.7 81.0 Software (1) 1,244.4 14.5 1,107.0 14.1 Services (1) 420.0 4.9 329.3 4.2 Other (2) 59.9 0.7 57.5 0.7 Total Net sales $ 8,587.8 100.0 % $ 7,792.5 100.0 % (1) Certain software and services revenues are recorded on a net basis for accounting purposes. As a result, the category percentage of net revenues is not representative of the category percentage of gross profits. (2) Includes items such as delivery charges to customers.

Supplemental Guarantor Inform_2

Supplemental Guarantor Information (Tables)6 Months Ended
Jun. 30, 2019
Supplemental Guarantor Information [Abstract]
Condensed Consolidating Balance SheetsThe following tables set forth Condensed Consolidating Balance Sheets as of June 30, 2019 and December 31, 2018 , Consolidating Statements of Operations for the three and six months ended June 30, 2019 and 2018 , Condensed Consolidating Statements of Comprehensive Income for the three and six months ended June 30, 2019 and 2018 , and Condensed Consolidating Statements of Cash Flows for the six months ended June 30, 2019 and 2018 , 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 combined accounts of the Non-Guarantor Subsidiaries, and the accounts of CDW Finance Corporation (the "Co-Issuer") for the periods indicated. The information is prepared on the same basis as the Company's Consolidated Financial Statements. Condensed Consolidating Balance Sheet June 30, 2019 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Co-Issuer Consolidating Adjustments Consolidated Assets Current assets: Cash and cash equivalents $ — $ 97.6 $ 23.8 $ 73.1 $ — $ — $ 194.5 Accounts receivable, net — — 2,584.9 382.4 — — 2,967.3 Merchandise inventory — — 577.9 74.3 — — 652.2 Miscellaneous receivables — 107.4 276.4 22.2 — — 406.0 Prepaid expenses and other — 25.9 124.2 55.2 — — 205.3 Total current assets — 230.9 3,587.2 607.2 — — 4,425.3 Operating lease right-of-use assets — 21.8 65.2 30.3 — — 117.3 Property and equipment, net — 81.8 54.7 26.9 — — 163.4 Goodwill — 751.8 1,437.8 335.1 — — 2,524.7 Other intangible assets, net — 246.4 237.2 176.9 — — 660.5 Other assets 0.6 43.0 7.8 178.9 — (199.6 ) 30.7 Investment in and advances to subsidiaries 935.5 3,178.7 — — — (4,114.2 ) — Total Assets $ 936.1 $ 4,554.4 $ 5,389.9 $ 1,355.3 $ — $ (4,313.8 ) $ 7,921.9 Liabilities and Stockholders' Equity Current liabilities: Accounts payable-trade $ — $ 38.4 $ 1,771.6 $ 245.8 $ — $ — $ 2,055.8 Accounts payable-inventory financing — 0.5 451.2 14.0 — — 465.7 Current maturities of long-term debt — 14.9 4.1 6.5 — — 25.5 Contract liabilities — — 100.5 100.3 — — 200.8 Accrued expenses and other current liabilities — 251.8 378.8 81.9 — — 712.5 Total current liabilities — 305.6 2,706.2 448.5 — — 3,460.3 Long-term liabilities: Debt — 3,191.4 4.3 57.6 — — 3,253.3 Deferred income taxes — 53.5 40.9 29.9 — (1.2 ) 123.1 Operating lease liabilities — 32.6 27.8 26.2 — — 86.6 Other liabilities — 35.8 4.9 220.2 — (198.4 ) 62.5 Total long-term liabilities — 3,313.3 77.9 333.9 — (199.6 ) 3,525.5 Total stockholders' equity 936.1 935.5 2,605.8 572.9 — (4,114.2 ) 936.1 Total Liabilities and Stockholders' Equity $ 936.1 $ 4,554.4 $ 5,389.9 $ 1,355.3 $ — $ (4,313.8 ) $ 7,921.9 Condensed Consolidating Balance Sheet December 31, 2018 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Co-Issuer Consolidating Adjustments Consolidated Assets Current assets: Cash and cash equivalents $ — $ 176.0 $ — $ 46.7 $ — $ (16.9 ) $ 205.8 Accounts receivable, net — — 2,331.2 340.0 — — 2,671.2 Merchandise inventory — — 387.4 66.9 — — 454.3 Miscellaneous receivables — 110.6 187.7 18.1 — — 316.4 Prepaid expenses and other — 17.1 93.8 38.2 — — 149.1 Total current assets — 303.7 3,000.1 509.9 — (16.9 ) 3,796.8 Property and equipment, net — 82.3 52.0 21.8 — — 156.1 Goodwill — 751.8 1,437.8 273.2 — — 2,462.8 Other intangible assets, net — 252.5 300.0 159.7 — — 712.2 Other assets 1.4 49.8 9.6 140.2 — (161.2 ) 39.8 Investment in and advances to subsidiaries 973.8 3,028.9 — — — (4,002.7 ) — Total Assets $ 975.2 $ 4,469.0 $ 4,799.5 $ 1,104.8 $ — $ (4,180.8 ) $ 7,167.7 Liabilities and Stockholders' Equity Current liabilities: Accounts payable-trade $ — $ 39.2 $ 1,387.9 $ 166.9 $ — $ (16.9 ) $ 1,577.1 Accounts payable-inventory financing — 0.2 406.1 23.0 — — 429.3 Current maturities of long-term debt — 14.9 4.0 6.4 — — 25.3 Contract liabilities — — 95.6 82.7 — — 178.3 Accrued expenses and other current liabilities — 217.6 306.7 68.8 — — 593.1 Total current liabilities — 271.9 2,200.3 347.8 — (16.9 ) 2,803.1 Long-term liabilities: Debt — 3,121.3 4.3 57.7 — — 3,183.3 Deferred income taxes — 55.9 60.5 26.9 — (1.4 ) 141.9 Other liabilities — 46.1 5.7 172.2 — (159.8 ) 64.2 Total long-term liabilities — 3,223.3 70.5 256.8 — (161.2 ) 3,389.4 Total stockholders' equity 975.2 973.8 2,528.7 500.2 — (4,002.7 ) 975.2 Total Liabilities and Stockholders' Equity $ 975.2 $ 4,469.0 $ 4,799.5 $ 1,104.8 $ — $ (4,180.8 ) $ 7,167.7
Consolidating Statements of OperationsConsolidating Statement of Operations Three Months Ended June 30, 2019 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Co-Issuer Consolidating Adjustments Consolidated Net sales $ — $ — $ 4,101.4 $ 528.5 $ — $ — $ 4,629.9 Cost of sales — — 3,414.0 442.1 — — 3,856.1 Gross profit — — 687.4 86.4 — — 773.8 Selling and administrative expenses — 32.0 323.8 64.6 — — 420.4 Advertising expense — — 50.4 2.7 — — 53.1 Operating income (loss) — (32.0 ) 313.2 19.1 — — 300.3 Interest (expense) income, net — (40.2 ) 0.1 (0.4 ) — — (40.5 ) Other income, net — — 0.4 1.0 — — 1.4 Income (loss) before income taxes — (72.2 ) 313.7 19.7 — — 261.2 Income tax (expense) benefit (0.1 ) 18.5 (81.9 ) (1.1 ) — — (64.6 ) Income (loss) before equity in earnings of subsidiaries (0.1 ) (53.7 ) 231.8 18.6 — — 196.6 Equity in earnings of subsidiaries 196.7 250.4 — — — (447.1 ) — Net income $ 196.6 $ 196.7 $ 231.8 $ 18.6 $ — $ (447.1 ) $ 196.6 Consolidating Statement of Operations Three Months Ended June 30, 2018 (in millions) Parent Subsidiary Guarantor Non-Guarantor Co-Issuer Consolidating Consolidated Net sales $ — $ — $ 3,698.7 $ 487.4 $ — $ — $ 4,186.1 Cost of sales — — 3,083.0 407.5 — — 3,490.5 Gross profit — — 615.7 79.9 — — 695.6 Selling and administrative expenses — 35.1 289.6 56.7 — — 381.4 Advertising expense — — 47.2 1.5 — — 48.7 Operating income (loss) — (35.1 ) 278.9 21.7 — — 265.5 Interest (expense) income, net — (36.7 ) 0.9 (1.4 ) — — (37.2 ) Other income, net — — 0.1 1.4 — — 1.5 Income (loss) before income taxes — (71.8 ) 279.9 21.7 — — 229.8 Income tax (expense) benefit (0.1 ) 20.2 (72.0 ) (4.9 ) — — (56.8 ) Income (loss) before equity in earnings of subsidiaries (0.1 ) (51.6 ) 207.9 16.8 — — 173.0 Equity in earnings of subsidiaries 173.1 224.7 — — — (397.8 ) — Net income $ 173.0 $ 173.1 $ 207.9 $ 16.8 $ — $ (397.8 ) $ 173.0 Consolidating Statement of Operations Six Months Ended June 30, 2019 (in millions) Parent Subsidiary Guarantor Non-Guarantor Co-Issuer Consolidating Consolidated Net sales $ — $ — $ 7,523.9 $ 1,063.9 $ — $ — $ 8,587.8 Cost of sales — — 6,254.8 887.1 — — 7,141.9 Gross profit — — 1,269.1 176.8 — — 1,445.9 Selling and administrative expenses — 63.9 633.2 127.3 — — 824.4 Advertising expense — — 87.5 4.8 — — 92.3 Operating income (loss) — (63.9 ) 548.4 44.7 — — 529.2 Interest (expense) income, net — (78.2 ) 0.2 (0.8 ) — — (78.8 ) Other income, net — — 2.1 0.3 — — 2.4 Income (loss) before income taxes — (142.1 ) 550.7 44.2 — — 452.8 Income tax (expense) benefit (0.2 ) 44.9 (141.3 ) (6.7 ) — — (103.3 ) Income (loss) before equity in earnings of subsidiaries (0.2 ) (97.2 ) 409.4 37.5 — — 349.5 Equity in earnings of subsidiaries 349.7 446.9 — — — (796.6 ) — Net income $ 349.5 $ 349.7 $ 409.4 $ 37.5 $ — $ (796.6 ) $ 349.5 Consolidating Statement of Operations Six Months Ended June 30, 2018 (in millions) Parent Subsidiary Guarantor Non-Guarantor Co-Issuer Consolidating Consolidated Net sales $ — $ — $ 6,822.1 $ 970.4 $ — $ — $ 7,792.5 Cost of sales — — 5,680.0 813.0 — — 6,493.0 Gross profit — — 1,142.1 157.4 — — 1,299.5 Selling and administrative expenses — 69.6 562.0 112.5 — — 744.1 Advertising expense — — 82.4 3.4 — — 85.8 Operating income (loss) — (69.6 ) 497.7 41.5 — — 469.6 Interest (expense) income, net — (73.8 ) 1.9 (3.0 ) — — (74.9 ) Other income, net — — 0.5 0.3 — — 0.8 Income (loss) before income taxes — (143.4 ) 500.1 38.8 — — 395.5 Income tax (expense) benefit (0.2 ) 41.0 (127.3 ) (9.0 ) — — (95.5 ) Income (loss) before equity in earnings of subsidiaries (0.2 ) (102.4 ) 372.8 29.8 — — 300.0 Equity in earnings of subsidiaries 300.2 402.6 — — — (702.8 ) — Net income $ 300.0 $ 300.2 $ 372.8 $ 29.8 $ — $ (702.8 ) $ 300.0
Condensed Statement of Comprehensive IncomeCondensed Consolidating Statement of Comprehensive Income Three Months Ended June 30, 2019 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Co-Issuer Consolidating Adjustments Consolidated Comprehensive income $ 184.7 $ 184.8 $ 231.8 $ 10.6 $ — $ (427.2 ) $ 184.7 Condensed Consolidating Statement of Comprehensive Income Three Months Ended June 30, 2018 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Co-Issuer Consolidating Adjustments Consolidated Comprehensive income (loss) $ 146.4 $ 146.5 $ 207.9 $ (12.1 ) $ — $ (342.3 ) $ 146.4 Condensed Consolidating Statement of Comprehensive Income Six Months Ended June 30, 2019 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Co-Issuer Consolidating Adjustments Consolidated Comprehensive income $ 340.7 $ 340.9 $ 409.4 $ 39.4 $ — $ (789.7 ) $ 340.7 Condensed Consolidating Statement of Comprehensive Income Six Months Ended June 30, 2018 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Co-Issuer Consolidating Adjustments Consolidated Comprehensive income $ 290.8 $ 291.0 $ 372.8 $ 15.1 $ — $ (678.9 ) $ 290.8
Condensed Consolidating Statements Cash FlowsCondensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2019 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Co-Issuer Consolidating Adjustments Consolidated Net cash provided by operating activities $ — $ (7.0 ) $ 317.0 $ 93.8 $ — $ 10.7 $ 414.5 Cash flows used in investing activities: Capital expenditures — (31.2 ) (8.0 ) (4.7 ) — — (43.9 ) Acquisition of business, net of cash acquired — — — (75.0 ) — — (75.0 ) Net cash used in investing activities — (31.2 ) (8.0 ) (79.7 ) — — (118.9 ) Cash flows (used in) provided by financing activities: Proceeds from borrowings under revolving credit facility — 891.0 — — — — 891.0 Repayments of borrowings under revolving credit facility — (815.0 ) — — — — (815.0 ) Repayments of long-term debt — (7.5 ) — (2.1 ) — — (9.6 ) Net change in accounts payable-inventory financing — 0.3 45.1 (9.1 ) — — 36.3 Repurchases of common stock (332.2 ) — — — — — (332.2 ) Payment of incentive compensation plan withholding taxes (11.6 ) — — — — — (11.6 ) Dividend payments (86.3 ) — — — — — (86.3 ) Capital contributions — (76.0 ) — 76.0 — — — Other — 22.4 (0.2 ) — — — 22.2 Distributions and advances from (to) affiliates 430.1 (55.4 ) (330.1 ) (50.8 ) — 6.2 — Net cash (used in) provided by financing activities — (40.2 ) (285.2 ) 14.0 — 6.2 (305.2 ) Effect of exchange rate changes on cash and cash equivalents — — — (1.7 ) — — (1.7 ) Net (decrease) increase in cash and cash equivalents — (78.4 ) 23.8 26.4 — 16.9 (11.3 ) Cash and cash equivalents—beginning of period — 176.0 — 46.7 — (16.9 ) 205.8 Cash and cash equivalents—end of period $ — $ 97.6 $ 23.8 $ 73.1 $ — $ — $ 194.5 Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2018 (in millions) Parent Guarantor Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Co-Issuer Consolidating Adjustments Consolidated Net cash provided by (used in) operating activities $ — $ (71.8 ) $ 343.9 $ 74.2 $ — $ (14.0 ) $ 332.3 Cash flows used in investing activities: Capital expenditures — (24.2 ) (1.9 ) (7.5 ) — — (33.6 ) Net cash used in investing activities — (24.2 ) (1.9 ) (7.5 ) — — (33.6 ) Cash flows (used in) provided by financing activities: Proceeds from borrowings under revolving credit facility — 467.5 — 20.6 — — 488.1 Repayments of borrowings under revolving credit facility — (467.5 ) — (6.9 ) — — (474.4 ) Repayments of long-term debt — (7.5 ) — — — — (7.5 ) Net change in accounts payable-inventory financing — (0.9 ) (100.8 ) (8.7 ) — — (110.4 ) Repurchases of common stock (176.4 ) — — — — — (176.4 ) Payment of incentive compensation plan withholding taxes (8.7 ) — — — — — (8.7 ) Dividend payments (63.8 ) — — — — — (63.8 ) Repayment of intercompany loan — — 47.5 (47.5 ) — — — Other — 15.3 (0.2 ) (0.2 ) — — 14.9 Distributions and advances from (to) affiliates 248.9 46.3 (288.5 ) — — (6.7 ) — Net cash (used in) provided by financing activities — 53.2 (342.0 ) (42.7 ) — (6.7 ) (338.2 ) Effect of exchange rate changes on cash and cash equivalents — — — (4.0 ) — — (4.0 ) Net (decrease) increase in cash and cash equivalents — (42.8 ) — 20.0 — (20.7 ) (43.5 ) Cash and cash equivalents—beginning of period — 113.7 — 32.4 — (1.9 ) 144.2 Cash and cash equivalents—end of period $ — $ 70.9 $ — $ 52.4 $ — $ (22.6 ) $ 100.7

Description of Business and S_3

Description of Business and Summary of Significant Accounting Policies (Details)Jun. 30, 2019subsidiary
Accounting Policies [Abstract]
Number of owned subsidiaries2

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements - Narrative (Details) - USD ($) $ in MillionsJun. 30, 2019Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets $ 117.3
Operating lease, liability $ 158.9
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets $ 81
Operating lease, liability $ 81

Acquisition - Narrative (Detail

Acquisition - Narrative (Details) - Scalar $ in MillionsFeb. 01, 2019USD ($)
Business Acquisition [Line Items]
Total purchase price $ 88
Deferred consideration transferred $ 13

Acquisition - Preliminary Purch

Acquisition - Preliminary Purchase Price Allocation (Details) - USD ($) $ in MillionsFeb. 01, 2019Jun. 30, 2019Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill $ 2,524.7 $ 2,462.8
Scalar
Business Acquisition [Line Items]
Net assets acquired $ 5.9
Identified intangible assets20.3
Goodwill61.8
Total purchase price88
Intangible assets, deferred tax liability $ 7

Inventory Financing Agreement_2

Inventory Financing Agreements (Details) - USD ($) $ in MillionsJun. 30, 2019Dec. 31, 2018
Inventory Financing Agreements [Line Items]
Accounts payable-inventory financing $ 465.7 $ 429.3
Accounts Payable, Inventory Financing
Inventory Financing Agreements [Line Items]
Revolving Loan inventory financing agreement451.7 406.3
Other inventory financing agreements $ 14 $ 23

Contract Liabilities and Perf_3

Contract Liabilities and Performance Obligations - Narrative (Details) - USD ($) $ in Millions6 Months Ended
Jun. 30, 2019Jun. 30, 2018Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Contract liabilities $ 201 $ 178
Revenue recognized from contract with customer $ 113 $ 116

Contract Liabilities and Perf_4

Contract Liabilities and Performance Obligations - Schedule of Remaining Performance Obligations (Details) $ in MillionsJun. 30, 2019USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations, expected timing of satisfaction, period6 months
Remaining performance obligations $ 40.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations, expected timing of satisfaction, period1 year
Remaining performance obligations $ 21.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations, expected timing of satisfaction, period1 year
Remaining performance obligations $ 6.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations, expected timing of satisfaction, period
Remaining performance obligations $ 0.4

Financial Instruments - Narrati

Financial Instruments - Narrative (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 30, 2019Jun. 30, 2018Jun. 30, 2019Jun. 30, 2018
Interest Rate Cap
Derivative [Line Items]
Notional amount $ 1,200 $ 1,200
Cap agreement effective 12/31/18-12/31/20
Derivative [Line Items]
Notional amount1,400 1,400
Premium payments on interest rate cap agreements6
Interest Rate Contract
Derivative [Line Items]
Unrealized gain (loss) on effective portion of interest rate cap agreements $ (4)(12)
Unrealized gain (loss) on effective portion of interest rate cap agreements $ 2 $ 5
Amount expected to be reclassified from AOCL to interest expense in next twelve months(6)
Derivative
Derivative [Line Items]
Interest income (expense) reclassified into earnings (less than) $ (1) $ (2) $ (2)

Financial Instruments - Schedul

Financial Instruments - Schedule of Financial Instruments (Details) - USD ($) $ in Millions6 Months Ended
Jun. 30, 2019Dec. 31, 2018
Derivative [Line Items]
Document Period End DateJun. 30,
2019
Interest rate cap, fair value $ 2.5 $ 12.1
Cap agreement effective 12/31/18-12/31/20
Derivative [Line Items]
Notional amount1,400
Interest rate cap, fair value0.4 10.6
Cap agreement effective 12/31/20-12/31/22
Derivative [Line Items]
Notional amount1,400
Interest rate cap, fair value $ 2.1 $ 1.5

Long-Term Debt - Debt Balances

Long-Term Debt - Debt Balances and Interest Rates (Details) - USD ($) $ in MillionsJun. 30, 2019Dec. 31, 2018
Debt Instrument [Line Items]
Long-term debt $ 3,294.9 $ 3,226.5
Unamortized deferred financing fees(16.1)(17.9)
Current maturities of long-term debt(25.5)(25.3)
Total long-term debt $ 3,253.3 $ 3,183.3
CDW UK revolving credit facility
Debt Instrument [Line Items]
Interest rate in effect0.00%0.00%
Long-term debt $ 0 $ 0
Senior secured asset-based revolving credit facility
Debt Instrument [Line Items]
Interest rate in effect3.70%0.00%
Long-term debt $ 76 $ 0
Total credit facilities
Debt Instrument [Line Items]
Long-term debt $ 76 $ 0
CDW UK term loan
Debt Instrument [Line Items]
Interest rate in effect2.20%2.30%
Long-term debt $ 64.7 $ 65
Senior secured term loan facility
Debt Instrument [Line Items]
Interest rate in effect4.20%4.10%
Long-term debt $ 1,445.7 $ 1,453.2
Total term loans
Debt Instrument [Line Items]
Long-term debt $ 1,510.4 $ 1,518.2
Senior notes due 2023
Debt Instrument [Line Items]
Interest rate in effect5.00%5.00%
Long-term debt $ 525 $ 525
Senior notes due 2024
Debt Instrument [Line Items]
Interest rate in effect5.50%5.50%
Long-term debt $ 575 $ 575
Senior notes due 2025
Debt Instrument [Line Items]
Interest rate in effect5.00%5.00%
Long-term debt $ 600 $ 600
Total unsecured senior notes
Debt Instrument [Line Items]
Long-term debt1,700 1,700
Other long-term obligations
Debt Instrument [Line Items]
Long-term debt $ 8.5 $ 8.3

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - 6 months ended Jun. 30, 2019 £ in Millions, $ in MillionsGBP (£)USD ($)USD ($)
Senior secured term loan facility
Debt Instrument [Line Items]
Amount of restricted payment capacity under the loan $ 1,600
Periodic payment, principal $ 4
CDW UK term loan
Debt Instrument [Line Items]
Annual principal repayment installments £ 5 $ 6
Amount of restricted payment capacity under the loan138 176
CDW UK revolving credit facility
Debt Instrument [Line Items]
Borrowing capacity of the Revolving Loan £ 50 63
Senior secured asset-based revolving credit facility
Debt Instrument [Line Items]
Undrawn letters of credit1
Borrowing base2,000
Additional borrowing capacity973
Accounts Payable, Inventory Financing | Senior secured asset-based revolving credit facility
Debt Instrument [Line Items]
Amount owed under Revolving loan financing agreement $ 401

Long-Term Debt - Fair Value of

Long-Term Debt - Fair Value of Long-Term Debt (Details) - USD ($) $ in MillionsJun. 30, 2019Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying value $ 3,294.9 $ 3,226.5
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value $ 3,375.6 $ 3,145.8

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 30, 2019Jun. 30, 2018Jun. 30, 2019Jun. 30, 2018
Income Tax Contingency [Line Items]
Income tax (expense) benefit $ (64.6) $ (56.8) $ (103.3) $ (95.5)
Effective income tax rate reconciliation, percent24.70%24.70%22.80%24.10%

Leases - Supplemental Consolida

Leases - Supplemental Consolidated Balance Sheet information Related Operating Leases (Details) $ in MillionsJun. 30, 2019USD ($)
Leases [Abstract]
Operating lease right-of-use assets $ 117.3
Accrued expenses and other current liabilities - Other72.3
Long-term operating lease liabilities86.6
Operating lease liabilities $ 158.9
Weighted average remaining lease term (years)4 years 4 months 24 days
Weighted average discount rate3.40%

Leases - Operating Lease Expens

Leases - Operating Lease Expenses (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 30, 2019Jun. 30, 2019
Lessee, Lease, Description [Line Items]
Lease cost $ 18.4 $ 28.7
Cost of sales
Lessee, Lease, Description [Line Items]
Lease cost11.1 13.8
Selling and administrative expenses
Lessee, Lease, Description [Line Items]
Lease cost $ 7.3 $ 14.9

Leases - Maturities of Operatin

Leases - Maturities of Operating Lease Liabilities (Details) $ in Millions6 Months Ended
Jun. 30, 2019USD ($)
Leases [Abstract]
Document Period End DateJun. 30,
2019
Remainder of 2019 $ 60.3
202031.3
202122
202214.5
202311.4
Thereafter37.2
Total lease payments176.7
Less: Interest(17.8)
Operating lease liabilities $ 158.9

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information Related to Operating Leases (Details) $ in Millions6 Months Ended
Jun. 30, 2019USD ($)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases $ 27.4
Right-of-use assets obtained in exchange for lease obligations
Operating leases $ 52.6

Leases - Narrative (Details)

Leases - Narrative (Details) $ in MillionsJun. 30, 2019USD ($)
Lessee, Lease, Description [Line Items]
Additional operating lease commitment $ 99
Operating lease term of contract16 years
Minimum
Lessee, Lease, Description [Line Items]
Lease terms of contract1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease terms of contract16 years

Earnings per Share (Details)

Earnings per Share (Details) - shares shares in Millions3 Months Ended6 Months Ended
Jun. 30, 2019Jun. 30, 2018Jun. 30, 2019Jun. 30, 2018
Earnings Per Share [Abstract]
Basic weighted-average shares outstanding (in shares)145.7 151.6 146.3 151.9
Effect of dilutive securities2.6 2.3 2.4 2.5
Diluted weighted-average shares outstanding (in shares)148.3 153.9 148.7 154.4
Anti-dilutive shares (fewer than) (in shares)0.2 0.2 0.2 0.2

Segment Information - Narrative

Segment Information - Narrative (Details)6 Months Ended
Jun. 30, 2019employeesegment
Segment Reporting Information [Line Items]
Number of reportable segments | segment3
Number of operating segments which do not meet reportable unit quantitative threshold | segment2
Minimum | Corporate
Segment Reporting Information [Line Items]
Customer segments, customer employee headcount | employee250
Maximum | Small Business
Segment Reporting Information [Line Items]
Customer segments, customer employee headcount | employee250

Segment Information - Schedule

Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 30, 2019Jun. 30, 2018Jun. 30, 2019Jun. 30, 2018
Segment Reporting Information [Line Items]
Net sales $ 4,629.9 $ 4,186.1 $ 8,587.8 $ 7,792.5
Income (loss) from operations300.3 265.5 529.2 469.6
Depreciation and amortization expense(65)(66.3)(129.3)(132.9)
Operating Segments | Corporate
Segment Reporting Information [Line Items]
Net sales1,883.9 1,733.8 3,620.1 3,299.6
Income (loss) from operations157.2 139.7 291.9 262.6
Depreciation and amortization expense21.6 22 (43.1)(45)
Operating Segments | Small Business
Segment Reporting Information [Line Items]
Net sales377.4 329.5 733 657.1
Income (loss) from operations26.6 24.2 51 46.2
Depreciation and amortization expense5.6 5.6 (11.2)(11.1)
Operating Segments | Public
Segment Reporting Information [Line Items]
Net sales1,840.1 1,635.4 3,170.8 2,865.4
Income (loss) from operations129.4 111.5 205.5 181.7
Depreciation and amortization expense13.7 12.8 (26.4)(25.5)
Operating Segments | Other
Segment Reporting Information [Line Items]
Net sales528.5 487.4 1,063.9 970.4
Income (loss) from operations19.1 21.7 44.7 41.5
Depreciation and amortization expense7.8 9 (15.2)(17.8)
Headquarters
Segment Reporting Information [Line Items]
Net sales0 0 0 0
Income (loss) from operations(32)(31.6)(63.9)(62.4)
Depreciation and amortization expense $ 16.3 $ 16.9 $ (33.4) $ (33.5)

Segment Information - Disaggreg

Segment Information - Disaggregation of Revenue (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 30, 2019Jun. 30, 2018Jun. 30, 2019Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Net sales $ 4,629.9 $ 4,186.1 $ 8,587.8 $ 7,792.5
Percentage of Total Net Sales100.00%100.00%100.00%100.00%
Operating Segments | Corporate
Disaggregation of Revenue [Line Items]
Net sales $ 1,883.9 $ 1,733.8 $ 3,620.1 $ 3,299.6
Operating Segments | Small Business
Disaggregation of Revenue [Line Items]
Net sales377.4 329.5 733 657.1
Operating Segments | Public
Disaggregation of Revenue [Line Items]
Net sales1,840.1 1,635.4 3,170.8 2,865.4
Operating Segments | Other
Disaggregation of Revenue [Line Items]
Net sales528.5 487.4 1,063.9 970.4
Transferred at a point in time where CDW is principal
Disaggregation of Revenue [Line Items]
Net sales4,254.2 3,871.9 7,889.3 7,184.5
Transferred at a point in time where CDW is principal | Operating Segments | Corporate
Disaggregation of Revenue [Line Items]
Net sales1,708.2 1,583.4 3,290 3,009.7
Transferred at a point in time where CDW is principal | Operating Segments | Small Business
Disaggregation of Revenue [Line Items]
Net sales355.5 309.6 690.7 619
Transferred at a point in time where CDW is principal | Operating Segments | Public
Disaggregation of Revenue [Line Items]
Net sales1,725.5 1,537.3 2,968.7 2,681.2
Transferred at a point in time where CDW is principal | Operating Segments | Other
Disaggregation of Revenue [Line Items]
Net sales465 441.6 939.9 874.6
Transferred at a point in time where CDW is agent
Disaggregation of Revenue [Line Items]
Net sales217.2 183.6 400.3 349
Transferred at a point in time where CDW is agent | Operating Segments | Corporate
Disaggregation of Revenue [Line Items]
Net sales118.7 101.5 222.7 194.2
Transferred at a point in time where CDW is agent | Operating Segments | Small Business
Disaggregation of Revenue [Line Items]
Net sales20 17.1 39.8 33.6
Transferred at a point in time where CDW is agent | Operating Segments | Public
Disaggregation of Revenue [Line Items]
Net sales65 55.3 111.3 96.4
Transferred at a point in time where CDW is agent | Operating Segments | Other
Disaggregation of Revenue [Line Items]
Net sales13.5 9.7 26.5 24.8
Transferred over time where CDW is principal
Disaggregation of Revenue [Line Items]
Net sales158.5 130.6 298.2 259
Transferred over time where CDW is principal | Operating Segments | Corporate
Disaggregation of Revenue [Line Items]
Net sales57 48.9 107.4 95.7
Transferred over time where CDW is principal | Operating Segments | Small Business
Disaggregation of Revenue [Line Items]
Net sales1.9 2.8 2.5 4.5
Transferred over time where CDW is principal | Operating Segments | Public
Disaggregation of Revenue [Line Items]
Net sales49.6 42.8 90.8 87.8
Transferred over time where CDW is principal | Operating Segments | Other
Disaggregation of Revenue [Line Items]
Net sales50 36.1 97.5 71
Corporate
Disaggregation of Revenue [Line Items]
Net sales1,883.9 1,733.8 3,620.1 3,299.6
Corporate | Operating Segments | Corporate
Disaggregation of Revenue [Line Items]
Net sales1,883.9 1,733.8 3,620.1 3,299.6
Corporate | Operating Segments | Small Business
Disaggregation of Revenue [Line Items]
Net sales0 0 0 0
Corporate | Operating Segments | Public
Disaggregation of Revenue [Line Items]
Net sales0 0 0 0
Corporate | Operating Segments | Other
Disaggregation of Revenue [Line Items]
Net sales0 0 0 0
Small Business
Disaggregation of Revenue [Line Items]
Net sales377.4 329.5 733 657.1
Small Business | Operating Segments | Corporate
Disaggregation of Revenue [Line Items]
Net sales0 0 0 0
Small Business | Operating Segments | Small Business
Disaggregation of Revenue [Line Items]
Net sales377.4 329.5 733 657.1
Small Business | Operating Segments | Public
Disaggregation of Revenue [Line Items]
Net sales0 0 0 0
Small Business | Operating Segments | Other
Disaggregation of Revenue [Line Items]
Net sales0 0 0 0
Government
Disaggregation of Revenue [Line Items]
Net sales578.4 493.5 1,066.8 912
Government | Operating Segments | Corporate
Disaggregation of Revenue [Line Items]
Net sales0 0 0 0
Government | Operating Segments | Small Business
Disaggregation of Revenue [Line Items]
Net sales0 0 0 0
Government | Operating Segments | Public
Disaggregation of Revenue [Line Items]
Net sales578.4 493.5 1,066.8 912
Government | Operating Segments | Other
Disaggregation of Revenue [Line Items]
Net sales0 0 0 0
Education
Disaggregation of Revenue [Line Items]
Net sales773.6 712.1 1,174 1,109.3
Education | Operating Segments | Corporate
Disaggregation of Revenue [Line Items]
Net sales0 0 0 0
Education | Operating Segments | Small Business
Disaggregation of Revenue [Line Items]
Net sales0 0 0 0
Education | Operating Segments | Public
Disaggregation of Revenue [Line Items]
Net sales773.6 712.1 1,174 1,109.3
Education | Operating Segments | Other
Disaggregation of Revenue [Line Items]
Net sales0 0 0 0
Healthcare
Disaggregation of Revenue [Line Items]
Net sales488.1 429.8 930 844.1
Healthcare | Operating Segments | Corporate
Disaggregation of Revenue [Line Items]
Net sales0 0 0 0
Healthcare | Operating Segments | Small Business
Disaggregation of Revenue [Line Items]
Net sales0 0 0 0
Healthcare | Operating Segments | Public
Disaggregation of Revenue [Line Items]
Net sales488.1 429.8 930 844.1
Healthcare | Operating Segments | Other
Disaggregation of Revenue [Line Items]
Net sales0 0 0 0
Other
Disaggregation of Revenue [Line Items]
Net sales528.5 487.4 1,063.9 970.4
Other | Operating Segments | Corporate
Disaggregation of Revenue [Line Items]
Net sales0 0 0 0
Other | Operating Segments | Small Business
Disaggregation of Revenue [Line Items]
Net sales0 0 0 0
Other | Operating Segments | Public
Disaggregation of Revenue [Line Items]
Net sales0 0 0 0
Other | Operating Segments | Other
Disaggregation of Revenue [Line Items]
Net sales528.5 487.4 1,063.9 970.4
Notebooks/Mobile Devices
Disaggregation of Revenue [Line Items]
Net sales $ 1,232.9 $ 1,078 $ 2,210.1 $ 1,943.9
Percentage of Total Net Sales26.60%25.80%25.70%24.90%
Netcomm Products
Disaggregation of Revenue [Line Items]
Net sales $ 563.4 $ 498.7 $ 1,075.8 $ 986
Percentage of Total Net Sales12.20%11.90%12.50%12.70%
Desktops
Disaggregation of Revenue [Line Items]
Net sales $ 431.3 $ 353.6 $ 734.9 $ 664.3
Percentage of Total Net Sales9.30%8.40%8.60%8.50%
Enterprise and Data Storage (Including Drives)
Disaggregation of Revenue [Line Items]
Net sales $ 273 $ 268.8 $ 563.7 $ 518.8
Percentage of Total Net Sales5.90%6.40%6.60%6.70%
Video
Disaggregation of Revenue [Line Items]
Net sales $ 348.5 $ 323.5 $ 620.1 $ 584.2
Percentage of Total Net Sales7.50%7.70%7.20%7.50%
Other Hardware
Disaggregation of Revenue [Line Items]
Net sales $ 876.1 $ 864.6 $ 1,658.9 $ 1,601.5
Percentage of Total Net Sales18.90%20.80%19.30%20.70%
Hardware
Disaggregation of Revenue [Line Items]
Net sales $ 3,725.2 $ 3,387.2 $ 6,863.5 $ 6,298.7
Percentage of Total Net Sales80.40%81.00%79.90%81.00%
Hardware | Operating Segments | Corporate
Disaggregation of Revenue [Line Items]
Net sales $ 1,496.8 $ 1,382.3 $ 2,880.9 $ 2,633
Hardware | Operating Segments | Small Business
Disaggregation of Revenue [Line Items]
Net sales316.4 273.7 611.6 546.8
Hardware | Operating Segments | Public
Disaggregation of Revenue [Line Items]
Net sales1,523 1,338.7 2,586.1 2,345.7
Hardware | Operating Segments | Other
Disaggregation of Revenue [Line Items]
Net sales389 392.5 784.9 773.2
Software
Disaggregation of Revenue [Line Items]
Net sales $ 650.6 $ 603.3 $ 1,244.4 $ 1,107
Percentage of Total Net Sales14.10%14.30%14.50%14.10%
Software | Operating Segments | Corporate
Disaggregation of Revenue [Line Items]
Net sales $ 270 $ 254.2 $ 517.1 $ 473.3
Software | Operating Segments | Small Business
Disaggregation of Revenue [Line Items]
Net sales48.6 42.9 96.8 85.6
Software | Operating Segments | Public
Disaggregation of Revenue [Line Items]
Net sales262.2 255.4 483.3 439.7
Software | Operating Segments | Other
Disaggregation of Revenue [Line Items]
Net sales69.8 50.8 147.2 108.4
Services
Disaggregation of Revenue [Line Items]
Net sales $ 223.4 $ 166.3 $ 420 $ 329.3
Percentage of Total Net Sales4.80%4.00%4.90%4.20%
Services | Operating Segments | Corporate
Disaggregation of Revenue [Line Items]
Net sales $ 99.4 $ 79.9 $ 187.5 $ 159.3
Services | Operating Segments | Small Business
Disaggregation of Revenue [Line Items]
Net sales7 7.7 14.1 14
Services | Operating Segments | Public
Disaggregation of Revenue [Line Items]
Net sales50.1 37 92.3 71.6
Services | Operating Segments | Other
Disaggregation of Revenue [Line Items]
Net sales66.9 41.7 126.1 84.4
Other
Disaggregation of Revenue [Line Items]
Net sales $ 30.7 $ 29.3 $ 59.9 $ 57.5
Percentage of Total Net Sales0.70%0.70%0.70%0.70%
Other | Operating Segments | Corporate
Disaggregation of Revenue [Line Items]
Net sales $ 17.7 $ 17.4 $ 34.6 $ 34
Other | Operating Segments | Small Business
Disaggregation of Revenue [Line Items]
Net sales5.4 5.2 10.5 10.7
Other | Operating Segments | Public
Disaggregation of Revenue [Line Items]
Net sales4.8 4.3 9.1 8.4
Other | Operating Segments | Other
Disaggregation of Revenue [Line Items]
Net sales2.8 2.4 5.7 4.4
United States
Disaggregation of Revenue [Line Items]
Net sales4,108.1 3,704.3 7,535.6 6,835.5
United States | Operating Segments | Corporate
Disaggregation of Revenue [Line Items]
Net sales1,881.7 1,731.4 3,614.6 3,295.8
United States | Operating Segments | Small Business
Disaggregation of Revenue [Line Items]
Net sales377.4 329.5 733 657.1
United States | Operating Segments | Public
Disaggregation of Revenue [Line Items]
Net sales1,840.1 1,635.4 3,170.8 2,865.4
United States | Operating Segments | Other
Disaggregation of Revenue [Line Items]
Net sales8.9 8 17.2 17.2
Rest of World
Disaggregation of Revenue [Line Items]
Net sales521.8 481.8 1,052.2 957
Rest of World | Operating Segments | Corporate
Disaggregation of Revenue [Line Items]
Net sales2.2 2.4 5.5 3.8
Rest of World | Operating Segments | Small Business
Disaggregation of Revenue [Line Items]
Net sales0 0 0 0
Rest of World | Operating Segments | Public
Disaggregation of Revenue [Line Items]
Net sales0 0 0 0
Rest of World | Operating Segments | Other
Disaggregation of Revenue [Line Items]
Net sales $ 519.6 $ 479.4 $ 1,046.7 $ 953.2

Supplemental Guarantor Inform_3

Supplemental Guarantor Information - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions6 Months Ended
Jun. 30, 2019Mar. 31, 2019Dec. 31, 2018Jun. 30, 2018Mar. 31, 2018Dec. 31, 2017
Supplemental Guarantor Information [Line Items]
Document Period End DateJun. 30,
2019
Current assets:
Cash and cash equivalents $ 194.5 $ 205.8
Accounts receivable, net2,967.3 2,671.2
Merchandise inventory652.2 454.3
Miscellaneous receivables406 316.4
Prepaid expenses and other205.3 149.1
Total current assets4,425.3 3,796.8
Operating lease right-of-use assets117.3
Property and equipment, net163.4 156.1
Goodwill2,524.7 2,462.8
Other intangible assets, net660.5 712.2
Other assets30.7 39.8
Investment in and advances to subsidiaries0 0
Total Assets7,921.9 7,167.7
Current liabilities:
Accounts payable-trade2,055.8 1,577.1
Accounts payable-inventory financing465.7 429.3
Current maturities of long-term debt25.5 25.3
Contract liabilities200.8 178.3
Accrued expenses and other current liabilities712.5 593.1
Total current liabilities3,460.3 2,803.1
Long-term liabilities:
Debt3,253.3 3,183.3
Deferred income taxes123.1 141.9
Operating lease liabilities86.6
Other liabilities62.5 64.2
Total long-term liabilities3,525.5 3,389.4
Total stockholders' equity936.1 $ 927.3 975.2 $ 1,068.9 $ 996.9 $ 985.6
Total Liabilities and Stockholders' Equity7,921.9 7,167.7
Reportable Legal Entities
Current assets:
Operating lease right-of-use assets0
Consolidating Adjustments
Current assets:
Cash and cash equivalents0 (16.9)
Accounts receivable, net0 0
Merchandise inventory0 0
Miscellaneous receivables0 0
Prepaid expenses and other0 0
Total current assets0 (16.9)
Operating lease right-of-use assets0
Property and equipment, net0 0
Goodwill0 0
Other intangible assets, net0 0
Other assets(199.6)(161.2)
Investment in and advances to subsidiaries(4,114.2)(4,002.7)
Total Assets(4,313.8)(4,180.8)
Current liabilities:
Accounts payable-trade0 (16.9)
Accounts payable-inventory financing0 0
Current maturities of long-term debt0 0
Contract liabilities0 0
Accrued expenses and other current liabilities0 0
Total current liabilities0 (16.9)
Long-term liabilities:
Debt0 0
Deferred income taxes(1.2)(1.4)
Operating lease liabilities0
Other liabilities(198.4)(159.8)
Total long-term liabilities(199.6)(161.2)
Total stockholders' equity(4,114.2)(4,002.7)
Total Liabilities and Stockholders' Equity(4,313.8)(4,180.8)
Parent Guarantor | Reportable Legal Entities
Current assets:
Cash and cash equivalents0 0
Accounts receivable, net0 0
Merchandise inventory0 0
Miscellaneous receivables0 0
Prepaid expenses and other0 0
Total current assets0 0
Operating lease right-of-use assets0
Property and equipment, net0 0
Goodwill0 0
Other intangible assets, net0 0
Other assets0.6 1.4
Investment in and advances to subsidiaries935.5 973.8
Total Assets936.1 975.2
Current liabilities:
Accounts payable-trade0 0
Accounts payable-inventory financing0 0
Current maturities of long-term debt0 0
Contract liabilities0 0
Accrued expenses and other current liabilities0 0
Total current liabilities0 0
Long-term liabilities:
Debt0 0
Deferred income taxes0 0
Operating lease liabilities0
Other liabilities0 0
Total long-term liabilities0 0
Total stockholders' equity936.1 975.2
Total Liabilities and Stockholders' Equity936.1 975.2
Subsidiary Issuer | Reportable Legal Entities
Current assets:
Cash and cash equivalents97.6 176
Accounts receivable, net0 0
Merchandise inventory0 0
Miscellaneous receivables107.4 110.6
Prepaid expenses and other25.9 17.1
Total current assets230.9 303.7
Operating lease right-of-use assets21.8
Property and equipment, net81.8 82.3
Goodwill751.8 751.8
Other intangible assets, net246.4 252.5
Other assets43 49.8
Investment in and advances to subsidiaries3,178.7 3,028.9
Total Assets4,554.4 4,469
Current liabilities:
Accounts payable-trade38.4 39.2
Accounts payable-inventory financing0.5 0.2
Current maturities of long-term debt14.9 14.9
Contract liabilities0 0
Accrued expenses and other current liabilities251.8 217.6
Total current liabilities305.6 271.9
Long-term liabilities:
Debt3,191.4 3,121.3
Deferred income taxes53.5 55.9
Operating lease liabilities32.6
Other liabilities35.8 46.1
Total long-term liabilities3,313.3 3,223.3
Total stockholders' equity935.5 973.8
Total Liabilities and Stockholders' Equity4,554.4 4,469
Guarantor Subsidiaries | Reportable Legal Entities
Current assets:
Cash and cash equivalents23.8 0
Accounts receivable, net2,584.9 2,331.2
Merchandise inventory577.9 387.4
Miscellaneous receivables276.4 187.7
Prepaid expenses and other124.2 93.8
Total current assets3,587.2 3,000.1
Operating lease right-of-use assets65.2
Property and equipment, net54.7 52
Goodwill1,437.8 1,437.8
Other intangible assets, net237.2 300
Other assets7.8 9.6
Investment in and advances to subsidiaries0 0
Total Assets5,389.9 4,799.5
Current liabilities:
Accounts payable-trade1,771.6 1,387.9
Accounts payable-inventory financing451.2 406.1
Current maturities of long-term debt4.1 4
Contract liabilities100.5 95.6
Accrued expenses and other current liabilities378.8 306.7
Total current liabilities2,706.2 2,200.3
Long-term liabilities:
Debt4.3 4.3
Deferred income taxes40.9 60.5
Operating lease liabilities27.8
Other liabilities4.9 5.7
Total long-term liabilities77.9 70.5
Total stockholders' equity2,605.8 2,528.7
Total Liabilities and Stockholders' Equity5,389.9 4,799.5
Non-Guarantor Subsidiaries | Reportable Legal Entities
Current assets:
Cash and cash equivalents73.1 46.7
Accounts receivable, net382.4 340
Merchandise inventory74.3 66.9
Miscellaneous receivables22.2 18.1
Prepaid expenses and other55.2 38.2
Total current assets607.2 509.9
Operating lease right-of-use assets30.3
Property and equipment, net26.9 21.8
Goodwill335.1 273.2
Other intangible assets, net176.9 159.7
Other assets178.9 140.2
Investment in and advances to subsidiaries0 0
Total Assets1,355.3 1,104.8
Current liabilities:
Accounts payable-trade245.8 166.9
Accounts payable-inventory financing14 23
Current maturities of long-term debt6.5 6.4
Contract liabilities100.3 82.7
Accrued expenses and other current liabilities81.9 68.8
Total current liabilities448.5 347.8
Long-term liabilities:
Debt57.6 57.7
Deferred income taxes29.9 26.9
Operating lease liabilities26.2
Other liabilities220.2 172.2
Total long-term liabilities333.9 256.8
Total stockholders' equity572.9 500.2
Total Liabilities and Stockholders' Equity1,355.3 1,104.8
Affiliated Entity | Reportable Legal Entities
Current assets:
Cash and cash equivalents0 0
Accounts receivable, net0 0
Merchandise inventory0 0
Miscellaneous receivables0 0
Prepaid expenses and other0 0
Total current assets0 0
Property and equipment, net0 0
Goodwill0 0
Other intangible assets, net0 0
Other assets0 0
Investment in and advances to subsidiaries0 0
Total Assets0 0
Current liabilities:
Accounts payable-trade0 0
Accounts payable-inventory financing0 0
Current maturities of long-term debt0 0
Contract liabilities0 0
Accrued expenses and other current liabilities0 0
Total current liabilities0 0
Long-term liabilities:
Debt0 0
Deferred income taxes0 0
Operating lease liabilities0
Other liabilities0 0
Total long-term liabilities0 0
Total stockholders' equity0 0
Total Liabilities and Stockholders' Equity $ 0 $ 0

Supplemental Guarantor Inform_4

Supplemental Guarantor Information - Consolidating Statements of Operations (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 30, 2019Jun. 30, 2018Jun. 30, 2019Jun. 30, 2018
Supplemental Guarantor Information [Line Items]
Net sales $ 4,629.9 $ 4,186.1 $ 8,587.8 $ 7,792.5
Cost of sales3,856.1 3,490.5 7,141.9 6,493
Gross profit773.8 695.6 1,445.9 1,299.5
Selling and administrative expenses420.4 381.4 824.4 744.1
Advertising expense53.1 48.7 92.3 85.8
Operating income300.3 265.5 529.2 469.6
Interest expense, net(40.5)(37.2)(78.8)(74.9)
Other income, net1.4 1.5 2.4 0.8
Income before income taxes261.2 229.8 452.8 395.5
Income tax (expense) benefit(64.6)(56.8)(103.3)(95.5)
Income (Loss) before equity in earnings (loss) of subsidiaries196.6 173 349.5 300
Equity in earnings of subsidiaries0 0 0 0
Net income196.6 173 349.5 300
Consolidating Adjustments
Supplemental Guarantor Information [Line Items]
Net sales0 0 0 0
Cost of sales0 0 0 0
Gross profit0 0 0 0
Selling and administrative expenses0 0 0 0
Advertising expense0 0 0 0
Operating income0 0 0 0
Interest expense, net0 0 0 0
Other income, net0 0 0 0
Income before income taxes0 0 0 0
Income tax (expense) benefit0 0 0 0
Income (Loss) before equity in earnings (loss) of subsidiaries0 0 0 0
Equity in earnings of subsidiaries(447.1)(397.8)(796.6)(702.8)
Net income(447.1)(397.8)(796.6)(702.8)
Parent Guarantor | Reportable Legal Entities
Supplemental Guarantor Information [Line Items]
Net sales0 0 0 0
Cost of sales0 0 0 0
Gross profit0 0 0 0
Selling and administrative expenses0 0 0 0
Advertising expense0 0 0 0
Operating income0 0 0 0
Interest expense, net0 0 0 0
Other income, net0 0 0 0
Income before income taxes0 0 0 0
Income tax (expense) benefit(0.1)(0.1)(0.2)(0.2)
Income (Loss) before equity in earnings (loss) of subsidiaries(0.1)(0.1)(0.2)(0.2)
Equity in earnings of subsidiaries196.7 173.1 349.7 300.2
Net income196.6 173 349.5 300
Subsidiary Issuer | Reportable Legal Entities
Supplemental Guarantor Information [Line Items]
Net sales0 0 0 0
Cost of sales0 0 0 0
Gross profit0 0 0 0
Selling and administrative expenses32 35.1 63.9 69.6
Advertising expense0 0 0 0
Operating income(32)(35.1)(63.9)(69.6)
Interest expense, net(40.2)(36.7)(78.2)(73.8)
Other income, net0 0 0 0
Income before income taxes(72.2)(71.8)(142.1)(143.4)
Income tax (expense) benefit18.5 20.2 44.9 41
Income (Loss) before equity in earnings (loss) of subsidiaries(53.7)(51.6)(97.2)(102.4)
Equity in earnings of subsidiaries250.4 224.7 446.9 402.6
Net income196.7 173.1 349.7 300.2
Guarantor Subsidiaries | Reportable Legal Entities
Supplemental Guarantor Information [Line Items]
Net sales4,101.4 3,698.7 7,523.9 6,822.1
Cost of sales3,414 3,083 6,254.8 5,680
Gross profit687.4 615.7 1,269.1 1,142.1
Selling and administrative expenses323.8 289.6 633.2 562
Advertising expense50.4 47.2 87.5 82.4
Operating income313.2 278.9 548.4 497.7
Interest expense, net0.1 0.9 0.2 1.9
Other income, net0.4 0.1 2.1 0.5
Income before income taxes313.7 279.9 550.7 500.1
Income tax (expense) benefit(81.9)(72)(141.3)(127.3)
Income (Loss) before equity in earnings (loss) of subsidiaries231.8 207.9 409.4 372.8
Equity in earnings of subsidiaries0 0 0 0
Net income231.8 207.9 409.4 372.8
Non-Guarantor Subsidiaries | Reportable Legal Entities
Supplemental Guarantor Information [Line Items]
Net sales528.5 487.4 1,063.9 970.4
Cost of sales442.1 407.5 887.1 813
Gross profit86.4 79.9 176.8 157.4
Selling and administrative expenses64.6 56.7 127.3 112.5
Advertising expense2.7 1.5 4.8 3.4
Operating income19.1 21.7 44.7 41.5
Interest expense, net(0.4)(1.4)(0.8)(3)
Other income, net1 1.4 0.3 0.3
Income before income taxes19.7 21.7 44.2 38.8
Income tax (expense) benefit(1.1)(4.9)(6.7)(9)
Income (Loss) before equity in earnings (loss) of subsidiaries18.6 16.8 37.5 29.8
Equity in earnings of subsidiaries0 0 0 0
Net income18.6 16.8 37.5 29.8
Affiliated Entity | Reportable Legal Entities
Supplemental Guarantor Information [Line Items]
Net sales0 0 0 0
Cost of sales0 0 0 0
Gross profit0 0 0 0
Selling and administrative expenses0 0 0 0
Advertising expense0 0 0 0
Operating income0 0 0 0
Interest expense, net0 0 0 0
Other income, net0 0 0 0
Income before income taxes0 0 0 0
Income tax (expense) benefit0 0 0 0
Income (Loss) before equity in earnings (loss) of subsidiaries0 0 0 0
Equity in earnings of subsidiaries0 0 0 0
Net income $ 0 $ 0 $ 0 $ 0

Supplemental Guarantor Inform_5

Supplemental Guarantor Information - Condensed Consolidating Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 30, 2019Jun. 30, 2018Jun. 30, 2019Jun. 30, 2018
Supplemental Guarantor Information [Line Items]
Comprehensive income (loss) $ 184.7 $ 146.4 $ 340.7 $ 290.8
Consolidating Adjustments
Supplemental Guarantor Information [Line Items]
Comprehensive income (loss)(427.2)(342.3)(789.7)(678.9)
Parent Guarantor | Reportable Legal Entities
Supplemental Guarantor Information [Line Items]
Comprehensive income (loss)184.7 146.4 340.7 290.8
Subsidiary Issuer | Reportable Legal Entities
Supplemental Guarantor Information [Line Items]
Comprehensive income (loss)184.8 146.5 340.9 291
Guarantor Subsidiaries | Reportable Legal Entities
Supplemental Guarantor Information [Line Items]
Comprehensive income (loss)231.8 207.9 409.4 372.8
Non-Guarantor Subsidiaries | Reportable Legal Entities
Supplemental Guarantor Information [Line Items]
Comprehensive income (loss)10.6 (12.1)39.4 15.1
Affiliated Entity | Reportable Legal Entities
Supplemental Guarantor Information [Line Items]
Comprehensive income (loss) $ 0 $ 0 $ 0 $ 0

Supplemental Guarantor Inform_6

Supplemental Guarantor Information - Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Millions6 Months Ended
Jun. 30, 2019Jun. 30, 2018
Supplemental Guarantor Information [Line Items]
Net cash provided by operating activities $ 414.5 $ 332.3
Cash flows used in investing activities:
Capital expenditures(43.9)(33.6)
Acquisition of business, net of cash acquired(75)0
Net cash used in investing activities(118.9)(33.6)
Cash flows used in financing activities:
Proceeds from borrowings under revolving credit facility891 488.1
Repayments of borrowings under revolving credit facility(815)(474.4)
Repayments of long-term debt(9.6)(7.5)
Net change in accounts payable-inventory financing36.3 (110.4)
Repurchases of common stock(332.2)(176.4)
Payment of incentive compensation plan withholding taxes(11.6)(8.7)
Dividend payments(86.3)(63.8)
Capital contributions0 0
Other22.2 14.9
Distributions and advances from (to) affiliates0 0
Net cash used in financing activities(305.2)(338.2)
Effect of exchange rate changes on cash and cash equivalents(1.7)(4)
Net decrease in cash and cash equivalents(11.3)(43.5)
Cash and cash equivalents—beginning of period205.8 144.2
Cash and cash equivalents—end of period194.5 100.7
Consolidating Adjustments
Supplemental Guarantor Information [Line Items]
Net cash provided by operating activities10.7 (14)
Cash flows used in investing activities:
Capital expenditures0 0
Acquisition of business, net of cash acquired0
Net cash used in investing activities0 0
Cash flows used in financing activities:
Proceeds from borrowings under revolving credit facility0 0
Repayments of borrowings under revolving credit facility0 0
Repayments of long-term debt0 0
Net change in accounts payable-inventory financing0 0
Repurchases of common stock0 0
Payment of incentive compensation plan withholding taxes0 0
Dividend payments0 0
Capital contributions0 0
Other0 0
Distributions and advances from (to) affiliates6.2 (6.7)
Net cash used in financing activities6.2 (6.7)
Effect of exchange rate changes on cash and cash equivalents0 0
Net decrease in cash and cash equivalents16.9 (20.7)
Cash and cash equivalents—beginning of period(16.9)(1.9)
Cash and cash equivalents—end of period0 (22.6)
Parent Guarantor
Cash flows used in investing activities:
Acquisition of business, net of cash acquired0
Parent Guarantor | Reportable Legal Entities
Supplemental Guarantor Information [Line Items]
Net cash provided by operating activities0 0
Cash flows used in investing activities:
Capital expenditures0 0
Net cash used in investing activities0 0
Cash flows used in financing activities:
Proceeds from borrowings under revolving credit facility0 0
Repayments of borrowings under revolving credit facility0 0
Repayments of long-term debt0 0
Net change in accounts payable-inventory financing0 0
Repurchases of common stock(332.2)(176.4)
Payment of incentive compensation plan withholding taxes(11.6)(8.7)
Dividend payments(86.3)(63.8)
Capital contributions0 0
Other0 0
Distributions and advances from (to) affiliates430.1 248.9
Net cash used in financing activities0 0
Effect of exchange rate changes on cash and cash equivalents0 0
Net decrease in cash and cash equivalents0 0
Cash and cash equivalents—beginning of period0 0
Cash and cash equivalents—end of period0 0
Subsidiary Issuer
Cash flows used in investing activities:
Acquisition of business, net of cash acquired0
Subsidiary Issuer | Reportable Legal Entities
Supplemental Guarantor Information [Line Items]
Net cash provided by operating activities(7)(71.8)
Cash flows used in investing activities:
Capital expenditures(31.2)(24.2)
Net cash used in investing activities(31.2)(24.2)
Cash flows used in financing activities:
Proceeds from borrowings under revolving credit facility891 467.5
Repayments of borrowings under revolving credit facility(815)(467.5)
Repayments of long-term debt(7.5)(7.5)
Net change in accounts payable-inventory financing0.3 (0.9)
Repurchases of common stock0 0
Payment of incentive compensation plan withholding taxes0 0
Dividend payments0 0
Capital contributions(76)0
Other22.4 15.3
Distributions and advances from (to) affiliates(55.4)46.3
Net cash used in financing activities(40.2)53.2
Effect of exchange rate changes on cash and cash equivalents0 0
Net decrease in cash and cash equivalents(78.4)(42.8)
Cash and cash equivalents—beginning of period176 113.7
Cash and cash equivalents—end of period97.6 70.9
Guarantor Subsidiaries
Cash flows used in investing activities:
Acquisition of business, net of cash acquired0
Guarantor Subsidiaries | Reportable Legal Entities
Supplemental Guarantor Information [Line Items]
Net cash provided by operating activities317 343.9
Cash flows used in investing activities:
Capital expenditures(8)(1.9)
Net cash used in investing activities(8)(1.9)
Cash flows used in financing activities:
Proceeds from borrowings under revolving credit facility0 0
Repayments of borrowings under revolving credit facility0 0
Repayments of long-term debt0 0
Net change in accounts payable-inventory financing45.1 (100.8)
Repurchases of common stock0 0
Payment of incentive compensation plan withholding taxes0 0
Dividend payments0 0
Capital contributions0 47.5
Other(0.2)(0.2)
Distributions and advances from (to) affiliates(330.1)(288.5)
Net cash used in financing activities(285.2)(342)
Effect of exchange rate changes on cash and cash equivalents0 0
Net decrease in cash and cash equivalents23.8 0
Cash and cash equivalents—beginning of period0 0
Cash and cash equivalents—end of period23.8 0
Non-Guarantor Subsidiaries
Cash flows used in investing activities:
Acquisition of business, net of cash acquired(75)
Non-Guarantor Subsidiaries | Reportable Legal Entities
Supplemental Guarantor Information [Line Items]
Net cash provided by operating activities93.8 74.2
Cash flows used in investing activities:
Capital expenditures(4.7)(7.5)
Net cash used in investing activities(79.7)(7.5)
Cash flows used in financing activities:
Proceeds from borrowings under revolving credit facility0 20.6
Repayments of borrowings under revolving credit facility0 (6.9)
Repayments of long-term debt(2.1)0
Net change in accounts payable-inventory financing(9.1)(8.7)
Repurchases of common stock0 0
Payment of incentive compensation plan withholding taxes0 0
Dividend payments0 0
Capital contributions76 (47.5)
Other0 (0.2)
Distributions and advances from (to) affiliates(50.8)0
Net cash used in financing activities14 (42.7)
Effect of exchange rate changes on cash and cash equivalents(1.7)(4)
Net decrease in cash and cash equivalents26.4 20
Cash and cash equivalents—beginning of period46.7 32.4
Cash and cash equivalents—end of period73.1 52.4
Affiliated Entity
Cash flows used in investing activities:
Acquisition of business, net of cash acquired0
Affiliated Entity | Reportable Legal Entities
Supplemental Guarantor Information [Line Items]
Net cash provided by operating activities0 0
Cash flows used in investing activities:
Capital expenditures0 0
Net cash used in investing activities0 0
Cash flows used in financing activities:
Proceeds from borrowings under revolving credit facility0 0
Repayments of borrowings under revolving credit facility0 0
Repayments of long-term debt0 0
Net change in accounts payable-inventory financing0 0
Repurchases of common stock0 0
Payment of incentive compensation plan withholding taxes0 0
Dividend payments0 0
Capital contributions0 0
Other0 0
Distributions and advances from (to) affiliates0 0
Net cash used in financing activities0 0
Effect of exchange rate changes on cash and cash equivalents0 0
Net decrease in cash and cash equivalents0 0
Cash and cash equivalents—beginning of period0 0
Cash and cash equivalents—end of period $ 0 $ 0