CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||
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Sep. 27, 2019 |
Sep. 28, 2018 |
Sep. 27, 2019 |
Sep. 28, 2018 |
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| Net sales | $ 2,222.2 | $ 2,179.0 | $ 6,593.3 | $ 6,281.1 |
| Cost of goods sold | 1,775.8 | 1,754.9 | 5,278.0 | 5,053.1 |
| Gross profit | 446.4 | 424.1 | 1,315.3 | 1,228.0 |
| Operating expenses | 344.6 | 334.6 | 1,033.2 | 1,005.6 |
| Operating income | 101.8 | 89.5 | 282.1 | 222.4 |
| Other expense: | ||||
| Interest expense | (18.5) | (19.3) | (58.3) | (56.5) |
| Other, net | (1.2) | (1.6) | (0.1) | (2.6) |
| Income before income taxes | 82.1 | 68.6 | 223.7 | 163.3 |
| Income tax expense | 22.8 | 21.0 | 61.8 | 48.8 |
| Net income | $ 59.3 | $ 47.6 | $ 161.9 | $ 114.5 |
| Income per share: | ||||
| Basic | $ 1.74 | $ 1.41 | $ 4.75 | $ 3.39 |
| Diluted | $ 1.73 | $ 1.40 | $ 4.73 | $ 3.36 |
| Basic weighted-average common shares outstanding | 34.2 | 33.8 | 34.1 | 33.8 |
| Effect of dilutive securities: | ||||
| Stock options and units | 0.1 | 0.3 | 0.1 | 0.3 |
| Diluted weighted-average common shares outstanding | 34.3 | 34.1 | 34.2 | 34.1 |
| Other comprehensive (loss) income: | ||||
| Foreign currency translation | $ (13.9) | $ 6.5 | $ 2.1 | $ (22.8) |
| Changes in unrealized pension cost, net of tax | 0.9 | 0.7 | 2.1 | 1.9 |
| Other comprehensive (loss) income | (13.0) | 7.2 | 4.2 | (20.9) |
| Comprehensive income | $ 46.3 | $ 54.8 | $ 166.1 | $ 93.6 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Sep. 27, 2019 |
Dec. 28, 2018 |
|---|---|---|
| Common stock, par value | $ 1.00 | $ 1.00 |
| Common stock, shares authorized | 100,000,000.00 | 100,000,000.00 |
| Common stock, shares issued | 34,194,301 | 33,862,704 |
| Common stock, shares outstanding | 34,194,301 | 33,862,704 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation: The unaudited interim Condensed Consolidated Financial Statements of Anixter International Inc. and its subsidiaries (collectively referred to as "Anixter" or the "Company"), sometimes referred to in this Quarterly Report on Form 10-Q as "we", "our", "us", or "ourselves" have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Therefore, certain information and disclosures normally included in financial statements and related notes prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") have been condensed or omitted. Certain prior period amounts have been reclassified to conform to the current year presentation. These financial statements should be read in conjunction with, and have been prepared in conformity with, the accounting principles reflected in the consolidated financial statements and related notes included in Anixter's Annual Report on Form 10-K for the year ended December 28, 2018 ("2018 Form 10-K"). The condensed consolidated financial information furnished herein reflects all normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the Condensed Consolidated Financial Statements for the periods shown. The Company maintains its financial records on the basis of a fiscal year ending on the Friday nearest December 31, with the fiscal quarters typically spanning thirteen weeks. The first quarter ends on the Friday of the first thirteen-week period, the second and third quarters are thirteen weeks in duration and the fourth quarter is the remainder of the year. The third quarter of fiscal year 2019 ended on September 27, 2019, and the third quarter of fiscal year 2018 ended on September 28, 2018. Recently issued and adopted accounting pronouncements: In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, Leases, which requires lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. The standard is effective for Anixter's financial statements issued for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. In July 2018, the FASB issued additional authoritative guidance providing companies with an optional transition method to use the effective date of ASU 2016-02 as the date of initial application of transition and not restate comparative periods. The Company adopted the standard in the first quarter of 2019 using this optional transition method. The Company elected the package of practical expedients, which allows it to carry forward historical lease classification, the practical expedient to not separate non-lease components from lease components, and the short-term lease accounting policy election as defined in ASU 2016-02. The Company implemented internal controls and a lease accounting information system to enable the preparation of financial information on adoption. The standard had a material impact on the Company's Condensed Consolidated Balance Sheet, but did not have an impact on the Condensed Consolidated Statements of Comprehensive Income. The most significant impact was the recognition of right-of-use assets of $244.1 million and lease liabilities of $249.6 million for operating leases, while accounting for finance leases remained substantially unchanged. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which will allow a reclassification from accumulated other comprehensive income to retained earnings for the tax effects resulting from the December 22, 2017 enactment of the Tax Cuts and Jobs Act (the "Act") that are stranded in accumulated other comprehensive income. The standard is effective for Anixter's financial statements issued for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company adopted this standard effective the first quarter of fiscal year 2019 and elected to reclassify $7.7 million of tax benefits from "Accumulated other comprehensive loss" to "Retained earnings" within its Condensed Consolidated Financial Statements. In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation: Improvements to Nonemployee Share-Based Payment Accounting, which will expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. The standard is effective for Anixter's financial statements issued for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company adopted this standard effective the first quarter of fiscal year 2019. The result of this adoption did not have a material impact on the Condensed Consolidated Financial Statements. Recently issued accounting pronouncements not yet adopted: In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, which requires the measurement of expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable forecasts. The main objective of this ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The standard is effective for Anixter's financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company is currently evaluating the impact of adoption of this ASU, but it is not expected to have a material effect on the Company's Condensed Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment, which removes step two from the goodwill impairment test. Step two measures a goodwill impairment loss by comparing the implied fair value of a reporting unit's goodwill with the carrying amount of that goodwill. The new guidance requires an entity to perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, including goodwill. The standard is effective for Anixter's financial statements issued for fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently assessing the impact the adoption of this ASU will have on its methodology for evaluating goodwill for impairment subsequent to adoption of this standard. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement: Changes to the Disclosure Requirements for Fair Value Measurement, which changes the disclosure requirements for fair value measurements by removing, adding and modifying certain disclosures. The standard is effective for Anixter's financial statements issued for fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company is currently evaluating the impact of adoption of this ASU on its related disclosures. In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General: Changes to the Disclosure Requirements for Defined Benefit Plans, which modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans by removing and adding certain disclosures for these plans. The standard is effective for Anixter's financial statements issued for fiscal years ending after December 15, 2020. Early adoption is permitted. The Company is currently evaluating the impact of adoption of this ASU on its related disclosures. The Company does not believe that any other recently issued, but not yet effective, accounting pronouncements, if adopted, would have a material impact on its Condensed Consolidated Financial Statements or disclosures. Revenue recognition: Anixter is a leading global distributor of network and security solutions, electrical and electronic solutions and utility power solutions. Through a global distribution network along with supply chain and technical expertise, Anixter helps customers reduce the risk, cost and complexity of their supply chains. Anixter is a leader in providing advanced inventory management services including procurement, just-in-time delivery, material management programs, turn-key yard layout and management, quality assurance testing, component kit production, storm/event kitting, small component assembly and e-commerce and electronic data interchange to a broad spectrum of customers with nearly 600,000 products. Revenue arrangements primarily consist of a single performance obligation to transfer promised goods or services. See Note 9. "Business Segments" for revenue disaggregated by geography. Sales to customers and related cost of sales are primarily recognized at the point in time when control of goods transfers to the customer. For product sales this generally occurs upon shipment of the products, however, this may occur at a later date depending on the agreed upon sales terms, such as delivery at the customer's designated location, or based on consignment terms. In instances where goods are not stocked by Anixter and delivery times are critical, product is purchased from the manufacturer and drop-shipped to the customer. Anixter generally takes control of the goods when shipped by the manufacturer and then recognizes revenue when control of the product transfers to the customer. When providing services, sales are recognized over time as control transfers to the customer, which occurs as services are rendered. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. The Company estimates different forms of variable consideration at the time of sale based on historical experience, current conditions and contractual obligations. Revenue is recorded net of customer discounts, rebates and similar charges. When Anixter offers the right to return product, historical experience is utilized to establish a liability for the estimate of expected returns. Sales and other tax amounts collected from customers for remittance to governmental authorities are excluded from revenue. The Company has elected to treat shipping and handling as a fulfillment activity. The practical expedient not to disclose information about remaining performance obligations has also been elected as these contacts have an original duration of one year or less or are contracts where the Company has applied the practical expedient to recognize service revenue in proportion to the amount Anixter has the right to invoice. The Company typically receives payment 30 to 60 days from the point it has satisfied the related performance obligation. At December 28, 2018, $17.2 million of deferred revenue related to outstanding contracts was reported in "Accrued expenses" in the Company's Consolidated Balance Sheet. This balance primarily represents prepayments from customers. During the three and nine months ended September 27, 2019, $3.1 million and $13.5 million, respectively, of this deferred revenue was recognized. At September 27, 2019, deferred revenue was $17.2 million. The Company expects to recognize this balance as revenue within the next twelve months. Other, net: The following represents the components of "Other, net" as reflected in the Condensed Consolidated Statements of Comprehensive Income:
Several of Anixter's subsidiaries conduct business in a currency other than the legal entity’s functional currency. Transactions may produce receivables or payables that are fixed in terms of the amount of foreign currency that will be received or paid. A change in exchange rates between the functional currency and the currency in which a transaction is denominated increases or decreases the expected amount of functional currency cash flows upon settlement of the transaction. The increase or decrease in expected functional currency cash flows is a foreign currency transaction gain or loss that is included in "Other, net" in the Condensed Consolidated Statements of Comprehensive Income. The Company purchases foreign currency forward contracts to minimize the effect of fluctuating foreign currency-denominated accounts on its reported income. These contracts are not designated as hedges for accounting purposes. The Company's strategy is to negotiate terms for its foreign currency forward contracts to be highly effective, such that the change in the value of the foreign currency forward contract perfectly offsets the impact of the underlying foreign currency-denominated account. Its counterparties to foreign currency forward contracts have investment-grade credit ratings. Anixter expects the creditworthiness of its counterparties to remain intact through the term of the transactions. The Company regularly monitors the creditworthiness of its counterparties to ensure no issues exist which could affect the value of the foreign currency forward contracts. The Company does not hedge 100% of its foreign currency-denominated accounts. In addition, the results of hedging can vary significantly based on various factors, such as the timing of executing the foreign currency forward contracts versus the movement of the currencies as well as the fluctuations in the account balances throughout each reporting period. The fair value of the foreign currency forward contracts is based on the difference between the contract rate and the current exchange rate. The fair value of the foreign currency forward contracts is measured using observable market information. These inputs would be considered Level 2 in the fair value hierarchy. At September 27, 2019 and December 28, 2018, foreign currency forward contracts were revalued at then-current foreign exchange rates with the changes in valuation reflected directly in "Other, net" in the Condensed Consolidated Statements of Comprehensive Income offsetting the transaction gain/loss recorded on the foreign currency-denominated accounts. At September 27, 2019 and December 28, 2018, the gross notional amount of the foreign currency forward contracts outstanding was approximately $117.2 million and $96.3 million, respectively. At September 27, 2019 and December 28, 2018, the net notional amount of the foreign currency forward contracts outstanding was approximately $76.6 million and $75.7 million, respectively. While all of the Company's foreign currency forward contracts are subject to master netting arrangements with its counterparties, assets and liabilities related to these contracts are presented on a gross basis within the Condensed Consolidated Balance Sheets. The gross fair value of assets and liabilities related to foreign currency forward contracts are immaterial. The combined effect of changes in both the equity and bond markets resulted in changes in the cash surrender value of the Company's company owned life insurance policies associated with the sponsored deferred compensation program. Leases: At contract inception the Company determines if an arrangement is a lease. Operating leases are included in "Operating leases", "Current operating lease obligations" and "Operating lease obligations" on the Condensed Consolidated Balance Sheets. Finance leases are included in "Property and equipment, net", "Accrued expenses" and "Long-term debt" on the Condensed Consolidated Balance Sheets. The gross amount of the balances recorded related to finance leases was immaterial as of September 27, 2019, and December 28, 2018. Leases with an initial term of 12 months or less are not recorded on the Condensed Consolidated Balance Sheets. Operating lease expense is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components and has elected to account for these components as a single lease component. Operating lease assets and liabilities are recognized at the commencement date, based on the present value of the future minimum lease payments. A certain number of these leases contain rent escalation clauses that are factored into the Company's determination of lease payments, either fixed or adjusted periodically for inflation or market rates. Anixter also has variable lease payments that do not depend on a rate or index, primarily for items such as common area maintenance and real estate taxes, which are recorded as variable cost when incurred. The operating lease asset includes advance payments and excludes incentives and initial direct costs incurred. As most of Anixter’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date to discount payments to the present value. Most operating leases contain renewal options, some of which also include options to early terminate the leases. The exercise of these options is at the Company's discretion. Lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Accumulated other comprehensive loss: Unrealized gains and losses are accumulated in "Accumulated other comprehensive loss" ("AOCI"). These changes are also reported in "Other comprehensive (loss) income" on the Condensed Consolidated Statements of Comprehensive Income. These include unrealized gains and losses related to the Company's defined benefit obligations and foreign currency translation. See Note 7. "Pension Plans" for pension related amounts reclassified into net income. Investments in several subsidiaries are recorded in currencies other than the U.S. dollar ("USD"). As these foreign currency denominated investments are translated at the end of each period during consolidation using period-end exchange rates, fluctuations of exchange rates between the foreign currency and the USD increase or decrease the value of those investments. These fluctuations and the results of operations for foreign subsidiaries, where the functional currency is not the USD, are translated into USD using the average exchange rates during the periods reported, while the assets and liabilities are translated using period-end exchange rates. The assets and liabilities-related translation adjustments are recorded as a separate component of AOCI, "Foreign currency translation." In addition, as Anixter's subsidiaries maintain investments denominated in currencies other than local currencies, exchange rate fluctuations will occur. Borrowings are raised in certain foreign currencies to minimize the exchange rate translation adjustment risk. Goodwill: The Company evaluates goodwill for impairment annually at the beginning of the third quarter and when events or changes in circumstances indicate the carrying value of reporting units might exceed their current fair values. The Company assesses goodwill for impairment by first performing a qualitative assessment, which considers specific factors, based on the weight of evidence, and the significance of all identified events and circumstances in the context of determining whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying amount using the qualitative assessment, Anixter performs the two-step impairment test. From time to time, the Company may also bypass the qualitative assessment and proceed directly to the two-step impairment test. The first step of the impairment test is to identify a potential impairment by comparing the fair value of a reporting unit with its carrying amount. The estimates of fair value of a reporting unit are determined using the income approach and/or the market approach as described below. If step one of the test indicates a carrying value above the estimated fair value, the second step of the goodwill impairment test is performed by comparing the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. The implied residual value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination. The income approach is a quantitative evaluation to determine the fair value of the reporting unit. Under the income approach fair value is determined based on estimated future cash flows discounted by an estimated weighted-average cost of capital, which reflects the overall level of inherent risk of the reporting unit and the rate of return a market participant would expect to earn. The inputs used for the income approach were significant unobservable inputs, or Level 3 inputs, as described in the accounting fair value hierarchy. Estimated future cash flows were based on internal projection models, industry projections and other assumptions deemed reasonable by management. The market approach measures the fair value of a reporting unit through the analysis of recent sales, offerings, and financial multiples (sales or earnings before interest, tax, depreciation and amortization ("EBITDA")) of comparable businesses, which would be considered Level 2 in the fair value hierarchy. Consideration is given to the financial conditions and operating performance of the reporting unit being valued relative to those publicly-traded companies operating in the same or similar lines of business. In connection with the annual assessment of goodwill at the beginning of the third quarter of 2019, the Company bypassed the qualitative assessment and performed a quantitative test for all reporting units and utilized a combination of the income and market approaches. As a result of this assessment, the Company concluded that no impairment existed and the carrying amount of goodwill to be fully recoverable.
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RESTRUCTURING CHARGES |
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| RESTRUCTURING CHARGES | RESTRUCTURING CHARGES The Company considers restructuring activities to be programs whereby Anixter fundamentally changes its operations, such as closing and consolidating facilities, reducing headcount and realigning operations in response to changing market conditions. The following table summarizes activity related to liabilities associated with restructuring activities:
Q2 2018 Restructuring Plan In the second quarter of 2018, the Company recorded a pre-tax charge of $2.1 million, $1.3 million and $1.1 million in its Network & Security Solutions ("NSS"), Electrical & Electronic Solutions ("EES") and Utility Power Solutions ("UPS") segments, respectively, and an additional $5.4 million at its corporate headquarters, primarily for severance-related expenses associated with a reduction of approximately 260 positions. In the third quarter of 2018, the Company recorded an additional $0.2 million charge at its corporate headquarters. The $10.1 million charge related to the second quarter 2018 plan primarily reflects actions related to facilities consolidation, systems integration and back office functions. This charge was included in "Operating expenses" in the Company's Condensed Consolidated Statements of Comprehensive Income for fiscal year 2018. The majority of the balance included in accrued expenses of $3.7 million as of September 27, 2019 is expected to be paid by the first half of 2020.
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LEASES |
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| LEASES | LEASES The Company adopted ASU 2016-02, Leases, as of December 29, 2018, using the modified retrospective approach. Prior year financial statements were not recast under the new standard and, therefore, those amounts are not presented below. Substantially all of Anixter's office and warehouse facilities are leased under operating leases. The Company also leases certain equipment and vehicles primarily as operating leases. Lease costs are included within "Operating expenses" in the Company's Condensed Consolidated Statements of Comprehensive Income. During the three and nine months ended September 27, 2019, these costs were as follows:
The weighted-average remaining lease term and weighted-average discount rate under operating leases were as follows:
Maturities of operating lease liabilities at September 27, 2019 were as follows:
Operating lease payments include $17.3 million related to options to extend lease terms that are reasonably certain of being exercised. As of September 27, 2019, the Company has an additional lease related to facilities that has not yet commenced of $4.2 million. This operating lease will commence in fiscal year 2020 with a lease term of ten years. Anixter subleases certain real estate to third parties. During the three and nine months ended September 27, 2019, the Company recognized income of $0.3 million and $0.8 million, respectively, which was included within "Operating expenses" in the Company's Condensed Consolidated Statements of Comprehensive Income. Aggregate future minimum rentals to be received under non-cancelable subleases at September 27, 2019 were $3.9 million. During the nine months ended September 27, 2019, leased assets obtained in exchange for operating lease obligations were $312.0 million. The operating cash outflow for amounts included in the measurement of operating lease obligations was $47.0 million.
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DEBT |
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| DEBT | DEBT Debt is summarized below:
Fair Value of Debt The fair value of Anixter's debt instruments is measured using observable market information which would be considered Level 2 in the fair value hierarchy described in accounting guidance on fair value measurements. The Company's fixed-rate debt consists of Senior notes due 2025, Senior notes due 2023 and Senior notes due 2021. At September 27, 2019, the Company's total carrying value and estimated fair value of debt outstanding was $1,083.2 million and $1,166.4 million, respectively. This compares to a carrying value and estimated fair value of debt outstanding at December 28, 2018 of $1,252.7 million and $1,261.7 million, respectively. The decrease in the carrying value and estimated fair value is primarily due to lower outstanding borrowings under Anixter's revolving lines of credit.
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LEGAL CONTINGENCIES |
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| LEGAL CONTINGENCIES | LEGAL CONTINGENCIES From time to time, Anixter is party to legal proceedings and matters that arise in the ordinary course of business. As of September 27, 2019, the Company does not believe there is a reasonable possibility that any material loss exceeding the amounts already recognized for these proceedings and matters has been incurred. However, the ultimate resolutions of these proceedings and matters are inherently unpredictable. As such, the Company's financial condition and results of operations could be adversely affected in any particular period by the unfavorable resolution of one or more of these proceedings or matters.
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INCOME TAXES |
9 Months Ended |
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Sep. 27, 2019 | |
| INCOME TAXES | INCOME TAXES The Company's effective tax rate for the third quarter of 2019 was 27.8% compared to 30.6% in the prior year period. The Company's effective tax rate for the nine months ended September 27, 2019 was 27.7% compared to 29.9% in the prior year period. Income tax expense for the nine months ended September 28, 2018 included a $1.8 million tax benefit related to the reversal of deferred income tax valuation allowances, partially offset by $0.5 million of tax expense related to domestic permanent tax differences. The decrease in the effective tax rate was due primarily to the change in the country mix of earnings, foreign tax credit benefits and other incentives enacted by the recent tax reform. The December 22, 2017 Tax Cuts and Jobs Act subjects U.S. shareholders to tax on Global Intangible Low-Taxed Income (“GILTI”) earned by certain foreign subsidiaries. The Company recognizes the tax on GILTI as a period expense in the period the tax is incurred. Under this policy, the Company has not provided deferred taxes related to temporary differences that upon their reversal will affect the amount of income subject to GILTI in the period. Anixter considers the undistributed earnings of its foreign subsidiaries to be indefinitely reinvested. Upon distribution of those earnings in the form of dividends or otherwise, Anixter may be subject to withholding taxes payable to the various foreign countries.
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PENSION PLANS |
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| PENSION PLANS | PENSION PLANS The Company's defined benefit pension plans are the plans in the U.S., which consist of the Anixter Inc. Pension Plan, the Executive Benefit Plan and the Supplemental Executive Retirement Plan ("SERP") (together the "Domestic Plans") and various defined benefit pension plans covering employees of foreign subsidiaries in Canada and Europe (together the "Foreign Plans"). The majority of these defined benefit pension plans are non-contributory and, with the exception of the U.S. and Canada, cover substantially all full-time domestic employees and certain employees in other countries. Retirement benefits are provided based on compensation as defined in both the Domestic Plans and the Foreign Plans. The Company's policy is to fund all Domestic Plans as required by the Employee Retirement Income Security Act of 1974 ("ERISA") and the IRS and all Foreign Plans as required by applicable foreign laws. The Executive Benefit Plan and SERP are the only two plans that are unfunded. Assets in the various plans consist primarily of equity securities and debt securities. Components of net periodic pension cost (benefit) were as follows:
(a) Reclassified from AOCI.
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STOCKHOLDERS' EQUITY |
9 Months Ended |
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Sep. 27, 2019 | |
| STOCKHOLDERS' EQUITY | STOCKHOLDERS' EQUITY At the end of the third quarter of 2019, there were 1.3 million shares reserved for issuance under the 2017 Stock Incentive Plan. Under such plan, the Company pays non-employee directors annual retainer fees and, at their election, meeting fees in the form of stock units. Employee and director stock units are included in common stock outstanding on the date of vesting, and stock options are included in common stock outstanding upon exercise by the participant. The fair value of employee stock units is amortized over the respective vesting period representing the requisite service period, generally three to six years. Director stock units are expensed in the period in which they are granted, as these vest immediately. The 2019 employee performance-based restricted stock units ("performance units") are issued on the third anniversary of the grant date based on the Company's adjusted EBITDA margin for each of the performance periods with a total shareholder return ("TSR") modifier relative to the TSR of the peer group companies determined by the Company's compensation committee. The fair value of each performance unit tranche is estimated using the Monte Carlo Simulation pricing model at the date of grant. During the three and nine months ended September 27, 2019, the Company granted 1,510 and 229,647 stock units to employees, respectively, with a weighted-average grant-date fair value of $0.1 million and $13.6 million, respectively. During the three months ended September 27, 2019, the Company did not issue performance units to employees. During the nine months ended September 27, 2019, the Company granted 58,139 performance units to employees with a weighted-average grant-date fair value of $3.6 million. During the three and nine months ended September 27, 2019, the Company granted directors 11,555 and 36,829 stock units, respectively, with a weighted-average grant-date fair value of $0.7 million and $2.1 million, respectively. Antidilutive stock options and units are excluded from the calculation of weighted-average shares for diluted earnings per share. For the third quarter of 2019 and 2018, the antidilutive stock options and units were immaterial.
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BUSINESS SEGMENTS |
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| BUSINESS SEGMENTS | BUSINESS SEGMENTS Anixter is a leading distributor of network and security solutions, electrical and electronic wire and cable solutions and utility power solutions. The Company has identified NSS, EES and UPS as reportable segments. Within its segments, the Company is also organized by geographies. Anixter's geographies consist of North America, which includes the U.S. and Canada, EMEA, which includes Europe, the Middle East and Africa, and Emerging Markets, which includes Asia Pacific and Central and Latin America. Corporate expenses are incurred to obtain and coordinate financing, tax, information technology, legal and other related services, certain of which are rebilled to subsidiaries. The Company also has various corporate assets which are reported in corporate. Segment assets may not include jointly used assets, but segment results include depreciation expense or other allocations related to those assets as such allocation is made for internal reporting. Interest expense and other non-operating items are not allocated to the segments or reviewed on a segment basis. The categorization of net sales by end market is determined using a variety of data points including the technical characteristic of the product, the "sold to" customer information, the "ship to" customer information and the end customer product or application into which product will be incorporated. Anixter also has largely specialized its sales organization by segment. As data systems for capturing and tracking this data evolve and improve, the categorization of products by end market can vary over time. When this occurs, the Company reclassifies net sales by end market for prior periods. Such reclassifications typically do not materially change the sizing of, or the underlying trends of results within, each end market. Segment Financial Information Segment information for the three and nine months ended September 27, 2019 and September 28, 2018 was as follows:
Geographic Information The following table summarizes net sales by geographic areas for the three and nine months ended September 27, 2019 and September 28, 2018:
Goodwill Assigned to Segments The following table presents the changes in goodwill allocated to the Company's reporting units during the nine months ended September 27, 2019:
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SUMMARIZED FINANCIAL INFORMATION OF ANIXTER INC. |
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| SUMMARIZED FINANCIAL INFORMATION OF ANIXTER INC. | SUMMARIZED FINANCIAL INFORMATION OF ANIXTER INC. Anixter International Inc. guarantees, fully and unconditionally, substantially all of the debt of its subsidiaries, which include Anixter Inc., its 100% owned primary operating subsidiary. Anixter International Inc. has no independent assets or operations and all subsidiaries other than Anixter Inc. are minor. The following summarizes the financial information for Anixter Inc.: ANIXTER INC. CONDENSED CONSOLIDATED BALANCE SHEETS
ANIXTER INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
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SUBSEQUENT EVENT |
9 Months Ended |
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Sep. 27, 2019 | |
| Subsequent Event [Line Items] | |
| Subsequent Events [Text Block] | SUBSEQUENT EVENT On October 30, 2019, the Company, CD&R Arrow Parent, LLC ("Parent"), and CD&R Arrow Merger Sub, Inc. ("Merger Sub") entered into a definitive Agreement and Plan of Merger (the “Merger Agreement”). Parent and Merger Sub are indirectly owned by investment funds managed by Clayton, Dubilier & Rice. At the consummation of the merger, each of the Company's issued and outstanding shares of common stock will be converted into the right to receive $81.00 in cash, less any applicable withholding taxes. The consummation of the merger remains subject to customary closing conditions. As a result of the merger, the Company will cease to be a publicly traded company. The Merger Agreement provides for a 40 day “go-shop” period, during which the Company and its subsidiaries and representatives will be permitted to actively solicit alternative acquisition proposals and enter into negotiations with other parties, subject to certain conditions regarding non-public information. The Company will have the right to terminate the Merger Agreement to enter into a superior proposal, subject to the terms and conditions of the Merger Agreement. There can be no assurance the “go-shop” period will result in a superior proposal. The Company does not intend to disclose developments about the “go-shop” process unless and until its board of directors has made a decision with respect to any potential superior proposal.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
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| Basis of presentation | Basis of presentation: The unaudited interim Condensed Consolidated Financial Statements of Anixter International Inc. and its subsidiaries (collectively referred to as "Anixter" or the "Company"), sometimes referred to in this Quarterly Report on Form 10-Q as "we", "our", "us", or "ourselves" have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Therefore, certain information and disclosures normally included in financial statements and related notes prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") have been condensed or omitted. Certain prior period amounts have been reclassified to conform to the current year presentation. These financial statements should be read in conjunction with, and have been prepared in conformity with, the accounting principles reflected in the consolidated financial statements and related notes included in Anixter's Annual Report on Form 10-K for the year ended December 28, 2018 ("2018 Form 10-K"). The condensed consolidated financial information furnished herein reflects all normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the Condensed Consolidated Financial Statements for the periods shown. The Company maintains its financial records on the basis of a fiscal year ending on the Friday nearest December 31, with the fiscal quarters typically spanning thirteen weeks. The first quarter ends on the Friday of the first thirteen-week period, the second and third quarters are thirteen weeks in duration and the fourth quarter is the remainder of the year. The third quarter of fiscal year 2019 ended on September 27, 2019, and the third quarter of fiscal year 2018 ended on September 28, 2018.
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| Recently issued and adopted accounting pronouncements | Recently issued and adopted accounting pronouncements: In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, Leases, which requires lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. The standard is effective for Anixter's financial statements issued for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. In July 2018, the FASB issued additional authoritative guidance providing companies with an optional transition method to use the effective date of ASU 2016-02 as the date of initial application of transition and not restate comparative periods. The Company adopted the standard in the first quarter of 2019 using this optional transition method. The Company elected the package of practical expedients, which allows it to carry forward historical lease classification, the practical expedient to not separate non-lease components from lease components, and the short-term lease accounting policy election as defined in ASU 2016-02. The Company implemented internal controls and a lease accounting information system to enable the preparation of financial information on adoption. The standard had a material impact on the Company's Condensed Consolidated Balance Sheet, but did not have an impact on the Condensed Consolidated Statements of Comprehensive Income. The most significant impact was the recognition of right-of-use assets of $244.1 million and lease liabilities of $249.6 million for operating leases, while accounting for finance leases remained substantially unchanged. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which will allow a reclassification from accumulated other comprehensive income to retained earnings for the tax effects resulting from the December 22, 2017 enactment of the Tax Cuts and Jobs Act (the "Act") that are stranded in accumulated other comprehensive income. The standard is effective for Anixter's financial statements issued for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company adopted this standard effective the first quarter of fiscal year 2019 and elected to reclassify $7.7 million of tax benefits from "Accumulated other comprehensive loss" to "Retained earnings" within its Condensed Consolidated Financial Statements. In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation: Improvements to Nonemployee Share-Based Payment Accounting, which will expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. The standard is effective for Anixter's financial statements issued for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company adopted this standard effective the first quarter of fiscal year 2019. The result of this adoption did not have a material impact on the Condensed Consolidated Financial Statements.
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| Recently issued accounting pronouncements not yet adopted | Recently issued accounting pronouncements not yet adopted: In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, which requires the measurement of expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable forecasts. The main objective of this ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The standard is effective for Anixter's financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company is currently evaluating the impact of adoption of this ASU, but it is not expected to have a material effect on the Company's Condensed Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment, which removes step two from the goodwill impairment test. Step two measures a goodwill impairment loss by comparing the implied fair value of a reporting unit's goodwill with the carrying amount of that goodwill. The new guidance requires an entity to perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, including goodwill. The standard is effective for Anixter's financial statements issued for fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently assessing the impact the adoption of this ASU will have on its methodology for evaluating goodwill for impairment subsequent to adoption of this standard. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement: Changes to the Disclosure Requirements for Fair Value Measurement, which changes the disclosure requirements for fair value measurements by removing, adding and modifying certain disclosures. The standard is effective for Anixter's financial statements issued for fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company is currently evaluating the impact of adoption of this ASU on its related disclosures. In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General: Changes to the Disclosure Requirements for Defined Benefit Plans, which modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans by removing and adding certain disclosures for these plans. The standard is effective for Anixter's financial statements issued for fiscal years ending after December 15, 2020. Early adoption is permitted. The Company is currently evaluating the impact of adoption of this ASU on its related disclosures. The Company does not believe that any other recently issued, but not yet effective, accounting pronouncements, if adopted, would have a material impact on its Condensed Consolidated Financial Statements or disclosures.
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| Revenue recognition | Revenue recognition: Anixter is a leading global distributor of network and security solutions, electrical and electronic solutions and utility power solutions. Through a global distribution network along with supply chain and technical expertise, Anixter helps customers reduce the risk, cost and complexity of their supply chains. Anixter is a leader in providing advanced inventory management services including procurement, just-in-time delivery, material management programs, turn-key yard layout and management, quality assurance testing, component kit production, storm/event kitting, small component assembly and e-commerce and electronic data interchange to a broad spectrum of customers with nearly 600,000 products. Revenue arrangements primarily consist of a single performance obligation to transfer promised goods or services. See Note 9. "Business Segments" for revenue disaggregated by geography. Sales to customers and related cost of sales are primarily recognized at the point in time when control of goods transfers to the customer. For product sales this generally occurs upon shipment of the products, however, this may occur at a later date depending on the agreed upon sales terms, such as delivery at the customer's designated location, or based on consignment terms. In instances where goods are not stocked by Anixter and delivery times are critical, product is purchased from the manufacturer and drop-shipped to the customer. Anixter generally takes control of the goods when shipped by the manufacturer and then recognizes revenue when control of the product transfers to the customer. When providing services, sales are recognized over time as control transfers to the customer, which occurs as services are rendered. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. The Company estimates different forms of variable consideration at the time of sale based on historical experience, current conditions and contractual obligations. Revenue is recorded net of customer discounts, rebates and similar charges. When Anixter offers the right to return product, historical experience is utilized to establish a liability for the estimate of expected returns. Sales and other tax amounts collected from customers for remittance to governmental authorities are excluded from revenue. The Company has elected to treat shipping and handling as a fulfillment activity. The practical expedient not to disclose information about remaining performance obligations has also been elected as these contacts have an original duration of one year or less or are contracts where the Company has applied the practical expedient to recognize service revenue in proportion to the amount Anixter has the right to invoice. The Company typically receives payment 30 to 60 days from the point it has satisfied the related performance obligation. At December 28, 2018, $17.2 million of deferred revenue related to outstanding contracts was reported in "Accrued expenses" in the Company's Consolidated Balance Sheet. This balance primarily represents prepayments from customers. During the three and nine months ended September 27, 2019, $3.1 million and $13.5 million, respectively, of this deferred revenue was recognized. At September 27, 2019, deferred revenue was $17.2 million. The Company expects to recognize this balance as revenue within the next twelve months.
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| Other, net | Other, net: The following represents the components of "Other, net" as reflected in the Condensed Consolidated Statements of Comprehensive Income:
Several of Anixter's subsidiaries conduct business in a currency other than the legal entity’s functional currency. Transactions may produce receivables or payables that are fixed in terms of the amount of foreign currency that will be received or paid. A change in exchange rates between the functional currency and the currency in which a transaction is denominated increases or decreases the expected amount of functional currency cash flows upon settlement of the transaction. The increase or decrease in expected functional currency cash flows is a foreign currency transaction gain or loss that is included in "Other, net" in the Condensed Consolidated Statements of Comprehensive Income. The Company purchases foreign currency forward contracts to minimize the effect of fluctuating foreign currency-denominated accounts on its reported income. These contracts are not designated as hedges for accounting purposes. The Company's strategy is to negotiate terms for its foreign currency forward contracts to be highly effective, such that the change in the value of the foreign currency forward contract perfectly offsets the impact of the underlying foreign currency-denominated account. Its counterparties to foreign currency forward contracts have investment-grade credit ratings. Anixter expects the creditworthiness of its counterparties to remain intact through the term of the transactions. The Company regularly monitors the creditworthiness of its counterparties to ensure no issues exist which could affect the value of the foreign currency forward contracts. The Company does not hedge 100% of its foreign currency-denominated accounts. In addition, the results of hedging can vary significantly based on various factors, such as the timing of executing the foreign currency forward contracts versus the movement of the currencies as well as the fluctuations in the account balances throughout each reporting period. The fair value of the foreign currency forward contracts is based on the difference between the contract rate and the current exchange rate. The fair value of the foreign currency forward contracts is measured using observable market information. These inputs would be considered Level 2 in the fair value hierarchy. At September 27, 2019 and December 28, 2018, foreign currency forward contracts were revalued at then-current foreign exchange rates with the changes in valuation reflected directly in "Other, net" in the Condensed Consolidated Statements of Comprehensive Income offsetting the transaction gain/loss recorded on the foreign currency-denominated accounts. At September 27, 2019 and December 28, 2018, the gross notional amount of the foreign currency forward contracts outstanding was approximately $117.2 million and $96.3 million, respectively. At September 27, 2019 and December 28, 2018, the net notional amount of the foreign currency forward contracts outstanding was approximately $76.6 million and $75.7 million, respectively. While all of the Company's foreign currency forward contracts are subject to master netting arrangements with its counterparties, assets and liabilities related to these contracts are presented on a gross basis within the Condensed Consolidated Balance Sheets. The gross fair value of assets and liabilities related to foreign currency forward contracts are immaterial. The combined effect of changes in both the equity and bond markets resulted in changes in the cash surrender value of the Company's company owned life insurance policies associated with the sponsored deferred compensation program.
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| Leases | Leases: At contract inception the Company determines if an arrangement is a lease. Operating leases are included in "Operating leases", "Current operating lease obligations" and "Operating lease obligations" on the Condensed Consolidated Balance Sheets. Finance leases are included in "Property and equipment, net", "Accrued expenses" and "Long-term debt" on the Condensed Consolidated Balance Sheets. The gross amount of the balances recorded related to finance leases was immaterial as of September 27, 2019, and December 28, 2018. Leases with an initial term of 12 months or less are not recorded on the Condensed Consolidated Balance Sheets. Operating lease expense is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components and has elected to account for these components as a single lease component. Operating lease assets and liabilities are recognized at the commencement date, based on the present value of the future minimum lease payments. A certain number of these leases contain rent escalation clauses that are factored into the Company's determination of lease payments, either fixed or adjusted periodically for inflation or market rates. Anixter also has variable lease payments that do not depend on a rate or index, primarily for items such as common area maintenance and real estate taxes, which are recorded as variable cost when incurred. The operating lease asset includes advance payments and excludes incentives and initial direct costs incurred. As most of Anixter’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date to discount payments to the present value. Most operating leases contain renewal options, some of which also include options to early terminate the leases. The exercise of these options is at the Company's discretion. Lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option.
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| Accumulated other comprehensive loss | Accumulated other comprehensive loss: Unrealized gains and losses are accumulated in "Accumulated other comprehensive loss" ("AOCI"). These changes are also reported in "Other comprehensive (loss) income" on the Condensed Consolidated Statements of Comprehensive Income. These include unrealized gains and losses related to the Company's defined benefit obligations and foreign currency translation. See Note 7. "Pension Plans" for pension related amounts reclassified into net income. Investments in several subsidiaries are recorded in currencies other than the U.S. dollar ("USD"). As these foreign currency denominated investments are translated at the end of each period during consolidation using period-end exchange rates, fluctuations of exchange rates between the foreign currency and the USD increase or decrease the value of those investments. These fluctuations and the results of operations for foreign subsidiaries, where the functional currency is not the USD, are translated into USD using the average exchange rates during the periods reported, while the assets and liabilities are translated using period-end exchange rates. The assets and liabilities-related translation adjustments are recorded as a separate component of AOCI, "Foreign currency translation." In addition, as Anixter's subsidiaries maintain investments denominated in currencies other than local currencies, exchange rate fluctuations will occur. Borrowings are raised in certain foreign currencies to minimize the exchange rate translation adjustment risk.
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| Goodwill | Goodwill: The Company evaluates goodwill for impairment annually at the beginning of the third quarter and when events or changes in circumstances indicate the carrying value of reporting units might exceed their current fair values. The Company assesses goodwill for impairment by first performing a qualitative assessment, which considers specific factors, based on the weight of evidence, and the significance of all identified events and circumstances in the context of determining whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying amount using the qualitative assessment, Anixter performs the two-step impairment test. From time to time, the Company may also bypass the qualitative assessment and proceed directly to the two-step impairment test. The first step of the impairment test is to identify a potential impairment by comparing the fair value of a reporting unit with its carrying amount. The estimates of fair value of a reporting unit are determined using the income approach and/or the market approach as described below. If step one of the test indicates a carrying value above the estimated fair value, the second step of the goodwill impairment test is performed by comparing the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. The implied residual value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination. The income approach is a quantitative evaluation to determine the fair value of the reporting unit. Under the income approach fair value is determined based on estimated future cash flows discounted by an estimated weighted-average cost of capital, which reflects the overall level of inherent risk of the reporting unit and the rate of return a market participant would expect to earn. The inputs used for the income approach were significant unobservable inputs, or Level 3 inputs, as described in the accounting fair value hierarchy. Estimated future cash flows were based on internal projection models, industry projections and other assumptions deemed reasonable by management. The market approach measures the fair value of a reporting unit through the analysis of recent sales, offerings, and financial multiples (sales or earnings before interest, tax, depreciation and amortization ("EBITDA")) of comparable businesses, which would be considered Level 2 in the fair value hierarchy. Consideration is given to the financial conditions and operating performance of the reporting unit being valued relative to those publicly-traded companies operating in the same or similar lines of business. In connection with the annual assessment of goodwill at the beginning of the third quarter of 2019, the Company bypassed the qualitative assessment and performed a quantitative test for all reporting units and utilized a combination of the income and market approaches. As a result of this assessment, the Company concluded that no impairment existed and the carrying amount of goodwill to be fully recoverable.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) |
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| Summary of Components of Other Net Reflected in Consolidated Statements of Operations | The following represents the components of "Other, net" as reflected in the Condensed Consolidated Statements of Comprehensive Income:
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RESTRUCTURING CHARGES (Tables) |
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| Summary of Liabilities Associated with Restructuring and Employee Severance | The following table summarizes activity related to liabilities associated with restructuring activities:
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LEASES (Tables) |
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| Lease cost | Substantially all of Anixter's office and warehouse facilities are leased under operating leases. The Company also leases certain equipment and vehicles primarily as operating leases. Lease costs are included within "Operating expenses" in the Company's Condensed Consolidated Statements of Comprehensive Income. During the three and nine months ended September 27, 2019, these costs were as follows:
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| Lease term and discount rate | The weighted-average remaining lease term and weighted-average discount rate under operating leases were as follows:
(a) Upon adoption of ASU 2016-02, the discount rate used for existing leases was established as of December 29, 2018.
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| Minimum lease commitments | Maturities of operating lease liabilities at September 27, 2019 were as follows:
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DEBT (Tables) |
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| Debt | Debt is summarized below:
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| Components of Net Periodic Benefit Costs |
(a) Reclassified from AOCI.
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BUSINESS SEGMENTS (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 27, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information | Segment information for the three and nine months ended September 27, 2019 and September 28, 2018 was as follows:
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| Revenue from External Customers by Geographic Areas | The following table summarizes net sales by geographic areas for the three and nine months ended September 27, 2019 and September 28, 2018:
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| Changes in Goodwill | The following table presents the changes in goodwill allocated to the Company's reporting units during the nine months ended September 27, 2019:
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SUMMARIZED FINANCIAL INFORMATION OF ANIXTER INC. (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 27, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| CONDENSED CONSOLIDATED BALANCE SHEETS | The following summarizes the financial information for Anixter Inc.: ANIXTER INC. CONDENSED CONSOLIDATED BALANCE SHEETS
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| CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ANIXTER INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
|---|---|---|---|---|---|---|
|
Sep. 27, 2019
USD ($)
|
Sep. 27, 2019
USD ($)
|
Dec. 29, 2018
USD ($)
|
Dec. 28, 2018
USD ($)
|
|||
| Summary Of Significant Accounting Policies [Line Items] | ||||||
| Operating leases | $ 252.8 | $ 252.8 | $ 244.1 | $ 0.0 | ||
| Operating lease obligations | $ 259.6 | 259.6 | $ 249.6 | |||
| Reclassification of tax effects | $ 0.0 | |||||
| Number of products | 600,000 | 600,000 | ||||
| Deferred revenue, current | $ 17.2 | $ 17.2 | 17.2 | |||
| Recognition of deferred revenue | 3.1 | $ 13.5 | ||||
| Rate of foreign currency denominated accounts not hedged | 100.00% | |||||
| Gross [Member] | ||||||
| Summary Of Significant Accounting Policies [Line Items] | ||||||
| Derivative, notional amount | 117.2 | $ 117.2 | 96.3 | |||
| Net [Member] | ||||||
| Summary Of Significant Accounting Policies [Line Items] | ||||||
| Derivative, notional amount | $ 76.6 | $ 76.6 | $ 75.7 | |||
| Minimum [Member] | ||||||
| Summary Of Significant Accounting Policies [Line Items] | ||||||
| Number of days between performance obligation satisfaction and payment | 30 days | |||||
| Maximum [Member] | ||||||
| Summary Of Significant Accounting Policies [Line Items] | ||||||
| Number of days between performance obligation satisfaction and payment | 60 days | |||||
| Retained Earnings [Member] | ||||||
| Summary Of Significant Accounting Policies [Line Items] | ||||||
| Reclassification of tax effects | [1] | $ 7.7 | ||||
| ||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Components of Other Net Reflected in Consolidated Statements of Operations (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 27, 2019 |
Sep. 28, 2018 |
Sep. 27, 2019 |
Sep. 28, 2018 |
|
| Other, net: | ||||
| Foreign exchange loss | $ (1.9) | $ (2.5) | $ (2.7) | $ (6.2) |
| Cash surrender value of life insurance policies | 0.3 | 0.3 | 3.0 | 0.1 |
| Net periodic pension benefit | 0.7 | 1.3 | 2.0 | 3.9 |
| Other | (0.3) | (0.7) | (2.4) | (0.4) |
| Total other, net | $ (1.2) | $ (1.6) | $ (0.1) | $ (2.6) |
RESTRUCTURING CHARGES - Summary of Liabilities Associated with Restructuring and Employee Severance (Details) $ in Millions |
9 Months Ended | |||||
|---|---|---|---|---|---|---|
|
Sep. 27, 2019
USD ($)
| ||||||
| Restructuring Cost and Reserve [Line Items] | ||||||
| Restructuring Reserve, Beginning balance | $ 6.9 | |||||
| Payments and other | (3.2) | |||||
| Restructuring Reserve, Ending balance | 3.7 | |||||
| Q2 2018 Restructuring Plan [Member] | ||||||
| Restructuring Cost and Reserve [Line Items] | ||||||
| Restructuring Reserve, Ending balance | 3.7 | |||||
| Q2 2018 Restructuring Plan [Member] | Employee Related Costs [Member] | ||||||
| Restructuring Cost and Reserve [Line Items] | ||||||
| Restructuring Reserve, Beginning balance | 6.7 | [1] | ||||
| Payments and other | (3.2) | [1] | ||||
| Restructuring Reserve, Ending balance | 3.5 | [1] | ||||
| Q2 2018 Restructuring Plan [Member] | Facility Exit and Other Costs [Member] | ||||||
| Restructuring Cost and Reserve [Line Items] | ||||||
| Restructuring Reserve, Beginning balance | 0.2 | [2] | ||||
| Payments and other | 0.0 | [2] | ||||
| Restructuring Reserve, Ending balance | $ 0.2 | [2] | ||||
| ||||||
RESTRUCTURING CHARGES - Additional Information (Details) $ in Millions |
3 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
|
Sep. 28, 2018
USD ($)
|
Jun. 29, 2018
USD ($)
|
Dec. 28, 2018
USD ($)
|
Sep. 27, 2019
USD ($)
|
|
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring Reserve | $ 6.9 | $ 3.7 | ||
| Q2 2018 Restructuring Plan [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Number of Positions Eliminated | 260 | |||
| Restructuring Reserve | $ 3.7 | |||
| Q2 2018 Restructuring Plan [Member] | Operating Expense [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring charges | $ 10.1 | |||
| Q2 2018 Restructuring Plan [Member] | Network and Security Solutions [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring charges | $ 2.1 | |||
| Q2 2018 Restructuring Plan [Member] | Electrical and Electronic Solutions [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring charges | 1.3 | |||
| Q2 2018 Restructuring Plan [Member] | Utility Power Solutions [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring charges | 1.1 | |||
| Q2 2018 Restructuring Plan [Member] | Corporate [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring charges | $ 0.2 | $ 5.4 | ||
LEASES - Schedule of Lease Cost (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended |
|---|---|---|
Sep. 27, 2019 |
Sep. 27, 2019 |
|
| Schedule of Lease Cost [Abstract] | ||
| Operating lease cost | $ 18.6 | $ 57.6 |
| Variable lease cost | 5.6 | 17.2 |
| Short-term lease cost | 0.3 | 1.0 |
| Total lease cost | $ 24.5 | $ 75.8 |
LEASES - Lease Term and Discount Rate (Details) |
Sep. 27, 2019 |
|||
|---|---|---|---|---|
| Leases [Abstract] | ||||
| Weighted average remaining lease term | 6 years 4 months 24 days | |||
| Weighted average discount rate | 6.10% | [1] | ||
| ||||
LEASES - Minimum Lease Commitments Under Operating Leases (Details) - USD ($) $ in Millions |
Sep. 27, 2019 |
Dec. 29, 2018 |
|---|---|---|
| Leases [Abstract] | ||
| Minimum lease commitments under operating leases - 2019 | $ 20.1 | |
| Minimum lease commitments under operating leases - 2020 | 68.8 | |
| Minimum lease commitments under operating leases - 2021 | 52.2 | |
| Minimum lease commitments under operating leases - 2022 | 46.6 | |
| Minimum lease commitments under operating leases - 2023 | 34.4 | |
| Minimum lease commitments under operating leases - 2024 and thereafter | 95.9 | |
| Total minimum lease commitments under operating leases | 318.0 | |
| Less imputed interest | 58.4 | |
| Present value of lease liabilities | $ 259.6 | $ 249.6 |
LEASES - Additional Information (Details) $ in Millions |
3 Months Ended | 9 Months Ended |
|---|---|---|
|
Sep. 27, 2019
USD ($)
|
Sep. 27, 2019
USD ($)
|
|
| Leases [Line Items] | ||
| Lease payments related to options to extend lease terms | $ 17.3 | |
| Additional lease related to facilities, that has not yet commenced | $ 4.2 | 4.2 |
| Sublease income | 0.3 | 0.8 |
| Future minimum sublease rentals | $ 3.9 | 3.9 |
| Leased assets obtained in exchange for operating lease obligations | 312.0 | |
| Cash outflow for amounts included in operating lease obligations | $ 47.0 | |
| Maximum [Member] | ||
| Leases [Line Items] | ||
| Lease not yet commenced, term of contract | 10 years | 10 years |
DEBT (Detail) - USD ($) $ in Millions |
Sep. 27, 2019 |
Dec. 28, 2018 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Long-term debt | $ 1,083.2 | $ 1,252.7 |
| Finance lease obligations | 4.1 | 0.9 |
| Unamortized deferred financing costs | (5.0) | (6.0) |
| 6.00% Senior notes due 2025 [Member] | ||
| Debt Instrument [Line Items] | ||
| Long-term debt | 247.2 | 246.9 |
| 5.50% Senior notes due 2023 [Domain] | ||
| Debt Instrument [Line Items] | ||
| Long-term debt | 347.8 | 347.4 |
| 5.125% Senior notes due 2021 [Member] | ||
| Debt Instrument [Line Items] | ||
| Long-term debt | 398.1 | 397.4 |
| Revolving Credit Facility [Member] | ||
| Debt Instrument [Line Items] | ||
| Long-term debt | 82.0 | 260.0 |
| Other [Member] | ||
| Debt Instrument [Line Items] | ||
| Long-term debt | $ 9.0 | $ 6.1 |
DEBT - Additional Information (Detail) - USD ($) $ in Millions |
Sep. 27, 2019 |
Dec. 28, 2018 |
|---|---|---|
| Line Of Credit Facility Covenant Compliance [Line Items] | ||
| Long-term debt | $ 1,083.2 | $ 1,252.7 |
| Long-term debt fair value | $ 1,166.4 | $ 1,261.7 |
INCOME TAXES - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 27, 2019 |
Sep. 28, 2018 |
Sep. 27, 2019 |
Sep. 28, 2018 |
|
| Disclosure Income Taxes Additional Information [Abstract] | ||||
| Effective tax rate | 27.80% | 30.60% | 27.70% | 29.90% |
| Tax benefit related to the reversal of deferred income tax valuation allowances | $ 1.8 | |||
| Tax expense related to domestic permanent tax differences | $ 0.5 | |||
PENSION PLANS - Components of Net Periodic Cost (Benefit) (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Sep. 27, 2019 |
Sep. 28, 2018 |
Sep. 27, 2019 |
Sep. 28, 2018 |
||||
| Components of net periodic pension cost (benefit): | |||||||
| Total recorded in other, net | $ (0.7) | $ (1.3) | $ (2.0) | $ (3.9) | |||
| Net periodic pension cost (benefit) | 4.6 | 3.2 | |||||
| Continuing Operations [Member] | |||||||
| Components of net periodic pension cost (benefit): | |||||||
| Service Cost | 2.2 | 2.3 | 6.6 | 7.1 | |||
| Interest cost | 4.4 | 4.2 | 13.4 | 12.8 | |||
| Expected return on plan assets | (6.3) | (6.4) | (19.0) | (19.4) | |||
| Net amortization | [1] | 1.2 | 0.9 | 3.6 | 2.7 | ||
| Total recorded in other, net | (0.7) | (1.3) | (2.0) | (3.9) | |||
| Net periodic pension cost (benefit) | 1.5 | 1.0 | 4.6 | 3.2 | |||
| UNITED STATES | |||||||
| Components of net periodic pension cost (benefit): | |||||||
| Service Cost | 0.7 | 0.8 | 2.3 | 2.6 | |||
| Interest cost | 2.7 | 2.6 | 8.2 | 7.7 | |||
| Expected return on plan assets | (3.6) | (4.0) | (10.8) | (12.0) | |||
| Net amortization | [1] | 0.4 | 0.2 | 1.2 | 0.5 | ||
| Total recorded in other, net | (0.5) | (1.2) | (1.4) | (3.8) | |||
| Net periodic pension cost (benefit) | 0.2 | (0.4) | 0.9 | (1.2) | |||
| Foreign Plan [Member] | |||||||
| Components of net periodic pension cost (benefit): | |||||||
| Service Cost | 1.5 | 1.5 | 4.3 | 4.5 | |||
| Interest cost | 1.7 | 1.6 | 5.2 | 5.1 | |||
| Expected return on plan assets | (2.7) | (2.4) | (8.2) | (7.4) | |||
| Net amortization | [1] | 0.8 | 0.7 | 2.4 | 2.2 | ||
| Total recorded in other, net | (0.2) | (0.1) | (0.6) | (0.1) | |||
| Net periodic pension cost (benefit) | $ 1.3 | $ 1.4 | $ 3.7 | $ 4.4 | |||
| |||||||
STOCKHOLDERS' EQUITY - Additional Information (Detail) $ in Millions |
3 Months Ended | 9 Months Ended |
|---|---|---|
|
Sep. 27, 2019
USD ($)
shares
|
Sep. 27, 2019
USD ($)
shares
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Number of shares available for grant | 1,300,000 | 1,300,000 |
| Restricted Stock Units (RSUs) [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Shares granted | 1,510 | 229,647 |
| Fair value of shares granted | $ | $ 0.1 | $ 13.6 |
| Restricted Stock Units (RSUs) [Member] | Minimum [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Award vesting period | 3 years | |
| Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Award vesting period | 6 years | |
| Performance Restricted Stock Units [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Shares granted | 58,139 | |
| Fair value of shares granted | $ | $ 3.6 | |
| Director stock units [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Shares granted | 11,555 | 36,829 |
| Fair value of shares granted | $ | $ 0.7 | $ 2.1 |
BUSINESS SEGMENTS - Segment Information (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 27, 2019 |
Sep. 28, 2018 |
Sep. 27, 2019 |
Sep. 28, 2018 |
|
| Segment Reporting Information [Line Items] | ||||
| Net sales | $ 2,222.2 | $ 2,179.0 | $ 6,593.3 | $ 6,281.1 |
| Operating income (losses) | 101.8 | 89.5 | 282.1 | 222.4 |
| Network and Security Solutions [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net sales | 1,179.3 | 1,138.0 | 3,491.7 | 3,229.1 |
| Operating income (losses) | 84.8 | 75.0 | 242.0 | 194.6 |
| Electrical and Electronic Solutions [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net sales | 580.1 | 597.4 | 1,753.1 | 1,771.4 |
| Operating income (losses) | 35.3 | 34.1 | 102.6 | 101.1 |
| Utility Power Solutions [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net sales | 462.8 | 443.6 | 1,348.5 | 1,280.6 |
| Operating income (losses) | 23.7 | 19.9 | 65.3 | 54.2 |
| Corporate [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net sales | 0.0 | 0.0 | 0.0 | 0.0 |
| Operating income (losses) | (42.0) | (39.5) | (127.8) | (127.5) |
| Continuing Operations [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net sales | 2,222.2 | 2,179.0 | 6,593.3 | 6,281.1 |
| Operating income (losses) | $ 101.8 | $ 89.5 | $ 282.1 | $ 222.4 |
BUSINESS SEGMENTS - Revenue From External Customers by Geographic Areas (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 27, 2019 |
Sep. 28, 2018 |
Sep. 27, 2019 |
Sep. 28, 2018 |
|
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
| Net sales | $ 2,222.2 | $ 2,179.0 | $ 6,593.3 | $ 6,281.1 |
| North America [Member] | ||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
| Net sales | 1,812.4 | 1,774.0 | 5,354.6 | 5,148.9 |
| EMEA [Member] | ||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
| Net sales | 155.6 | 160.6 | 456.4 | 502.2 |
| Emerging Markets [Member] | ||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
| Net sales | $ 254.2 | $ 244.4 | $ 782.3 | $ 630.0 |
BUSINESS SEGMENTS - Changes in Goodwill (Detail) $ in Millions |
9 Months Ended |
|---|---|
|
Sep. 27, 2019
USD ($)
| |
| Goodwill [Roll Forward] | |
| Goodwill, Beginning Balance | $ 832.0 |
| Acquisition related | 0.2 |
| Foreign currency translation | 1.1 |
| Goodwill, Ending Balance | 833.3 |
| Network and Security Solutions [Member] | |
| Goodwill [Roll Forward] | |
| Goodwill, Beginning Balance | 472.7 |
| Acquisition related | 0.2 |
| Foreign currency translation | (2.0) |
| Goodwill, Ending Balance | 470.9 |
| Electrical and Electronic Solutions [Member] | |
| Goodwill [Roll Forward] | |
| Goodwill, Beginning Balance | 180.9 |
| Acquisition related | 0.0 |
| Foreign currency translation | 0.2 |
| Goodwill, Ending Balance | 181.1 |
| Utility Power Solutions [Member] | |
| Goodwill [Roll Forward] | |
| Goodwill, Beginning Balance | 178.4 |
| Acquisition related | 0.0 |
| Foreign currency translation | 2.9 |
| Goodwill, Ending Balance | $ 181.3 |
SUMMARIZED FINANCIAL INFORMATION OF ANIXTER INC - Additional Information (Detail) |
9 Months Ended |
|---|---|
Sep. 27, 2019 | |
| Disclosure Summarized Financial Information Of Anixter Inc Additional Information [Abstract] | |
| Description of guarantees given by parent company | Anixter International Inc. guarantees, fully and unconditionally, substantially all of the debt of its subsidiaries, which include Anixter Inc., its 100% owned primary operating subsidiary. Anixter International Inc. has no independent assets or operations and all subsidiaries other than Anixter Inc. are minor. |
SUMMARIZED FINANCIAL INFORMATION OF ANIXTER INC - CONDENSED CONSOLIDATED BALANCE SHEETS (Detail) - USD ($) $ in Millions |
Sep. 27, 2019 |
Jun. 28, 2019 |
Dec. 29, 2018 |
Dec. 28, 2018 |
Sep. 28, 2018 |
Jun. 29, 2018 |
Dec. 29, 2017 |
|---|---|---|---|---|---|---|---|
| Assets: | |||||||
| Current assets | $ 3,139.4 | $ 3,172.0 | |||||
| Property and equipment, net | 167.1 | 163.3 | |||||
| Operating leases | 252.8 | $ 244.1 | 0.0 | ||||
| Goodwill | 833.3 | 832.0 | |||||
| Intangible assets, net | 365.9 | 392.9 | |||||
| Other assets | 110.0 | 92.9 | |||||
| Total assets | 4,868.5 | 4,653.1 | |||||
| Liabilities and Stockholders' Equity: | |||||||
| Current liabilities | 1,640.2 | 1,629.0 | |||||
| Long-term debt | 1,083.2 | 1,252.7 | |||||
| Operating lease obligations | 201.0 | 0.0 | |||||
| Other liabilities | 192.7 | 201.0 | |||||
| Stockholders' equity | 1,751.4 | $ 1,697.9 | 1,570.4 | $ 1,564.1 | $ 1,507.4 | $ 1,459.0 | |
| Total liabilities and stockholders’ equity | 4,868.5 | 4,653.1 | |||||
| Anixter Inc. [Member] | |||||||
| Assets: | |||||||
| Current assets | 3,137.1 | 3,171.6 | |||||
| Property and equipment, net | 172.0 | 169.1 | |||||
| Operating leases | 244.0 | 0.0 | |||||
| Goodwill | 833.3 | 832.0 | |||||
| Intangible assets, net | 365.9 | 392.9 | |||||
| Other assets | 110.0 | 92.9 | |||||
| Total assets | 4,862.3 | 4,658.5 | |||||
| Liabilities and Stockholders' Equity: | |||||||
| Current liabilities | 1,639.5 | 1,630.3 | |||||
| Long-term debt | 1,089.9 | 1,260.7 | |||||
| Operating lease obligations | 194.2 | 0.0 | |||||
| Other liabilities | 191.1 | 199.6 | |||||
| Stockholders' equity | 1,747.6 | 1,567.9 | |||||
| Total liabilities and stockholders’ equity | $ 4,862.3 | $ 4,658.5 |
SUMMARIZED FINANCIAL INFORMATION OF ANIXTER INC - CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 27, 2019 |
Sep. 28, 2018 |
Sep. 27, 2019 |
Sep. 28, 2018 |
|
| Condensed Financial Statements, Captions [Line Items] | ||||
| Net sales | $ 2,222.2 | $ 2,179.0 | $ 6,593.3 | $ 6,281.1 |
| Operating income | 101.8 | 89.5 | 282.1 | 222.4 |
| Income before income taxes | 82.1 | 68.6 | 223.7 | 163.3 |
| Net income | 59.3 | 47.6 | 161.9 | 114.5 |
| Comprehensive income | 46.3 | 54.8 | 166.1 | 93.6 |
| Anixter Inc. [Member] | ||||
| Condensed Financial Statements, Captions [Line Items] | ||||
| Net sales | 2,222.2 | 2,179.0 | 6,593.3 | 6,281.1 |
| Operating income | 103.5 | 91.1 | 287.1 | 227.5 |
| Income before income taxes | 83.7 | 70.1 | 228.2 | 167.8 |
| Net income | 60.8 | 49.1 | 166.3 | 119.0 |
| Comprehensive income | $ 47.9 | $ 56.3 | $ 170.6 | $ 98.1 |