CDW 2012 Annual Report Download - page 58

Table of Contents
CDW CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Years Ended December 31,
2012 2011 2010
Cash flows from operating activities:
Net income (loss)
$
119.0
$
17.1
$
(29.2
)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization
210.2
204.9
209.4
Equity-based compensation expense
22.1
19.5
11.5
Deferred income taxes
(56.3
)
(10.2
)
(4.3
)
Allowance for doubtful accounts —
0.4
(1.3
)
Amortization of deferred financing costs and debt premium
13.6
15.7
18.0
Net loss (gain) on extinguishments of long-term debt
17.2
118.9
(2.0
)
Realized loss on interest rate swap agreements —
2.8
51.5
Mark to market loss on interest rate derivatives
0.9
4.2
4.7
Net loss on sale and disposals of assets
0.1
0.3
0.7
Other —
(
0.6
)
(0.6
)
Changes in assets and liabilities:
Accounts receivable
(8.6
)
(165.3
)
(81.5
)
Merchandise inventory
7.1
(29.0
)
(34.9
)
Other assets
(3.8
)
50.3
(61.9
)
Accounts payable-trade
0.8
(19.8
)
269.3
Other current liabilities
(3.9
)
21.5
77.8
Long-term liabilities
(1.0
)
(16.0
)
(3.5
)
Net cash provided by operating activities
317.4
214.7
423.7
Cash flows from investing activities:
Capital expenditures
(41.4
)
(45.7
)
(41.5
)
Cash settlements on interest rate swap agreements —
(
6.6
)
(78.2
)
Premium payments on interest rate cap agreements
(0.3
)
(3.7
)
(5.9
)
Proceeds from sale of assets and other —
—
0.2
Net cash used in investing activities
(41.7
)
(56.0
)
(125.4
)
Cash flows from financing activities:
Proceeds from borrowings under revolving credit facility
289.0
1,295.0
770.8
Repayments of borrowings under revolving credit facility
(289.0
)
(1,483.2
)
(1,074.1
)
Repayments of long-term debt
(201.0
)
(132.0
)
(16.5
)
Proceeds from issuance of long-term debt
135.7
1,175.0
500.0
Payments to extinguish long-term debt
(243.2
)
(1,175.0
)
(518.6
)
Payments of debt financing costs
(2.1
)
(26.3
)
(14.3
)
Investment from CDW Holdings LLC, net
2.8
1.0
—
Net change in accounts payable-inventory financing
(29.5
)
250.5
3.2
Repurchase of Class B common shares
(0.7
)
(0.4
)
—
Principal payments under capital lease obligations —
—
(
0.6
)
Net cash used in financing activities
(338.0
)
(95.4
)
(350.1
)
Effect of exchange rate changes on cash and cash equivalents
0.3
—
0.4
Net (decrease) increase in cash and cash equivalents
(62.0
)
63.3
(51.4
)
Cash and cash equivalents – beginning of period
99.9
36.6
88.0