CDW 2014 Annual Report Download - page 91

Table of Contents CDW CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The Company has state income tax net operating loss carryforwards of $124.0 million , which will expire at various dates from 2015
through 2033 and state tax credit carryforwards of $19.6 million , which expire at various dates from 2016 through 2019.
The Company has not provided for U.S. federal income taxes or tax benefits on the undistributed earnings of its international subsidiary
because such earnings are reinvested and it is currently intended that they will continue to be reinvested indefinitely. At December 31,
2014 , the Company has not provided for federal income taxes on earnings of approximately $66.6 million from its international
subsidiary.
The Company had no unrecognized tax benefits at December 31, 2014, 2013 and 2012 .
In the ordinary course of business, the Company is subject to review by domestic and foreign taxing authorities, including the Internal
Revenue Service (“IRS”).
In general, the Company is no longer subject to audit by the IRS for tax years through 2010 and state, local or
foreign taxing authorities for tax years through 2009. Various other taxing authorities are in the process of auditing income tax returns
of the Company and its subsidiaries. The Company does not anticipate that any adjustments from the audits would have a material
impact on its consolidated financial position, results of operations or cash flows.
The Company accrues net interest and penalties related to unrecognized tax benefits in income tax expense in its consolidated
statements of operations. For the years ended December 31, 2014, 2013 and 2012 , the Company had no liability recorded for the
payment of interest and penalties on unrecognized tax benefits and did not recognize any such interest and penalty expense.
The Company declared and paid cash dividends per common share during the periods presented as follows:
See Note 20 for a discussion of the dividend declared during the first quarter of 2015. Future dividends will be subject to the approval
of the Company's Board of Directors and will depend upon the Company’
s results of operations, financial condition, business prospects,
capital requirements, contractual restrictions, any potential indebtedness the Company may incur, restrictions imposed by applicable
law, tax considerations and other factors that the Company’s Board of Directors deems relevant. In addition, the Company’s ability to
pay dividends on its common stock will be limited by restrictions on the ability of subsidiaries to pay dividends or make distributions to
the Company, in each case, under the terms of certain current and future agreements governing the Company’s indebtedness.
On November 6, 2014, the Company announced that its Board of Directors approved a $500.0 million share repurchase program
effective immediately under which the Company may repurchase shares of its common stock in the open market or through privately
negotiated transactions, depending on share price, market conditions and other factors. The share repurchase program does not obligate
the Company to repurchase any dollar amount or number of shares, and repurchases may be commenced or suspended from time to
time without prior notice. As of the date of this filing, no shares have been repurchased under the share repurchase program.
On January 1, 2014, the first offering period under the Company's Coworker Stock Purchase Plan (the “CSPP”)
commenced. The CSPP
provides the opportunity for eligible coworkers to acquire shares of the Company's common
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9.
Shareholders' Equity
(in millions, except per share amounts)
Dividends Per Share Amount
2014:
First Quarter
$
0.0425
$
7.3
Second Quarter
0.0425
7.3
Third Quarter
0.0425
7.3
Fourth Quarter
0.0675
11.7
2013:
First Quarter
$
—
$
—
Second Quarter — —
Third Quarter — —
Fourth Quarter
0.0425
7.3