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30
CDW CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands)
December 31,
2004 2003
Assets
Current assets:
Cash and cash equivalents $ 148,804 $ 222,425
Marketable securities 329,393 175,210
Accounts receivable, net of allowance for doubtful
accounts of $9,890 and $10,057, respectively 580,035 444,000
Merchandise inventory 213,222 183,890
Miscellaneous receivables 24,364 28,517
Deferred income taxes 13,718 12,147
Prepaid expenses 6,901 3,994
Total current assets 1,316,437 1,070,183
Marketable securities 125,426 164,725
Property and equipment, net 68,595 62,323
Other assets 10,477 14,401
Total assets $ 1,520,935 $ 1,311,632
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable $ 168,061 $ 149,074
Accrued expenses:
Compensation 41,178 39,246
Income taxes 14,661 14,419
Other 55,618 45,724
Total current liabilities 279,518 248,463
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;
92,197 and 90,903 shares issued, respectively 922 909
Paid-in capital 462,953 408,413
Retained earnings 1,168,285 956,867
Unearned compensation (17) (269)
Accumulated other comprehensive income 203 183
1,632,346 1,366,103
Less cost of common shares in treasury; 8,913 shares and
7,561 shares, respectively (390,929) (304,919)
Total shareholders’ equity 1,241,417 1,061,184
Total liabilities and shareholders’ equity $ 1,520,935 $ 1,311,632
The accompanying notes are an integral part of the consolidated financial statements.