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Table of Contents
The accompanying notes are an integral part of the consolidated financial statements.
61
CDW CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per-share amounts)
Years Ended December 31,
2014
2013
2012
Net sales
$
12,074.5
$
10,768.6
$
10,128.2
Cost of sales
10,153.2
9,008.3
8,458.6
Gross profit
1,921.3
1,760.3
1,669.6
Selling and administrative expenses
1,110.3
1,120.9
1,029.5
Advertising expense
138.0
130.8
129.5
Income from operations
673.0
508.6
510.6
Interest expense, net
(197.3
)
(250.1
)
(307.4
)
Net loss on extinguishments of long-term debt
(90.7
)
(64.0
)
(17.2
)
Other income, net
2.7
1.0
0.1
Income before income taxes
387.7
195.5
186.1
Income tax expense
(142.8
)
(62.7
)
(67.1
)
Net income
$
244.9
$
132.8
$
119.0
Net income per common share:
Basic
$
1.44
$
0.85
$
0.82
Diluted
$
1.42
$
0.84
$
0.82
Weighted-average number of common shares outstanding:
Basic
170.6
156.6
145.1
Diluted
172.8
158.7
145.8
Cash dividends declared per common share
$
0.1950
$
0.0425
$
—