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29
CDW CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands)
December 31,
2003 2002
Assets
Current assets:
Cash and cash equivalents $ 222,425 $ 157,140
Marketable securities 339,935 347,474
Accounts receivable, net of allowance for doubtful
accounts of $10,057 and $10,500, respectively 444,000 333,084
Merchandise inventory 183,890 150,785
Miscellaneous receivables 28,517 14,084
Deferred income taxes 12,147 11,757
Prepaid expenses 3,994 4,212
Total current assets 1,234,908 1,018,536
Property and equipment, net 62,323 64,088
Other assets 14,401 13,040
Total assets $ 1,311,632 $ 1,095,664
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable $ 157,079 $ 102,786
Accrued expenses:
Compensation 39,246 33,057
Income taxes 14,419 17,945
Exit costs 324 1,223
Other 37,395 16,583
Total current liabilities 248,463 171,594
Commitments and contingencies - -
Minority interest 1,985 -
Shareholders’ equity:
Preferred shares, $1.00 par value; 5,000 shares authorized;
none issued - -
Common shares, $.01 par value; 500,000 shares authorized;
90,903 and 89,669 shares issued, respectively 909 897
Paid-in capital 408,413 346,054
Retained earnings 956,867 806,548
Unearned compensation (269) (837)
Accumulated other comprehensive income 183 3
1,366,103 1,152,665
Less cost of common shares in treasury; 7,561 shares and
5,708 shares, respectively (304,919) (228,595)
Total shareholders’ equity 1,061,184 924,070
Total liabilities and shareholders’ equity $ 1,311,632
$ 1,095,664
The accompanying notes are an integral part of the consolidated financial statements.