CDW 2012 Annual Report Download - page 77
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Table of Contents CDW CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The effect of derivative instruments on the consolidated statements of operations for the years ended December 31, 2012, 2011 and
2010 was as follows:
The Company had no derivative instruments with credit-risk-related contingent features that were in a liability position as of
December 31, 2012 .
71
Derivatives not designated as hedging instruments
(in millions) Amount of Loss Recognized in
Interest Expense, net
2012
2011
2010
Interest rate cap agreements
$
(0.9
)
$
(4.2
)
$
(4.7
)
Total
$
(0.9
)
$
(4.2
)
$
(4.7
)
Derivatives designated as hedging instruments
(in millions)
Amount of Loss Recognized in
Other Comprehensive Income
(Effective Portion)
2012
2011
2010
Interest rate swap agreements
$
—
$
—
$
(
35.7
)
(2)
Total
$
—
$
—
$
(
35.7
)
Amount of Loss Reclassified
from Accumulated Other Comprehensive Loss
into Interest Expense, net
(Effective Portion)
2012
2011
2010
Interest rate swap agreements
$
—
$
(
2.8
)
(1)
$
(77.3
)
(3)
Total
$
—
$
(
2.8
)
$
(77.3
)
Amount of Gain
Recognized in Interest Expense,
net
(Ineffective Portion)
2012
2011
2010
Interest rate swap agreements
$
—
$
—
$
25.8
(4)
Total
$
—
$
—
$
25.8
(1) The Company reclassified realized losses of $2.8 million from accumulated other comprehensive loss to net income, or $1.9
million net of tax as reflected on the Company's consolidated statement of shareholders' equity (deficit).
(2) The Company recorded changes in unrealized losses of $35.7 million in accumulated other comprehensive loss. A net amount
of $32.1 million was reflected in the consolidated statement of shareholders’ equity (deficit), primarily due to a deferred tax
adjustment of $3.8 million applied to a portion of this amount.
(3) The Company reclassified realized losses of $77.3 million from accumulated other comprehensive loss to net loss, or $47.3
million net of tax as reflected in the consolidated statement of shareholders’ equity (deficit).
(4) The Company recorded a net, non-cash gain of $25.8 million in earnings, primarily comprised of the $62.2 million gain
representing the cumulative change in the fair value of the amended swap, partially offset by the $38.2 million of loss
reclassified to earnings related to the discontinued and de-designated swaps.