CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) shares in Millions, $ in Millions |
3 Months Ended | |
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Apr. 03, 2020 |
Mar. 29, 2019 |
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Net sales | $ 2,071.7 | $ 2,108.5 |
Cost of goods sold | 1,655.3 | 1,689.6 |
Gross profit | 416.4 | 418.9 |
Operating expenses | 345.0 | 344.3 |
Operating income | 71.4 | 74.6 |
Other expense: | ||
Interest expense | (16.8) | (20.4) |
Other, net | (6.6) | 1.8 |
Income before income taxes | 48.0 | 56.0 |
Income tax expense | 12.3 | 16.9 |
Net Income | $ 35.7 | $ 39.1 |
Income per share: | ||
Basic | $ 1.04 | $ 1.15 |
Diluted | $ 1.03 | $ 1.14 |
Basic weighted-average common shares outstanding | 34.3 | 33.9 |
Effect of dilutive securities: | ||
Stock options and units | 0.3 | 0.3 |
Diluted weighted-average common shares outstanding | 34.6 | 34.2 |
Foreign currency translation | $ (65.5) | $ 6.9 |
Changes in unrealized pension cost, net of tax | (1.1) | (0.2) |
Other comprehensive income (loss) | (64.4) | 7.1 |
Comprehensive (loss) income | $ (28.7) | $ 46.2 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Apr. 03, 2020 |
Jan. 03, 2020 |
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Common stock, par value | $ 1.00 | $ 1.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 34,385,716 | 34,214,795 |
Common stock, shares outstanding | 34,385,716 | 34,214,795 |
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions |
Total |
Common Stock [Member] |
Capital Surplus [Member] |
Retained Earnings [Member] |
Accumulated Other Comprehensive Loss [Member] |
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Common stock, shares issued at Dec. 28, 2018 | 33,900,000 | ||||||
Stockholders' equity at Dec. 28, 2018 | $ 1,570.4 | $ 33.9 | $ 292.7 | $ 1,513.2 | $ (269.4) | ||
Net income | 39.1 | 39.1 | |||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | |||||||
Foreign currency translation | 6.9 | 6.9 | |||||
Changes in unrealized pension cost, net of tax | 0.2 | 0.2 | |||||
Reclassification of tax effects | [1] | 7.7 | (7.7) | ||||
Stock-based compensation | 4.1 | 4.1 | |||||
Issuance of common stock and related taxes, shares | 200,000 | ||||||
Issuance of common stock and related taxes | 0.0 | $ 0.2 | (0.2) | ||||
Common stock, shares issued at Mar. 29, 2019 | 34,100,000 | ||||||
Stockholders' equity at Mar. 29, 2019 | $ 1,620.7 | $ 34.1 | 296.6 | 1,560.0 | (270.0) | ||
Common stock, shares issued at Jan. 03, 2020 | 34,214,795 | 34,200,000 | |||||
Stockholders' equity at Jan. 03, 2020 | $ 1,860.9 | $ 34.2 | 310.2 | 1,783.8 | (267.3) | ||
Net income | 35.7 | 35.7 | |||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | |||||||
Foreign currency translation | (65.5) | (65.5) | |||||
Changes in unrealized pension cost, net of tax | 1.1 | 1.1 | |||||
Stock-based compensation | 4.6 | 4.6 | |||||
Issuance of common stock and related taxes, shares | 200,000 | ||||||
Issuance of common stock and related taxes | $ (3.5) | $ 0.2 | (3.7) | ||||
Common stock, shares issued at Apr. 03, 2020 | 34,385,716 | 34,400,000 | |||||
Stockholders' equity at Apr. 03, 2020 | $ 1,833.3 | $ 34.4 | $ 311.1 | $ 1,819.5 | $ (331.7) | ||
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1. 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 January 3, 2020 ("2019 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 first quarter of fiscal year 2020 ended on April 3, 2020, and the first quarter of fiscal year 2019 ended on March 29, 2019. Recently issued and adopted accounting pronouncements: In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 adopted this standard effective the first quarter of fiscal year 2020. The adoption of this standard did not have a material impact on the Company's Condensed Consolidated Financial Statements. See the section below titled "Receivables and expected credit losses" for more information on the Company's measurement of credit losses. 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 adopted this standard effective the first quarter of fiscal year 2020. The adoption of this standard did not have a material impact on the Company's Condensed Consolidated Financial Statements. 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 adopted this standard effective the first quarter of fiscal year 2020. The adoption of this standard did not have a material impact on the Company's related disclosures. Recently issued accounting pronouncements not yet adopted: 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. In December 2019, the FASB issued ASU 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes, which clarifies existing guidance and removes certain exceptions to the general principles for income taxes. The standard is effective for Anixter's financial statements issued for fiscal years beginning after December 15, 2020. Early adoption is permitted. The Company is currently evaluating the impact of adoption of this ASU on its Condensed Consolidated Financial Statements. 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. Receivables and expected credit losses: The Company carries its accounts receivable at their face amounts less an allowance for expected credit losses, which was $29.7 million and $30.4 million as of April 3, 2020 and January 3, 2020, respectively. Changes in the allowance were not material for the three months ended April 3, 2020. On a regular basis, Anixter evaluates its accounts receivable and establishes the allowance for expected credit losses based on a combination of specific customer circumstances, as well as history of write-offs and collections, current credit conditions and economic forecasts. A receivable is considered past due if payments have not been received within the agreed upon invoice terms. Receivables are written off and deducted from the allowance account when the receivables are deemed uncollectible. 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 7. "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 contracts 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 January 3, 2020, $11.6 million of deferred revenue related to outstanding contracts was reported in "Accrued expenses" in the Company's Condensed Consolidated Balance Sheet. This balance primarily represents prepayments from customers. During the three months ended April 3, 2020, $4.1 million of this deferred revenue was recognized. At April 3, 2020, deferred revenue was $12.1 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 (Loss) Income:
Certain subsidiaries of Anixter 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 (Loss) Income. The Company purchases foreign currency forward contracts to minimize the effect of fluctuating foreign currency-denominated accounts on its reported income. The foreign currency forward contracts are not designated as hedges for accounting purposes. The Company's strategy is to negotiate terms for its derivatives and other financial instruments to be highly effective, such that the change in the value of the derivative offsets the impact of the underlying hedged item (e.g., various foreign currency-denominated accounts). Its counterparties to foreign currency forward contracts have investment-grade credit ratings. Anixter expects the creditworthiness of its counterparties to remain intact through the term of the transactions. The Company regularly monitors the creditworthiness of its counterparties to ensure no issues exist which could affect the value of the derivatives. The Company does not hedge 100% of its foreign currency-denominated accounts. In addition, the results of hedging can vary significantly based on various factors, such as the timing of executing the foreign currency forward contracts versus the movement of the currencies as well as the fluctuations in the account balances throughout each reporting period. The fair value of the foreign currency forward contracts is based on the difference between the contract rate and the current exchange rate. The fair value of the foreign currency forward contracts is measured using observable market information. These inputs would be considered Level 2 in the fair value hierarchy. At April 3, 2020 and January 3, 2020, 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 (Loss) Income offsetting the transaction gain/loss recorded on the foreign currency-denominated accounts. At April 3, 2020 and January 3, 2020, the gross notional amount of the foreign currency forward contracts outstanding was approximately $124.1 million and $130.2 million, respectively. At April 3, 2020 and January 3, 2020, the net notional amount of the foreign currency forward contracts outstanding was approximately $124.1 million and $95.4 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. 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 (Loss) Income. These include unrealized gains and losses related to the Company's defined benefit obligations and foreign currency translation. See Note 5. "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. 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. Supplemental cash flow information: The following information discloses supplemental cash flow information about leasing activities. During the three months ended April 3, 2020 and March 29, 2019, leased assets obtained in exchange for operating lease obligations were $10.5 million and $258.3 million, respectively. The operating cash outflow for amounts included in the measurement of operating lease obligations was $14.6 million in the first quarter of 2020 compared to $19.4 million in the prior year period.
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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 April 3, 2020, the Company's total carrying value and estimated fair value of debt outstanding was $1,316.8 million and $1,317.8 million, respectively. This compares to a carrying value and estimated fair value of debt outstanding at January 3, 2020 of $1,059.7 million and $1,122.1 million, respectively. The increase in the carrying value and estimated fair value is primarily due to higher outstanding borrowings under Anixter's revolving lines of credit.
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LEGAL CONTINGENCIES |
3 Months Ended |
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Apr. 03, 2020 | |
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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 April 3, 2020, 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. |
INCOME TAXES |
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INCOME TAXES | INCOME TAXES The Company's effective tax rate for the first quarter of 2020 was 25.7% compared to 30.3% in the prior year period. The decrease in the effective tax rate was due to a change in the country mix of earnings and associated tax benefits from our continued movement to a U.S.-center-led business model, with the major impact coming from a lower U.S. tax rate on foreign derived income and the ability to utilize foreign tax credits. 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 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 (benefit) cost were as follows:
(a)Reclassified from AOCI
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STOCKHOLDERS' EQUITY |
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Apr. 03, 2020 | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS' EQUITY At April 3, 2020, there were approximately 1.1 million shares reserved for issuance under the 2017 Stock Incentive Plan. Under such plan, the Company pays its 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 During the three months ended April 3, 2020, the Company granted 195,284 stock units to employees, with a weighted-average grant-date fair value of $19.0 million. During the three months ended April 3, 2020, the Company did not issue director stock units. Antidilutive stock options and units are excluded from the calculation of weighted-average shares for diluted earnings per share. For the first quarter of 2020 and 2019, the antidilutive stock options and units were immaterial.
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to six years. Director stock units are expensed in the period in which they are granted, as these vest immediately.
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 Network & Security Solutions ("NSS"), Electrical and Electronic Solutions ("EES") and Utility Power Solutions ("UPS") as reportable segments. Within its segments, the Company is also organized by geographies. Anixter's geographies consist of North America, which includes the U.S. and Canada, EMEA, which includes Europe, the Middle East and Africa, and Emerging Markets, which includes Asia Pacific and Central and Latin America. Corporate expenses are incurred to obtain and coordinate financing, tax, information technology, legal and other related services, certain of which were rebilled to subsidiaries. The Company also has various corporate assets which are reported in corporate. Segment assets may not include jointly used assets, but segment results include depreciation expense or other allocations related to those assets as such allocation is made for internal reporting. Interest expense and other non-operating items are not allocated to the segments or reviewed on a segment basis. The categorization of net sales by end market is determined using a variety of data points including the technical characteristic of the product, the "sold to" customer information, the "ship to" customer information and the end customer product or application into which product will be incorporated. Anixter also has largely specialized its sales organization by segment. As data systems for capturing and tracking this data evolve and improve, the categorization of products by end market can vary over time. When this occurs, the Company reclassifies net sales by end market for prior periods. Such reclassifications typically do not materially change the sizing of, or the underlying trends of results within, each end market. Segment Financial Information Segment information for the three months ended April 3, 2020 and March 29, 2019 was as follows:
Geographic Information The following table summarizes net sales by geographic areas for the three months ended April 3, 2020 and March 29, 2019:
Goodwill Assigned to Segments The following table presents the changes in goodwill allocated to the Company's reporting units during the three months ended April 3, 2020:
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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 (LOSS) INCOME
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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 January 3, 2020 ("2019 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 first quarter of fiscal year 2020 ended on April 3, 2020, and the first quarter of fiscal year 2019 ended on March 29, 2019.
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Recently issued and adopted accounting pronouncements | Recently issued and adopted accounting pronouncements: In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 adopted this standard effective the first quarter of fiscal year 2020. The adoption of this standard did not have a material impact on the Company's Condensed Consolidated Financial Statements. See the section below titled "Receivables and expected credit losses" for more information on the Company's measurement of credit losses. 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 adopted this standard effective the first quarter of fiscal year 2020. The adoption of this standard did not have a material impact on the Company's Condensed Consolidated Financial Statements. 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 adopted this standard effective the first quarter of fiscal year 2020. The adoption of this standard did not have a material impact on the Company's related disclosures.
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Recently issued accounting pronouncements not yet adopted | Recently issued accounting pronouncements not yet adopted: 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. In December 2019, the FASB issued ASU 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes, which clarifies existing guidance and removes certain exceptions to the general principles for income taxes. The standard is effective for Anixter's financial statements issued for fiscal years beginning after December 15, 2020. Early adoption is permitted. The Company is currently evaluating the impact of adoption of this ASU on its Condensed Consolidated Financial Statements. 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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Receivables and expected credit losses | Receivables and expected credit losses: The Company carries its accounts receivable at their face amounts less an allowance for expected credit losses, which was $29.7 million and $30.4 million as of April 3, 2020 and January 3, 2020, respectively. Changes in the allowance were not material for the three months ended April 3, 2020. On a regular basis, Anixter evaluates its accounts receivable and establishes the allowance for expected credit losses based on a combination of specific customer circumstances, as well as history of write-offs and collections, current credit conditions and economic forecasts. A receivable is considered past due if payments have not been received within the agreed upon invoice terms. Receivables are written off and deducted from the allowance account when the receivables are deemed uncollectible. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 7. "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 contracts 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 January 3, 2020, $11.6 million of deferred revenue related to outstanding contracts was reported in "Accrued expenses" in the Company's Condensed Consolidated Balance Sheet. This balance primarily represents prepayments from customers. During the three months ended April 3, 2020, $4.1 million of this deferred revenue was recognized. At April 3, 2020, deferred revenue was $12.1 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 (Loss) Income:
Certain subsidiaries of Anixter 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 (Loss) Income. The Company purchases foreign currency forward contracts to minimize the effect of fluctuating foreign currency-denominated accounts on its reported income. The foreign currency forward contracts are not designated as hedges for accounting purposes. The Company's strategy is to negotiate terms for its derivatives and other financial instruments to be highly effective, such that the change in the value of the derivative offsets the impact of the underlying hedged item (e.g., various foreign currency-denominated accounts). Its counterparties to foreign currency forward contracts have investment-grade credit ratings. Anixter expects the creditworthiness of its counterparties to remain intact through the term of the transactions. The Company regularly monitors the creditworthiness of its counterparties to ensure no issues exist which could affect the value of the derivatives. The Company does not hedge 100% of its foreign currency-denominated accounts. In addition, the results of hedging can vary significantly based on various factors, such as the timing of executing the foreign currency forward contracts versus the movement of the currencies as well as the fluctuations in the account balances throughout each reporting period. The fair value of the foreign currency forward contracts is based on the difference between the contract rate and the current exchange rate. The fair value of the foreign currency forward contracts is measured using observable market information. These inputs would be considered Level 2 in the fair value hierarchy. At April 3, 2020 and January 3, 2020, 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 (Loss) Income offsetting the transaction gain/loss recorded on the foreign currency-denominated accounts. At April 3, 2020 and January 3, 2020, the gross notional amount of the foreign currency forward contracts outstanding was approximately $124.1 million and $130.2 million, respectively. At April 3, 2020 and January 3, 2020, the net notional amount of the foreign currency forward contracts outstanding was approximately $124.1 million and $95.4 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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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 (Loss) Income. These include unrealized gains and losses related to the Company's defined benefit obligations and foreign currency translation. See Note 5. "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. 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental cash flow information | Supplemental cash flow information: The following information discloses supplemental cash flow information about leasing activities. During the three months ended April 3, 2020 and March 29, 2019, leased assets obtained in exchange for operating lease obligations were $10.5 million and $258.3 million, respectively. The operating cash outflow for amounts included in the measurement of operating lease obligations was $14.6 million in the first quarter of 2020 compared to $19.4 million in the prior year period.
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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 | Other, net: The following represents the components of "Other, net" as reflected in the Condensed Consolidated Statements of Comprehensive (Loss) Income:
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Debt | Debt is summarized below:
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PENSION PLANS (Tables) |
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Components of Net Periodic Benefit Costs | omponents of net periodic pension (benefit) cost were as follows:
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BUSINESS SEGMENTS (Tables) |
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Segment Information | Segment information for the three months ended April 3, 2020 and March 29, 2019 was as follows:
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Revenue from External Customers by Geographic Areas |
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Changes in Goodwill | The following table presents the changes in goodwill allocated to the Company's reporting units during the three months ended April 3, 2020:
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SUMMARIZED FINANCIAL INFORMATION OF ANIXTER INC. (Tables) |
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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 (LOSS) INCOME
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Components of Other Net Reflected in Consolidated Statements of Operations (Detail) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Apr. 03, 2020 |
Mar. 29, 2019 |
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Other, net: | ||
Foreign exchange loss | $ (4.5) | $ (0.5) |
Cash surrender value of life insurance policies | (3.0) | 1.7 |
Net periodic pension benefit | 1.0 | 0.8 |
Other | (0.1) | (0.2) |
Total other, net | $ (6.6) | $ 1.8 |
DEBT (Detail) - USD ($) $ in Millions |
Apr. 03, 2020 |
Jan. 03, 2020 |
---|---|---|
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,316.8 | $ 1,059.7 |
Finance lease obligations | 7.9 | 6.0 |
Unamortized deferred financing costs | (4.2) | (4.6) |
6.00% Senior notes due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 247.4 | 247.3 |
5.50% Senior notes due 2023 [Domain] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 348.1 | 347.9 |
5.125% Senior notes due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 398.5 | 398.3 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 310.0 | 56.0 |
Other [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 9.1 | $ 8.8 |
DEBT - Additional Information (Detail) - USD ($) $ in Millions |
Apr. 03, 2020 |
Jan. 03, 2020 |
---|---|---|
Line Of Credit Facility Covenant Compliance [Line Items] | ||
Long-term debt | $ 1,316.8 | $ 1,059.7 |
Long-term debt fair value | $ 1,317.8 | $ 1,122.1 |
INCOME TAXES - Additional Information (Detail) |
3 Months Ended | |
---|---|---|
Apr. 03, 2020 |
Mar. 29, 2019 |
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Disclosure Income Taxes Additional Information [Abstract] | ||
Effective Income Tax Rate | 25.70% | 30.30% |
STOCKHOLDERS' EQUITY - Additional Information (Detail) $ / shares in Millions |
3 Months Ended |
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Apr. 03, 2020
$ / shares
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares available for grant | 1,100,000 |
Granted | 195,284 |
Granted, weighted average grant date fair value | $ / shares | $ 19.0 |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 3 years |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 6 years |
BUSINESS SEGMENTS - Segment Information (Detail) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Apr. 03, 2020 |
Mar. 29, 2019 |
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Segment Reporting Information [Line Items] | ||
Net sales | $ 2,071.7 | $ 2,108.5 |
Operating income (loss) | 71.4 | 74.6 |
Network and Security Solutions [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 1,080.6 | 1,112.5 |
Operating income (loss) | 63.2 | 70.9 |
Electrical and Electronic Solutions [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 542.2 | 566.0 |
Operating income (loss) | 28.7 | 29.1 |
Utility Power Solutions [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 448.9 | 430.0 |
Operating income (loss) | 22.0 | 18.5 |
Corporate [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 0.0 | 0.0 |
Operating income (loss) | (42.5) | (43.9) |
Continuing Operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 2,071.7 | 2,108.5 |
Operating income (loss) | $ 71.4 | $ 74.6 |
BUSINESS SEGMENTS - Revenue From External Customers by Geographic Areas (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Apr. 03, 2020 |
Mar. 29, 2019 |
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Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | $ 2,071.7 | $ 2,108.5 |
North America [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 1,686.1 | 1,697.8 |
EMEA [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 148.2 | 152.5 |
Emerging Markets [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | $ 237.4 | $ 258.2 |
BUSINESS SEGMENTS - Changes in Goodwill (Detail) $ in Millions |
3 Months Ended |
---|---|
Apr. 03, 2020
USD ($)
| |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | $ 828.7 |
Foreign currency translation and other | (18.7) |
Goodwill, Ending Balance | 810.0 |
Network and Security Solutions [Member] | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | 463.6 |
Foreign currency translation and other | (8.2) |
Goodwill, Ending Balance | 455.4 |
Electrical and Electronic Solutions [Member] | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | 181.3 |
Foreign currency translation and other | (0.8) |
Goodwill, Ending Balance | 180.5 |
Utility Power Solutions [Member] | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | 183.8 |
Foreign currency translation and other | (9.7) |
Goodwill, Ending Balance | $ 174.1 |
SUMMARIZED FINANCIAL INFORMATION OF ANIXTER INC - Additional Information (Detail) |
3 Months Ended |
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Apr. 03, 2020 | |
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 |
Apr. 03, 2020 |
Jan. 03, 2020 |
Mar. 29, 2019 |
Dec. 28, 2018 |
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Assets: | ||||
Current assets | $ 3,232.5 | $ 3,037.9 | ||
Property and equipment | 174.8 | 174.9 | ||
Operating leases | 263.5 | 273.3 | ||
Goodwill | 810.0 | 828.7 | ||
Intangible assets, net | 342.9 | 361.2 | ||
Other assets | 126.8 | 132.9 | ||
Total assets | 4,950.5 | 4,808.9 | ||
Liabilities and Stockholders' Equity: | ||||
Current liabilities | 1,420.9 | 1,493.5 | ||
Operating lease obligations | 209.2 | 219.1 | ||
Other liabilities | 170.3 | 175.7 | ||
Stockholders' equity | 1,833.3 | 1,860.9 | $ 1,620.7 | $ 1,570.4 |
Total liabilities and stockholders’ equity | 4,950.5 | 4,808.9 | ||
Anixter Inc. [Member] | ||||
Assets: | ||||
Current assets | 3,228.8 | 3,035.3 | ||
Property and equipment | 179.0 | 179.5 | ||
Operating leases | 255.7 | 265.1 | ||
Goodwill | 810.0 | 828.7 | ||
Intangible assets, net | 342.9 | 361.2 | ||
Other assets | 126.8 | 132.9 | ||
Total assets | 4,943.2 | 4,802.7 | ||
Liabilities and Stockholders' Equity: | ||||
Current liabilities | 1,418.1 | 1,492.8 | ||
Long-term debt | 1,322.6 | 1,065.9 | ||
Operating lease obligations | 205.6 | 213.0 | ||
Other liabilities | 166.0 | 172.6 | ||
Stockholders' equity | 1,830.9 | 1,858.4 | ||
Total liabilities and stockholders’ equity | $ 4,943.2 | $ 4,802.7 |
SUMMARIZED FINANCIAL INFORMATION OF ANIXTER INC - CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Detail) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Apr. 03, 2020 |
Mar. 29, 2019 |
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Condensed Financial Statements, Captions [Line Items] | ||
Net sales | $ 2,071.7 | $ 2,108.5 |
Operating income | 71.4 | 74.6 |
Income before income taxes | 48.0 | 56.0 |
Net income | 35.7 | 39.1 |
Comprehensive (loss) income | (28.7) | 46.2 |
Anixter Inc. [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | 2,071.7 | 2,108.5 |
Operating income | 72.7 | 76.1 |
Income before income taxes | 49.1 | 57.4 |
Net income | 36.8 | 40.4 |
Comprehensive (loss) income | $ (27.6) | $ 39.8 |