Global Industrial (GIC) 10-Q 7 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 01, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	SYSTEMAX INC
Entity Central Index Key	945,114
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		37,191,779
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Current assets:
Cash	$ 96.9	$ 184.5
Accounts receivable, net	189.5	174.3
Inventories	126.4	131.5
Prepaid expenses and other current assets	5.7	3.8
Total current assets	418.5	494.1
Property, plant and equipment, net	14.6	15.1
Deferred income taxes	25.8	26.2
Goodwill and intangibles	14	14.5
Other assets	1.5	1.5
Total assets	474.4	551.4
Current liabilities:
Accounts payable	187.7	196.1
Dividend payable	0	55.7
Accrued expenses and other current liabilities	67.6	64
Total current liabilities	255.3	315.8
Deferred income tax liability	0.1	0.1
Other liabilities	21.7	23.7
Total liabilities	277.1	339.6
Commitments and contingencies
Shareholders’ equity:
Preferred stock	0	0
Common stock	0.4	0.4
Additional paid-in capital	185.7	186.5
Treasury stock	(20.6)	(21.8)
Retained earnings	32.2	44.8
Accumulated other comprehensive income (loss)	(0.4)	1.9
Total shareholders’ equity	197.3	211.8
Total liabilities and shareholders’ equity	$ 474.4	$ 551.4

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Statement [Abstract]
Net sales	$ 363.1	$ 313	$ 718.3	$ 615.5
Cost of sales	262	221.5	520.5	442.2
Gross profit	101.1	91.5	197.8	173.3
Selling, distribution & administrative expenses	75.8	69.6	152.4	139
Special charges	0	0.2	0	0.2
Operating income from continuing operations	25.3	21.7	45.4	34.1
Interest and other (income) expense, net	0	(0.1)	0.1	(0.3)
Income from continuing operations before income taxes	25.3	21.8	45.3	34.4
Provision for income taxes	7.5	2.5	13.3	4.8
Net income from continuing operations	17.8	19.3	32	29.6
Income (loss) from discontinued operations, net of tax	0.4	(5.5)	0.8	(34.3)
Net income (loss)	$ 18.2	$ 13.8	$ 32.8	$ (4.7)
Net income per common share from continuing operations:
Basic (in dollars per share)	$ 0.48	$ 0.52	$ 0.86	$ 0.80
Diluted (in dollars per share)	0.47	0.52	0.84	0.79
Net income (loss) per common share from discontinued operations:
Basic (in dollars per share)	0.01	(0.15)	0.02	(0.93)
Diluted (in dollars per share)	0.01	(0.15)	0.02	(0.92)
Net income (loss) per common share:
Basic (in dollars per share)	0.49	0.37	0.88	(0.13)
Diluted (in dollars per share)	$ 0.48	$ 0.37	$ 0.87	$ (0.13)
Weighted average common and common equivalent shares:
Basic (in shares)	37.2	37	37.2	37
Diluted (in shares)	37.9	37.4	37.9	37.3
Dividends declared (in dollars per share)	$ 1.11	$ 0.1	$ 1.22	$ 0.15

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 18.2	$ 13.8	$ 32.8	$ (4.7)
Other comprehensive income (loss):
Foreign currency translation	(3.7)	4.1	(2.3)	4.8
Total comprehensive income	$ 14.5	$ 17.9	$ 30.5	$ 0.1

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Income from continuing operations	$ 32	$ 29.6
Adjustments to reconcile income from continuing operations to net cash provided by (used in) operating activities:
Depreciation and amortization	2.4	2.6
Provision for returns and doubtful accounts	0	0.8
Compensation expense related to equity compensation plans	0.8	0.8
Provision for deferred taxes	0.2	0.3
Gain on disposition and abandonment	0	(0.1)
Changes in operating assets and liabilities:
Accounts receivable	(19)	(6.4)
Inventories	4	(2.9)
Prepaid expenses and other current assets	(2.6)	(0.4)
Income taxes payable	(0.4)	1.1
Accounts payable	(6.3)	(12.9)
Accrued expenses, other current liabilities and other liabilities	3.5	9.9
Net cash provided by operating activities from continuing operations	14.6	22.4
Net cash provided by (used in) operating activities from discontinued operations	1.7	(6.7)
Net cash provided by operating activities	16.3	15.7
Cash flows from investing activities:
Purchases of property, plant and equipment	(1.4)	(1.8)
Proceeds from disposals of property, plant and equipment	0	0.1
Net cash used in investing activities from continuing operations	(1.4)	(1.7)
Net cash used in investing activities from discontinued operations	0	(0.1)
Net cash used in investing activities	(1.4)	(1.8)
Cash flows from financing activities:
Dividends paid	(101.1)	(5.5)
Proceeds from issuance of common stock	0.9	0.5
Payment of payroll taxes on stock-based compensation through shares withheld	(1.3)	(0.3)
Repayments of capital lease obligations	0	(0.1)
Net cash used in financing activities	(101.5)	(5.4)
Effects of exchange rates on cash	(1)	1.6
Net (decrease) increase in cash	(87.6)	10.1
Cash – beginning of period	184.5	149.7
Cash – end of period	$ 96.9	$ 159.8

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Millions	Total	Common Stock	Additional Paid-in Capital	Treasury Stock, At Cost	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Change in cumulative translation adjustment	$ (2.3)					$ (2.3)
Beginning Balance (in shares) at Dec. 31, 2017		37,094
Beginning Balance at Dec. 31, 2017	211.8	$ 0.4	$ 186.5	$ (21.8)	$ 44.8	1.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	0.8		0.8
Issuance of restricted stock (in shares)		57
Issuance of restricted stock	0		(0.7)	0.7
Stock withheld for employee taxes (in shares)		(41)
Stock withheld for employee taxes	(1.3)		(0.8)	(0.5)
Proceeds from issuance of common stock (in shares)		82
Proceeds from issuance of common stock	0.9		(0.1)	1
Dividends declared	(45.4)				(45.4)
Net income	32.8				32.8
Ending Balance (in shares) at Jun. 30, 2018		37,192
Ending Balance at Jun. 30, 2018	$ 197.3	$ 0.4	$ 185.7	$ (20.6)	$ 32.2	$ (0.4)

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements of Systemax Inc., with its subsidiaries, (the "Company") 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. On March 24, 2017, certain wholly owned subsidiaries of the Company executed a definitive securities purchase agreement (the “Purchase Agreement”) with certain special purpose companies formed by Hilco Capital Limited (“Hilco” and together with its management team partners, “Purchaser”). Pursuant to the Purchase Agreement, Purchaser acquired all of the Company’s interests in Systemax Europe SARL, which included its subsidiaries, Systemax Business Services K.F.T., Misco UK Limited, Systemax Italy S.R.L., Misco Iberia Computer Supplies S.L., Misco AB, Global Directmail B.V. and Misco Solutions B.V. (collectively, the “SARL Businesses”). The SARL Businesses were reported within the Company's European Technology Products Group ("ETG") segment. The transaction closed immediately upon execution of the Purchase Agreement. The Company retained its France technology value added reseller business, which is conducted through its subsidiary, Inmac Wstore S.A.S., which was not part of the sale transaction. The SARL Businesses were sold on a cash-free, debt-free basis; proceeds were nominal. As part of the transaction, the Company retained a 5% residual equity position in the Purchaser’s acquiring entity, HUK 77 Limited, which was accounted for on the cost method, to which no value was ascribed, a $3.3 million note receivable ( $2.2 million balance at December 31, 2017 which was paid in full in January 2018) and provided limited transition services to Purchaser through December 19, 2017 under a transition services agreement. The note receivable was included in accounts receivable, net in the Condensed Consolidated Balance Sheet at December 31, 2017. The sale of the SARL Businesses met the “strategic shift with major impact” criteria as defined under Accounting Standards Update (“ASU”) 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , which requires disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. Under ASU 2014-08 in order for a disposal to qualify for discontinued operations presentation in the financial statements, the disposal must be a “strategic shift” with a major impact for the reporting entity. If the entity meets this threshold, and other requirements, only the components that were in operation at the time of disposal are presented as discontinued operations. Therefore, the prior year results of the SARL Businesses are included in discontinued operations in the accompanying condensed consolidated financial statements. On September 2, 2016, the Company sold certain assets of its Misco Germany operations which had been reported as part of its ETG segment. As this disposition was not a strategic shift with a major impact as defined under ASU 2014-08, any prior and current year results of the German operations are presented within continuing operations in the condensed consolidated financial statements. On December 1, 2015, the Company sold its NATG operating businesses and began the wind-down of its remaining NATG operations. The sale of the NATG business had a major impact on the Company and therefore met the strategic shift criteria as defined under ASU 2014-08. The NATG components in operation at the time of the sale were the B2B and Ecommerce businesses and three retail stores. Accordingly, these components and any related results of operations will be reflected in discontinued operations. The Company has financial obligations related to leased facilities of its former NATG business of approximately $ 46.4 million . Some of these leased facilities have been sublet and others are being marketed for sublet. The Company has engaged nationally recognized real estate firms to market these facilities and to assist in establishing the reserves the Company carries for these lease obligations. As of June 30, 2018 , the Company has a reserve of $ 13.0 million for these lease obligations. The reserves established consider the total lease obligations of $ 46.4 million , current sublet income streams and projected sublet income streams. On a quarterly basis these reserves are re-evaluated particularly related to the projected sublease income streams. In the second quarter of 2018 , the Company recorded lease reserves of approximately $ 0.1 million for these leased facilities, all of which was recorded in discontinued operations and for the six months ended June 30, 2018, the Company reversed net lease reserves of $0.1 million for these leased facilities. The Company expects that further adjustment may be needed in the future for facilities that are not yet sublet if current assumptions do not materialize for the real estate markets these facilities are in. 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 June 30, 2018 and the results of operations for the three and six month periods ended June 30, 2018 and 2017 , statements of comprehensive income (loss) for the three and six month periods ended June 30, 2018 and 2017 , cash flows for the six month periods ended June 30, 2018 and 2017 and changes in shareholders’ equity for the six month period ended June 30, 2018 . The December 31, 2017 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, 2017 . These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements as of December 31, 2017 and for the year then ended included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 . The results for the six month period ended June 30, 2018 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 second quarter ended on June 30, 2018 and July 1, 2017. The second quarters of both 2018 and 2017 included 13 weeks and the first six months of both 2018 and 2017 included 26 weeks. Recent Accounting Pronouncements Public companies in the United States are subject to the accounting and reporting requirements of various authorities, including the Financial Accounting Standards Board (“FASB”) and the Securities and Exchange Commission (“SEC”). These authorities issue numerous pronouncements, most of which are not applicable to the Company’s current or reasonably foreseeable operating structure. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers , which amends the guidance for the recognition of revenue from contracts with customers to transfer goods and services. The new revenue recognition standard is effective for interim and annual periods beginning on January 1, 2018. The new standard is required to be adopted using either a full-retrospective or a modified-retrospective approach. The Company adopted the new standard using the modified-retrospective approach beginning on January 1, 2018. There was no material impact to total revenues in our consolidated statements of income, accounting policies, business processes, internal controls or disclosures. See Note 2 of the Notes to condensed consolidated financial statements. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842) Targeted Improvements, which provides entities with an additional (and optional) transition method, in addition to the existing transition method, the modified retrospective approach, to adopt the new leases standard by allowing entities to initially apply the new leases standard, ASU 2016-02, Leases (Topic 842), at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. This additional transition method changes only when an entity is required to initially apply the transition requirements of the new leases standard; it does not change how those requirements apply, An entity's reporting for the comparative periods presented in the financial statements in which it adopts the new leases standard will continue to be in accordance with current GAAP. ASU 2016-02 related to leases that outlines a comprehensive lease accounting model and supersedes the current lease guidance. The new guidance requires lessees to recognize lease liabilities and corresponding right-of-use assets for all leases with lease terms of greater than 12 months. It also changes the definition of a lease and expands the disclosure requirements of lease arrangements. The new guidance will be effective for the Company starting in the first quarter of fiscal 2019. Early adoption is permitted. The Company is currently in the process of evaluating which method to adopt and the impact of the adoption of this standard on the consolidated financial statements. In March 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other: Simplifying the Test for Goodwill Impairment. which eliminates the second step from the goodwill impairment test. An entity should perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity will recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, but the loss cannot exceed the total amount of goodwill allocated to the reporting unit. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The Company is evaluating the effect of adopting this pronouncement. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718) Scope of Modification Accounting, which clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. This new guidance will be applied prospectively to awards modified on or after the adoption date. This standard is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The Company adopted this standard beginning January 1, 2018 and its adoption did not materially impact the Company's consolidated financial position or results of operations when implemented in the first quarter of 2018. In June 2018, the FASB issued ASU 2018-07, Improvements to Non employee Share-Based Payment Accounting, which simplifies the accounting for share-based payments to non employees by aligning it with the accounting for share-based payments to employees, with certain exceptions. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year, with early adoption permitted after adoption of ASU 2014-09. The Company is evaluating the effect of adopting this pronouncement.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The Company’s revenue is generated by its operating subsidiaries and is primarily comprised of sales of maintenance, repair and operational (“MRO”) products as well as other industrial and business supplies that are sold by IPG and information and communications technology (“ICT”) products that are sold by ETG. Additionally, both IPG and ETG have revenues from related activities, such as freight and, to a lesser extent, services. The Company recognizes revenue when a sales arrangement with a customer exists through the Company’s invoicing or a contract, the performance obligations have been identified, the transaction price is fixed or determinable and the Company has satisfied its performance obligations. The Company’s standard terms, provided on its invoices as well as on its websites, are included in communications with the customer and have standard payment terms of 30 days. Certain customers may have extended payment terms that have been pre-approved by the Company’s credit department, but generally none extend longer than 120 days. The Company’s performance obligation is primarily a single obligation to deliver products. The Company’s performance obligations are satisfied when products are transferred to a customer in accordance with agreed upon shipping terms. Certain sales may include product and/or services that are distinct and accounted for as separate performance obligations. The Company’s performance obligations for services are satisfied when the services are rendered. The Company’s total service revenue is immaterial as it accounted for less than 1% of total revenue for the second quarter and six months ended June 30, 2018. The Company’s revenue is shown as “Net sales” in the accompanying Condensed Consolidated Statements of Operations and is measured as the determined transaction price, net of any variable consideration consisting primarily of rights to return product. The Company has elected to treat shipping and handling revenues as activities to fulfill its performance obligation. Billings for freight and shipping and handling are recorded in net sales and costs of freight and shipping and handling are recorded in cost of sales in the accompanying Condensed Consolidated Statements of Operations. The Company records a contract liability in cases where customers pay in advance of the Company satisfying its performance obligation. The Company did not have any material unsatisfied performance obligations or liabilities as of June 30, 2018 . The Company offers customers rights to return product within a certain time, usually 30 days. The Company estimates is sales returns liability quarterly based upon its historical returns rates as a percentage of historical sales for the trailing twelve-month period. The total accrued sales returns liability was approximately $2.5 million at June 30, 2018 and was recorded as a refund liability in Accrued expenses and other current liabilities in the accompanying Condensed Consolidated Balance Sheets. Disaggregation of Revenues IPG and ETG serve customers in diverse geographies, which are subject to different economic and industry factors. The Company's presentation of revenue by geography most reasonably depicts how the nature, amount, timing and uncertainty of Company revenue and cash flows are affected by economic and industry factors. The following table presents the Company's revenue by reportable segment and by geography for the three and six months ended June 30, 2018 : Three Months Ended Six Months Ended 2018 2018 Net sales: IPG MRO products and industrial supplies-United States $ 220.4 $ 422.4 IPG MRO products and industrial supplies-Canada 10.8 21.0 ETG Technology products-France 125.9 262.8 ETG Technology products-Other Europe 6.0 12.1 Consolidated $ 363.1 $ 718.3

Dispositions and Special Charge

Dispositions and Special Charges	6 Months Ended
	Jun. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Dispositions and Special Charges	Dispositions and Special Charges The Company’s discontinued operations include the results of the SARL Businesses sold in March 2017 and the NATG business sold in December 2015 (See Note 1). In the second quarter of 2018 the Company recorded net recoveries of $0.1 million in discontinued operations related to the wind down of the SARL Businesses. The Company received escrow funds of approximately $0.2 million and recorded approximately $0.1 million of accelerated depreciation on fixed assets. For the six months ended June 30, 2018, the Company recorded $0.2 million in recoveries of escrow funds, $0.1 million of accelerated depreciation charges and $0.1 million for legal and professional fees. The impact of the previously mentioned charges and recoveries related to the wind down of the SARL Businesses for the six months ended June 30, 2018, net to zero. Of the previously mentioned charges, legal and professional fees required or will require the use of cash. The Company expects that total additional charges related to the wind down of the SARL businesses will be less than $1.0 million . In the second quarter of 2018, the Company's NATG discontinued operations received $0.1 million in vendor settlements, recorded $0.1 million in lease reserve adjustments related to their leased facilities and recorded approximately $0.1 million of legal and professional fees related to the ongoing restitution proceedings. For the six months ended June 30, 2018, the Company's NATG discontinued operations received $0.7 million in restitution receipts from a former executive of NATG, reversed lease reserves of approximately $0.1 million related to their leased facilities, received $0.1 million in vendor settlements and recorded legal and professional fees, related to the ongoing restitution proceedings, of $0.2 million . The impact of the previously mentioned charges and recoveries related to the NATG discontinued operations totaled $0.7 million benefit for the six months ended June 30, 2018. The Company expects that total additional charges related to the sale of the NATG business after this quarter will be between $1.0 million and $2.0 million and that these charges will continue to be presented in discontinued operations. Additional costs may be incurred in NATG for outstanding leased facilities as they are settled or sublet (see Note 1). Most of these anticipated costs will require the use of cash. Amounts that are unpaid at June 30, 2018 are recorded in Accrued expenses and other current liabilities and Other liabilities (long term) in the accompanying Condensed Consolidated Balance Sheets. Below is a summary of the impact on net sales, net income (loss) and net income (loss) per share from discontinued operations for the three and six month periods ended June 30, 2018 and 2017 . A reconciliation of pretax income (loss) of Discontinued operations to the Net Income (loss) of discontinued operations is as follows (in millions): Three Months Ended Six Months Ended 2018 2017 2018 2017 Net sales $ 0.0 $ 0.0 $ 0.0 $ 117.0 Cost of sales 0.0 0.0 0.0 102.9 Gross profit 0.0 0.0 0.0 14.1 Selling, distribution & administrative expenses (0.4 ) 1.4 0.0 20.0 Special charges 0.0 4.4 (0.7 ) 28.3 Operating income (loss) from discontinued operations 0.4 (5.8 ) 0.7 (34.2 ) Interest and other (income) expenses, net (0.1 ) 0.2 (0.3 ) 0.5 Income (loss) from discontinued operations before income taxes 0.5 (6.0 ) 1.0 (34.7 ) Provision (benefit) for income taxes 0.1 (0.5 ) 0.2 (0.4 ) Net income (loss) from discontinued operations $ 0.4 $ (5.5 ) $ 0.8 $ (34.3 ) Net income (loss) per share – basic $ 0.01 $ (0.15 ) $ 0.02 $ (0.93 ) Net income (loss) per share – diluted $ 0.01 $ (0.15 ) $ 0.02 $ (0.92 ) Total special charges incurred in the second quarter of 2017 totaled approximately $4.4 million , of which $0.9 million related to additional costs related to the sale of the SARL Businesses including $0.3 million of severance and other personnel costs, $0.3 million of accelerated depreciation charges and $0.3 million of additional legal, professional and other costs. Additional special charges, incurred in the second quarter of 2017, within NATG discontinued operations totaled $3.5 million . These costs were primarily related to updating future lease cash flows of approximately $3.2 million and $0.3 million of professional costs related to the ongoing restitution proceedings against certain former NATG executives. Total special charges incurred for the six months ended June 30, 2017 totaled approximately $28.3 million . The combined loss on the sale of the SARL Businesses totaled $24.2 million , which included an $8.2 million loss on the sale of net assets, $14.4 million of translation adjustments, and $1.0 million of legal, professional and other costs, $0.3 million of severance and other personnel costs and $0.3 million of accelerated depreciation charges. In addition, NATG discontinued operations incurred special charges of $4.1 million , which included approximately $ 3.5 million primarily related to updating our future lease cash flows and $ 0.6 million related to the ongoing restitution proceedings against certain former NATG executives. The following table details liabilities related to the sold NATG segment’s leases and other costs and liabilities that remain from the sold Misco Germany business as of June 30, 2018 (in millions): ETG – Lease liabilities and other costs NATG – Lease liabilities and other exit costs Total Balance January 1, 2018 $ 1.2 $ 19.0 $ 20.2 Charged to expense (income) 0.0 (0.1 ) (0.1 ) Paid or otherwise settled (0.1) (5.9 ) (6.0 ) Balance June 30, 2018 $ 1.1 $ 13.0 $ 14.1 .

Net Income (Loss) per Common Sh

Net Income (Loss) per Common Share	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Net Income (Loss) per Common Share	Net Income (Loss) per Common Share Net income 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 per common share - diluted was calculated based upon the weighted average number of common shares outstanding and included the equivalent shares for dilutive options 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 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. The weighted average number of stock options outstanding included in the computation of diluted earnings per share was 0.6 million shares and 0.2 million shares for the three months ended June 30, 2018 and 2017, respectively, and the weighted average number of restricted stock awards included in the computation of diluted earnings per share was 0.1 million shares and 0.2 million shares for the three months ended June 30, 2018 and 2017, respectively. The weighted average number of stock options outstanding included in the computation of diluted earnings per share was 0.6 million and 0.1 million shares for the six months ended June 30, 2018 and 2017, respectively, and the weighted average number of restricted stock awards included in the computation of diluted earnings per share was 0.2 million shares for the six months ended June 30, 2018 and 2017, respectively. The weighted average number of stock options outstanding excluded from the computation of diluted earnings per share due to their antidilutive effect was none and 0.3 million shares for the three months ended June 30, 2018 and 2017, respectively, and none and 0.7 million shares for the six months ended June 30, 2018 and 2017, respectively.

Credit Facilities

Credit Facilities	6 Months Ended
	Jun. 30, 2018
Line of Credit Facility [Abstract]
Credit Facilities	Credit Facilities The Company maintains a $75 million secured revolving credit facility with one financial institution, which has a five year term, maturing on October 28, 2021 and provides for borrowings in the United States. 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 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 borrowings under the agreement are subject to borrowing base limitations of up to 85% of eligible accounts receivable and the inventory advance rate computed as the lesser of 60% or 85% of the net orderly liquidation value (“NOLV”). Borrowings are secured by substantially all of the Borrower’s assets, as defined, including all accounts, accounts receivable, inventory and certain other assets, subject to limited exceptions, including the exclusion of certain foreign assets from the collateral. The interest rate under the amended and restated facility is computed at applicable market rates based on the London interbank offered rate (“LIBOR”), the Federal Reserve Bank of New York (“NYFRB”) or the Prime Rate, plus an applicable margin. The applicable margin varies based on borrowing base availability. As of June 30, 2018 , eligible collateral under the credit agreement was $75.0 million , total availability was $73.4 million , total outstanding letters of credit were $2.4 million , total excess availability was $71.0 million and there were no outstanding borrowings. The Company was in compliance with all of the covenants of the credit agreement in place as of June 30, 2018 .

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Segment Information	Segment Information The Company operates and is internally managed in two reportable business segments— Industrial Products Group (“IPG”) and Europe Technology Products Group (“ETG”), the Company's France operations. Smaller business operations and corporate functions are aggregated and reported as the additional segment – Corporate and Other (“Corporate”). On March 24, 2017, the Company sold its SARL Businesses and its continuing ETG operations only include those in France. IPG sells a wide array of maintenance, repair and operational (“MRO”) products, as well as other industrial and general business supplies, which are marketed in North America. Many of these products are manufactured by other companies. Some products are manufactured for us to our own design and marketed on a private label basis. ETG sells information and communications technology (“ICT”) products. These products are marketed primarily in France and to a much lesser extent Belgium. Substantially all of these products are manufactured by other companies. 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) from continuing operations. 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 IPG and ETG segments sell dissimilar products. IPG products are generally higher in price, lower in volume and higher in product margin. ETG products are generally higher in volume, lower in price and lower in product margin as compared to IPG. This results in higher operating margin for the IPG segment. Each segment incurs specifically identifiable selling, distribution and administrative expenses, with the selling, distribution and administrative expenses for the IPG segment being higher as a percentage of sales than those of the ETG segment as a result of the IPG segment having a business model requiring greater advertising expenditures than the ETG segment, as well as having increased distribution expenses related to the nature of the larger products that are often shipped Less than Truckload (“LTL”). Additionally, the IPG segment’s vendors generally provide less funding to offset its marketing expenses. Financial information relating to the Company’s continuing operations by reportable segment was as follows (in millions): Three Months Ended Six Months Ended 2018 2017 2018 2017 Net sales: IPG $ 231.2 $ 202.7 $ 443.4 $ 392.9 ETG 131.9 110.3 274.9 222.6 Consolidated $ 363.1 $ 313.0 $ 718.3 $ 615.5 Operating income (loss): IPG $ 23.0 $ 22.9 $ 39.3 $ 35.4 ETG 7.2 5.7 16.5 11.5 NATG – continuing operations 0.0 (0.4 ) 0.0 (0.4 ) Corporate and other expenses (4.9 ) (6.5 ) (10.4 ) (12.4 ) Consolidated $ 25.3 $ 21.7 $ 45.4 $ 34.1 Financial information relating to the Company’s continuing operations by geographic area was as follows (in millions): Three Months Ended Six Months Ended 2018 2017 2018 2017 Net sales: United States $ 220.4 $ 194.6 $ 422.4 $ 377.2 France 131.9 110.3 274.9 222.6 Canada 10.8 8.1 21.0 15.7 Consolidated $ 363.1 $ 313.0 $ 718.3 $ 615.5 Revenue is attributed to countries based on the location of the selling subsidiary.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	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 June 30, 2018 and 2017 , 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. Cash is classified as Level 1 within the fair value hierarchy. The Company’s debt is considered to be representative of its fair value because of its variable interest rate. The fair value of our reporting units with respect to goodwill, non-amortizing intangibles and long-lived assets is measured in connection with the Company’s annual impairment testing. The Company 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, gross margin percentages, new business opportunities, working capital requirements, capital expenditures and growth in selling, distribution and administrative expense. Any excess of a reporting unit's carrying amount over fair value would be charged to impairment expense. Long-lived assets are assets used in the Company’s operations and include definite-lived intangible assets, leasehold improvements, warehouse and similar property used to generate sales and cash flows. Long-lived assets are tested for impairment utilizing a recoverability test. The recoverability test compares the carrying value of an asset group to the undiscounted cash flows directly attributable to the asset group over the life of the primary asset. If the undiscounted cash flows of an asset group is less than the carrying value of the asset group, the fair value of the asset group is then measured. If the fair value is also determined to be less than the carrying value of the asset group, the asset group is impaired.

Income taxes

Income taxes	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income taxes	Income taxes On December 22, 2017, the Tax Cut and Jobs Act ("TCJA") was enacted in the United States. The TCJA significantly changed U.S. corporate tax impacts by, among other things, lowering the corporate tax rate to 21% from 35% effective January 1, 2018, implementing a territorial tax system and imposing a one-time repatriation tax on previously untaxed, accumulated earnings of foreign subsidiaries. As a result of the new tax law, the Securities and Exchange Commission ("SEC") staff issued Staff Accounting Bulletin No. 118 ("SAB 118"). SAB 118 allows companies to record the tax impacts of the new law as provisional amounts during a measurement period of up to one year from the enactment date of the new law. The Company applied SAB 118 when accounting for the enactment-date effects of the TCJA for the year ended December 31, 2017 and recorded provisional amounts related to the one-time transition tax for the repatriation of foreign earnings and the revaluation of deferred tax balances. The Company expects to complete its analysis of the historical earnings and profits of all of its foreign subsidiaries and record any adjustment to the provisional amounts within the one year measurement period. As of June 30, 2018 , the Company has not completed its 2017 Federal income tax return or the analysis for all of the tax effects of the TCJA and has not recorded any adjustments to the amounts recorded at year-end.

Legal Proceedings

Legal Proceedings	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	Legal Proceedings The Company and its subsidiaries are from time to time involved in various lawsuits, claims, investigations and proceedings which may include commercial, employment, customer, personal injury, creditors rights and health and safety law matters, as well as VAT tax disputes in European jurisdictions in which it has done business, and which are handled and defended in the ordinary course of business. In addition, the Company is from time to time subjected to various assertions, claims, proceedings and requests for damages and/or indemnification concerning sales channel practices and intellectual property matters, including patent infringement suits involving technologies that are incorporated in a broad spectrum of products the Company sells or that are incorporated in the Company’s e-commerce sales channels, as well as trademark/copyright infringement claims. 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. The Company is also being audited by an entity representing 23 states seeking recovery of “unclaimed property” and has received separate demands from 20 states requesting payments of their claimed amounts. The Company is complying with the unclaimed property audit and is providing requested information. The Company intends to vigorously defend these matters and believes it has strong defenses. In September 2017 the Company and certain subsidiaries comprising its former NATG “Tiger” consumer electronics business were sued in United States District Court, Northern District of California by a software publisher alleging that the NATG subsidiaries violated certain contractual sales channel restrictions resulting in claims of breach of contract and trademark/copyright infringement. The matter is at a very early stage and although Systemax Inc. has been dismissed from the case, the Company is continuing to assess the remaining claims against and the defenses available to the remaining subsidiary defendants; the Company cannot predict the outcome of this matter and believes the potential damages, if any, cannot be estimated at this time. 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 position 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 regularly 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 June 30, 2018 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 June 30, 2018 any reasonably possible losses in excess of the amounts accrued would be material to the financial statements.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On August 1, 2018 the Company entered into a termination agreement for the lease on its Jefferson, Georgia warehouse for approximately $8 million , which has been fully accrued at June 30, 2018, and is recorded in Accrued expenses and other current liabilities and Other Liabilities (long term) in the accompanying Condensed Consolidated Balance Sheets. On July 11, 2018, the Company announced it had received an irrevocable binding offer from Bechtle AG, Germany's largest independent IT systems integrator, for the sale of Inmac Wstore, the Company's France-based IT value added reseller business. On July 30, 2018, the Company entered into its Definitive Share Purchase Agreement with Bechtle AG upon the conclusion of its successful consultation with the Inmac Wstore Work's Council. The agreement to sell our France business is denominated on a cash-free, debt free basis, and it will include normalized working capital adjustments. On a pro forma basis, assuming the sale had closed on June 30, 2018 and using current exchange rates of 1.17 USD to EUR, the enterprise value of the France business would have been $246 million and its equity value, inclusive of cash on hand and other adjustments, would have been approximately $270 million . Transaction and exit expenses associated with the sale are expected to be between $6 to $7 million , including approximately $1.2 million related to the acceleration of the vesting of certain employee restricted stock awards. Tax expense associated with the transaction is expected to be between $18 and $24 million on a pre-NOL utilization basis. The Company anticipates recognizing a pretax book gain of between $182 and $188 million on the sale, and after funding transaction expenses, the total cash available to U.S. shareholders on a tax-effected basis resulting from this transaction would have been between $238 and $245 million . The sale is subject to customary regulatory approvals and is expected to close later in 2018. The following unaudited pro forma condensed consolidated financial information is presented to show how the Company's results may have appeared if the sale had occurred on June 30, 2018 (in the case of the Condensed Consolidated Balance Sheet and Condensed Statement of Operations) or on January 1, 2017 (in the case of the Condensed Consolidated Statements of Operations). As the sale will not be completed until later in 2018, this unaudited pro forma condensed consolidated financial information will change to reflect exchange rates and financial operations and conditions at the time of the sale. The pro forma condensed consolidated financial statements do not necessarily reflect what the Company's financial conditions or results of operations would have been had the sale occurred on the dates indicated. They also may not be useful in predicting the future financial condition and results of operations of the Company. Systemax Inc. Pro Forma Condensed Consolidated Balance Sheets (Unaudited) (In millions) As reported June 30, Pro Forma adjustments (a) Other Pro Forma adjustments Pro Forma June 30, 2018 2018 ASSETS: Current assets: Cash $ 96.9 $ 0.0 220.1 (b) 317.0 Accounts receivable, net 189.5 (106.9 ) 82.6 Inventories 126.4 (37.0 ) 89.4 Prepaid expenses and other current assets 5.7 (0.8 ) 4.9 Total current assets 418.5 (144.7 ) 220.1 493.9 Property, plant and equipment, net 14.6 (1.2 ) 13.4 Deferred income taxes 25.8 (5.9 ) 19.9 Goodwill and intangibles 14.0 (3.8 ) 10.2 Other assets 1.5 (0.3 ) 1.2 Total assets $ 474.4 $ (155.9 ) 220.1 538.6 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current liabilities: Accounts payable $ 187.7 $ (76.6 ) 111.1 Accrued expenses and other current liabilities 67.6 (24.3 ) (0.7 ) (c) 42.6 Total current liabilities 255.3 (100.9 ) (0.7 ) 153.7 Deferred income tax liability 0.1 0.1 Other liabilities 21.7 (3.8 ) 17.9 Total liabilities 277.1 (104.7 ) (0.7 ) 171.7 Commitments and contingencies Shareholders’ equity: Preferred stock 0.0 0.0 Common stock 0.4 0.4 Additional paid-in capital 185.7 1.2 (d) 186.9 Treasury stock (20.6 ) (20.6 ) Retained earnings 32.2 (51.2 ) 216.0 (e) 197.0 Accumulated other comprehensive income(loss) (0.4 ) 3.6 (f) 3.2 Total shareholders’ equity 197.3 (51.2 ) 220.8 366.9 Total liabilities and shareholders’ equity $ 474.4 $ (155.9 ) $ 220.1 $ 538.6 Pro Forma adjustments to the Unaudited Condensed Consolidated Balance Sheet as of June 30, 2018 (a) Reverse the June 30, 2018 balance sheet of the Company's France business, excluding cash the Company retains. (b) Record the proceeds from sale ( $246.0 million ) less deal transaction costs ( $4.9 million ) and estimated tax on sale ( $21.0 million ). (c) Record payment of deal related accrued professional fees. (d) Record charge related to the acceleration of certain restricted stock awards ("RSU's") granted to sold entities employees. (e) Record retained earnings impact from net sale proceeds ( $246.0 million ), accelerated amortization expense of RSU's ( $1.2 million ), cumulative translation adjustments ( $3.6 million ), deal transaction costs ( $4.2 million ) and estimated tax on sale ( $21.0 million ). (f) Record write off of cumulative translation adjustments. Systemax Inc. Pro Forma Condensed Consolidated Statements of Operations (Unaudited) (In millions, except per share amounts) As reported Six Months Ended June 30, Pro Forma adjustments (a) Pro Forma Six Months Ended June 30, 2018 2018 Net sales $ 718.3 $ (274.9 ) $ 443.4 Cost of sales 520.5 (229.6 ) 290.9 Gross profit 197.8 (45.3 ) 152.5 Selling, distribution & administrative expenses 152.4 (29.0 ) (b) 123.4 Operating income from continuing operations 45.4 (16.3 ) (b) 29.1 Interest and other (income) expense, net 0.1 0.0 0.1 Income from continuing operations before income taxes 45.3 (16.3 ) (b) 29.0 Provision for income taxes 13.3 (6.1 ) (c) 7.2 Net income (loss) from continuing operations 32.0 (10.2 ) 21.8 Net income per common share from continuing operations: Basic $ 0.86 $ 0.59 Diluted $ 0.84 $ 0.58 Weighted average common and common equivalent shares: Basic 37.2 37.2 Diluted 37.9 37.9 Pro Forma adjustments to the Unaudited Condensed Consolidated Statements of Operations for the six months ended June 30, 2018 (a) To eliminate the revenues and directly attributable expenses of our sold France business. (b) Included within SD&A expenses is $0.5 million of corporate overhead charges formerly charged to our France business and $0.7 million of deal related accrued professional fees recharged to the sold France business. (c) Included within the provision for income taxes is $0.1 million of estimated tax impacts of the above corporate overhead charges and deal related professional fees. Systemax Inc. Pro Forma Condensed Consolidated Statements of Operations (Unaudited) (In millions, except per share amounts) As reported Year Ended December 31, Pro Forma adjustments (a) Pro Forma Year Ended December 31, 2017 2017 Net sales $ 1,265.4 $ (473.6 ) $ 791.8 Cost of sales 914.0 (395.4 ) 518.6 Gross profit 351.4 (78.2 ) 273.2 Selling, distribution & administrative expenses 279.8 (52.2 ) (b) 227.6 Special charges 0.3 0.0 0.3 Operating income from continuing operations 71.3 (26.0 ) (b) 45.3 Interest and other (income) expense, net 0.5 (0.3 ) 0.2 Income from continuing operations before income taxes 70.8 (25.7 ) (b) 45.1 Provision for income taxes (5.3 ) (9.0 ) (c) (14.3 ) Net income from continuing operations 76.1 (16.7 ) 59.4 Net income per common share from continuing operations: Basic $ 2.06 $ 1.61 Diluted $ 2.02 $ 1.58 Weighted average common and common equivalent shares: Basic 37.0 37.0 Diluted 37.6 37.6 Pro Forma adjustments to the Unaudited Condensed Consolidated Statements of Operations for the year ended December 31, 2017 (a) To eliminate the revenues and directly attributable expenses of our sold France business. (b) Included within SD&A expenses is $0.9 million of corporate overhead charges formerly charged to our France business. (c) Included within the provision for income taxes is $0.3 million of estimated tax benefits of the above corporate overhead charges returning to the U.S.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting	The accompanying condensed consolidated financial statements of Systemax Inc., with its subsidiaries, (the "Company") 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Public companies in the United States are subject to the accounting and reporting requirements of various authorities, including the Financial Accounting Standards Board (“FASB”) and the Securities and Exchange Commission (“SEC”). These authorities issue numerous pronouncements, most of which are not applicable to the Company’s current or reasonably foreseeable operating structure. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers , which amends the guidance for the recognition of revenue from contracts with customers to transfer goods and services. The new revenue recognition standard is effective for interim and annual periods beginning on January 1, 2018. The new standard is required to be adopted using either a full-retrospective or a modified-retrospective approach. The Company adopted the new standard using the modified-retrospective approach beginning on January 1, 2018. There was no material impact to total revenues in our consolidated statements of income, accounting policies, business processes, internal controls or disclosures. See Note 2 of the Notes to condensed consolidated financial statements. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842) Targeted Improvements, which provides entities with an additional (and optional) transition method, in addition to the existing transition method, the modified retrospective approach, to adopt the new leases standard by allowing entities to initially apply the new leases standard, ASU 2016-02, Leases (Topic 842), at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. This additional transition method changes only when an entity is required to initially apply the transition requirements of the new leases standard; it does not change how those requirements apply, An entity's reporting for the comparative periods presented in the financial statements in which it adopts the new leases standard will continue to be in accordance with current GAAP. ASU 2016-02 related to leases that outlines a comprehensive lease accounting model and supersedes the current lease guidance. The new guidance requires lessees to recognize lease liabilities and corresponding right-of-use assets for all leases with lease terms of greater than 12 months. It also changes the definition of a lease and expands the disclosure requirements of lease arrangements. The new guidance will be effective for the Company starting in the first quarter of fiscal 2019. Early adoption is permitted. The Company is currently in the process of evaluating which method to adopt and the impact of the adoption of this standard on the consolidated financial statements. In March 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other: Simplifying the Test for Goodwill Impairment. which eliminates the second step from the goodwill impairment test. An entity should perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity will recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, but the loss cannot exceed the total amount of goodwill allocated to the reporting unit. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The Company is evaluating the effect of adopting this pronouncement. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718) Scope of Modification Accounting, which clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. This new guidance will be applied prospectively to awards modified on or after the adoption date. This standard is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The Company adopted this standard beginning January 1, 2018 and its adoption did not materially impact the Company's consolidated financial position or results of operations when implemented in the first quarter of 2018. In June 2018, the FASB issued ASU 2018-07, Improvements to Non employee Share-Based Payment Accounting, which simplifies the accounting for share-based payments to non employees by aligning it with the accounting for share-based payments to employees, with certain exceptions. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year, with early adoption permitted after adoption of ASU 2014-09. The Company is evaluating the effect of adopting this pronouncement.
Revenue	The Company’s revenue is generated by its operating subsidiaries and is primarily comprised of sales of maintenance, repair and operational (“MRO”) products as well as other industrial and business supplies that are sold by IPG and information and communications technology (“ICT”) products that are sold by ETG. Additionally, both IPG and ETG have revenues from related activities, such as freight and, to a lesser extent, services. The Company recognizes revenue when a sales arrangement with a customer exists through the Company’s invoicing or a contract, the performance obligations have been identified, the transaction price is fixed or determinable and the Company has satisfied its performance obligations. The Company’s standard terms, provided on its invoices as well as on its websites, are included in communications with the customer and have standard payment terms of 30 days. Certain customers may have extended payment terms that have been pre-approved by the Company’s credit department, but generally none extend longer than 120 days. The Company’s performance obligation is primarily a single obligation to deliver products. The Company’s performance obligations are satisfied when products are transferred to a customer in accordance with agreed upon shipping terms. Certain sales may include product and/or services that are distinct and accounted for as separate performance obligations. The Company’s performance obligations for services are satisfied when the services are rendered. The Company’s total service revenue is immaterial as it accounted for less than 1% of total revenue for the second quarter and six months ended June 30, 2018. The Company’s revenue is shown as “Net sales” in the accompanying Condensed Consolidated Statements of Operations and is measured as the determined transaction price, net of any variable consideration consisting primarily of rights to return product. The Company has elected to treat shipping and handling revenues as activities to fulfill its performance obligation. Billings for freight and shipping and handling are recorded in net sales and costs of freight and shipping and handling are recorded in cost of sales in the accompanying Condensed Consolidated Statements of Operations. The Company records a contract liability in cases where customers pay in advance of the Company satisfying its performance obligation. The Company did not have any material unsatisfied performance obligations or liabilities as of June 30, 2018 . The Company offers customers rights to return product within a certain time, usually 30 days. The Company estimates is sales returns liability quarterly based upon its historical returns rates as a percentage of historical sales for the trailing twelve-month period.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents the Company's revenue by reportable segment and by geography for the three and six months ended June 30, 2018 : Three Months Ended Six Months Ended 2018 2018 Net sales: IPG MRO products and industrial supplies-United States $ 220.4 $ 422.4 IPG MRO products and industrial supplies-Canada 10.8 21.0 ETG Technology products-France 125.9 262.8 ETG Technology products-Other Europe 6.0 12.1 Consolidated $ 363.1 $ 718.3

Dispositions and Special Char19

Dispositions and Special Charges (Tables)	6 Months Ended
	Jun. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Reconciliation of Pretax Loss of Discontinued Operations to Loss of Discontinued Operations	Below is a summary of the impact on net sales, net income (loss) and net income (loss) per share from discontinued operations for the three and six month periods ended June 30, 2018 and 2017 . A reconciliation of pretax income (loss) of Discontinued operations to the Net Income (loss) of discontinued operations is as follows (in millions): Three Months Ended Six Months Ended 2018 2017 2018 2017 Net sales $ 0.0 $ 0.0 $ 0.0 $ 117.0 Cost of sales 0.0 0.0 0.0 102.9 Gross profit 0.0 0.0 0.0 14.1 Selling, distribution & administrative expenses (0.4 ) 1.4 0.0 20.0 Special charges 0.0 4.4 (0.7 ) 28.3 Operating income (loss) from discontinued operations 0.4 (5.8 ) 0.7 (34.2 ) Interest and other (income) expenses, net (0.1 ) 0.2 (0.3 ) 0.5 Income (loss) from discontinued operations before income taxes 0.5 (6.0 ) 1.0 (34.7 ) Provision (benefit) for income taxes 0.1 (0.5 ) 0.2 (0.4 ) Net income (loss) from discontinued operations $ 0.4 $ (5.5 ) $ 0.8 $ (34.3 ) Net income (loss) per share – basic $ 0.01 $ (0.15 ) $ 0.02 $ (0.93 ) Net income (loss) per share – diluted $ 0.01 $ (0.15 ) $ 0.02 $ (0.92 )
Special Charge Liabilities	The following table details liabilities related to the sold NATG segment’s leases and other costs and liabilities that remain from the sold Misco Germany business as of June 30, 2018 (in millions): ETG – Lease liabilities and other costs NATG – Lease liabilities and other exit costs Total Balance January 1, 2018 $ 1.2 $ 19.0 $ 20.2 Charged to expense (income) 0.0 (0.1 ) (0.1 ) Paid or otherwise settled (0.1) (5.9 ) (6.0 ) Balance June 30, 2018 $ 1.1 $ 13.0 $ 14.1

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Financial Information by Reportable Segment	Financial information relating to the Company’s continuing operations by reportable segment was as follows (in millions): Three Months Ended Six Months Ended 2018 2017 2018 2017 Net sales: IPG $ 231.2 $ 202.7 $ 443.4 $ 392.9 ETG 131.9 110.3 274.9 222.6 Consolidated $ 363.1 $ 313.0 $ 718.3 $ 615.5 Operating income (loss): IPG $ 23.0 $ 22.9 $ 39.3 $ 35.4 ETG 7.2 5.7 16.5 11.5 NATG – continuing operations 0.0 (0.4 ) 0.0 (0.4 ) Corporate and other expenses (4.9 ) (6.5 ) (10.4 ) (12.4 ) Consolidated $ 25.3 $ 21.7 $ 45.4 $ 34.1
Financial Information by Geographic Area	Financial information relating to the Company’s continuing operations by geographic area was as follows (in millions): Three Months Ended Six Months Ended 2018 2017 2018 2017 Net sales: United States $ 220.4 $ 194.6 $ 422.4 $ 377.2 France 131.9 110.3 274.9 222.6 Canada 10.8 8.1 21.0 15.7 Consolidated $ 363.1 $ 313.0 $ 718.3 $ 615.5

Subsequent Events (Tables)

Subsequent Events (Tables)	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Business Combination, Pro Forma Information [Table Text Block]	The following unaudited pro forma condensed consolidated financial information is presented to show how the Company's results may have appeared if the sale had occurred on June 30, 2018 (in the case of the Condensed Consolidated Balance Sheet and Condensed Statement of Operations) or on January 1, 2017 (in the case of the Condensed Consolidated Statements of Operations). As the sale will not be completed until later in 2018, this unaudited pro forma condensed consolidated financial information will change to reflect exchange rates and financial operations and conditions at the time of the sale. The pro forma condensed consolidated financial statements do not necessarily reflect what the Company's financial conditions or results of operations would have been had the sale occurred on the dates indicated. They also may not be useful in predicting the future financial condition and results of operations of the Company. Systemax Inc. Pro Forma Condensed Consolidated Balance Sheets (Unaudited) (In millions) As reported June 30, Pro Forma adjustments (a) Other Pro Forma adjustments Pro Forma June 30, 2018 2018 ASSETS: Current assets: Cash $ 96.9 $ 0.0 220.1 (b) 317.0 Accounts receivable, net 189.5 (106.9 ) 82.6 Inventories 126.4 (37.0 ) 89.4 Prepaid expenses and other current assets 5.7 (0.8 ) 4.9 Total current assets 418.5 (144.7 ) 220.1 493.9 Property, plant and equipment, net 14.6 (1.2 ) 13.4 Deferred income taxes 25.8 (5.9 ) 19.9 Goodwill and intangibles 14.0 (3.8 ) 10.2 Other assets 1.5 (0.3 ) 1.2 Total assets $ 474.4 $ (155.9 ) 220.1 538.6 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current liabilities: Accounts payable $ 187.7 $ (76.6 ) 111.1 Accrued expenses and other current liabilities 67.6 (24.3 ) (0.7 ) (c) 42.6 Total current liabilities 255.3 (100.9 ) (0.7 ) 153.7 Deferred income tax liability 0.1 0.1 Other liabilities 21.7 (3.8 ) 17.9 Total liabilities 277.1 (104.7 ) (0.7 ) 171.7 Commitments and contingencies Shareholders’ equity: Preferred stock 0.0 0.0 Common stock 0.4 0.4 Additional paid-in capital 185.7 1.2 (d) 186.9 Treasury stock (20.6 ) (20.6 ) Retained earnings 32.2 (51.2 ) 216.0 (e) 197.0 Accumulated other comprehensive income(loss) (0.4 ) 3.6 (f) 3.2 Total shareholders’ equity 197.3 (51.2 ) 220.8 366.9 Total liabilities and shareholders’ equity $ 474.4 $ (155.9 ) $ 220.1 $ 538.6 Pro Forma adjustments to the Unaudited Condensed Consolidated Balance Sheet as of June 30, 2018 (a) Reverse the June 30, 2018 balance sheet of the Company's France business, excluding cash the Company retains. (b) Record the proceeds from sale ( $246.0 million ) less deal transaction costs ( $4.9 million ) and estimated tax on sale ( $21.0 million ). (c) Record payment of deal related accrued professional fees. (d) Record charge related to the acceleration of certain restricted stock awards ("RSU's") granted to sold entities employees. (e) Record retained earnings impact from net sale proceeds ( $246.0 million ), accelerated amortization expense of RSU's ( $1.2 million ), cumulative translation adjustments ( $3.6 million ), deal transaction costs ( $4.2 million ) and estimated tax on sale ( $21.0 million ). (f) Record write off of cumulative translation adjustments. Systemax Inc. Pro Forma Condensed Consolidated Statements of Operations (Unaudited) (In millions, except per share amounts) As reported Year Ended December 31, Pro Forma adjustments (a) Pro Forma Year Ended December 31, 2017 2017 Net sales $ 1,265.4 $ (473.6 ) $ 791.8 Cost of sales 914.0 (395.4 ) 518.6 Gross profit 351.4 (78.2 ) 273.2 Selling, distribution & administrative expenses 279.8 (52.2 ) (b) 227.6 Special charges 0.3 0.0 0.3 Operating income from continuing operations 71.3 (26.0 ) (b) 45.3 Interest and other (income) expense, net 0.5 (0.3 ) 0.2 Income from continuing operations before income taxes 70.8 (25.7 ) (b) 45.1 Provision for income taxes (5.3 ) (9.0 ) (c) (14.3 ) Net income from continuing operations 76.1 (16.7 ) 59.4 Net income per common share from continuing operations: Basic $ 2.06 $ 1.61 Diluted $ 2.02 $ 1.58 Weighted average common and common equivalent shares: Basic 37.0 37.0 Diluted 37.6 37.6 Pro Forma adjustments to the Unaudited Condensed Consolidated Statements of Operations for the year ended December 31, 2017 (a) To eliminate the revenues and directly attributable expenses of our sold France business. (b) Included within SD&A expenses is $0.9 million of corporate overhead charges formerly charged to our France business. (c) Included within the provision for income taxes is $0.3 million of estimated tax benefits of the above corporate overhead charges returning to the U.S. Systemax Inc. Pro Forma Condensed Consolidated Statements of Operations (Unaudited) (In millions, except per share amounts) As reported Six Months Ended June 30, Pro Forma adjustments (a) Pro Forma Six Months Ended June 30, 2018 2018 Net sales $ 718.3 $ (274.9 ) $ 443.4 Cost of sales 520.5 (229.6 ) 290.9 Gross profit 197.8 (45.3 ) 152.5 Selling, distribution & administrative expenses 152.4 (29.0 ) (b) 123.4 Operating income from continuing operations 45.4 (16.3 ) (b) 29.1 Interest and other (income) expense, net 0.1 0.0 0.1 Income from continuing operations before income taxes 45.3 (16.3 ) (b) 29.0 Provision for income taxes 13.3 (6.1 ) (c) 7.2 Net income (loss) from continuing operations 32.0 (10.2 ) 21.8 Net income per common share from continuing operations: Basic $ 0.86 $ 0.59 Diluted $ 0.84 $ 0.58 Weighted average common and common equivalent shares: Basic 37.2 37.2 Diluted 37.9 37.9 Pro Forma adjustments to the Unaudited Condensed Consolidated Statements of Operations for the six months ended June 30, 2018 (a) To eliminate the revenues and directly attributable expenses of our sold France business. (b) Included within SD&A expenses is $0.5 million of corporate overhead charges formerly charged to our France business and $0.7 million of deal related accrued professional fees recharged to the sold France business. (c) Included within the provision for income taxes is $0.1 million of estimated tax impacts of the above corporate overhead charges and deal related professional fees.

Basis of Presentation (Details)

Basis of Presentation (Details) $ in Millions	Mar. 24, 2017USD ($)	Dec. 01, 2015store	Jun. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2017USD ($)
SARL Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Note receivable from disposition of SARL business	$ 3.3				$ 2.2
NATG
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of remaining stores | store		3
Financial obligations related to leased facilities, carrying value			$ 46.4	$ 46.4
Reserve for lease obligations			13	13
Lease obligations, fair value			46.4	46.4
Lease reserves for leased facilities			$ 0.1	$ (0.1)
SARL Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of residual equity position retained	5.00%

Revenue (Details)

Revenue (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Performance obligation	$ 0			$ 0
Accrued sales returns	2.5			2.5
Revenue from contracts with customers	363.1		$ 313	718.3	$ 615.5	$ 1,265.4
Reportable Geographical Components | United States
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	220.4		194.6	422.4	377.2
Reportable Geographical Components | Canada
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	10.8		8.1	21	15.7
Reportable Geographical Components | France
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	131.9		$ 110.3	274.9	$ 222.6
Service Revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers		$ 0
MRO Products and Industrial Supplies | Reportable Geographical Components | United States
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	220.4			422.4
MRO Products and Industrial Supplies | Reportable Geographical Components | Canada
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	10.8			21
Technology Products | France
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	125.9			262.8
Technology Products | Other Europe
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 6			$ 12.1
Sales Revenue, Net | Product Concentration Risk | Service Revenue
Disaggregation of Revenue [Line Items]
Service revenue, percentage of revenue		1.00%

Dispositions and Special Char24

Dispositions and Special Charges - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Special charges	$ 0	$ 4.4	$ (0.7)	$ 28.3
SARL Business | Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Special charges	1
Discontinued Operations - Disposed of by Sale | SARL Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net recoveries	0.1
Escrow funds	0.2		0.2
Special charges		0.9
Accelerated depreciation charges	0.1	0.3	0.1	0.3
Legal, professional and other costs		0.3	0.1	1
Severance and other personnel costs		0.3		0.3
Loss on the sale of business				24.2
Loss on sale of net assets				8.2
Translation adjustments				14.4
Discontinued Operations - Disposed of by Sale | NATG
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Legal, professional and other costs	0.1
Vendor settlements	0.1		0.1
Lease reserve adjustment	0.1		0.1
Restitution receipts			0.7
Special charges		3.5		4.1
Professional costs related to ongoing restitution proceedings		0.3	0.2	0.6
Charges and recoveries	0.7		$ 0.7
Charges for updating future lease cash flows		$ 3.2		$ 3.5
Discontinued Operations - Disposed of by Sale | NATG | Minimum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Special charges	1
Discontinued Operations - Disposed of by Sale | NATG | Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Special charges	$ 2

Dispositions and Special Char25

Dispositions and Special Charges - Reconciliation of Pretax Loss on Discontinued Operations (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]
Net sales	$ 0	$ 0	$ 0	$ 117
Cost of sales	0	0	0	102.9
Gross profit	0	0	0	14.1
Selling, distribution & administrative expenses	(0.4)	1.4	0	20
Special charges	0	4.4	(0.7)	28.3
Operating income (loss) from discontinued operations	0.4	(5.8)	0.7	(34.2)
Interest and other (income) expenses, net	(0.1)	0.2	(0.3)	0.5
Income (loss) from discontinued operations before income taxes	0.5	(6)	1	(34.7)
Provision (benefit) for income taxes	0.1	(0.5)	0.2	(0.4)
Net income (loss) from discontinued operations	$ 0.4	$ (5.5)	$ 0.8	$ (34.3)
Net income (loss) per share – basic (in dollars per share)	$ 0.01	$ (0.15)	$ 0.02	$ (0.93)
Net income (loss) per share – diluted (in dollars per share)	$ 0.01	$ (0.15)	$ 0.02	$ (0.92)

Dispositions and Special Char26

Dispositions and Special Charges - Special Charges Liabilities (Details) $ in Millions	6 Months Ended
	Jun. 30, 2018USD ($)
ETG – Lease liabilities and other costs | Lease Liabilities And Other Costs
Restructuring Reserve [Roll Forward]
Beginning Balance	$ 1.2
Charged to expense (income)	0
Paid or otherwise settled	(0.1)
Ending Balance	1.1
NATG – Lease liabilities and other exit costs | Lease Liabilities and Other Exit Costs
Restructuring Reserve [Roll Forward]
Beginning Balance	19
Charged to expense (income)	(0.1)
Paid or otherwise settled	(5.9)
Ending Balance	13
Total
Restructuring Reserve [Roll Forward]
Beginning Balance	20.2
Charged to expense (income)	(0.1)
Paid or otherwise settled	(6)
Ending Balance	$ 14.1

Net Income (Loss) per Common 27

Net Income (Loss) per Common Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Employee Stock Option
Securities Included and Excluded from the Computation of Earnings Per Share
Weighted average number of shares included in computation of diluted earnings per share (in shares)	600,000	200,000	600,000	100,000
Weighted average shares excluded from computation of diluted earnings per share (in shares)	0	300,000	0	700,000
Restricted Stock
Securities Included and Excluded from the Computation of Earnings Per Share
Weighted average number of shares included in computation of diluted earnings per share (in shares)	100,000	200,000	200,000	200,000

Credit Facilities (Details)

Credit Facilities (Details) - Revolving Credit Facility	6 Months Ended
	Jun. 30, 2018USD ($)
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 75,000,000
Revolving credit facility, term	5 years
Percentage of inventory advance rate computed	60.00%
Percentage of inventory advance rate of net orderly liquidation value	85.00%
Eligible collateral under the credit facility	$ 75,000,000
Availability under line of credit	73,400,000
Total outstanding letters of credit	2,400,000
Total excess availability	71,000,000
Outstanding borrowings	$ 0
Maximum
Line of Credit Facility [Line Items]
Percentage of eligible accounts receivable for borrowings	85.00%

Segment Information - By Report

Segment Information - By Reportable Segment (Details) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)segment	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment			2
Segment Reporting Information [Line Items]
Net sales	$ 363.1	$ 313	$ 718.3	$ 615.5	$ 1,265.4
Operating income from continuing operations	25.3	21.7	45.4	34.1	$ 71.3
Reportable Segments | IPG
Segment Reporting Information [Line Items]
Net sales	231.2	202.7	443.4	392.9
Operating income from continuing operations	23	22.9	39.3	35.4
Reportable Segments | ETG
Segment Reporting Information [Line Items]
Net sales	131.9	110.3	274.9	222.6
Operating income from continuing operations	7.2	5.7	16.5	11.5
Reportable Segments | NATG
Segment Reporting Information [Line Items]
Operating income from continuing operations	0	(0.4)	0	(0.4)
Corporate and Other
Segment Reporting Information [Line Items]
Operating income from continuing operations	$ (4.9)	$ (6.5)	$ (10.4)	$ (12.4)

Segment Information - By Geogra

Segment Information - By Geographic Area (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 363.1	$ 313	$ 718.3	$ 615.5	$ 1,265.4
Reportable Geographical Components | United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	220.4	194.6	422.4	377.2
Reportable Geographical Components | France
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	131.9	110.3	274.9	222.6
Reportable Geographical Components | Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 10.8	$ 8.1	$ 21	$ 15.7

Legal Proceedings (Details)

Legal Proceedings (Details)	Jun. 30, 2018state
Commitments and Contingencies Disclosure [Abstract]
Number of states seeking recovery of unclaimed property	23
Number of states requesting payment	20

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) $ in Millions	Aug. 01, 2018USD ($)	Jun. 30, 2018USD ($)$ / €
Subsequent Event [Line Items]
Exchange rate | $ / €		1.17
Subsequent Event
Subsequent Event [Line Items]
Lease termination	$ 8
Pro Forma | French Business | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Subsequent Event [Line Items]
Disposal group, enterprise value		$ 246
Disposal group, equity value		270
Pro Forma | French Business | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Minimum
Subsequent Event [Line Items]
Transaction and exit costs		6
Tax expense		18
Disposal group, gain		182
Total cash available to US Shareholders tax-effected		238
Pro Forma | French Business | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Maximum
Subsequent Event [Line Items]
Transaction and exit costs		7
Disposal group, costs related to acceleration of vesting of employee restricted stock		1.2
Tax expense		24
Disposal group, gain		188
Total cash available to US Shareholders tax-effected		$ 245

Subsequent Events - Pro Forma B

Subsequent Events - Pro Forma Balance Sheet (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Subsequent Event [Line Items]
Cash	$ 96.9	$ 184.5	$ 159.8	$ 149.7
Accounts receivable, net	189.5	174.3
Inventories	126.4	131.5
Prepaid expenses and other current assets	5.7	3.8
Total current assets	418.5	494.1
Property, plant and equipment, net	14.6	15.1
Deferred income taxes	25.8	26.2
Goodwill and intangibles	14	14.5
Other assets	1.5	1.5
Total assets	474.4	551.4
Accounts payable	187.7	196.1
Accrued expenses and other current liabilities	67.6	64
Total current liabilities	255.3	315.8
Deferred income tax liability	0.1	0.1
Other liabilities	21.7	23.7
Total liabilities	277.1	339.6
Preferred stock	0	0
Common stock	0.4	0.4
Additional paid-in capital	185.7	186.5
Treasury stock	(20.6)	(21.8)
Retained earnings	32.2	44.8
Accumulated other comprehensive income (loss)	(0.4)	1.9
Total shareholders’ equity	197.3	211.8
Total liabilities and shareholders’ equity	474.4	$ 551.4
Transaction costs, other pro forma adjustments	4.9
Estimated tax, other pro forma adjustments	21
Accelerated amortization, other pro forma adjustments	1.2
Cumulative translation adjustment, other pro forma adjustments	3.6
Transaction costs, other pro forma adjustments	4.2
Estimated tax, other pro forma adjustments	21
Disposal Group, Disposed of by Sale, Not Discontinued Operations | French Business | Pro Forma
Subsequent Event [Line Items]
Cash	317
Cash, pro forma adjustment	0
Cash, other pro forma adjustment	220.1
Accounts receivable, net	82.6
Accounts receivable, net, current, pro forma adjustment	(106.9)
Inventories	89.4
Inventories, net, pro forma adjustment	(37)
Prepaid expenses and other current assets	4.9
Prepaid expense and other current assets, pro forma adjustment	(0.8)
Total current assets	493.9
Total current asset, pro forma adjustment	(144.7)
Total current asset, other pro forma adjustment	220.1
Property, plant and equipment, net	13.4
Property, plant and equipment, net, pro forma adjustment	(1.2)
Deferred income taxes	19.9
Deferred income taxes, pro forma adjustment	(5.9)
Goodwill and intangibles	10.2
Goodwill and intangibles, pro forma adjustments	(3.8)
Other assets	1.2
Other assets, pro forma adjustment	(0.3)
Total assets	538.6
Total assets, pro forma adjustment	(155.9)
Total assets, other pro forma adjustments	220.1
Accounts payable	111.1
Accounts payable, pro forma adjustment	(76.6)
Accrued expenses and other current liabilities	42.6
Accrued expenses and other current liabilities, pro forma adjustment	(24.3)
Accrued expense and other current liabilities, other pro forma adjustments	(0.7)
Total current liabilities	153.7
Total current liabilities, pro forma adjustment	(100.9)
Total current liabilities, other pro forma adjustments	(0.7)
Deferred income tax liability	0.1
Other liabilities	17.9
Other liabilities, pro forma adjustment	(3.8)
Total liabilities	171.7
Total liabilities, pro forma adjustment	(104.7)
Total liabilities, other pro forma adjustment	(0.7)
Preferred stock	0
Common stock	0.4
Additional paid-in capital	186.9
Additional paid-in capital, pro forma adjustment	1.2
Treasury stock	(20.6)
Retained earnings	197
Retained earnings, pro forma adjustment	(51.2)
Retained earnings, other pro forma adjustment	216
Accumulated other comprehensive income (loss)	3.2
Accumulated other comprehensive income (loss), other pro forma adjustment	3.6
Total shareholders’ equity	366.9
Total shareholders' equity, pro forma adjustment	(51.2)
Total shareholders' equity, other pro forma adjustment	220.8
Total liabilities and shareholders’ equity	538.6
Total liabilities and shareholders' equity, pro forma adjustment	(155.9)
Total liabilities and shareholders' equity, other pro forma adjustment	220.1
Proceeds from divestiture of business	$ 246

Subsequent Events - Pro Forma I

Subsequent Events - Pro Forma Income Statement (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Subsequent Event [Line Items]
Net sales	$ 363.1	$ 313	$ 718.3	$ 615.5	$ 1,265.4
Cost of sales	262	221.5	520.5	442.2	914
Gross profit	101.1	91.5	197.8	173.3	351.4
Selling, distribution & administrative expenses	75.8	69.6	152.4	139	279.8
Special charges	0	0.2	0	0.2	0.3
Operating income from continuing operations	25.3	21.7	45.4	34.1	71.3
Interest and other (income) expense, net	0	(0.1)	0.1	(0.3)	0.5
Income from continuing operations before income taxes	25.3	21.8	45.3	34.4	70.8
Provision for income taxes	7.5	2.5	13.3	4.8	(5.3)
Net income from continuing operations	$ 17.8	$ 19.3	$ 32	$ 29.6	$ 76.1
Basic (in dollars per share)	$ 0.48	$ 0.52	$ 0.86	$ 0.80	$ 2.06
Diluted (in dollars per share)	$ 0.47	$ 0.52	$ 0.84	$ 0.79	$ 2.02
Basic (in shares)	37.2	37	37.2	37	37
Diluted (in shares)	37.9	37.4	37.9	37.3	37.6
Overhead charges, pro forma adjustment			$ 0.5		$ 0.9
Accrued professional fees, pro forma adjustment			0.7
Estimated tax, pro forma adjustment			0.1		0.3
Disposal Group, Disposed of by Sale, Not Discontinued Operations | French Business | Pro Forma
Subsequent Event [Line Items]
Net sales			443.4		791.8
Net sales, pro forma adjustment			(274.9)		(473.6)
Cost of sales			290.9		518.6
Cost of sales, pro forma adjustment			(229.6)		(395.4)
Gross profit			152.5		273.2
Gross profit, pro forma adjustment			(45.3)		(78.2)
Selling, distribution & administrative expenses			123.4		227.6
Selling, distribution & administrative expenses, pro forma adjustment			(29)		(52.2)
Special charges					0.3
Special charges, pro forma adjustment					0
Operating income from continuing operations			29.1		45.3
Operating income from continuing operations, pro forma adjustment			(16.3)		(26)
Interest and other (income) expense, net			0.1		0.2
Interest and other (income) expense, net, pro forma adjustment			0		(0.3)
Income from continuing operations before income taxes			29		45.1
Income from continuing operations before income taxes, pro forma adjustment			(16.3)		(25.7)
Provision for income taxes			7.2		(14.3)
Provision for income taxes, pro forma adjustment			(6.1)		(9)
Net income from continuing operations			21.8		59.4
Net income (loss) from continuing operations			$ (10.2)		$ (16.7)
Basic (in dollars per share)			$ 0.59		$ 1.61
Diluted (in dollars per share)			$ 0.58		$ 1.58
Basic (in shares)			37.2		37
Diluted (in shares)			37.9		37.6