CDW CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS holders of Class B Common Units in connection with the distribution is subject to any vesting provisions previously applicable to the holder’s Class B Common Units.
Class B Common Unit holders received 3,798,508 shares of restricted stock with respect to Class B Common Units that had not yet vested at the time of the distribution.
For the year ended December 31, 2013, 1,200,544 shares of such restricted stock vested/settled and 5,931 shares were forfeited.
As of December 31, 2013, 2,592,033 shares of restricted stock were outstanding.
Stock Options In addition, in connection with the IPO, the Company issued 1,268,986 stock options to the Class B Common Unit holders to preserve their fully diluted equity ownership percentage.
These options were issued with a per-share exercise price equal to the IPO price of $17.00 and are also subject to the same vesting provisions as the Class B Common Units to which they relate.
The Company also granted 19,412 stock options under the 2013 LTIP during the year ended December 31, 2013.
Restricted Stock Units (“RSUs”) In connection with the IPO, the Company granted 1,416,543 RSUs under the 2013 LTIP at a weightedaverage grant-date fair value of $17.03 per unit.
The RSUs cliff-vest at the end of four years.
Valuation Information The Company attributes the value of equity-based compensation awards to the various periods during which the recipient must perform services in order to vest in the award using the straight-line method.
Post-IPO Equity Awards The Company has elected to use the Black-Scholes option pricing model to estimate the fair value of stock options granted.
The Black-Scholes option pricing model incorporates various assumptions including volatility, expected term, risk-free interest rates and dividend yields.
The assumptions used to value the stock options granted during the year ended December 31, 2013 are presented below.
## Table 0 ##
(1) Based upon an assessment of the two-year, five-year and implied volatility for the Company’s selected peer group, adjusted for the Company’s leverage.
(2) Based on a composite U. S.  Treasury rate.
(3) The expected term is calculated using the simplified method.
The simplified method defines the expected term as the average of the option’s contractual term and the option’s weighted-average vesting period.
The Company utilizes this method as it has limited historical stock option data that is sufficient to derive a reasonable estimate of the expected stock option term.
## Table 1 ##
(1) Excludes borrowings of $439.6 million, $332.1 million, $256.6 million, $249.2 million and $278.7 million, as of December 31, 2015, 2014, 2013, 2012, and 2011, respectively, under our inventory financing agreements.
We do not include these borrowings in total debt because we have not in the past incurred, and in the future do not expect to incur, any interest expense or late fees under these agreements.
certain associates, benefits that are not permitted to be funded through a qualified plan because of limits imposed by the Internal Revenue Code of 1986.
The expected benefit payments for these unfunded pension plans are not included in the table above.
However, we anticipate annual benefit payments for these unfunded pension plans to be $67 million in 2018, increasing to $72 million by 2024 and then decreasing annually thereafter.
Refer to Note 13 of Notes to Consolidated Financial Statements.
The Company expects to contribute $59 million in 2018 to our global pension plans, all of which will be allocated to our international plans.
Refer to Note 13 of Notes to Consolidated Financial Statements.
We did not include our estimated contributions to our various plans in the table above.
In general, we are self-insured for large portions of many different types of claims; however, we do use commercial insurance above our self-insured retentions to reduce the Company’s risk of catastrophic loss.
Our reserves for the Company’s self-insured losses are estimated through actuarial procedures of the insurance industry and by using industry assumptions, adjusted for our specific expectations based on our claim history.
As of December 31, 2017, our self-insurance reserves totaled $480 million.
Refer to Note 11 of Notes to Consolidated Financial Statements.
We did not include estimated payments related to our self-insurance reserves in the table above.
Deferred income tax liabilities as of December 31, 2017 were $2,522 million.
Refer to Note 14 of Notes to Consolidated Financial Statements.
This amount is not included in the total contractual obligations table because we believe that presentation would not be meaningful.
Deferred income tax liabilities are calculated based on temporary differences between the tax bases of assets and liabilities and their respective book bases, which will result in taxable amounts in future years when the liabilities are settled at their reported financial statement amounts.
The results of these calculations do not have a direct connection with the amount of cash taxes to be paid in any future periods.
As a result, scheduling deferred income tax liabilities as payments due by period could be misleading, because this scheduling would not relate to liquidity needs.
Additionally, as of December 31, 2017, the Company had entered into agreements related to the following future investing activities which are not included in the table above: Under the terms of the agreement for our investment in CHI Limited, the Company is obligated to acquire the remaining ownership interest from the existing shareowners in 2019 based on an agreed-upon formula.
The Company has also agreed in principle to acquire ABI’s interest in bottling operations in Zambia, Zimbabwe, Botswana, Swaziland, Lesotho, El Salvador and Honduras.
We plan to hold all of these bottling operations temporarily until they can be refranchised to other partners.
The Company will negotiate the terms of these transactions with ABI according to the contractual parameters.
The transactions are subject to the relevant regulatory approvals.
Foreign Exchange Our international operations are subject to certain opportunities and risks, including currency fluctuations and governmental actions.
We closely monitor our operations in each country and seek to adopt appropriate strategies that are responsive to changing economic and political environments as well as to fluctuations in foreign currencies.
In 2017, we used 74 functional currencies.
Due to the geographic diversity of our operations, weakness in some of these currencies might be offset by strength in others.
In 2017, 2016 and 2015, the weighted-average exchange rates for foreign currencies in which the Company conducted operations (all operating currencies), and for certain individual currencies, strengthened (weakened) against the U. S.  dollar as follows:
## Table 2 ##
These percentages do not include the effects of our hedging activities and, therefore, do not reflect the actual impact of fluctuations in foreign currency exchange rates on our operating results.
Our foreign currency management program is designed to mitigate, over time, a portion of the impact of exchange rate changes on our net income and earnings per share.

Tables referenced above, in order (Table 0 first):
<table><tr><td>Assumptions</td><td>Year Ended December 31, 2013</td></tr><tr><td>Weighted-average grant date fair value</td><td>$4.75</td></tr><tr><td>Weighted-average volatility<sup>-1</sup></td><td>35.00%</td></tr><tr><td>Weighted-average risk-free rate<sup>-2</sup></td><td>1.58%</td></tr><tr><td>Dividend yield</td><td>1.00%</td></tr><tr><td>Expected term (in years)<sup>(3)</sup></td><td>5.4</td></tr></table>
<table><tr><td></td><td colspan="5">Years Ended December 31,</td></tr><tr><td>(dollars and shares in millions, except per share amounts)</td><td>2015<sup>-5</sup></td><td>2014</td><td>2013</td><td>2012</td><td>2011</td></tr><tr><td>Statement of Operations Data:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net sales</td><td>$12,988.7</td><td>$12,074.5</td><td>$10,768.6</td><td>$10,128.2</td><td>$9,602.4</td></tr><tr><td>Cost of sales</td><td>10,872.9</td><td>10,153.2</td><td>9,008.3</td><td>8,458.6</td><td>8,018.9</td></tr><tr><td>Gross profit</td><td>2,115.8</td><td>1,921.3</td><td>1,760.3</td><td>1,669.6</td><td>1,583.5</td></tr><tr><td>Selling and administrative expenses</td><td>1,226.0</td><td>1,110.3</td><td>1,120.9</td><td>1,029.5</td><td>990.1</td></tr><tr><td>Advertising expense</td><td>147.8</td><td>138.0</td><td>130.8</td><td>129.5</td><td>122.7</td></tr><tr><td>Income from operations</td><td>742.0</td><td>673.0</td><td>508.6</td><td>510.6</td><td>470.7</td></tr><tr><td>Interest expense, net</td><td>-159.5</td><td>-197.3</td><td>-250.1</td><td>-307.4</td><td>-324.2</td></tr><tr><td>Net loss on extinguishments of long-term debt</td><td>-24.3</td><td>-90.7</td><td>-64.0</td><td>-17.2</td><td>-118.9</td></tr><tr><td>Gain on remeasurement of equity investment</td><td>98.1</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Other income (expense), net</td><td>-9.3</td><td>2.7</td><td>1.0</td><td>0.1</td><td>0.7</td></tr><tr><td>Income before income taxes</td><td>647.0</td><td>387.7</td><td>195.5</td><td>186.1</td><td>28.3</td></tr><tr><td>Income tax expense</td><td>-243.9</td><td>-142.8</td><td>-62.7</td><td>-67.1</td><td>-11.2</td></tr><tr><td>Net income</td><td>$403.1</td><td>$244.9</td><td>$132.8</td><td>$119.0</td><td>$17.1</td></tr><tr><td>Net income per common share:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Basic</td><td>$2.37</td><td>$1.44</td><td>$0.85</td><td>$0.82</td><td>$0.12</td></tr><tr><td>Diluted</td><td>$2.35</td><td>$1.42</td><td>$0.84</td><td>$0.82</td><td>$0.12</td></tr><tr><td>Cash dividends declared per common share</td><td>$0.3100</td><td>$0.1950</td><td>$0.0425</td><td>$—</td><td>$—</td></tr><tr><td>Balance Sheet Data (at period end):</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash and cash equivalents</td><td>$37.6</td><td>$344.5</td><td>$188.1</td><td>$37.9</td><td>$99.9</td></tr><tr><td>Working capital</td><td>903.5</td><td>985.4</td><td>810.9</td><td>666.5</td><td>538.1</td></tr><tr><td>Total assets</td><td>6,755.3</td><td>6,075.9</td><td>5,899.3</td><td>5,673.5</td><td>5,907.9</td></tr><tr><td>Total debt and capitalized lease obligations<sup>-1(2)</sup></td><td>3,262.9</td><td>3,166.1</td><td>3,226.0</td><td>3,724.5</td><td>4,006.2</td></tr><tr><td>Total stockholders’ equity (deficit)</td><td>1,095.9</td><td>936.5</td><td>711.7</td><td>136.5</td><td>-7.3</td></tr><tr><td>Other Financial Data:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital expenditures</td><td>$90.1</td><td>$55.0</td><td>$47.1</td><td>$41.4</td><td>$45.7</td></tr><tr><td>Gross profit as a percentage of net sales</td><td>16.3%</td><td>15.9%</td><td>16.3%</td><td>16.5%</td><td>16.5%</td></tr><tr><td>EBITDA<sup>-3</sup></td><td>$1,033.9</td><td>$792.9</td><td>$653.8</td><td>$703.7</td><td>$557.4</td></tr><tr><td>Adjusted EBITDA<sup>-3</sup></td><td>1,018.5</td><td>907.0</td><td>808.5</td><td>766.6</td><td>717.3</td></tr><tr><td>Non-GAAP net income<sup>-4</sup></td><td>503.5</td><td>409.9</td><td>314.3</td><td>247.1</td><td>198.8</td></tr><tr><td>Statement of Cash Flows Data:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net cash provided by (used in):</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Operating activities</td><td>$277.5</td><td>$435.0</td><td>$366.3</td><td>$317.4</td><td>$214.7</td></tr><tr><td>Investing activities</td><td>-354.4</td><td>-164.8</td><td>-47.1</td><td>-41.7</td><td>-56.0</td></tr><tr><td>Financing activities</td><td>-226.5</td><td>-112.0</td><td>-168.3</td><td>-338.0</td><td>-95.4</td></tr></table>
<table><tr><td>Year Ended December 31,</td><td>2017</td><td>2016</td><td>2015</td></tr><tr><td>All operating currencies</td><td>—%</td><td>-5%</td><td>-15%</td></tr><tr><td>Brazilian real</td><td>11%</td><td>-9%</td><td>-27%</td></tr><tr><td>Mexican peso</td><td>-2</td><td>-14</td><td>-16</td></tr><tr><td>Australian dollar</td><td>3</td><td>-1</td><td>-17</td></tr><tr><td>South African rand</td><td>10</td><td>-13</td><td>-15</td></tr><tr><td>British pound</td><td>-6</td><td>-11</td><td>-8</td></tr><tr><td>Euro</td><td>1</td><td>—</td><td>-17</td></tr><tr><td>Japanese yen</td><td>-3</td><td>11</td><td>-14</td></tr></table>

Question: Does Working capital keeps increasing each year between 2013 and 2015?
Answer: No