CDW CORP, 10-Q filed on 5/7/2025
Quarterly Report
v3.25.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2025
May 02, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
Document Transition Report false  
Entity File Number 001-35985  
Entity Registrant Name CDW CORP  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 26-0273989  
Entity Address, Address Line One 200 N. Milwaukee Avenue  
Entity Address, City or Town Vernon Hills  
Entity Address, State or Province IL  
Entity Address, Postal Zip Code 60061  
City Area Code 847  
Local Phone Number 465-6000  
Title of 12(b) Security Common stock, par value $0.01 per share  
Trading Symbol CDW  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   131,685,150
Entity Central Index Key 0001402057  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.25.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 471.4 $ 503.5
Short-term investments 216.7 214.2
Accounts receivable, net of allowance for credit losses of $47.5 and $43.3, respectively 5,334.4 5,135.8
Merchandise inventory 720.2 605.3
Miscellaneous receivables 523.6 509.9
Prepaid expenses and other 385.3 404.4
Total current assets 7,651.6 7,373.1
Operating lease right-of-use assets 112.9 120.2
Property and equipment, net 188.3 192.0
Goodwill 4,636.1 4,620.4
Other intangible assets, net 1,314.2 1,356.6
Accounts receivable and other assets, noncurrent 1,115.4 1,016.1
Total Assets 15,018.5 14,678.4
Current liabilities:    
Accounts payable-trade 3,628.4 3,381.3
Accounts payable-inventory financing 343.7 355.2
Current maturities of long-term debt 230.6 235.8
Contract liabilities 520.6 491.0
Accrued expenses and other current liabilities:    
Compensation 225.8 275.8
Advertising 156.3 137.7
Sales and income taxes 124.2 61.6
Other 551.9 536.0
Total current liabilities 5,781.5 5,474.4
Long-term liabilities:    
Debt 5,622.4 5,607.0
Deferred income taxes 155.0 167.4
Operating lease liabilities 140.6 149.1
Accounts payable and other liabilities 995.9 927.8
Total long-term liabilities 6,913.9 6,851.3
Commitments and contingencies (Note 10)
Stockholders’ equity:    
Preferred stock, $0.01 par value, 100.0 shares authorized; no shares issued or outstanding for both periods 0.0 0.0
Common stock, $0.01 par value, 1,000.0 shares authorized; 131.7 and 132.6 shares outstanding, respectively 1.3 1.3
Paid-in capital 3,866.5 3,834.4
Accumulated deficit (1,401.8) (1,322.9)
Accumulated other comprehensive loss (142.9) (160.1)
Total stockholders’ equity 2,323.1 2,352.7
Total Liabilities and Stockholders’ Equity $ 15,018.5 $ 14,678.4
v3.25.1
Consolidated Balance Sheets (Parentheticals) - USD ($)
shares in Millions, $ in Millions
Mar. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Allowance for credit loss, current $ 47.5 $ 43.3
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, authorized (in shares) 100.0 100.0
Preferred stock, issued (in shares) 0.0 0.0
Preferred stock, outstanding (in shares) 0.0 0.0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 1,000.0 1,000.0
Common stock, shares outstanding (in shares) 131.7 132.6
v3.25.1
Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]    
Net sales $ 5,199.1 $ 4,872.7
Cost of sales 4,076.8 3,809.4
Gross profit 1,122.3 1,063.3
Selling and administrative expenses 760.9 735.3
Operating income 361.4 328.0
Interest expense, net (57.1) (51.3)
Other expense, net (0.3) (0.1)
Income before income taxes 304.0 276.6
Income tax expense (79.1) (60.5)
Net income $ 224.9 $ 216.1
Net income per common share:    
Basic (in dollars per share) $ 1.70 $ 1.61
Diluted (in dollars per share) $ 1.69 $ 1.59
Weighted-average common shares outstanding:    
Basic (in shares) 132.5 134.4
Diluted (in shares) 133.5 136.0
v3.25.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net income $ 224.9 $ 216.1
Other comprehensive income (loss), net of tax:    
Unrealized (loss) gain from cash flow hedge (1.8) 1.8
Reclassification of cash flow hedge to net income, net of tax 0.2 0.0
Foreign currency translation adjustments 18.8 (10.6)
Other comprehensive income (loss) 17.2 (8.8)
Comprehensive income $ 242.1 $ 207.3
v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income $ 224.9 $ 216.1
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 74.9 67.3
Equity-based compensation expense 20.5 19.4
Deferred income taxes (14.1) (10.0)
Provision for credit losses 8.3 4.2
Other (1.7) 1.5
Changes in assets and liabilities:    
Accounts receivable (184.5) 253.5
Merchandise inventory (112.1) (3.7)
Other assets (84.2) (46.0)
Accounts payable-trade 231.5 (138.9)
Other liabilities 123.7 76.6
Net cash provided by operating activities 287.2 440.0
Cash flows from investing activities:    
Capital expenditures (26.9) (29.5)
Acquisitions of businesses, net of cash acquired (5.0) (0.2)
Net cash used in investing activities (31.9) (29.7)
Cash flows from financing activities:    
Proceeds from borrowings under revolving credit facility 386.6 0.0
Repayments of borrowings under revolving credit facility (386.6) 0.0
Proceeds from receivable financing liability 14.0 0.0
Repayments of receivable financing liability (5.2) (13.9)
Net change in accounts payable-inventory financing (11.5) (46.1)
Repurchases of common stock (200.1) (52.1)
Proceeds from stock option exercises 5.9 28.9
Payment of incentive compensation plan withholding taxes (18.6) (29.9)
Dividend payments (82.8) (83.3)
Other 4.2 3.8
Net cash used in financing activities (294.1) (192.6)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 6.7 (2.6)
Net (decrease) increase in cash, cash equivalents, and restricted cash (32.1) 215.1
Cash, cash equivalents, and restricted cash—beginning of period [1] 507.7 588.7
Cash, cash equivalents, and restricted cash—end of period [1] 475.6 803.8
Supplementary disclosure of cash flow information:    
Interest paid (53.9) (22.5)
Income taxes paid, net $ (18.9) $ (16.8)
[1] Restricted cash is presented within Prepaid expenses and other on the Consolidated Balance Sheets.
v3.25.1
Consolidated Statement of Stockholders' Equity - USD ($)
shares in Millions, $ in Millions
Total
Common Stock
Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2023   134.1      
Beginning balance at Dec. 31, 2023 $ 2,042.5 $ 1.3 $ 3,691.3 $ (1,525.5) $ (124.6)
Shareholders' Equity (Deficit) [Roll Forward]          
Net income 216.1     216.1  
Equity-based compensation expense 19.4   19.4    
Shares issued under equity-based compensation plans (in shares)   0.5      
Shares issued under equity-based compensation plans 28.9   28.9    
Coworker Stock Purchase Plan 4.9   4.9    
Repurchases of common stock (in shares)   (0.2)      
Repurchases of common stock (52.1)     (52.1)  
Dividends paid (83.3)   0.5 (83.8)  
Incentive compensation plan stock withheld for taxes (29.9)     (29.9)  
Unrealized gain (loss) from hedge accounting 1.8       1.8
Reclassification of cash flow hedge to net income 0.0        
Foreign currency translation and other (9.6)     1.0 (10.6)
Ending balance (in shares) at Mar. 31, 2024   134.4      
Ending balance at Mar. 31, 2024 2,138.7 $ 1.3 3,745.0 (1,474.2) (133.4)
Beginning balance (in shares) at Dec. 31, 2024   132.6      
Beginning balance at Dec. 31, 2024 2,352.7 $ 1.3 3,834.4 (1,322.9) (160.1)
Shareholders' Equity (Deficit) [Roll Forward]          
Net income 224.9     224.9  
Equity-based compensation expense 20.5   20.5    
Shares issued under equity-based compensation plans (in shares)   0.2      
Shares issued under equity-based compensation plans 5.9   5.9    
Coworker Stock Purchase Plan 4.9   4.9    
Repurchases of common stock (in shares)   (1.1)      
Repurchases of common stock (200.1)     (200.1)  
Dividends paid (82.8)   0.8 (83.6)  
Incentive compensation plan stock withheld for taxes (18.6)     (18.6)  
Unrealized gain (loss) from hedge accounting (1.8)       (1.8)
Reclassification of cash flow hedge to net income 0.2       0.2
Foreign currency translation and other 17.3     (1.5) 18.8
Ending balance (in shares) at Mar. 31, 2025   131.7      
Ending balance at Mar. 31, 2025 $ 2,323.1 $ 1.3 $ 3,866.5 $ (1,401.8) $ (142.9)
v3.25.1
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]    
Dividends (in dollars per share) $ 0.625 $ 0.62
v3.25.1
Description of Business and Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Description of Business and Summary of Significant Accounting Policies 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 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 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 March 31, 2025 and for the three months ended March 31, 2025 and 2024 (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, 2024 (the “December 31, 2024 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, 2024 Consolidated Financial Statements.
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.
v3.25.1
Recent Accounting Pronouncements
 3 Months Ended
Mar. 31, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Recent Accounting Pronouncements Recent Accounting Pronouncements
In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-240). This ASU requires entities to disclose disaggregated information about specific natural expense categories in the notes to the financial statements. The ASU is effective for all public entities for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. Entities should apply the amendments on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the impact the ASU will have on its disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU enhances existing income tax disclosures primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The ASU is effective for all public entities for annual periods beginning after December 15, 2024, with early adoption permitted. Entities should apply the
amendments on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the impact this ASU will have on its disclosures.
v3.25.1
Acquisitions
 3 Months Ended
Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
Mission Cloud Services, Inc. (“Mission”)
On November 27, 2024, the Company completed its acquisition of Mission through a purchase of all the issued and outstanding equity interests for a base purchase price of $330 million. The purchase price allocation is preliminary and is subject to change during the measurement period, which is not to exceed 12 months from the date of the acquisition. During the three months ended March 31, 2025, there were no material adjustments to the preliminary purchase price allocation.
v3.25.1
Accounts Receivable and Contract Balances
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Accounts Receivable and Contract Balances Accounts Receivable and Contract Balances
Accounts Receivable
The following table details the total accounts receivable recognized and the related classification on the Consolidated Balance Sheets:
March 31, 2025December 31, 2024
Accounts receivable, current(1)
$4,454.2 $4,386.4 
Unbilled accounts receivable, current(1)
880.2 749.4 
Unbilled accounts receivable, noncurrent(2)
1,002.9 923.0 
Total accounts receivable$6,337.3 $6,058.8 
(1)Accounts receivable, current and Unbilled accounts receivable, current are presented within Accounts receivable, net of allowance for credit losses on the Consolidated Balance Sheets.
(2)Unbilled accounts receivable, noncurrent is presented net of allowance for credit losses herein and is presented within Accounts receivable and other assets, noncurrent 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 are derecognized from the Consolidated Balance Sheet upon receipt of payment from the third-party financing company. During the three months ended March 31, 2025 and 2024, the Company sold approximately $191 million and $93 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:
March 31, 2025December 31, 2024
Contract assets(1)
$114.3 $97.1 
Contract liabilities(2)(3)
$548.3 $522.3 
(1)Contract assets are presented within Prepaid expenses and other on the Consolidated Balance Sheets.
(2)Includes $28 million and $31 million of long-term contract liabilities that are presented within Long-term liabilities - Accounts payable and other liabilities on the Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024, respectively.
(3)For the three months ended March 31, 2025 and 2024, the Company recognized revenue of $201 million and $175 million 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 March 31, 2025 related to non-cancelable services contracts whereby the Company is acting as the principal and the duration is longer than 12 months, which is expected to be recognized over future periods.
Within 1 YearYears 1-2Years 2-3Thereafter
Remaining performance obligations$123.8 $77.5 $31.1 $12.3 
v3.25.1
Inventory Financing Agreements
 3 Months Ended
Mar. 31, 2025
Inventory Financing Agreements [Abstract]  
Inventory Financing Agreements Inventory Financing Agreements
The Company has entered into agreements with financial institutions to facilitate the purchase of inventory from designated suppliers under certain terms and conditions to enhance liquidity. Under these agreements, the Company receives extended payment terms and agrees to pay the financial institutions a stated amount of confirmed invoices from its designated suppliers. The Company does not incur any interest or other incremental expenses associated with these agreements as balances are paid when they are due. Additionally, the Company has no involvement in establishing the terms or conditions of the arrangements between its suppliers and the financial institutions.
The amounts outstanding under these agreements as of March 31, 2025 and December 31, 2024 were $344 million and $355 million, respectively, and are separately presented as Accounts payable-inventory financing on the Consolidated Balance Sheets. The majority of such outstanding amounts relates to a floorplan sub-facility that is incorporated in the Company’s Revolving Loan Facility, as defined within Note 6 (Debt). A portion of the Company’s availability under the Revolving Loan Facility is reserved to cover the obligation to pay the financial institution. For additional information regarding the Revolving Loan Facility, see Note 6 (Debt).
v3.25.1
Debt
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
March 31, 2025December 31, 2024
Maturity DateInterest RateAmountAmount
Credit Facility
Senior unsecured revolving loan facilityDecember 2026Variable$— $— 
Term Loan
Senior unsecured term loan facilityDecember 2026Variable634.5 634.5 
Unsecured Senior Notes
Senior notes due 2025May 20254.125%211.1 211.1 
Senior notes due 2026December 20262.670%1,000.0 1,000.0 
Senior notes due 2028April 20284.250%600.0 600.0 
Senior notes due 2028December 20283.276%500.0 500.0 
Senior notes due 2029February 20293.250%700.0 700.0 
Senior notes due 2030March 20305.100%600.0 600.0 
Senior notes due 2031December 20313.569%1,000.0 1,000.0 
Senior notes due 2034August 20345.550%600.0 600.0 
Total unsecured senior notes5,211.1 5,211.1 
Receivable financing liability30.2 21.2 
Other long-term obligations8.1 8.8 
Unamortized debt issuance costs and discount(30.9)(32.8)
Current maturities of long-term debt(230.6)(235.8)
Total long-term debt$5,622.4 $5,607.0 
As of March 31, 2025, 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 Secured Overnight Financing Rate (“SOFR”) plus a spread adjustment and a margin 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 March 31, 2025, the Company could have borrowed up to an additional $1.3 billion under the Revolving Loan Facility. As of March 31, 2025, the Revolving Loan Facility had $335 million reserved for the floorplan sub-facility.
Term Loan
The senior unsecured term loan facility (the “Term Loan Facility”) has a variable interest rate. The interest rate is based on SOFR plus a spread adjustment and a margin based on the Company’s senior unsecured rating. No mandatory payments are required on the remaining principal amount until its maturity date on December 1, 2026.
Unsecured Senior Notes
The unsecured senior notes have a fixed interest rate, which is paid semi-annually.
Receivable Financing
The receivable financing liability relates to certain accounts receivable transferred to third-party financial institutions that did not qualify as a sale under the terms of the agreements. While the terms of such agreements are on a nonrecourse basis, the transfers of accounts receivable could not achieve certain criteria that would allow derecognition of the accounts receivable. 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. During the three months ended March 31, 2025, the Company executed $14 million of transfers under these agreements.
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 and other market observable inputs for comparable liabilities. 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 debt issuance costs, were as follows:
March 31, 2025December 31, 2024
Fair value$5,666.1 $5,602.8 
Carrying value$5,883.9 $5,875.6 
v3.25.1
Fair Value Measurements and Financial Instruments
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Value Measurements and Financial Instruments Fair Value Measurements and Financial Instruments
Derivative Instruments
The Company may use derivative financial instruments to manage its exposure to interest rate risk. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. The following sections detail the Company’s derivative financial instruments.
Interest Rate Collars
The Company’s variable interest rate debt creates interest rate risk. The Company has interest rate collar agreements that provide for a contractually specified interest rate cap and an interest rate floor based on SOFR. The Company receives payment from the counterparty if SOFR is greater than the cap or pays the counterparty if SOFR is below the
floor. If SOFR is between the floor and cap, no payment is due to either party. There were no new interest rate collar agreements executed during the three months ended March 31, 2025.
As of March 31, 2025 and December 31, 2024, the interest rate collar agreements were classified within Long-term liabilities - Accounts payable and other liabilities on the Consolidated Balance Sheets for which the fair value was not material. The total notional amount of the interest rate collar agreements was $400 million as of March 31, 2025 and December 31, 2024, and these agreements mature on September 30, 2026.
The fair values of the Company’s interest rate collar agreements are classified as Level 2 in the fair value hierarchy. The valuation of the interest rate collar agreements is derived using a discounted cash flow analysis on the expected cash receipts or cash disbursements that would occur if variable interest rates rise above or fall below the strike rates of the interest rate cap and interest rate floor, respectively. This analysis reflects the contractual terms of the interest rate collar agreements, including the period to maturity, and uses observable market-based inputs, including SOFR 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.
The interest rate collars are designated as cash flow hedges. 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, net in the period when the hedged forecasted transaction affects earnings. During the three months ended March 31, 2025 and 2024, the changes in fair value for the effective portion of the derivative financial instruments and the reclassification from AOCL to Interest expense, net were not material.
Short-term Investments
Short-term investments, which have a maturity that extends beyond three months but within one year, is comprised of a certificate of deposit. As of March 31, 2025, the amortized cost of the certificate of deposit was $217 million and is classified within Short-term investments on the Consolidated Balance Sheets. The fair value of the short-term investment approximates the carrying value due to its short-term nature and is classified as a Level 2 in the fair value hierarchy.
v3.25.1
Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income tax expense was $79 million and $61 million for the three months ended March 31, 2025 and 2024, respectively. The effective income tax rate, expressed by calculating the income tax expense as a percentage of Income before income taxes, was 26.0% and 21.9% for the three months ended March 31, 2025 and 2024, respectively.
The effective income tax rate for the three months ended March 31, 2025 differed from the US federal statutory rate of 21.0% primarily due to state and local income taxes. The effective income tax rate for the three months ended March 31, 2024 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.
v3.25.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The numerator for both basic and diluted earnings per share is Net income. The denominator for basic earnings per share is the weighted-average shares outstanding during the period.
A reconciliation of basic weighted-average shares outstanding to diluted weighted-average shares outstanding is as follows:
Three Months Ended March 31,
20252024
Basic weighted-average shares outstanding132.5134.4 
Effect of dilutive securities(1)
1.01.6 
Diluted weighted-average shares outstanding(2)
133.5136.0 
(1)The dilutive effect of outstanding stock options, restricted stock units, performance share units and Coworker Stock Purchase Plan units is reflected in the diluted weighted-average shares outstanding using the treasury stock method.
(2)There were fewer than 0.2 million potential common shares excluded from diluted weighted-average shares outstanding for both the three months ended March 31, 2025 and 2024. Inclusion of these common shares in diluted weighted-average shares outstanding would have had an anti-dilutive effect.
v3.25.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
The Company is party to various legal proceedings that arise in the ordinary course of its business, which include commercial, intellectual property, employment, tort and other litigation matters. The Company is also subject to audit by federal, state, international, national, provincial and local authorities, and by various partners, group purchasing organizations and customers, including government agencies, relating to purchases and sales under various contracts. In addition, the Company is subject to indemnification claims under various contracts. From time to time, certain customers of the Company file voluntary petitions for reorganization or liquidation under the US bankruptcy laws or similar laws of the jurisdictions for the Company’s business activities outside of the US. In such cases, certain pre-petition payments received by the Company could be considered preference items and subject to return to the bankruptcy administrator.
As of March 31, 2025, the Company does not believe that there is a reasonable possibility that any material loss exceeding the amounts already recognized for these proceedings and matters, if any, has been incurred. However, the ultimate resolutions of these proceedings and matters are inherently unpredictable. As such, the Company’s Consolidated Financial Statements could be adversely affected in any particular period by the unfavorable resolution of one or more of these proceedings or matters.
The Company received a Civil Investigative Demand, issued by the Department of Justice (“DOJ”) on June 11, 2024, in connection with a False Claims Act investigation. The DOJ requested information relating to bids the Company submitted for contracts funded in whole or in part by the Schools and Libraries Program (E-Rate Program). The Company is cooperating with the DOJ and, at this stage of the investigation, is unable to assess the probability of any outcome or the range of possible loss, if any.
v3.25.1
Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company has three reportable segments: Corporate, Small Business, and Public. In addition, there are two other operating segments: CDW UK and CDW Canada, both of which do not meet the reportable segment quantitative thresholds and, accordingly, are included in an all other category (“Other”). The organizational structure of the Company’s segments is determined based on how the chief operating decision maker (“CODM”), who is the Chief Executive Officer, evaluates performance, allocates resources and manages operations, which is primarily based on customer base. Specifically, the Corporate reportable segment is primarily comprised of private sector business customers with more than 250 employees in the US, the Small Business reportable segment is primarily comprised of private sector business customers with up to 250 employees in the US, and the Public reportable segment is comprised of government agencies and education and healthcare institutions in the US.
The accounting policies used to determine profit and loss measures are consistent across all reportable segments and on a consolidated basis. Additionally, the CODM reviews key profit and loss measures for each reportable segment consistently based on both segment Gross profit and Operating income. Specifically, the CODM reviews Gross profit by segment to evaluate forecasting and overall profitability performance and Operating income by segment to make investment strategy and performance-based compensation decisions. Segment information for Total assets and capital expenditures is not presented given that such information is not used in measuring segment performance or allocating resources between segments.
The Company has centralized logistics and headquarters functions that provide services to the segments. The logistics function includes purchasing, distribution and fulfillment services to support the Corporate, Small Business and Public segments. As a result, costs and intercompany charges associated with the logistics function are fully allocated to all of these segments based on a percent of Net sales. The centralized headquarters function provides services in areas such as accounting, information technology, marketing, legal and coworker services. Headquarters function costs that are not allocated to the segments are included under the heading of “Headquarters” in the tables below.
Information about the Company’s segments for the for the three months ended March 31, 2025 and 2024 is as follows:
CorporateSmall BusinessPublicOtherHeadquartersTotal
Three Months Ended March 31, 2025
Net sales$2,236.0 $404.6 $1,878.1 $680.4 $— $5,199.1 
Cost of sales1,701.1 316.0 1,511.5 548.2 — 4,076.8 
Gross profit534.9 88.6 366.6 132.2 — 1,122.3 
Other segment items(1)
314.2 45.2 225.4 93.1 83.0 760.9 
Operating income (loss)$220.7 $43.4 $141.2 $39.1 $(83.0)$361.4 
Other Segment Information(2)
Depreciation and amortization expense$27.4 $1.4 $15.7 $6.8 $23.6 $74.9 
Three Months Ended March 31, 2024
Net sales$2,135.9 $380.9 $1,724.7 $631.2 $— $4,872.7 
Cost of sales1,628.4 291.1 1,379.4 510.5 — 3,809.4 
Gross profit507.5 89.8 345.3 120.7 — 1,063.3 
Other segment items(1)
329.5 43.3 219.3 95.4 47.8 735.3 
Operating income (loss)$178.0 $46.5 $126.0 $25.3 $(47.8)$328.0 
Other Segment Information(2)
Depreciation and amortization expense$19.8 $1.0 $13.4 $7.1 $26.0 $67.3 
(1)Primarily includes payroll and other coworker costs, advertising expense and other selling and administrative costs.
(2)Depreciation and amortization expense is primarily included within Other segment items.
Geographic Areas and Revenue Mix
Three Months Ended March 31, 2025
CorporateSmall BusinessPublicOtherTotal
Geography(1)
United States$2,211.7 $399.0 $1,875.2 $5.7 $4,491.6 
Rest of World24.3 5.6 2.9 674.7 707.5 
Total Net sales$2,236.0 $404.6 $1,878.1 $680.4 $5,199.1 
Major Product and Services
Hardware$1,513.9 $318.1 $1,407.2 $505.1 $3,744.3 
Software481.3 61.5 310.7 94.8 948.3 
Services225.3 20.7 155.8 77.5 479.3 
Other(2)
15.5 4.3 4.4 3.0 27.2 
Total Net sales$2,236.0 $404.6 $1,878.1 $680.4 $5,199.1 
Sales by Channel
Corporate$2,236.0 $— $— $— $2,236.0 
Small Business— 404.6 — — 404.6 
Government— — 537.8 — 537.8 
Education— — 652.4 — 652.4 
Healthcare— — 687.9 — 687.9 
Other— — — 680.4 680.4 
Total Net sales$2,236.0 $404.6 $1,878.1 $680.4 $5,199.1 
Timing of Revenue Recognition
Transferred at a point in time where CDW is principal$1,850.7 $354.8 $1,636.3 $574.6 $4,416.4 
Transferred at a point in time where CDW is agent212.8 35.0 121.3 41.1 410.2 
Transferred over time where CDW is principal172.5 14.8 120.5 64.7 372.5 
Total Net sales$2,236.0 $404.6 $1,878.1 $680.4 $5,199.1 
(1)Net sales by geography is generally based on the ship-to address with the exception of certain services that may be performed at, or on behalf of, multiple locations. Such service arrangements are categorized based on the bill-to address.
(2)Includes items such as delivery charges to customers.
Three Months Ended March 31, 2024
CorporateSmall BusinessPublicOtherTotal
Geography(1)
United States$2,115.9 $376.0 $1,722.8 $5.9 $4,220.6 
Rest of World20.0 4.9 1.9 625.3 652.1 
Total Net sales$2,135.9 $380.9 $1,724.7 $631.2 $4,872.7 
Major Product and Services
Hardware$1,465.6 $300.0 $1,316.4 $464.1 $3,546.1 
Software437.5 59.9 276.9 100.1 874.4 
Services218.0 16.6 127.0 64.2 425.8 
Other(2)
14.8 4.4 4.4 2.8 26.4 
Total Net sales$2,135.9 $380.9 $1,724.7 $631.2 $4,872.7 
Sales by Channel
Corporate$2,135.9 $— $— $— $2,135.9 
Small Business— 380.9 — — 380.9 
Government— — 543.3 — 543.3 
Education— — 596.8 — 596.8 
Healthcare— — 584.6 — 584.6 
Other— — — 631.2 631.2 
Total Net sales$2,135.9 $380.9 $1,724.7 $631.2 $4,872.7 
Timing of Revenue Recognition
Transferred at a point in time where CDW is principal$1,779.3 $331.7 $1,515.7 $542.1 $4,168.8 
Transferred at a point in time where CDW is agent194.8 39.1 108.2 31.2 373.3 
Transferred over time where CDW is principal161.8 10.1 100.8 57.9 330.6 
Total Net sales$2,135.9 $380.9 $1,724.7 $631.2 $4,872.7 
(1)Net sales by geography is generally based on the ship-to address with the exception of certain services that may be performed at, or on behalf of, multiple locations. Such service arrangements are categorized based on the bill-to address.
(2)Includes items such as delivery charges to customers.
The following tables present Net sales by major category for the three months ended March 31, 2025 and 2024. Categories are based upon internal classifications.
Three Months Ended March 31,
2025
2024
Net SalesPercentage
of Total Net
Sales		Net SalesPercentage
of Total Net
Sales
Hardware:
Notebooks/Mobile Devices$1,347.7 25.9 %$1,141.3 23.4 %
Netcomm Products547.5 10.5 569.9 11.7 
Collaboration402.8 7.7 415.3 8.5 
Data Storage and Servers520.6 10.0 540.6 11.1 
Desktops347.1 6.7 258.4 5.3 
Other Hardware578.6 11.2 620.6 12.8 
Total Hardware3,744.3 72.0 3,546.1 72.8 
Software(1)
948.3 18.2 874.4 17.9 
Services(1)
479.3 9.2 425.8 8.7 
Other(2)
27.2 0.6 26.4 0.6 
Total Net sales$5,199.1 100.0 %$4,872.7 100.0 %
(1)Certain software and services revenues are recorded on a net basis as the Company is acting as an agent in the transaction. As a result, the category percentage of net revenues is not representative of the category percentage of gross profits.
(2)Includes items such as delivery charges to customers.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net income $ 224.9 $ 216.1
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
Description of Business and Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Description of Business
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 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 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
Basis of Presentation
The accompanying unaudited interim Consolidated Financial Statements as of March 31, 2025 and for the three months ended March 31, 2025 and 2024 (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, 2024 (the “December 31, 2024 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, 2024 Consolidated Financial Statements.
Principles of Consolidation
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.
Recent Accounting Pronouncements Recent Accounting Pronouncements
In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-240). This ASU requires entities to disclose disaggregated information about specific natural expense categories in the notes to the financial statements. The ASU is effective for all public entities for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. Entities should apply the amendments on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the impact the ASU will have on its disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU enhances existing income tax disclosures primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The ASU is effective for all public entities for annual periods beginning after December 15, 2024, with early adoption permitted. Entities should apply the
amendments on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the impact this ASU will have on its disclosures.
v3.25.1
Accounts Receivable and Contract Balances (Tables)
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Accounts Receivable
The following table details the total accounts receivable recognized and the related classification on the Consolidated Balance Sheets:
March 31, 2025December 31, 2024
Accounts receivable, current(1)
$4,454.2 $4,386.4 
Unbilled accounts receivable, current(1)
880.2 749.4 
Unbilled accounts receivable, noncurrent(2)
1,002.9 923.0 
Total accounts receivable$6,337.3 $6,058.8 
(1)Accounts receivable, current and Unbilled accounts receivable, current are presented within Accounts receivable, net of allowance for credit losses on the Consolidated Balance Sheets.
(2)Unbilled accounts receivable, noncurrent is presented net of allowance for credit losses herein and is presented within Accounts receivable and other assets, noncurrent on the Consolidated Balance Sheets.
Schedule of Contract with Customer The following table details information about the Company’s contract balances recognized on the Consolidated Balance Sheets:
March 31, 2025December 31, 2024
Contract assets(1)
$114.3 $97.1 
Contract liabilities(2)(3)
$548.3 $522.3 
(1)Contract assets are presented within Prepaid expenses and other on the Consolidated Balance Sheets.
(2)Includes $28 million and $31 million of long-term contract liabilities that are presented within Long-term liabilities - Accounts payable and other liabilities on the Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024, respectively.
(3)For the three months ended March 31, 2025 and 2024, the Company recognized revenue of $201 million and $175 million related to its contract liabilities that were included in the beginning balance of the respective periods.
Schedule of Remaining Performance Obligations The following table represents the total transaction price for the remaining
performance obligations as of March 31, 2025 related to non-cancelable services contracts whereby the Company is acting as the principal and the duration is longer than 12 months, which is expected to be recognized over future periods.
Within 1 YearYears 1-2Years 2-3Thereafter
Remaining performance obligations$123.8 $77.5 $31.1 $12.3 
v3.25.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
March 31, 2025December 31, 2024
Maturity DateInterest RateAmountAmount
Credit Facility
Senior unsecured revolving loan facilityDecember 2026Variable$— $— 
Term Loan
Senior unsecured term loan facilityDecember 2026Variable634.5 634.5 
Unsecured Senior Notes
Senior notes due 2025May 20254.125%211.1 211.1 
Senior notes due 2026December 20262.670%1,000.0 1,000.0 
Senior notes due 2028April 20284.250%600.0 600.0 
Senior notes due 2028December 20283.276%500.0 500.0 
Senior notes due 2029February 20293.250%700.0 700.0 
Senior notes due 2030March 20305.100%600.0 600.0 
Senior notes due 2031December 20313.569%1,000.0 1,000.0 
Senior notes due 2034August 20345.550%600.0 600.0 
Total unsecured senior notes5,211.1 5,211.1 
Receivable financing liability30.2 21.2 
Other long-term obligations8.1 8.8 
Unamortized debt issuance costs and discount(30.9)(32.8)
Current maturities of long-term debt(230.6)(235.8)
Total long-term debt$5,622.4 $5,607.0 
Schedule of Carrying Value of Long-Term Debt
The approximate fair values and related carrying values of the Company’s long-term debt, including current maturities and excluding unamortized discount and unamortized debt issuance costs, were as follows:
March 31, 2025December 31, 2024
Fair value$5,666.1 $5,602.8 
Carrying value$5,883.9 $5,875.6 
v3.25.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Weighted Average Number of Shares
A reconciliation of basic weighted-average shares outstanding to diluted weighted-average shares outstanding is as follows:
Three Months Ended March 31,
20252024
Basic weighted-average shares outstanding132.5134.4 
Effect of dilutive securities(1)
1.01.6 
Diluted weighted-average shares outstanding(2)
133.5136.0 
(1)The dilutive effect of outstanding stock options, restricted stock units, performance share units and Coworker Stock Purchase Plan units is reflected in the diluted weighted-average shares outstanding using the treasury stock method.
(2)There were fewer than 0.2 million potential common shares excluded from diluted weighted-average shares outstanding for both the three months ended March 31, 2025 and 2024. Inclusion of these common shares in diluted weighted-average shares outstanding would have had an anti-dilutive effect.
v3.25.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Information about the Company’s segments for the for the three months ended March 31, 2025 and 2024 is as follows:
CorporateSmall BusinessPublicOtherHeadquartersTotal
Three Months Ended March 31, 2025
Net sales$2,236.0 $404.6 $1,878.1 $680.4 $— $5,199.1 
Cost of sales1,701.1 316.0 1,511.5 548.2 — 4,076.8 
Gross profit534.9 88.6 366.6 132.2 — 1,122.3 
Other segment items(1)
314.2 45.2 225.4 93.1 83.0 760.9 
Operating income (loss)$220.7 $43.4 $141.2 $39.1 $(83.0)$361.4 
Other Segment Information(2)
Depreciation and amortization expense$27.4 $1.4 $15.7 $6.8 $23.6 $74.9 
Three Months Ended March 31, 2024
Net sales$2,135.9 $380.9 $1,724.7 $631.2 $— $4,872.7 
Cost of sales1,628.4 291.1 1,379.4 510.5 — 3,809.4 
Gross profit507.5 89.8 345.3 120.7 — 1,063.3 
Other segment items(1)
329.5 43.3 219.3 95.4 47.8 735.3 
Operating income (loss)$178.0 $46.5 $126.0 $25.3 $(47.8)$328.0 
Other Segment Information(2)
Depreciation and amortization expense$19.8 $1.0 $13.4 $7.1 $26.0 $67.3 
(1)Primarily includes payroll and other coworker costs, advertising expense and other selling and administrative costs.
(2)Depreciation and amortization expense is primarily included within Other segment items.
Schedule of Disaggregation of Revenue
Geographic Areas and Revenue Mix
Three Months Ended March 31, 2025
CorporateSmall BusinessPublicOtherTotal
Geography(1)
United States$2,211.7 $399.0 $1,875.2 $5.7 $4,491.6 
Rest of World24.3 5.6 2.9 674.7 707.5 
Total Net sales$2,236.0 $404.6 $1,878.1 $680.4 $5,199.1 
Major Product and Services
Hardware$1,513.9 $318.1 $1,407.2 $505.1 $3,744.3 
Software481.3 61.5 310.7 94.8 948.3 
Services225.3 20.7 155.8 77.5 479.3 
Other(2)
15.5 4.3 4.4 3.0 27.2 
Total Net sales$2,236.0 $404.6 $1,878.1 $680.4 $5,199.1 
Sales by Channel
Corporate$2,236.0 $— $— $— $2,236.0 
Small Business— 404.6 — — 404.6 
Government— — 537.8 — 537.8 
Education— — 652.4 — 652.4 
Healthcare— — 687.9 — 687.9 
Other— — — 680.4 680.4 
Total Net sales$2,236.0 $404.6 $1,878.1 $680.4 $5,199.1 
Timing of Revenue Recognition
Transferred at a point in time where CDW is principal$1,850.7 $354.8 $1,636.3 $574.6 $4,416.4 
Transferred at a point in time where CDW is agent212.8 35.0 121.3 41.1 410.2 
Transferred over time where CDW is principal172.5 14.8 120.5 64.7 372.5 
Total Net sales$2,236.0 $404.6 $1,878.1 $680.4 $5,199.1 
(1)Net sales by geography is generally based on the ship-to address with the exception of certain services that may be performed at, or on behalf of, multiple locations. Such service arrangements are categorized based on the bill-to address.
(2)Includes items such as delivery charges to customers.
Three Months Ended March 31, 2024
CorporateSmall BusinessPublicOtherTotal
Geography(1)
United States$2,115.9 $376.0 $1,722.8 $5.9 $4,220.6 
Rest of World20.0 4.9 1.9 625.3 652.1 
Total Net sales$2,135.9 $380.9 $1,724.7 $631.2 $4,872.7 
Major Product and Services
Hardware$1,465.6 $300.0 $1,316.4 $464.1 $3,546.1 
Software437.5 59.9 276.9 100.1 874.4 
Services218.0 16.6 127.0 64.2 425.8 
Other(2)
14.8 4.4 4.4 2.8 26.4 
Total Net sales$2,135.9 $380.9 $1,724.7 $631.2 $4,872.7 
Sales by Channel
Corporate$2,135.9 $— $— $— $2,135.9 
Small Business— 380.9 — — 380.9 
Government— — 543.3 — 543.3 
Education— — 596.8 — 596.8 
Healthcare— — 584.6 — 584.6 
Other— — — 631.2 631.2 
Total Net sales$2,135.9 $380.9 $1,724.7 $631.2 $4,872.7 
Timing of Revenue Recognition
Transferred at a point in time where CDW is principal$1,779.3 $331.7 $1,515.7 $542.1 $4,168.8 
Transferred at a point in time where CDW is agent194.8 39.1 108.2 31.2 373.3 
Transferred over time where CDW is principal161.8 10.1 100.8 57.9 330.6 
Total Net sales$2,135.9 $380.9 $1,724.7 $631.2 $4,872.7 
(1)Net sales by geography is generally based on the ship-to address with the exception of certain services that may be performed at, or on behalf of, multiple locations. Such service arrangements are categorized based on the bill-to address.
(2)Includes items such as delivery charges to customers.
The following tables present Net sales by major category for the three months ended March 31, 2025 and 2024. Categories are based upon internal classifications.
Three Months Ended March 31,
2025
2024
Net SalesPercentage
of Total Net
Sales		Net SalesPercentage
of Total Net
Sales
Hardware:
Notebooks/Mobile Devices$1,347.7 25.9 %$1,141.3 23.4 %
Netcomm Products547.5 10.5 569.9 11.7 
Collaboration402.8 7.7 415.3 8.5 
Data Storage and Servers520.6 10.0 540.6 11.1 
Desktops347.1 6.7 258.4 5.3 
Other Hardware578.6 11.2 620.6 12.8 
Total Hardware3,744.3 72.0 3,546.1 72.8 
Software(1)
948.3 18.2 874.4 17.9 
Services(1)
479.3 9.2 425.8 8.7 
Other(2)
27.2 0.6 26.4 0.6 
Total Net sales$5,199.1 100.0 %$4,872.7 100.0 %
(1)Certain software and services revenues are recorded on a net basis as the Company is acting as an agent in the transaction. As a result, the category percentage of net revenues is not representative of the category percentage of gross profits.
(2)Includes items such as delivery charges to customers.
v3.25.1
Description of Business and Summary of Significant Accounting Policies (Details)
Mar. 31, 2025
subsidiary
Accounting Policies [Abstract]  
Number of owned subsidiaries 2
v3.25.1
Acquisitions (Details)
$ in Millions
Nov. 27, 2024
USD ($)
Mission Cloud Services Inc.  
Business Acquisition [Line Items]  
Purchase price $ 330
v3.25.1
Accounts Receivable and Contract Balances - Schedule of Accounts Receivable (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Accounts receivable, current $ 4,454.2 $ 4,386.4
Unbilled accounts receivable, current 880.2 749.4
Unbilled accounts receivable, noncurrent 1,002.9 923.0
Total accounts receivable $ 6,337.3 $ 6,058.8
v3.25.1
Accounts Receivable and Contract Balances - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]    
Accounts receivable, sale $ 191 $ 93
v3.25.1
Accounts Receivable and Contract Balances - Schedule of Contract with Customer (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Contract assets $ 114.3   $ 97.1
Contract liabilities 548.3   522.3
Revenue recognized from contract with customer 201.0 $ 175.0  
Long-term Contract with Customer      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Contract liabilities $ 28.0   $ 31.0
v3.25.1
Accounts Receivable and Contract Balances - Schedule of Remaining Performance Obligations (Details)
$ in Millions
Mar. 31, 2025
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligations, expected timing of satisfaction, period 1 year
Remaining performance obligations $ 123.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligations, expected timing of satisfaction, period 1 year
Remaining performance obligations $ 77.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligations, expected timing of satisfaction, period 1 year
Remaining performance obligations $ 31.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligations, expected timing of satisfaction, period
Remaining performance obligations $ 12.3
v3.25.1
Inventory Financing Agreements - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Accounts Payable, Inventory Financing    
Inventory Financing Agreements [Line Items]    
Other inventory financing agreements $ 344 $ 355
v3.25.1
Debt - Debt Balances and Interest Rates (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Long-term debt $ 5,883.9 $ 5,875.6
Unamortized debt issuance costs and discount (30.9) (32.8)
Current maturities of long-term debt (230.6) (235.8)
Total long-term debt 5,622.4 5,607.0
Senior unsecured revolving loan facility    
Debt Instrument [Line Items]    
Long-term debt 0.0 0.0
Senior unsecured term loan facility    
Debt Instrument [Line Items]    
Long-term debt $ 634.5 634.5
Senior notes due 2025    
Debt Instrument [Line Items]    
Interest rate 4.125%  
Long-term debt $ 211.1 211.1
Senior notes due 2026    
Debt Instrument [Line Items]    
Interest rate 2.67%  
Long-term debt $ 1,000.0 1,000.0
Senior notes due 2028 April 2028    
Debt Instrument [Line Items]    
Interest rate 4.25%  
Long-term debt $ 600.0 600.0
Senior notes due December 2028    
Debt Instrument [Line Items]    
Interest rate 3.276%  
Long-term debt $ 500.0 500.0
Senior notes due 2029    
Debt Instrument [Line Items]    
Interest rate 3.25%  
Long-term debt $ 700.0 700.0
Senior notes due 2030    
Debt Instrument [Line Items]    
Interest rate 5.10%  
Long-term debt $ 600.0 600.0
Senior notes due 2031    
Debt Instrument [Line Items]    
Interest rate 3.569%  
Long-term debt $ 1,000.0 1,000.0
Senior notes due 2034    
Debt Instrument [Line Items]    
Interest rate 5.55%  
Long-term debt $ 600.0 600.0
Total unsecured senior notes    
Debt Instrument [Line Items]    
Long-term debt 5,211.1 5,211.1
Receivable financing liability    
Debt Instrument [Line Items]    
Long-term debt 30.2 21.2
Other long-term obligations    
Debt Instrument [Line Items]    
Long-term debt $ 8.1 $ 8.8
v3.25.1
Debt - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Debt Instrument [Line Items]  
Financing receivable, transfer $ 14
Senior unsecured revolving loan facility  
Debt Instrument [Line Items]  
Additional borrowing capacity 1,300
Senior unsecured revolving loan facility | Accounts Payable, Inventory Financing  
Debt Instrument [Line Items]  
Amount owed under revolving loan financing agreement $ 335
v3.25.1
Debt - Fair Value of Long-Term Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying value $ 5,883.9 $ 5,875.6
Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value $ 5,666.1 $ 5,602.8
v3.25.1
Fair Value Measurements and Financial Instruments - (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Derivative [Line Items]    
Carrying value of certificate of deposits $ 217  
Interest Rate Cap    
Derivative [Line Items]    
Notional amount $ 400 $ 400
v3.25.1
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]    
Income tax expense $ 79.1 $ 60.5
Effective income tax rate reconciliation, percent 26.00% 21.90%
v3.25.1
Earnings Per Share (Details) - shares
shares in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Earnings Per Share [Abstract]    
Basic weighted-average shares outstanding (in shares) 132.5 134.4
Effect of dilutive securities (in shares) 1.0 1.6
Diluted weighted-average shares outstanding (in shares) 133.5 136.0
Anti-dilutive shares (fewer than) (in shares) (0.2) (0.2)
v3.25.1
Segment Information - Narrative (Details)
 3 Months Ended
Mar. 31, 2025
employee
segment
Segment Reporting Information [Line Items]  
Number of reportable segments 3
Number of operating segments which do not meet reportable unit quantitative threshold 2
Minimum | Corporate  
Segment Reporting Information [Line Items]  
Customer segments, customer employee headcount | employee 250
v3.25.1
Segment Information - Schedule of Segment Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Net sales $ 5,199.1 $ 4,872.7
Cost of sales 4,076.8 3,809.4
Gross profit 1,122.3 1,063.3
Other segment items 760.9 735.3
Operating income 361.4 328.0
Depreciation and amortization expense 74.9 67.3
Operating Segments | Corporate    
Segment Reporting Information [Line Items]    
Net sales 2,236.0 2,135.9
Cost of sales 1,701.1 1,628.4
Gross profit 534.9 507.5
Other segment items 314.2 329.5
Operating income 220.7 178.0
Depreciation and amortization expense 27.4 19.8
Operating Segments | Small Business    
Segment Reporting Information [Line Items]    
Net sales 404.6 380.9
Cost of sales 316.0 291.1
Gross profit 88.6 89.8
Other segment items 45.2 43.3
Operating income 43.4 46.5
Depreciation and amortization expense 1.4 1.0
Operating Segments | Public    
Segment Reporting Information [Line Items]    
Net sales 1,878.1 1,724.7
Cost of sales 1,511.5 1,379.4
Gross profit 366.6 345.3
Other segment items 225.4 219.3
Operating income 141.2 126.0
Depreciation and amortization expense 15.7 13.4
Operating Segments | Other    
Segment Reporting Information [Line Items]    
Net sales 680.4 631.2
Cost of sales 548.2 510.5
Gross profit 132.2 120.7
Other segment items 93.1 95.4
Operating income 39.1 25.3
Depreciation and amortization expense 6.8 7.1
Headquarters    
Segment Reporting Information [Line Items]    
Net sales 0.0 0.0
Cost of sales 0.0 0.0
Gross profit 0.0 0.0
Other segment items 83.0 47.8
Operating income (83.0) (47.8)
Depreciation and amortization expense $ 23.6 $ 26.0
v3.25.1
Segment Information - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Disaggregation of Revenue [Line Items]    
Net sales $ 5,199.1 $ 4,872.7
Corporate | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 2,236.0 2,135.9
Small Business | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 404.6 380.9
Public | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 1,878.1 1,724.7
Other | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 680.4 631.2
Transferred at a point in time where CDW is principal    
Disaggregation of Revenue [Line Items]    
Net sales 4,416.4 4,168.8
Transferred at a point in time where CDW is principal | Corporate | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 1,850.7 1,779.3
Transferred at a point in time where CDW is principal | Small Business | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 354.8 331.7
Transferred at a point in time where CDW is principal | Public | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 1,636.3 1,515.7
Transferred at a point in time where CDW is principal | Other | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 574.6 542.1
Transferred at a point in time where CDW is agent    
Disaggregation of Revenue [Line Items]    
Net sales 410.2 373.3
Transferred at a point in time where CDW is agent | Corporate | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 212.8 194.8
Transferred at a point in time where CDW is agent | Small Business | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 35.0 39.1
Transferred at a point in time where CDW is agent | Public | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 121.3 108.2
Transferred at a point in time where CDW is agent | Other | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 41.1 31.2
Transferred over time where CDW is principal    
Disaggregation of Revenue [Line Items]    
Net sales 372.5 330.6
Transferred over time where CDW is principal | Corporate | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 172.5 161.8
Transferred over time where CDW is principal | Small Business | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 14.8 10.1
Transferred over time where CDW is principal | Public | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 120.5 100.8
Transferred over time where CDW is principal | Other | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 64.7 57.9
Corporate    
Disaggregation of Revenue [Line Items]    
Net sales 2,236.0 2,135.9
Corporate | Corporate | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 2,236.0 2,135.9
Corporate | Small Business | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 0.0 0.0
Corporate | Public | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 0.0 0.0
Corporate | Other | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 0.0 0.0
Small Business    
Disaggregation of Revenue [Line Items]    
Net sales 404.6 380.9
Small Business | Corporate | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 0.0 0.0
Small Business | Small Business | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 404.6 380.9
Small Business | Public | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 0.0 0.0
Small Business | Other | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 0.0 0.0
Government    
Disaggregation of Revenue [Line Items]    
Net sales 537.8 543.3
Government | Corporate | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 0.0 0.0
Government | Small Business | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 0.0 0.0
Government | Public | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 537.8 543.3
Government | Other | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 0.0 0.0
Education    
Disaggregation of Revenue [Line Items]    
Net sales 652.4 596.8
Education | Corporate | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 0.0 0.0
Education | Small Business | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 0.0 0.0
Education | Public | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 652.4 596.8
Education | Other | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 0.0 0.0
Healthcare    
Disaggregation of Revenue [Line Items]    
Net sales 687.9 584.6
Healthcare | Corporate | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 0.0 0.0
Healthcare | Small Business | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 0.0 0.0
Healthcare | Public | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 687.9 584.6
Healthcare | Other | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 0.0 0.0
Other    
Disaggregation of Revenue [Line Items]    
Net sales 680.4 631.2
Other | Corporate | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 0.0 0.0
Other | Small Business | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 0.0 0.0
Other | Public | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 0.0 0.0
Other | Other | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 680.4 631.2
Hardware    
Disaggregation of Revenue [Line Items]    
Net sales 3,744.3 3,546.1
Hardware | Corporate | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 1,513.9 1,465.6
Hardware | Small Business | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 318.1 300.0
Hardware | Public | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 1,407.2 1,316.4
Hardware | Other | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 505.1 464.1
Software    
Disaggregation of Revenue [Line Items]    
Net sales 948.3 874.4
Software | Corporate | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 481.3 437.5
Software | Small Business | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 61.5 59.9
Software | Public | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 310.7 276.9
Software | Other | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 94.8 100.1
Services    
Disaggregation of Revenue [Line Items]    
Net sales 479.3 425.8
Services | Corporate | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 225.3 218.0
Services | Small Business | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 20.7 16.6
Services | Public | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 155.8 127.0
Services | Other | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 77.5 64.2
Other    
Disaggregation of Revenue [Line Items]    
Net sales 27.2 26.4
Other | Corporate | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 15.5 14.8
Other | Small Business | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 4.3 4.4
Other | Public | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 4.4 4.4
Other | Other | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 3.0 2.8
United States    
Disaggregation of Revenue [Line Items]    
Net sales 4,491.6 4,220.6
United States | Corporate | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 2,211.7 2,115.9
United States | Small Business | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 399.0 376.0
United States | Public | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 1,875.2 1,722.8
United States | Other | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 5.7 5.9
Rest of World    
Disaggregation of Revenue [Line Items]    
Net sales 707.5 652.1
Rest of World | Corporate | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 24.3 20.0
Rest of World | Small Business | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 5.6 4.9
Rest of World | Public | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales 2.9 1.9
Rest of World | Other | Operating Segments    
Disaggregation of Revenue [Line Items]    
Net sales $ 674.7 $ 625.3
v3.25.1
Segment Information - Schedule of Products and Services (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Net Sales from External Customer [Line Items]    
Net sales $ 5,199.1 $ 4,872.7
Percentage of Total Net Sales 100.00% 100.00%
Notebooks/Mobile Devices    
Net Sales from External Customer [Line Items]    
Net sales $ 1,347.7 $ 1,141.3
Percentage of Total Net Sales 25.90% 23.40%
Netcomm Products    
Net Sales from External Customer [Line Items]    
Net sales $ 547.5 $ 569.9
Percentage of Total Net Sales 10.50% 11.70%
Collaboration    
Net Sales from External Customer [Line Items]    
Net sales $ 402.8 $ 415.3
Percentage of Total Net Sales 7.70% 8.50%
Data Storage and Servers    
Net Sales from External Customer [Line Items]    
Net sales $ 520.6 $ 540.6
Percentage of Total Net Sales 10.00% 11.10%
Desktops    
Net Sales from External Customer [Line Items]    
Net sales $ 347.1 $ 258.4
Percentage of Total Net Sales 6.70% 5.30%
Other Hardware    
Net Sales from External Customer [Line Items]    
Net sales $ 578.6 $ 620.6
Percentage of Total Net Sales 11.20% 12.80%
Total Hardware    
Net Sales from External Customer [Line Items]    
Net sales $ 3,744.3 $ 3,546.1
Percentage of Total Net Sales 72.00% 72.80%
Software    
Net Sales from External Customer [Line Items]    
Net sales $ 948.3 $ 874.4
Percentage of Total Net Sales 18.20% 17.90%
Services    
Net Sales from External Customer [Line Items]    
Net sales $ 479.3 $ 425.8
Percentage of Total Net Sales 9.20% 8.70%
Other    
Net Sales from External Customer [Line Items]    
Net sales $ 27.2 $ 26.4
Percentage of Total Net Sales 0.60% 0.60%