CDW 2012 Annual Report Download - page 69

Table of Contents CDW CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
$240.7 million , respectively, for this agreement within accounts payable-inventory financing on the consolidated balance sheets.
The Company also maintains other inventory financing agreements with financial intermediaries to facilitate the purchase of inventory
from certain vendors. During the first quarter of 2012, the Company terminated one of these agreements; amounts owed for subsequent
purchases of this product line are included in accounts payable-trade on the consolidated balance sheet. At December 31, 2011 , $30.3
million owed under this agreement was reported within accounts payable-inventory financing on the consolidated balance sheet.
Of the total amounts owed under other inventory financing agreements at December 31, 2012 and 2011 , $0.9 million and $7.7 million
,
respectively, were collateralized by the inventory purchased under these financing agreements and a second lien on the related accounts
receivable. The remaining amounts owed under other inventory financing agreements were not collateralized.
The Company is obligated under various non-cancelable operating lease agreements for office facilities that generally provide for
minimum rent payments and a proportionate share of operating expenses and property taxes and include certain renewal and expansion
options. For the years ended December 31, 2012, 2011 and 2010 , rent expense under these lease arrangements was $22.4 million ,
$21.6 million and $23.9 million , respectively.
During the year ended December 31, 2011, the Company extinguished its capital lease liability of $0.9 million and recorded a net pre-
tax gain of $0.6 million in its consolidated statement of operations.
Future minimum lease payments are as follows:
Long-term debt was as follows:
(1) Weighted-average interest rate as of December 31, 2012 .
As of December 31, 2012 , the Company was in compliance with the covenants under its various credit agreements as described below.
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6.
Lease Commitments
(in millions)
Years ending December 31,
2013
$
18.3
2014
18.3
2015
17.6
2016
13.1
2017
10.6
Thereafter
28.3
Total future minimum lease payments
$
106.2
7. Long-
Term Debt
(dollars in millions)
December 31,
Interest Rate (1)
2012 2011
Senior secured asset-based revolving credit facility
—
%
$
—
$
—
Senior secured term loan facility
3.9
%
1,339.5
1,540.5
Senior secured notes due 2018
8.0
%
500.0
500.0
Senior notes due 2019
8.5
%
1,305.0
1,175.0
Unamortized premium on senior notes due 2019
5.0
—
Senior subordinated notes due 2017
12.535
%
621.5
721.5
Senior notes due 2015
—
%
—
129.0
Total long-term debt
3,771.0
4,066.0
Less current maturities of long-term debt
(40.0
)
(201.0
)
Long-term debt, excluding current maturities
$
3,731.0
$
3,865.0