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Table of Contents CDW CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following table presents a summary of intangible assets at December 31, 2014 and 2013 :
During 2014, the Company recorded disposals of $41.7 million to remove fully amortized internally developed software assets that
were no longer in use from intangible assets.
Amortization expense related to intangible assets for the years ended December 31, 2014, 2013 and 2012 was $182.1 million , $181.0
million and $178.2 million , respectively.
Estimated future amortization expense related to intangible assets for the next five years is as follows:
The Company has entered into agreements with certain financial intermediaries to facilitate the purchase of inventory from various
suppliers under certain terms and conditions, as described below. These amounts are classified separately as accounts payable-
inventory
financing on the accompanying consolidated balance sheets. The Company does not incur any interest expense associated with these
agreements as balances are paid when they are due.
The following table presents the amounts included in accounts payable-inventory financing:
As described in Note 7, in June 2014, the Company entered into a new senior secured asset-based revolving credit facility, which
incorporates the previous inventory floorplan sub-facility and, among other changes, removes the $400.0 million limit on the size of the
floorplan sub-facility. In connection with the floorplan sub-facility, the Company maintains an inventory financing agreement on an
unsecured basis with a financial intermediary to facilitate
73
(in millions)
December 31, 2014
Gross
Carrying
Amount
Accumulated
Amortization
Net Carrying
Amount
Customer relationships
$
1,859.7
$
1,012.1
$
847.6
Trade name
421.0
152.0
269.0
Internally developed software
110.1
58.9
51.2
Other
3.2
2.2
1.0
Total
$
2,394.0
$
1,225.2
$
1,168.8
December 31, 2013
Customer relationships
$
1,860.8
$
872.8
$
988.0
Trade name
421.0
130.9
290.1
Internally developed software
128.5
79.8
48.7
Other
3.1
1.9
1.2
Total
$
2,413.4
$
1,085.4
$
1,328.0
(in millions)
Years ending December 31,
2015
$
180.7
2016
172.8
2017
167.1
2018
160.4
2019
158.9
5.
Inventory Financing Agreements
(in millions)
December 31,
2014
2013
Revolving Loan inventory financing agreement
$
330.1
$
256.1
Other inventory financing agreements
2.0
0.5
Accounts payable-inventory financing
$
332.1
$
256.6