CDW 2012 Annual Report Download - page 79
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Table of Contents CDW CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The tax effect of temporary differences that give rise to the net deferred income tax liability is presented below:
The Company has state income tax net operating loss carryforwards of $203.9 million , which will expire at various dates from 2013
through 2031 and state tax credit carryforwards of $12.9 million , which expire at various dates from 2015 through 2017.
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,
2012 , the Company has not provided for federal income taxes on earnings of approximately $40 million from its international
subsidiary.
GAAP provides guidance regarding the recognition, measurement, presentation and disclosure in the financial statements of tax
positions taken or expected to be taken on a tax return. The Company has no unrecognized tax benefits at December 31, 2012 and
2011 .
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
73
(in millions) December 31,
2012
2011
Deferred Tax Assets:
Deferred interest
$
58.3
$
63.6
State net operating loss and credit carryforwards, net
18.0
14.6
Payroll and benefits
16.7
12.9
Equity compensation plans
10.3
7.5
Accounts receivable
4.2
4.4
Charitable contribution carryforward
4.1
9.0
Deferred financing costs
2.3
2.7
Interest rate caps/hedge agreements
1.8
2.6
Trade credits
1.8
2.4
Other
8.4
10.3
Total deferred tax assets
125.9
130.0
Deferred Tax Liabilities:
Software and intangibles
551.4
607.7
Deferred income
146.3
146.4
Property and equipment
29.3
35.1
Other
9.1
8.2
Total deferred tax liabilities
736.1
797.4
Deferred tax asset valuation allowance
—
—
Net deferred tax liability
$
610.2
$
667.4
(in millions) 2012
2011
2010
Balance as of January 1
$
—
$
—
$
11.3
Additions for tax positions related to current year
—
—
—
Additions for tax positions with respect to prior years
—
—
—
Reductions for tax positions with respect to prior years
—
—
(
11.3
)
Reductions for tax positions as a result of:
Settlements
—
—
—
Lapse of statute of limitations
—
—
—
Balance as of December 31
$
—
$
—
$
—