Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 28, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'SYSTEMAX INC | ' |
Entity Central Index Key | '0000945114 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 36,750,544 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash | $159.70 | $181.40 |
Accounts receivable, net | 367 | 333.3 |
Inventories | 326.3 | 321.8 |
Prepaid expenses and other current assets | 16.4 | 17.6 |
Deferred income taxes | 2.3 | 2.3 |
Total current assets | 871.7 | 856.4 |
Property, plant and equipment, net | 57.1 | 59.4 |
Deferred income taxes | 15.5 | 15.3 |
Goodwill and intangibles | 5.6 | 6.1 |
Other assets | 5 | 5.2 |
Total assets | 954.9 | 942.4 |
Current liabilities: | ' | ' |
Accounts payable | 441.9 | 418.9 |
Accrued expenses and other current liabilities | 81.6 | 89.2 |
Current portion of long term debt | 2.4 | 2.5 |
Total current liabilities | 525.9 | 510.6 |
Long-term debt | 2.3 | 2.9 |
Other liabilities | 22.6 | 22.7 |
Total liabilities | 550.8 | 536.2 |
Commitments and contingencies | ' | ' |
Shareholders' equity: | ' | ' |
Preferred stock | 0 | 0 |
Common stock | 0.4 | 0.4 |
Additional paid-in capital | 183.6 | 183.3 |
Treasury stock | -26.2 | -26.4 |
Retained earnings | 243.7 | 246.7 |
Accumulated other comprehensive income | 2.6 | 2.2 |
Total shareholders' equity | 404.1 | 406.2 |
Total liabilities and shareholders' equity | $954.90 | $942.40 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Condensed Consolidated Statements of Operations (Unaudited) | ' | ' |
Net sales | $873.40 | $880.60 |
Cost of sales | 745.5 | 759 |
Gross profit | 127.9 | 121.6 |
Selling, general & administrative expenses | 126.8 | 123.5 |
Special charges, net | 2.4 | 6.8 |
Operating income (loss) | -1.3 | -8.7 |
Foreign currency exchange loss | 0.5 | 0.3 |
Interest and other income, net | 0 | -0.1 |
Interest expense | 0.3 | 0.3 |
Income (loss) before income taxes | -2.1 | -9.2 |
Provision for (benefit from) income taxes | 0.9 | -2.9 |
Net income (loss) | ($3) | ($6.30) |
Net income (loss) per common share: | ' | ' |
Basic | ($0.08) | ($0.17) |
Diluted | ($0.08) | ($0.17) |
Weighted average common and common equivalent shares: | ' | ' |
Basic | 37 | 37 |
Diluted | 37 | 37 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) [Abstract] | ' | ' |
Net income (loss) | ($3) | ($6.30) |
Other comprehensive income (loss): | ' | ' |
Foreign currency translation | 0.4 | -7.6 |
Total comprehensive income (loss) | ($2.60) | ($13.90) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net income (loss) | ($3) | ($6.30) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 4.2 | 4.3 |
Benefit for deferred income taxes | -0.4 | -0.5 |
Provision for returns and doubtful accounts | 2.6 | 0.7 |
Compensation expense related to equity compensation plans | 0.5 | 1.4 |
Excess tax benefit from exercises of stock options | 0 | -0.1 |
Loss on dispositions and abandonment | 0 | 0.1 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -42.1 | -6.3 |
Inventories | -4.5 | 39.5 |
Prepaid expenses and other current assets | 0.2 | -2 |
Accounts payable | 22.5 | -39 |
Accrued expenses and other current liabilities | 0.1 | -1.6 |
Net cash used in operating activities | -19.9 | -9.8 |
Cash flows from investing activities: | ' | ' |
Purchases of property, plant and equipment | -1.7 | -3 |
Net cash used in investing activities | -1.7 | -3 |
Cash flows from financing activities: | ' | ' |
Repayments of capital lease obligations | -0.6 | -0.7 |
Proceeds from issuance of common stock | 0 | 0.1 |
Excess tax benefit from exercises of stock options | 0 | 0.1 |
Net cash used in financing activities | -0.6 | -0.5 |
Effects of exchange rates on cash | 0.5 | -2.7 |
Net decrease in cash | -21.7 | -16 |
Cash - beginning of period | 181.4 | 150.7 |
Cash - end of period | $159.70 | $134.70 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock, At Cost [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
In Millions, unless otherwise specified | ||||||
Balances at Dec. 31, 2013 | $0.40 | $183.30 | ($26.40) | $246.70 | $2.20 | $406.20 |
Balances (in shares) at Dec. 31, 2013 | 36,729 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | ' | 0.5 | ' | ' | ' | ' |
Issuance of restricted stock | ' | -0.1 | 0.1 | ' | ' | ' |
Issuance of restricted stock (in shares) | 10 | ' | ' | ' | ' | ' |
Exercise of stock options | ' | -0.1 | 0.1 | ' | ' | ' |
Exercise of stock options (in shares) | 11 | ' | ' | ' | ' | ' |
Change in cumulative translation adjustment | ' | ' | ' | ' | 0.4 | 0.4 |
Net loss | ' | ' | ' | -3 | ' | -3 |
Balances at Mar. 31, 2014 | $0.40 | $183.60 | ($26.20) | $243.70 | $2.60 | $404.10 |
Balances (in shares) at Mar. 31, 2014 | 36,750 | ' | ' | ' | ' | ' |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended | ||
Mar. 31, 2014 | |||
Basis of Presentation [Abstract] | ' | ||
Basis of Presentation | ' | ||
1 | Basis of Presentation | ||
The accompanying condensed consolidated financial statements of the Company and its wholly-owned subsidiaries are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America are not required in these interim financial statements and have been condensed or omitted. All significant intercompany accounts and transactions have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to current year presentation. | |||
In the opinion of management, the accompanying condensed consolidated financial statements contain all normal and recurring adjustments necessary to present fairly the financial position of the Company as of March 31, 2014 and the results of operations for the three month periods ended March 31, 2014 and 2013, statements of comprehensive income (loss) for the three month periods ended March 31, 2014 and 2013, cash flows for the three month periods ended March 31, 2014 and 2013 and changes in shareholders' equity for the three month period ended March 31, 2014. The December 31, 2013 condensed consolidated balance sheet has been derived from the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2013. | |||
These condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements as of December 31, 2013 and for the year then ended included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2013. The results for the three month periods ended March 31, 2014 are not necessarily indicative of the results for the entire year. | |||
Systemax manages its business and reports using a 52-53 week fiscal year that ends at midnight on the Saturday closest to December 31. For clarity of presentation herein, fiscal years and quarters are referred to as if they ended on the traditional calendar month. The actual fiscal first quarter ended on March 29, 2014 and the prior year ended March 30, 2013. The first quarters of both 2014 and 2013 included 13 weeks. |
Net_Income_per_Common_Share
Net Income per Common Share | 3 Months Ended | ||
Mar. 31, 2014 | |||
Net Income per Common Share [Abstract] | ' | ||
Net Income (Loss) per Common Share | ' | ||
2 | Net Income (Loss) per Common Share | ||
Net income (loss) per common share - basic was calculated based upon the weighted average number of common shares outstanding during the respective periods presented using the two class method of computing earnings per share. The two class method was used as the Company has outstanding restricted stock with rights to dividend participation for unvested shares. Net income (loss) per common share - diluted was calculated based upon the weighted average number of common shares outstanding and included the equivalent shares for dilutive options and restricted stock awards outstanding during the respective periods, including unvested options. The dilutive effect of outstanding options and restricted stock issued by the Company is reflected in net income (loss) per share - diluted using the treasury stock method. Under the treasury stock method, options will only have a dilutive effect when the average market price of common stock during the period exceeds the exercise price of the options. In periods when we recognize a net loss, we exclude the impact of outstanding stock awards from the diluted loss per share calculation as their inclusion would have an antidilutive effect. The weighted average number of stock options outstanding included in the computation of diluted earnings per share was zero shares for the three months ended March 31, 2014 and 2013, respectively. The weighted average number of restricted stock awards included in the computation of diluted earnings per share was zero shares for the three months ended March 31, 2014 and 2013, respectively. The weighted average number of stock options outstanding excluded from the computation of diluted earnings per share was 1.1 million shares and 1.3 million shares for the three months ended March 31, 2014 and 2013, respectively, due to their antidilutive effect. The weighted average number of restricted awards outstanding excluded from the computation of diluted earnings per share was a de minimis number of shares and 0.1 million shares for the three months ended March 31, 2014 and 2013, respectively, due to their antidilutive effect. |
Credit_Facilities_and_LongTerm
Credit Facilities and Long-Term Debt | 3 Months Ended | ||
Mar. 31, 2014 | |||
Credit Facilities and Long-Term Debt [Abstract] | ' | ||
Credit Facilities and Long-Term Debt | ' | ||
3 | Credit Facilities and Long Term Debt | ||
The Company maintains a $125.0 million (which may be increased to $200.0 million, subject to certain conditions) secured revolving credit agreement with a group of financial institutions which provides for borrowings in the United States. The credit facility has a five year term and expires in October 2015. Availability is subject to a borrowing base formula that takes into account eligible receivables and eligible inventory. Borrowings are secured by substantially all of the Company's assets, including accounts receivable, inventory and certain other assets, subject to limited exceptions. The credit agreement contains certain operating, financial and other covenants, including limits on annual levels of capital expenditures, availability tests related to payments of dividends and stock repurchases and fixed charge coverage tests related to acquisitions. The borrowings under the agreement are subject to borrowing base limitations of up to 85% of eligible accounts receivable and up to 40% of qualified inventories. The interest rate under this facility is computed at applicable market rates based on LIBOR or the Prime Rate, plus an applicable margin. The revolving credit agreement requires that a minimum level of availability be maintained. If such availability is not maintained, the Company will be required to maintain a fixed charge coverage ratio (as defined). The applicable margin varies based on borrowing base availability. As of March 31, 2014, eligible collateral under the agreement was $120.4 million, total availability was $114.9 million, total outstanding letters of credit were $5.5 million and there were no outstanding borrowings. The Company was in compliance with all of the covenants under this facility as of March 31, 2014. | |||
The Company (through a subsidiary) has an outstanding Bond financing with the Development Authority of Jefferson, Georgia (the "Authority"). The Bonds were issued by the Authority and purchased by GE Government Finance Inc., and mature on October 1, 2018. The proceeds from the Bond were used to finance capital equipment purchased for the Company's distribution facility located in Jefferson, Georgia. The purchase and installation of the equipment for the facility was completed by December 31, 2011. Pursuant to the transaction, the Company transferred to the Authority, for consideration consisting of the Bonds proceeds, ownership of the equipment and the Authority leased the equipment to the Company's subsidiary pursuant to a capital equipment lease expiring October 1, 2018. Under the capital equipment lease the Company has the right to acquire ownership of the equipment at any time for a purchase price sufficient to pay off all principal and interest on the Bonds, plus $1.00. As of March 31, 2014 there was approximately $3.7 million outstanding against this financing facility. |
Special_charges
Special charges | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Special charges [Abstract] | ' | ||||||||||||
Special charges | ' | ||||||||||||
4 | Special Charges, net | ||||||||||||
The Company's Technology Products segment incurred special charges of approximately $2.4 million in the first quarter of 2014. These charges included approximately $1.5 million in workforce reductions related to the implementation of the shared services center for our European subsidiaries, $0.2 million in recruitment costs for the European shared services center, $0.3 million for changes in the estimate of lease valuation accruals (other exit costs) and $0.2 million in other costs related to the retail stores that were closed in 2013 and $0.2 million of additional legal and professional fees related to the previously disclosed completed investigation and settlement with a former officer and director. | |||||||||||||
The balance of the workforce reductions and retail store closing liabilities are included in the Condensed Consolidated Balance Sheet within accrued expenses and other current liabilities and other liabilities. | |||||||||||||
The following table details the associated liabilities related to this plan (in millions): | |||||||||||||
Workforce reductions and Personnel Costs | Other Exit Costs | Total | |||||||||||
Balance January 1, 2014 | $ | $7.00 | $ | $5.10 | $ | $12.10 | |||||||
Charged to expense | 1.5 | 0.3 | 1.8 | ||||||||||
Paid or otherwise settled | (2.8 | ) | (0.5 | ) | (3.3 | ) | |||||||
Balance March 31, 2014 | $ | $5.70 | $ | $4.90 | $ | $10.60 | |||||||
The Company's Industrial Products segment incurred special charges in the second quarter of 2012 related to the closing and relocation of a small distribution center to a new, significantly larger distribution and call center. The balance of the restructuring reserves is included in the Condensed Consolidated Balance Sheet within accrued expenses and other current liabilities and other liabilities. The Company does not anticipate incurring any additional costs related to this closing and relocation. | |||||||||||||
The following table details the associated liabilities related to this plan (in millions): | |||||||||||||
Workforce reductions and Personnel Costs | Other Exit Costs | Total | |||||||||||
Balance January 1, 2014 | $ | 0.2 | $ | 1.1 | $ | 1.3 | |||||||
Charged to expense | - | - | - | ||||||||||
Paid or otherwise settled | - | (0.1 | ) | (0.1 | ) | ||||||||
Balance March 31, 2014 | $ | 0.2 | $ | 1 | $ | 1.2 | |||||||
Segment_Information
Segment Information | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment Information [Abstract] | ' | ||||||||
Segment Information | ' | ||||||||
5 | Segment Information | ||||||||
Systemax is primarily a direct marketer of brand name and private label products. The Company operates and is internally managed in two operating segments, Technology Products and Industrial Products. | |||||||||
The Technology Products segment sells products categorized as Information and Communications Technology ("ICT") and Consumer Electronics ("CE"). These products include computers, computer supplies and consumer electronics which are marketed in North America, Puerto Rico and Europe. Most of these products are manufactured by other companies; however, the Company does offer a selection of products that are manufactured for our own design and marketed on a private label basis. | |||||||||
Our Industrial Products segment sells a wide array of industrial products and supplies categorized as Maintenance, Repairs and Operations ("MRO") which are marketed in North America. Most of these products are manufactured by other companies; however, the Company does offer a selection of products that are manufactured for our own design and marketed on a private label basis. | |||||||||
The Company's chief operating decision-maker is the Company's Chief Executive Officer ("CEO"). The CEO, in his role as Chief Operating Decision Maker ("CODM"), evaluates segment performance based on operating income (loss). The CODM reviews assets and makes significant capital expenditure decisions for the Company on a consolidated basis only. The accounting policies of the segments are the same as those of the Company. Corporate costs not identified with the disclosed segments are grouped as "Corporate and other expenses". | |||||||||
The Company's Industrial Products and Technology Products segments sell dissimilar products. Industrial products are generally higher in price, lower in volume and higher in product margin. Technology products are generally higher in volume, lower in price and lower in product margin. This results in higher operating margin for the Industrial Products segment. Each segment incurs specifically identifiable selling, general and administrative expenses, with the selling, general and administrative expenses for the Industrial Products segment being higher as a percentage of sales than those of the Technology Products segment as a result of the Industrial Products segment having a longer selling cycle for its business customers and a business model requiring greater advertising expenditures than the Technology Products segment. Additionally, the Industrial Products segment's vendors generally do not provide funding to offset its marketing expenses. | |||||||||
Financial information relating to the Company's operations by reportable segment was as follows (in millions): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Net sales: | |||||||||
Technology Products | $ | $742.80 | $ | $773.50 | |||||
Industrial Products | 129.1 | 105.6 | |||||||
Corporate and other | 1.5 | 1.5 | |||||||
Consolidated | $ | $873.40 | $ | $880.60 | |||||
Operating income (loss): | |||||||||
Technology Products | $ | (6.6 | ) | $ | (11.2 | ) | |||
Industrial Products | 9.7 | 8.5 | |||||||
Corporate and other expenses | (4.4 | ) | (6.0 | ) | |||||
Consolidated | $ | (1.3 | ) | $ | (8.7 | ) | |||
Financial information relating to the Company's operations by geographic area was as follows (in millions): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Net sales: | |||||||||
United States | $ | $500.80 | $ | $534.20 | |||||
United Kingdom | 148.8 | 132 | |||||||
France | 96.4 | 82.5 | |||||||
Other Europe | 77.8 | 79.6 | |||||||
Other North America | 49.6 | 52.3 | |||||||
Consolidated | $ | $873.40 | $ | $880.60 | |||||
Revenues are attributed to countries based on the location of the selling subsidiary. | |||||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||
Mar. 31, 2014 | |||
Fair Value Measurements [Abstract] | ' | ||
Fair Value Measurements | ' | ||
6 | Fair Value Measurements | ||
Financial instruments consist primarily of investments in cash, trade accounts receivable, debt and accounts payable. The Company estimates the fair value of financial instruments based on interest rates available to the Company. At March 31, 2014 and 2013, the carrying amounts of cash, accounts receivable and accounts payable are considered to be representative of their respective fair values due to their short-term nature. The Company's debt is considered to representative of its fair value because of its variable interest rate. | |||
The fair value of goodwill and non-amortizing intangibles is measured on a non-recurring basis in connection with the Company's annual impairment testing. The Company follows the guidance of Accounting Standards Update (ASU) 2011-08 and 2012-02 and performs a qualitative assessment of goodwill and non-amortizing intangibles to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment shows that the fair value of the reporting unit exceeds its carrying amount, the company is not required to complete the annual two step goodwill impairment test. If a quantitative analysis is required to be performed for goodwill, the fair value of the reporting unit to which the goodwill has been assigned is determined using a discounted cash flow model. A discounted cash flow model is also used to determine fair value of indefinite-lived intangibles using projected cash flows of the intangible. Unobservable inputs related to these discounted cash flow models include projected sales growth, same store sales growth, gross margin percentages, new business opportunities, working capital requirements, capital expenditures and growth in selling, general and administrative expense and are classified in accordance with ASC 820, "Fair Value Measurements and Disclosures", within Level 3 of the valuation hierarchy. |
Legal_Proceedings
Legal Proceedings | 3 Months Ended | ||
Mar. 31, 2014 | |||
Legal Proceedings [Abstract] | ' | ||
Legal Proceedings | ' | ||
7 | Legal Proceedings | ||
The Company and its subsidiaries are involved in various lawsuits, claims, investigations and proceedings including commercial, employment, consumer, personal injury and health and safety law matters, which are being handled and defended in the ordinary course of business. In addition, the Company is subject to various assertions, claims, proceedings and requests for indemnification concerning intellectual property, including patent infringement suits involving technologies that are incorporated in a broad spectrum of products the Company sells. The Company is also audited by (or has initiated voluntary disclosure agreements with) numerous governmental agencies in various countries, including U.S. Federal and state authorities, concerning potential income tax, sales tax and unclaimed property liabilities. These matters are in various stages of investigation, negotiation and/or litigation, and are being vigorously defended. In this regard, the state of Pennsylvania has claimed that certain of the Company's consumer electronic e-commerce sales are subject to sales tax in Pennsylvania. The Company intends to vigorously defend this matter and believes it has strong defenses. The Company is also being audited by an entity representing 45 states seeking recovery of "unclaimed property". The Company is complying with the audit and is providing requested information. | |||
Although the Company does not expect, based on currently available information, that the outcome in any of these matters, individually or collectively, will have a material adverse effect on its financial condition or results of operations, the ultimate outcome is inherently unpredictable. Therefore, judgments could be rendered or settlements entered, that could adversely affect the Company's operating results or cash flows in a particular period. The Company routinely assesses all of its litigation and threatened litigation as to the probability of ultimately incurring a liability, and records its best estimate of the ultimate loss in situations where it assesses the likelihood of loss as probable and estimable. In this regard, the Company establishes accrual estimates for its various lawsuits, claims, investigations and proceedings when it is probable that an asset has been impaired or a liability incurred at the date of the financial statements and the loss can be reasonably estimated. At March 31, 2014 the Company has established accruals for certain of its various lawsuits, claims, investigations and proceedings based upon estimates of the most likely outcome in a range of loss or the minimum amounts in a range of loss if no amount within a range is a more likely estimate. The Company does not believe that at March 31, 2014 any reasonably possible losses in excess of the amounts accrued would be material to the financial statements. | |||
Subsequent_Event
Subsequent Event | 3 Months Ended | ||
Mar. 31, 2014 | |||
Subsequent Event [Abstract] | ' | ||
Subsequent Event [Text Block] | ' | ||
8 | Subsequent Event | ||
On May 1, 2014 the Company announced it had signed a definitive agreement to acquire SCC Services B.V. ("SCC"), a supplier of business to business IT products and services in the Netherlands. Closing of the purchase of SCC, which is subject to certain closing conditions including approval by the Netherlands Authority for Consumers and Markets, is expected late in the second quarter. | |||
Special_charges_Tables
Special charges (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Special charges [Abstract] | ' | ||||||||||||
Liabilities Related to Integration | ' | ||||||||||||
The following table details the associated liabilities related to this plan (in millions): | |||||||||||||
Workforce reductions and Personnel Costs | Other Exit Costs | Total | |||||||||||
Balance January 1, 2014 | $ | $7.00 | $ | $5.10 | $ | $12.10 | |||||||
Charged to expense | 1.5 | 0.3 | 1.8 | ||||||||||
Paid or otherwise settled | (2.8 | ) | (0.5 | ) | (3.3 | ) | |||||||
Balance March 31, 2014 | $ | $5.70 | $ | $4.90 | $ | $10.60 | |||||||
The following table details the associated liabilities related to this plan (in millions): | |||||||||||||
Workforce reductions and Personnel Costs | Other Exit Costs | Total | |||||||||||
Balance January 1, 2014 | $ | 0.2 | $ | 1.1 | $ | 1.3 | |||||||
Charged to expense | - | - | - | ||||||||||
Paid or otherwise settled | - | (0.1 | ) | (0.1 | ) | ||||||||
Balance March 31, 2014 | $ | 0.2 | $ | 1 | $ | 1.2 | |||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment Information [Abstract] | ' | ||||||||
Financial Information by Reportable Segment | ' | ||||||||
Financial information relating to the Company's operations by reportable segment was as follows (in millions): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Net sales: | |||||||||
Technology Products | $ | $742.80 | $ | $773.50 | |||||
Industrial Products | 129.1 | 105.6 | |||||||
Corporate and other | 1.5 | 1.5 | |||||||
Consolidated | $ | $873.40 | $ | $880.60 | |||||
Operating income (loss): | |||||||||
Technology Products | $ | (6.6 | ) | $ | (11.2 | ) | |||
Industrial Products | 9.7 | 8.5 | |||||||
Corporate and other expenses | (4.4 | ) | (6.0 | ) | |||||
Consolidated | $ | (1.3 | ) | $ | (8.7 | ) | |||
Financial Information by Geographic Area | ' | ||||||||
Financial information relating to the Company's operations by geographic area was as follows (in millions): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Net sales: | |||||||||
United States | $ | $500.80 | $ | $534.20 | |||||
United Kingdom | 148.8 | 132 | |||||||
France | 96.4 | 82.5 | |||||||
Other Europe | 77.8 | 79.6 | |||||||
Other North America | 49.6 | 52.3 | |||||||
Consolidated | $ | $873.40 | $ | $880.60 | |||||
Revenues are attributed to countries based on the location of the selling subsidiary. | |||||||||
Basis_of_Presentation_Details
Basis of Presentation (Details) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Basis of Presentation [Abstract] | ' | ' |
Number of weeks in fiscal period, minimum (in weeks) | '52 | ' |
Number of weeks in fiscal period, maximum (in weeks) | '53 | ' |
Number of weeks in first quarter (in weeks) | '13 | '13 |
Net_Income_per_Common_Share_De
Net Income per Common Share (Details) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Restricted Stock [Member] | ' | ' |
Share-based compensation arrangement by share-based payment award [Line Items] | ' | ' |
Weighted average number of awards outstanding for computation of diluted earnings per share (in shares) | 0 | 0 |
Weighted average number of awards outstanding excluded from the computation of diluted earnings per share (in shares) | 0 | 0.1 |
Stock Option [Member] | ' | ' |
Share-based compensation arrangement by share-based payment award [Line Items] | ' | ' |
Weighted average number of awards outstanding for computation of diluted earnings per share (in shares) | 0 | 0 |
Weighted average number of awards outstanding excluded from the computation of diluted earnings per share (in shares) | 1.1 | 1.3 |
Credit_Facilities_and_LongTerm1
Credit Facilities and Long-Term Debt (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Line of Credit Facility [Line Items] | ' |
Recovery zone facility bond, maturity date | 1-Oct-18 |
Capital equipment lease maturity date | 1-Oct-18 |
Additional amount to be paid over principal and interest to acquire ownership | $1 |
Long-term debt, outstanding amount | 3,700,000 |
Systemax Inc. [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Secured revolving credit agreement, current borrowing capacity | 125,000,000 |
Secured revolving credit agreement, maximum borrowing capacity | 200,000,000 |
Term of credit facility | '5 years |
Credit facility, maturing date | 31-Oct-15 |
Percentage of eligible accounts receivable for borrowings, maximum (in hundredths) | 85.00% |
Percentage of qualified inventories for borrowings, maximum (in hundredths) | 40.00% |
Eligible collateral letters of credit | 120,400,000 |
Availability under line of credit | 114,900,000 |
Total outstanding letters of credit | 5,500,000 |
Outstanding borrowings | $0 |
Special_charges_Details
Special charges (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Industrial Products [Member] | ' |
Special Charges [Abstract] | ' |
Balance beginning of period | $1.30 |
Charged to expense | 0 |
Paid or otherwise settled | -0.1 |
Balance end of period | 1.2 |
Industrial Products [Member] | Workforce and Personnel Costs [Member] | ' |
Special Charges [Abstract] | ' |
Balance beginning of period | 0.2 |
Charged to expense | 0 |
Paid or otherwise settled | 0 |
Balance end of period | 0.2 |
Industrial Products [Member] | Other Exit Costs [Member] | ' |
Special Charges [Abstract] | ' |
Balance beginning of period | 1.1 |
Charged to expense | 0 |
Paid or otherwise settled | -0.1 |
Balance end of period | 1 |
Technology Products [Member] | ' |
Special Charges [Abstract] | ' |
Balance beginning of period | 12.1 |
Charged to expense | 1.8 |
Paid or otherwise settled | -3.3 |
Balance end of period | 10.6 |
Special charges | 2.4 |
Technology Products [Member] | Workforce and Personnel Costs [Member] | ' |
Special Charges [Abstract] | ' |
Balance beginning of period | 7 |
Charged to expense | 1.5 |
Paid or otherwise settled | -2.8 |
Balance end of period | 5.7 |
Technology Products [Member] | Other Exit Costs [Member] | ' |
Special Charges [Abstract] | ' |
Balance beginning of period | 5.1 |
Charged to expense | 0.3 |
Paid or otherwise settled | -0.5 |
Balance end of period | 4.9 |
Technology Products [Member] | Closing of Underperforming Retail Stores [Member] | ' |
Special Charges [Abstract] | ' |
Special charges | 0.2 |
Technology Products [Member] | Legal And Professional Fees [Member] | ' |
Special Charges [Abstract] | ' |
Special charges | 0.2 |
Technology Products [Member] | European Shared Services Center [Member] | ' |
Special Charges [Abstract] | ' |
Recruitment costs | $0.20 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment | ||
Segment Reporting Information [Line Items] | ' | ' |
Number of reportable segments | 2 | ' |
Net sales [Abstract] | ' | ' |
Net sales | $873.40 | $880.60 |
Operating income (loss) from continuing operations [Abstract] | ' | ' |
Consolidated operating income (loss) | -1.3 | -8.7 |
Technology Products [Member] | ' | ' |
Net sales [Abstract] | ' | ' |
Net sales | 742.8 | 773.5 |
Operating income (loss) from continuing operations [Abstract] | ' | ' |
Consolidated operating income (loss) | -6.6 | -11.2 |
Industrial Products [Member] | ' | ' |
Net sales [Abstract] | ' | ' |
Net sales | 129.1 | 105.6 |
Operating income (loss) from continuing operations [Abstract] | ' | ' |
Consolidated operating income (loss) | 9.7 | 8.5 |
Corporate and Other [Member] | ' | ' |
Net sales [Abstract] | ' | ' |
Net sales | 1.5 | 1.5 |
Operating income (loss) from continuing operations [Abstract] | ' | ' |
Consolidated operating income (loss) | ($4.40) | ($6) |
Segment_Information_Part_Two_D
Segment Information Part Two (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net sales [Abstract] | ' | ' |
Consolidated net sales | $873.40 | $880.60 |
United States [Member] | ' | ' |
Net sales [Abstract] | ' | ' |
Consolidated net sales | 500.8 | 534.2 |
United Kingdom [Member] | ' | ' |
Net sales [Abstract] | ' | ' |
Consolidated net sales | 148.8 | 132 |
France | ' | ' |
Net sales [Abstract] | ' | ' |
Consolidated net sales | 96.4 | 82.5 |
Other Europe [Member] | ' | ' |
Net sales [Abstract] | ' | ' |
Consolidated net sales | 77.8 | 79.6 |
Other North America [Member] | ' | ' |
Net sales [Abstract] | ' | ' |
Consolidated net sales | $49.60 | $52.30 |
Segment_Information_Part_Three
Segment Information Part Three (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Product Category [Abstract] | ' | ' |
Consolidated net sales | $873.40 | $880.60 |