10-Q 1 cdw-20220930.htm 10-Q cdw-20220930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 FORM 10-Q
(Mark One)
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
or
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                     to             

Commission File Number 001-35985
cdw-20220930_g1.gif
CDW CORPORATION
(Exact name of registrant as specified in its charter) 
Delaware26-0273989
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
75 Tri-State International
Lincolnshire, Illinois
60069
(Address of principal executive offices)(Zip Code)
(847) 465-6000
(Registrant’s telephone number, including area code)
None
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareCDWNasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.      Yes      No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).      Yes      No


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act: 
Large accelerated filer  Accelerated filer
Non-accelerated filer☐   Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).       Yes      No
As of October 28, 2022, there were 135,390,982 shares of common stock, $0.01 par value, outstanding.


CDW CORPORATION AND SUBSIDIARIES
FORM 10-Q

TABLE OF CONTENTS

 Page
PART IFINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART IIOTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
SIGNATURES


PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
CDW CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(dollars in millions, except per share amounts)
September 30, 2022December 31, 2021
Assets(unaudited)
Current assets:
Cash and cash equivalents$384.6 $258.1 
Accounts receivable, net of allowance for credit losses of $24.0 and $20.4, respectively
4,549.4 4,499.4 
Merchandise inventory914.5 927.6 
Miscellaneous receivables486.4 435.5 
Prepaid expenses and other560.3 357.5 
Total current assets6,895.2 6,478.1 
Operating lease right-of-use assets153.8 155.6 
Property and equipment, net188.0 195.8 
Goodwill4,327.5 4,382.9 
Other intangible assets, net1,525.5 1,628.1 
Other assets385.6 358.9 
Total Assets$13,475.6 $13,199.4 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable-trade$3,251.1 $3,114.2 
Accounts payable-inventory financing478.7 448.3 
Current maturities of long-term debt57.8 102.7 
Contract liabilities437.7 402.9 
Accrued expenses and other current liabilities:
Compensation359.1 361.7 
Advertising169.8 145.5 
Sales and income taxes58.0 65.9 
Other546.6 454.8 
Total current liabilities5,358.8 5,096.0 
Long-term liabilities:
Debt6,100.0 6,755.8 
Deferred income taxes208.3 222.3 
Operating lease liabilities180.0 184.2 
Other liabilities302.5 235.4 
Total long-term liabilities6,790.8 7,397.7 
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value, 100.0 shares authorized; no shares issued or outstanding for both periods
  
Common stock, $0.01 par value, 1,000.0 shares authorized; 135.3 and 134.8 shares outstanding, respectively
1.4 1.3 
Paid-in capital3,481.5 3,369.5 
Accumulated deficit(1,969.3)(2,570.7)
Accumulated other comprehensive loss(187.6)(94.4)
Total stockholders’ equity1,326.0 705.7 
Total Liabilities and Stockholders’ Equity$13,475.6 $13,199.4 

The accompanying notes are an integral part of the Consolidated Financial Statements.
3

CDW CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in millions, except per-share amounts)
(unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Net sales$6,215.5 $5,300.0 $18,310.4 $15,283.9 
Cost of sales4,982.3 4,385.1 14,804.9 12,691.0 
Gross profit1,233.2 914.9 3,505.5 2,592.9 
Selling and administrative expenses766.8 528.5 2,216.9 1,513.2 
Operating income466.4 386.4 1,288.6 1,079.7 
Interest expense, net(62.6)(36.4)(176.3)(107.5)
Other (expense) income, net(4.8)0.4 (5.7)38.3 
Income before income taxes399.0 350.4 1,106.6 1,010.5 
Income tax expense(101.2)(83.8)(279.3)(237.2)
Net income $297.8 $266.6 $827.3 $773.3 
Net income per common share:
Basic$2.20 $1.94 $6.12 $5.54 
Diluted$2.17 $1.91 $6.04 $5.47 
Weighted-average common shares outstanding:
Basic135.3 137.3 135.1 139.5 
Diluted137.1 139.4 136.9 141.4 

The accompanying notes are an integral part of the Consolidated Financial Statements.
4

CDW CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(dollars in millions)
(unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Net income $297.8 $266.6 $827.3 $773.3 
Other comprehensive income (loss):
Unrealized gain from cash flow hedge, net of tax0.7  2.1  
Reclassification of cash flow hedge loss to net income, net of tax1.0 0.7 2.6 1.7 
Foreign currency translation, net of tax(50.0)(15.0)(97.9)(3.4)
Other comprehensive income (loss)(48.3)(14.3)(93.2)(1.7)
Comprehensive income$249.5 $252.3 $734.1 $771.6 

The accompanying notes are an integral part of the Consolidated Financial Statements.
5

CDW CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in millions)
(unaudited)
 Nine Months Ended September 30,
 20222021
Cash flows from operating activities:
Net income$827.3 $773.3 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization218.1 140.0 
Equity-based compensation expense71.4 53.3 
Deferred income taxes(12.3)(6.7)
Provision for credit losses6.6 (7.3)
Other 13.1 (33.4)
Changes in assets and liabilities:
Accounts receivable(156.2)(323.5)
Merchandise inventory(16.1)(87.5)
Other assets(273.9)(92.6)
Accounts payable-trade188.5 179.7 
Other liabilities227.5 41.4 
Net cash provided by operating activities1,094.0 636.7 
Cash flows from investing activities:
Capital expenditures(97.2)(66.2)
Acquisitions of businesses, net of cash acquired(28.0)(339.7)
Proceeds from the sale of equity method investment 36.0 
Net cash used in investing activities(125.2)(369.9)
Cash flows from financing activities:
Proceeds from borrowings under revolving credit facility1,854.6 548.3 
Repayments of borrowings under revolving credit facility(2,047.3)(379.6)
Repayments of debt(435.5)(11.2)
Repayments of receivable financing liability(58.9)(2.1)
Payments to extinguish debt (56.5)
Net change in accounts payable-inventory financing46.6 (183.7)
Financing payments for revenue generating assets (46.1)
Repurchases of common stock (1,185.3)
Proceeds from stock option exercises20.7 60.7 
Payment of incentive compensation plan withholding taxes(21.9)(28.4)
Dividend payments(202.7)(167.1)
Other14.0 19.2 
Net cash used in financing activities(830.4)(1,431.8)
Effect of exchange rate changes on cash and cash equivalents(11.9)(0.1)
Net increase (decrease) in cash and cash equivalents126.5 (1,165.1)
Cash and cash equivalents—beginning of period258.1 1,410.2 
Cash and cash equivalents—end of period$384.6 $245.1 
Supplementary disclosure of cash flow information:
Interest paid$(131.6)$(85.1)
Income taxes paid, net$(274.5)$(264.4)

The accompanying notes are an integral part of the Consolidated Financial Statements.
6

CDW CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY
(dollars in millions)
(unaudited)
Three Months Ended September 30, 2022
Common Stock
SharesAmountPaid-in
Capital
Accumulated
Deficit
Accumulated Other Comprehensive Loss
Total
Stockholders’ Equity
Balance as of June 30, 2022135.2 $1.4 $3,441.8 $(2,197.7)$(139.3)$1,106.2 
Net income— — — 297.8 — 297.8 
Equity-based compensation expense— — 26.8 — — 26.8 
Stock option exercises0.1 — 5.6 — — 5.6 
Coworker Stock Purchase Plan  — 6.9 — — 6.9 
Dividends paid ($0.50 per share)
— — 0.4 (68.1)— (67.7)
Incentive compensation plan stock withheld for taxes— — — (1.3)— (1.3)
Unrealized gain on cash flow hedge— — — — 0.7 0.7 
Reclassification of cash flow hedge loss to net income— — — — 1.0 1.0 
Foreign currency translation— — — — (50.0)(50.0)
Balance as of September 30, 2022135.3 $1.4 $3,481.5 $(1,969.3)$(187.6)$1,326.0 

Three Months Ended September 30, 2021
Common Stock
SharesAmountPaid-in
Capital
Accumulated
Deficit
Accumulated Other Comprehensive Loss
Total
Stockholders’ Equity
Balance as of June 30, 2021138.3 $1.4 $3,294.1 $(2,163.5)$(83.2)$1,048.8 
Net income— — — 266.6 — 266.6 
Equity-based compensation expense— — 16.9 — — 16.9 
Stock option exercises0.3 — 18.9 — — 18.9 
Coworker Stock Purchase Plan  — 5.5 — — 5.5 
Repurchases of common stock(2.4) — (450.0)— (450.0)
Dividends paid ($0.40 per share)
— — 0.3 (55.1)— (54.8)
Incentive compensation plan stock withheld for taxes— — — (0.6)— (0.6)
Reclassification of cash flow hedge loss to net income— — — — 0.7 0.7 
Foreign currency translation— — — — (15.0)(15.0)
Balance as of September 30, 2021136.2 $1.4 $3,335.7 $(2,402.6)$(97.5)$837.0 
7

CDW CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(dollars in millions)
(unaudited)
Nine Months Ended September 30, 2022
Common Stock
SharesAmountPaid-in
Capital
Accumulated
Deficit
Accumulated Other Comprehensive LossTotal
Stockholders’ Equity
Balance as of December 31, 2021134.8 $1.3 $3,369.5 $(2,570.7)$(94.4)$705.7 
Net income— — — 827.3 — 827.3 
Equity-based compensation expense— — 71.4 — — 71.4 
Stock option exercises0.4 0.1 20.6 — — 20.7 
Coworker Stock Purchase Plan0.1 — 18.7 — — 18.7 
Dividends paid ($1.50 per share)
— — 1.3 (204.0)— (202.7)
Incentive compensation plan stock withheld for taxes— — — (21.9)— (21.9)
Unrealized gain on cash flow hedge— — — — 2.1 2.1 
Reclassification of cash flow hedge loss to net income— — — — 2.6 2.6 
Foreign currency translation— — — — (97.9)(97.9)
Balance as of September 30, 2022135.3 $1.4 $3,481.5 $(1,969.3)$(187.6)$1,326.0 

Nine Months Ended September 30, 2021
Common Stock
SharesAmountPaid-in
Capital
Accumulated
Deficit
Accumulated Other Comprehensive LossTotal
Stockholders’ Equity
Balance as of December 31, 2020141.9 $1.4 $3,204.9 $(1,813.4)$(95.8)$1,297.1 
Net income— — — 773.3 — 773.3 
Equity-based compensation expense— — 53.3 — — 53.3 
Stock option exercises1.2 — 60.7 — — 60.7 
Coworker Stock Purchase Plan0.1 — 15.9 — — 15.9 
Repurchases of common stock(7.0)— — (1,185.3)— (1,185.3)
Dividends paid ($1.20 per share)
— — 0.9 (168.0)— (167.1)
Incentive compensation plan stock withheld for taxes— — — (28.4)— (28.4)
Reclassification of cash flow hedge loss to net income— — — — 1.7 1.7 
Foreign currency translation— — — — (3.4)(3.4)
Impact of adoption of Topic 740— — — 19.2 — 19.2 
Balance as of September 30, 2021136.2 $1.4 $3,335.7 $(2,402.6)$(97.5)$837.0 

The accompanying notes are an integral part of the Consolidated Financial Statements.
8

CDW CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share data, unless otherwise noted)

1.    Description of Business and Summary of Significant Accounting Policies
Description of Business
CDW Corporation (“Parent”), a Fortune 500 company and member of the S&P 500 Index, is a leading multi-brand provider of information technology (“IT”) solutions to small, medium and large business, government, education and healthcare customers in the United States (“US”), the United Kingdom (“UK”) and Canada. The Company’s broad array of offerings ranges from discrete hardware and software products to integrated IT solutions and services that include on-premise and cloud capabilities across hybrid infrastructure, digital experience and security.
Throughout this report, the terms the “Company” and “CDW” refer to Parent and its 100% owned subsidiaries.
Parent has two 100% owned subsidiaries, CDW LLC and CDW Finance Corporation. CDW LLC is an Illinois limited liability company that, together with its 100% owned subsidiaries, holds all material assets and conducts all business activities and operations of the Company. CDW Finance Corporation is a Delaware corporation formed for the sole purpose of acting as co-issuer of certain debt obligations and does not hold any material assets or engage in any business activities or operations.
Basis of Presentation
The accompanying unaudited interim Consolidated Financial Statements as of September 30, 2022 and for the three and nine months ended September 30, 2022 and 2021 (the “Consolidated Financial Statements”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) and the rules and regulations of the US Securities and Exchange Commission (the “SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. The presentation of the Consolidated Financial Statements requires the Company to make estimates and assumptions that affect reported amounts and related disclosures. In the opinion of management, the Consolidated Financial Statements contain all adjustments (consisting of a normal, recurring nature) necessary to present fairly the Company’s financial position, results of operations, comprehensive income, cash flows and changes in stockholders’ equity as of the dates and for the periods indicated. The unaudited results of operations for such interim periods reported are not necessarily indicative of results for the full year.
These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “December 31, 2021 Consolidated Financial Statements”). The significant accounting policies and estimates used in preparing these Consolidated Financial Statements were applied on a basis consistent with those reflected in the December 31, 2021 Consolidated Financial Statements.
On December 1, 2021, the Company completed its acquisition of all issued and outstanding equity interests in Granite Parent, Inc., the parent company of Sirius Computer Solutions, Inc. (“Sirius”), a leading provider of secure, mission-critical technology-based solutions and one of the largest IT solutions integrators in the United States. The Company included the financial results of Sirius in its Consolidated Financial Statements from the date of the acquisition.
Principles of Consolidation
The Consolidated Financial Statements include the accounts of Parent and its 100% owned subsidiaries. All intercompany transactions and accounts are eliminated in consolidation.
9

CDW CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share data, unless otherwise noted)
2.    Recent Accounting Pronouncements
In September 2022, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. This ASU requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose key terms of the programs and information about the obligations that are outstanding at the end of the reporting period. This disclosure requirement is intended to provide information about an entity’s use of supplier finance programs and their effect on the entity’s working capital, liquidity and cash flows. The ASU is effective for all entities for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the rollforward requirement, which is effective for fiscal years beginning after December 15, 2023. The Company plans to adopt the standard during the first quarter of 2023, except for the rollforward requirement, which will be adopted during the first quarter of 2024. The standard does not affect the Company's recognition, measurement or financial statement presentation of supplier finance program obligations on the Consolidated Financial Statements. The Company is currently evaluating the impact the ASU will have on its disclosures.

3.    Acquisitions
Sirius
On December 1, 2021, the Company completed its acquisition of Sirius for an aggregate consideration paid, net of cash acquired, of approximately $2.4 billion. The purchase price allocation is preliminary and is subject to change during the measurement period, which is not to exceed 12 months from the close of the acquisition. During the nine months ended September 30, 2022, there have been no significant adjustments to the preliminary purchase price allocation from those disclosed in the Company’s December 31, 2021 Consolidated Financial Statements. At this time, the Company is in the process of finalizing the purchase price allocation, which includes finalizing the valuation assumptions for customer relationships, such as customer attrition rate, as well as the allocation of goodwill across the reporting units.
Focal Point Data Risk LLC and certain affiliates (“Focal Point”)
On July 30, 2021, the Company completed its acquisition of Focal Point through a purchase of all issued and outstanding equity interests. The purchase price allocation was final as of June 30, 2022. There were no adjustments to the preliminary purchase price allocation disclosed in the Company’s December 31, 2021 Consolidated Financial Statements.
Amplified IT LLC (“Amplified IT”)
On March 15, 2021, the Company completed its acquisition of Amplified IT through a purchase of all issued and outstanding membership interests. The purchase price allocation was final as of March 31, 2022. There were no adjustments to the preliminary purchase price allocation disclosed in the Company’s December 31, 2021 Consolidated Financial Statements.
4.    Accounts Receivable and Contract Balances
Accounts Receivable
The timing of revenue recognition may differ from the time of billing to customers. Accounts receivable presented on the Consolidated Balance Sheets represent an unconditional right to consideration, which includes unbilled receivables. Unbilled receivables represent revenues that are not currently billable but payment is unconditional and solely subject to the passage of time. These items are expected to be billed and collected in the normal course of business. The balance of the Company’s accounts receivable is classified as current for amounts expected to be collected within 12 months and noncurrent for amounts to be collected beyond 12 months. The following table details the total accounts receivable recognized and the related classification on the Consolidated Balance Sheets:
September 30, 2022December 31, 2021
Accounts receivable, current(1)
$4,549.4 $4,499.4 
Accounts receivable, noncurrent(2)
199.6 197.4 
Total accounts receivable$4,749.0 $4,696.8 
10

CDW CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share data, unless otherwise noted)
(1)Accounts receivable, current are presented within Accounts receivable, net of allowance for credit losses on the Consolidated Balance Sheets.
(2)Accounts receivable, noncurrent are presented within Other assets on the Consolidated Balance Sheets.
From time to time, the Company transfers certain accounts receivable, without recourse, to third-party financial companies as a method to reduce the Company’s credit exposure and accelerate cash collections. Such transfers are recognized as a sale and the related accounts receivable is derecognized from the Consolidated Balance Sheet upon receipt of the third-party financing company’s payment. During the nine months ended September 30, 2022 and 2021, the Company sold approximately $445 million and $104 million of accounts receivable, respectively.
Contract Balances
Contract assets and liabilities represent the difference in the timing of revenue recognition from receipt of cash from customers. Contract assets represent revenue recognized on performance obligations satisfied or partially satisfied for which the Company has no unconditional right to consideration. Contract liabilities consist of payments received from customers, or such consideration that is contractually due, in advance of providing the product or performing services. The following table details information about the Company’s contract balances recognized on the Consolidated Balance Sheets:
September 30, 2022December 31, 2021
Contract assets(1)
$274.2 $134.7 
Contract liabilities(2)(3)
$460.5 $423.3 
(1)Contract assets are presented within Prepaid expenses and other on the Consolidated Balance Sheets.
(2)Includes $23 million and $20 million of long-term contract liabilities that are presented within Other liabilities on the Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021, respectively.
(3)During the nine months ended September 30, 2022 and 2021, the Company recognized revenue of $223 million and $156 million, respectively, related to its contract liabilities that were included in the beginning balance of the respective periods.
A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The following table represents the total transaction price for the remaining performance obligations as of September 30, 2022, related to non-cancelable contracts longer than 12 months in duration that is expected to be recognized over future periods.
Within 1 YearYears 1-2Years 2-3Thereafter
Remaining performance obligations$49.6 $22.7 $9.3 $1.3 
5.    Inventory Financing Agreements
The Company has entered into agreements with certain financial intermediaries to facilitate the purchase of inventory from various suppliers under certain terms and conditions, as described below. These amounts are classified separately as Accounts payable-inventory financing on the Consolidated Balance Sheets. The Company does not incur any interest expense associated with these agreements as balances are paid when they are due.
Amounts included in Accounts payable-inventory financing are as follows:
September 30, 2022December 31, 2021
Revolving Loan inventory financing agreement(1)
$434.6 $310.1 
Other inventory financing agreements44.1 138.2 
Accounts payable-inventory financing$478.7 $448.3 
(1)The revolving credit facility includes an inventory floorplan sub-facility that enables the Company to maintain an inventory financing agreement with a financial intermediary.
11

CDW CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share data, unless otherwise noted)
6.    Financial Instruments
The Company does not hold or issue derivative financial instruments for trading or speculative purposes. The Company’s indebtedness creates interest rate risk on its variable-rate debt. The Company uses derivative financial instruments to manage its exposure to interest rate risk. For additional information, see Note 7 (Debt).
The Company has interest rate cap agreements that entitle it to payments from the counterparty of the amount, if any, by which the three-month London Interbank Offered Rate (“LIBOR”) exceeds the strike rates of the caps during the agreement period in exchange for an upfront premium. During the nine months ended September 30, 2022, the Company did not enter into new interest rate cap agreements.
As of September 30, 2022 and December 31, 2021, the Company had interest rate cap agreements with a fair value of $3 million and less than $1 million, respectively, which were classified within Other assets on the Consolidated Balance Sheets. The total notional amount of the interest rate cap agreements was $1.3 billion as of September 30, 2022 and December 31, 2021, which mature on December 31, 2022.
The fair values of the Company’s interest rate cap agreements are classified as Level 2 in the fair value hierarchy. The valuation of the interest rate cap agreements is derived by using a discounted cash flow analysis on the expected cash receipts that would occur if variable interest rates rise above the strike rates of the caps. This analysis reflects the contractual terms of the interest rate cap agreements, including the period to maturity, and uses observable market-based inputs, including LIBOR curves and implied volatilities. The Company also incorporates insignificant credit valuation adjustments to appropriately reflect the respective counterparty’s nonperformance risk in the fair value measurements. The counterparty credit spreads are based on publicly available credit information obtained from a third-party credit data provider.
Since inception, the total notional amount of $1.3 billion in interest rate cap agreements were designated as cash flow hedges. As a result of the prepayment on the senior unsecured term loan facility, the Company dedesignated a notional amount of $350 million, which did not result in a material impact to the Consolidated Financial Statements for the three and nine months ended September 30, 2022. For additional information on the prepayment, see Note 7 (Debt). The changes in the fair value of derivatives that qualify as cash flow hedges are recorded in Accumulated other comprehensive loss (“AOCL”) and are subsequently reclassified into Interest expense in the period when the hedged forecasted transaction affects earnings. The following table provides the activity in AOCL, net of tax, for the three and nine months ended September 30, 2022 and 2021.
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Change in fair value recorded to AOCL$0.7 $ $2.1 $ 
Reclassification from AOCL to Interest expense, net$1.0 $0.7 $2.6 $1.7 
The Company expects to reclassify $1 million from AOCL to earnings within Interest expense, net within the next 12 months.
12

CDW CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share data, unless otherwise noted)
7.    Debt
As of September 30, 2022As of December 31, 2021
Maturity DateInterest RateAmountInterest RateAmount
Credit Facility
Senior unsecured revolving loan facilityDecember 2026Variable$101.6 Variable$316.4 
Term Loan
Senior unsecured term loan facilityDecember 2026Variable984.5 Variable1,420.0 
Unsecured Senior Notes
Senior notes due 2024December 20245.500 %575.0 5.500 %575.0 
Senior notes due 2025May 20254.125 %600.0 4.125 %600.0 
Senior notes due 2028April 20284.250 %600.0 4.250 %600.0 
Senior notes due 2029February 20293.250 %700.0 3.250 %700.0 
Senior notes due 2026December 20262.670 %1,000.0 2.670 %1,000.0 
Senior notes due 2028December 20283.276 %500.0 3.276 %500.0 
Senior notes due 2031December 20313.569 %1,000.0 3.569 %1,000.0 
Total unsecured senior notes4,975.0 4,975.0 
Receivable financing liability124.3 179.5 
Other long-term obligations12.2 13.6 
Unamortized discounts and deferred financing fees(39.8)(46.0)
Current maturities of long-term debt(57.8)(102.7)
Total long-term debt$6,100.0 $6,755.8 
As of September 30, 2022, the Company is in compliance with the covenants under its credit agreements and indentures.
Credit Facility
The Company has a variable rate senior unsecured revolving loan facility (the “Revolving Loan Facility”) from which it may draw tranches denominated in US dollars, British pounds or Euros. The interest rate is based on LIBOR plus a margin or an alternate base rate plus a margin, where the margin is based on the Company’s senior unsecured rating. The Revolving Loan Facility is used by the Company for borrowings, issuances of letters of credit and floorplan financing. As of September 30, 2022, the Company could have borrowed up to an additional $1.1 billion under the Revolving Loan Facility. As of September 30, 2022, the Revolving Loan Facility had less than $1 million of undrawn letters of credit and $429 million reserved for the floorplan sub-facility.
Term Loan
The senior unsecured term loan facility (the “Term Loan Facility”) has a variable interest rate, which has effectively been capped through the use of interest rate caps. The interest rate is based on LIBOR plus a margin, where the margin is determined by the Company’s senior unsecured credit rating. During the three months ended September 30, 2022, the Company prepaid $400 million on the Term Loan Facility without penalty. In total, the Company paid $436 million during the nine months ended September 30, 2022. As a result of the prepayment, no additional mandatory payments are required on the remaining principal amount until its maturity date.
Unsecured Senior Notes
The unsecured senior notes have a fixed interest rate, which is paid semi-annually.
13

CDW CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share data, unless otherwise noted)
Receivable Financing
As a result of the Sirius acquisition, the Company assumed liabilities related to receivable financing. Such amounts relate to certain accounts receivable transferred to third-party financial companies that did not qualify as a sale under the terms of the agreements. The proceeds from these arrangements are recognized as a liability and the associated accounts receivable remains on the Consolidated Balance Sheet until the liability is settled. The Company did not execute any transfers under these agreements during the nine months ended September 30, 2022.
Fair Value
The fair values of the unsecured senior notes were estimated using quoted market prices for identical liabilities that are traded in over-the-counter secondary markets. The fair value of the Term Loan Facility was estimated using dealer quotes for identical liabilities in markets that are not considered active. The unsecured senior notes and Term Loan Facility were classified as Level 2 within the fair value hierarchy. The carrying value of the Revolving Loan Facility approximates fair value.
The approximate fair values and related carrying values of the Company’s long-term debt, including current maturities and excluding unamortized discount and unamortized deferred financing costs, were as follows:
September 30, 2022December 31, 2021
Fair value$5,494.7 $6,996.0 
Carrying value6,197.6 6,904.5 
8.    Income Taxes
Income tax expense was $101 million and $84 million for the three months ended September 30, 2022 and 2021, respectively. The effective tax rate, expressed by calculating the income tax expense as a percentage of Income before income taxes, was 25.4% and 23.9% for the three months ended September 30, 2022 and 2021, respectively. Income tax expense was $279 million and $237 million for the nine months ended September 30, 2022 and 2021, respectively. The effective tax rate, expressed by calculating the income tax expense as a percentage of Income before income taxes, was 25.2% and 23.5% for the nine months ended September 30, 2022 and 2021, respectively.
The effective tax rate for both the three and nine months ended September 30, 2022 differed from the US federal statutory rate of 21.0% primarily due to state and local income taxes, partially offset by excess tax benefits on equity-based compensation. The effective tax rate for the three months ended September 30, 2021 differed from the US federal statutory rate of 21.0% primarily due to state and local income taxes, partially offset by excess tax benefits on equity-based compensation. The effective tax rate for the nine months ended September 30, 2021 differed from the US federal statutory rate of 21.0% primarily due to state and local income taxes and a discrete deferred tax expense as a result of an increase in the UK corporate tax rate effective in 2023, partially offset by excess tax benefits on equity-based compensation.
14

CDW CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share data, unless otherwise noted)
9.