CDW 2003 Annual Report Download - page 52

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39
Estimated Amortized
Fair Value Cost
December 31, 2003
Due in one year or less $ 175,316 $ 175,210
Due in greater than one year 164,830 164,725
Total investments in marketable securities $ 340,146 $ 339,935
December 31, 2002
Due in one year or less $ 243,095 $ 242,761
Due in greater than one year 105,070 104,710
Total investments in marketable securities $ 348,165 $ 347,471
As of December 31, 2003, all of the marketable securities that are due after one year have maturity dates
prior to December 31, 2005.
The gross unrealized holding gains and losses on available-for-sale securities are recorded as accumulated
other comprehensive income, which is reflected as a separate component of shareholders’ equity. The gross
realized gains and losses on marketable securities that are included in other expense in the Consolidated
Statements of Income are not material.
6. Property and Equipment
Property and equipment consists of the following (in thousands):
December 31,
2003 2002
Land $ 10,367 $ 10,367
Machinery and equipment 35,395 32,662
Building and leasehold improvements 31,836 31,418
Computer and data processing equipment 30,215 24,126
Computer software 14,588 10,368
Furniture and fixtures 8,392 7,952
Construction in progress 2,361 2,801
Total property and equipment 133,154 119,694
Less accumulated depreciation 70,831 55,606
Net property and equipment $ 62,323 $ 64,088
We own approximately 45 acres of land at our Vernon Hills, Illinois headquarters site, of which
approximately 11 acres are vacant and available for future expansion.
7. Financing Arrangements
We have an aggregate $70 million available pursuant to two $35 million unsecured lines of credit with two
financial institutions. One line of credit expires in June 2004, at which time we intend to renew the line,
and the other does not have a fixed expiration date. Borrowings under the first credit facility bear interest at
the prime rate less 2.5%, LIBOR plus 0.5% or the federal funds rate plus 0.5%, as determined by the
Company. Borrowings under the second credit facility bear interest at the prime rate less 2.5%, LIBOR
plus 0.45% or the federal funds rate plus 0.45%, as determined by the Company. At December 31, 2003,
there were no borrowings under either of the credit facilities.