CDW 2014 Annual Report Download - page 70

Table of Contents
CDW CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Years Ended December 31,
2014 2013 2012
Cash flows from operating activities:
Net income
$
244.9
$
132.8
$
119.0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
207.9
208.2
210.2
Equity-based compensation expense
16.4
46.6
22.1
Deferred income taxes
(89.1
)
(48.7
)
(56.3
)
Allowance for doubtful accounts
0.3
—
—
Amortization of deferred financing costs, debt premium, and debt discount, net
6.4
8.8
13.6
Net loss on extinguishments of long-term debt
90.7
64.0
17.2
Income from equity investments
(1.2
)
—
—
Other
0.5
1.7
1.0
Changes in assets and liabilities:
Accounts receivable
(117.6
)
(170.8
)
(10.4
)
Merchandise inventory
44.2
(67.5
)
7.1
Other assets
(18.7
)
(10.1
)
(3.8
)
Accounts payable-trade
43.7
146.1
0.8
Other current liabilities
1.7
64.1
(2.1
)
Long-term liabilities
4.9
(8.9
)
(1.0
)
Net cash provided by operating activities
435.0
366.3
317.4
Cash flows from investing activities:
Capital expenditures
(55.0
)
(47.1
)
(41.4
)
Payment for equity investment
(86.8
)
—
—
Payment of accrued charitable contribution related to the MPK Coworker Incentive Plan II
(20.9
)
—
—
Premium payments on interest rate cap agreements
(2.1
)
—
(
0.3
)
Net cash used in investing activities
(164.8
)
(47.1
)
(41.7
)
Cash flows from financing activities:
Proceeds from borrowings under revolving credit facility —
63.0
289.0
Repayments of borrowings under revolving credit facility —
(
63.0
)
(289.0
)
Repayments of long-term debt
(15.4
)
(51.1
)
(201.0
)
Proceeds from issuance of long-term debt
1,175.0
1,535.2
135.7
Payments to extinguish long-term debt
(1,299.0
)
(2,047.4
)
(243.2
)
Payments of debt financing costs
(21.9
)
(6.1
)
(2.1
)
Investment from CDW Holdings LLC, net —
—
2.8
Net change in accounts payable-inventory financing
75.5
7.4
(29.5
)
Proceeds from issuance of common shares —
424.7
—
Proceeds from stock option exercises
1.3
—
—
Proceeds from Coworker Stock Purchase Plan
5.8
—
—
Dividends paid
(33.6
)
(7.3
)
—
Excess tax benefits from equity-based compensation
0.3
0.6
—
Payment of incentive compensation plan withholding taxes —
(
24.1
)
—
Repurchase of common shares —
(
0.2
)
(0.7
)
Net cash used in financing activities
(112.0
)
(168.3
)
(338.0
)
Effect of exchange rate changes on cash and cash equivalents
(1.8
)
(0.7
)
0.3
Net increase (decrease) in cash and cash equivalents
156.4
150.2
(62.0
)
Cash and cash equivalents – beginning of period
188.1
37.9
99.9
Cash and cash equivalents – end of period
$
344.5
$
188.1
$
37.9
Supplementary disclosure of cash flow information: