Document and Entity Information - USD ($) |
12 Months Ended | ||
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Dec. 28, 2018 |
Feb. 13, 2019 |
Jun. 29, 2018 |
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Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 28, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | AXE | ||
Entity Registrant Name | ANIXTER INTERNATIONAL INC | ||
Entity Central Index Key | 0000052795 | ||
Current Fiscal Year End Date | --12-28 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 33,481,846 | ||
Entity Public Float | $ 1,858,834,251 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions |
12 Months Ended | ||
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Dec. 28, 2018 |
Dec. 29, 2017 |
Dec. 30, 2016 |
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Net income | $ 156.3 | $ 109.0 | $ 120.5 |
Other comprehensive (loss) income: | |||
Foreign currency translation | (45.4) | 30.7 | (11.9) |
Changes in unrealized pension cost, net of tax | (13.7) | 9.9 | (8.5) |
Other comprehensive (loss) income | (59.1) | 40.6 | (20.4) |
Comprehensive income | $ 97.2 | $ 149.6 | $ 100.1 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Dec. 28, 2018 |
Dec. 29, 2017 |
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Common stock, par value | $ 1.00 | $ 1.00 |
Common stock, shares authorized | 100,000,000.00 | 100,000,000 |
Common stock, shares issued | 33,862,704 | 33,657,466 |
Common stock, shares outstanding | 33,862,704 | 33,657,466 |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 28, 2018 |
Dec. 29, 2017 |
Dec. 30, 2016 |
|
Tax related to unrealized pension cost | $ 4.7 | $ (10.4) | $ 2.1 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization: Anixter International Inc. and its subsidiaries (collectively referred to as "Anixter" or the "Company"), formerly known as Itel Corporation, which was incorporated in Delaware in 1967, is a leading distributor of enterprise cabling and security solutions, electrical and electronic wire and cable solutions and utility power solutions through Anixter Inc. and its subsidiaries. Basis of presentation: The Consolidated Financial Statements include the accounts of Anixter International Inc. and its subsidiaries. The Company's fiscal year ends on the Friday nearest December 31 and includes 52 weeks in 2018, 2017 and 2016. Certain prior period amounts have been reclassified to conform to the current year presentation. Use of estimates: The preparation of financial statements in conformity with generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Anixter's significant estimates include allowance for doubtful accounts, inventory obsolescence, pension obligations, goodwill and indefinite-lived intangible assets, deferred tax assets and uncertain tax positions. Cash and cash equivalents: Cash equivalents consist of short-term, highly liquid investments that mature within three months or less. Such investments are stated at cost, which approximates fair value. Receivables and allowance for doubtful accounts: The Company carries its accounts receivable at their face amounts less an allowance for doubtful accounts, which was $39.9 million and $43.8 million at the end of 2018 and 2017, respectively. On a regular basis, Anixter evaluates its accounts receivable and establishes the allowance for doubtful accounts based on a combination of specific customer circumstances, as well as credit conditions and history of write-offs and collections. The provision for doubtful accounts was $8.5 million, $10.0 million and $20.1 million in 2018, 2017 and 2016, respectively. 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. Inventories: Inventories, consisting primarily of purchased finished goods, are stated at the lower of cost or market. Cost is determined using the average-cost method. The Company has agreements with some vendors that provide a right to return products. This right is typically limited to a small percentage of total purchases from that vendor. Such rights provide that Anixter can return slow-moving product and the vendor will replace it with faster-moving product chosen by the Company. Some vendor agreements contain price protection provisions that require the manufacturer to issue a credit in an amount sufficient to reduce Anixter's current inventory carrying cost down to the manufacturer’s current price. The Company considers these agreements in determining the reserve for obsolescence. At December 28, 2018 and December 29, 2017, the Company reported inventory of $1,440.4 million and $1,238.7 million, respectively (net of inventory reserves of $51.5 million and $49.5 million, respectively). Each quarter the Company reviews for excess inventories and makes an assessment of the net realizable value. There are many factors that management considers in determining whether or not the amount by which a reserve should be established. These factors include the following:
If circumstances related to the above factors change, there could be a material impact on the net realizable value of the inventories. Property and equipment: At December 28, 2018, net property and equipment consisted of $125.8 million of equipment and computer software, $36.5 million of buildings and leasehold improvements and $1.0 million of land. At December 29, 2017, net property and equipment consisted of $115.5 million of equipment and computer software, $36.6 million of buildings and leasehold improvements and $2.2 million of land. Equipment and computer software are recorded at cost and depreciated by applying the straight-line method over their estimated useful lives, which range from 2 to 20 years. Buildings are recorded at cost and depreciated by applying the straight-line method over their estimated useful lives, which are up to 40 years. Leasehold improvements are depreciated over their useful life or over the term of the related lease, whichever is shorter. Upon sale or retirement, the cost and related depreciation are removed from the respective accounts and any gain or loss is included in income. Maintenance and repair costs are expensed as incurred. Depreciation expense charged to continuing operations, including an immaterial amount of capital lease depreciation, was $31.7 million, $28.2 million and $27.9 million in 2018, 2017 and 2016, respectively. The Company evaluates the recoverability of the carrying amount of its property and equipment whenever events or circumstances indicate that the carrying amount of an asset may not be fully recoverable. In order to measure an impairment loss of property and equipment, the Company estimates the fair value by using an orderly liquidation valuation. An orderly liquidation value is the amount that could be realized from a liquidation sale, given a reasonable period of time to find a purchaser (or purchasers), with the seller being compelled to sell the asset in the existing condition where it is located, as of a specific date, assuming the highest and best use of the asset by market participants. The valuation method also considers that it is physically possible, legally permissible and financially feasible to use the asset at the measurement date. The inputs used for the valuation include significant unobservable inputs, or Level 3 inputs, as described in the accounting fair value hierarchy, based on assumptions that market participants would use. A second step of the analysis is performed by comparing the orderly liquidation value to the carrying amount of that asset. The orderly liquidation values are applied against the original cost of the assets and the impairment loss measured as the difference between the liquidation value of the assets and the net book value of the assets. Costs for software developed for internal use are capitalized when the preliminary project stage is complete and Anixter has committed funding for projects that are likely to be completed. Costs that are incurred during the preliminary project stage are expensed as incurred. Once the capitalization criteria has been met, external direct costs of materials and services consumed in developing internal-use computer software, payroll and payroll-related costs for employees who are directly associated with and who devote time to the internal-use computer software project (to the extent of their time spent directly on the project) and interest costs incurred when developing computer software for internal use are capitalized. At December 28, 2018 and December 29, 2017, capitalized costs, net of accumulated amortization, for software developed for internal use were approximately $64.7 million and $61.6 million, respectively. Amortization expense charged to continuing operations for capitalized costs was $6.6 million, $5.5 million and $3.7 million in 2018, 2017 and 2016, respectively. Interest expense incurred in connection with the development of internal use software is capitalized based on the amounts of accumulated expenditures and the weighted-average cost of borrowings for the period. Interest costs capitalized for fiscal 2018, 2017 and 2016 were $0.1 million, $0.3 million and $0.7 million, respectively. 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. 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 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 plus a forecast risk, 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 (earnings before interest, tax, depreciation and amortization ("EBITDA")) of comparable businesses. 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 2018, 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. All of the Company's reporting units had fair values that exceeded their respective carrying values by greater than 30%. Intangible assets: As of December 28, 2018 and December 29, 2017, the Company's intangible asset balances are as follows:
Anixter continually evaluates whether events or circumstances have occurred that would indicate the remaining estimated useful lives of intangible assets warrant revision or that the remaining balance of such assets may not be recoverable. For definite-lived intangible assets, the Company uses an estimate of the related undiscounted cash flows over the remaining life of the asset in measuring whether the asset is recoverable. Trade names that have been identified to have indefinite lives are not being amortized based on the expectation that the trade name products will generate future cash flows for the foreseeable future. In 2017, the Company recorded an impairment charge of $5.7 million related to certain indefinite-lived trade names in its NSS reporting unit. This impairment charge is included in "Operating expenses" in the Consolidated Statement of Income. The impairment charge was recorded as Anixter no longer plans to use certain trade names on certain products. All remaining indefinite-lived trade names are expected to be used on existing products for the foreseeable future. The Company's definite-lived intangible assets are primarily related to customer relationships. In order to measure an impairment loss of customer relationships, Anixter estimates the fair value by using an excess earnings model, a form of the income approach. The analysis requires making various judgmental assumptions, including assumptions about future cash flows based on projected growth rates of revenue and expense, expectations of rates of customer attrition and working capital needs. The assumptions about future cash flows and growth rates are based on management’s forecast of the asset group. The key inputs utilized in determining the fair value of customer relationships include significant unobservable inputs, or Level 3 inputs, as described in the accounting fair value hierarchy. Inputs included discount rates derived from an estimated weighted-average cost of capital, which reflected the overall level of inherent risk of the asset group and the rate of return a market participant would expect to earn, as well as customer attrition rates. Intangible amortization expense is expected to average $33.5 million per year for the next five years. The Company's definite lived intangible assets are amortized over a straight line basis as it approximates the customer attrition patterns and best estimates the use pattern of the assets. Other, net: The following represents the components of "Other, net" as reflected in the Consolidated Statements of 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 Consolidated Statements of Income. The Company purchases foreign currency forward contracts to minimize the effect of fluctuating foreign currency-denominated accounts on its reported income. The foreign currency forward contracts are not designated as hedges for accounting purposes. The Company's strategy is to negotiate terms for its derivatives and other financial instruments to be highly effective, such that the change in the value of the derivative perfectly offsets the impact of the underlying hedged item (e.g., various foreign currency-denominated accounts). Its counterparties to foreign currency forward contracts have investment-grade credit ratings. Anixter expects the creditworthiness of its counterparties to remain intact through the term of the transactions. The Company regularly monitors the creditworthiness of its counterparties to ensure no issues exist which could affect the value of the derivatives. The Company does not hedge 100% of its foreign currency-denominated accounts. In addition, the results of hedging can vary significantly based on various factors, such as the timing of executing the foreign currency forward contracts versus the movement of the currencies as well as the fluctuations in the account balances throughout each reporting period. The fair value of the foreign currency forward contracts is based on the difference between the contract rate and the current exchange rate. The fair value of the foreign currency forward contracts is measured using observable market information. These inputs would be considered Level 2 in the fair value hierarchy. At December 28, 2018 and December 29, 2017, foreign currency forward contracts were revalued at then-current foreign exchange rates with the changes in valuation reflected directly in "Other, net" in the Consolidated Statements of Income offsetting the transaction gain/loss recorded on the foreign currency-denominated accounts. At December 28, 2018 and December 29, 2017, the gross notional amount of the foreign currency forward contracts outstanding was approximately $96.3 million and $246.3 million, respectively. At December 28, 2018 and December 29, 2017, the net notional amount of the foreign currency forward contracts outstanding was approximately $75.7 million and $125.7 million, respectively. While all of the Company's foreign currency forward contracts are subject to master netting arrangements with its counterparties, assets and liabilities related to derivative instruments are presented on a gross basis within the Consolidated Balance Sheets. The gross fair value of derivative assets and liabilities are immaterial. The combined effect of changes in both the equity and bond markets resulted in changes in the cash surrender value of the Company's company owned life insurance policies associated with the sponsored deferred compensation program. Fair value measurement: Assets and liabilities measured at fair value on a recurring basis consist of foreign currency forward contracts and the assets of Anixter's defined benefit plans. The fair value of the foreign currency forward contracts is discussed above in the section titled "Other, net." The fair value of the assets of Anixter's defined benefit plans is discussed in Note 7. "Pension Plans, Post-Retirement Benefits and Other Benefits." Fair value disclosures of debt are discussed in Note 4. "Debt." The Company measure the fair values of goodwill, intangible assets and property and equipment on a nonrecurring basis if required by impairment tests applicable to these assets. The fair value measurements of goodwill, intangible assets and property and equipment are discussed above. The inputs used in the determination of fair values are categorized according to the fair value hierarchy as being Level 1, Level 2 or Level 3. In general, fair values determined by Level 1 inputs use quoted prices in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs use other inputs that are observable, either directly or indirectly. These Level 2 inputs include quoted prices for similar assets or liabilities in active markets, and other inputs such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs, including inputs that are available in situations where there is little, if any, market activity for the related asset or liability. In instances where inputs used to measure fair value fall into different levels in the above fair value hierarchy, fair value measurements in their entirety are categorized based on the lowest level input that is significant to the valuation. The assessment of the significance of particular inputs to these fair value measurements requires judgment and considers factors specific to each asset or liability. 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, which was $35.0 million and $35.9 million at December 28, 2018 and December 29, 2017, respectively. 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 29, 2017, $9.5 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 year ended December 28, 2018, $7.4 million of this deferred revenue was recognized. At December 28, 2018, deferred revenue was $17.2 million. The Company expects to recognize this balance as revenue within the next twelve months. Advertising and sales promotion: Advertising and sales promotion costs are expensed as incurred. Advertising and promotion costs included in operating expenses on the Consolidated Statements of Income were $15.8 million, $10.6 million and $12.4 million in 2018, 2017 and 2016, respectively. The majority of the advertising and sales promotion costs are recouped through various cooperative advertising programs with vendors. Shipping and handling fees and costs: Shipping and handling fees billed to customers are included in net sales. Shipping and handling costs associated with outbound freight are included in "Operating expenses" on the Consolidated Statements of Income, which were $139.7 million, $119.1 million and $113.9 million in 2018, 2017 and 2016, respectively. Stock-based compensation: The Company measures the cost of all share-based payments to employees, including grants of employee stock options, using a fair-value-based method. Compensation costs are determined based on the fair value at the grant date and amortized over the respective vesting period representing the requisite service period. The Company accounts for forfeitures of share-based payments as they occur. 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 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, Post-Retirement Benefits and Other Benefits" for pension related amounts reclassified into net income. Investments in several subsidiaries are recorded in currencies other than the 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. Income taxes: Deferred taxes are recognized for the future tax effects of temporary differences between financial and income tax reporting based upon enacted tax laws and rates. The Company maintains valuation allowances to reduce deferred tax assets if it is more likely than not that some portion or all of the deferred tax asset will not be realized based on available evidence. Anixter recognizes the benefit of tax positions when a benefit is more likely than not (i.e., greater than 50% likely) to be sustained on its technical merits. Recognized tax benefits are measured at the largest amount that is more likely than not to be sustained, based on cumulative probability, in final settlement of the position. Net income per share: Diluted net income per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. The Company had 0.3 million, 0.4 million, and 0.2 million in 2018, 2017 and 2016, respectively, of additional shares related to stock options and stock units included in the computation of diluted earnings per share because the effect of those common stock equivalents were dilutive during these periods. Antidilutive stock options and units are excluded from the calculation of weighted-average shares for diluted earnings per share. For 2018, 2017 and 2016, the antidilutive stock options and units were immaterial. Recently issued and adopted accounting pronouncements: In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers, and issued subsequent amendments to the initial guidance in August 2015, March 2016, April 2016, May 2016 and December 2016 within ASU 2015-14, ASU 2016-08, ASU 2016-10, ASU 2016-12 and ASU 2016-20, respectively. The core principle of this new revenue recognition guidance is that a company will recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The new guidance defines a five-step process to achieve this core principle. The new guidance also requires more detailed disclosures to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new guidance provides for two transition methods, a full retrospective approach and a modified retrospective approach. Anixter adopted the new revenue recognition guidance on December 30, 2017 utilizing the modified retrospective method of adoption for contracts not completed at the adoption date, and determined there were no changes required to its reported revenues as a result of the adoption. The Company has enhanced its disclosures of revenue to comply with the new guidance. In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business, which adds guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The standard was effective for Anixter's financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company adopted this standard effective the first quarter of fiscal year 2018. The result of this adoption did not have a material impact on the Consolidated Financial Statements. In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which changes how employers that sponsor defined benefit pension or other postretirement benefit plans present the net periodic benefit cost in the income statement. The new guidance requires entities to report the service cost component in the same line item as other compensation costs. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component outside of income from operations. The standard was effective for Anixter's financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Upon adoption, ASU 2017-07 required changes to the presentation of the income statement to be applied retrospectively. The Company adopted this standard effective the first quarter of fiscal year 2018. Service costs are recognized within "Operating expenses" in the Consolidated Statements of Comprehensive Income. All other components of net benefit costs are recorded in "Other, net" in the Company's Consolidated Statements of Comprehensive Income. The result of this adoption did not have a material impact on the Consolidated Financial Statements. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation: Scope of Modification Accounting, which clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award changes as a result of the change in terms or conditions. ASU 2017-09 was applied prospectively to awards modified on or after the adoption date. The standard was effective for Anixter’s financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company adopted this standard effective the first quarter of fiscal year 2018. The result of this adoption did not have a material impact on the Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software: Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract, which will align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. 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 fourth quarter of fiscal year 2018 and applied the standard on a prospective basis. Recently issued accounting pronouncements not yet adopted: In February 2016, the FASB issued 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 will adopt the standard in the first quarter of 2019 using this optional transition method. The Company’s cross-functional implementation team is currently migrating lease data to a new lease accounting information system and implementing new processes. Upon adoption the Company plans to elect (1) the package of practical expedients, which allows it to carry forward historical lease classification, (2) the practical expedient to not separate non-lease components from lease components, and (3) the short-term lease accounting policy election as defined in ASU 2016-02. While the Company has not completed its evaluation of the effects of adoption of this ASU yet, the adoption is expected to result in a material increase in the assets and liabilities recorded on the Consolidated Balance Sheets and additional qualitative and quantitative disclosures as of the effective date and thereafter. The Company does not expect the adoption to have a material impact on its Consolidated Statements of Income. Note 5. "Commitments and Contingencies" includes the undiscounted minimum lease commitments under operating leases at December 28, 2018. 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 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 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. Early adoption is permitted. The Company is currently evaluating the impact of adoption of this ASU on its 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. Early adoption is permitted. The Company is currently evaluating the impact of adoption of this ASU on its 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 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 Consolidated Financial Statements or disclosures. |
ACCRUED EXPENSES |
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Accrued Liabilities Disclosure [Text Block] | ACCRUED EXPENSES Accrued expenses consisted of the following:
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RESTRUCTURING CHARGES |
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RESTRUCTURING AND OTHER CHARGES | RESTRUCTURING CHARGES The Company considers restructuring activities to be programs whereby Anixter fundamentally changes its operations, such as closing and consolidating facilities, reducing headcount and realigning operations in response to changing market conditions. The following table summarizes activity related to liabilities associated with restructuring activities:
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 NSS, EES and 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 Q2 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 Consolidated Statement of Income for fiscal year 2018. The majority of the remaining charge included in accrued expenses of $6.9 million as of December 28, 2018 is expected to be paid by the fourth quarter of 2019. |
DEBT |
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DEBT | DEBT Debt is summarized below:
Certain debt agreements entered into by Anixter's operating subsidiaries contain various restrictions, including restrictions on payments to the Company. These restrictions have not had, nor are expected to have, an adverse impact on the Company's ability to meet cash obligations. Anixter International Inc. has guaranteed substantially all of the debt of its subsidiaries. Aggregate annual maturities of debt before accretion of debt discount as reflected on the Consolidated Balance Sheet at December 28, 2018 are as follows: 2019 - $6.1 million, 2020 - $0.0 million, 2021 - $397.4 million, 2022 - $0.0 million, 2023 - $607.4 million and $246.9 million thereafter. The Company's average borrowings outstanding was $1,433.8 million and $1,404.9 million for the fiscal years ending December 28, 2018 and December 29, 2017, respectively. The Company's weighted-average cost of borrowings was 5.3% for the years ended December 28, 2018 and December 29, 2017, respectively, and 4.8% for the year ended December 30, 2016. Interest paid in 2018, 2017 and 2016 was $73.9 million, $70.6 million and $75.7 million, respectively. At the end of fiscal 2018, Anixter had approximately $321.9 million and $133.2 million in available, committed, unused borrowings under the $600.0 million U.S. accounts receivable asset based revolving credit facility and $150.0 million U.S. inventory asset based revolving credit facility, respectively. All credit lines are with financial institutions with investment grade credit ratings. Borrowings under these facilities are limited based on the borrowing base criteria as described below. The Company is in compliance with all of its covenants and believes that there is adequate margin between the covenant ratios and the actual ratios given the current trends of the business. Revolving Lines of Credit and Canadian Term Loan On October 5, 2015, Anixter, through its wholly-owned subsidiaries, Anixter Inc., Anixter Receivables Corporation ("ARC") and Anixter Canada Inc., entered into certain financing transactions in connection with the consummation of the acquisition of Power Solutions, including a U.S. accounts receivable asset based revolving credit facility in an aggregate committed amount of $600.0 million ("Receivables Facility"), a U.S. inventory asset based revolving credit facility in an aggregate committed amount of $150.0 million ("Inventory Facility") for a U.S. combined commitment of $750.0 million ("Combined Commitment"). Additionally, the Company entered into a Canadian term loan facility in Canada in an aggregate principal amount of $300.0 million Canadian dollars, the equivalent to approximately $225.0 million USD, with a five-year maturity ("Canadian Term Loan"). In connection with these financing transactions, the Company incurred approximately $6.7 million in financing transaction costs, of which approximately $5.4 million was capitalized as deferred financing costs and will be amortized through maturity using the straight-line method, and approximately $1.3 million was expensed as incurred. On November 16, 2018, Anixter amended the Receivables and Inventory Facilities to extend the maturity date from October 5, 2020 to November 16, 2023. An additional $2.1 million of deferred financing costs were capitalized and will be amortized through maturity. Receivables Facility On October 5, 2015, Anixter, through its wholly-owned subsidiary, ARC, entered into a Receivables Facility, which is a receivables based revolving credit facility in an aggregate committed amount of $600.0 million. Borrowings under the Receivables Facility are secured by a first lien on all assets of ARC and supported by an unsecured guarantee by Anixter International, Inc. The Receivables Facility has a borrowing base of 85% of eligible receivables, subject to certain reserves. In connection with the entry into the Receivables Facility, on October 5, 2015, Anixter Inc. and ARC entered into a Third Amended and Restated Receivables Sale Agreement (the "Amended and Restated RSA"), which amended and restated the existing Second Amended and Restated Sales Agreement. The purpose of the Amended and Restated RSA is (i) to reflect the entry into the Receivables Facility and the termination of the Second Amended and Restated Receivables Purchase Agreement, and (ii) to include in the receivables sold by Anixter Inc. to ARC receivables originated by Tri-Northern Holdings, Inc. and its subsidiaries (collectively, the "Tri-Ed Subsidiaries") and subsidiaries acquired in the Power Solutions acquisition (the "Power Solutions Subsidiaries"). Inventory Facility On October 5, 2015, Anixter and certain of its wholly-owned subsidiaries, including the Tri-Ed Subsidiaries and Power Solutions Subsidiaries, entered into the Inventory Facility, an asset based lending revolving credit facility, in an aggregate committed amount of $150.0 million. Borrowings under the Inventory Facility are secured by a first lien on Anixter Inc.'s and certain of its subsidiaries' personal property and supported by a guarantee by Anixter International Inc. The Inventory Facility has a borrowing base, (a) with respect to appraised eligible domestic inventory, of the lesser of (i) 85% of the net orderly liquidation value of such inventory; and (ii) 75% of book value of such inventory, plus, (b) with respect to eligible domestic inventory not appraised, 40% of the net orderly liquidation value of such inventory, less (c) certain reserves. The Receivables Facility and the Inventory Facility (collectively, the "Combined Facilities") The Combined Facilities drawn pricing will range from LIBOR plus 125 basis points when the combined unused availability (the "Combined Availability") under the Combined Facilities is greater than $500.0 million or LIBOR plus 150 basis points when Combined Availability is less than $500.0 million. Undrawn fees are 25 basis points. Acquisitions and restricted payments will be permitted, subject to, among other things, (i) Combined Availability of at least $131.3 million after giving pro forma effect to any acquisition or restricted payment or (ii) (a) Combined Availability of at least $93.8 million and (b) maintenance of a minimum fixed charge coverage ratio of at least 1.1x, after giving pro forma effect to the acquisition or restricted payment. The Combined Facilities provides for customary representations and warranties and customary events of default, generally with corresponding grace periods, including, without limitation, payment defaults with respect to the facility, covenant defaults, cross-defaults to other agreements evidencing material indebtedness, certain judgments and events of bankruptcy. Canadian Term Loan On October 5, 2015, Anixter, through its wholly-owned subsidiaries, Anixter Canada Inc. and Tri-Ed ULC, entered into a $300.0 million Canadian dollars (equivalent to approximately $225.0 million USD) Canadian Term Loan. During 2017 and 2016, the Company repaid $100.2 million and $83.7 million, respectively, of the outstanding balance. The Company incurred $0.2 million and $0.5 million of additional interest expense in 2017 and 2016, respectively, due to the write-off of deferred financing costs on the early payment of debt. The Canadian Term Loan was guaranteed by all present and future material Canadian subsidiaries of Anixter Canada Inc. and Tri-Ed ULC as well as Anixter Mid Holdings BV. The Canadian Term Loan was secured by a first priority security interest in all of the assets of Anixter Canada Inc. and each of its Canadian subsidiaries, which comprised the borrowing group. In the fourth quarter of 2017, the Company paid off the Canadian Term Loan in full. The Canadian Term Loan had a five-year maturity. The drawn pricing ranged from 0.375% to 1.250% over prime and 1.375% to 2.250% over the banker’s acceptance rate, depending on consolidated leverage ranging from less than or equal to 1.25x to equal to or greater than 3.00x. The Canadian Term Loan amortized 5% in each of years 1 and 2, 10% in each of years 3 and 4 and 70% in year 5. The borrowing group for the Canadian Term Loan initially was subject to a maximum leverage ratio of 4.25x and a minimum fixed charge coverage ratio of 3.0x. The Canadian Term Loan provided for customary representations and warranties and customary events of default, generally with corresponding grace periods, including, without limitation, payment defaults with respect to the facility, covenant defaults, cross-defaults to other agreements evidencing material indebtedness, certain judgments and events of bankruptcy. 6.00% Senior Notes Due 2025 On November 13, 2018, the Company's primary operating subsidiary, Anixter Inc., completed the issuance of $250.0 million principal amount of Senior notes due 2025 ("Notes due 2025"). The Notes due 2025 were issued at a price that was 98.75% of par, which resulted in a discount related to underwriting fees of $3.1 million. The discount is reported on the Consolidated Balance Sheet as a reduction to the face amount of the Notes due 2025 and is being amortized to interest expense over the term of the related debt, using the effective interest method. In addition, $0.8 million of deferred financing costs were paid, which are being amortized through maturity using the straight-line method. The Notes due 2025 pay interest semi-annually at a rate of 6.00% per annum and will mature on December 1, 2025. In addition, Anixter Inc. may at any time prior to September 1, 2025, redeem some or all of the Notes due 2025 at a price equal to 100% of the principal amount plus a "make whole" premium. At any time on or after September 1, 2025, Anixter Inc. may redeem some or all of the Notes due 2025 at a price equal to 100% of the principal amount, plus accrued and unpaid interest. If the Company experiences certain kinds of changes of control, Anixter Inc. must offer to repurchase all of the Notes due 2025 outstanding at 101% of the aggregate principal amount repurchased, plus accrued and unpaid interest. The proceeds were used along with available borrowings under Anixter's revolving lines of credit to retire the Company's Senior notes due 2019. Anixter International Inc. fully and unconditionally guarantees the Notes due 2025, which are unsecured obligations of Anixter Inc. 5.50% Senior Notes Due 2023 On August 18, 2015, the Company's primary operating subsidiary, Anixter Inc., completed the issuance of $350.0 million principal amount of Senior notes due 2023 ("Notes due 2023"). The Notes due 2023 were issued at a price that was 98.75% of par, which resulted in a discount related to underwriting fees of $4.4 million. The discount is reported on the Consolidated Balance Sheet as a reduction to the face amount of the Notes due 2023 and is being amortized to interest expense over the term of the related debt, using the effective interest method. In addition, $1.7 million of deferred financing costs were paid, which are being amortized through maturity using the straight-line method. The Notes due 2023 pay interest semi-annually at a rate of 5.50% per annum and will mature on March 1, 2023. In addition, Anixter Inc. may at any time redeem some or all of the Notes due 2023 at a price equal to 100% of the principal amount plus a "make whole" premium. If the Company experiences certain kinds of changes of control, Anixter Inc. must offer to repurchase all of the Notes due 2023 outstanding at 101% of the aggregate principal amount repurchased, plus accrued and unpaid interest. The proceeds were used to partially finance the Power Solutions acquisition. Anixter International Inc. fully and unconditionally guarantees the Notes due 2023, which are unsecured obligations of Anixter Inc. 5.125% Senior Notes Due 2021 On September 23, 2014, the Company's primary operating subsidiary, Anixter Inc., completed the issuance of $400.0 million principal amount of Senior notes due 2021 ("Notes due 2021"). The Notes due 2021 were issued at a price that was 98.50% of par, which resulted in a discount related to underwriting fees of $6.0 million. Net proceeds from this offering were approximately $393.1 million after also deducting for approximately $0.9 million of deferred financing costs paid that are being amortized through maturity using the straight-line method. The discount is reported on the Consolidated Balance Sheet as a reduction to the face amount of the Notes due 2021 and is being amortized to interest expense over the term of the related debt, using the effective interest method. The Notes due 2021 pay interest semi-annually at a rate of 5.125% per annum and will mature on October 1, 2021. In addition, Anixter Inc. may at any time redeem some or all of the Notes due 2021 at a price equal to 100% of the principal amount plus a "make whole" premium. If Anixter Inc. and/or the Company experience certain kinds of changes of control, it must offer to repurchase all of the Notes due 2021 outstanding at 101% of the aggregate principal amount repurchased, plus accrued and unpaid interest. The proceeds were used by Anixter Inc. to repay amounts outstanding under the accounts receivable credit facility, to repay certain additional borrowings under the 5-year senior unsecured revolving credit agreement that had been incurred for the specific purpose of funding the Tri-Ed acquisition, to provide additional liquidity for maturing indebtedness and for general corporate purposes. Anixter International Inc. fully and unconditionally guarantees the Notes due 2021, which are unsecured obligations of Anixter Inc. Short-term borrowings Anixter has borrowings under other bank revolving lines of credit totaling $6.1 million and $1.7 million at the end of fiscal 2018 and 2017, respectively. The Company's short-term borrowings have maturity dates within the next fiscal year. However, all of the borrowings at the end of fiscal 2018 have been classified as long-term at December 28, 2018, as the Company has the intent and ability to refinance the debt under existing long-term financing agreements. Retirement of Debt In the fourth quarter of 2018, Anixter retired the below described 5.625% Senior notes due 2019, which had a maturity value of $350.0 million. The proceeds from the issuance of Notes due 2025 and available borrowings under Anixter's revolving lines of credit were used to settle the maturity value. The Company paid a $3.9 million make whole premium and incurred $0.7 million of additional expense due to the write-off of discounts and deferred financing costs on the early payment of debt. On April 30, 2012, the Company's primary operating subsidiary, Anixter Inc., completed the issuance of $350.0 million principal amount of Senior notes due 2019 ("Notes due 2019"). The Notes due 2019 were issued at a price that was 98.25% of par, which resulted in a discount related to underwriting fees of $6.1 million. Net proceeds from this offering were approximately $342.9 million after also deducting for approximately $1.0 million of deferred financing costs paid that were amortized through maturity using the straight-line method. The discounts were reported on the Consolidated Balance Sheet as a reduction to the face amount of the Notes due 2019 and were amortized to interest expense over the term of the related debt, using the effective interest method. The Notes due 2019 paid interest semi-annually at a rate of 5.625% per annum and were scheduled to mature on May 1, 2019. The proceeds were used by Anixter Inc. to repay amounts outstanding under the accounts receivable securitization facility, to repay certain borrowings under the 5-year senior unsecured revolving credit agreement, to provide additional liquidity for the Company's maturing indebtedness and for general corporate purposes. Anixter International Inc. fully and unconditionally guaranteed the Notes due 2019, which were unsecured obligations of Anixter Inc. In the fourth quarter of 2017, the Company paid off the Canadian Term Loan in full. The retirement of debt did not have a significant impact on the Company's Consolidated Statements of Income. 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 December 28, 2018, the Company's total carrying value and estimated fair value of debt outstanding was $1,251.8 million and $1,260.8 million, respectively. This compares to a carrying value and estimated fair value of debt outstanding at December 29, 2017 of $1,247.9 million and $1,317.8 million, respectively. The decrease in the estimated fair value is primarily due to the retirement of the Notes due 2019, partially offset by the issuance of the Notes due 2025. |
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COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Substantially all of Anixter's office and warehouse facilities are leased under operating leases. A certain number of these leases are long-term operating leases containing rent escalation clauses and expire at various dates through 2038. Most operating leases entered into contain renewal options. The gross amount of assets recorded under capital leases was immaterial as of December 28, 2018 and December 29, 2017. Minimum lease commitments under operating leases at December 28, 2018 are as follows:
Total rental expense was $107.3 million, $100.9 million and $97.8 million in 2018, 2017 and 2016, respectively. Aggregate future minimum rentals to be received under non-cancelable subleases at December 28, 2018 were $4.7 million. As of December 28, 2018, the Company had $75.2 million in outstanding letters of credit and guarantees. From time to time, Anixter is party to legal proceedings and matters that arise in the ordinary course of business. As of December 28, 2018, 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 | INCOME TAXES Income Before Tax Expense: Domestic income before income taxes was $167.8 million, $178.1 million and $162.4 million for 2018, 2017 and 2016, respectively. Foreign income before income taxes was $55.4 million, $59.5 million and $35.1 million for 2018, 2017 and 2016, respectively. Tax Provisions and Reconciliation to the Statutory Rate: The components of Anixter's tax expense from continuing operations and the reconciliation to the statutory federal rate are identified below. Income tax expense was comprised of:
Reconciliations of income tax expense to the statutory corporate federal tax rate of 21% were as follows:
Impact of Tax Legislation: On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was signed into law. The Act made significant changes to the U.S. tax code. The changes impacting the Company beginning in the fourth quarter of 2017, the period of enactment, include:
The Act subjects U.S. shareholders to tax on Global Intangible Low-Taxed Income ("GILTI) earned by certain foreign subsidiaries. The Company is electing to recognize 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. Tax Payments: The Company made net payments for income taxes in 2018, 2017 and 2016 of $88.4 million, $76.4 million and $63.4 million, respectively. Net Operating Losses: Anixter International Inc. and its U.S. subsidiaries file a U.S. federal corporate income tax return on a consolidated basis. At December 28, 2018, various of Anixter's foreign subsidiaries had aggregate cumulative net operating loss ("NOL") carryforwards for foreign income tax purposes of approximately $96.2 million which are subject to various provisions of each respective country. Approximately $76.7 million of the NOL carryforwards may be carried forward indefinitely. The remaining NOL carryforwards expire at various times between 2019 and 2030. Foreign Tax Credit Carryforwards: At December 28, 2018, the Company estimated and accrued provisional transition taxes. As a result of the transition tax, the Company estimates that it will also have foreign tax credit carryforwards of $50.2 million. A full valuation allowance was recorded against the resulting deferred tax asset as there is not sufficient foreign-source income projected to utilize these credits. Undistributed Earnings: Undistributed earnings of Anixter's foreign subsidiaries amounted to approximately $784.1 million at December 28, 2018. The Act converted the U.S. system of taxing foreign earnings from a worldwide system to a territorial system. Future distributions of foreign earnings by Anixter affiliates abroad will no longer result in U.S. taxation. In converting to a territorial system the Act levied a one-time transition tax on deferred foreign earnings as of 2017. Anixter has calculated the net combined U.S. tax impact on this deemed repatriation to be approximately $47.2 million and plans to elect to pay the federal portion of this tax liability in installments over eight years. Despite the conversion to a territorial system, 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. With respect to the countries that have undistributed earnings as of December 28, 2018, according to the foreign laws and treaties in place at that time, estimated foreign jurisdiction withholding taxes of approximately $38.4 million would be payable upon the remittance of all earnings at December 28, 2018. Deferred Income Taxes: Significant components of the Company's deferred tax assets (liabilities) included in "Other assets" and "Other liabilities" on the Consolidated Balance Sheets were as follows:
Uncertain Tax Positions and Jurisdictions Subject to Examinations: A reconciliation of the beginning and ending amount of unrecognized tax benefits for fiscal 2016, 2017 and 2018 is as follows:
Interest and penalties accrued for unrecognized tax benefits were $0.2 million in 2018, 2017 and 2016. The Company estimates that of the unrecognized tax benefit balance of $4.7 million, all of which would affect the effective tax rate, $0.3 million may be resolved in a manner that would impact the effective rate within the next twelve months. The reserves for uncertain tax positions, including interest and penalties, of $6.1 million cover a range of issues, including intercompany charges and withholding taxes, and involve various taxing jurisdictions. Only the returns for fiscal tax years 2013 and later remain open to examination by the Internal Revenue Service ("IRS") in the U.S., which is Anixter's most significant tax jurisdiction. For most states, fiscal tax years 2014 and later remain subject to examination. In Canada, the fiscal tax years 2014 and later are still subject to examination, while in the United Kingdom, the fiscal tax years 2017 and later remain subject to examination. |
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PENSION PLANS | PENSION PLANS, POST-RETIREMENT BENEFITS AND OTHER BENEFITS The Company's defined benefit pension plans are the plans in the U.S., which consist of the Anixter Inc. Pension Plan, the Executive Benefit Plan and the Supplemental Executive Retirement Plan ("SERP") (together the "Domestic Plans") and various defined benefit pension plans covering employees of foreign subsidiaries in Canada and Europe (together the "Foreign Plans"). The majority of these defined benefit pension plans are non-contributory and, with the exception of the U.S., cover substantially all full-time domestic employees and certain employees in other countries. Retirement benefits are provided based on compensation as defined in both the Domestic Plans and the Foreign Plans. The Company's policy is to fund all Domestic Plans as required by the Employee Retirement Income Security Act of 1974 ("ERISA") and the IRS and all Foreign Plans as required by applicable foreign laws. The Executive Benefit Plan and SERP are the only two plans that are unfunded. Assets in the various plans consist primarily of equity securities and fixed income investments. Accounting rules related to pensions and the policies used generally reduce the recognition of actuarial gains and losses in the net benefit cost, as any significant actuarial gains/losses are amortized over the remaining service lives of the plan participants. These actuarial gains and losses are mainly attributable to the return on plan assets that differ from that assumed and differences in the obligation due to changes in the discount rate, plan demographic changes and other assumptions. The measurement date for all plans is December 31st. Accordingly, at the end of each fiscal year, the Company determines the discount rate to be used to discount the plan liabilities to their present value. The discount rate reflects the current rate at which the pension liabilities could be effectively settled at the end of the year. In estimating this rate at the end of 2018, the Company reviewed rates of return on relevant market indices and concluded the Willis Towers Watson Global Rate Link Model was more consistent with observable market conditions and industry standards for developing spot rate curves. At the end of 2017 and 2016, the Company used the Ryan ALM Above Median yield curves. These rates are adjusted to match the duration of the liabilities associated with the pension plans. At December 28, 2018 and December 29, 2017, the Company determined the consolidated weighted-average discount rate of all plans to be 3.59% and 3.26%, respectively, and used these rates to measure the projected benefit obligation ("PBO") at the end of each respective fiscal year end. Due primarily to actuarial gains and foreign currency exchange rate changes, the PBO decreased to $504.1 million at the end of fiscal 2018 from $533.4 million at the end of fiscal 2017. The consolidated net unfunded status was $55.2 million at the end of fiscal 2018 compared to $43.5 million at the end of 2017. A significant element in determining net periodic benefit cost in accordance with U.S. GAAP is the expected return on plan assets. For 2018, the Company had assumed that the weighted-average expected long-term rate of return on plan assets would be 5.63%. This expected return on plan assets is included in the net periodic benefit cost for the fiscal year ended 2018. As a result of the combined effect of valuation changes in both the equity and bond markets, the plan assets produced an actual loss of approximately 4.2% in 2018 and an actual gain of approximately 13.3% in 2017. The fair value of plan assets is $448.9 million at the end of fiscal 2018, compared to $489.9 million at the end of fiscal 2017. The difference between the expected return and the actual return on plan assets is amortized into expense over the service lives of the plan participants. These amounts are reflected on the balance sheet through charges to "Accumulated other comprehensive loss," a component of "Stockholders’ Equity" in the Consolidated Balance Sheets. In the fourth quarter of 2017, the Company transferred the benefits of certain retirees or beneficiaries to a third-party annuity provider. The Company paid $11.3 million of additional contributions into the plan using excess cash from operations to fund the contributions. The plan purchased an $11.3 million annuity contract with a third-party insurance carrier and transferred the related pension obligations to the carrier. The funding of the premiums did not result in a settlement charge as the amount did not exceed the service and interest costs of the plan in 2017. In the fourth quarter of 2016, the Anixter Inc. Pension Plan was amended to allow for the benefits of certain retirees or beneficiaries to be transferred to a third-party annuity provider. The Company paid $10.5 million of additional contributions into the plan using excess cash from operations to fund the contributions. The plan purchased a $10.5 million annuity contract with a third-party insurance carrier and transferred the related pension obligations to the carrier. The funding of the premiums did not result in a settlement charge as the amount did not exceed the service and interest costs of the plan in 2016. In the fourth quarter of 2015, the Company commenced settlement of the liabilities of one of its Europe pension plans. At that time, Anixter entered into a buy-in policy with an insurance carrier for that plan. In the second quarter of 2016, the Company terminated the buy-in policy, and entered into an agreement for issuance of a buy-out policy with the insurance carrier for the pension obligation. Accumulated other comprehensive losses of approximately $9.6 million (£6.9 million) were realized as a result of the buy-out policy, and are reflected in the Company's Consolidated Statements of Comprehensive Income. In the third quarter of 2015, the plan was frozen to entrants first hired or rehired on or after July 1, 2015. Anixter Inc. makes an annual contribution to the Employee Savings Plan on behalf of each active participant who is first hired or rehired on or after July 1, 2015, or is not participating in the Anixter Inc. Pension Plan. The amount of the employer annual contribution to each active participant's account will be an amount determined by multiplying the participant's salary for the Plan year by either: (1) 2% if such participant's years of service as of August 1 of the Plan year is fewer than five, or (2) 2.5% if such participant's years of service as of August 1 of the Plan year is five or greater. This contribution is in lieu of being eligible for the Anixter Inc. Pension Plan. All non-union domestic employees hired or rehired before July 1, 2015, earn a benefit under a personal retirement account (hypothetical account balance). Each year, a participant’s account receives a credit equal to 2% of the participant’s salary (2.5% if the participant’s years of service at August 1 of the plan year are 5 years or more). Active participants become fully vested in their hypothetical personal retirement account after 3 years of service. Interest earned on the credited amount is not credited to the personal retirement account but is contributed to the participant’s account in the Anixter Inc. Employee Savings Plan. The interest contribution equals the interest earned on the personal retirement account balance as of January 1st in the Domestic Plan and is based on the 10-year Treasury note rate as of the last business day of December. In 2018 and 2017, the Society of Actuaries released new mortality improvement projection scales. As a result, the Company updated U.S. mortality improvement assumptions in 2018 and 2017 for purposes of determining its mortality assumption used in the U.S. defined benefit plans' liability calculation. In 2018, the Company also adjusted the long term mortality improvement projection assumption to 80% of the Society of Actuaries’ mortality improvement scale to reflect the Company’s long-term expectations. The updated U.S. mortality assumptions resulted in a decrease of $2.8 million and $1.6 million to the benefit obligation as of the end of 2018 and 2017, respectively, prior to reflecting the discount rate change. In 2017, the U.S. assumptions were also updated to reflect the results of an experience study performed during 2017. The net impact of updating these assumptions was a decrease in the obligation of $0.1 million prior to reflecting the discount and mortality change. The assets of the various defined benefit plans are held in separate independent trusts and managed by independent third party advisors. The investment objective of both the Domestic and Foreign Plans is to ensure, over the long-term life of the plans, an adequate level of assets to fund the benefits to employees and their beneficiaries at the time they are payable. In meeting this objective, the Company seeks to achieve a level of absolute investment return consistent with a prudent level of portfolio risk. Anixter's risk preference is to refrain from exposing the plans to higher volatility in pursuit of potential higher returns. The Domestic Plans’ and Foreign Plans’ asset mixes as of December 28, 2018 and December 29, 2017 and the asset allocation guidelines for such plans are summarized as follows.
The pension committees meet regularly to assess investment performance and reallocate assets that fall outside of its allocation guidelines. The variations between the allocation guidelines and actual asset allocations reflect relative performance differences in asset classes. From time to time, the Company periodically rebalances its asset portfolios to be in line with its allocation guidelines. For 2018, the U.S. investment policy guidelines were as follows:
The investment policies for the Foreign plans are the responsibility of the various trustees. Generally, the investment policy guidelines are as follows:
The expected long-term rate of return on both the Domestic and Foreign Plans’ assets reflects the average rate of earnings expected on the invested assets and future assets to be invested to provide for the benefits included in the projected benefit obligation. The Company uses historic plan asset returns combined with current market conditions to estimate the rate of return. The expected rate of return on plan assets is a long-term assumption based on an analysis of historical and forward looking returns considering the respective plan’s actual and target asset mix. The weighted-average expected rate of return on plan assets used in the determination of net periodic pension cost for 2018 is 5.63%. The following table sets forth the changes and the end of year components of "Accumulated other comprehensive loss" for the defined benefit plans:
Amounts in "Accumulated other comprehensive loss" expected to be recognized as components of net period pension cost in 2019 are as follows:
The following represents a reconciliation of the funded status of the Company's pension plans for fiscal years 2018 and 2017:
The following represents the funded components of net periodic pension (benefit) cost as reflected in the Company's Consolidated Statements of Income and the weighted-average assumptions used to measure net periodic pension cost for the years ended December 28, 2018, December 29, 2017 and December 30, 2016:
Fair Value Measurements The following presents information about the Plan’s assets measured at fair value on a recurring basis at the end of fiscal 2018, and the valuation techniques used by the Plan to determine those fair values. The inputs used in the determination of these fair values are categorized according to the fair value hierarchy as being Level 1, Level 2 or Level 3. In general, fair values determined by Level 1 inputs use quoted prices in active markets for identical assets that the Plan has the ability to access. The majority of pension assets valued by Level 1 inputs are comprised of cash and cash equivalents. Fair values determined by Level 2 inputs use other inputs that are observable, either directly or indirectly. These Level 2 inputs include quoted prices for similar assets in active markets, and other inputs such as interest rates and yield curves that are observable at commonly quoted intervals. The majority of pension assets valued by Level 2 inputs are comprised of common/collective/pool funds (i.e., mutual funds). These assets are valued at their net asset values and considered observable inputs, or Level 2. Level 3 inputs are unobservable inputs, including inputs that are available in situations where there is little, if any, market activity for the related asset. The only pension assets valued by Level 3 inputs relate to property and real estate funds. In instances where inputs used to measure fair value fall into different levels in the above fair value hierarchy, fair value measurements in their entirety are categorized based on the lowest level input that is significant to the valuation. The Plan’s assessment of the significance of particular inputs to these fair value measurements requires judgment and considers factors specific to each asset. Disclosures concerning assets measured at fair value on a recurring basis at December 28, 2018 and December 29, 2017, which have been categorized under the fair value hierarchy for the Domestic and Foreign Plans by the Company are as follows:
Changes in Anixter's Level 3 plan assets, which are included in operations, for the year ended December 28, 2018 included:
The Company estimated future benefits payments are as follows at the end of 2018:
The accumulated benefit obligation in 2018 and 2017 was $258.2 million and $273.1 million, respectively, for the Domestic Plans and $212.6 million and $225.5 million, respectively, for the Foreign Plans. The Company had 10 plans in 2018 and 9 plans in 2017 where the accumulated benefit obligation was in excess of the fair value of plan assets. For pension plans with accumulated benefit obligations in excess of plan assets the aggregate pension accumulated benefit obligation was $220.3 million and $170.1 million for 2018 and 2017, respectively, and aggregate fair value of plan assets was $179.0 million and $129.2 million for 2018 and 2017, respectively. The Company currently estimates that it will make contributions of approximately $6.8 million to its Foreign Plans in 2019. In addition, the Company estimates that it will make $1.2 million of benefit payments directly to participants of its two domestic unfunded non-qualified pension plans. The Company does not expect to make a contribution to its domestic qualified pension pension plan in 2019 due to its overfunded status. Defined Contribution Plan Anixter Inc. adopted the Anixter Inc. Employee Savings Plan effective January 1, 1994. The Plan is a defined-contribution plan covering all non-union domestic employees. Participants are eligible and encouraged to enroll in the tax-deferred plan on their date of hire and are automatically enrolled approximately 60 days after their date of hire unless they opt out. The savings plan is subject to the provisions of ERISA. In the third quarter of 2015, Anixter Inc. amended the Anixter Inc. Pension Plan in the U.S. whereby employees first hired or rehired on or after July 1, 2015 are no longer eligible to participate in the Anixter Inc. Pension Plan. Anixter Inc. will make an annual contribution to the Employee Savings Plan on behalf of each active participant who is first hired or rehired on or after July 1, 2015, or is not participating in the Anixter Inc. Pension Plan. The amount of the employer annual contribution to each active participant's account will be an amount determined by multiplying the participant's salary for the Plan year by either: (1) 2% if such participant's years of service as of August 1 of the Plan year is fewer than five, or (2) 2.5% if such participant's years of service as of August 1 of the Plan year is five years or greater. This contribution is in lieu of being eligible for the Anixter Inc. Pension Plan. Effective January 1, 2014, Anixter began matching contributions to equal 50% of a participant's contribution up to 5% of the participant's compensation. The Company also has certain foreign defined contribution plans. Contributions to these plans are based upon various levels of employee participation and legal requirements. The total expense from continuing operations related to defined contribution plans was $13.8 million, $13.3 million and $12.2 million in 2018, 2017 and 2016, respectively. Deferred Compensation Plan A non-qualified deferred compensation plan was implemented on January 1, 1995. The plan permits selected employees to make pre-tax deferrals of salary and bonus. Interest is accrued monthly on the deferred compensation balances based on the average ten-year Treasury note rate for the previous three months times a factor of 1.4, and the rate is further adjusted if certain financial goals are achieved. The plan provides for benefit payments upon retirement, death, disability, termination or other scheduled dates determined by the participant. At December 28, 2018, the deferred compensation liability included in "Accrued expenses" and "Other liabilities" on the Consolidated Balance Sheet was $3.4 million and $42.0 million, respectively. At December 29, 2017, the deferred compensation liability included in "Accrued expenses" and "Other liabilities" on the Consolidated Balance Sheet was $3.8 million and $41.1 million, respectively. Concurrent with the implementation of the deferred compensation plan, the Company purchased variable, separate account life insurance policies on the plan participants with benefits accruing to Anixter. To provide for the liabilities associated with the deferred compensation plan and an executive non-qualified defined benefit plan, fixed general account "increasing whole life" insurance policies were purchased on the lives of certain participants. Prior to 2006, the Company paid annual premiums on the above company-owned policies. The last premium was paid in 2005. Policy proceeds are payable to Anixter upon the insured participant’s death. At December 28, 2018 and December 29, 2017, the cash surrender value of $37.0 million and $38.3 million, respectively, was recorded under this program and reflected in "Other assets" on the Consolidated Balance Sheets. |
STOCKHOLDERS' EQUITY |
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STOCKHOLDERS' EQUITY | STOCKHOLDERS' EQUITY Preferred Stock Anixter has the authority to issue 15.0 million shares of preferred stock, par value $1.00 per share, none of which were outstanding at the end of fiscal 2018 and 2017. Common Stock Anixter has the authority to issue 100.0 million shares of common stock, par value $1.00 per share, of which 33.9 million shares and 33.7 million shares were outstanding at the end of fiscal 2018 and 2017, respectively. Share Repurchases Anixter did not repurchase any shares during any of the periods presented in these Consolidated Financial Statements. Stock-Based Compensation During the second quarter of 2017, the Company's shareholders approved the 2017 Stock Incentive Plan consisting of 2.0 million shares of the Company's common stock. Prior approved stock incentive plans have been closed and will not be allowed to issue future stock grants. At December 28, 2018, there were approximately 1.7 million shares reserved for issuance under the 2017 incentive plan. Restricted Stock Units and Performance Units The grant-date value of the stock units is amortized and converted to outstanding shares of common stock on a one-for-one basis over a three, four or six-year vesting period from the date of grant based on the specific terms of the grant. Compensation expense, net of the reversal of costs associated with forfeitures, associated with the stock units was $15.7 million, $15.5 million and $13.7 million in 2018, 2017 and 2016, respectively. During the first quarter of 2016, Anixter initiated a performance-based restricted stock unit ("performance units") program that will vest in one-third tranches to be evaluated on the anniversary of the first, second and third performance cycles. Each evaluation period will be based on the achievement of the Company's total shareholder return ("TSR") relative to the TSR of the S&P Mid Cap 400 index. The issuance of the vested shares will be on the final vesting date of year three. The granted units will be adjusted based on the specific payout percentage of the grant agreement. The fair value of each tranche related to the performance units were estimated at the grant date using the Monte Carlo Simulation pricing model. Under the current stock incentive plan, the Company pays its non-employee directors annual retainer fees and, at their election, meeting fees in the form of stock units. Currently, these units are granted quarterly and vest immediately. Therefore, the Company includes these units in its common stock outstanding on the date of vesting as the conditions for conversion are met. However, the actual issuance of shares related to all director units are deferred until a pre-arranged time selected by each director. Compensation expense associated with the director stock units was $2.4 million, $2.5 million and $2.3 million in 2018, 2017 and 2016, respectively. The total fair value of stock units that vested was $14.8 million, $14.4 million and $12.0 million in 2018, 2017 and 2016, respectively. The following table summarizes the activity under the director and employee stock unit plans:
The weighted-average remaining contractual term for outstanding employee units is 2.0 years. The aggregate intrinsic value of units converted into stock represents the total pre-tax intrinsic value (calculated using Anixter's stock price on the date of conversion multiplied by the number of units converted) that was received by unit holders. The aggregate intrinsic value of units converted into stock for 2018, 2017 and 2016 was $16.1 million, $13.2 million and $5.4 million, respectively. The aggregate intrinsic value of units outstanding represents the total pre-tax intrinsic value (calculated using Anixter's closing stock price on the last trading day of the fiscal year multiplied by the number of units outstanding) that will be received by the unit recipients upon vesting. The aggregate intrinsic value of units outstanding for 2018, 2017 and 2016 was $59.5 million, $84.8 million and $79.9 million, respectively. The aggregate intrinsic value of units convertible represents the total pre-tax intrinsic value (calculated using Anixter's closing stock price on the last trading day of the fiscal year multiplied by the number of units convertible) that would have been received by the unit holders. The aggregate intrinsic value of units convertible for 2018, 2017 and 2016 was $20.5 million, $28.3 million and $27.6 million, respectively. Stock Options Options previously granted under these plans have been granted with exercise prices at the fair market value of the common stock on the date of grant. All options expire ten years after the date of grant. These options were granted with vesting periods of four years representing the requisite service period based on the specific terms of the grant. The Company generally issues new shares to satisfy stock option exercises as opposed to adjusting treasury shares. The fair value of stock option grants is amortized over the respective vesting period representing the requisite service period. The Company did not grant any stock options to employees during 2018, 2017 or 2016. Compensation expense associated with the stock options in 2018, 2017 and 2016 was $0.8 million, $0.1 million and $0.5 million, respectively. There were no unvested stock options in 2018. The total fair value of stock options that vested was $0.5 million and $1.0 million in 2017 and 2016, respectively. The following table summarizes the activity under the employee option plans:
The weighted-average remaining contractual term for options exercisable and outstanding for 2018 was 3.0 years. The aggregate intrinsic value of options exercised represents the total pre-tax intrinsic value (calculated as the difference between Anixter's stock price on the date of exercise and the exercise price, multiplied by the number of options exercised) that was received by the option holders. The aggregate intrinsic value of options exercised for 2018, 2017 and 2016 was $2.4 million, $2.2 million and $1.0 million, respectively. The aggregate intrinsic value of options outstanding represents the total pre-tax intrinsic value (calculated as the difference between Anixter's closing stock price on the last trading day of each fiscal year and the weighted-average exercise price, multiplied by the number of options outstanding at the end of the fiscal year) that could be received by the option holders if such option holders exercised all options outstanding at fiscal year-end. The aggregate intrinsic value of options outstanding for 2018, 2017 and 2016 was $1.5 million, $11.6 million and $15.8 million, respectively. The aggregate intrinsic value of options exercisable represents the total pre-tax intrinsic value (calculated as the difference between Anixter's closing stock price on the last trading day of each fiscal year and the weighted-average exercise price, multiplied by the number of options exercisable at the end of the fiscal year) that would have been received by the option holders had all option holders elected to exercise the options at fiscal year-end. The aggregate intrinsic value of options exercisable for 2018, 2017 and 2016 was $1.5 million, $11.6 million and $15.5 million, respectively. Summary of Non-Vested Shares The following table summarizes the changes to the non-vested shares:
As of December 28, 2018, there was $15.1 million of total unrecognized compensation cost related to non-vested stock units which is expected to be recognized over a weighted-average period of 1.5 years. As of December 28, 2018, all compensation cost related to options granted to employees has been fully recognized. |
BUSINESS SEGMENTS |
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BUSINESS SEGMENTS | BUSINESS SEGMENTS Anixter is a leading distributor of enterprise cabling and security solutions, electrical and electronic wire and cable solutions and utility power solutions. The Company has identified Network & Security Solutions ("NSS"), Electrical & Electronic Solutions ("EES") and Utility Power Solutions ("UPS") as reportable segments. 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. Intercompany transactions are not significant. No customer accounted for more than 2% of sales in 2018. 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 2018, 2017 and 2016 are as follows:
The items impacting operating expense and operating income by segment in 2018, 2017 and 2016 are reflected in the tables below. All other items impacted consolidated results only and were not allocated to segments.
Geographic Information The Company attributes foreign sales based on the location of the customer purchasing the product. In North America (U.S. and Canada), sales in the U.S. were $6,004.7 million, $5,771.5 million and $5,613.6 million in 2018, 2017 and 2016, respectively. Canadian sales were $837.4 million, $772.5 million and $771.0 million in 2018, 2017 and 2016 respectively. No other individual foreign country’s net sales within EMEA (Europe, Middle East and Africa) or the Emerging Markets (Asia Pacific and Latin America) were material in 2018, 2017 and 2016. The Company's tangible long-lived assets primarily consist of $139.0 million of property and equipment in the U.S. No other individual foreign country’s tangible long-lived assets are material. The following table summarizes net sales by geographic areas for the years ended December 28, 2018, December 29, 2017 and December 30, 2016:
The following table summarizes total assets and net property and equipment by geographic areas for the years ended December 28, 2018 and December 29, 2017:
Goodwill Assigned to Segments The following table presents the changes in goodwill allocated to the Company's reporting units from December 30, 2016 to December 28, 2018:
(a) In the second quarter of 2018, the Company completed the acquisition of security businesses in Australia and New Zealand for $150.1 million, including a preliminary net working capital adjustment of $4.6 million. The transaction was financed primarily from borrowings under the revolving lines of credit. The purchase price was preliminarily allocated to $32.6 million of working capital and $60.6 million of intangible assets. Acquisition costs were $2.6 million. The year ended 2018 results include approximately $71.9 million of sales from the acquired entities. The purchase price allocation is pending finalization, and is expected to be completed in early 2019. |
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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SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) |
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Quarterly Financial Information | SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) The following is a summary of the unaudited interim results of operations for each quarter in the years ended December 28, 2018 and December 29, 2017. As of February 13, 2019, Anixter had 1,708 shareholders of record.
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CONDENSED FINANCIAL INFORMATION OF REGISTRANT ANIXTER INTERNATIONAL INC. |
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Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
See accompanying note to the condensed financial information of registrant. BALANCE SHEETS
See accompanying note to the condensed financial information of registrant. STATEMENTS OF CASH FLOWS
See accompanying note to the condensed financial information of registrant. Note A — Basis of Presentation In the parent company condensed financial statements, our investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries since the date of acquisition. Our share of net income of our unconsolidated subsidiaries is included in consolidated income using the equity method. The parent company financial statements should be read in conjunction with our Consolidated Financial Statements. See Note 4. "Debt" in the notes to the Consolidated Financial Statements for details on dividend restrictions from Anixter Inc. to the parent company. |
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Significant Accounting Policies [Text Block] | Basis of Presentation In the parent company condensed financial statements, our investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries since the date of acquisition. Our share of net income of our unconsolidated subsidiaries is included in consolidated income using the equity method. The parent company financial statements should be read in conjunction with our Consolidated Financial Statements. See Note 4. "Debt" in the notes to the Consolidated Financial Statements for details on dividend restrictions from Anixter Inc. to the parent company. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
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Organization | Organization: Anixter International Inc. and its subsidiaries (collectively referred to as "Anixter" or the "Company"), formerly known as Itel Corporation, which was incorporated in Delaware in 1967, is a leading distributor of enterprise cabling and security solutions, electrical and electronic wire and cable solutions and utility power solutions through Anixter Inc. and its subsidiaries. |
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Basis of presentation | Basis of presentation: The Consolidated Financial Statements include the accounts of Anixter International Inc. and its subsidiaries. The Company's fiscal year ends on the Friday nearest December 31 and includes 52 weeks in 2018, 2017 and 2016. Certain prior period amounts have been reclassified to conform to the current year presentation. |
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Use of estimates | Use of estimates: The preparation of financial statements in conformity with generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Anixter's significant estimates include allowance for doubtful accounts, inventory obsolescence, pension obligations, goodwill and indefinite-lived intangible assets, deferred tax assets and uncertain tax positions. |
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Cash and cash equivalents | Cash and cash equivalents: Cash equivalents consist of short-term, highly liquid investments that mature within three months or less. Such investments are stated at cost, which approximates fair value. |
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Receivables and allowance for doubtful accounts | Receivables and allowance for doubtful accounts: The Company carries its accounts receivable at their face amounts less an allowance for doubtful accounts, which was $39.9 million and $43.8 million at the end of 2018 and 2017, respectively. On a regular basis, Anixter evaluates its accounts receivable and establishes the allowance for doubtful accounts based on a combination of specific customer circumstances, as well as credit conditions and history of write-offs and collections. The provision for doubtful accounts was $8.5 million, $10.0 million and $20.1 million in 2018, 2017 and 2016, respectively. 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. |
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Inventories | Inventories: Inventories, consisting primarily of purchased finished goods, are stated at the lower of cost or market. Cost is determined using the average-cost method. The Company has agreements with some vendors that provide a right to return products. This right is typically limited to a small percentage of total purchases from that vendor. Such rights provide that Anixter can return slow-moving product and the vendor will replace it with faster-moving product chosen by the Company. Some vendor agreements contain price protection provisions that require the manufacturer to issue a credit in an amount sufficient to reduce Anixter's current inventory carrying cost down to the manufacturer’s current price. The Company considers these agreements in determining the reserve for obsolescence. At December 28, 2018 and December 29, 2017, the Company reported inventory of $1,440.4 million and $1,238.7 million, respectively (net of inventory reserves of $51.5 million and $49.5 million, respectively). Each quarter the Company reviews for excess inventories and makes an assessment of the net realizable value. There are many factors that management considers in determining whether or not the amount by which a reserve should be established. These factors include the following:
If circumstances related to the above factors change, there could be a material impact on the net realizable value of the inventories. |
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Property and equipment | Property and equipment: At December 28, 2018, net property and equipment consisted of $125.8 million of equipment and computer software, $36.5 million of buildings and leasehold improvements and $1.0 million of land. At December 29, 2017, net property and equipment consisted of $115.5 million of equipment and computer software, $36.6 million of buildings and leasehold improvements and $2.2 million of land. Equipment and computer software are recorded at cost and depreciated by applying the straight-line method over their estimated useful lives, which range from 2 to 20 years. Buildings are recorded at cost and depreciated by applying the straight-line method over their estimated useful lives, which are up to 40 years. Leasehold improvements are depreciated over their useful life or over the term of the related lease, whichever is shorter. Upon sale or retirement, the cost and related depreciation are removed from the respective accounts and any gain or loss is included in income. Maintenance and repair costs are expensed as incurred. Depreciation expense charged to continuing operations, including an immaterial amount of capital lease depreciation, was $31.7 million, $28.2 million and $27.9 million in 2018, 2017 and 2016, respectively. The Company evaluates the recoverability of the carrying amount of its property and equipment whenever events or circumstances indicate that the carrying amount of an asset may not be fully recoverable. In order to measure an impairment loss of property and equipment, the Company estimates the fair value by using an orderly liquidation valuation. An orderly liquidation value is the amount that could be realized from a liquidation sale, given a reasonable period of time to find a purchaser (or purchasers), with the seller being compelled to sell the asset in the existing condition where it is located, as of a specific date, assuming the highest and best use of the asset by market participants. The valuation method also considers that it is physically possible, legally permissible and financially feasible to use the asset at the measurement date. The inputs used for the valuation include significant unobservable inputs, or Level 3 inputs, as described in the accounting fair value hierarchy, based on assumptions that market participants would use. A second step of the analysis is performed by comparing the orderly liquidation value to the carrying amount of that asset. The orderly liquidation values are applied against the original cost of the assets and the impairment loss measured as the difference between the liquidation value of the assets and the net book value of the assets. Costs for software developed for internal use are capitalized when the preliminary project stage is complete and Anixter has committed funding for projects that are likely to be completed. Costs that are incurred during the preliminary project stage are expensed as incurred. Once the capitalization criteria has been met, external direct costs of materials and services consumed in developing internal-use computer software, payroll and payroll-related costs for employees who are directly associated with and who devote time to the internal-use computer software project (to the extent of their time spent directly on the project) and interest costs incurred when developing computer software for internal use are capitalized. At December 28, 2018 and December 29, 2017, capitalized costs, net of accumulated amortization, for software developed for internal use were approximately $64.7 million and $61.6 million, respectively. Amortization expense charged to continuing operations for capitalized costs was $6.6 million, $5.5 million and $3.7 million in 2018, 2017 and 2016, respectively. Interest expense incurred in connection with the development of internal use software is capitalized based on the amounts of accumulated expenditures and the weighted-average cost of borrowings for the period. Interest costs capitalized for fiscal 2018, 2017 and 2016 were $0.1 million, $0.3 million and $0.7 million, respectively. |
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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. 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 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 plus a forecast risk, 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 (earnings before interest, tax, depreciation and amortization ("EBITDA")) of comparable businesses. 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 2018, 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. All of the Company's reporting units had fair values that exceeded their respective carrying values by greater than 30%. |
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Intangible assets | Intangible assets: As of December 28, 2018 and December 29, 2017, the Company's intangible asset balances are as follows:
Anixter continually evaluates whether events or circumstances have occurred that would indicate the remaining estimated useful lives of intangible assets warrant revision or that the remaining balance of such assets may not be recoverable. For definite-lived intangible assets, the Company uses an estimate of the related undiscounted cash flows over the remaining life of the asset in measuring whether the asset is recoverable. Trade names that have been identified to have indefinite lives are not being amortized based on the expectation that the trade name products will generate future cash flows for the foreseeable future. In 2017, the Company recorded an impairment charge of $5.7 million related to certain indefinite-lived trade names in its NSS reporting unit. This impairment charge is included in "Operating expenses" in the Consolidated Statement of Income. The impairment charge was recorded as Anixter no longer plans to use certain trade names on certain products. All remaining indefinite-lived trade names are expected to be used on existing products for the foreseeable future. The Company's definite-lived intangible assets are primarily related to customer relationships. In order to measure an impairment loss of customer relationships, Anixter estimates the fair value by using an excess earnings model, a form of the income approach. The analysis requires making various judgmental assumptions, including assumptions about future cash flows based on projected growth rates of revenue and expense, expectations of rates of customer attrition and working capital needs. The assumptions about future cash flows and growth rates are based on management’s forecast of the asset group. The key inputs utilized in determining the fair value of customer relationships include significant unobservable inputs, or Level 3 inputs, as described in the accounting fair value hierarchy. Inputs included discount rates derived from an estimated weighted-average cost of capital, which reflected the overall level of inherent risk of the asset group and the rate of return a market participant would expect to earn, as well as customer attrition rates. Intangible amortization expense is expected to average $33.5 million per year for the next five years. The Company's definite lived intangible assets are amortized over a straight line basis as it approximates the customer attrition patterns and best estimates the use pattern of the assets. |
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Other, net | Other, net: The following represents the components of "Other, net" as reflected in the Consolidated Statements of 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 Consolidated Statements of Income. The Company purchases foreign currency forward contracts to minimize the effect of fluctuating foreign currency-denominated accounts on its reported income. The foreign currency forward contracts are not designated as hedges for accounting purposes. The Company's strategy is to negotiate terms for its derivatives and other financial instruments to be highly effective, such that the change in the value of the derivative perfectly offsets the impact of the underlying hedged item (e.g., various foreign currency-denominated accounts). Its counterparties to foreign currency forward contracts have investment-grade credit ratings. Anixter expects the creditworthiness of its counterparties to remain intact through the term of the transactions. The Company regularly monitors the creditworthiness of its counterparties to ensure no issues exist which could affect the value of the derivatives. The Company does not hedge 100% of its foreign currency-denominated accounts. In addition, the results of hedging can vary significantly based on various factors, such as the timing of executing the foreign currency forward contracts versus the movement of the currencies as well as the fluctuations in the account balances throughout each reporting period. The fair value of the foreign currency forward contracts is based on the difference between the contract rate and the current exchange rate. The fair value of the foreign currency forward contracts is measured using observable market information. These inputs would be considered Level 2 in the fair value hierarchy. At December 28, 2018 and December 29, 2017, foreign currency forward contracts were revalued at then-current foreign exchange rates with the changes in valuation reflected directly in "Other, net" in the Consolidated Statements of Income offsetting the transaction gain/loss recorded on the foreign currency-denominated accounts. At December 28, 2018 and December 29, 2017, the gross notional amount of the foreign currency forward contracts outstanding was approximately $96.3 million and $246.3 million, respectively. At December 28, 2018 and December 29, 2017, the net notional amount of the foreign currency forward contracts outstanding was approximately $75.7 million and $125.7 million, respectively. While all of the Company's foreign currency forward contracts are subject to master netting arrangements with its counterparties, assets and liabilities related to derivative instruments are presented on a gross basis within the Consolidated Balance Sheets. The gross fair value of derivative assets and liabilities are immaterial. The combined effect of changes in both the equity and bond markets resulted in changes in the cash surrender value of the Company's company owned life insurance policies associated with the sponsored deferred compensation program. |
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Fair value measurement | Fair value measurement: Assets and liabilities measured at fair value on a recurring basis consist of foreign currency forward contracts and the assets of Anixter's defined benefit plans. The fair value of the foreign currency forward contracts is discussed above in the section titled "Other, net." The fair value of the assets of Anixter's defined benefit plans is discussed in Note 7. "Pension Plans, Post-Retirement Benefits and Other Benefits." Fair value disclosures of debt are discussed in Note 4. "Debt." The Company measure the fair values of goodwill, intangible assets and property and equipment on a nonrecurring basis if required by impairment tests applicable to these assets. The fair value measurements of goodwill, intangible assets and property and equipment are discussed above. The inputs used in the determination of fair values are categorized according to the fair value hierarchy as being Level 1, Level 2 or Level 3. In general, fair values determined by Level 1 inputs use quoted prices in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs use other inputs that are observable, either directly or indirectly. These Level 2 inputs include quoted prices for similar assets or liabilities in active markets, and other inputs such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs, including inputs that are available in situations where there is little, if any, market activity for the related asset or liability. In instances where inputs used to measure fair value fall into different levels in the above fair value hierarchy, fair value measurements in their entirety are categorized based on the lowest level input that is significant to the valuation. The assessment of the significance of particular inputs to these fair value measurements requires judgment and considers factors specific to each asset or liability. |
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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, which was $35.0 million and $35.9 million at December 28, 2018 and December 29, 2017, respectively. 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 29, 2017, $9.5 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 year ended December 28, 2018, $7.4 million of this deferred revenue was recognized. At December 28, 2018, deferred revenue was $17.2 million. The Company expects to recognize this balance as revenue within the next twelve months. |
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Advertising and sales promotion | Advertising and sales promotion: Advertising and sales promotion costs are expensed as incurred. Advertising and promotion costs included in operating expenses on the Consolidated Statements of Income were $15.8 million, $10.6 million and $12.4 million in 2018, 2017 and 2016, respectively. The majority of the advertising and sales promotion costs are recouped through various cooperative advertising programs with vendors. |
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Shipping and handling fees and costs | Shipping and handling fees and costs: Shipping and handling fees billed to customers are included in net sales. Shipping and handling costs associated with outbound freight are included in "Operating expenses" on the Consolidated Statements of Income, which were $139.7 million, $119.1 million and $113.9 million in 2018, 2017 and 2016, respectively. |
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Stock-based compensation | Stock-based compensation: The Company measures the cost of all share-based payments to employees, including grants of employee stock options, using a fair-value-based method. Compensation costs are determined based on the fair value at the grant date and amortized over the respective vesting period representing the requisite service period. The Company accounts for forfeitures of share-based payments as they occur. |
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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 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, Post-Retirement Benefits and Other Benefits" for pension related amounts reclassified into net income. Investments in several subsidiaries are recorded in currencies other than the 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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Income taxes | Income taxes: Deferred taxes are recognized for the future tax effects of temporary differences between financial and income tax reporting based upon enacted tax laws and rates. The Company maintains valuation allowances to reduce deferred tax assets if it is more likely than not that some portion or all of the deferred tax asset will not be realized based on available evidence. Anixter recognizes the benefit of tax positions when a benefit is more likely than not (i.e., greater than 50% likely) to be sustained on its technical merits. Recognized tax benefits are measured at the largest amount that is more likely than not to be sustained, based on cumulative probability, in final settlement of the position. |
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Net income per share | Net income per share: Diluted net income per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. The Company had 0.3 million, 0.4 million, and 0.2 million in 2018, 2017 and 2016, respectively, of additional shares related to stock options and stock units included in the computation of diluted earnings per share because the effect of those common stock equivalents were dilutive during these periods. Antidilutive stock options and units are excluded from the calculation of weighted-average shares for diluted earnings per share. For 2018, 2017 and 2016, the antidilutive stock options and units were immaterial. |
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Recently issued and adopted accounting pronouncements | Recently issued and adopted accounting pronouncements: In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers, and issued subsequent amendments to the initial guidance in August 2015, March 2016, April 2016, May 2016 and December 2016 within ASU 2015-14, ASU 2016-08, ASU 2016-10, ASU 2016-12 and ASU 2016-20, respectively. The core principle of this new revenue recognition guidance is that a company will recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The new guidance defines a five-step process to achieve this core principle. The new guidance also requires more detailed disclosures to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new guidance provides for two transition methods, a full retrospective approach and a modified retrospective approach. Anixter adopted the new revenue recognition guidance on December 30, 2017 utilizing the modified retrospective method of adoption for contracts not completed at the adoption date, and determined there were no changes required to its reported revenues as a result of the adoption. The Company has enhanced its disclosures of revenue to comply with the new guidance. In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business, which adds guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The standard was effective for Anixter's financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company adopted this standard effective the first quarter of fiscal year 2018. The result of this adoption did not have a material impact on the Consolidated Financial Statements. In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which changes how employers that sponsor defined benefit pension or other postretirement benefit plans present the net periodic benefit cost in the income statement. The new guidance requires entities to report the service cost component in the same line item as other compensation costs. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component outside of income from operations. The standard was effective for Anixter's financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Upon adoption, ASU 2017-07 required changes to the presentation of the income statement to be applied retrospectively. The Company adopted this standard effective the first quarter of fiscal year 2018. Service costs are recognized within "Operating expenses" in the Consolidated Statements of Comprehensive Income. All other components of net benefit costs are recorded in "Other, net" in the Company's Consolidated Statements of Comprehensive Income. The result of this adoption did not have a material impact on the Consolidated Financial Statements. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation: Scope of Modification Accounting, which clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award changes as a result of the change in terms or conditions. ASU 2017-09 was applied prospectively to awards modified on or after the adoption date. The standard was effective for Anixter’s financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company adopted this standard effective the first quarter of fiscal year 2018. The result of this adoption did not have a material impact on the Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software: Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract, which will align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. 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 fourth quarter of fiscal year 2018 and applied the standard on a prospective basis. |
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Recently issued accounting pronouncements not yet adopted | Recently issued accounting pronouncements not yet adopted: In February 2016, the FASB issued 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 will adopt the standard in the first quarter of 2019 using this optional transition method. The Company’s cross-functional implementation team is currently migrating lease data to a new lease accounting information system and implementing new processes. Upon adoption the Company plans to elect (1) the package of practical expedients, which allows it to carry forward historical lease classification, (2) the practical expedient to not separate non-lease components from lease components, and (3) the short-term lease accounting policy election as defined in ASU 2016-02. While the Company has not completed its evaluation of the effects of adoption of this ASU yet, the adoption is expected to result in a material increase in the assets and liabilities recorded on the Consolidated Balance Sheets and additional qualitative and quantitative disclosures as of the effective date and thereafter. The Company does not expect the adoption to have a material impact on its Consolidated Statements of Income. Note 5. "Commitments and Contingencies" includes the undiscounted minimum lease commitments under operating leases at December 28, 2018. 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 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 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. Early adoption is permitted. The Company is currently evaluating the impact of adoption of this ASU on its 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. Early adoption is permitted. The Company is currently evaluating the impact of adoption of this ASU on its 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 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 Consolidated Financial Statements or disclosures. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) |
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Schedule Of Finite And Indefinite Lived Intangible Assets By Major Class | As of December 28, 2018 and December 29, 2017, the Company's intangible asset balances are as follows:
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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 Consolidated Statements of Income:
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ACCRUED EXPENSES (Tables) |
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Schedule of Accrued Liabilities [Table Text Block] | Accrued expenses consisted of the following:
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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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DEBT (Tables) |
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Debt | Debt is summarized below:
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COMMITMENTS AND CONTINGENCIES (Tables) |
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Minimum Lease Commitments Under Operating Leases | Minimum lease commitments under operating leases at December 28, 2018 are as follows:
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INCOME TAXES (Tables) |
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Schedule of Components of Income Tax Expense (Benefit) | Income tax expense was comprised of:
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Schedule of Effective Income Tax Rate Reconciliation | Reconciliations of income tax expense to the statutory corporate federal tax rate of 21% were as follows:
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Schedule of Deferred Tax Assets and Liabilities | Deferred Income Taxes: Significant components of the Company's deferred tax assets (liabilities) included in "Other assets" and "Other liabilities" on the Consolidated Balance Sheets were as follows:
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Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits for fiscal 2016, 2017 and 2018 is as follows:
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PENSION PLANS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 28, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted Average Percentage Of Actual And Target Asset Allocation Table | The Domestic Plans’ and Foreign Plans’ asset mixes as of December 28, 2018 and December 29, 2017 and the asset allocation guidelines for such plans are summarized as follows.
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Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | The following table sets forth the changes and the end of year components of "Accumulated other comprehensive loss" for the defined benefit plans:
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Accumulated Other Comprehensive Income (Loss) for Benefit Plans |
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Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | Amounts in "Accumulated other comprehensive loss" expected to be recognized as components of net period pension cost in 2019 are as follows:
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Reconciliation of Net Funded Status of Pension Plans | The following represents a reconciliation of the funded status of the Company's pension plans for fiscal years 2018 and 2017:
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Components of Net Periodic Benefit Costs | The following represents the funded components of net periodic pension (benefit) cost as reflected in the Company's Consolidated Statements of Income and the weighted-average assumptions used to measure net periodic pension cost for the years ended December 28, 2018, December 29, 2017 and December 30, 2016:
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Weighted-Average Assumptions Used to Measure Net Periodic Benefit Cost |
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Assets Measured at Fair Value on a Recurring Basis | Disclosures concerning assets measured at fair value on a recurring basis at December 28, 2018 and December 29, 2017, which have been categorized under the fair value hierarchy for the Domestic and Foreign Plans by the Company are as follows:
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Change in Level 3 Assets Measured at Fair Value on a Recurring Basis | Changes in Anixter's Level 3 plan assets, which are included in operations, for the year ended December 28, 2018 included:
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Estimated Future Benefit Payments | The Company estimated future benefits payments are as follows at the end of 2018:
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STOCKHOLDERS' EQUITY (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 28, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text Block [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Activity Under the Director and Employee Stock Unit Plans | The following table summarizes the activity under the director and employee stock unit plans:
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Activity Under the Employee Option Plans | The following table summarizes the activity under the employee option plans:
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Changes to the Unvested Shares | The following table summarizes the changes to the non-vested shares:
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BUSINESS SEGMENTS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 28, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment information for 2018, 2017 and 2016 are as follows:
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Schedule Of Segment Operating Income Results Table |
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Revenue from External Customers by Geographic Areas |
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Long-lived Assets 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 from December 30, 2016 to December 28, 2018:
(a) In the second quarter of 2018, the Company completed the acquisition of security businesses in Australia and New Zealand for $150.1 million, including a preliminary net working capital adjustment of $4.6 million. The transaction was financed primarily from borrowings under the revolving lines of credit. The purchase price was preliminarily allocated to $32.6 million of working capital and $60.6 million of intangible assets. Acquisition costs were $2.6 million. The year ended 2018 results include approximately $71.9 million of sales from the acquired entities. The purchase price allocation is pending finalization, and is expected to be completed in early 2019. |
SUMMARIZED FINANCIAL INFORMATION OF ANIXTER INC. (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 28, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 28, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Quarterly Financial Data |
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VALUATION AND QUALIFYING ACCOUNTS AND RESERVES (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 28, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ANIXTER INTERNATIONAL INC. SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS AND RESERVES Years ended December 28, 2018, December 29, 2017 and December 30, 2016
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) shares in Millions, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||
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Dec. 28, 2018
USD ($)
|
Sep. 28, 2018
USD ($)
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[2] |
Jun. 29, 2018
USD ($)
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[3] |
Mar. 30, 2018
USD ($)
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[4] |
Dec. 29, 2017
USD ($)
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Sep. 29, 2017
USD ($)
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[6] |
Jun. 30, 2017
USD ($)
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[7] |
Mar. 31, 2017
USD ($)
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[8] |
Dec. 28, 2018
USD ($)
shares
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Dec. 29, 2017
USD ($)
shares
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Dec. 30, 2016
USD ($)
shares
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Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||||
Fiscal year term | 52 weeks | 52 weeks | 52 weeks | ||||||||||||||||||||||||||||||||
Cash and cash equivalent maturity period maximum | 3 months | ||||||||||||||||||||||||||||||||||
Allowance for doubtful accounts | $ 39.9 | $ 43.8 | $ 39.9 | $ 43.8 | |||||||||||||||||||||||||||||||
Provision for doubtful accounts | 8.5 | 10.0 | $ 20.1 | ||||||||||||||||||||||||||||||||
Inventories | 1,440.4 | 1,238.7 | 1,440.4 | 1,238.7 | |||||||||||||||||||||||||||||||
Inventory valuation reserves | 51.5 | 49.5 | 51.5 | 49.5 | |||||||||||||||||||||||||||||||
Property and equipment | 163.3 | 154.3 | 163.3 | 154.3 | |||||||||||||||||||||||||||||||
Depreciation | 31.7 | 28.2 | 27.9 | ||||||||||||||||||||||||||||||||
Capitalized costs for computer software, net | $ 64.7 | 61.6 | 64.7 | 61.6 | |||||||||||||||||||||||||||||||
Capitalized costs for computer software, amortization | 6.6 | 5.5 | 3.7 | ||||||||||||||||||||||||||||||||
Interest costs capitalized | 0.1 | 0.3 | 0.7 | ||||||||||||||||||||||||||||||||
Impairment of intangible assets | 0.0 | 5.7 | 0.0 | ||||||||||||||||||||||||||||||||
Average amortization of intangible assets | $ 33.5 | ||||||||||||||||||||||||||||||||||
Years of average amortization of intangible assets | 5 years | ||||||||||||||||||||||||||||||||||
Rate of foreign currency denominated accounts not hedged | 100.00% | ||||||||||||||||||||||||||||||||||
Number of products | 600,000 | 600,000 | |||||||||||||||||||||||||||||||||
Reserve for returns and credits provided to customers | $ 35.0 | 35.9 | |||||||||||||||||||||||||||||||||
Deferred revenue, current | $ 17.2 | 9.5 | 17.2 | 9.5 | |||||||||||||||||||||||||||||||
Recognition of deferred revenue | 7.4 | ||||||||||||||||||||||||||||||||||
Advertising and promotion costs | 15.8 | 10.6 | 12.4 | ||||||||||||||||||||||||||||||||
Shipping and handling costs | 1,689.1 | [1] | $ 1,754.9 | $ 1,718.8 | $ 1,579.4 | 1,615.4 | [5] | $ 1,619.2 | $ 1,605.7 | $ 1,516.1 | $ 6,742.2 | $ 6,356.4 | $ 6,074.8 | ||||||||||||||||||||||
Percentage threshold for tax benefit recognized | 50.00% | ||||||||||||||||||||||||||||||||||
Stock options and units | shares | 0.3 | 0.4 | 0.2 | ||||||||||||||||||||||||||||||||
Gross [Member] | |||||||||||||||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||||
Notional amount of foreign currency forward contracts | 96.3 | 246.3 | $ 96.3 | $ 246.3 | |||||||||||||||||||||||||||||||
Net [Member] | |||||||||||||||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||||
Notional amount of foreign currency forward contracts | 75.7 | 125.7 | 75.7 | 125.7 | |||||||||||||||||||||||||||||||
Equipment And Computer Software [Member] | |||||||||||||||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||||
Property and equipment | 125.8 | 115.5 | 125.8 | 115.5 | |||||||||||||||||||||||||||||||
Building and Building Improvements [Member] | |||||||||||||||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||||
Property and equipment | 36.5 | 36.6 | 36.5 | 36.6 | |||||||||||||||||||||||||||||||
Land [Member] | |||||||||||||||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||||
Property and equipment | $ 1.0 | $ 2.2 | $ 1.0 | 2.2 | |||||||||||||||||||||||||||||||
Minimum [Member] | |||||||||||||||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||||
Minimum margin of fair value in excess of carrying value | 30.00% | 30.00% | |||||||||||||||||||||||||||||||||
Number of days between performance obligation satisfaction and payment | 30 days | ||||||||||||||||||||||||||||||||||
Minimum [Member] | Equipment And Computer Software [Member] | |||||||||||||||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||||
Property, plant and equipment, useful life | 2 years | ||||||||||||||||||||||||||||||||||
Maximum [Member] | |||||||||||||||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||||
Number of days between performance obligation satisfaction and payment | 60 days | ||||||||||||||||||||||||||||||||||
Maximum [Member] | Equipment And Computer Software [Member] | |||||||||||||||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||||
Property, plant and equipment, useful life | 20 years | ||||||||||||||||||||||||||||||||||
Maximum [Member] | Building and Building Improvements [Member] | |||||||||||||||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||||
Property, plant and equipment, useful life | 40 years | ||||||||||||||||||||||||||||||||||
Shipping and Handling [Member] | |||||||||||||||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||||
Shipping and handling costs | $ 139.7 | $ 119.1 | $ 113.9 | ||||||||||||||||||||||||||||||||
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Components of Other Net Reflected in Consolidated Statements of Operations (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 28, 2018 |
Dec. 29, 2017 |
Dec. 30, 2016 |
|
Other, net: | |||
Foreign exchange | $ (8.2) | $ (3.4) | $ (10.8) |
Cash surrender value of life insurance policies | (1.3) | 2.4 | 1.2 |
Net periodic pension benefit (expense) | 5.1 | 0.2 | (10.2) |
Loss on extinguishment of debt | (4.6) | 0.0 | 0.0 |
Other | (1.2) | 0.2 | 0.5 |
Total other, net | $ (10.2) | $ (0.6) | $ (19.3) |
ACCRUED EXPENSES - (Details) - USD ($) $ in Millions |
Dec. 28, 2018 |
Dec. 29, 2017 |
---|---|---|
Accrued Expenses [Line Items] | ||
Salaries and fringe benefits | $ 109.7 | $ 110.6 |
Other accrued expenses | 199.3 | 158.6 |
Total accrued expenses | $ 309.0 | $ 269.2 |
RESTRUCTURING CHARGES - Additional Information (Details) - Q2 2018 Restructuring Plan [Member] $ in Millions |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Sep. 28, 2018
USD ($)
|
Jun. 29, 2018
USD ($)
|
Dec. 28, 2018
USD ($)
|
|||
Restructuring Cost and Reserve [Line Items] | |||||
Number of Positions Eliminated | 260 | ||||
Restructuring Reserve | [1] | $ 6.9 | |||
Operating Expense [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | $ 10.1 | ||||
Network and Security Solutions [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | $ 2.1 | ||||
Electrical and Electronic Solutions [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 1.3 | ||||
Utility Power Solutions [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 1.1 | ||||
Corporate [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | $ 0.2 | $ 5.4 | |||
|
DEBT (Detail) - USD ($) $ in Millions |
Dec. 28, 2018 |
Dec. 29, 2017 |
---|---|---|
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,251.8 | $ 1,247.9 |
Unamortized deferred financing costs | (6.0) | (4.7) |
6.00% Senior notes due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 246.9 | 0.0 |
5.50% Senior notes due 2023 [Domain] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 347.4 | 346.8 |
5.125% Senior notes due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 397.4 | 396.5 |
5.625% Senior notes due 2019 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 0.0 | 348.6 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 260.0 | 159.0 |
Other [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 6.1 | $ 1.7 |
DEBT - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 28, 2018 |
Dec. 29, 2017 |
Dec. 30, 2016 |
Oct. 05, 2015 |
|
Line Of Credit Facility Covenant Compliance [Line Items] | ||||
Aggregate annual maturities of debt before accretion of debt discount - 2019 | $ 6.1 | |||
Aggregate annual maturities of debt before accretion of debt discount - 2020 | 0.0 | |||
Aggregate annual maturities of debt before accretion of debt discount - 2021 | 397.4 | |||
Aggregate annual maturities of debt before accretion of debt discount - 2022 | 0.0 | |||
Aggregate annual maturities of debt before accretion of debt discount - 2023 | 607.4 | |||
Aggregate annual maturities of debt before accretion of debt discount - after 2023 | 246.9 | |||
Average borrowings outstanding | $ 1,433.8 | $ 1,404.9 | ||
Weighted average cost of borrowings | 5.30% | 4.80% | ||
Cash paid for interest | $ 73.9 | $ 70.6 | $ 75.7 | |
Revolving credit facility maximum borrowing capacity | $ 750.0 | |||
Short-term debt | 6.1 | 1.7 | ||
Long-term debt | 1,251.8 | 1,247.9 | ||
Long-term debt fair value | 1,260.8 | 1,317.8 | ||
Receivables facility [Member] | ||||
Line Of Credit Facility Covenant Compliance [Line Items] | ||||
Available, committed, unused borrowings | 321.9 | |||
Revolving credit facility maximum borrowing capacity | 600.0 | |||
Inventory asset based revolving credit facility [Member] | ||||
Line Of Credit Facility Covenant Compliance [Line Items] | ||||
Available, committed, unused borrowings | 133.2 | |||
Revolving credit facility maximum borrowing capacity | $ 150.0 | |||
5.625% Senior notes due 2019 | ||||
Line Of Credit Facility Covenant Compliance [Line Items] | ||||
Long-term debt | $ 0.0 | $ 348.6 |
DEBT - Revolving Lines of Credit and Canadian Term Loan (Details) $ in Millions, $ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 28, 2018
USD ($)
|
Dec. 29, 2017
USD ($)
|
Dec. 30, 2016
USD ($)
|
Jan. 01, 2016
USD ($)
|
Oct. 05, 2015
CAD ($)
|
Oct. 05, 2015
USD ($)
|
|
Debt Instrument [Line Items] | ||||||
Revolving credit facility maximum borrowing capacity | $ 750.0 | |||||
Financing costs | $ 6.7 | |||||
Deferred financing costs | $ 2.1 | 5.4 | ||||
Debt related expenses | $ 1.3 | |||||
Repayments of Canadian term loan | 0.0 | $ 100.2 | $ 83.7 | |||
Receivables facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Revolving credit facility maximum borrowing capacity | 600.0 | |||||
Available, committed, unused borrowings | 321.9 | |||||
Inventory asset based revolving credit facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Revolving credit facility maximum borrowing capacity | 150.0 | |||||
Available, committed, unused borrowings | $ 133.2 | |||||
Combined facilities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Undrawn commitment fee rate | 0.25% | |||||
Minimum fixed charge coverage ratio | 1.1 | |||||
Canadian term loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Face amount of debt instrument | $ 225.0 | |||||
Minimum fixed charge coverage ratio | 3.0 | |||||
Long term debt term | 5 years | |||||
Repayments of Canadian term loan | 100.2 | 83.7 | ||||
Write off of deferred debt issuance costs | $ 0.2 | $ 0.5 | ||||
Percent of periodic debt maturity in years 1 and 2 | 5.00% | |||||
Percent of periodic debt maturity in years 3 and 4 | 10.00% | |||||
Percent of periodic debt maturity in year 5 | 70.00% | |||||
Maximum leverage ratio | 4.25 | |||||
Canada, Dollars | Canadian term loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Face amount of debt instrument | $ 300.0 | |||||
Percent of eligible receivables [Member] | Receivables facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Limit on debt instruments available borrowings | 85.00% | |||||
Percent of net orderly liquidation value of appraised eligible domestic inventory [Member] | Inventory asset based revolving credit facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Limit on debt instruments available borrowings | 85.00% | |||||
Percent of book value of appraised eligible domestic inventory [Member] | Inventory asset based revolving credit facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Limit on debt instruments available borrowings | 75.00% | |||||
Percent of net orderly liquidation value of eligible domestic inventory not appraised [Member] | Inventory asset based revolving credit facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Limit on debt instruments available borrowings | 40.00% | |||||
Minimum range impacting basis spread [Member] | Combined facilities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Available, committed, unused borrowings | $ 500.0 | |||||
Maximum range impacting basis spread [Member] | Combined facilities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Available, committed, unused borrowings | $ 500.0 | |||||
Minimum [Member] | Combined facilities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||
Minimum [Member] | Canadian term loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Consolidated leverage ratio | 1.25 | |||||
Minimum [Member] | Impact on acquisitions and restricted payments [Member] | Combined facilities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Available, committed, unused borrowings | $ 131.3 | |||||
Minimum [Member] | Impact on acquisitions and restricted payments with maintenance of a minimum fixed charge coverage ratio [Member] | Combined facilities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Available, committed, unused borrowings | $ 93.8 | |||||
Maximum [Member] | Combined facilities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||
Maximum [Member] | Canadian term loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Consolidated leverage ratio | 3.00 | |||||
Prime Rate [Member] | Minimum [Member] | Canadian term loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.375% | |||||
Prime Rate [Member] | Maximum [Member] | Canadian term loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||
Percentage over Banker's Acceptance Rate [Member] | Minimum [Member] | Canadian term loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.375% | |||||
Percentage over Banker's Acceptance Rate [Member] | Maximum [Member] | Canadian term loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% |
DEBT - Long Term Debt Senior Notes due 2025 (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 28, 2018 |
Dec. 29, 2017 |
Dec. 30, 2016 |
|
Debt Instrument [Line Items] | |||
Payments of deferred financing cost | $ 2.9 | $ 0.0 | $ 0.0 |
6.00% Senior notes due 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Face amount of debt instrument | $ 250.0 | ||
Discount percentage of par value | 98.75% | ||
Unamortized debt discount | $ 3.1 | ||
Payments of deferred financing cost | $ 0.8 | ||
Fixed interest rate percentage on long term debt | 6.00% | ||
Maturity date of debt instrument | Dec. 01, 2025 | ||
Redemption Price Rate On Principal Amount | 100.00% | ||
Redemption Price As Percentage Of Principal Amount In Case Of Change Of Control | 101.00% |
DEBT - Long Term Debt Senior Notes Due 2023 (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 28, 2018 |
Dec. 29, 2017 |
Dec. 30, 2016 |
|
Debt Instrument [Line Items] | |||
Payments of deferred financing cost | $ 2.9 | $ 0.0 | $ 0.0 |
Senior notes due 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Face amount of debt instrument | $ 350.0 | ||
Discount percentage of par value | 98.75% | ||
Unamortized debt discount | $ 4.4 | ||
Payments of deferred financing cost | $ 1.7 | ||
Fixed interest rate percentage on long term debt | 5.50% | ||
Maturity date of debt instrument | Mar. 01, 2023 | ||
Redemption Price Rate On Principal Amount | 100.00% | ||
Redemption Price As Percentage Of Principal Amount In Case Of Change Of Control | 101.00% |
DEBT - Long Term Debt Senior Notes Due 2021 (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 28, 2018 |
Dec. 29, 2017 |
Dec. 30, 2016 |
|
Debt Instrument [Line Items] | |||
Payments of deferred financing cost | $ 2.9 | $ 0.0 | $ 0.0 |
Senior notes due 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Face amount of debt instrument | $ 400.0 | ||
Discount percentage of par value | 98.50% | ||
Unamortized debt discount | $ 6.0 | ||
Proceeds from issuance of debt | 393.1 | ||
Payments of deferred financing cost | $ 0.9 | ||
Fixed interest rate percentage on long term debt | 5.125% | ||
Maturity date of debt instrument | Oct. 01, 2021 | ||
Redemption Price Rate On Principal Amount | 100.00% | ||
Redemption Price As Percentage Of Principal Amount In Case Of Change Of Control | 101.00% |
DEBT - Retirement of Debt (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 28, 2018 |
Dec. 28, 2018 |
Dec. 29, 2017 |
Dec. 30, 2016 |
|
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt | $ (4.6) | $ 0.0 | $ 0.0 | |
Payments of deferred financing cost | $ 2.9 | $ 0.0 | $ 0.0 | |
5.625% Senior notes due 2019 | ||||
Debt Instrument [Line Items] | ||||
Fixed interest rate percentage on long term debt | 5.625% | 5.625% | ||
Face amount of debt instrument | $ 350.0 | $ 350.0 | ||
Discount percentage of par value | 98.25% | 98.25% | ||
Unamortized debt discount | $ 6.1 | $ 6.1 | ||
Proceeds from issuance of debt | 342.9 | |||
Payments of deferred financing cost | $ 1.0 | |||
Maturity date of debt instrument | May 01, 2019 | |||
Payment of make whole premium [Member] | 5.625% Senior notes due 2019 | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt | 3.9 | |||
Write off of discounts and deferred debt issuance costs [Member] | 5.625% Senior notes due 2019 | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt | $ 0.7 |
COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 28, 2018 |
Dec. 29, 2017 |
Dec. 30, 2016 |
|
Commitments and Contingencies Disclosure [Abstract] | |||
Operating leases expiration | various dates through 2038 | ||
Total operating lease rent expense | $ 107.3 | $ 100.9 | $ 97.8 |
Future minimum sublease rentals | 4.7 | ||
Outstanding letters of credit and guarantees | $ 75.2 |
COMMITMENTS AND CONTINGENCIES - Minimum Lease Commitments Under Operating Leases (Details) $ in Millions |
Dec. 28, 2018
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Minimum lease commitments under operating leases - 2019 | $ 77.6 |
Minimum lease commitments under operating leases - 2020 | 59.9 |
Minimum lease commitments under operating leases - 2021 | 44.9 |
Minimum lease commitments under operating leases - 2022 | 40.0 |
Minimum lease commitments under operating leases - 2023 | 28.4 |
Minimum lease commitments under operating leases - 2024 and thereafter | 87.3 |
Total minimum lease commitments under operating leases | $ 338.1 |
INCOME TAXES - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Dec. 28, 2018 |
Dec. 29, 2017 |
Dec. 28, 2018 |
Dec. 29, 2017 |
Dec. 30, 2016 |
Jan. 01, 2016 |
|
Schedule Of Income Taxes [Line Items] | ||||||
Domestic income before income taxes | $ 167.8 | $ 178.1 | $ 162.4 | |||
Foreign income before income taxes | $ 55.4 | 59.5 | 35.1 | |||
Statutory corporate federal tax rate | 21.00% | |||||
Reduced U.S. Corporate Tax Rate | 21.00% | |||||
Adjustment to net deferred tax liabilities resulting from the newly enacted corporate tax rate | $ 0.7 | $ (14.4) | ||||
Deemed repatriation impact from newly enacted tax act | 47.2 | 50.0 | ||||
Cash paid for taxes | $ 88.4 | $ 76.4 | 63.4 | |||
Undistributed earnings of foreign subsidiaries | 784.1 | 784.1 | ||||
Foreign repatriation tax payment period | 8 years | |||||
Interest and penalties accrued for unrecognized tax benefits | 0.2 | $ 0.2 | 0.2 | |||
Unrecognized tax benefits | 4.7 | $ 4.7 | 4.7 | $ 4.7 | $ 5.0 | $ 5.3 |
Unrecognized tax benefits that would impact effective tax rate within next twelve months | 0.3 | 0.3 | ||||
Reserves for uncertain tax positions including interest and penalties | 6.1 | 6.1 | ||||
Foreign Tax Authority [Member] | ||||||
Schedule Of Income Taxes [Line Items] | ||||||
Operating loss carryforwards | 96.2 | 96.2 | ||||
Tax credit carryforward | 50.2 | 50.2 | ||||
Undistributed foreign earnings deferred tax liabilities | 38.4 | 38.4 | ||||
Indefinite Period [Member] | Foreign Tax Authority [Member] | ||||||
Schedule Of Income Taxes [Line Items] | ||||||
Operating loss carryforwards | $ 76.7 | $ 76.7 | ||||
Minimum [Member] | ||||||
Schedule Of Income Taxes [Line Items] | ||||||
Operating loss carryforwards expiration date | Jan. 01, 2019 | |||||
Maximum [Member] | ||||||
Schedule Of Income Taxes [Line Items] | ||||||
Operating loss carryforwards expiration date | Dec. 31, 2030 |
INCOME TAXES - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 28, 2018 |
Dec. 29, 2017 |
Dec. 30, 2016 |
|
Current: | |||
Foreign | $ 24.2 | $ 21.7 | $ 18.5 |
State | 9.4 | 8.3 | 7.0 |
Federal | 34.2 | 99.4 | 50.2 |
Current income tax expense | 67.8 | 129.4 | 75.7 |
Deferred: | |||
Foreign | (2.5) | 0.2 | (2.8) |
State | 0.2 | 2.0 | 0.2 |
Federal | 1.4 | (3.0) | 3.3 |
Deferred income taxes | (0.9) | (0.8) | 0.7 |
Income tax expense | $ 66.9 | $ 128.6 | $ 76.4 |
INCOME TAXES - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 28, 2018 |
Dec. 29, 2017 |
Dec. 30, 2016 |
|
Income Tax Disclosure [Abstract] | |||
Statutory tax expense | $ 46.9 | $ 83.2 | $ 69.1 |
Increase (reduction) in income taxes resulting from: | |||
State income taxes, net | 7.9 | 4.4 | 4.5 |
Foreign tax effects | 11.9 | 2.0 | 1.8 |
Change in valuation allowance | (0.6) | (0.3) | 1.6 |
Impact of tax legislation | (2.1) | 35.6 | 0.0 |
Other, net | 2.9 | 3.7 | (0.6) |
Income tax expense | $ 66.9 | $ 128.6 | $ 76.4 |
INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions |
Dec. 28, 2018 |
Dec. 29, 2017 |
---|---|---|
Income Tax Disclosure [Abstract] | ||
Deferred compensation and other postretirement benefits | $ 36.0 | $ 31.1 |
Foreign NOL carryforwards and other | 28.1 | 29.4 |
Accrued expenses and other | 10.0 | 8.3 |
Inventory reserves | 8.5 | 9.9 |
Unrealized foreign exchange | 2.7 | 0.0 |
Allowance for doubtful accounts | 7.9 | 8.7 |
Federal and state credits | 50.6 | 52.9 |
Gross deferred tax assets | 143.8 | 140.3 |
Property, equipment, intangibles and other | (90.1) | (75.1) |
Deferred tax assets, net of deferred tax liabilities | 53.7 | 65.2 |
Valuation Allowance | (79.1) | (79.9) |
Net deferred tax liabilities | $ (25.4) | $ (14.7) |
INCOME TAXES - Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 28, 2018 |
Dec. 29, 2017 |
Dec. 30, 2016 |
|
Income Tax Disclosure [Abstract] | |||
Beginning balance | $ 4.7 | $ 5.0 | $ 5.3 |
Additions for tax positions of prior years | 0.6 | 0.4 | |
Reductions for tax positions of prior years | (0.6) | (0.3) | (0.7) |
Ending balance | $ 4.7 | $ 4.7 | $ 5.0 |
PENSION PLANS - Additional Information (Details) £ in Millions, $ in Millions |
3 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Dec. 29, 2017
USD ($)
|
Dec. 30, 2016
USD ($)
|
Dec. 28, 2018
USD ($)
Plans
|
Dec. 29, 2017
USD ($)
Plans
|
Dec. 30, 2016
USD ($)
|
Jul. 01, 2016
USD ($)
|
Jul. 01, 2016
GBP (£)
|
|
Defined Benefit Plan Disclosure [Line Items] | |||||||
Consolidated weighted-average discount rate | 3.26% | 3.59% | 3.26% | ||||
Projected benefit obligation | $ 533.4 | $ 481.8 | $ 504.1 | $ 533.4 | $ 481.8 | ||
Net unfunded status | (43.5) | $ (55.2) | $ (43.5) | ||||
Weighted-average expected long-term rate of return on plan assets | 5.63% | ||||||
Plan assets actual gain (loss) Percentage | (4.20%) | 13.30% | |||||
Plan assets at fair value | 489.9 | 412.7 | $ 448.9 | $ 489.9 | 412.7 | ||
Company contributions to plan assets | 11.3 | 10.5 | 7.4 | 27.4 | |||
Purchase of annuity | (0.5) | 0.0 | |||||
Accumulated other comprehensive loss before tax | 112.2 | 119.2 | $ 126.7 | 112.2 | 119.2 | ||
Participants years of service required to receive credit equal to 2.5% | 5 years | ||||||
Period of service required to get fully vested in hypothetical personal retirement account balance | 3 years | ||||||
Mortality improvement projection assumption | 80.00% | ||||||
Change in assumption of mortality rate | $ (2.8) | (1.6) | |||||
Change in assumption due to experience study | $ (0.1) | ||||||
Number of plans with accumulated benefit obligations in excess of fair value of plan assets | Plans | 10 | 9 | |||||
Aggregate accumulated benefit obligation for pension plans with accumulated benefit obligations in excess of plan assets | 170.1 | $ 220.3 | $ 170.1 | ||||
Aggregate fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets | 129.2 | 179.0 | 129.2 | ||||
Expected future benefit payments in next twelve months | $ 15.5 | ||||||
Minimum period of service required to get enrolled In tax deferred plan | 60 days | ||||||
Percentage of match on defined contribution by participants | 50.00% | ||||||
Maximum annual contributions per employee eligible for match | 5.00% | ||||||
Defined contribution plan expense | $ 13.8 | 13.3 | 12.2 | ||||
Treasury note rate term | 10 years | ||||||
Number of previous month of ten year treasury note rate used to calculate average rate for interest accrual | 3 months | ||||||
Interests accrual factor | 1.4 | ||||||
Current deferred compensation liability | 3.8 | $ 3.4 | 3.8 | ||||
Noncurrent deferred compensation liability | 41.1 | 42.0 | 41.1 | ||||
Cash surrender value of life insurance | 38.3 | 37.0 | 38.3 | ||||
Other Pension Plan [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Accumulated other comprehensive loss before tax | $ (9.6) | £ (6.9) | |||||
Expected future benefit payments in next twelve months | $ 1.2 | ||||||
Minimum [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined contribution discretionary contribution percentage | 2.00% | ||||||
Maximum [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined contribution discretionary contribution percentage | 2.50% | ||||||
Domestic Plan [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Projected benefit obligation | 275.8 | 258.8 | $ 261.5 | 275.8 | 258.8 | ||
Net unfunded status | 5.0 | (1.1) | 5.0 | ||||
Plan assets at fair value | 280.8 | 238.3 | 260.4 | 280.8 | 238.3 | ||
Company contributions to plan assets | 0.0 | 20.3 | |||||
Purchase of annuity | (11.3) | (10.5) | 0.0 | 0.0 | |||
Accumulated benefit obligation | 273.1 | 258.2 | 273.1 | ||||
Expected future benefit payments in next twelve months | 10.3 | ||||||
Foreign Plan [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Projected benefit obligation | 257.6 | 223.0 | 242.6 | 257.6 | 223.0 | ||
Net unfunded status | (48.5) | (54.1) | (48.5) | ||||
Plan assets at fair value | 209.1 | $ 174.4 | 188.5 | 209.1 | $ 174.4 | ||
Company contributions to plan assets | 7.4 | 7.1 | |||||
Purchase of annuity | (0.5) | 0.0 | |||||
Accumulated benefit obligation | $ 225.5 | 212.6 | $ 225.5 | ||||
Estimated future employer contributions in next fiscal year | 6.8 | ||||||
Expected future benefit payments in next twelve months | $ 5.2 |
PENSION PLANS - Weighted Average Percentage of Actual and Target Asset Allocation (Details) |
Dec. 28, 2018 |
Dec. 29, 2017 |
---|---|---|
Domestic Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual plan asset allocations | 100.00% | 100.00% |
Target plan asset allocations | 100.00% | 100.00% |
Domestic Plan [Member] | Global equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual plan asset allocations | 40.10% | |
Target plan asset allocations | 46.00% | |
Domestic Plan [Member] | Domestic treasuries | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual plan asset allocations | 15.60% | |
Target plan asset allocations | 12.00% | |
Domestic Plan [Member] | Corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual plan asset allocations | 16.30% | |
Target plan asset allocations | 17.00% | |
Domestic Plan [Member] | Other debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual plan asset allocations | 14.50% | |
Target plan asset allocations | 14.00% | |
Domestic Plan [Member] | Debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual plan asset allocations | 46.40% | 33.42% |
Target plan asset allocations | 43.00% | 38.00% |
Domestic Plan [Member] | Property/real estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual plan asset allocations | 12.60% | |
Target plan asset allocations | 10.00% | |
Domestic Plan [Member] | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual plan asset allocations | 0.90% | 2.90% |
Target plan asset allocations | 1.00% | 0.00% |
Domestic Plan [Member] | Domestic equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual plan asset allocations | 51.90% | |
Target plan asset allocations | 52.00% | |
Domestic Plan [Member] | International equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual plan asset allocations | 11.80% | |
Target plan asset allocations | 10.00% | |
Domestic Plan [Member] | Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual plan asset allocations | 63.70% | |
Target plan asset allocations | 62.00% | |
Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual plan asset allocations | 100.00% | 100.00% |
Target plan asset allocations | 100.00% | |
Foreign Plan [Member] | Debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual plan asset allocations | 30.00% | 29.00% |
Target plan asset allocations | 30.00% | |
Foreign Plan [Member] | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual plan asset allocations | 10.00% | 9.00% |
Target plan asset allocations | 10.00% | |
Foreign Plan [Member] | Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual plan asset allocations | 60.00% | 62.00% |
Target plan asset allocations | 60.00% | |
Minimum [Member] | Domestic Plan [Member] | Global equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations | 37.00% | |
Minimum [Member] | Domestic Plan [Member] | Domestic treasuries | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations | 0.00% | |
Minimum [Member] | Domestic Plan [Member] | Corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations | 0.00% | |
Minimum [Member] | Domestic Plan [Member] | Other debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations | 9.00% | |
Minimum [Member] | Domestic Plan [Member] | Debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations | 9.00% | 31.00% |
Minimum [Member] | Domestic Plan [Member] | Property/real estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations | 0.00% | |
Minimum [Member] | Domestic Plan [Member] | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations | 0.00% | 0.00% |
Minimum [Member] | Domestic Plan [Member] | Domestic equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations | 37.00% | |
Minimum [Member] | Domestic Plan [Member] | International equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations | 5.00% | |
Maximum [Member] | Domestic Plan [Member] | Global equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations | 66.00% | |
Maximum [Member] | Domestic Plan [Member] | Domestic treasuries | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations | 34.00% | |
Maximum [Member] | Domestic Plan [Member] | Corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations | 34.00% | |
Maximum [Member] | Domestic Plan [Member] | Other debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations | 19.00% | |
Maximum [Member] | Domestic Plan [Member] | Debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations | 87.00% | 45.00% |
Maximum [Member] | Domestic Plan [Member] | Property/real estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations | 19.00% | |
Maximum [Member] | Domestic Plan [Member] | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations | 5.00% | 10.00% |
Maximum [Member] | Domestic Plan [Member] | Domestic equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations | 67.00% | |
Maximum [Member] | Domestic Plan [Member] | International equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations | 15.00% |
PENSION PLANS - Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 28, 2018 |
Dec. 29, 2017 |
|
Defined Benefit Plan Disclosure [Line Items] | ||
Beginning balance | $ 112.2 | $ 119.2 |
Recognized prior service cost | 4.0 | 4.0 |
Recognized net actuarial gain | (7.5) | (9.6) |
Prior service cost arising in current year | 0.4 | 4.2 |
Net actuarial loss (gain) arising in current year | 21.8 | (5.6) |
Other | (4.2) | 0.0 |
Ending balance | $ 126.7 | $ 112.2 |
PENSION PLANS - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
Dec. 28, 2018 |
Dec. 29, 2017 |
Dec. 30, 2016 |
---|---|---|---|
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service credit | $ (12.8) | $ (17.3) | |
Net actuarial loss | 139.5 | 129.5 | |
Accumulated other comprehensive loss before tax | $ 126.7 | $ 112.2 | $ 119.2 |
PENSION PLANS - Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year (Details) $ in Millions |
Dec. 28, 2018
USD ($)
|
---|---|
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of prior service credit | $ (3.8) |
Amortization of actuarial loss | 8.3 |
Total amortization expected | $ 4.5 |
PENSION PLANS - Reconcilation of Net Funded Status of Pension Plans (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Dec. 29, 2017 |
Dec. 30, 2016 |
Dec. 28, 2018 |
Dec. 29, 2017 |
Dec. 30, 2016 |
Dec. 28, 2018 |
Dec. 29, 2017 |
|
Change in projected benefit obligation: | |||||||
Beginning balance | $ 533.4 | $ 481.8 | |||||
Service cost | 9.4 | 9.2 | |||||
Interest cost | 17.1 | 18.0 | |||||
Actuarial (gain) loss | (23.9) | 31.0 | |||||
Benefits paid from plan assets | (15.5) | (14.2) | |||||
Benefits paid from company assets | (0.8) | (1.0) | |||||
Plan amendment | 0.5 | 0.0 | |||||
Settlement | (0.5) | 0.0 | |||||
Plan participants contributions | 0.1 | 0.1 | |||||
Foreign currency exchange rate changes | (15.7) | 21.2 | |||||
Impact due to annuity purchase | 0.0 | (12.7) | |||||
Ending balance | $ 533.4 | $ 481.8 | 504.1 | 533.4 | $ 481.8 | ||
Change in plan assets at fair value: | |||||||
Beginning balance | 489.9 | 412.7 | |||||
Actual return on plan assets | (19.9) | 59.9 | |||||
Company contributions to plan assets | 11.3 | 10.5 | 7.4 | 27.4 | |||
Benefits paid from plan assets | (15.5) | (14.2) | |||||
Settlement | (0.5) | 0.0 | |||||
Plan participants contributions | 0.1 | 0.1 | |||||
Foreign currency exchange rate changes | (12.6) | 16.7 | |||||
Ending balance | 489.9 | 412.7 | 448.9 | 489.9 | 412.7 | ||
Reconciliation of funded status: | |||||||
Projected benefit obligation | 533.4 | 481.8 | 533.4 | 481.8 | 481.8 | $ 504.1 | $ 533.4 |
Plan assets at fair value | 489.9 | 412.7 | 489.9 | 412.7 | 412.7 | 448.9 | 489.9 |
Funded status | (55.2) | (43.5) | |||||
Accrued benefit cost related to two non-qualified plans | 16.5 | 17.7 | |||||
Noncurrent asset | 15.6 | 22.8 | |||||
Current liability | (1.2) | (0.8) | |||||
Noncurrent liability | (69.6) | (65.5) | |||||
Funded status | $ (55.2) | $ (43.5) | |||||
Weighted average assumptions used for measurement of the projected benefit obligation | |||||||
Discount rate | 3.59% | 3.26% | |||||
Domestic Plan [Member] | |||||||
Change in projected benefit obligation: | |||||||
Beginning balance | 275.8 | 258.8 | |||||
Service cost | 3.5 | 3.3 | |||||
Interest cost | 10.3 | 11.1 | 11.5 | ||||
Actuarial (gain) loss | (19.9) | 22.4 | |||||
Benefits paid from plan assets | (7.4) | (7.5) | |||||
Benefits paid from company assets | (0.8) | (1.0) | |||||
Plan amendment | 0.0 | 0.0 | |||||
Settlement | 0.0 | 0.0 | |||||
Plan participants contributions | 0.0 | 0.0 | |||||
Foreign currency exchange rate changes | 0.0 | 0.0 | |||||
Impact due to annuity purchase | 0.0 | (11.3) | |||||
Ending balance | 275.8 | 258.8 | 261.5 | 275.8 | 258.8 | ||
Change in plan assets at fair value: | |||||||
Beginning balance | 280.8 | 238.3 | |||||
Actual return on plan assets | (13.0) | 41.0 | |||||
Company contributions to plan assets | 0.0 | 20.3 | |||||
Benefits paid from plan assets | (7.4) | (7.5) | |||||
Settlement | (11.3) | (10.5) | 0.0 | 0.0 | |||
Plan participants contributions | 0.0 | 0.0 | |||||
Foreign currency exchange rate changes | 0.0 | 0.0 | |||||
Ending balance | 280.8 | 238.3 | 260.4 | 280.8 | 238.3 | ||
Reconciliation of funded status: | |||||||
Projected benefit obligation | 275.8 | 258.8 | 275.8 | 258.8 | 258.8 | $ 261.5 | $ 275.8 |
Plan assets at fair value | 280.8 | 238.3 | 280.8 | 238.3 | 238.3 | 260.4 | 280.8 |
Funded status | (1.1) | 5.0 | |||||
Noncurrent asset | 15.4 | 22.6 | |||||
Current liability | (1.2) | (0.8) | |||||
Noncurrent liability | (15.3) | (16.8) | |||||
Funded status | (1.1) | 5.0 | |||||
Foreign Plan [Member] | |||||||
Change in projected benefit obligation: | |||||||
Beginning balance | 257.6 | 223.0 | |||||
Service cost | 5.9 | 5.9 | |||||
Interest cost | 6.8 | 6.9 | 7.8 | ||||
Actuarial (gain) loss | (4.0) | 8.6 | |||||
Benefits paid from plan assets | (8.1) | (6.7) | |||||
Benefits paid from company assets | 0.0 | 0.0 | |||||
Plan amendment | 0.5 | 0.0 | |||||
Settlement | (0.5) | 0.0 | |||||
Plan participants contributions | 0.1 | 0.1 | |||||
Foreign currency exchange rate changes | (15.7) | 21.2 | |||||
Impact due to annuity purchase | 0.0 | (1.4) | |||||
Ending balance | 257.6 | 223.0 | 242.6 | 257.6 | 223.0 | ||
Change in plan assets at fair value: | |||||||
Beginning balance | 209.1 | 174.4 | |||||
Actual return on plan assets | (6.9) | 18.9 | |||||
Company contributions to plan assets | 7.4 | 7.1 | |||||
Benefits paid from plan assets | (8.1) | (6.7) | |||||
Settlement | (0.5) | 0.0 | |||||
Plan participants contributions | 0.1 | 0.1 | |||||
Foreign currency exchange rate changes | (12.6) | 16.7 | |||||
Ending balance | 209.1 | 174.4 | 188.5 | 209.1 | 174.4 | ||
Reconciliation of funded status: | |||||||
Projected benefit obligation | 257.6 | 223.0 | 257.6 | 223.0 | 223.0 | 242.6 | 257.6 |
Plan assets at fair value | $ 209.1 | $ 174.4 | $ 209.1 | $ 174.4 | $ 174.4 | 188.5 | 209.1 |
Funded status | (54.1) | (48.5) | |||||
Noncurrent asset | 0.2 | 0.2 | |||||
Current liability | 0.0 | 0.0 | |||||
Noncurrent liability | (54.3) | (48.7) | |||||
Funded status | $ (54.1) | $ (48.5) | |||||
Projected Benefit Obligation [Member] | |||||||
Weighted average assumptions used for measurement of the projected benefit obligation | |||||||
Discount rate | 3.59% | 3.26% | |||||
Salary growth rate | 3.51% | 3.36% | |||||
Projected Benefit Obligation [Member] | Domestic Plan [Member] | |||||||
Weighted average assumptions used for measurement of the projected benefit obligation | |||||||
Discount rate | 4.28% | 3.78% | |||||
Salary growth rate | 3.75% | 3.76% | |||||
Projected Benefit Obligation [Member] | Foreign Plan [Member] | |||||||
Weighted average assumptions used for measurement of the projected benefit obligation | |||||||
Discount rate | 2.84% | 2.70% | |||||
Salary growth rate | 3.26% | 3.04% |
PENSION PLANS - Components of Net Periodic Cost (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 28, 2018 |
Dec. 29, 2017 |
Dec. 30, 2016 |
|
Components of net periodic pension (benefit) cost: | |||
Interest cost | $ 17.1 | $ 18.0 | |
Total recorded in other, net | (5.1) | (0.2) | $ 10.2 |
Net periodic pension (benefit) cost | 4.3 | 10.5 | 20.8 |
Continuing Operations [Member] | |||
Components of net periodic pension (benefit) cost: | |||
Service cost | 9.4 | 10.6 | 10.6 |
Interest cost | 17.1 | 18.0 | 19.3 |
Expected return on plan assets | (25.8) | (23.7) | (23.6) |
Net amortization | 3.5 | 5.5 | 4.9 |
Settlement charge | 0.1 | 0.0 | 9.6 |
Net periodic pension (benefit) cost | 4.3 | 10.4 | 20.8 |
Domestic Plan [Member] | |||
Components of net periodic pension (benefit) cost: | |||
Service cost | 3.5 | 4.7 | 4.7 |
Interest cost | 10.3 | 11.1 | 11.5 |
Expected return on plan assets | (16.0) | (14.9) | (14.2) |
Net amortization | 0.6 | 2.5 | 2.4 |
Settlement charge | 0.0 | 0.0 | 0.0 |
Total recorded in other, net | (5.1) | (1.3) | (0.3) |
Net periodic pension (benefit) cost | (1.6) | 3.4 | 4.4 |
Foreign Plan [Member] | |||
Components of net periodic pension (benefit) cost: | |||
Service cost | 5.9 | 5.9 | 5.9 |
Interest cost | 6.8 | 6.9 | 7.8 |
Expected return on plan assets | (9.8) | (8.8) | (9.4) |
Net amortization | 2.9 | 3.0 | 2.5 |
Settlement charge | 0.1 | 0.0 | 9.6 |
Total recorded in other, net | 0.0 | 1.1 | 10.5 |
Net periodic pension (benefit) cost | $ 5.9 | $ 7.0 | $ 16.4 |
PENSION PLANS - Weighted-Average Assumptions Used to Measure Net Periodic Benefit Costs (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 28, 2018 |
Dec. 29, 2017 |
Dec. 30, 2016 |
|
Defined Benefit Plan Disclosure [Line Items] | |||
Expected return on plan assets | 5.63% | ||
Net Periodic Pension (Benefit) Cost [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate | 3.26% | 3.73% | 3.98% |
Expected return on plan assets | 5.63% | 5.59% | 5.50% |
Salary growth rate | 3.36% | 3.73% | 3.75% |
Domestic Plan [Member] | Net Periodic Pension (Benefit) Cost [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate | 3.78% | 4.36% | 4.65% |
Expected return on plan assets | 6.25% | 6.25% | 6.50% |
Salary growth rate | 3.76% | 4.63% | 4.60% |
Foreign Plan [Member] | Net Periodic Pension (Benefit) Cost [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate | 2.70% | 2.99% | 3.35% |
Expected return on plan assets | 4.81% | 4.79% | 4.54% |
Salary growth rate | 3.04% | 3.01% | 3.08% |
PENSION PLANS - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions |
Dec. 28, 2018 |
Dec. 29, 2017 |
Dec. 30, 2016 |
---|---|---|---|
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | $ 448.9 | $ 489.9 | $ 412.7 |
Domestic equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 44.1 | 196.7 | |
International equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 68.2 | 111.4 | |
Global equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 104.3 | ||
Domestic treasuries | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 84.7 | 52.4 | |
Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 54.7 | 101.3 | |
Other debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 38.0 | ||
Property/real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 33.0 | ||
Insurance products | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 18.6 | 19.1 | |
Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 3.3 | 9.0 | |
Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 260.4 | 280.8 | 238.3 |
Domestic Plan [Member] | Domestic equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 145.6 | |
Domestic Plan [Member] | International equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 33.2 | |
Domestic Plan [Member] | Global equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 104.3 | ||
Domestic Plan [Member] | Domestic treasuries | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 40.5 | 4.4 | |
Domestic Plan [Member] | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 42.4 | 89.5 | |
Domestic Plan [Member] | Other debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 38.0 | ||
Domestic Plan [Member] | Property/real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 32.7 | ||
Domestic Plan [Member] | Insurance products | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 0.0 | |
Domestic Plan [Member] | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 2.5 | 8.1 | |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 188.5 | 209.1 | $ 174.4 |
Foreign Plan [Member] | Domestic equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 44.1 | 51.1 | |
Foreign Plan [Member] | International equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 68.2 | 78.2 | |
Foreign Plan [Member] | Global equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | ||
Foreign Plan [Member] | Domestic treasuries | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 44.2 | 48.0 | |
Foreign Plan [Member] | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 12.3 | 11.8 | |
Foreign Plan [Member] | Other debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | ||
Foreign Plan [Member] | Property/real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.3 | ||
Foreign Plan [Member] | Insurance products | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 18.6 | 19.1 | |
Foreign Plan [Member] | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.8 | 0.9 | |
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 3.3 | 187.6 | |
Level 1 [Member] | Domestic equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 145.6 | |
Level 1 [Member] | International equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 33.2 | |
Level 1 [Member] | Global equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | ||
Level 1 [Member] | Domestic treasuries | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 0.4 | |
Level 1 [Member] | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 0.0 | |
Level 1 [Member] | Other debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | ||
Level 1 [Member] | Property/real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | ||
Level 1 [Member] | Insurance products | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 0.0 | |
Level 1 [Member] | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 3.3 | 8.4 | |
Level 1 [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 2.5 | 187.3 | |
Level 1 [Member] | Domestic Plan [Member] | Domestic equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 145.6 | |
Level 1 [Member] | Domestic Plan [Member] | International equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 33.2 | |
Level 1 [Member] | Domestic Plan [Member] | Global equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | ||
Level 1 [Member] | Domestic Plan [Member] | Domestic treasuries | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 0.4 | |
Level 1 [Member] | Domestic Plan [Member] | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 0.0 | |
Level 1 [Member] | Domestic Plan [Member] | Other debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | ||
Level 1 [Member] | Domestic Plan [Member] | Property/real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | ||
Level 1 [Member] | Domestic Plan [Member] | Insurance products | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 0.0 | |
Level 1 [Member] | Domestic Plan [Member] | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 2.5 | 8.1 | |
Level 1 [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.8 | 0.3 | |
Level 1 [Member] | Foreign Plan [Member] | Domestic equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 0.0 | |
Level 1 [Member] | Foreign Plan [Member] | International equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 0.0 | |
Level 1 [Member] | Foreign Plan [Member] | Global equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | ||
Level 1 [Member] | Foreign Plan [Member] | Domestic treasuries | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 0.0 | |
Level 1 [Member] | Foreign Plan [Member] | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 0.0 | |
Level 1 [Member] | Foreign Plan [Member] | Other debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | ||
Level 1 [Member] | Foreign Plan [Member] | Property/real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | ||
Level 1 [Member] | Foreign Plan [Member] | Insurance products | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 0.0 | |
Level 1 [Member] | Foreign Plan [Member] | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.8 | 0.3 | |
Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 412.9 | 302.3 | |
Level 2 [Member] | Domestic equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 44.1 | 51.1 | |
Level 2 [Member] | International equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 68.2 | 78.2 | |
Level 2 [Member] | Global equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 104.3 | ||
Level 2 [Member] | Domestic treasuries | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 84.7 | 52.0 | |
Level 2 [Member] | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 54.7 | 101.3 | |
Level 2 [Member] | Other debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 38.0 | ||
Level 2 [Member] | Property/real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.3 | ||
Level 2 [Member] | Insurance products | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 18.6 | 19.1 | |
Level 2 [Member] | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 0.6 | |
Level 2 [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 225.2 | 93.5 | |
Level 2 [Member] | Domestic Plan [Member] | Domestic equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 0.0 | |
Level 2 [Member] | Domestic Plan [Member] | International equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 0.0 | |
Level 2 [Member] | Domestic Plan [Member] | Global equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 104.3 | ||
Level 2 [Member] | Domestic Plan [Member] | Domestic treasuries | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 40.5 | 4.0 | |
Level 2 [Member] | Domestic Plan [Member] | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 42.4 | 89.5 | |
Level 2 [Member] | Domestic Plan [Member] | Other debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 38.0 | ||
Level 2 [Member] | Domestic Plan [Member] | Property/real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | ||
Level 2 [Member] | Domestic Plan [Member] | Insurance products | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 0.0 | |
Level 2 [Member] | Domestic Plan [Member] | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 0.0 | |
Level 2 [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 187.7 | 208.8 | |
Level 2 [Member] | Foreign Plan [Member] | Domestic equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 44.1 | 51.1 | |
Level 2 [Member] | Foreign Plan [Member] | International equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 68.2 | 78.2 | |
Level 2 [Member] | Foreign Plan [Member] | Global equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | ||
Level 2 [Member] | Foreign Plan [Member] | Domestic treasuries | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 44.2 | 48.0 | |
Level 2 [Member] | Foreign Plan [Member] | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 12.3 | 11.8 | |
Level 2 [Member] | Foreign Plan [Member] | Other debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | ||
Level 2 [Member] | Foreign Plan [Member] | Property/real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.3 | ||
Level 2 [Member] | Foreign Plan [Member] | Insurance products | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 18.6 | 19.1 | |
Level 2 [Member] | Foreign Plan [Member] | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 0.6 | |
Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 32.7 | 0.0 | |
Level 3 [Member] | Domestic equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 0.0 | |
Level 3 [Member] | International equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 0.0 | |
Level 3 [Member] | Global equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | ||
Level 3 [Member] | Domestic treasuries | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 0.0 | |
Level 3 [Member] | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 0.0 | |
Level 3 [Member] | Other debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | ||
Level 3 [Member] | Property/real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 32.7 | 0.0 | |
Level 3 [Member] | Insurance products | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 0.0 | |
Level 3 [Member] | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 0.0 | |
Level 3 [Member] | Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 32.7 | 0.0 | |
Level 3 [Member] | Domestic Plan [Member] | Domestic equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 0.0 | |
Level 3 [Member] | Domestic Plan [Member] | International equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 0.0 | |
Level 3 [Member] | Domestic Plan [Member] | Global equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | ||
Level 3 [Member] | Domestic Plan [Member] | Domestic treasuries | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 0.0 | |
Level 3 [Member] | Domestic Plan [Member] | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 0.0 | |
Level 3 [Member] | Domestic Plan [Member] | Other debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | ||
Level 3 [Member] | Domestic Plan [Member] | Property/real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 32.7 | ||
Level 3 [Member] | Domestic Plan [Member] | Insurance products | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 0.0 | |
Level 3 [Member] | Domestic Plan [Member] | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 0.0 | |
Level 3 [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 0.0 | |
Level 3 [Member] | Foreign Plan [Member] | Domestic equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 0.0 | |
Level 3 [Member] | Foreign Plan [Member] | International equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 0.0 | |
Level 3 [Member] | Foreign Plan [Member] | Global equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | ||
Level 3 [Member] | Foreign Plan [Member] | Domestic treasuries | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 0.0 | |
Level 3 [Member] | Foreign Plan [Member] | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 0.0 | |
Level 3 [Member] | Foreign Plan [Member] | Other debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | ||
Level 3 [Member] | Foreign Plan [Member] | Property/real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | ||
Level 3 [Member] | Foreign Plan [Member] | Insurance products | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0.0 | 0.0 | |
Level 3 [Member] | Foreign Plan [Member] | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | $ 0.0 | $ 0.0 |
PENSION PLANS - Change in Level 3 Assets Measured at Fair Value on a Recurring Basis (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 28, 2018
USD ($)
| |
Defined Benefit Plan Disclosure [Line Items] | |
Beginning balance | $ 489.9 |
Ending balance | 448.9 |
Property/real estate | |
Defined Benefit Plan Disclosure [Line Items] | |
Ending balance | 33.0 |
Level 3 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Beginning balance | 0.0 |
Purchases, sales and settlements | 32.7 |
Ending balance | 32.7 |
Level 3 [Member] | Property/real estate | |
Defined Benefit Plan Disclosure [Line Items] | |
Beginning balance | 0.0 |
Purchases, sales and settlements | 32.7 |
Ending balance | $ 32.7 |
PENSION PLANS - Estimated Future Benefit Payments (Details) $ in Millions |
Dec. 28, 2018
USD ($)
|
---|---|
Defined Benefit Plan Disclosure [Line Items] | |
2019 | $ 15.5 |
2020 | 16.5 |
2021 | 17.5 |
2022 | 20.4 |
2023 | 20.2 |
2024-2028 | 131.9 |
Total | 222.0 |
Domestic Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2019 | 10.3 |
2020 | 11.0 |
2021 | 11.9 |
2022 | 12.7 |
2023 | 13.5 |
2024-2028 | 78.4 |
Total | 137.8 |
Foreign Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2019 | 5.2 |
2020 | 5.5 |
2021 | 5.6 |
2022 | 7.7 |
2023 | 6.7 |
2024-2028 | 53.5 |
Total | $ 84.2 |
STOCKHOLDERS' EQUITY - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 28, 2018 |
Dec. 29, 2017 |
Dec. 30, 2016 |
Jun. 30, 2017 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Preferred Stock, Shares Authorized | 15,000,000 | 15,000,000 | ||
Preferred Stock, Par or Stated Value Per Share | $ 1.00 | $ 1.00 | ||
Preferred Stock, Shares Outstanding | 0 | 0 | ||
Common stock, shares authorized | 100,000,000.00 | 100,000,000 | ||
Common stock, par value | $ 1.00 | $ 1.00 | ||
Common stock, shares outstanding | 33,862,704 | 33,657,466 | ||
Number of shares approved under the Stock Incentive Plan | 2,000,000 | |||
Number of shares available for grant | 1,700,000.0 | |||
Stock-based compensation | $ 18.9 | $ 18.1 | $ 16.5 | |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 4 years | |||
Stock-based compensation | $ 15.7 | 15.5 | 13.7 | |
Fair value of vested stock units | $ 14.8 | 14.4 | 12.0 | |
Stock units outstanding weighted-average remaining term | 2 years | |||
Aggregate intrinsic value of stock units converted into stock | $ 16.1 | 13.2 | 5.4 | |
Aggregate intrinsic value of stock units outstanding | 59.5 | 84.8 | 79.9 | |
Aggregate intrinsic value of convertible stock units | 20.5 | 28.3 | 27.6 | |
Unrecognized compensation cost related to non-vested shares and options | $ 15.1 | |||
Weighted-average recognition period for unrecognized compensation cost related to non-vested shares and options | 1 year 6 months | |||
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 | |||
Director stock units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 2.4 | 2.5 | 2.3 | |
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 4 years | |||
Stock-based compensation | $ 0.8 | 0.1 | 0.5 | |
Stock options expiration period | 10 years | |||
Fair value of vested stock options during the period | 0.5 | 1.0 | ||
Stock options outstanding weighted-average remaining term | 3 years | |||
Aggregate intrinsic value of stock options exercised during the period | $ 2.4 | 2.2 | 1.0 | |
Aggregate intrinsic value of stock options outstanding | 1.5 | 11.6 | 15.8 | |
Aggregate intrinsic value of exercisable stock options | $ 1.5 | $ 11.6 | $ 15.5 |
STOCKHOLDERS' EQUITY - Activity Under the Director and Employee Stock Unit Plans (Details) - $ / shares |
12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 28, 2018 |
Dec. 29, 2017 |
Dec. 30, 2016 |
||||||||||
Director stock units [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||||||||||||
Beginning balance | [1] | 372,400 | 341,100 | 307,800 | ||||||||
Granted | [1] | 34,500 | 31,300 | 33,300 | ||||||||
Converted | [1] | (26,000) | 0 | 0 | ||||||||
Performance unit adjustments | [1],[2] | 0 | ||||||||||
Canceled | [1] | 0 | 0 | 0 | ||||||||
Ending balance | [1] | 380,900 | 372,400 | 341,100 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||||||||
Beginning balance, weighted average grant date value | [3] | $ 55.25 | $ 52.90 | $ 52.53 | ||||||||
Granted, weighted average grant date fair value | [3] | 70.92 | 80.81 | 56.34 | ||||||||
Converted, weighted average grant date fair value | [3] | 60.95 | 0.00 | 0.00 | ||||||||
Performance unit adjustments, weighted average grant date fair value | [2],[3] | 0.00 | ||||||||||
Canceled, weighted average grant date fair value | [3] | 0 | 0 | 0 | ||||||||
Ending balance, weighted average grant date fair value | [3] | $ 56.28 | $ 55.25 | $ 52.90 | ||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||||||||||||
Beginning balance | [4] | 743,700 | 727,400 | 436,100 | ||||||||
Granted | [4] | 237,900 | 222,400 | 491,500 | ||||||||
Converted | [4] | (192,600) | (155,400) | (125,200) | ||||||||
Performance unit adjustments | [2],[4] | (12,600) | ||||||||||
Canceled | [4] | (52,000) | (50,700) | (75,000) | ||||||||
Ending balance | [4] | 724,400 | 743,700 | 727,400 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||||||||
Beginning balance, weighted average grant date value | [3] | $ 60.61 | $ 56.25 | $ 81.56 | ||||||||
Granted, weighted average grant date fair value | [3] | 74.98 | 85.65 | 39.93 | ||||||||
Converted, weighted average grant date fair value | [3] | 64.15 | 76.51 | 80.58 | ||||||||
Performance unit adjustments, weighted average grant date fair value | [2],[3] | 89.00 | ||||||||||
Canceled, weighted average grant date fair value | [3] | 70.80 | 59.25 | 55.89 | ||||||||
Ending balance, weighted average grant date fair value | [3] | $ 63.16 | $ 60.61 | $ 56.25 | ||||||||
|
STOCKHOLDERS' EQUITY - Activity Under the Employee Option Plans (Details) - Employee Stock Option [Member] - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 28, 2018 |
Dec. 29, 2017 |
Dec. 30, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Beginning balance | 399,500 | 488,200 | 533,000 |
Exercised | (51,800) | (88,700) | (44,800) |
Ending balance | 347,700 | 399,500 | 488,200 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Beginning balance, weighted average exercise price | $ 46.96 | $ 48.68 | $ 49.00 |
Exercised, weighted average exercise price | 29.64 | 56.43 | 52.55 |
Ending balance, weighted average exercise price | $ 49.54 | $ 46.96 | $ 48.68 |
Options exercisable at year end | 347,700 | 399,500 | 468,400 |
Options exercisable at year end, weighted average exercise price | $ 49.54 | $ 46.96 | $ 48.00 |
STOCKHOLDERS' EQUITY - Changes to the Unvested Stock Options (Details) - Performance Restricted Stock Units [Member] |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 28, 2018
$ / shares
shares
| ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||
Non-vested performance shares, beginning balance | shares | 120,600 | [1] | ||||
Non-vested performance shares, granted | shares | 43,700 | [1] | ||||
Non-vested performance shares, vested | shares | 0 | [1] | ||||
Non-vested performance shares, performance unit adjustments | shares | (12,600) | [1],[2] | ||||
Non-vested performance shares, canceled | shares | (3,800) | [1] | ||||
Non-vested performance shares, ending balance | shares | 147,900 | [1] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||
Beginning balance, weighted average grant date value | $ / shares | $ 42.17 | |||||
Granted, weighted average grant date fair value | $ / shares | 78.33 | |||||
Vested, weighted average grant date fair value | $ / shares | 0.00 | |||||
Performance unit adjustments, weighted average grant date fair value | $ / shares | 89.00 | |||||
Canceled, weighted average grant date fair value | $ / shares | 86.80 | |||||
Ending balance, weighted average grant date fair value | $ / shares | $ 47.73 | |||||
|
BUSINESS SEGMENTS - Additional Information (Details) |
12 Months Ended |
---|---|
Dec. 28, 2018 | |
Additional Information [Abstract] | |
Segment reporting disclosure of major customers | 0.02 |
BUSINESS SEGMENTS - Segment Information (Detail) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 28, 2018 |
Sep. 28, 2018 |
[2] | Jun. 29, 2018 |
[3] | Mar. 30, 2018 |
[4] | Dec. 29, 2017 |
Sep. 29, 2017 |
[6] | Jun. 30, 2017 |
[7] | Mar. 31, 2017 |
[8] | Dec. 28, 2018 |
Dec. 29, 2017 |
Dec. 30, 2016 |
||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||||||||||||
Net sales | $ 2,119.1 | [1] | $ 2,179.0 | $ 2,137.9 | $ 1,964.2 | $ 2,013.8 | [5] | $ 2,016.4 | $ 2,001.4 | $ 1,895.8 | $ 8,400.2 | $ 7,927.4 | $ 7,622.8 | |||||||||||||||||||||||||
Operating income (losses) | (87.3) | [1] | $ (89.5) | $ (71.3) | $ (61.6) | (80.6) | [5] | $ (80.8) | $ (82.6) | $ (68.9) | (309.7) | (312.9) | (295.5) | |||||||||||||||||||||||||
Depreciation | 31.7 | 28.2 | 27.9 | |||||||||||||||||||||||||||||||||||
Amortization of intangible assets | 37.3 | 36.1 | 37.6 | |||||||||||||||||||||||||||||||||||
Total assets | 4,653.1 | 4,252.2 | 4,653.1 | 4,252.2 | ||||||||||||||||||||||||||||||||||
Capital expenditures | 42.4 | 41.1 | 32.6 | |||||||||||||||||||||||||||||||||||
Network and Security Solutions [Member] | ||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||||||||||||
Net sales | 4,347.0 | 4,114.4 | 4,083.8 | |||||||||||||||||||||||||||||||||||
Operating income (losses) | (272.2) | (262.6) | (275.8) | |||||||||||||||||||||||||||||||||||
Depreciation | 3.8 | 3.1 | 3.2 | |||||||||||||||||||||||||||||||||||
Amortization of intangible assets | 17.0 | 14.4 | 14.1 | |||||||||||||||||||||||||||||||||||
Total assets | 2,319.3 | 1,947.1 | 2,319.3 | 1,947.1 | 1,974.0 | |||||||||||||||||||||||||||||||||
Capital expenditures | 8.7 | 3.7 | 3.4 | |||||||||||||||||||||||||||||||||||
Electrical and Electronic Solutions [Member] | ||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||||||||||||
Net sales | 2,342.7 | 2,225.5 | 2,103.2 | |||||||||||||||||||||||||||||||||||
Operating income (losses) | (132.3) | (114.3) | (97.5) | |||||||||||||||||||||||||||||||||||
Depreciation | 2.4 | 2.4 | 2.7 | |||||||||||||||||||||||||||||||||||
Amortization of intangible assets | 7.0 | 8.4 | 8.5 | |||||||||||||||||||||||||||||||||||
Total assets | 1,097.4 | 1,068.3 | 1,097.4 | 1,068.3 | 983.6 | |||||||||||||||||||||||||||||||||
Capital expenditures | 2.0 | 1.9 | 2.9 | |||||||||||||||||||||||||||||||||||
Utility Power Solutions [Member] | ||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||||||||||||
Net sales | 1,710.5 | 1,587.5 | 1,435.8 | |||||||||||||||||||||||||||||||||||
Operating income (losses) | (75.4) | (73.1) | (56.7) | |||||||||||||||||||||||||||||||||||
Depreciation | 3.6 | 3.9 | 4.2 | |||||||||||||||||||||||||||||||||||
Amortization of intangible assets | 13.3 | 13.3 | 15.0 | |||||||||||||||||||||||||||||||||||
Total assets | 905.5 | 871.4 | 905.5 | 871.4 | 821.9 | |||||||||||||||||||||||||||||||||
Capital expenditures | 6.7 | 1.7 | 2.5 | |||||||||||||||||||||||||||||||||||
Corporate [Member] | ||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||||||||||||
Net sales | [9] | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||||||||||
Operating income (losses) | [9] | 170.2 | 137.1 | 134.5 | ||||||||||||||||||||||||||||||||||
Depreciation | [9] | 21.9 | 18.8 | 17.8 | ||||||||||||||||||||||||||||||||||
Amortization of intangible assets | [9] | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||||||||||
Total assets | [9] | 330.9 | 365.4 | 330.9 | 365.4 | 313.9 | ||||||||||||||||||||||||||||||||
Capital expenditures | [9] | 25.0 | 33.8 | 23.8 | ||||||||||||||||||||||||||||||||||
Continuing Operations [Member] | ||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||||||||||||
Net sales | 8,400.2 | 7,927.4 | 7,622.8 | |||||||||||||||||||||||||||||||||||
Operating income (losses) | (309.7) | (312.9) | (295.5) | |||||||||||||||||||||||||||||||||||
Depreciation | 31.7 | 28.2 | 27.9 | |||||||||||||||||||||||||||||||||||
Amortization of intangible assets | 37.3 | 36.1 | 37.6 | |||||||||||||||||||||||||||||||||||
Total assets | $ 4,653.1 | $ 4,252.2 | 4,653.1 | 4,252.2 | 4,093.4 | |||||||||||||||||||||||||||||||||
Capital expenditures | $ 42.4 | $ 41.1 | $ 32.6 | |||||||||||||||||||||||||||||||||||
|
BUSINESS SEGMENTS - Segment Operating Income Results (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 28, 2018 |
Sep. 28, 2018 |
Jun. 29, 2018 |
Mar. 30, 2018 |
Dec. 29, 2017 |
Sep. 29, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 28, 2018 |
Dec. 29, 2017 |
Dec. 30, 2016 |
|||
Segment Reporting Information [Line Items] | |||||||||||||
Amortization of intangible assets | $ (37.3) | $ (36.1) | $ (37.6) | ||||||||||
Acquisition and integration costs | (2.6) | ||||||||||||
CEO retirement agreement expense | (18.9) | (18.1) | (16.5) | ||||||||||
Impairment of intangible assets | 0.0 | (5.7) | 0.0 | ||||||||||
Network and Security Solutions [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Amortization of intangible assets | (17.0) | (14.4) | (14.1) | ||||||||||
Electrical and Electronic Solutions [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Amortization of intangible assets | (7.0) | (8.4) | (8.5) | ||||||||||
Utility Power Solutions [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Amortization of intangible assets | (13.3) | (13.3) | (15.0) | ||||||||||
Corporate [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Amortization of intangible assets | [1] | 0.0 | 0.0 | 0.0 | |||||||||
Operating Income (Loss) [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Amortization of intangible assets | $ (8.7) | $ (9.6) | $ (9.7) | $ (9.3) | $ (9.0) | $ (9.1) | $ (9.0) | $ (9.0) | (37.3) | (36.1) | (37.6) | ||
Restructuring charges | (0.2) | (9.2) | (9.4) | 0.0 | (5.4) | ||||||||
Acquisition and integration costs | (0.3) | (2.3) | (0.3) | (1.5) | $ (0.8) | (2.9) | (2.3) | (5.1) | |||||
CEO retirement agreement expense | (2.6) | ||||||||||||
U.K. facility relocation costs | $ 0.2 | $ 0.4 | $ 0.2 | 1.0 | |||||||||
Impairment of intangible assets | $ (5.7) | (5.7) | |||||||||||
UK pension settlement | (9.6) | ||||||||||||
Latin America bad debt provision | (7.6) | ||||||||||||
Items impacting operating expense and operating income | (53.2) | (44.1) | (65.3) | ||||||||||
Operating Income (Loss) [Member] | Network and Security Solutions [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Amortization of intangible assets | (17.0) | (14.4) | (14.1) | ||||||||||
Restructuring charges | (2.1) | 0.0 | (1.7) | ||||||||||
Acquisition and integration costs | (2.6) | 0.0 | 0.0 | ||||||||||
CEO retirement agreement expense | 0.0 | ||||||||||||
U.K. facility relocation costs | 0.2 | ||||||||||||
Impairment of intangible assets | (5.7) | ||||||||||||
UK pension settlement | 0.0 | ||||||||||||
Latin America bad debt provision | (3.9) | ||||||||||||
Items impacting operating expense and operating income | (21.9) | (20.1) | (19.7) | ||||||||||
Operating Income (Loss) [Member] | Electrical and Electronic Solutions [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Amortization of intangible assets | (7.0) | (8.4) | (8.5) | ||||||||||
Restructuring charges | (1.3) | 0.5 | (1.3) | ||||||||||
Acquisition and integration costs | 0.0 | 0.0 | 0.0 | ||||||||||
CEO retirement agreement expense | 0.0 | ||||||||||||
U.K. facility relocation costs | 0.8 | ||||||||||||
Impairment of intangible assets | 0.0 | ||||||||||||
UK pension settlement | 0.0 | ||||||||||||
Latin America bad debt provision | (3.7) | ||||||||||||
Items impacting operating expense and operating income | (9.1) | (7.9) | (13.5) | ||||||||||
Operating Income (Loss) [Member] | Utility Power Solutions [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Amortization of intangible assets | (13.3) | (13.3) | (15.0) | ||||||||||
Restructuring charges | (0.7) | (0.1) | (2.1) | ||||||||||
Acquisition and integration costs | 0.0 | 0.0 | (0.3) | ||||||||||
CEO retirement agreement expense | 0.0 | ||||||||||||
U.K. facility relocation costs | 0.0 | ||||||||||||
Impairment of intangible assets | 0.0 | ||||||||||||
UK pension settlement | 0.0 | ||||||||||||
Latin America bad debt provision | 0.0 | ||||||||||||
Items impacting operating expense and operating income | (14.0) | (13.4) | (17.4) | ||||||||||
Operating Income (Loss) [Member] | Corporate [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Amortization of intangible assets | 0.0 | 0.0 | 0.0 | ||||||||||
Restructuring charges | (5.3) | (0.4) | (0.3) | ||||||||||
Acquisition and integration costs | (0.3) | (2.3) | (4.8) | ||||||||||
CEO retirement agreement expense | (2.6) | ||||||||||||
U.K. facility relocation costs | 0.0 | ||||||||||||
Impairment of intangible assets | 0.0 | ||||||||||||
UK pension settlement | (9.6) | ||||||||||||
Latin America bad debt provision | 0.0 | ||||||||||||
Items impacting operating expense and operating income | $ (8.2) | $ (2.7) | $ (14.7) | ||||||||||
|
BUSINESS SEGMENTS - Revenue From External Customers by Geographic Areas (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 28, 2018 |
[1] | Sep. 28, 2018 |
[2] | Jun. 29, 2018 |
[3] | Mar. 30, 2018 |
[4] | Dec. 29, 2017 |
[5] | Sep. 29, 2017 |
[6] | Jun. 30, 2017 |
[7] | Mar. 31, 2017 |
[8] | Dec. 28, 2018 |
Dec. 29, 2017 |
Dec. 30, 2016 |
|||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||||||||||||||||||
Net sales | $ 2,119.1 | $ 2,179.0 | $ 2,137.9 | $ 1,964.2 | $ 2,013.8 | $ 2,016.4 | $ 2,001.4 | $ 1,895.8 | $ 8,400.2 | $ 7,927.4 | $ 7,622.8 | ||||||||||||||||||||||||
Percentage of total net sales | 100.00% | 100.00% | 100.00% | ||||||||||||||||||||||||||||||||
North America [Member] | |||||||||||||||||||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||||||||||||||||||
Net sales | $ 6,842.1 | $ 6,544.0 | $ 6,384.6 | ||||||||||||||||||||||||||||||||
Percentage of total net sales | 81.50% | 82.50% | 83.80% | ||||||||||||||||||||||||||||||||
EMEA [Member] | |||||||||||||||||||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||||||||||||||||||
Net sales | $ 660.3 | $ 626.3 | $ 570.1 | ||||||||||||||||||||||||||||||||
Percentage of total net sales | 7.80% | 7.90% | 7.40% | ||||||||||||||||||||||||||||||||
Emerging Markets [Member] | |||||||||||||||||||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||||||||||||||||||
Net sales | $ 897.8 | $ 757.1 | $ 668.1 | ||||||||||||||||||||||||||||||||
Percentage of total net sales | 10.70% | 9.60% | 8.80% | ||||||||||||||||||||||||||||||||
UNITED STATES | |||||||||||||||||||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||||||||||||||||||
Net sales | $ 6,004.7 | $ 5,771.5 | $ 5,613.6 | ||||||||||||||||||||||||||||||||
CANADA | |||||||||||||||||||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||||||||||||||||||
Net sales | $ 837.4 | $ 772.5 | $ 771.0 | ||||||||||||||||||||||||||||||||
|
BUSINESS SEGMENTS - Long-Lived Assets by Geographic Areas (Details) - USD ($) $ in Millions |
Dec. 28, 2018 |
Dec. 29, 2017 |
Dec. 30, 2016 |
---|---|---|---|
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total assets | $ 4,653.1 | $ 4,252.2 | |
Net property and equipment | 163.3 | 154.3 | |
North America [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total assets | 3,709.4 | 3,468.3 | |
Net property and equipment | 144.2 | 140.5 | |
EMEA [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total assets | 302.2 | 249.5 | |
Net property and equipment | 9.7 | 7.2 | |
Emerging Markets [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total assets | 641.5 | 534.4 | |
Net property and equipment | 9.4 | 6.6 | |
Continuing Operations [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total assets | 4,653.1 | $ 4,252.2 | $ 4,093.4 |
UNITED STATES | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net property and equipment | $ 139.0 |
BUSINESS SEGMENTS - Changes in Goodwill (Detail) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 29, 2018 |
Dec. 28, 2018 |
Dec. 29, 2017 |
Dec. 30, 2016 |
||||
Goodwill [Roll Forward] | |||||||
Goodwill, Beginning Balance | $ 778.1 | $ 764.6 | |||||
Foreign currency translation | (19.3) | 13.5 | |||||
Acquisition related | [1] | 73.2 | |||||
Goodwill, Ending Balance | 832.0 | 778.1 | $ 764.6 | ||||
Acquisitions of businesses, net of cash acquired | $ (150.1) | (150.1) | 0.0 | (4.7) | |||
Preliminary net working capital adjustment | 4.6 | ||||||
Working capital acquired | 32.6 | ||||||
Intangible assets acquired | $ 60.6 | ||||||
Acquisition costs | 2.6 | ||||||
Sales from acquired entities | 71.9 | ||||||
Network and Security Solutions [Member] | |||||||
Goodwill [Roll Forward] | |||||||
Goodwill, Beginning Balance | 408.8 | 405.0 | |||||
Foreign currency translation | (9.3) | 3.8 | |||||
Acquisition related | [1] | 73.2 | |||||
Goodwill, Ending Balance | 472.7 | 408.8 | 405.0 | ||||
Electrical and Electronic Solutions [Member] | |||||||
Goodwill [Roll Forward] | |||||||
Goodwill, Beginning Balance | 181.7 | 181.0 | |||||
Foreign currency translation | (0.8) | 0.7 | |||||
Acquisition related | [1] | 0.0 | |||||
Goodwill, Ending Balance | 180.9 | 181.7 | 181.0 | ||||
Utility Power Solutions [Member] | |||||||
Goodwill [Roll Forward] | |||||||
Goodwill, Beginning Balance | 187.6 | 178.6 | |||||
Foreign currency translation | (9.2) | 9.0 | |||||
Acquisition related | [1] | 0.0 | |||||
Goodwill, Ending Balance | $ 178.4 | $ 187.6 | $ 178.6 | ||||
|
SUMMARIZED FINANCIAL INFORMATION OF ANIXTER INC - Additional Information (Detail) |
12 Months Ended |
---|---|
Dec. 28, 2018 | |
Disclosure Summarized Financial Information Of Anixter Inc Additional Information [Abstract] | |
Description of guarantees given by parent company | <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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.</font></div></div> |
SUMMARIZED FINANCIAL INFORMATION OF ANIXTER INC - CONDENSED CONSOLIDATED BALANCE SHEETS (Detail) - USD ($) $ in Millions |
Dec. 28, 2018 |
Dec. 29, 2017 |
Dec. 30, 2016 |
Jan. 01, 2016 |
---|---|---|---|---|
Assets: | ||||
Current assets | $ 3,172.0 | $ 2,833.8 | ||
Property, equipment and capital leases, net | 163.3 | 154.3 | ||
Goodwill | 832.0 | 778.1 | $ 764.6 | |
Intangible assets, net | 392.9 | 378.8 | ||
Other assets | 92.9 | 107.2 | ||
Total assets | 4,653.1 | 4,252.2 | ||
Liabilities and Stockholders' Equity: | ||||
Current liabilities | 1,629.0 | 1,350.8 | ||
Other liabilities | 201.9 | 194.5 | ||
Stockholders' equity | 1,570.4 | 1,459.0 | $ 1,292.2 | $ 1,179.4 |
Total liabilities and stockholders’ equity | 4,653.1 | 4,252.2 | ||
Anixter Inc. [Member] | ||||
Assets: | ||||
Current assets | 3,171.6 | 2,833.5 | ||
Property, equipment and capital leases, net | 169.1 | 161.3 | ||
Goodwill | 832.0 | 778.1 | ||
Intangible assets, net | 392.9 | 378.8 | ||
Other assets | 92.9 | 107.2 | ||
Total assets | 4,658.5 | 4,258.9 | ||
Liabilities and Stockholders' Equity: | ||||
Current liabilities | 1,630.3 | 1,351.9 | ||
Long-term debt | 1,260.7 | 1,257.7 | ||
Other liabilities | 199.6 | 192.9 | ||
Stockholders' equity | 1,567.9 | 1,456.4 | ||
Total liabilities and stockholders’ equity | $ 4,658.5 | $ 4,258.9 |
SUMMARIZED FINANCIAL INFORMATION OF ANIXTER INC - CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Detail) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 28, 2018 |
[1] | Sep. 28, 2018 |
[2] | Jun. 29, 2018 |
[3] | Mar. 30, 2018 |
[4] | Dec. 29, 2017 |
[5] | Sep. 29, 2017 |
[6] | Jun. 30, 2017 |
[7] | Mar. 31, 2017 |
[8] | Dec. 28, 2018 |
Dec. 29, 2017 |
Dec. 30, 2016 |
|||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||||||||||||||||||
Net sales | $ 2,119.1 | $ 2,179.0 | $ 2,137.9 | $ 1,964.2 | $ 2,013.8 | $ 2,016.4 | $ 2,001.4 | $ 1,895.8 | $ 8,400.2 | $ 7,927.4 | $ 7,622.8 | ||||||||||||||||||||||||
Operating income | 87.3 | 89.5 | 71.3 | 61.6 | 80.6 | 80.8 | 82.6 | 68.9 | 309.7 | 312.9 | 295.5 | ||||||||||||||||||||||||
Income from continuing operations before income taxes | 59.9 | 68.6 | 49.0 | 45.7 | 61.5 | 62.4 | 63.8 | 49.9 | 223.2 | 237.6 | 197.5 | ||||||||||||||||||||||||
Net loss from discontinued operations | 0.0 | 0.0 | (0.6) | ||||||||||||||||||||||||||||||||
Net income | $ 41.8 | $ 47.6 | $ 34.8 | $ 32.1 | $ 0.4 | $ 37.6 | $ 40.1 | $ 30.9 | 156.3 | 109.0 | 120.5 | ||||||||||||||||||||||||
Comprehensive income | 97.2 | 149.6 | 100.1 | ||||||||||||||||||||||||||||||||
Anixter Inc. [Member] | |||||||||||||||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||||||||||||||||||
Net sales | 8,400.2 | 7,927.4 | 7,622.8 | ||||||||||||||||||||||||||||||||
Operating income | 316.4 | 319.4 | 301.8 | ||||||||||||||||||||||||||||||||
Income from continuing operations before income taxes | 229.1 | 243.2 | 202.6 | ||||||||||||||||||||||||||||||||
Net loss from discontinued operations | 0.0 | 0.0 | (0.6) | ||||||||||||||||||||||||||||||||
Net income | 160.9 | 112.6 | 123.8 | ||||||||||||||||||||||||||||||||
Comprehensive income | $ 101.8 | $ 153.2 | $ 103.4 | ||||||||||||||||||||||||||||||||
|
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) - Additional Information (Details) $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 28, 2018
USD ($)
|
Sep. 28, 2018
USD ($)
|
Jun. 29, 2018
USD ($)
|
Mar. 30, 2018
USD ($)
|
Dec. 29, 2017
USD ($)
|
Sep. 29, 2017
USD ($)
|
Jun. 30, 2017
USD ($)
|
Mar. 31, 2017
USD ($)
|
Dec. 28, 2018
USD ($)
|
Dec. 29, 2017
USD ($)
|
Dec. 30, 2016
USD ($)
|
Feb. 13, 2019
shareholder
|
|
Quarterly Operating Results Unaudited [Line Items] | ||||||||||||
Amortization of intangible assets | $ 37.3 | $ 36.1 | $ 37.6 | |||||||||
Acquisition and integration costs | 2.6 | |||||||||||
CEO retirement agreement expense | 18.9 | 18.1 | 16.5 | |||||||||
Loss on extinguishment of debt | 4.6 | 0.0 | 0.0 | |||||||||
Impairment of intangible assets | 0.0 | 5.7 | 0.0 | |||||||||
Subsequent Event [Member] | ||||||||||||
Quarterly Operating Results Unaudited [Line Items] | ||||||||||||
Number of stockholders | shareholder | 1,708 | |||||||||||
Operating Income (Loss) [Member] | ||||||||||||
Quarterly Operating Results Unaudited [Line Items] | ||||||||||||
Amortization of intangible assets | $ 8.7 | $ 9.6 | $ 9.7 | $ 9.3 | $ 9.0 | $ 9.1 | $ 9.0 | $ 9.0 | 37.3 | 36.1 | 37.6 | |
Restructuring charges | 0.2 | 9.2 | 9.4 | 0.0 | 5.4 | |||||||
Acquisition and integration costs | 0.3 | 2.3 | 0.3 | 1.5 | $ 0.8 | 2.9 | 2.3 | $ 5.1 | ||||
CEO retirement agreement expense | 2.6 | |||||||||||
U.K. facility relocation costs | $ 0.2 | 0.4 | $ 0.2 | $ 1.0 | ||||||||
Impairment of intangible assets | $ 5.7 | $ 5.7 | ||||||||||
Other Nonoperating Income (Expense) [Member] | ||||||||||||
Quarterly Operating Results Unaudited [Line Items] | ||||||||||||
Loss on extinguishment of debt | $ (4.6) | |||||||||||
CEO Retirement Agreement [Member] | Operating Income (Loss) [Member] | ||||||||||||
Quarterly Operating Results Unaudited [Line Items] | ||||||||||||
CEO retirement agreement expense | $ 2.6 |
SELECTED QUARTERLY FINANCIAL DATA - Summary of Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 28, 2018 |
[1] | Sep. 28, 2018 |
[2] | Jun. 29, 2018 |
[3] | Mar. 30, 2018 |
[4] | Dec. 29, 2017 |
[5] | Sep. 29, 2017 |
[6] | Jun. 30, 2017 |
[7] | Mar. 31, 2017 |
[8] | Dec. 28, 2018 |
Dec. 29, 2017 |
Dec. 30, 2016 |
|||||||||||||||||
Quarterly Operating Results Unaudited [Line Items] | |||||||||||||||||||||||||||||||||||
Net sales | $ 2,119.1 | $ 2,179.0 | $ 2,137.9 | $ 1,964.2 | $ 2,013.8 | $ 2,016.4 | $ 2,001.4 | $ 1,895.8 | $ 8,400.2 | $ 7,927.4 | $ 7,622.8 | ||||||||||||||||||||||||
Cost of goods sold | 1,689.1 | 1,754.9 | 1,718.8 | 1,579.4 | 1,615.4 | 1,619.2 | 1,605.7 | 1,516.1 | 6,742.2 | 6,356.4 | 6,074.8 | ||||||||||||||||||||||||
Operating income | 87.3 | 89.5 | 71.3 | 61.6 | 80.6 | 80.8 | 82.6 | 68.9 | 309.7 | 312.9 | 295.5 | ||||||||||||||||||||||||
Income before income taxes | 59.9 | 68.6 | 49.0 | 45.7 | 61.5 | 62.4 | 63.8 | 49.9 | 223.2 | 237.6 | 197.5 | ||||||||||||||||||||||||
Net income | $ 41.8 | $ 47.6 | $ 34.8 | $ 32.1 | $ 0.4 | $ 37.6 | $ 40.1 | $ 30.9 | $ 156.3 | $ 109.0 | $ 120.5 | ||||||||||||||||||||||||
Basic: | |||||||||||||||||||||||||||||||||||
Net income | $ 1.23 | $ 1.41 | $ 1.03 | $ 0.95 | $ 0.01 | $ 1.12 | $ 1.19 | $ 0.92 | $ 4.62 | $ 3.24 | $ 3.61 | ||||||||||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||||||||
Net income | $ 1.22 | $ 1.40 | $ 1.02 | $ 0.94 | $ 0.01 | $ 1.11 | $ 1.18 | $ 0.91 | $ 4.58 | $ 3.21 | $ 3.59 | ||||||||||||||||||||||||
|
Schedule 1 - STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 28, 2018 |
[1] | Sep. 28, 2018 |
[2] | Jun. 29, 2018 |
[3] | Mar. 30, 2018 |
[4] | Dec. 29, 2017 |
[5] | Sep. 29, 2017 |
[6] | Jun. 30, 2017 |
[7] | Mar. 31, 2017 |
[8] | Dec. 28, 2018 |
Dec. 29, 2017 |
Dec. 30, 2016 |
|||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||||||||||||||||||
Operating loss | $ 87.3 | $ 89.5 | $ 71.3 | $ 61.6 | $ 80.6 | $ 80.8 | $ 82.6 | $ 68.9 | $ 309.7 | $ 312.9 | $ 295.5 | ||||||||||||||||||||||||
Other income: | |||||||||||||||||||||||||||||||||||
Income tax expense | 66.9 | 128.6 | 76.4 | ||||||||||||||||||||||||||||||||
Net income | $ 41.8 | $ 47.6 | $ 34.8 | $ 32.1 | $ 0.4 | $ 37.6 | $ 40.1 | $ 30.9 | 156.3 | 109.0 | 120.5 | ||||||||||||||||||||||||
Comprehensive income | 97.2 | 149.6 | 100.1 | ||||||||||||||||||||||||||||||||
Parent Company [Member] | |||||||||||||||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||||||||||||||||||
Operating loss | (5.4) | (5.2) | (5.0) | ||||||||||||||||||||||||||||||||
Other income: | |||||||||||||||||||||||||||||||||||
Interest income, including intercompany | 8.3 | 6.8 | 5.7 | ||||||||||||||||||||||||||||||||
Income before income taxes and equity in earnings of subsidiaries | 2.9 | 1.6 | 0.7 | ||||||||||||||||||||||||||||||||
Income tax expense | 0.7 | 0.6 | 0.2 | ||||||||||||||||||||||||||||||||
Income before equity in earnings of subsidiaries | 2.2 | 1.0 | 0.5 | ||||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 154.1 | 108.0 | 120.0 | ||||||||||||||||||||||||||||||||
Net income | 156.3 | 109.0 | 120.5 | ||||||||||||||||||||||||||||||||
Comprehensive income | $ 97.2 | $ 149.6 | $ 100.1 | ||||||||||||||||||||||||||||||||
|
Schedule 1 - BALANCE SHEETS (Details) - USD ($) $ in Millions |
Dec. 28, 2018 |
Dec. 29, 2017 |
Dec. 30, 2016 |
Jan. 01, 2016 |
---|---|---|---|---|
Current assets: | ||||
Other assets | $ 50.6 | $ 44.9 | ||
Total current assets | 3,172.0 | 2,833.8 | ||
Total assets | 4,653.1 | 4,252.2 | ||
Liabilities: | ||||
Other non-current liabilities | 201.9 | 194.5 | ||
Total liabilities | 3,082.7 | 2,793.2 | ||
Stockholders’ equity: | ||||
Common stock | 33.9 | 33.7 | ||
Capital surplus | 292.7 | 278.7 | ||
Retained earnings | 1,513.2 | 1,356.9 | ||
Accumulated other comprehensive loss | (269.4) | (210.3) | ||
Total stockholders’ equity | 1,570.4 | 1,459.0 | $ 1,292.2 | $ 1,179.4 |
Total liabilities and stockholders’ equity | 4,653.1 | 4,252.2 | ||
Parent Company [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0.2 | 0.2 | $ 0.2 | $ 0.1 |
Other assets | 0.1 | 0.1 | ||
Total current assets | 0.3 | 0.3 | ||
Other assets (primarily investment in and advances to subsidiaries) | 1,571.9 | 1,460.7 | ||
Total assets | 1,572.2 | 1,461.0 | ||
Liabilities: | ||||
Accounts payable and accrued expenses, due currently | 0.2 | 0.3 | ||
Other non-current liabilities | 1.6 | 1.7 | ||
Total liabilities | 1.8 | 2.0 | ||
Stockholders’ equity: | ||||
Common stock | 33.9 | 33.7 | ||
Capital surplus | 292.7 | 278.7 | ||
Retained earnings | 1,513.2 | 1,356.9 | ||
Accumulated other comprehensive loss | (269.4) | (210.3) | ||
Total stockholders’ equity | 1,570.4 | 1,459.0 | ||
Total liabilities and stockholders’ equity | $ 1,572.2 | $ 1,461.0 |
Schedule 1 - STATEMENTS OF CASH FLOWS (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 28, 2018 |
Sep. 28, 2018 |
[2] | Jun. 29, 2018 |
[3] | Mar. 30, 2018 |
Dec. 29, 2017 |
Sep. 29, 2017 |
[6] | Jun. 30, 2017 |
[7] | Mar. 31, 2017 |
Dec. 28, 2018 |
Dec. 29, 2017 |
Dec. 30, 2016 |
|||||||||||||||||||||
Operating activities: | |||||||||||||||||||||||||||||||||||
Net income | $ 41.8 | [1] | $ 47.6 | $ 34.8 | $ 32.1 | [4] | $ 0.4 | [5] | $ 37.6 | $ 40.1 | $ 30.9 | [8] | $ 156.3 | $ 109.0 | $ 120.5 | ||||||||||||||||||||
Adjustments to reconcile net income to net cash used in operating activities: | |||||||||||||||||||||||||||||||||||
Stock-based compensation | 18.9 | 18.1 | 16.5 | ||||||||||||||||||||||||||||||||
Income tax expense | 66.9 | 128.6 | 76.4 | ||||||||||||||||||||||||||||||||
Net cash used in operating activities | 137.7 | 183.8 | 279.1 | ||||||||||||||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||||
Net cash used in investing activities | (183.4) | (41.1) | (37.3) | ||||||||||||||||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||||||
Proceeds from stock options exercised | 1.5 | 5.0 | 2.4 | ||||||||||||||||||||||||||||||||
Other, net | 0.0 | (0.2) | (0.6) | ||||||||||||||||||||||||||||||||
Net cash provided by financing activities | 1.6 | (136.1) | (273.3) | ||||||||||||||||||||||||||||||||
Increase in cash and cash equivalents | (44.1) | 6.6 | (31.5) | ||||||||||||||||||||||||||||||||
Parent Company [Member] | |||||||||||||||||||||||||||||||||||
Operating activities: | |||||||||||||||||||||||||||||||||||
Net income | 156.3 | 109.0 | 120.5 | ||||||||||||||||||||||||||||||||
Adjustments to reconcile net income to net cash used in operating activities: | |||||||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | (154.1) | (108.0) | (120.0) | ||||||||||||||||||||||||||||||||
Dividend from subsidiary | 8.0 | 3.7 | 4.8 | ||||||||||||||||||||||||||||||||
Stock-based compensation | 2.4 | 2.5 | 2.3 | ||||||||||||||||||||||||||||||||
Income tax expense | 0.7 | 0.6 | 0.2 | ||||||||||||||||||||||||||||||||
Intercompany transactions | (14.7) | (13.2) | (9.3) | ||||||||||||||||||||||||||||||||
Changes in assets and liabilities, net | (0.1) | (0.1) | 0.5 | ||||||||||||||||||||||||||||||||
Net cash used in operating activities | (1.5) | (5.5) | (1.0) | ||||||||||||||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||||
Net cash used in investing activities | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||||||
Proceeds from stock options exercised | 1.5 | 5.0 | 2.4 | ||||||||||||||||||||||||||||||||
Loans from (to) subsidiaries, net | 0.0 | 0.7 | (0.7) | ||||||||||||||||||||||||||||||||
Other, net | 0.0 | (0.2) | (0.6) | ||||||||||||||||||||||||||||||||
Net cash provided by financing activities | 1.5 | 5.5 | 1.1 | ||||||||||||||||||||||||||||||||
Increase in cash and cash equivalents | 0.0 | 0.0 | 0.1 | ||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | $ 0.2 | $ 0.2 | 0.2 | 0.2 | 0.1 | ||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ 0.2 | $ 0.2 | $ 0.2 | $ 0.2 | $ 0.2 | ||||||||||||||||||||||||||||||
|
Schedule 2-VALUATION AND QUALIFYING ACCOUNTS AND RESERVES (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 28, 2018 |
Dec. 29, 2017 |
Dec. 30, 2016 |
|
Allowance for Doubtful Accounts Receivable [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of the period | $ 43.8 | $ 43.6 | $ 37.5 |
Charged to income | 8.5 | 10.0 | 20.1 |
Charged to other accounts | (9.0) | (1.3) | (3.8) |
Deductions | (3.4) | (8.5) | (10.2) |
Balance at end of the period | 39.9 | 43.8 | 43.6 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of the period | 79.9 | 20.7 | 24.0 |
Charged to income | (0.6) | 60.7 | 1.6 |
Charged to other accounts | (0.2) | (1.5) | (4.9) |
Deductions | 0.0 | 0.0 | 0.0 |
Balance at end of the period | $ 79.1 | $ 79.9 | $ 20.7 |