Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 29, 2019 | Apr. 15, 2019 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 29, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | AXE | |
Entity Registrant Name | ANIXTER INTERNATIONAL INC. | |
Entity Central Index Key | 0000052795 | |
Current Fiscal Year End Date | --01-03 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 33,678,825 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 29, 2019 | Mar. 30, 2018 | |
Net sales | $ 2,108.5 | $ 1,964.2 |
Cost of goods sold | 1,689.6 | 1,579.4 |
Gross profit | 418.9 | 384.8 |
Operating expenses | 344.3 | 323.2 |
Operating income | 74.6 | 61.6 |
Other expense: | ||
Interest expense | (20.4) | (18.2) |
Other, net | 1.8 | 2.3 |
Income before income taxes | 56 | 45.7 |
Income tax expense | 16.9 | 13.6 |
Net income | $ 39.1 | $ 32.1 |
Income per share: | ||
Basic | $ 1.15 | $ 0.95 |
Diluted | $ 1.14 | $ 0.94 |
Basic weighted-average common shares outstanding | 33.9 | 33.7 |
Effect of dilutive securities: | ||
Stock options and units | 0.3 | 0.4 |
Diluted weighted-average common shares outstanding | 34.2 | 34.1 |
Other comprehensive income (loss): | ||
Foreign currency translation | $ 6.9 | $ (3.5) |
Changes in unrealized pension cost, net of tax | 0.2 | 0.5 |
Other comprehensive income (loss) | 7.1 | (3) |
Comprehensive income | $ 46.2 | $ 29.1 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Mar. 29, 2019 | Dec. 28, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 77 | $ 81 |
Accounts receivable, net | 1,593.7 | 1,600 |
Inventories | 1,443.8 | 1,440.4 |
Other current assets | 43.6 | 50.6 |
Total current assets | 3,158.1 | 3,172 |
Property and equipment, at cost | 404.2 | 398.4 |
Accumulated depreciation | (242.5) | (235.1) |
Property and equipment, net | 161.7 | 163.3 |
Operating leases | 234.2 | 0 |
Goodwill | 834.9 | 832 |
Intangible assets, net | 385.3 | 392.9 |
Other assets | 95.5 | 92.9 |
Total assets | 4,869.7 | 4,653.1 |
Current liabilities: | ||
Accounts payable | 1,164 | 1,320 |
Accrued expenses | 278.9 | 309 |
Current operating lease obligations | 58.7 | 0 |
Total current liabilities | 1,501.6 | 1,629 |
Long-term debt | 1,368.3 | 1,252.7 |
Operating lease obligations | 181.4 | 0 |
Other liabilities | 197.7 | 201 |
Total liabilities | 3,249 | 3,082.7 |
Stockholders’ equity: | ||
Common stock - $1.00 par value, 100,000,000 shares authorized, 34,071,813 and 33,826,704 shares issued and outstanding at March 29, 2019 and December 28, 2018, respectively | 34.1 | 33.9 |
Capital surplus | 296.6 | 292.7 |
Retained earnings | 1,560 | 1,513.2 |
Accumulated other comprehensive loss: | ||
Foreign currency translation | (161.7) | (168.6) |
Unrecognized pension liability, net | (108.3) | (100.8) |
Total accumulated other comprehensive loss | (270) | (269.4) |
Total stockholders’ equity | 1,620.7 | 1,570.4 |
Total liabilities and stockholders’ equity | $ 4,869.7 | $ 4,653.1 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 29, 2019 | Dec. 28, 2018 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 34,071,813 | 33,862,704 |
Common stock, shares outstanding | 34,071,813 | 33,862,704 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 29, 2019 | Mar. 30, 2018 | |
Operating activities: | ||
Net income | $ 39.1 | $ 32.1 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation | 9.3 | 7.4 |
Amortization of intangible assets | 8.8 | 9.3 |
Stock-based compensation | 4.1 | 4.6 |
Deferred income taxes | 0.1 | 0.4 |
Pension plan contributions | (2.1) | (2.3) |
Pension plan expenses | 1.4 | 1.2 |
Changes in current assets and liabilities, net | 175.8 | 124.9 |
Other, net | 0.9 | 1 |
Net cash used in operating activities | (114.2) | (71.2) |
Investing activities: | ||
Capital expenditures, net | (5.9) | (10.9) |
Other | 0 | 4.1 |
Net cash used in investing activities | (5.9) | (6.8) |
Financing activities: | ||
Proceeds from borrowings | 1,241.5 | 531.3 |
Repayments of borrowings | (1,127.4) | (493) |
Proceeds from stock options exercised | 1 | 0.8 |
Other, net | (0.2) | 0 |
Net cash provided by financing activities | 114.9 | 39.1 |
Decrease in cash and cash equivalents | (5.2) | (38.9) |
Effect of exchange rate changes on cash balances | 1.2 | 1.6 |
Cash and cash equivalents at beginning of period | 81 | 116 |
Cash and cash equivalents at end of period | $ 77 | $ 78.7 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions | Total | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | ||
Common stock, shares issued at Dec. 29, 2017 | 33,700,000 | ||||||
Stockholders' equity at Dec. 29, 2017 | $ 1,459 | $ 33.7 | $ 278.7 | $ 1,356.9 | $ (210.3) | ||
Net income | 32.1 | 32.1 | |||||
Other comprehensive income (loss): | |||||||
Foreign currency translation | (3.5) | (3.5) | |||||
Changes in unrealized pension cost, net of tax | 0.5 | 0.5 | |||||
Stock-based compensation | 4.6 | 4.6 | |||||
Issuance of common stock and related taxes, shares | 100,000 | ||||||
Issuance of common stock and related taxes | (0.8) | $ 0.1 | (0.9) | ||||
Common stock, shares issued at Mar. 30, 2018 | 33,800,000 | ||||||
Stockholders' equity at Mar. 30, 2018 | $ 1,491.9 | $ 33.8 | 282.4 | 1,389 | (213.3) | ||
Common stock, shares issued at Dec. 28, 2018 | 33,862,704 | 33,900,000 | |||||
Stockholders' equity at Dec. 28, 2018 | $ 1,570.4 | $ 33.9 | 292.7 | 1,513.2 | (269.4) | ||
Net income | 39.1 | 39.1 | |||||
Other comprehensive income (loss): | |||||||
Foreign currency translation | 6.9 | 6.9 | |||||
Changes in unrealized pension cost, net of tax | 0.2 | 0.2 | |||||
Reclassification of tax effects | 0 | 7.7 | [1] | (7.7) | [1] | ||
Stock-based compensation | 4.1 | 4.1 | |||||
Issuance of common stock and related taxes, shares | 200,000 | ||||||
Issuance of common stock and related taxes | $ 0 | $ 0.2 | (0.2) | ||||
Common stock, shares issued at Mar. 29, 2019 | 34,071,813 | 34,100,000 | |||||
Stockholders' equity at Mar. 29, 2019 | $ 1,620.7 | $ 34.1 | $ 296.6 | $ 1,560 | $ (270) | ||
[1] | The Company reclassified $7.7 million |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 29, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation: The unaudited interim Condensed Consolidated Financial Statements of Anixter International Inc. and its subsidiaries (collectively referred to as "Anixter" or the "Company"), sometimes referred to in this Quarterly Report on Form 10-Q as "we", "our", "us", or "ourselves" have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Therefore, certain information and disclosures normally included in financial statements and related notes prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") have been condensed or omitted. Certain prior period amounts have been reclassified to conform to the current year presentation. These financial statements should be read in conjunction with, and have been prepared in conformity with, the accounting principles reflected in the consolidated financial statements and related notes included in Anixter's Annual Report on Form 10-K for the year ended December 28, 2018 ("2018 Form 10-K"). The condensed consolidated financial information furnished herein reflects all adjustments (consisting of normal recurring accruals), which are, in the opinion of management, necessary for a fair presentation of the Condensed Consolidated Financial Statements for the periods shown. The Company maintains its financial records on the basis of a fiscal year ending on the Friday nearest December 31, with the fiscal quarters spanning thirteen weeks, with the first quarter ending on the Friday of the first thirteen-week period. The first quarter of fiscal year 2019 ended on March 29, 2019 , and the first quarter of fiscal year 2018 ended on March 30, 2018 . Recently issued and adopted accounting pronouncements: In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, Leases , which requires lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. The standard is effective for Anixter's financial statements issued for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. In July 2018, the FASB issued additional authoritative guidance providing companies with an optional transition method to use the effective date of ASU 2016-02 as the date of initial application of transition and not restate comparative periods. The Company adopted the standard in the first quarter of 2019 using this optional transition method. The Company elected the package of practical expedients, which allows it to carry forward historical lease classification, the practical expedient to not separate non-lease components from lease components, and the short-term lease accounting policy election as defined in ASU 2016-02. The Company implemented internal controls and a lease accounting information system to enable the preparation of financial information on adoption. The standard had a material impact on the Company's Condensed Consolidated Balance Sheets, but did not have an impact on the Condensed Consolidated Statements of Comprehensive Income. The most significant impact was the recognition of right-of-use assets of $244.1 million and lease liabilities of $249.6 million for operating leases, while accounting for finance leases remained substantially unchanged. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which will allow a reclassification from accumulated other comprehensive income to retained earnings for the tax effects resulting from the December 22, 2017 enactment of the Tax Cuts and Jobs Act (the "Act") that are stranded in accumulated other comprehensive income. The standard is effective for Anixter's financial statements issued for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company adopted this standard effective the first quarter of fiscal year 2019 and elected to reclassify $7.7 million of tax benefits from "Accumulated other comprehensive loss" to "Retained earnings" within its Condensed Consolidated Financial Statements. In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation: Improvements to Nonemployee Share-Based Payment Accounting, which will expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. The standard is effective for Anixter's financial statements issued for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company adopted this standard effective the first quarter of fiscal year 2019. The result of this adoption did not have a material impact on the Condensed Consolidated Financial Statements. Recently issued accounting pronouncements not yet adopted: In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses , which requires the measurement of expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable forecasts. The main objective of this ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The standard is effective for Anixter's financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company is currently evaluating the impact of adoption of this ASU, but it is not expected to have a material effect on the Company's Condensed Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment , which removes step two from the goodwill impairment test. Step two measures a goodwill impairment loss by comparing the implied fair value of a reporting unit's goodwill with the carrying amount of that goodwill. The new guidance requires an entity to perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, including goodwill. The standard is effective for Anixter's financial statements issued for fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently assessing the impact the adoption of this ASU will have on its methodology for evaluating goodwill for impairment subsequent to adoption of this standard. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement: Changes to the Disclosure Requirements for Fair Value Measurement, which changes the disclosure requirements for fair value measurements by removing, adding and modifying certain disclosures. The standard is effective for Anixter's financial statements issued for fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company is currently evaluating the impact of adoption of this ASU on its related disclosures. In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General: Changes to the Disclosure Requirements for Defined Benefit Plans, which modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans by removing and adding certain disclosures for these plans. The standard is effective for Anixter's financial statements issued for fiscal years ending after December 15, 2020. Early adoption is permitted. The Company is currently evaluating the impact of adoption of this ASU on its related disclosures. The Company does not believe that any other recently issued, but not yet effective, accounting pronouncements, if adopted, would have a material impact on its Condensed Consolidated Financial Statements or disclosures. Revenue recognition: Anixter is a leading global distributor of network and security solutions, electrical and electronic solutions and utility power solutions. Through a global distribution network along with supply chain and technical expertise, Anixter helps customers reduce the risk, cost and complexity of their supply chains. Anixter is a leader in providing advanced inventory management services including procurement, just-in-time delivery, material management programs, turn-key yard layout and management, quality assurance testing, component kit production, storm/event kitting, small component assembly and e-commerce and electronic data interchange to a broad spectrum of customers with nearly 600,000 products. Revenue arrangements primarily consist of a single performance obligation to transfer promised goods or services. See Note 9. "Business Segments" for revenue disaggregated by geography. Sales to customers and related cost of sales are primarily recognized at the point in time when control of goods transfers to the customer. For product sales, this generally occurs upon shipment of the products, however, this may occur at a later date depending on the agreed upon sales terms, such as delivery at the customer's designated location, or based on consignment terms. In instances where goods are not stocked by Anixter and delivery times are critical, product is purchased from the manufacturer and drop-shipped to the customer. Anixter generally takes control of the goods when shipped by the manufacturer and then recognizes revenue when control of the product transfers to the customer. When providing services, sales are recognized over time as control transfers to the customer, which occurs as services are rendered. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. The Company estimates different forms of variable consideration at the time of sale based on historical experience, current conditions and contractual obligations. Revenue is recorded net of customer discounts, rebates and similar charges. When Anixter offers the right to return product, historical experience is utilized to establish a liability for the estimate of expected returns. Sales and other tax amounts collected from customers for remittance to governmental authorities are excluded from revenue. The Company has elected to treat shipping and handling as a fulfillment activity. The practical expedient not to disclose information about remaining performance obligations has also been elected as these contacts have an original duration of one year or less or are contracts where the Company has applied the practical expedient to recognize service revenue in proportion to the amount Anixter has the right to invoice. The Company typically receives payment 30 to 60 days from the point it has satisfied the related performance obligation. At December 28, 2018 , $17.2 million of deferred revenue related to outstanding contracts was reported in "Accrued expenses" in the Company's Consolidated Balance Sheet . This balance primarily represents prepayments from customers. During the three months ended March 29, 2019 , $6.9 million of this deferred revenue was recognized. At March 29, 2019 , deferred revenue was $21.3 million . The Company expects to recognize this balance as revenue within the next twelve months. Other, net: The following represents the components of "Other, net" as reflected in the Condensed Consolidated Statements of Comprehensive Income: Three Months Ended (In millions) March 29, March 30, Other, net: Foreign exchange (loss) gain $ (0.5 ) $ 0.2 Cash surrender value of life insurance policies 1.7 (0.6 ) Net periodic pension benefit 0.8 1.6 Other (0.2 ) 1.1 Total other, net $ 1.8 $ 2.3 Several of Anixter's subsidiaries conduct business in a currency other than the legal entity’s functional currency. Transactions may produce receivables or payables that are fixed in terms of the amount of foreign currency that will be received or paid. A change in exchange rates between the functional currency and the currency in which a transaction is denominated increases or decreases the expected amount of functional currency cash flows upon settlement of the transaction. The increase or decrease in expected functional currency cash flows is a foreign currency transaction gain or loss that is included in "Other, net" in the Condensed Consolidated Statements of Comprehensive Income. The Company purchases foreign currency forward contracts to minimize the effect of fluctuating foreign currency-denominated accounts on its reported income. The foreign currency forward contracts are not designated as hedges for accounting purposes. The Company's strategy is to negotiate terms for its derivatives and other financial instruments to be highly effective, such that the change in the value of the derivative perfectly offsets the impact of the underlying hedged item (e.g., various foreign currency-denominated accounts). Its counterparties to foreign currency forward contracts have investment-grade credit ratings. Anixter expects the creditworthiness of its counterparties to remain intact through the term of the transactions. The Company regularly monitors the creditworthiness of its counterparties to ensure no issues exist which could affect the value of the derivatives. The Company does not hedge 100% of its foreign currency-denominated accounts. In addition, the results of hedging can vary significantly based on various factors, such as the timing of executing the foreign currency forward contracts versus the movement of the currencies as well as the fluctuations in the account balances throughout each reporting period. The fair value of the foreign currency forward contracts is based on the difference between the contract rate and the current exchange rate. The fair value of the foreign currency forward contracts is measured using observable market information. These inputs would be considered Level 2 in the fair value hierarchy. At March 29, 2019 and December 28, 2018 , foreign currency forward contracts were revalued at then-current foreign exchange rates with the changes in valuation reflected directly in "Other, net" in the Condensed Consolidated Statements of Comprehensive Income offsetting the transaction gain/loss recorded on the foreign currency-denominated accounts. At March 29, 2019 and December 28, 2018 , the gross notional amount of the foreign currency forward contracts outstanding was approximately $101.7 million and $96.3 million , respectively. At March 29, 2019 and December 28, 2018 , the net notional amount of the foreign currency forward contracts outstanding was approximately $100.9 million and $75.7 million , respectively. While all of the Company's foreign currency forward contracts are subject to master netting arrangements with its counterparties, assets and liabilities related to derivative instruments are presented on a gross basis within the Condensed Consolidated Balance Sheets. The gross fair value of derivative assets and liabilities are immaterial. The combined effect of changes in both the equity and bond markets resulted in changes in the cash surrender value of the Company's company owned life insurance policies associated with the sponsored deferred compensation program. Leases: At contract inception, the Company determines if an arrangement is a lease. Operating leases are included in "Operating leases", "Current operating lease obligations" and "Operating lease obligations" on the Condensed Consolidated Balance Sheets. Finance leases are included in "Property and equipment, net", "Accrued expenses" and "Long-term debt" on the Condensed Consolidated Balance Sheets. The gross amount of the balances recorded related to finance leases was immaterial as of March 29, 2019 , and December 28, 2018 . Leases with an initial term of 12 months or less are not recorded on the Condensed Consolidated Balance Sheets. Operating lease expense is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components and has elected to account for the lease and non-lease components as a single lease component. Operating lease assets and liabilities are recognized at the commencement date, based on the present value of the future minimum lease payments over the lease term. A certain number of these leases contain rent escalation clauses either fixed or adjusted periodically for inflation or market rates that are factored into the Company's determination of lease payments. Anixter also has variable lease payments that do not depend on a rate or index, primarily for items such as common area maintenance and real estate taxes, which are recorded as variable cost when incurred. The operating lease asset includes advance payments and excludes incentives and initial direct costs incurred. As most of Anixter’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date to discount payments to the present value. Most operating leases contain renewal options, some of which also include options to early terminate the leases. The exercise of these options is at the Company's discretion. Lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Accumulated other comprehensive loss: Unrealized gains and losses are accumulated in "Accumulated other comprehensive loss" ("AOCI"). These changes are also reported in "Other comprehensive income (loss)" on the Condensed Consolidated Statements of Comprehensive Income. These include unrealized gains and losses related to the Company's defined benefit obligations and foreign currency translation. See Note 7. "Pension Plans" for pension related amounts reclassified into net income. |
RESTRUCTURING CHARGES
RESTRUCTURING CHARGES | 3 Months Ended |
Mar. 29, 2019 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING AND OTHER CHARGES | RESTRUCTURING CHARGES The Company considers restructuring activities to be programs whereby Anixter fundamentally changes its operations, such as closing and consolidating facilities, reducing headcount and realigning operations in response to changing market conditions. The following table summarizes activity related to liabilities associated with restructuring activities: Restructuring Activity Q2 2018 (In millions) Employee-Related Costs (a) Facility Exit and Other Costs (b) Total Balance at December 28, 2018 $ 6.7 $ 0.2 $ 6.9 Payments and other (1.1 ) — (1.1 ) Balance at March 29, 2019 $ 5.6 $ 0.2 $ 5.8 (a) Employee-related costs primarily consist of severance benefits provided to employees who have been involuntarily terminated. (b) Facility exit and other costs primarily consist of lease termination costs. Q2 2018 Restructuring Plan In the second quarter of 2018, the Company recorded a pre-tax charge of $2.1 million , $1.3 million and $1.1 million in its Network & Security Solutions ("NSS"), Electrical & Electronic Solutions ("EES") and Utility Power Solutions ("UPS") segments, respectively, and an additional $5.4 million at its corporate headquarters, primarily for severance-related expenses associated with a reduction of approximately 260 positions. In the third quarter of 2018, the Company recorded an additional $0.2 million charge at its corporate headquarters. The $10.1 million charge related to the second quarter 2018 plan primarily reflects actions related to facilities consolidation, systems integration and back office functions. This charge was included in "Operating expenses" in the Company's Condensed Consolidated Statements of Comprehensive Income for fiscal year 2018. The majority of the remaining charge included in accrued expenses of $5.8 million as of March 29, 2019 |
LEASES
LEASES | 3 Months Ended |
Mar. 29, 2019 | |
Text Block [Abstract] | |
LEASES | LEASES The Company adopted ASU 2016-02, Leases , as of December 29, 2018, using the modified retrospective approach. Prior year financial statements were not recast under the new standard and, therefore, those amounts are not presented below. Substantially all of Anixter's office and warehouse facilities are leased under operating leases. The Company also leases certain equipment and vehicles primarily as operating leases. Lease costs are included within "Operating expenses" in the Company's Condensed Consolidated Statements of Comprehensive Income. During the three months ended March 29, 2019 , these costs were as follows: Three Months Ended (In millions) March 29, 2019 Lease cost Operating lease cost $ 20.1 Variable lease cost 6.3 Short-term lease cost 0.3 Total lease cost $ 26.7 The weighted-average remaining lease term and weighted-average discount rate under operating leases at March 29, 2019 were: March 29, 2019 Lease term and discount rate Weighted-average remaining lease term 6.0 years Weighted-average discount rate (a) 6.3 % (a) Upon adoption of ASU 2016-02, the discount rate used for existing leases was established as of December 29, 2018. Maturities of operating lease liabilities at March 29, 2019 were as follows: (In millions) 2019 (excluding the three months ended March 29, 2019) $ 54.1 2020 60.0 2021 43.9 2022 38.2 2023 26.7 2024 and thereafter 68.5 Total lease payments $ 291.4 Less imputed interest 51.3 Present value of lease liabilities $ 240.1 Operating lease payments include $18.0 million related to options to extend lease terms that are reasonably certain of being exercised. As of March 29, 2019, the Company has additional leases, primarily for facilities, that have not yet commenced of $25.7 million . These operating leases will commence in fiscal year 2019 with lease terms of seven to fifteen years . Anixter subleases certain real estate to third parties. During the three months ended March 29, 2019 , the Company recognized income of $0.2 million which was included within "Operating expenses" in the Company's Condensed Consolidated Statements of Comprehensive Income. Aggregate future minimum rentals to be received under non-cancelable subleases at March 29, 2019 were $4.5 million . During the three months ended March 29, 2019 , leased assets obtained in exchange for operating lease obligations were $258.3 million . The operating cash outflow for amounts included in the measurement of operating lease obligations was $19.4 million |
DEBT
DEBT | 3 Months Ended |
Mar. 29, 2019 | |
Text Block [Abstract] | |
DEBT | DEBT Debt is summarized below: (In millions) March 29, December 28, Long-term debt: 6.00% Senior notes due 2025 $ 247.0 $ 246.9 5.50% Senior notes due 2023 347.5 347.4 5.125% Senior notes due 2021 397.6 397.4 Revolving lines of credit 368.2 260.0 Finance lease obligations 2.1 0.9 Other 11.5 6.1 Unamortized deferred financing costs (5.6 ) (6.0 ) Total long-term debt $ 1,368.3 $ 1,252.7 Fair Value of Debt The fair value of Anixter's debt instruments is measured using observable market information which would be considered Level 2 in the fair value hierarchy described in accounting guidance on fair value measurements. The Company's fixed-rate debt consists of Senior notes due 2025, Senior notes due 2023 and Senior notes due 2021. At March 29, 2019 , the Company's total carrying value and estimated fair value of debt outstanding was $1,368.3 million and $1,416.4 million , respectively. This compares to a carrying value and estimated fair value of debt outstanding at December 28, 2018 of $1,252.7 million and $1,261.7 million |
LEGAL CONTINGENCIES
LEGAL CONTINGENCIES | 3 Months Ended |
Mar. 29, 2019 | |
Text Block [Abstract] | |
LEGAL CONTINGENCIES | LEGAL CONTINGENCIES From time to time, Anixter is party to legal proceedings and matters that arise in the ordinary course of business. As of March 29, 2019 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 29, 2019 | |
INCOME TAXES | INCOME TAXES The Company's effective tax rate for the first quarter of 2019 was 30.3% compared to 29.7% in the prior year period. The increase in the effective tax rate was due primarily to the change in the country mix of earnings. The December 22, 2017 Tax Cuts and Jobs Act subjects U.S. shareholders to tax on Global Intangible Low-Taxed Income (“GILTI”) earned by certain foreign subsidiaries. The Company recognizes the tax on GILTI as a period expense in the period the tax is incurred. Under this policy, the Company has not provided deferred taxes related to temporary differences that upon their reversal will affect the amount of income subject to GILTI in the period. |
PENSION PLANS
PENSION PLANS | 3 Months Ended |
Mar. 29, 2019 | |
Text Block [Abstract] | |
PENSION PLANS | PENSION PLANS The Company's defined benefit pension plans are the plans in the U.S., which consist of the Anixter Inc. Pension Plan, the Executive Benefit Plan and the Supplemental Executive Retirement Plan ("SERP") (together the "Domestic Plans") and various defined benefit pension plans covering employees of foreign subsidiaries in Canada and Europe (together the "Foreign Plans"). The majority of these defined benefit pension plans are non-contributory and, with the exception of the U.S., cover substantially all full-time domestic employees and certain employees in other countries. Retirement benefits are provided based on compensation as defined in both the Domestic Plans and the Foreign Plans. The Company's policy is to fund all Domestic Plans as required by the Employee Retirement Income Security Act of 1974 ("ERISA") and the IRS and all Foreign Plans as required by applicable foreign laws. The Executive Benefit Plan and SERP are the only two plans that are unfunded. Assets in the various plans consist primarily of equity securities and debt securities. Components of net periodic pension cost (benefit) were as follows: Three Months Ended Domestic Plans Foreign Plans Total (In millions) March 29, 2019 March 30, 2018 March 29, 2019 March 30, 2018 March 29, 2019 March 30, 2018 Recorded in operating expenses: Service cost $ 0.8 $ 1.2 $ 1.4 $ 1.6 $ 2.2 $ 2.8 Recorded in other, net: Interest cost 2.8 2.6 1.7 1.7 4.5 4.3 Expected return on plan assets (3.7 ) (4.3 ) (2.7 ) (2.5 ) (6.4 ) (6.8 ) Net amortization (a) 0.3 0.1 0.8 0.8 1.1 0.9 Total recorded in other, net $ (0.6 ) (1.6 ) (0.2 ) — (0.8 ) (1.6 ) Total net periodic pension cost (benefit) $ 0.2 $ (0.4 ) $ 1.2 $ 1.6 $ 1.4 $ 1.2 (a) |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 3 Months Ended |
Mar. 29, 2019 | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS' EQUITY At the end of the first quarter of 2019, there were 1.3 million shares reserved for issuance under the 2017 Stock Incentive Plan. Under such plan, the Company pays non-employee directors annual retainer fees and, at their election, meeting fees in the form of stock units. Employee and director stock units are included in common stock outstanding on the date of vesting, and stock options are included in common stock outstanding upon exercise by the participant. The fair value of employee stock units is amortized over the respective vesting period representing the requisite service period, generally three to six years . Director stock units are expensed in the period in which they are granted, as these vest immediately. The 2019 employee performance-based restricted stock units ("performance units") are issued on the third anniversary of the grant date based on the Company's adjusted EBITDA margin for each of the performance periods with a total shareholder return ("TSR") modifier relative to the TSR of the peer group companies determined by the Company's compensation committee. The fair value of each performance unit tranche is estimated using the Monte Carlo Simulation pricing model at the date of grant. During the three months ended March 29, 2019 , the Company granted 228,137 stock units to employees, with a weighted-average grant-date fair value of $13.5 million . During the three months ended March 29, 2019 , the Company granted 58,139 performance units to employees, with a weighted-average grant-date fair value of $3.6 million . During the three months ended March 29, 2019 , the Company granted directors 12,130 stock units, with a weighted-average grant-date fair value of $0.7 million . |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 3 Months Ended |
Mar. 29, 2019 | |
BUSINESS SEGMENTS | BUSINESS SEGMENTS Anixter is a leading distributor of enterprise cabling and security solutions, electrical and electronic wire and cable solutions and utility power solutions. The Company has identified NSS, EES and UPS as reportable segments. Within its segments, the Company is also organized by geographies. Anixter's geographies consist of North America, which includes the U.S. and Canada, EMEA, which includes Europe, the Middle East and Africa, and Emerging Markets, which includes Asia Pacific and Central and Latin America. Corporate expenses are incurred to obtain and coordinate financing, tax, information technology, legal and other related services, certain of which were rebilled to subsidiaries. The Company also has various corporate assets which are reported in corporate. Segment assets may not include jointly used assets, but segment results include depreciation expense or other allocations related to those assets as such allocation is made for internal reporting. Interest expense and other non-operating items are not allocated to the segments or reviewed on a segment basis. The categorization of net sales by end market is determined using a variety of data points including the technical characteristic of the product, the "sold to" customer information, the "ship to" customer information and the end customer product or application into which product will be incorporated. Anixter also has largely specialized its sales organization by segment. As data systems for capturing and tracking this data evolve and improve, the categorization of products by end market can vary over time. When this occurs, the Company reclassifies net sales by end market for prior periods. Such reclassifications typically do not materially change the sizing of, or the underlying trends of results within, each end market. Segment Financial Information Segment information for the three months ended March 29, 2019 and March 30, 2018 was as follows: (In millions) First Quarter of 2019 NSS EES UPS Corporate Total Net sales $ 1,112.5 $ 566.0 $ 430.0 $ — $ 2,108.5 Operating income (losses) 70.9 29.1 18.5 (43.9 ) 74.6 First Quarter of 2018 NSS EES UPS Corporate Total Net sales $ 994.8 $ 568.4 $ 401.0 $ — $ 1,964.2 Operating income (losses) 53.5 31.4 16.4 (39.7 ) 61.6 Geographic Information The following table summarizes net sales by geographic areas for the three months ended March 29, 2019 and March 30, 2018 : Three Months Ended (In millions) March 29, 2019 March 30, 2018 Net sales North America $ 1,697.8 $ 1,612.4 EMEA 152.5 168.6 Emerging Markets 258.2 183.2 Total net sales $ 2,108.5 $ 1,964.2 Goodwill Assigned to Segments The following table presents the changes in goodwill allocated to the Company's reporting units during the three months ended March 29, 2019 : (In millions) NSS EES UPS Total Balance as of December 28, 2018 $ 472.7 $ 180.9 $ 178.4 $ 832.0 Acquisition related 0.2 — — 0.2 Foreign currency translation 1.1 0.1 1.5 2.7 Balance as of March 29, 2019 $ 474.0 $ 181.0 $ 179.9 $ 834.9 |
SUMMARIZED FINANCIAL INFORMATIO
SUMMARIZED FINANCIAL INFORMATION OF ANIXTER INC. | 3 Months Ended |
Mar. 29, 2019 | |
Text Block [Abstract] | |
SUMMARIZED FINANCIAL INFORMATION OF ANIXTER INC. | SUMMARIZED FINANCIAL INFORMATION OF ANIXTER INC. Anixter International Inc. guarantees, fully and unconditionally, substantially all of the debt of its subsidiaries, which include Anixter Inc., its 100% owned primary operating subsidiary. Anixter International Inc. has no independent assets or operations and all subsidiaries other than Anixter Inc. are minor. The following summarizes the financial information for Anixter Inc.: ANIXTER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions) March 29, December 28, Assets: Current assets $ 3,156.4 $ 3,171.6 Property and equipment, net 167.2 169.1 Operating leases 224.5 — Goodwill 834.9 832.0 Intangible assets, net 385.3 392.9 Other assets 95.6 92.9 $ 4,863.9 $ 4,658.5 Liabilities and Stockholder's Equity: Current liabilities $ 1,500.7 $ 1,630.3 Long-term debt 1,378.0 1,260.7 Operating lease obligations 171.6 — Other liabilities 196.4 199.6 Stockholder’s equity 1,617.2 1,567.9 $ 4,863.9 $ 4,658.5 ANIXTER INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Three Months Ended (In millions) March 29, March 30, Net sales $ 2,108.5 $ 1,964.2 Operating income $ 76.1 $ 63.2 Income before income taxes $ 57.4 $ 47.1 Net income $ 40.4 $ 33.5 Comprehensive income $ 39.8 $ 30.5 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 29, 2019 | |
Basis of presentation | Basis of presentation: The unaudited interim Condensed Consolidated Financial Statements of Anixter International Inc. and its subsidiaries (collectively referred to as "Anixter" or the "Company"), sometimes referred to in this Quarterly Report on Form 10-Q as "we", "our", "us", or "ourselves" have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Therefore, certain information and disclosures normally included in financial statements and related notes prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") have been condensed or omitted. Certain prior period amounts have been reclassified to conform to the current year presentation. These financial statements should be read in conjunction with, and have been prepared in conformity with, the accounting principles reflected in the consolidated financial statements and related notes included in Anixter's Annual Report on Form 10-K for the year ended December 28, 2018 ("2018 Form 10-K"). The condensed consolidated financial information furnished herein reflects all adjustments (consisting of normal recurring accruals), which are, in the opinion of management, necessary for a fair presentation of the Condensed Consolidated Financial Statements for the periods shown. The Company maintains its financial records on the basis of a fiscal year ending on the Friday nearest December 31, with the fiscal quarters spanning thirteen weeks, with the first quarter ending on the Friday of the first thirteen-week period. The first quarter of fiscal year 2019 ended on March 29, 2019 , and the first quarter of fiscal year 2018 ended on March 30, 2018 |
Recently issued and adopted accounting pronouncements | Recently issued and adopted accounting pronouncements: In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, Leases , which requires lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. The standard is effective for Anixter's financial statements issued for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. In July 2018, the FASB issued additional authoritative guidance providing companies with an optional transition method to use the effective date of ASU 2016-02 as the date of initial application of transition and not restate comparative periods. The Company adopted the standard in the first quarter of 2019 using this optional transition method. The Company elected the package of practical expedients, which allows it to carry forward historical lease classification, the practical expedient to not separate non-lease components from lease components, and the short-term lease accounting policy election as defined in ASU 2016-02. The Company implemented internal controls and a lease accounting information system to enable the preparation of financial information on adoption. The standard had a material impact on the Company's Condensed Consolidated Balance Sheets, but did not have an impact on the Condensed Consolidated Statements of Comprehensive Income. The most significant impact was the recognition of right-of-use assets of $244.1 million and lease liabilities of $249.6 million for operating leases, while accounting for finance leases remained substantially unchanged. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which will allow a reclassification from accumulated other comprehensive income to retained earnings for the tax effects resulting from the December 22, 2017 enactment of the Tax Cuts and Jobs Act (the "Act") that are stranded in accumulated other comprehensive income. The standard is effective for Anixter's financial statements issued for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company adopted this standard effective the first quarter of fiscal year 2019 and elected to reclassify $7.7 million of tax benefits from "Accumulated other comprehensive loss" to "Retained earnings" within its Condensed Consolidated Financial Statements. In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation: Improvements to Nonemployee Share-Based Payment Accounting, |
Recently issued accounting pronouncements not yet adopted | Recently issued accounting pronouncements not yet adopted: In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses , which requires the measurement of expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable forecasts. The main objective of this ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The standard is effective for Anixter's financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company is currently evaluating the impact of adoption of this ASU, but it is not expected to have a material effect on the Company's Condensed Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment , which removes step two from the goodwill impairment test. Step two measures a goodwill impairment loss by comparing the implied fair value of a reporting unit's goodwill with the carrying amount of that goodwill. The new guidance requires an entity to perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, including goodwill. The standard is effective for Anixter's financial statements issued for fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently assessing the impact the adoption of this ASU will have on its methodology for evaluating goodwill for impairment subsequent to adoption of this standard. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement: Changes to the Disclosure Requirements for Fair Value Measurement, which changes the disclosure requirements for fair value measurements by removing, adding and modifying certain disclosures. The standard is effective for Anixter's financial statements issued for fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company is currently evaluating the impact of adoption of this ASU on its related disclosures. In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General: Changes to the Disclosure Requirements for Defined Benefit Plans, which modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans by removing and adding certain disclosures for these plans. The standard is effective for Anixter's financial statements issued for fiscal years ending after December 15, 2020. Early adoption is permitted. The Company is currently evaluating the impact of adoption of this ASU on its related disclosures. |
Revenue recognition | Revenue recognition: Anixter is a leading global distributor of network and security solutions, electrical and electronic solutions and utility power solutions. Through a global distribution network along with supply chain and technical expertise, Anixter helps customers reduce the risk, cost and complexity of their supply chains. Anixter is a leader in providing advanced inventory management services including procurement, just-in-time delivery, material management programs, turn-key yard layout and management, quality assurance testing, component kit production, storm/event kitting, small component assembly and e-commerce and electronic data interchange to a broad spectrum of customers with nearly 600,000 products. Revenue arrangements primarily consist of a single performance obligation to transfer promised goods or services. See Note 9. "Business Segments" for revenue disaggregated by geography. Sales to customers and related cost of sales are primarily recognized at the point in time when control of goods transfers to the customer. For product sales, this generally occurs upon shipment of the products, however, this may occur at a later date depending on the agreed upon sales terms, such as delivery at the customer's designated location, or based on consignment terms. In instances where goods are not stocked by Anixter and delivery times are critical, product is purchased from the manufacturer and drop-shipped to the customer. Anixter generally takes control of the goods when shipped by the manufacturer and then recognizes revenue when control of the product transfers to the customer. When providing services, sales are recognized over time as control transfers to the customer, which occurs as services are rendered. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. The Company estimates different forms of variable consideration at the time of sale based on historical experience, current conditions and contractual obligations. Revenue is recorded net of customer discounts, rebates and similar charges. When Anixter offers the right to return product, historical experience is utilized to establish a liability for the estimate of expected returns. Sales and other tax amounts collected from customers for remittance to governmental authorities are excluded from revenue. The Company has elected to treat shipping and handling as a fulfillment activity. The practical expedient not to disclose information about remaining performance obligations has also been elected as these contacts have an original duration of one year or less or are contracts where the Company has applied the practical expedient to recognize service revenue in proportion to the amount Anixter has the right to invoice. The Company typically receives payment 30 to 60 days from the point it has satisfied the related performance obligation. At December 28, 2018 , $17.2 million of deferred revenue related to outstanding contracts was reported in "Accrued expenses" in the Company's Consolidated Balance Sheet . This balance primarily represents prepayments from customers. During the three months ended March 29, 2019 , $6.9 million of this deferred revenue was recognized. At March 29, 2019 , deferred revenue was $21.3 million . |
Other, net | Other, net: The following represents the components of "Other, net" as reflected in the Condensed Consolidated Statements of Comprehensive Income: Three Months Ended (In millions) March 29, March 30, Other, net: Foreign exchange (loss) gain $ (0.5 ) $ 0.2 Cash surrender value of life insurance policies 1.7 (0.6 ) Net periodic pension benefit 0.8 1.6 Other (0.2 ) 1.1 Total other, net $ 1.8 $ 2.3 Several of Anixter's subsidiaries conduct business in a currency other than the legal entity’s functional currency. Transactions may produce receivables or payables that are fixed in terms of the amount of foreign currency that will be received or paid. A change in exchange rates between the functional currency and the currency in which a transaction is denominated increases or decreases the expected amount of functional currency cash flows upon settlement of the transaction. The increase or decrease in expected functional currency cash flows is a foreign currency transaction gain or loss that is included in "Other, net" in the Condensed Consolidated Statements of Comprehensive Income. The Company purchases foreign currency forward contracts to minimize the effect of fluctuating foreign currency-denominated accounts on its reported income. The foreign currency forward contracts are not designated as hedges for accounting purposes. The Company's strategy is to negotiate terms for its derivatives and other financial instruments to be highly effective, such that the change in the value of the derivative perfectly offsets the impact of the underlying hedged item (e.g., various foreign currency-denominated accounts). Its counterparties to foreign currency forward contracts have investment-grade credit ratings. Anixter expects the creditworthiness of its counterparties to remain intact through the term of the transactions. The Company regularly monitors the creditworthiness of its counterparties to ensure no issues exist which could affect the value of the derivatives. The Company does not hedge 100% of its foreign currency-denominated accounts. In addition, the results of hedging can vary significantly based on various factors, such as the timing of executing the foreign currency forward contracts versus the movement of the currencies as well as the fluctuations in the account balances throughout each reporting period. The fair value of the foreign currency forward contracts is based on the difference between the contract rate and the current exchange rate. The fair value of the foreign currency forward contracts is measured using observable market information. These inputs would be considered Level 2 in the fair value hierarchy. At March 29, 2019 and December 28, 2018 , foreign currency forward contracts were revalued at then-current foreign exchange rates with the changes in valuation reflected directly in "Other, net" in the Condensed Consolidated Statements of Comprehensive Income offsetting the transaction gain/loss recorded on the foreign currency-denominated accounts. At March 29, 2019 and December 28, 2018 , the gross notional amount of the foreign currency forward contracts outstanding was approximately $101.7 million and $96.3 million , respectively. At March 29, 2019 and December 28, 2018 , the net notional amount of the foreign currency forward contracts outstanding was approximately $100.9 million and $75.7 million , respectively. While all of the Company's foreign currency forward contracts are subject to master netting arrangements with its counterparties, assets and liabilities related to derivative instruments are presented on a gross basis within the Condensed Consolidated Balance Sheets. The gross fair value of derivative assets and liabilities are immaterial. |
Leases | Leases: At contract inception, the Company determines if an arrangement is a lease. Operating leases are included in "Operating leases", "Current operating lease obligations" and "Operating lease obligations" on the Condensed Consolidated Balance Sheets. Finance leases are included in "Property and equipment, net", "Accrued expenses" and "Long-term debt" on the Condensed Consolidated Balance Sheets. The gross amount of the balances recorded related to finance leases was immaterial as of March 29, 2019 , and December 28, 2018 . Leases with an initial term of 12 months or less are not recorded on the Condensed Consolidated Balance Sheets. Operating lease expense is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components and has elected to account for the lease and non-lease components as a single lease component. |
Accumulated other comprehensive loss | Accumulated other comprehensive loss: Unrealized gains and losses are accumulated in "Accumulated other comprehensive loss" ("AOCI"). These changes are also reported in "Other comprehensive income (loss)" on the Condensed Consolidated Statements of Comprehensive Income. These include unrealized gains and losses related to the Company's defined benefit obligations and foreign currency translation. See Note 7. "Pension Plans" for pension related amounts reclassified into net income. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Mar. 29, 2019 | |
Summary of Components of Other Net Reflected in Consolidated Statements of Operations | Other, net: The following represents the components of "Other, net" as reflected in the Condensed Consolidated Statements of Comprehensive Income: Three Months Ended (In millions) March 29, March 30, Other, net: Foreign exchange (loss) gain $ (0.5 ) $ 0.2 Cash surrender value of life insurance policies 1.7 (0.6 ) Net periodic pension benefit 0.8 1.6 Other (0.2 ) 1.1 Total other, net $ 1.8 $ 2.3 |
RESTRUCTURING CHARGES (Tables)
RESTRUCTURING CHARGES (Tables) | 3 Months Ended |
Mar. 29, 2019 | |
Restructuring and Related Activities [Abstract] | |
Summary of Liabilities Associated with Restructuring and Employee Severance | The following table summarizes activity related to liabilities associated with restructuring activities: Restructuring Activity Q2 2018 (In millions) Employee-Related Costs (a) Facility Exit and Other Costs (b) Total Balance at December 28, 2018 $ 6.7 $ 0.2 $ 6.9 Payments and other (1.1 ) — (1.1 ) Balance at March 29, 2019 $ 5.6 $ 0.2 $ 5.8 (a) Employee-related costs primarily consist of severance benefits provided to employees who have been involuntarily terminated. (b) |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 29, 2019 | |
Text Block [Abstract] | |
Lease cost | Substantially all of Anixter's office and warehouse facilities are leased under operating leases. The Company also leases certain equipment and vehicles primarily as operating leases. Lease costs are included within "Operating expenses" in the Company's Condensed Consolidated Statements of Comprehensive Income. During the three months ended March 29, 2019 , these costs were as follows: Three Months Ended (In millions) March 29, 2019 Lease cost Operating lease cost $ 20.1 Variable lease cost 6.3 Short-term lease cost 0.3 Total lease cost $ 26.7 |
Lease term and discount rate | The weighted-average remaining lease term and weighted-average discount rate under operating leases at March 29, 2019 were: March 29, 2019 Lease term and discount rate Weighted-average remaining lease term 6.0 years Weighted-average discount rate (a) 6.3 % (a) |
Minimum lease commitments | Maturities of operating lease liabilities at March 29, 2019 were as follows: (In millions) 2019 (excluding the three months ended March 29, 2019) $ 54.1 2020 60.0 2021 43.9 2022 38.2 2023 26.7 2024 and thereafter 68.5 Total lease payments $ 291.4 Less imputed interest 51.3 Present value of lease liabilities $ 240.1 |
DEBT (Tables)
DEBT (Tables) | 3 Months Ended |
Mar. 29, 2019 | |
Text Block [Abstract] | |
Debt | Debt is summarized below: (In millions) March 29, December 28, Long-term debt: 6.00% Senior notes due 2025 $ 247.0 $ 246.9 5.50% Senior notes due 2023 347.5 347.4 5.125% Senior notes due 2021 397.6 397.4 Revolving lines of credit 368.2 260.0 Finance lease obligations 2.1 0.9 Other 11.5 6.1 Unamortized deferred financing costs (5.6 ) (6.0 ) Total long-term debt $ 1,368.3 $ 1,252.7 |
PENSION PLANS (Tables)
PENSION PLANS (Tables) | 3 Months Ended |
Mar. 29, 2019 | |
Text Block [Abstract] | |
Components of Net Periodic Benefit Costs | Three Months Ended Domestic Plans Foreign Plans Total (In millions) March 29, 2019 March 30, 2018 March 29, 2019 March 30, 2018 March 29, 2019 March 30, 2018 Recorded in operating expenses: Service cost $ 0.8 $ 1.2 $ 1.4 $ 1.6 $ 2.2 $ 2.8 Recorded in other, net: Interest cost 2.8 2.6 1.7 1.7 4.5 4.3 Expected return on plan assets (3.7 ) (4.3 ) (2.7 ) (2.5 ) (6.4 ) (6.8 ) Net amortization (a) 0.3 0.1 0.8 0.8 1.1 0.9 Total recorded in other, net $ (0.6 ) (1.6 ) (0.2 ) — (0.8 ) (1.6 ) Total net periodic pension cost (benefit) $ 0.2 $ (0.4 ) $ 1.2 $ 1.6 $ 1.4 $ 1.2 (a) |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 3 Months Ended |
Mar. 29, 2019 | |
Segment Information | Segment information for the three months ended March 29, 2019 and March 30, 2018 was as follows: (In millions) First Quarter of 2019 NSS EES UPS Corporate Total Net sales $ 1,112.5 $ 566.0 $ 430.0 $ — $ 2,108.5 Operating income (losses) 70.9 29.1 18.5 (43.9 ) 74.6 First Quarter of 2018 NSS EES UPS Corporate Total Net sales $ 994.8 $ 568.4 $ 401.0 $ — $ 1,964.2 Operating income (losses) 53.5 31.4 16.4 (39.7 ) 61.6 |
Revenue from External Customers by Geographic Areas | Three Months Ended (In millions) March 29, 2019 March 30, 2018 Net sales North America $ 1,697.8 $ 1,612.4 EMEA 152.5 168.6 Emerging Markets 258.2 183.2 Total net sales $ 2,108.5 $ 1,964.2 |
Changes in Goodwill | The following table presents the changes in goodwill allocated to the Company's reporting units during the three months ended March 29, 2019 : (In millions) NSS EES UPS Total Balance as of December 28, 2018 $ 472.7 $ 180.9 $ 178.4 $ 832.0 Acquisition related 0.2 — — 0.2 Foreign currency translation 1.1 0.1 1.5 2.7 Balance as of March 29, 2019 $ 474.0 $ 181.0 $ 179.9 $ 834.9 |
SUMMARIZED FINANCIAL INFORMAT_2
SUMMARIZED FINANCIAL INFORMATION OF ANIXTER INC. (Tables) | 3 Months Ended |
Mar. 29, 2019 | |
Text Block [Abstract] | |
CONDENSED CONSOLIDATED BALANCE SHEETS | The following summarizes the financial information for Anixter Inc.: ANIXTER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions) March 29, December 28, Assets: Current assets $ 3,156.4 $ 3,171.6 Property and equipment, net 167.2 169.1 Operating leases 224.5 — Goodwill 834.9 832.0 Intangible assets, net 385.3 392.9 Other assets 95.6 92.9 $ 4,863.9 $ 4,658.5 Liabilities and Stockholder's Equity: Current liabilities $ 1,500.7 $ 1,630.3 Long-term debt 1,378.0 1,260.7 Operating lease obligations 171.6 — Other liabilities 196.4 199.6 Stockholder’s equity 1,617.2 1,567.9 $ 4,863.9 $ 4,658.5 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ANIXTER INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Three Months Ended (In millions) March 29, March 30, Net sales $ 2,108.5 $ 1,964.2 Operating income $ 76.1 $ 63.2 Income before income taxes $ 57.4 $ 47.1 Net income $ 40.4 $ 33.5 Comprehensive income $ 39.8 $ 30.5 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 29, 2019USD ($) | Dec. 28, 2018USD ($) | Dec. 29, 2018USD ($) | Dec. 29, 2017USD ($) | ||
Summary Of Significant Accounting Policies [Line Items] | |||||
Operating leases | $ 234.2 | $ 0 | $ 244.1 | ||
Operating lease obligations | 240.1 | $ 249.6 | |||
Reclassification of tax effects | $ 0 | ||||
Number of products | 600,000 | ||||
Deferred revenue, current | $ 21.3 | $ 17.2 | |||
Recognition of deferred revenue | $ 6.9 | ||||
Rate of foreign currency denominated accounts not hedged | 100.00% | ||||
Gross [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Notional amount of foreign currency forward contracts | $ 101.7 | $ 96.3 | |||
Net [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Notional amount of foreign currency forward contracts | $ 100.9 | $ 75.7 | |||
Minimum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Number of days between performance obligation satisfaction and payment | 30 days | ||||
Maximum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Number of days between performance obligation satisfaction and payment | 60 days | ||||
Retained Earnings [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Reclassification of tax effects | [1] | $ 7.7 | |||
[1] | The Company reclassified $7.7 million |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Components of Other Net Reflected in Consolidated Statements of Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 29, 2019 | Mar. 30, 2018 | |
Other, net: | ||
Foreign exchange (loss) gain | $ (0.5) | $ 0.2 |
Cash surrender value of life insurance policies | 1.7 | (0.6) |
Net periodic pension benefit | 0.8 | 1.6 |
Other | (0.2) | 1.1 |
Total other, net | $ 1.8 | $ 2.3 |
RESTRUCTURING CHARGES - Summary
RESTRUCTURING CHARGES - Summary of Liabilities Associated with Restructuring and Employee Severance (Details) $ in Millions | 3 Months Ended | |
Mar. 29, 2019USD ($) | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve, Beginning balance | $ 6.9 | |
Payments and other | (1.1) | |
Restructuring Reserve, Ending balance | 5.8 | |
Q2 2018 Restructuring Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve, Beginning balance | 5.8 | [1] |
Q2 2018 Restructuring Plan [Member] | Employee Related Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve, Beginning balance | 6.7 | [1] |
Payments and other | (1.1) | [1] |
Restructuring Reserve, Ending balance | 5.6 | [1] |
Q2 2018 Restructuring Plan [Member] | Facility Exit and Other Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve, Beginning balance | 0.2 | [2] |
Payments and other | 0 | [2] |
Restructuring Reserve, Ending balance | $ 0.2 | [2] |
[1] | (a)Employee-related costs primarily consist of severance benefits provided to employees who have been involuntarily terminated. | |
[2] | (b)Facility exit and other costs primarily consist of lease termination costs. |
RESTRUCTURING CHARGES - Additio
RESTRUCTURING CHARGES - Additional Information (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Sep. 28, 2018USD ($) | Jun. 29, 2018USD ($) | Dec. 28, 2018USD ($) | Mar. 29, 2019USD ($) | ||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve | $ 6.9 | $ 5.8 | |||
Q2 2018 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Number of Positions Eliminated | 260 | ||||
Restructuring Reserve | [1] | 5.8 | |||
Q2 2018 Restructuring Plan [Member] | Operating Expense [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | $ 10.1 | ||||
Q2 2018 Restructuring Plan [Member] | Network and Security Solutions [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | $ 2.1 | ||||
Q2 2018 Restructuring Plan [Member] | Electrical and Electronic Solutions [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 1.3 | ||||
Q2 2018 Restructuring Plan [Member] | Utility Power Solutions [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 1.1 | ||||
Q2 2018 Restructuring Plan [Member] | Corporate [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | $ 0.2 | $ 5.4 | |||
[1] | (a)Employee-related costs primarily consist of severance benefits provided to employees who have been involuntarily terminated. |
LEASES - Schedule of Lease Cost
LEASES - Schedule of Lease Cost (Details) $ in Millions | 3 Months Ended |
Mar. 29, 2019USD ($) | |
Schedule of Lease Cost [Abstract] | |
Operating lease cost | $ 20.1 |
Variable lease cost | 6.3 |
Short-term lease cost | 0.3 |
Total lease cost | $ 26.7 |
LEASES - Lease Term and Discoun
LEASES - Lease Term and Discount Rate (Details) | Mar. 29, 2019 | |
Leases [Abstract] | ||
Weighted average remaining lease term | 6 years | |
Weighted average discount rate | 6.30% | [1] |
[1] | (a)Upon adoption of ASU 2016-02, the discount rate used for existing leases was established as of December 29, 2018. |
LEASES - Minimum Lease Commitme
LEASES - Minimum Lease Commitments Under Operating Leases (Details) - USD ($) $ in Millions | Mar. 29, 2019 | Dec. 29, 2018 |
Leases [Abstract] | ||
Minimum lease commitments under operating leases - 2019 | $ 54.1 | |
Minimum lease commitments under operating leases - 2020 | 60 | |
Minimum lease commitments under operating leases - 2021 | 43.9 | |
Minimum lease commitments under operating leases - 2022 | 38.2 | |
Minimum lease commitments under operating leases - 2023 | 26.7 | |
Minimum lease commitments under operating leases - 2024 and thereafter | 68.5 | |
Total minimum lease commitments under operating leases | 291.4 | |
Less imputed interest | 51.3 | |
Present value of lease liabilities | $ 240.1 | $ 249.6 |
LEASES - Additional Information
LEASES - Additional Information (Details) $ in Millions | 3 Months Ended |
Mar. 29, 2019USD ($) | |
Leases [Line Items] | |
Lease payments related to options to extend lease terms | $ 18 |
Additional leases, primarily for facilities, that have not yet commenced | 25.7 |
Sublease income | 0.2 |
Future minimum sublease rentals | 4.5 |
Leased assets obtained in exchange for operating lease obligations | 258.3 |
Cash outflow for amounts included in operating lease obligations | $ 19.4 |
Minimum [Member] | |
Leases [Line Items] | |
Lease not yet commenced, term of contract | 7 years |
Maximum [Member] | |
Leases [Line Items] | |
Lease not yet commenced, term of contract | 15 years |
DEBT (Detail)
DEBT (Detail) - USD ($) $ in Millions | Mar. 29, 2019 | Dec. 28, 2018 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,368.3 | $ 1,252.7 |
Finance lease obligations | 2.1 | 0.9 |
Unamortized deferred financing costs | (5.6) | (6) |
6.00% Senior notes due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 247 | 246.9 |
5.50% Senior notes due 2023 [Domain] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 347.5 | 347.4 |
5.125% Senior notes due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 397.6 | 397.4 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 368.2 | 260 |
Other [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 11.5 | $ 6.1 |
DEBT - Additional Information (
DEBT - Additional Information (Detail) - USD ($) $ in Millions | Mar. 29, 2019 | Dec. 28, 2018 |
Line Of Credit Facility Covenant Compliance [Line Items] | ||
Long-term debt | $ 1,368.3 | $ 1,252.7 |
Long-term debt fair value | $ 1,416.4 | $ 1,261.7 |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Detail) | 3 Months Ended | |
Mar. 29, 2019 | Mar. 30, 2018 | |
Disclosure Income Taxes Additional Information [Abstract] | ||
Effective tax rate | 30.30% | 29.70% |
PENSION PLANS - Components of N
PENSION PLANS - Components of Net Periodic Cost (Benefit) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | ||
Components of net periodic pension cost (benefit): | |||
Total recorded in other, net | $ (0.8) | $ (1.6) | |
Net periodic pension cost (benefit) | 1.4 | 1.2 | |
Continuing Operations [Member] | |||
Components of net periodic pension cost (benefit): | |||
Service cost | 2.2 | 2.8 | |
Interest cost | 4.5 | 4.3 | |
Expected return on plan assets | (6.4) | (6.8) | |
Net amortization | [1] | 1.1 | 0.9 |
Total recorded in other, net | (0.8) | (1.6) | |
Net periodic pension cost (benefit) | 1.4 | 1.2 | |
Domestic Plan [Member] | |||
Components of net periodic pension cost (benefit): | |||
Service cost | 0.8 | 1.2 | |
Interest cost | 2.8 | 2.6 | |
Expected return on plan assets | (3.7) | (4.3) | |
Net amortization | [1] | 0.3 | 0.1 |
Total recorded in other, net | (0.6) | (1.6) | |
Net periodic pension cost (benefit) | 0.2 | (0.4) | |
Foreign Plan [Member] | |||
Components of net periodic pension cost (benefit): | |||
Service cost | 1.4 | 1.6 | |
Interest cost | 1.7 | 1.7 | |
Expected return on plan assets | (2.7) | (2.5) | |
Net amortization | [1] | 0.8 | 0.8 |
Total recorded in other, net | (0.2) | 0 | |
Net periodic pension cost (benefit) | $ 1.2 | $ 1.6 | |
[1] | (a)Reclassified from AOCI. |
STOCKHOLDERS' EQUITY - Addition
STOCKHOLDERS' EQUITY - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 29, 2019USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares available for grant | 1,300,000 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares granted | 228,137 |
Fair value of shares granted | $ | $ 13.5 |
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 3 years |
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 6 years |
Performance Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares granted | 58,139 |
Fair value of shares granted | $ | $ 3.6 |
Director stock units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares granted | 12,130 |
Fair value of shares granted | $ | $ 0.7 |
BUSINESS SEGMENTS - Segment Inf
BUSINESS SEGMENTS - Segment Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 29, 2019 | Mar. 30, 2018 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 2,108.5 | $ 1,964.2 |
Operating income (losses) | (74.6) | (61.6) |
Network and Security Solutions [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 1,112.5 | 994.8 |
Operating income (losses) | (70.9) | (53.5) |
Electrical and Electronic Solutions [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 566 | 568.4 |
Operating income (losses) | (29.1) | (31.4) |
Utility Power Solutions [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 430 | 401 |
Operating income (losses) | (18.5) | (16.4) |
Corporate [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 0 | 0 |
Operating income (losses) | 43.9 | 39.7 |
Continuing Operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 2,108.5 | 1,964.2 |
Operating income (losses) | $ (74.6) | $ (61.6) |
BUSINESS SEGMENTS - Revenue Fro
BUSINESS SEGMENTS - Revenue From External Customers by Geographic Areas (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 29, 2019 | Mar. 30, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | $ 2,108.5 | $ 1,964.2 |
North America [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 1,697.8 | 1,612.4 |
EMEA [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 152.5 | 168.6 |
Emerging Markets [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | $ 258.2 | $ 183.2 |
BUSINESS SEGMENTS - Changes in
BUSINESS SEGMENTS - Changes in Goodwill (Detail) $ in Millions | 3 Months Ended |
Mar. 29, 2019USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | $ 832 |
Acquisition related | 0.2 |
Foreign currency translation | 2.7 |
Goodwill, Ending Balance | 834.9 |
Network and Security Solutions [Member] | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | 472.7 |
Acquisition related | 0.2 |
Foreign currency translation | 1.1 |
Goodwill, Ending Balance | 474 |
Electrical and Electronic Solutions [Member] | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | 180.9 |
Acquisition related | 0 |
Foreign currency translation | 0.1 |
Goodwill, Ending Balance | 181 |
Utility Power Solutions [Member] | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | 178.4 |
Acquisition related | 0 |
Foreign currency translation | 1.5 |
Goodwill, Ending Balance | $ 179.9 |
SUMMARIZED FINANCIAL INFORMAT_3
SUMMARIZED FINANCIAL INFORMATION OF ANIXTER INC - Additional Information (Detail) | 3 Months Ended |
Mar. 29, 2019 | |
Disclosure Summarized Financial Information Of Anixter Inc Additional Information [Abstract] | |
Description of guarantees given by parent company | Anixter International Inc. guarantees, fully and unconditionally, substantially all of the debt of its subsidiaries, which include Anixter Inc., its 100% owned primary operating subsidiary. Anixter International Inc. has no independent assets or operations and all subsidiaries other than Anixter Inc. are minor. |
SUMMARIZED FINANCIAL INFORMAT_4
SUMMARIZED FINANCIAL INFORMATION OF ANIXTER INC - CONDENSED CONSOLIDATED BALANCE SHEETS (Detail) - USD ($) $ in Millions | Mar. 29, 2019 | Dec. 29, 2018 | Dec. 28, 2018 | Mar. 30, 2018 | Dec. 29, 2017 |
Assets: | |||||
Current assets | $ 3,158.1 | $ 3,172 | |||
Property and equipment, net | 161.7 | 163.3 | |||
Operating leases | 234.2 | $ 244.1 | 0 | ||
Goodwill | 834.9 | 832 | |||
Intangible assets, net | 385.3 | 392.9 | |||
Other assets | 95.5 | 92.9 | |||
Total assets | 4,869.7 | 4,653.1 | |||
Liabilities and Stockholders' Equity: | |||||
Current liabilities | 1,501.6 | 1,629 | |||
Long-term debt | 1,368.3 | 1,252.7 | |||
Operating lease obligations | 181.4 | 0 | |||
Other liabilities | 197.7 | 201 | |||
Stockholders' equity | 1,620.7 | 1,570.4 | $ 1,491.9 | $ 1,459 | |
Total liabilities and stockholders’ equity | 4,869.7 | 4,653.1 | |||
Anixter Inc. [Member] | |||||
Assets: | |||||
Current assets | 3,156.4 | 3,171.6 | |||
Property and equipment, net | 167.2 | 169.1 | |||
Operating leases | 224.5 | 0 | |||
Goodwill | 834.9 | 832 | |||
Intangible assets, net | 385.3 | 392.9 | |||
Other assets | 95.6 | 92.9 | |||
Total assets | 4,863.9 | 4,658.5 | |||
Liabilities and Stockholders' Equity: | |||||
Current liabilities | 1,500.7 | 1,630.3 | |||
Long-term debt | 1,378 | 1,260.7 | |||
Operating lease obligations | 171.6 | 0 | |||
Other liabilities | 196.4 | 199.6 | |||
Stockholders' equity | 1,617.2 | 1,567.9 | |||
Total liabilities and stockholders’ equity | $ 4,863.9 | $ 4,658.5 |
SUMMARIZED FINANCIAL INFORMAT_5
SUMMARIZED FINANCIAL INFORMATION OF ANIXTER INC - CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 29, 2019 | Mar. 30, 2018 | |
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | $ 2,108.5 | $ 1,964.2 |
Operating income | 74.6 | 61.6 |
Income before income taxes | 56 | 45.7 |
Net income | 39.1 | 32.1 |
Comprehensive income | 46.2 | 29.1 |
Anixter Inc. [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | 2,108.5 | 1,964.2 |
Operating income | 76.1 | 63.2 |
Income before income taxes | 57.4 | 47.1 |
Net income | 40.4 | 33.5 |
Comprehensive income | $ 39.8 | $ 30.5 |