ANIXTER INTERNATIONAL INC, 10-K filed on 2/21/2019
Annual Report
v3.10.0.1
Document and Entity Information - USD ($)
12 Months Ended
Dec. 28, 2018
Feb. 13, 2019
Jun. 29, 2018
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
v3.10.0.1
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 28, 2018
Dec. 29, 2017
Dec. 30, 2016
Net sales $ 8,400.2 $ 7,927.4 $ 7,622.8
Cost of goods sold 6,742.2 6,356.4 6,074.8
Gross profit 1,658.0 1,571.0 1,548.0
Operating expenses 1,348.3 1,258.1 1,252.5
Operating income 309.7 312.9 295.5
Other expense:      
Interest expense (76.3) (74.7) (78.7)
Other, net (10.2) (0.6) (19.3)
Income from continuing operations before income taxes 223.2 237.6 197.5
Income tax expense from continuing operations 66.9 128.6 76.4
Net income from continuing operations 156.3 109.0 121.1
Loss from discontinued operations before income taxes 0.0 0.0 (0.1)
Loss on sale of business 0.0 0.0 (0.7)
Income tax benefit from discontinued operations 0.0 0.0 (0.2)
Net loss from discontinued operations 0.0 0.0 (0.6)
Net income $ 156.3 $ 109.0 $ 120.5
Basic:      
Continuing operations $ 4.62 $ 3.24 $ 3.63
Discontinued operations 0.00 0.00 (0.02)
Net income 4.62 3.24 3.61
Diluted:      
Continuing operations 4.58 3.21 3.61
Discontinued operations 0.00 0.00 (0.02)
Net income $ 4.58 $ 3.21 $ 3.59
Basic weighted-average common shares outstanding 33.8 33.6 33.4
Effect of dilutive securities:      
Stock options and units 0.3 0.4 0.2
Diluted weighted-average common shares outstanding 34.1 34.0 33.6
v3.10.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
12 Months Ended
Dec. 28, 2018
Dec. 29, 2017
Dec. 30, 2016
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
v3.10.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 28, 2018
Dec. 29, 2017
Current assets:    
Cash and cash equivalents $ 81.0 $ 116.0
Accounts receivable, net 1,600.0 1,434.2
Inventories 1,440.4 1,238.7
Other current assets 50.6 44.9
Total current assets 3,172.0 2,833.8
Property and equipment, at cost 398.4 376.9
Accumulated depreciation (235.1) (222.6)
Property and equipment, net 163.3 154.3
Goodwill 832.0 778.1
Intangible assets, net 392.9 378.8
Other assets 92.9 107.2
Total assets 4,653.1 4,252.2
Current liabilities:    
Accounts payable 1,320.0 1,081.6
Accrued expenses 309.0 269.2
Total current liabilities 1,629.0 1,350.8
Long-term debt 1,251.8 1,247.9
Other liabilities 201.9 194.5
Total liabilities 3,082.7 2,793.2
Stockholders’ equity:    
Common stock - $1.00 par value, 100,000,000 shares authorized, 33,862,704 and 33,657,466 shares issued and outstanding at December 28, 2018 and December 29, 2017, respectively 33.9 33.7
Capital surplus 292.7 278.7
Retained earnings 1,513.2 1,356.9
Accumulated other comprehensive loss:    
Foreign currency translation (168.6) (123.2)
Unrecognized pension liability, net (100.8) (87.1)
Total accumulated other comprehensive loss (269.4) (210.3)
Total stockholders’ equity 1,570.4 1,459.0
Total liabilities and stockholders’ equity $ 4,653.1 $ 4,252.2
v3.10.0.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 28, 2018
Dec. 29, 2017
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
v3.10.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 28, 2018
Dec. 29, 2017
Dec. 30, 2016
Operating activities:      
Net income $ 156.3 $ 109.0 $ 120.5
Adjustments to reconcile net income to net cash provided by operating activities:      
Loss on extinguishment of debt 4.6 0.0 0.0
Depreciation 31.7 28.2 27.9
Amortization of intangible assets 37.3 36.1 37.6
Stock-based compensation 18.9 18.1 16.5
Deferred income taxes (1.6) 13.6 0.7
Accretion of debt discount 2.4 2.3 2.2
Amortization of deferred financing costs 1.6 2.2 2.4
Pension plan contributions (7.4) (27.4) (29.0)
Pension plan expenses 4.3 10.5 20.8
Impact of tax legislation (2.1) 35.6 0.0
Impairment of intangible assets 0.0 5.7 0.0
Changes in current assets and liabilities, net      
Accounts receivable (170.6) (54.2) (32.6)
Inventories (204.7) (39.8) (5.8)
Accounts payable 245.3 58.5 102.4
Other current assets and liabilities, net 28.0 (10.0) 21.8
Other, net (6.3) (4.6) (6.3)
Net cash provided by operating activities 137.7 183.8 279.1
Investing activities:      
Acquisitions of businesses, net of cash acquired (150.1) 0.0 (4.7)
Capital expenditures, net (42.4) (41.1) (32.6)
Other 9.1 0.0 0.0
Net cash used in investing activities (183.4) (41.1) (37.3)
Financing activities:      
Proceeds from borrowings 3,192.4 1,843.3 1,136.5
Repayments of borrowings (3,082.4) (1,884.0) (1,327.9)
Retirement of Notes due 2019 (353.9) 0.0 0.0
Proceeds from issuance of Notes due 2025 246.9 0.0 0.0
Repayments of Canadian term loan 0.0 (100.2) (83.7)
Deferred financing costs (2.9) 0.0 0.0
Proceeds from stock options exercised 1.5 5.0 2.4
Other, net 0.0 (0.2) (0.6)
Net cash provided by (used in) financing activities 1.6 (136.1) (273.3)
(Decrease) increase in cash and cash equivalents (44.1) 6.6 (31.5)
Effect of exchange rate changes on cash balances 9.1 (5.7) (4.7)
Cash and cash equivalents at beginning of period 116.0 115.1 151.3
Cash and cash equivalents at end of period 81.0 116.0 115.1
Cash paid for interest 73.9 70.6 75.7
Cash paid for taxes $ 88.4 $ 76.4 $ 63.4
v3.10.0.1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Millions
Total
Common Stock [Member]
Capital Surplus [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Loss [Member]
Common stock, shares issued at Jan. 01, 2016   33,300,000      
Stockholders' equity at Jan. 01, 2016 $ 1,179.4 $ 33.3 $ 249.2 $ 1,127.4 $ (230.5)
Net income 120.5     120.5  
Other comprehensive (loss) income:          
Foreign currency translation (11.9)       (11.9)
Changes in unrealized pension cost, net of tax (8.5)       (8.5)
Stock-based compensation 16.5   16.5    
Issuance of common stock and related taxes, shares   100,000      
Issuance of common stock and related taxes (3.8) $ 0.1 (3.9)    
Common stock, shares issued at Dec. 30, 2016   33,400,000      
Stockholders' equity at Dec. 30, 2016 1,292.2 $ 33.4 261.8 1,247.9 (250.9)
Net income 109.0     109.0  
Other comprehensive (loss) income:          
Foreign currency translation 30.7       30.7
Changes in unrealized pension cost, net of tax 9.9       9.9
Stock-based compensation 18.1   18.1    
Issuance of common stock and related taxes, shares   300,000      
Issuance of common stock and related taxes $ (0.9) $ 0.3 (1.2)    
Common stock, shares issued at Dec. 29, 2017 33,657,466 33,700,000      
Stockholders' equity at Dec. 29, 2017 $ 1,459.0 $ 33.7 278.7 1,356.9 (210.3)
Net income 156.3     156.3  
Other comprehensive (loss) income:          
Foreign currency translation (45.4)       (45.4)
Changes in unrealized pension cost, net of tax (13.7)       (13.7)
Stock-based compensation 18.9   18.9    
Issuance of common stock and related taxes, shares   200,000      
Issuance of common stock and related taxes $ (4.7) $ 0.2 (4.9)    
Common stock, shares issued at Dec. 28, 2018 33,862,704 33,900,000      
Stockholders' equity at Dec. 28, 2018 $ 1,570.4 $ 33.9 $ 292.7 $ 1,513.2 $ (269.4)
v3.10.0.1
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
v3.10.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
12 Months Ended
Dec. 28, 2018
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:
 
Return or rotation privileges with vendors 
Price protection from vendors
Expected future usage
Whether or not a customer is obligated by contract to purchase the inventory
Current market pricing
Historical consumption experience
Risk of obsolescence
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:
 
 
 
 
December 28, 2018
 
December 29, 2017
(In millions)
 
Average useful life (in years)
 
Gross carrying amount
 
Accumulated amortization
 
Gross carrying amount
 
Accumulated amortization
Customer relationships
 
6-20
 
$
500.1

 
$
(143.7
)
 
$
464.5

 
$
(113.2
)
Exclusive supplier agreement
 
21
 
22.1

 
(4.5
)
 
22.5

 
(3.5
)
Trade names
 
3-10
 
21.8

 
(12.6
)
 
12.8

 
(10.2
)
Trade names
 
Indefinite
 
4.9

 

 
4.9

 

Non-compete agreements
 
1-5
 
9.2

 
(6.5
)
 
6.3

 
(5.3
)
Intellectual property
 
8
 
2.3

 
(0.2
)
 

 

Total
 
 
 
$
560.4

 
$
(167.5
)
 
$
511.0

 
$
(132.2
)

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:
 
 
Twelve Months Ended
(In millions)
 
December 28,
2018
 
December 29,
2017
 
December 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
)
 

 

Other
 
(1.2
)
 
0.2

 
0.5

Total other, net
 
$
(10.2
)
 
$
(0.6
)
 
$
(19.3
)

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.
v3.10.0.1
ACCRUED EXPENSES
12 Months Ended
Dec. 28, 2018
Accrued Liabilites, Current [Abstract]  
Accrued Liabilities Disclosure [Text Block]
ACCRUED EXPENSES
Accrued expenses consisted of the following:
 
 
 
December 28,
2018
 
December 29,
2017
(In millions)
 
 
 
 
Salaries and fringe benefits
 
$
109.7

 
$
110.6

Other accrued expenses
 
199.3

 
158.6

Total accrued expenses
 
$
309.0

 
$
269.2

v3.10.0.1
RESTRUCTURING CHARGES
12 Months Ended
Dec. 28, 2018
Restructuring and Related Activities [Abstract]  
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:
 
Restructuring Activity
 
Q2 2018
Plan
 
Q2 2016
Plan
 
Q4 2015
Plan
 
Total
 
Employee-Related Costs (a)
 
Facility Exit and Other Costs (b)
 
Employee-Related Costs (a)
 
Facility Exit and Other Costs (b)
 
Employee-Related Costs (a)
 
Employee-Related Costs (a)
 
Facility Exit and Other Costs (b)
Balance at December 30, 2016
$

 
$

 
$
1.9

 
$
1.2

 
$
1.3

 
$
3.2

 
$
1.2

Payments and other

 

 
(1.4
)
 
(0.7
)
 
(0.7
)
 
(2.1
)
 
(0.7
)
Balance at December 29, 2017
$

 
$

 
$
0.5

 
$
0.5

 
$
0.6

 
$
1.1

 
$
0.5

Charges
9.6

 
0.5

 

 
(0.4
)
 
(0.3
)
 
9.3

 
0.1

Payments and other
(2.9
)
 
(0.3
)
 
(0.5
)
 
(0.1
)
 
(0.1
)
 
(3.5
)
 
(0.4
)
Balance at December 28, 2018
$
6.7

 
$
0.2

 
$

 
$

 
$
0.2

 
$
6.9

 
$
0.2


(a)
Employee-related costs primarily consist of severance benefits provided to employees who have been involuntarily terminated.
(b)
Facility exit and other costs primarily consist of lease termination costs.
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.
v3.10.0.1
DEBT
12 Months Ended
Dec. 28, 2018
Text Block [Abstract]  
DEBT
DEBT
Debt is summarized below:
(In millions)
 
December 28,
2018
 
December 29,
2017
Long-term debt:
 
 
 
 
6.00% Senior notes due 2025
 
$
246.9

 
$

5.50% Senior notes due 2023
 
347.4

 
346.8

5.125% Senior notes due 2021
 
397.4

 
396.5

5.625% Senior notes due 2019
 

 
348.6

Revolving lines of credit
 
260.0

 
159.0

Other
 
6.1

 
1.7

Unamortized deferred financing costs
 
(6.0
)
 
(4.7
)
Total long-term debt
 
$
1,251.8

 
$
1,247.9


 
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.
v3.10.0.1
COMMITMENTS AND CONTINGENCIES
12 Months Ended
Dec. 28, 2018
Text Block [Abstract]  
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:
(In millions)
 
2019
$
77.6

2020
59.9

2021
44.9

2022
40.0

2023
28.4

2024 and thereafter
87.3

Total
$
338.1


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.
v3.10.0.1
INCOME TAXES
12 Months Ended
Dec. 28, 2018
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:
(In millions)
 
Years Ended
 
 
December 28,
2018
 
December 29,
2017
 
December 30,
2016
Current:
 
 
 
 
 
 
Foreign
 
$
24.2

 
$
21.7

 
$
18.5

State
 
9.4

 
8.3

 
7.0

Federal
 
34.2

 
99.4

 
50.2

 
 
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

 
 
(0.9
)
 
(0.8
)
 
0.7

Income tax expense
 
$
66.9

 
$
128.6

 
$
76.4


Reconciliations of income tax expense to the statutory corporate federal tax rate of 21% were as follows:
(In millions)
 
Years Ended
 
 
December 28,
2018
 
December 29,
2017
 
December 30,
2016
Statutory tax expense
 
$
46.9

 
$
83.2

 
$
69.1

Increase (reduction) in 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

 

Other, net
 
2.9

 
3.7

 
(0.6
)
Income tax expense
 
$
66.9

 
$
128.6

 
$
76.4



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 reduction of the U.S. corporate tax rate to 21% results in an adjustment to the Company's U.S. deferred tax assets and liabilities to the lower rate. The impact of the deferred tax adjustment was measured and recorded as an increase in earnings for the quarter ending December 29, 2017, of $14.4 million. The impact was revised and a deferred tax adjustment of $0.7 million was recorded as a decrease in earnings for the quarter ending December 28, 2018; and
The tax reform legislation will subject the earnings of the Company's cumulative foreign earnings and profits to U.S. income taxes as a deemed repatriation. The estimated provisional impact of the deemed repatriation decreased earnings for the quarter ending December 29, 2017 by $50.0 million. The tax impact was revised to $47.2 million and finalized in 2018.
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:
(In millions)
 
December 28,
2018
 
December 29,
2017
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

 

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
)
Gross deferred tax liabilities
 
$
(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
)

 
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:
(In millions)
 
Balance at January 1, 2016
$
5.3

Additions for tax positions of prior years
0.4

Reductions for tax positions of prior years
(0.7
)
Balance at December 30, 2016
$
5.0

Reductions for tax positions of prior years
(0.3
)
Balance at December 29, 2017
$
4.7

Additions for tax positions of prior years
0.6

Reductions for tax positions of prior years
(0.6
)
Balance at December 28, 2018
$
4.7


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.
v3.10.0.1
PENSION PLANS
12 Months Ended
Dec. 28, 2018
Text Block [Abstract]  
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 million6.9 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.
 
 
Domestic Plans
 
 
December 28, 2018
 
Allocation Guidelines
 
 
 
Min
 
Target
 
Max
Global equities
 
40.1
%
 
37
%
 
46
%
 
66
%
Debt securities:
 
 
 
 
 
 
 
 
     Domestic treasuries
 
15.6

 

 
12

 
34

     Corporate bonds
 
16.3

 

 
17

 
34

     Other
 
14.5

 
9

 
14

 
19

Total debt securities
 
46.4


9


43


87

Property/real estate
 
12.6

 

 
10

 
19

Other
 
0.9

 

 
1

 
5

 
 
100.0
%
 
 
 
100
%
 
 
 
 
Domestic Plans
 
 
December 29, 2017
 
Allocation Guidelines
 
 
 
Min
 
Target
 
Max
Domestic equities
 
51.9
%
 
37
%
 
52
%
 
67
%
International equities
 
11.8

 
5

 
10

 
15

Total equity securities
 
63.7

 
 
 
62

 
 
Debt securities
 
33.4

 
31

 
38

 
45

Other
 
2.9

 

 

 
10

 
 
100.0
%
 
 
 
100
%
 
 
 
 
Foreign Plans
 
 
December 28,
2018
 
December 29,
2017
 
Allocation        
 
 
Guidelines
 
 
Target
Equity securities
 
60
%
 
62
%
 
60
%
Debt securities
 
30

 
29

 
30

Other investments
 
10

 
9

 
10

 
 
100
%
 
100
%
 
100
%
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:
 
Each asset class is managed by one or more active and passive investment managers
Each asset class may be invested in a commingled fund, mutual fund, or separately managed account
Investment in Exchange Traded Funds ("ETFs") is permissible
Each manager is expected to be "fully invested" with minimal cash holdings
Derivative instruments such as futures, swaps and options may be used on a limited basis.  For funds that employ derivatives, the loss of invested capital to the Trust should be limited to the amount invested in the fund.
The equity portfolio is diversified by sector and geography.
The real assets portfolio is invested Real Estate Investment Trusts ("REITs") and private real estate.
The fixed income is invested in U.S. Treasuries, investment grade corporate debt (denominated in U.S. dollars), and other credit investments including below investment grade rated bonds and loans, securitized credit, and emerging market debt.

The investment policies for the Foreign plans are the responsibility of the various trustees. Generally, the investment policy guidelines are as follows:
 
Make sure that the obligations to the beneficiaries of the Plan can be met
Maintain funds at a level to meet the minimum funding requirements
The investment managers are expected to provide a return, within certain tracking tolerances, close to that of the relevant market’s indices
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:
(In millions)
 
December 28,
2018
 
December 29,
2017
Changes to Balance:
 
 
 
 
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
)
 

Ending balance
 
$
126.7

 
$
112.2


Components of Balance:
 
 
 
 
Prior service credit
 
$
(12.8
)
 
$
(17.3
)
Net actuarial loss
 
139.5

 
129.5

 
 
$
126.7

 
$
112.2


Amounts in "Accumulated other comprehensive loss" expected to be recognized as components of net period pension cost in 2019 are as follows:
(In millions)
 
Amortization of prior service credit
$
(3.8
)
Amortization of actuarial loss
8.3

Total amortization expected
$
4.5



The following represents a reconciliation of the funded status of the Company's pension plans for fiscal years 2018 and 2017:
 
 
Pension Benefits
 
 
Domestic Plans
 
Foreign Plans
 
Total
(In millions)
 
2018
 
2017
 
2018
 
2017
 
2018
 
2017
Change in projected benefit obligation:
 
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
 
$
275.8

 
$
258.8

 
$
257.6

 
$
223.0

 
$
533.4

 
$
481.8

Service cost
 
3.5

 
3.3

 
5.9

 
5.9

 
9.4

 
9.2

Interest cost
 
10.3

 
11.1

 
6.8

 
6.9

 
17.1

 
18.0

Actuarial (gain) loss
 
(19.9
)
 
22.4

 
(4.0
)
 
8.6

 
(23.9
)
 
31.0

Benefits paid from plan assets
 
(7.4
)
 
(7.5
)
 
(8.1
)
 
(6.7
)
 
(15.5
)
 
(14.2
)
Benefits paid from Company assets
 
(0.8
)
 
(1.0
)
 

 

 
(0.8
)
 
(1.0
)
Plan amendment
 

 

 
0.5

 

 
0.5

 

Settlement
 

 

 
(0.5
)
 

 
(0.5
)
 

Plan participants contributions
 

 

 
0.1

 
0.1

 
0.1

 
0.1

Foreign currency exchange rate changes
 

 

 
(15.7
)
 
21.2

 
(15.7
)
 
21.2

Impact due to annuity purchase
 

 
(11.3
)
 

 
(1.4
)
 

 
(12.7
)
Ending balance
 
$
261.5

 
$
275.8

 
$
242.6

 
$
257.6

 
$
504.1

 
$
533.4

Change in plan assets at fair value:
 
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
 
$
280.8

 
$
238.3

 
$
209.1

 
$
174.4

 
$
489.9

 
$
412.7

Actual return on plan assets
 
(13.0
)
 
41.0

 
(6.9
)
 
18.9

 
(19.9
)
 
59.9

Company contributions to plan assets
 

 
20.3

 
7.4

 
7.1

 
7.4

 
27.4

Benefits paid from plan assets
 
(7.4
)
 
(7.5
)
 
(8.1
)
 
(6.7
)
 
(15.5
)
 
(14.2
)
Settlement
 

 

 
(0.5
)
 

 
(0.5
)
 

Plan participants contributions
 

 

 
0.1

 
0.1

 
0.1

 
0.1

Purchase of annuity
 

 
(11.3
)
 

 
(1.4
)
 

 
(12.7
)
Foreign currency exchange rate changes
 

 

 
(12.6
)
 
16.7

 
(12.6
)
 
16.7

Ending balance
 
$
260.4

 
$
280.8

 
$
188.5

 
$
209.1

 
$
448.9

 
$
489.9

Reconciliation of funded status:
 
 
 
 
 
 
 
 
 
 
 
 
Projected benefit obligation
 
$
(261.5
)
 
$
(275.8
)
 
$
(242.6
)
 
$
(257.6
)
 
$
(504.1
)
 
$
(533.4
)
Plan assets at fair value
 
260.4

 
280.8

 
188.5

 
209.1

 
448.9

 
489.9

Funded status
 
$
(1.1
)
 
$
5.0

 
$
(54.1
)
 
$
(48.5
)
 
$
(55.2
)
 
$
(43.5
)
Included in the 2018 and 2017 funded status is accrued benefit cost of approximately $16.5 million and $17.7 million, respectively, related to two non-qualified plans, which cannot be funded pursuant to tax regulations.
Noncurrent asset
 
$
15.4

 
$
22.6

 
$
0.2

 
$
0.2

 
$
15.6

 
$
22.8

Current liability
 
(1.2
)
 
(0.8
)
 

 

 
(1.2
)
 
(0.8
)
Noncurrent liability
 
(15.3
)
 
(16.8
)
 
(54.3
)
 
(48.7
)
 
(69.6
)
 
(65.5
)
Funded status
 
$
(1.1
)
 
$
5.0

 
$
(54.1
)
 
$
(48.5
)
 
$
(55.2
)
 
$
(43.5
)
Weighted-average assumptions used for measurement of the projected benefit obligation:
 
 
 
 
Discount rate
 
4.28
%
 
3.78
%
 
2.84
%
 
2.70
%
 
3.59
%
 
3.26
%
Salary growth rate
 
3.75
%
 
3.76
%
 
3.26
%
 
3.04
%
 
3.51
%
 
3.36
%


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:
 
 
Pension Benefits
 
 
Domestic Plans
 
Foreign Plans
 
Total
(In millions)
 
2018
 
2017
 
2016
 
2018
 
2017
 
2016
 
2018
 
2017
 
2016
Recorded in operating expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Service cost
 
$
3.5

 
$
4.7

 
$
4.7

 
$
5.9

 
$
5.9

 
$
5.9

 
$
9.4

 
$
10.6

 
$
10.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Recorded in other, net:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest cost
 
10.3

 
11.1

 
11.5

 
6.8

 
6.9

 
7.8

 
17.1

 
18.0

 
19.3

Expected return on plan assets
 
(16.0
)
 
(14.9
)
 
(14.2
)
 
(9.8
)
 
(8.8
)
 
(9.4
)
 
(25.8
)
 
(23.7
)
 
(23.6
)
Net amortization
 
0.6

 
2.5

 
2.4

 
2.9

 
3.0

 
2.5

 
3.5

 
5.5

 
4.9

Settlement charge
 

 

 

 
0.1

 

 
9.6

 
0.1

 

 
9.6

Total recorded in other, net
 
$
(5.1
)
 
(1.3
)
 
(0.3
)
 

 
1.1

 
10.5

 
(5.1
)
 
(0.2
)
 
10.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total net periodic pension (benefit) cost
 
$
(1.6
)
 
$
3.4

 
$
4.4

 
$
5.9

 
$
7.0

 
$
16.4

 
$
4.3

 
$
10.4

 
$
20.8


Weighted-average assumption used to measure net periodic pension (benefit) cost:
 
 
 
 
 
 
 
 
Discount rate
 
3.78
%
 
4.36
%
 
4.65
%
 
2.70
%
 
2.99
%
 
3.35
%
 
3.26
%
 
3.73
%
 
3.98
%
Expected return on plan assets
 
6.25
%
 
6.25
%
 
6.50
%
 
4.81
%
 
4.79
%
 
4.54
%
 
5.63
%
 
5.59
%
 
5.50
%
Salary growth rate
 
3.76
%
 
4.63
%
 
4.60
%
 
3.04
%
 
3.01
%
 
3.08
%
 
3.36
%
 
3.73
%
 
3.75
%

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:
 
As of December 28, 2018
 
Domestic Plans
 
Foreign Plans
 
Total
(In millions)
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
Asset Categories:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Domestic
$

 
$

 
$

 
$

 
$

 
$
44.1

 
$

 
$
44.1

 
$

 
$
44.1

 
$

 
$
44.1

International (a)

 

 

 

 

 
68.2

 

 
68.2

 

 
68.2

 

 
68.2

      Global

 
104.3

 

 
104.3

 

 

 

 

 

 
104.3

 

 
104.3

Debt securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


 


 


 


Domestic treasuries

 
40.5

 

 
40.5

 

 
44.2

 

 
44.2

 

 
84.7

 

 
84.7

Corporate bonds

 
42.4

 

 
42.4

 

 
12.3

 

 
12.3

 

 
54.7

 

 
54.7

      Other

 
38.0

 

 
38.0

 

 

 

 

 

 
38.0

 

 
38.0

Property/real estate

 

 
32.7

 
32.7

 

 
0.3

 

 
0.3

 

 
0.3

 
32.7

 
33.0

Insurance products

 

 

 

 

 
18.6

 

 
18.6

 

 
18.6

 

 
18.6

Other
2.5

 

 

 
2.5

 
0.8

 

 

 
0.8

 
3.3

 

 

 
3.3

Total at December 28, 2018
$
2.5

 
$
225.2

 
$
32.7

 
$
260.4

 
$
0.8

 
$
187.7

 
$

 
$
188.5

 
$
3.3

 
$
412.9

 
$
32.7

 
$
448.9

(a)
Investment in funds outside the country where the pension plan originates is considered International.
 
As of December 29, 2017
 
Domestic Plans
 
Foreign Plans
 
Total
(In millions)
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
Asset Categories:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Domestic
145.6

 

 

 
145.6

 

 
51.1

 

 
51.1

 
145.6

 
51.1

 

 
196.7

International (a)
33.2

 

 

 
33.2

 

 
78.2

 

 
78.2

 
33.2

 
78.2

 

 
111.4

Debt securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Domestic treasuries
0.4

 
4.0

 

 
4.4

 

 
48.0

 

 
48.0

 
0.4

 
52.0

 

 
52.4

Corporate bonds

 
89.5

 

 
89.5

 

 
11.8

 

 
11.8

 

 
101.3

 

 
101.3

Insurance products

 

 

 

 

 
19.1

 

 
19.1

 

 
19.1

 

 
19.1

Other
8.1

 

 

 
8.1

 
0.3

 
0.6

 

 
0.9

 
8.4

 
0.6

 

 
9.0

Total at December 29, 2017
$
187.3

 
$
93.5

 
$

 
$
280.8

 
$
0.3

 
$
208.8

 
$

 
$
209.1

 
$
187.6

 
$
302.3

 
$

 
$
489.9

(a)
Investment in funds outside the country where the pension plan originates is considered International.

Changes in Anixter's Level 3 plan assets, which are included in operations, for the year ended December 28, 2018 included:
(In millions)
December 29, 2017 Balance
 
Purchases, sales and settlements
 
December 28, 2018 Balance
Asset Categories:
 
 
 
 
 
Property/real estate
$

 
$
32.7

 
$
32.7

Total Level 3 investments
$

 
$
32.7

 
$
32.7


The Company estimated future benefits payments are as follows at the end of 2018:
 
 
Estimated Future Benefit Payments
(In millions)
 
Domestic
 
Foreign
 
Total
2019
 
$
10.3

 
$
5.2

 
$
15.5

2020
 
11.0

 
5.5

 
16.5

2021
 
11.9

 
5.6

 
17.5

2022
 
12.7

 
7.7

 
20.4

2023
 
13.5

 
6.7

 
20.2

2024-2028
 
78.4

 
53.5

 
131.9

Total
 
$
137.8

 
$
84.2

 
$
222.0


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.
v3.10.0.1
STOCKHOLDERS' EQUITY
12 Months Ended
Dec. 28, 2018
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:
(units in thousands)
 
Director
Stock
Units (a)
 
Weighted
Average
Grant Date Fair
Value (b)
 
Employee
Stock Units (c)
 
Weighted
Average
Grant Date Fair
Value (b)
Outstanding balance at January 1, 2016
 
307.8

 
$
52.53

 
436.1

 
$
81.56

Granted
 
33.3

 
56.34

 
491.5

 
39.93

Converted
 

 

 
(125.2
)
 
80.58

Canceled
 

 

 
(75.0
)
 
55.89

Outstanding balance at December 30, 2016
 
341.1

 
52.90

 
727.4

 
56.25

Granted
 
31.3

 
80.81

 
222.4

 
85.65

Converted
 

 

 
(155.4
)
 
76.51

Canceled
 

 

 
(50.7
)
 
59.25

Outstanding balance at December 29, 2017
 
372.4

 
55.25

 
743.7

 
60.61

Granted
 
34.5

 
70.92

 
237.9

 
74.98

Converted
 
(26.0
)
 
60.95

 
(192.6
)
 
64.15

Performance unit adjustments(d)
 

 

 
(12.6
)
 
89.00

Canceled
 

 

 
(52.0
)
 
70.80

Outstanding balance at December 28, 2018
 
380.9

 
$
56.28

 
724.4

 
$
63.16

(a)
All director units are considered convertible although each individual has elected to defer conversion until a pre-arranged time.
(b)
Director and employee stock units are granted at no cost to the participants.
(c)
All employee stock units outstanding are not vested at year end and are expected to vest.
(d)
Adjustments based on final evaluations for non-vested performance stock units.

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:
(options in thousands)
 
Employee
Options
 
Weighted Average
Exercise Price
Balance at January 1, 2016
 
533.0

 
$
49.00

Exercised
 
(44.8
)
 
52.55

Balance at December 30, 2016
 
488.2

 
48.68

Exercised
 
(88.7
)
 
56.43

Balance at December 29, 2017
 
399.5

 
46.96

Exercised
 
(51.8
)
 
29.64

Balance at December 28, 2018
 
347.7

 
$
49.54

Options exercisable at year-end:
 
 
 
 
2016
 
468.4

 
$
48.00

2017
 
399.5

 
$
46.96

2018
 
347.7

 
$
49.54


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:
(shares in thousands)
 
Non-vested Performance Shares (a)
 
Weighted-average Grant Date Fair Value
Balance at December 29, 2017
 
120.6

 
$
42.17

Granted
 
43.7

 
78.33

Vested
 

 

Performance unit adjustments(b)
 
(12.6
)
 
89.00

Canceled
 
(3.8
)
 
86.80

Balance at December 28, 2018
 
147.9

 
$
47.73


(a)
All non-vested stock performance units are expected to vest.
(b)
Adjustments based on final evaluations for non-vested performance stock units.
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.
v3.10.0.1
BUSINESS SEGMENTS
12 Months Ended
Dec. 28, 2018
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:
(In millions)
 
 
 
 
 
 
 
 
 
 
2018
 
NSS
 
EES
 
UPS
 
Corporate (a)
 
Total
Net sales
 
$
4,347.0

 
$
2,342.7

 
$
1,710.5

 
$

 
$
8,400.2

Operating income (losses)
 
272.2

 
132.3

 
75.4

 
(170.2
)
 
309.7

Depreciation
 
3.8

 
2.4

 
3.6

 
21.9

 
31.7

Amortization of intangible assets
 
17.0

 
7.0

 
13.3

 

 
37.3

Total assets
 
2,319.3

 
1,097.4

 
905.5

 
330.9

 
4,653.1

Capital expenditures
 
8.7

 
2.0

 
6.7

 
25.0

 
42.4

2017
 
NSS
 
EES
 
UPS
 
Corporate (a)
 
Total
Net sales
 
$
4,114.4

 
$
2,225.5

 
$
1,587.5

 
$

 
$
7,927.4

Operating income (losses)
 
262.6

 
114.3

 
73.1

 
(137.1
)
 
312.9

Depreciation
 
3.1

 
2.4

 
3.9

 
18.8

 
28.2

Amortization of intangible assets
 
14.4

 
8.4

 
13.3

 

 
36.1

Total assets
 
1,947.1

 
1,068.3

 
871.4

 
365.4

 
4,252.2

Capital expenditures
 
3.7

 
1.9

 
1.7

 
33.8

 
41.1

2016
 
NSS
 
EES
 
UPS
 
Corporate (a)
 
Total
Net sales
 
$
4,083.8

 
$
2,103.2

 
$
1,435.8

 
$

 
$
7,622.8

Operating income (losses)
 
275.8

 
97.5

 
56.7

 
(134.5
)
 
295.5

Depreciation
 
3.2

 
2.7

 
4.2

 
17.8

 
27.9

Amortization of intangible assets
 
14.1

 
8.5

 
15.0

 

 
37.6

Total assets
 
1,974.0

 
983.6

 
821.9

 
313.9

 
4,093.4

Capital expenditures
 
3.4

 
2.9

 
2.5

 
23.8

 
32.6


(a)
Corporate "Total assets" primarily consists of cash and cash equivalents, deferred tax assets, and corporate fixed assets.

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.
 
 
Year Ended December 28, 2018
(In millions)
 
NSS
 
EES
 
UPS
 
Corporate
 
Total
Amortization of intangible assets
 
$
(17.0
)
 
$
(7.0
)
 
$
(13.3
)
 
$

 
$
(37.3
)
Restructuring charge
 
(2.1
)
 
(1.3
)
 
(0.7
)
 
(5.3
)
 
(9.4
)
Acquisition and integration costs
 
(2.6
)
 

 

 
(0.3
)
 
(2.9
)
CEO retirement agreement expense
 

 

 

 
(2.6
)
 
(2.6
)
U.K. facility relocation costs
 
(0.2
)
 
(0.8
)
 

 

 
(1.0
)
Total of items impacting operating expense and operating income
 
$
(21.9
)
 
$
(9.1
)
 
$
(14.0
)
 
$
(8.2
)
 
$
(53.2
)
 
 
Year Ended December 29, 2017
(In millions)
 
NSS
 
EES
 
UPS
 
Corporate
 
Total
Amortization of intangible assets
 
$
(14.4
)
 
$
(8.4
)
 
$
(13.3
)
 
$

 
$
(36.1
)
Restructuring charge
 

 
0.5

 
(0.1
)
 
(0.4
)
 

Acquisition and integration costs
 

 

 

 
(2.3
)
 
(2.3
)
Impairment of intangible assets
 
(5.7
)
 

 

 

 
(5.7
)
Total of items impacting operating expense and operating income
 
$
(20.1
)
 
$
(7.9
)
 
$
(13.4
)
 
$
(2.7
)
 
$
(44.1
)
 
 
Year Ended December 30, 2016
(In millions)
 
NSS
 
EES
 
UPS
 
Corporate
 
Total
Amortization of intangible assets
 
$
(14.1
)
 
$
(8.5
)
 
$
(15.0
)
 
$

 
$
(37.6
)
Restructuring charge
 
(1.7
)
 
(1.3
)
 
(2.1
)
 
(0.3
)
 
(5.4
)
Acquisition and integration costs
 

 

 
(0.3
)
 
(4.8
)
 
(5.1
)
UK pension settlement
 

 

 

 
(9.6
)
 
(9.6
)
Latin America bad debt provision
 
(3.9
)
 
(3.7
)
 

 

 
(7.6
)
Total of items impacting operating expense and operating income
 
$
(19.7
)
 
$
(13.5
)
 
$
(17.4
)
 
$
(14.7
)
 
$
(65.3
)


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:
 
 
Years Ended
(In millions)
 
December 28, 2018
 
December 29, 2017
 
December 30, 2016
Sales
 
Net Sales
 
% of Total
Net Sales
 
Net Sales
 
% of Total
Net Sales
 
Net Sales
 
% of Total
Net Sales
North America
 
$
6,842.1

 
81.5
%
 
$
6,544.0

 
82.5
%
 
$
6,384.6

 
83.8
%
EMEA
 
660.3

 
7.8
%
 
626.3

 
7.9
%
 
570.1

 
7.4
%
Emerging Markets
 
897.8

 
10.7
%
 
757.1

 
9.6
%
 
668.1

 
8.8
%
Net sales
 
$
8,400.2

 
100.0
%
 
$
7,927.4

 
100.0
%
 
$
7,622.8

 
100.0
%


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:

(In millions)
 
December 28, 2018
 
December 29, 2017
Total assets
 
 
 
 
North America
 
$
3,709.4

 
$
3,468.3

EMEA
 
302.2

 
249.5

Emerging Markets
 
641.5

 
534.4

Total assets
 
$
4,653.1

 
$
4,252.2

(In millions)
 
December 28, 2018
 
December 29, 2017
Net property and equipment
 
 
 
 
North America
 
$
144.2

 
$
140.5

EMEA
 
9.7

 
7.2

Emerging Markets
 
9.4

 
6.6

Net property and equipment
 
$
163.3

 
$
154.3


 
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:
(In millions)
 
NSS
 
EES
 
UPS
 
Total
Balance as of December 30, 2016
 
$
405.0

 
$
181.0

 
$
178.6

 
$
764.6

Foreign currency translation
 
3.8

 
0.7

 
9.0

 
13.5

Balance as of December 29, 2017
 
$
408.8

 
$
181.7

 
$
187.6

 
$
778.1

Acquisition related (a)
 
73.2

 

 

 
73.2

Foreign currency translation
 
(9.3
)
 
(0.8
)
 
(9.2
)
 
(19.3
)
Balance as of December 28, 2018
 
$
472.7

 
$
180.9

 
$
178.4

 
$
832.0


(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.
v3.10.0.1
SUMMARIZED FINANCIAL INFORMATION OF ANIXTER INC.
12 Months Ended
Dec. 28, 2018
Text Block [Abstract]  
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

(In millions)
 
December 28,
2018
 
December 29,
2017
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

 
 
$
4,658.5

 
$
4,258.9

Liabilities and Stockholder's Equity:
 
 
 
 
Current liabilities
 
$
1,630.3

 
$
1,351.9

Long-term debt
 
1,260.7

 
1,257.7

Other liabilities
 
199.6

 
192.9

Stockholder’s equity
 
1,567.9

 
1,456.4

 
 
$
4,658.5

 
$
4,258.9


ANIXTER INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
 
 
 
Twelve Months Ended
 (In millions)
 
December 28,
2018
 
December 29,
2017
 
December 30,
2016
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
 
$

 
$

 
$
(0.6
)
Net income
 
$
160.9

 
$
112.6

 
$
123.8

Comprehensive income
 
$
101.8

 
$
153.2

 
$
103.4

v3.10.0.1
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
12 Months Ended
Dec. 28, 2018
Quarterly Financial Information Disclosure [Abstract]  
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.
(In millions, except per share amounts)
 
 
 
 
 
 
 
 
Year ended December 28, 2018
 
First
Quarter(a)
 
Second
Quarter(b)
 
Third
Quarter(c)
 
Fourth
Quarter(d)
Net sales
 
$
1,964.2

 
$
2,137.9

 
$
2,179.0

 
$
2,119.1

Cost of goods sold
 
1,579.4

 
1,718.8

 
1,754.9

 
1,689.1

Operating income
 
61.6

 
71.3

 
89.5

 
87.3

Income before income taxes
 
45.7

 
49.0

 
68.6

 
59.9

Net income
 
$
32.1

 
$
34.8

 
$
47.6

 
$
41.8

Income per share:
 
 
 
 
 
 
 
 
Basic
 
$
0.95

 
$
1.03

 
$
1.41

 
$
1.23

Diluted
 
$
0.94

 
$
1.02

 
$
1.40

 
$
1.22

(a)
In the first quarter of 2018, "Operating income" includes $9.3 million of intangible asset amortization, $0.3 million of acquisition and integration costs and $0.2 million of U.K. facility relocation costs.
(b)
In the second quarter of 2018, "Operating income" includes $9.7 million of intangible asset amortization, a restructuring charge of $9.2 million, $2.3 million of acquisition and integration costs, $2.6 million of CEO retirement agreement expense and $0.4 million of U.K. facility relocation costs.
(c)
In the third quarter of 2018, "Operating income" includes $9.6 million of intangible asset amortization, a restructuring charge of $0.2 million, $0.3 million of acquisition and integration costs and $0.2 million of U.K. facility relocation costs.
(d)
In the fourth quarter of 2018, "Operating income" includes $8.7 million of intangible asset amortization and $0.2 million of U.K. facility relocation costs. "Income before income taxes" includes a $4.6 million loss on extinguishment of debt.
(In millions, except per share amounts)
 
 
 
 
 
 
 
 
Year ended December 29, 2017
 
First
Quarter(a)
 
Second
Quarter(b)
 
Third
Quarter(c)
 
Fourth
Quarter(d)
Net sales
 
$
1,895.8

 
$
2,001.4

 
$
2,016.4

 
$
2,013.8

Cost of goods sold
 
1,516.1

 
1,605.7

 
1,619.2

 
1,615.4

Operating income
 
68.9

 
82.6

 
80.8

 
80.6

Income before income taxes
 
49.9

 
63.8

 
62.4

 
61.5

Net income
 
$
30.9

 
$
40.1

 
$
37.6

 
$
0.4

Income per share:
 
 
 
 
 
 
 
 
Basic
 
$
0.92

 
$
1.19

 
$
1.12

 
$
0.01

Diluted
 
$
0.91

 
$
1.18

 
$
1.11

 
$
0.01

(a)
In the first quarter of 2017, "Operating income" includes $9.0 million of intangible asset amortization.
(b)
In the second quarter of 2017, "Operating income" includes $9.0 million of intangible asset amortization.
(c)
In the third quarter of 2017, "Operating income" includes $9.1 million of intangible asset amortization and $0.8 million of acquisition and integration costs.
(d)
In the fourth quarter of 2017, "Operating income" includes $9.0 million of intangible asset amortization, $1.5 million of acquisition and integration costs and an intangible asset impairment charge of $5.7 million.
v3.10.0.1
CONDENSED FINANCIAL INFORMATION OF REGISTRANT ANIXTER INTERNATIONAL INC.
12 Months Ended
Dec. 28, 2018
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
 
 
 
Years Ended
(In millions)
 
December 28,
2018
 
December 29,
2017
 
December 30,
2016
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

See accompanying note to the condensed financial information of registrant.
BALANCE SHEETS
 
(In millions)
 
December 28,
2018
 
December 29,
2017
ASSETS
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
0.2

 
$
0.2

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

 
 
$
1,572.2

 
$
1,461.0

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
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

 
 
$
1,572.2

 
$
1,461.0

See accompanying note to the condensed financial information of registrant.
STATEMENTS OF CASH FLOWS
 
 
 
Years Ended
 
 
December 28,
2018
 
December 29,
2017
 
December 30,
2016
(In millions)
 
 
 
 
 
 
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:
 

 

 

Financing activities:
 
 
 
 
 
 
Proceeds from stock options exercised
 
1.5

 
5.0

 
2.4

Loans from (to) subsidiaries, net
 

 
0.7

 
(0.7
)
Other, net
 

 
(0.2
)
 
(0.6
)
Net cash provided by financing activities
 
1.5

 
5.5

 
1.1

Increase in cash and cash equivalents
 

 

 
0.1

Cash and cash equivalents at beginning of period
 
0.2

 
0.2

 
0.1

Cash and cash equivalents at end of period
 
$
0.2

 
$
0.2

 
$
0.2

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.
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.

v3.10.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
12 Months Ended
Dec. 28, 2018
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.
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.
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.
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.
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.
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:
 
Return or rotation privileges with vendors 
Price protection from vendors
Expected future usage
Whether or not a customer is obligated by contract to purchase the inventory
Current market pricing
Historical consumption experience
Risk of obsolescence
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
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
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
Intangible assets: As of December 28, 2018 and December 29, 2017, the Company's intangible asset balances are as follows:
 
 
 
 
December 28, 2018
 
December 29, 2017
(In millions)
 
Average useful life (in years)
 
Gross carrying amount
 
Accumulated amortization
 
Gross carrying amount
 
Accumulated amortization
Customer relationships
 
6-20
 
$
500.1

 
$
(143.7
)
 
$
464.5

 
$
(113.2
)
Exclusive supplier agreement
 
21
 
22.1

 
(4.5
)
 
22.5

 
(3.5
)
Trade names
 
3-10
 
21.8

 
(12.6
)
 
12.8

 
(10.2
)
Trade names
 
Indefinite
 
4.9

 

 
4.9

 

Non-compete agreements
 
1-5
 
9.2

 
(6.5
)
 
6.3

 
(5.3
)
Intellectual property
 
8
 
2.3

 
(0.2
)
 

 

Total
 
 
 
$
560.4

 
$
(167.5
)
 
$
511.0

 
$
(132.2
)

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
Other, net: The following represents the components of "Other, net" as reflected in the Consolidated Statements of Income:
 
 
Twelve Months Ended
(In millions)
 
December 28,
2018
 
December 29,
2017
 
December 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
)
 

 

Other
 
(1.2
)
 
0.2

 
0.5

Total other, net
 
$
(10.2
)
 
$
(0.6
)
 
$
(19.3
)

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
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
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: 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 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
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
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
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
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
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
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.
v3.10.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 28, 2018
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:
 
 
 
 
December 28, 2018
 
December 29, 2017
(In millions)
 
Average useful life (in years)
 
Gross carrying amount
 
Accumulated amortization
 
Gross carrying amount
 
Accumulated amortization
Customer relationships
 
6-20
 
$
500.1

 
$
(143.7
)
 
$
464.5

 
$
(113.2
)
Exclusive supplier agreement
 
21
 
22.1

 
(4.5
)
 
22.5

 
(3.5
)
Trade names
 
3-10
 
21.8

 
(12.6
)
 
12.8

 
(10.2
)
Trade names
 
Indefinite
 
4.9

 

 
4.9

 

Non-compete agreements
 
1-5
 
9.2

 
(6.5
)
 
6.3

 
(5.3
)
Intellectual property
 
8
 
2.3

 
(0.2
)
 

 

Total
 
 
 
$
560.4

 
$
(167.5
)
 
$
511.0

 
$
(132.2
)
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:
 
 
Twelve Months Ended
(In millions)
 
December 28,
2018
 
December 29,
2017
 
December 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
)
 

 

Other
 
(1.2
)
 
0.2

 
0.5

Total other, net
 
$
(10.2
)
 
$
(0.6
)
 
$
(19.3
)
v3.10.0.1
ACCRUED EXPENSES (Tables)
12 Months Ended
Dec. 28, 2018
Accrued Liabilites, Current [Abstract]  
Schedule of Accrued Liabilities [Table Text Block]
Accrued expenses consisted of the following:
 
 
 
December 28,
2018
 
December 29,
2017
(In millions)
 
 
 
 
Salaries and fringe benefits
 
$
109.7

 
$
110.6

Other accrued expenses
 
199.3

 
158.6

Total accrued expenses
 
$
309.0

 
$
269.2

v3.10.0.1
RESTRUCTURING CHARGES (Tables)
12 Months Ended
Dec. 28, 2018
Restructuring and Related Activities [Abstract]  
Summary of Liabilities Associated with Restructuring and Employee Severance
The following table summarizes activity related to liabilities associated with restructuring activities:
 
Restructuring Activity
 
Q2 2018
Plan
 
Q2 2016
Plan
 
Q4 2015
Plan
 
Total
 
Employee-Related Costs (a)
 
Facility Exit and Other Costs (b)
 
Employee-Related Costs (a)
 
Facility Exit and Other Costs (b)
 
Employee-Related Costs (a)
 
Employee-Related Costs (a)
 
Facility Exit and Other Costs (b)
Balance at December 30, 2016
$

 
$

 
$
1.9

 
$
1.2

 
$
1.3

 
$
3.2

 
$
1.2

Payments and other

 

 
(1.4
)
 
(0.7
)
 
(0.7
)
 
(2.1
)
 
(0.7
)
Balance at December 29, 2017
$

 
$

 
$
0.5

 
$
0.5

 
$
0.6

 
$
1.1

 
$
0.5

Charges
9.6

 
0.5

 

 
(0.4
)
 
(0.3
)
 
9.3

 
0.1

Payments and other
(2.9
)
 
(0.3
)
 
(0.5
)
 
(0.1
)
 
(0.1
)
 
(3.5
)
 
(0.4
)
Balance at December 28, 2018
$
6.7

 
$
0.2

 
$

 
$

 
$
0.2

 
$
6.9

 
$
0.2


(a)
Employee-related costs primarily consist of severance benefits provided to employees who have been involuntarily terminated.
(b)
Facility exit and other costs primarily consist of lease termination costs.
v3.10.0.1
DEBT (Tables)
12 Months Ended
Dec. 28, 2018
Text Block [Abstract]  
Debt
Debt is summarized below:
(In millions)
 
December 28,
2018
 
December 29,
2017
Long-term debt:
 
 
 
 
6.00% Senior notes due 2025
 
$
246.9

 
$

5.50% Senior notes due 2023
 
347.4

 
346.8

5.125% Senior notes due 2021
 
397.4

 
396.5

5.625% Senior notes due 2019
 

 
348.6

Revolving lines of credit
 
260.0

 
159.0

Other
 
6.1

 
1.7

Unamortized deferred financing costs
 
(6.0
)
 
(4.7
)
Total long-term debt
 
$
1,251.8

 
$
1,247.9

v3.10.0.1
COMMITMENTS AND CONTINGENCIES (Tables)
12 Months Ended
Dec. 28, 2018
Text Block [Abstract]  
Minimum Lease Commitments Under Operating Leases
Minimum lease commitments under operating leases at December 28, 2018 are as follows:
(In millions)
 
2019
$
77.6

2020
59.9

2021
44.9

2022
40.0

2023
28.4

2024 and thereafter
87.3

Total
$
338.1

v3.10.0.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 28, 2018
Schedule of Components of Income Tax Expense (Benefit)
Income tax expense was comprised of:
(In millions)
 
Years Ended
 
 
December 28,
2018
 
December 29,
2017
 
December 30,
2016
Current:
 
 
 
 
 
 
Foreign
 
$
24.2

 
$
21.7

 
$
18.5

State
 
9.4

 
8.3

 
7.0

Federal
 
34.2

 
99.4

 
50.2

 
 
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

 
 
(0.9
)
 
(0.8
)
 
0.7

Income tax expense
 
$
66.9

 
$
128.6

 
$
76.4

Schedule of Effective Income Tax Rate Reconciliation
Reconciliations of income tax expense to the statutory corporate federal tax rate of 21% were as follows:
(In millions)
 
Years Ended
 
 
December 28,
2018
 
December 29,
2017
 
December 30,
2016
Statutory tax expense
 
$
46.9

 
$
83.2

 
$
69.1

Increase (reduction) in 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

 

Other, net
 
2.9

 
3.7

 
(0.6
)
Income tax expense
 
$
66.9

 
$
128.6

 
$
76.4

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:
(In millions)
 
December 28,
2018
 
December 29,
2017
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

 

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
)
Gross deferred tax liabilities
 
$
(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
)
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:
(In millions)
 
Balance at January 1, 2016
$
5.3

Additions for tax positions of prior years
0.4

Reductions for tax positions of prior years
(0.7
)
Balance at December 30, 2016
$
5.0

Reductions for tax positions of prior years
(0.3
)
Balance at December 29, 2017
$
4.7

Additions for tax positions of prior years
0.6

Reductions for tax positions of prior years
(0.6
)
Balance at December 28, 2018
$
4.7

v3.10.0.1
PENSION PLANS (Tables)
12 Months Ended
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.
 
 
Domestic Plans
 
 
December 28, 2018
 
Allocation Guidelines
 
 
 
Min
 
Target
 
Max
Global equities
 
40.1
%
 
37
%
 
46
%
 
66
%
Debt securities:
 
 
 
 
 
 
 
 
     Domestic treasuries
 
15.6

 

 
12

 
34

     Corporate bonds
 
16.3

 

 
17

 
34

     Other
 
14.5

 
9

 
14

 
19

Total debt securities
 
46.4


9


43


87

Property/real estate
 
12.6

 

 
10

 
19

Other
 
0.9

 

 
1

 
5

 
 
100.0
%
 
 
 
100
%
 
 
 
 
Domestic Plans
 
 
December 29, 2017
 
Allocation Guidelines
 
 
 
Min
 
Target
 
Max
Domestic equities
 
51.9
%
 
37
%
 
52
%
 
67
%
International equities
 
11.8

 
5

 
10

 
15

Total equity securities
 
63.7

 
 
 
62

 
 
Debt securities
 
33.4

 
31

 
38

 
45

Other
 
2.9

 

 

 
10

 
 
100.0
%
 
 
 
100
%
 
 
 
 
Foreign Plans
 
 
December 28,
2018
 
December 29,
2017
 
Allocation        
 
 
Guidelines
 
 
Target
Equity securities
 
60
%
 
62
%
 
60
%
Debt securities
 
30

 
29

 
30

Other investments
 
10

 
9

 
10

 
 
100
%
 
100
%
 
100
%
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:
(In millions)
 
December 28,
2018
 
December 29,
2017
Changes to Balance:
 
 
 
 
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
)
 

Ending balance
 
$
126.7

 
$
112.2

Accumulated Other Comprehensive Income (Loss) for Benefit Plans
Components of Balance:
 
 
 
 
Prior service credit
 
$
(12.8
)
 
$
(17.3
)
Net actuarial loss
 
139.5

 
129.5

 
 
$
126.7

 
$
112.2

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:
(In millions)
 
Amortization of prior service credit
$
(3.8
)
Amortization of actuarial loss
8.3

Total amortization expected
$
4.5

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:
 
 
Pension Benefits
 
 
Domestic Plans
 
Foreign Plans
 
Total
(In millions)
 
2018
 
2017
 
2018
 
2017
 
2018
 
2017
Change in projected benefit obligation:
 
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
 
$
275.8

 
$
258.8

 
$
257.6

 
$
223.0

 
$
533.4

 
$
481.8

Service cost
 
3.5

 
3.3

 
5.9

 
5.9

 
9.4

 
9.2

Interest cost
 
10.3

 
11.1

 
6.8

 
6.9

 
17.1

 
18.0

Actuarial (gain) loss
 
(19.9
)
 
22.4

 
(4.0
)
 
8.6

 
(23.9
)
 
31.0

Benefits paid from plan assets
 
(7.4
)
 
(7.5
)
 
(8.1
)
 
(6.7
)
 
(15.5
)
 
(14.2
)
Benefits paid from Company assets
 
(0.8
)
 
(1.0
)
 

 

 
(0.8
)
 
(1.0
)
Plan amendment
 

 

 
0.5

 

 
0.5

 

Settlement
 

 

 
(0.5
)
 

 
(0.5
)
 

Plan participants contributions
 

 

 
0.1

 
0.1

 
0.1

 
0.1

Foreign currency exchange rate changes
 

 

 
(15.7
)
 
21.2

 
(15.7
)
 
21.2

Impact due to annuity purchase
 

 
(11.3
)
 

 
(1.4
)
 

 
(12.7
)
Ending balance
 
$
261.5

 
$
275.8

 
$
242.6

 
$
257.6

 
$
504.1

 
$
533.4

Change in plan assets at fair value:
 
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
 
$
280.8

 
$
238.3

 
$
209.1

 
$
174.4

 
$
489.9

 
$
412.7

Actual return on plan assets
 
(13.0
)
 
41.0

 
(6.9
)
 
18.9

 
(19.9
)
 
59.9

Company contributions to plan assets
 

 
20.3

 
7.4

 
7.1

 
7.4

 
27.4

Benefits paid from plan assets
 
(7.4
)
 
(7.5
)
 
(8.1
)
 
(6.7
)
 
(15.5
)
 
(14.2
)
Settlement
 

 

 
(0.5
)
 

 
(0.5
)
 

Plan participants contributions
 

 

 
0.1

 
0.1

 
0.1

 
0.1

Purchase of annuity
 

 
(11.3
)
 

 
(1.4
)
 

 
(12.7
)
Foreign currency exchange rate changes
 

 

 
(12.6
)
 
16.7

 
(12.6
)
 
16.7

Ending balance
 
$
260.4

 
$
280.8

 
$
188.5

 
$
209.1

 
$
448.9

 
$
489.9

Reconciliation of funded status:
 
 
 
 
 
 
 
 
 
 
 
 
Projected benefit obligation
 
$
(261.5
)
 
$
(275.8
)
 
$
(242.6
)
 
$
(257.6
)
 
$
(504.1
)
 
$
(533.4
)
Plan assets at fair value
 
260.4

 
280.8

 
188.5

 
209.1

 
448.9

 
489.9

Funded status
 
$
(1.1
)
 
$
5.0

 
$
(54.1
)
 
$
(48.5
)
 
$
(55.2
)
 
$
(43.5
)
Included in the 2018 and 2017 funded status is accrued benefit cost of approximately $16.5 million and $17.7 million, respectively, related to two non-qualified plans, which cannot be funded pursuant to tax regulations.
Noncurrent asset
 
$
15.4

 
$
22.6

 
$
0.2

 
$
0.2

 
$
15.6

 
$
22.8

Current liability
 
(1.2
)
 
(0.8
)
 

 

 
(1.2
)
 
(0.8
)
Noncurrent liability
 
(15.3
)
 
(16.8
)
 
(54.3
)
 
(48.7
)
 
(69.6
)
 
(65.5
)
Funded status
 
$
(1.1
)
 
$
5.0

 
$
(54.1
)
 
$
(48.5
)
 
$
(55.2
)
 
$
(43.5
)
Weighted-average assumptions used for measurement of the projected benefit obligation:
 
 
 
 
Discount rate
 
4.28
%
 
3.78
%
 
2.84
%
 
2.70
%
 
3.59
%
 
3.26
%
Salary growth rate
 
3.75
%
 
3.76
%
 
3.26
%
 
3.04
%
 
3.51
%
 
3.36
%
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:
 
 
Pension Benefits
 
 
Domestic Plans
 
Foreign Plans
 
Total
(In millions)
 
2018
 
2017
 
2016
 
2018
 
2017
 
2016
 
2018
 
2017
 
2016
Recorded in operating expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Service cost
 
$
3.5

 
$
4.7

 
$
4.7

 
$
5.9

 
$
5.9

 
$
5.9

 
$
9.4

 
$
10.6

 
$
10.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Recorded in other, net:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest cost
 
10.3

 
11.1

 
11.5

 
6.8

 
6.9

 
7.8

 
17.1

 
18.0

 
19.3

Expected return on plan assets
 
(16.0
)
 
(14.9
)
 
(14.2
)
 
(9.8
)
 
(8.8
)
 
(9.4
)
 
(25.8
)
 
(23.7
)
 
(23.6
)
Net amortization
 
0.6

 
2.5

 
2.4

 
2.9

 
3.0

 
2.5

 
3.5

 
5.5

 
4.9

Settlement charge
 

 

 

 
0.1

 

 
9.6

 
0.1

 

 
9.6

Total recorded in other, net
 
$
(5.1
)
 
(1.3
)
 
(0.3
)
 

 
1.1

 
10.5

 
(5.1
)
 
(0.2
)
 
10.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total net periodic pension (benefit) cost
 
$
(1.6
)
 
$
3.4

 
$
4.4

 
$
5.9

 
$
7.0

 
$
16.4

 
$
4.3

 
$
10.4

 
$
20.8

Weighted-Average Assumptions Used to Measure Net Periodic Benefit Cost
Weighted-average assumption used to measure net periodic pension (benefit) cost:
 
 
 
 
 
 
 
 
Discount rate
 
3.78
%
 
4.36
%
 
4.65
%
 
2.70
%
 
2.99
%
 
3.35
%
 
3.26
%
 
3.73
%
 
3.98
%
Expected return on plan assets
 
6.25
%
 
6.25
%
 
6.50
%
 
4.81
%
 
4.79
%
 
4.54
%
 
5.63
%
 
5.59
%
 
5.50
%
Salary growth rate
 
3.76
%
 
4.63
%
 
4.60
%
 
3.04
%
 
3.01
%
 
3.08
%
 
3.36
%
 
3.73
%
 
3.75
%
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:
 
As of December 28, 2018
 
Domestic Plans
 
Foreign Plans
 
Total
(In millions)
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
Asset Categories:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Domestic
$

 
$

 
$

 
$

 
$

 
$
44.1

 
$

 
$
44.1

 
$

 
$
44.1

 
$

 
$
44.1

International (a)

 

 

 

 

 
68.2

 

 
68.2

 

 
68.2

 

 
68.2

      Global

 
104.3

 

 
104.3

 

 

 

 

 

 
104.3

 

 
104.3

Debt securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


 


 


 


Domestic treasuries

 
40.5

 

 
40.5

 

 
44.2

 

 
44.2

 

 
84.7

 

 
84.7

Corporate bonds

 
42.4

 

 
42.4

 

 
12.3

 

 
12.3

 

 
54.7

 

 
54.7

      Other

 
38.0

 

 
38.0

 

 

 

 

 

 
38.0

 

 
38.0

Property/real estate

 

 
32.7

 
32.7

 

 
0.3

 

 
0.3

 

 
0.3

 
32.7

 
33.0

Insurance products

 

 

 

 

 
18.6

 

 
18.6

 

 
18.6

 

 
18.6

Other
2.5

 

 

 
2.5

 
0.8

 

 

 
0.8

 
3.3

 

 

 
3.3

Total at December 28, 2018
$
2.5

 
$
225.2

 
$
32.7

 
$
260.4

 
$
0.8

 
$
187.7

 
$

 
$
188.5

 
$
3.3

 
$
412.9

 
$
32.7

 
$
448.9

(a)
Investment in funds outside the country where the pension plan originates is considered International.
 
As of December 29, 2017
 
Domestic Plans
 
Foreign Plans
 
Total
(In millions)
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
Asset Categories:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Domestic
145.6

 

 

 
145.6

 

 
51.1

 

 
51.1

 
145.6

 
51.1

 

 
196.7

International (a)
33.2

 

 

 
33.2

 

 
78.2

 

 
78.2

 
33.2

 
78.2

 

 
111.4

Debt securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Domestic treasuries
0.4

 
4.0

 

 
4.4

 

 
48.0

 

 
48.0

 
0.4

 
52.0

 

 
52.4

Corporate bonds

 
89.5

 

 
89.5

 

 
11.8

 

 
11.8

 

 
101.3

 

 
101.3

Insurance products

 

 

 

 

 
19.1

 

 
19.1

 

 
19.1

 

 
19.1

Other
8.1

 

 

 
8.1

 
0.3

 
0.6

 

 
0.9

 
8.4

 
0.6

 

 
9.0

Total at December 29, 2017
$
187.3

 
$
93.5

 
$

 
$
280.8

 
$
0.3

 
$
208.8

 
$

 
$
209.1

 
$
187.6

 
$
302.3

 
$

 
$
489.9

(a)
Investment in funds outside the country where the pension plan originates is considered International.
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:
(In millions)
December 29, 2017 Balance
 
Purchases, sales and settlements
 
December 28, 2018 Balance
Asset Categories:
 
 
 
 
 
Property/real estate
$

 
$
32.7

 
$
32.7

Total Level 3 investments
$

 
$
32.7

 
$
32.7

Estimated Future Benefit Payments
The Company estimated future benefits payments are as follows at the end of 2018:
 
 
Estimated Future Benefit Payments
(In millions)
 
Domestic
 
Foreign
 
Total
2019
 
$
10.3

 
$
5.2

 
$
15.5

2020
 
11.0

 
5.5

 
16.5

2021
 
11.9

 
5.6

 
17.5

2022
 
12.7

 
7.7

 
20.4

2023
 
13.5

 
6.7

 
20.2

2024-2028
 
78.4

 
53.5

 
131.9

Total
 
$
137.8

 
$
84.2

 
$
222.0

v3.10.0.1
STOCKHOLDERS' EQUITY (Tables)
12 Months Ended
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:
(units in thousands)
 
Director
Stock
Units (a)
 
Weighted
Average
Grant Date Fair
Value (b)
 
Employee
Stock Units (c)
 
Weighted
Average
Grant Date Fair
Value (b)
Outstanding balance at January 1, 2016
 
307.8

 
$
52.53

 
436.1

 
$
81.56

Granted
 
33.3

 
56.34

 
491.5

 
39.93

Converted
 

 

 
(125.2
)
 
80.58

Canceled
 

 

 
(75.0
)
 
55.89

Outstanding balance at December 30, 2016
 
341.1

 
52.90

 
727.4

 
56.25

Granted
 
31.3

 
80.81

 
222.4

 
85.65

Converted
 

 

 
(155.4
)
 
76.51

Canceled
 

 

 
(50.7
)
 
59.25

Outstanding balance at December 29, 2017
 
372.4

 
55.25

 
743.7

 
60.61

Granted
 
34.5

 
70.92

 
237.9

 
74.98

Converted
 
(26.0
)
 
60.95

 
(192.6
)
 
64.15

Performance unit adjustments(d)
 

 

 
(12.6
)
 
89.00

Canceled
 

 

 
(52.0
)
 
70.80

Outstanding balance at December 28, 2018
 
380.9

 
$
56.28

 
724.4

 
$
63.16

(a)
All director units are considered convertible although each individual has elected to defer conversion until a pre-arranged time.
(b)
Director and employee stock units are granted at no cost to the participants.
(c)
All employee stock units outstanding are not vested at year end and are expected to vest.
Activity Under the Employee Option Plans
The following table summarizes the activity under the employee option plans:
(options in thousands)
 
Employee
Options
 
Weighted Average
Exercise Price
Balance at January 1, 2016
 
533.0

 
$
49.00

Exercised
 
(44.8
)
 
52.55

Balance at December 30, 2016
 
488.2

 
48.68

Exercised
 
(88.7
)
 
56.43

Balance at December 29, 2017
 
399.5

 
46.96

Exercised
 
(51.8
)
 
29.64

Balance at December 28, 2018
 
347.7

 
$
49.54

Options exercisable at year-end:
 
 
 
 
2016
 
468.4

 
$
48.00

2017
 
399.5

 
$
46.96

2018
 
347.7

 
$
49.54

Changes to the Unvested Shares
The following table summarizes the changes to the non-vested shares:
(shares in thousands)
 
Non-vested Performance Shares (a)
 
Weighted-average Grant Date Fair Value
Balance at December 29, 2017
 
120.6

 
$
42.17

Granted
 
43.7

 
78.33

Vested
 

 

Performance unit adjustments(b)
 
(12.6
)
 
89.00

Canceled
 
(3.8
)
 
86.80

Balance at December 28, 2018
 
147.9

 
$
47.73


(a)
All non-vested stock performance units are expected to vest.
(b)
Adjustments based on final evaluations for non-vested performance stock units.
v3.10.0.1
BUSINESS SEGMENTS (Tables)
12 Months Ended
Dec. 28, 2018
Segment Information
Segment information for 2018, 2017 and 2016 are as follows:
(In millions)
 
 
 
 
 
 
 
 
 
 
2018
 
NSS
 
EES
 
UPS
 
Corporate (a)
 
Total
Net sales
 
$
4,347.0

 
$
2,342.7

 
$
1,710.5

 
$

 
$
8,400.2

Operating income (losses)
 
272.2

 
132.3

 
75.4

 
(170.2
)
 
309.7

Depreciation
 
3.8

 
2.4

 
3.6

 
21.9

 
31.7

Amortization of intangible assets
 
17.0

 
7.0

 
13.3

 

 
37.3

Total assets
 
2,319.3

 
1,097.4

 
905.5

 
330.9

 
4,653.1

Capital expenditures
 
8.7

 
2.0

 
6.7

 
25.0

 
42.4

2017
 
NSS
 
EES
 
UPS
 
Corporate (a)
 
Total
Net sales
 
$
4,114.4

 
$
2,225.5

 
$
1,587.5

 
$

 
$
7,927.4

Operating income (losses)
 
262.6

 
114.3

 
73.1

 
(137.1
)
 
312.9

Depreciation
 
3.1

 
2.4

 
3.9

 
18.8

 
28.2

Amortization of intangible assets
 
14.4

 
8.4

 
13.3

 

 
36.1

Total assets
 
1,947.1

 
1,068.3

 
871.4

 
365.4

 
4,252.2

Capital expenditures
 
3.7

 
1.9

 
1.7

 
33.8

 
41.1

2016
 
NSS
 
EES
 
UPS
 
Corporate (a)
 
Total
Net sales
 
$
4,083.8

 
$
2,103.2

 
$
1,435.8

 
$

 
$
7,622.8

Operating income (losses)
 
275.8

 
97.5

 
56.7

 
(134.5
)
 
295.5

Depreciation
 
3.2

 
2.7

 
4.2

 
17.8

 
27.9

Amortization of intangible assets
 
14.1

 
8.5

 
15.0

 

 
37.6

Total assets
 
1,974.0

 
983.6

 
821.9

 
313.9

 
4,093.4

Capital expenditures
 
3.4

 
2.9

 
2.5

 
23.8

 
32.6


(a)
Corporate "Total assets" primarily consists of cash and cash equivalents, deferred tax assets, and corporate fixed assets.
Schedule Of Segment Operating Income Results Table
 
 
Year Ended December 28, 2018
(In millions)
 
NSS
 
EES
 
UPS
 
Corporate
 
Total
Amortization of intangible assets
 
$
(17.0
)
 
$
(7.0
)
 
$
(13.3
)
 
$

 
$
(37.3
)
Restructuring charge
 
(2.1
)
 
(1.3
)
 
(0.7
)
 
(5.3
)
 
(9.4
)
Acquisition and integration costs
 
(2.6
)
 

 

 
(0.3
)
 
(2.9
)
CEO retirement agreement expense
 

 

 

 
(2.6
)
 
(2.6
)
U.K. facility relocation costs
 
(0.2
)
 
(0.8
)
 

 

 
(1.0
)
Total of items impacting operating expense and operating income
 
$
(21.9
)
 
$
(9.1
)
 
$
(14.0
)
 
$
(8.2
)
 
$
(53.2
)
 
 
Year Ended December 29, 2017
(In millions)
 
NSS
 
EES
 
UPS
 
Corporate
 
Total
Amortization of intangible assets
 
$
(14.4
)
 
$
(8.4
)
 
$
(13.3
)
 
$

 
$
(36.1
)
Restructuring charge
 

 
0.5

 
(0.1
)
 
(0.4
)
 

Acquisition and integration costs
 

 

 

 
(2.3
)
 
(2.3
)
Impairment of intangible assets
 
(5.7
)
 

 

 

 
(5.7
)
Total of items impacting operating expense and operating income
 
$
(20.1
)
 
$
(7.9
)
 
$
(13.4
)
 
$
(2.7
)
 
$
(44.1
)
 
 
Year Ended December 30, 2016
(In millions)
 
NSS
 
EES
 
UPS
 
Corporate
 
Total
Amortization of intangible assets
 
$
(14.1
)
 
$
(8.5
)
 
$
(15.0
)
 
$

 
$
(37.6
)
Restructuring charge
 
(1.7
)
 
(1.3
)
 
(2.1
)
 
(0.3
)
 
(5.4
)
Acquisition and integration costs
 

 

 
(0.3
)
 
(4.8
)
 
(5.1
)
UK pension settlement
 

 

 

 
(9.6
)
 
(9.6
)
Latin America bad debt provision
 
(3.9
)
 
(3.7
)
 

 

 
(7.6
)
Total of items impacting operating expense and operating income
 
$
(19.7
)
 
$
(13.5
)
 
$
(17.4
)
 
$
(14.7
)
 
$
(65.3
)
Revenue from External Customers by Geographic Areas
 
 
Years Ended
(In millions)
 
December 28, 2018
 
December 29, 2017
 
December 30, 2016
Sales
 
Net Sales
 
% of Total
Net Sales
 
Net Sales
 
% of Total
Net Sales
 
Net Sales
 
% of Total
Net Sales
North America
 
$
6,842.1

 
81.5
%
 
$
6,544.0

 
82.5
%
 
$
6,384.6

 
83.8
%
EMEA
 
660.3

 
7.8
%
 
626.3

 
7.9
%
 
570.1

 
7.4
%
Emerging Markets
 
897.8

 
10.7
%
 
757.1

 
9.6
%
 
668.1

 
8.8
%
Net sales
 
$
8,400.2

 
100.0
%
 
$
7,927.4

 
100.0
%
 
$
7,622.8

 
100.0
%
Long-lived Assets by Geographic Areas
(In millions)
 
December 28, 2018
 
December 29, 2017
Total assets
 
 
 
 
North America
 
$
3,709.4

 
$
3,468.3

EMEA
 
302.2

 
249.5

Emerging Markets
 
641.5

 
534.4

Total assets
 
$
4,653.1

 
$
4,252.2

(In millions)
 
December 28, 2018
 
December 29, 2017
Net property and equipment
 
 
 
 
North America
 
$
144.2

 
$
140.5

EMEA
 
9.7

 
7.2

Emerging Markets
 
9.4

 
6.6

Net property and equipment
 
$
163.3

 
$
154.3

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:
(In millions)
 
NSS
 
EES
 
UPS
 
Total
Balance as of December 30, 2016
 
$
405.0

 
$
181.0

 
$
178.6

 
$
764.6

Foreign currency translation
 
3.8

 
0.7

 
9.0

 
13.5

Balance as of December 29, 2017
 
$
408.8

 
$
181.7

 
$
187.6

 
$
778.1

Acquisition related (a)
 
73.2

 

 

 
73.2

Foreign currency translation
 
(9.3
)
 
(0.8
)
 
(9.2
)
 
(19.3
)
Balance as of December 28, 2018
 
$
472.7

 
$
180.9

 
$
178.4

 
$
832.0


(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.
v3.10.0.1
SUMMARIZED FINANCIAL INFORMATION OF ANIXTER INC. (Tables)
12 Months Ended
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

(In millions)
 
December 28,
2018
 
December 29,
2017
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

 
 
$
4,658.5

 
$
4,258.9

Liabilities and Stockholder's Equity:
 
 
 
 
Current liabilities
 
$
1,630.3

 
$
1,351.9

Long-term debt
 
1,260.7

 
1,257.7

Other liabilities
 
199.6

 
192.9

Stockholder’s equity
 
1,567.9

 
1,456.4

 
 
$
4,658.5

 
$
4,258.9

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
ANIXTER INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
 
 
 
Twelve Months Ended
 (In millions)
 
December 28,
2018
 
December 29,
2017
 
December 30,
2016
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
 
$

 
$

 
$
(0.6
)
Net income
 
$
160.9

 
$
112.6

 
$
123.8

Comprehensive income
 
$
101.8

 
$
153.2

 
$
103.4

v3.10.0.1
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)
12 Months Ended
Dec. 28, 2018
Quarterly Financial Information Disclosure [Abstract]  
Summary of Quarterly Financial Data
(In millions, except per share amounts)
 
 
 
 
 
 
 
 
Year ended December 28, 2018
 
First
Quarter(a)
 
Second
Quarter(b)
 
Third
Quarter(c)
 
Fourth
Quarter(d)
Net sales
 
$
1,964.2

 
$
2,137.9

 
$
2,179.0

 
$
2,119.1

Cost of goods sold
 
1,579.4

 
1,718.8

 
1,754.9

 
1,689.1

Operating income
 
61.6

 
71.3

 
89.5

 
87.3

Income before income taxes
 
45.7

 
49.0

 
68.6

 
59.9

Net income
 
$
32.1

 
$
34.8

 
$
47.6

 
$
41.8

Income per share:
 
 
 
 
 
 
 
 
Basic
 
$
0.95

 
$
1.03

 
$
1.41

 
$
1.23

Diluted
 
$
0.94

 
$
1.02

 
$
1.40

 
$
1.22

(a)
In the first quarter of 2018, "Operating income" includes $9.3 million of intangible asset amortization, $0.3 million of acquisition and integration costs and $0.2 million of U.K. facility relocation costs.
(b)
In the second quarter of 2018, "Operating income" includes $9.7 million of intangible asset amortization, a restructuring charge of $9.2 million, $2.3 million of acquisition and integration costs, $2.6 million of CEO retirement agreement expense and $0.4 million of U.K. facility relocation costs.
(c)
In the third quarter of 2018, "Operating income" includes $9.6 million of intangible asset amortization, a restructuring charge of $0.2 million, $0.3 million of acquisition and integration costs and $0.2 million of U.K. facility relocation costs.
(d)
In the fourth quarter of 2018, "Operating income" includes $8.7 million of intangible asset amortization and $0.2 million of U.K. facility relocation costs. "Income before income taxes" includes a $4.6 million loss on extinguishment of debt.
(In millions, except per share amounts)
 
 
 
 
 
 
 
 
Year ended December 29, 2017
 
First
Quarter(a)
 
Second
Quarter(b)
 
Third
Quarter(c)
 
Fourth
Quarter(d)
Net sales
 
$
1,895.8

 
$
2,001.4

 
$
2,016.4

 
$
2,013.8

Cost of goods sold
 
1,516.1

 
1,605.7

 
1,619.2

 
1,615.4

Operating income
 
68.9

 
82.6

 
80.8

 
80.6

Income before income taxes
 
49.9

 
63.8

 
62.4

 
61.5

Net income
 
$
30.9

 
$
40.1

 
$
37.6

 
$
0.4

Income per share:
 
 
 
 
 
 
 
 
Basic
 
$
0.92

 
$
1.19

 
$
1.12

 
$
0.01

Diluted
 
$
0.91

 
$
1.18

 
$
1.11

 
$
0.01

(a)
In the first quarter of 2017, "Operating income" includes $9.0 million of intangible asset amortization.
(b)
In the second quarter of 2017, "Operating income" includes $9.0 million of intangible asset amortization.
(c)
In the third quarter of 2017, "Operating income" includes $9.1 million of intangible asset amortization and $0.8 million of acquisition and integration costs.
(d)
In the fourth quarter of 2017, "Operating income" includes $9.0 million of intangible asset amortization, $1.5 million of acquisition and integration costs and an intangible asset impairment charge of $5.7 million.
v3.10.0.1
VALUATION AND QUALIFYING ACCOUNTS AND RESERVES (Tables)
12 Months Ended
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, 2018December 29, 2017 and December 30, 2016
 
(In millions)
 
Balance at
beginning of
the period
 
Charged to
income
 
Charged
to other
accounts
 
Deductions
 
Balance at
end of
the period
Description
 
 
 
 
 
 
 
 
 
 
Year ended December 28, 2018:
 
 
 
 
 
 
 
 
 
 
Allowance for doubtful accounts
 
$
43.8

 
$
8.5

 
$
(9.0
)
 
$
(3.4
)
 
$
39.9

Allowance for deferred tax asset
 
$
79.9

 
$
(0.6
)
 
$
(0.2
)
 
$

 
$
79.1

Year ended December 29, 2017:
 
 
 
 
 
 
 
 
 
 
Allowance for doubtful accounts
 
$
43.6

 
$
10.0

 
$
(1.3
)
 
$
(8.5
)
 
$
43.8

Allowance for deferred tax asset
 
$
20.7

 
$
60.7

 
$
(1.5
)
 
$

 
$
79.9

Year ended December 30, 2016:
 
 
 
 
 
 
 
 
 
 
Allowance for doubtful accounts
 
$
37.5

 
$
20.1

 
$
(3.8
)
 
$
(10.2
)
 
$
43.6

Allowance for deferred tax asset
 
$
24.0

 
$
1.6

 
$
(4.9
)
 
$

 
$
20.7

v3.10.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail)
shares in Millions, $ in Millions
3 Months Ended 12 Months Ended
Dec. 28, 2018
USD ($)
Sep. 28, 2018
USD ($)
[2]
Jun. 29, 2018
USD ($)
[3]
Mar. 30, 2018
USD ($)
[4]
Dec. 29, 2017
USD ($)
Sep. 29, 2017
USD ($)
[6]
Jun. 30, 2017
USD ($)
[7]
Mar. 31, 2017
USD ($)
[8]
Dec. 28, 2018
USD ($)
shares
Dec. 29, 2017
USD ($)
shares
Dec. 30, 2016
USD ($)
shares
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
[1] In the fourth quarter of 2018, "Operating income" includes $8.7 million of intangible asset amortization and $0.2 million of U.K. facility relocation costs. "Income before income taxes" includes a $4.6 million loss on extinguishment of debt.
[2] In the third quarter of 2018, "Operating income" includes $9.6 million of intangible asset amortization, a restructuring charge of $0.2 million, $0.3 million of acquisition and integration costs and $0.2 million of U.K. facility relocation costs.
[3] In the second quarter of 2018, "Operating income" includes $9.7 million of intangible asset amortization, a restructuring charge of $9.2 million, $2.3 million of acquisition and integration costs, $2.6 million of CEO retirement agreement expense and $0.4 million of U.K. facility relocation costs.
[4] In the first quarter of 2018, "Operating income" includes $9.3 million of intangible asset amortization, $0.3 million of acquisition and integration costs and $0.2 million of U.K. facility relocation costs.
[5] In the fourth quarter of 2017, "Operating income" includes $9.0 million of intangible asset amortization, $1.5 million of acquisition and integration costs and an intangible asset impairment charge of $5.7 million.
[6] In the third quarter of 2017, "Operating income" includes $9.1 million of intangible asset amortization and $0.8 million of acquisition and integration costs.
[7] In the second quarter of 2017, "Operating income" includes $9.0 million of intangible asset amortization.
[8] In the first quarter of 2017, "Operating income" includes $9.0 million of intangible asset amortization.
v3.10.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Indefinite and Finite-Lived Intangible Assets (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 28, 2018
Dec. 29, 2017
Intangible Assets [Line Items]    
Gross carrying amount $ 560.4 $ 511.0
Accumulated amortization (167.5) (132.2)
Customer Relationships [Member]    
Intangible Assets [Line Items]    
Gross carrying amount 500.1 464.5
Accumulated amortization (143.7) (113.2)
Exclusive Supplier Agreement [Member]    
Intangible Assets [Line Items]    
Gross carrying amount 22.1 22.5
Accumulated amortization (4.5) (3.5)
Trade Names [Member]    
Intangible Assets [Line Items]    
Gross carrying amount, finite trade names 21.8 12.8
Accumulated amortization (12.6) (10.2)
Non-compete Agreements [Member]    
Intangible Assets [Line Items]    
Gross carrying amount 9.2 6.3
Accumulated amortization (6.5) (5.3)
Intellectual Property [Member]    
Intangible Assets [Line Items]    
Gross carrying amount 2.3 0.0
Accumulated amortization (0.2) 0.0
Indefinite-Lived Trade Names [Member]    
Intangible Assets [Line Items]    
Gross carrying amount $ 4.9 $ 4.9
Minimum [Member] | Customer Relationships [Member]    
Intangible Assets [Line Items]    
Finite-Lived Intangible Asset, Useful Life 6 years  
Minimum [Member] | Trade Names [Member]    
Intangible Assets [Line Items]    
Finite-Lived Intangible Asset, Useful Life 3 years  
Minimum [Member] | Non-compete Agreements [Member]    
Intangible Assets [Line Items]    
Finite-Lived Intangible Asset, Useful Life 1 year  
Maximum [Member] | Customer Relationships [Member]    
Intangible Assets [Line Items]    
Finite-Lived Intangible Asset, Useful Life 20 years  
Maximum [Member] | Exclusive Supplier Agreement [Member]    
Intangible Assets [Line Items]    
Finite-Lived Intangible Asset, Useful Life 21 years  
Maximum [Member] | Trade Names [Member]    
Intangible Assets [Line Items]    
Finite-Lived Intangible Asset, Useful Life 10 years  
Maximum [Member] | Non-compete Agreements [Member]    
Intangible Assets [Line Items]    
Finite-Lived Intangible Asset, Useful Life 5 years  
Maximum [Member] | Intellectual Property [Member]    
Intangible Assets [Line Items]    
Finite-Lived Intangible Asset, Useful Life 8 years  
v3.10.0.1
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)
v3.10.0.1
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
v3.10.0.1
RESTRUCTURING CHARGES - Summary of Liabilities Associated with Restructuring and Employee Severance (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 28, 2018
Dec. 29, 2017
Employee Related Costs [Member]    
Restructuring Cost and Reserve [Line Items]    
Restructuring Reserve, Beginning balance [1] $ 1.1 $ 3.2
Restructuring charges [1] 9.3  
Payments and other [1] (3.5) (2.1)
Restructuring Reserve, Ending balance [1] 6.9 1.1
Facility Exit and Other Costs [Member]    
Restructuring Cost and Reserve [Line Items]    
Restructuring Reserve, Beginning balance [2] 0.5 1.2
Restructuring charges [2] 0.1  
Payments and other [2] (0.4) (0.7)
Restructuring Reserve, Ending balance [2] 0.2 0.5
Q2 2018 Restructuring Plan [Member]    
Restructuring Cost and Reserve [Line Items]    
Restructuring Reserve, Ending balance [1] 6.9  
Q2 2018 Restructuring Plan [Member] | Employee Related Costs [Member]    
Restructuring Cost and Reserve [Line Items]    
Restructuring Reserve, Beginning balance [1] 0.0 0.0
Restructuring charges [1] 9.6  
Payments and other [1] (2.9) 0.0
Restructuring Reserve, Ending balance [1] 6.7 0.0
Q2 2018 Restructuring Plan [Member] | Facility Exit and Other Costs [Member]    
Restructuring Cost and Reserve [Line Items]    
Restructuring Reserve, Beginning balance [2] 0.0 0.0
Restructuring charges [2] 0.5  
Payments and other [2] (0.3) 0.0
Restructuring Reserve, Ending balance [2] 0.2 0.0
Q2 2016 Restructuring Plan [Member] | Employee Related Costs [Member]    
Restructuring Cost and Reserve [Line Items]    
Restructuring Reserve, Beginning balance [1] 0.5 1.9
Restructuring charges [1] 0.0  
Payments and other [1] (0.5) (1.4)
Restructuring Reserve, Ending balance [1] 0.0 0.5
Q2 2016 Restructuring Plan [Member] | Facility Exit and Other Costs [Member]    
Restructuring Cost and Reserve [Line Items]    
Restructuring Reserve, Beginning balance [2] 0.5 1.2
Restructuring charges [2] (0.4)  
Payments and other [2] (0.1) (0.7)
Restructuring Reserve, Ending balance [2] 0.0 0.5
Q4 2015 Restructuring Plan [Member] | Employee Related Costs [Member]    
Restructuring Cost and Reserve [Line Items]    
Restructuring Reserve, Beginning balance [1] 0.6 1.3
Restructuring charges [1] (0.3)  
Payments and other [1] (0.1) (0.7)
Restructuring Reserve, Ending balance [1] $ 0.2 $ 0.6
[1] Employee-related costs primarily consist of severance benefits provided to employees who have been involuntarily terminated.
[2] Facility exit and other costs primarily consist of lease termination costs.
v3.10.0.1
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  
[1] Employee-related costs primarily consist of severance benefits provided to employees who have been involuntarily terminated.
v3.10.0.1
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
v3.10.0.1
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    
v3.10.0.1
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%          
v3.10.0.1
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%    
v3.10.0.1
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%    
v3.10.0.1
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%    
v3.10.0.1
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      
v3.10.0.1
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    
v3.10.0.1
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
v3.10.0.1
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      
v3.10.0.1
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
v3.10.0.1
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
v3.10.0.1
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)
v3.10.0.1
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
v3.10.0.1
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        
v3.10.0.1
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%
v3.10.0.1
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
v3.10.0.1
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
v3.10.0.1
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
v3.10.0.1
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%
v3.10.0.1
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
v3.10.0.1
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%
v3.10.0.1
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  
v3.10.0.1
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
v3.10.0.1
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
v3.10.0.1
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  
v3.10.0.1
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
[1] All director units are considered convertible although each individual has elected to defer conversion until a pre-arranged time.
[2] Adjustments based on final evaluations for non-vested performance stock units.
[3] Director and employee stock units are granted at no cost to the participants.
[4] All employee stock units outstanding are not vested at year end and are expected to vest.
v3.10.0.1
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
v3.10.0.1
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
[1] All non-vested stock performance units are expected to vest.
[2] Adjustments based on final evaluations for non-vested performance stock units.
v3.10.0.1
BUSINESS SEGMENTS - Additional Information (Details)
12 Months Ended
Dec. 28, 2018
Additional Information [Abstract]  
Segment reporting disclosure of major customers 0.02
v3.10.0.1
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
[1] In the fourth quarter of 2018, "Operating income" includes $8.7 million of intangible asset amortization and $0.2 million of U.K. facility relocation costs. "Income before income taxes" includes a $4.6 million loss on extinguishment of debt.
[2] In the third quarter of 2018, "Operating income" includes $9.6 million of intangible asset amortization, a restructuring charge of $0.2 million, $0.3 million of acquisition and integration costs and $0.2 million of U.K. facility relocation costs.
[3] In the second quarter of 2018, "Operating income" includes $9.7 million of intangible asset amortization, a restructuring charge of $9.2 million, $2.3 million of acquisition and integration costs, $2.6 million of CEO retirement agreement expense and $0.4 million of U.K. facility relocation costs.
[4] In the first quarter of 2018, "Operating income" includes $9.3 million of intangible asset amortization, $0.3 million of acquisition and integration costs and $0.2 million of U.K. facility relocation costs.
[5] In the fourth quarter of 2017, "Operating income" includes $9.0 million of intangible asset amortization, $1.5 million of acquisition and integration costs and an intangible asset impairment charge of $5.7 million.
[6] In the third quarter of 2017, "Operating income" includes $9.1 million of intangible asset amortization and $0.8 million of acquisition and integration costs.
[7] In the second quarter of 2017, "Operating income" includes $9.0 million of intangible asset amortization.
[8] In the first quarter of 2017, "Operating income" includes $9.0 million of intangible asset amortization.
[9] Corporate "Total assets" primarily consists of cash and cash equivalents, deferred tax assets, and corporate fixed assets.
v3.10.0.1
BUSINESS SEGMENTS - Segment Operating Income Results (Details) - USD ($)
$ 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)
[1] Corporate "Total assets" primarily consists of cash and cash equivalents, deferred tax assets, and corporate fixed assets.
v3.10.0.1
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
[1] In the fourth quarter of 2018, "Operating income" includes $8.7 million of intangible asset amortization and $0.2 million of U.K. facility relocation costs. "Income before income taxes" includes a $4.6 million loss on extinguishment of debt.
[2] In the third quarter of 2018, "Operating income" includes $9.6 million of intangible asset amortization, a restructuring charge of $0.2 million, $0.3 million of acquisition and integration costs and $0.2 million of U.K. facility relocation costs.
[3] In the second quarter of 2018, "Operating income" includes $9.7 million of intangible asset amortization, a restructuring charge of $9.2 million, $2.3 million of acquisition and integration costs, $2.6 million of CEO retirement agreement expense and $0.4 million of U.K. facility relocation costs.
[4] In the first quarter of 2018, "Operating income" includes $9.3 million of intangible asset amortization, $0.3 million of acquisition and integration costs and $0.2 million of U.K. facility relocation costs.
[5] In the fourth quarter of 2017, "Operating income" includes $9.0 million of intangible asset amortization, $1.5 million of acquisition and integration costs and an intangible asset impairment charge of $5.7 million.
[6] In the third quarter of 2017, "Operating income" includes $9.1 million of intangible asset amortization and $0.8 million of acquisition and integration costs.
[7] In the second quarter of 2017, "Operating income" includes $9.0 million of intangible asset amortization.
[8] In the first quarter of 2017, "Operating income" includes $9.0 million of intangible asset amortization.
v3.10.0.1
BUSINESS SEGMENTS - Long-Lived Assets by Geographic Areas (Details) - USD ($)
$ 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    
v3.10.0.1
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
[1] 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 $71.9 million of sales from the acquired entities. The purchase price allocation is pending finalization, and is expected to be completed in early 2019.
v3.10.0.1
SUMMARIZED FINANCIAL INFORMATION OF ANIXTER INC - Additional Information (Detail)
12 Months Ended
Dec. 28, 2018
Disclosure Summarized Financial Information Of Anixter Inc Additional Information [Abstract]  
Description of guarantees given by parent company <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Anixter International Inc. guarantees, fully and unconditionally, substantially all of the debt of its subsidiaries, which include Anixter Inc., its 100% owned primary operating subsidiary. Anixter International Inc. has no independent assets or operations and all subsidiaries other than Anixter Inc. are minor.</font></div></div>
v3.10.0.1
SUMMARIZED FINANCIAL INFORMATION OF ANIXTER INC - CONDENSED CONSOLIDATED BALANCE SHEETS (Detail) - USD ($)
$ 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    
v3.10.0.1
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
[1] In the fourth quarter of 2018, "Operating income" includes $8.7 million of intangible asset amortization and $0.2 million of U.K. facility relocation costs. "Income before income taxes" includes a $4.6 million loss on extinguishment of debt.
[2] In the third quarter of 2018, "Operating income" includes $9.6 million of intangible asset amortization, a restructuring charge of $0.2 million, $0.3 million of acquisition and integration costs and $0.2 million of U.K. facility relocation costs.
[3] In the second quarter of 2018, "Operating income" includes $9.7 million of intangible asset amortization, a restructuring charge of $9.2 million, $2.3 million of acquisition and integration costs, $2.6 million of CEO retirement agreement expense and $0.4 million of U.K. facility relocation costs.
[4] In the first quarter of 2018, "Operating income" includes $9.3 million of intangible asset amortization, $0.3 million of acquisition and integration costs and $0.2 million of U.K. facility relocation costs.
[5] In the fourth quarter of 2017, "Operating income" includes $9.0 million of intangible asset amortization, $1.5 million of acquisition and integration costs and an intangible asset impairment charge of $5.7 million.
[6] In the third quarter of 2017, "Operating income" includes $9.1 million of intangible asset amortization and $0.8 million of acquisition and integration costs.
[7] In the second quarter of 2017, "Operating income" includes $9.0 million of intangible asset amortization.
[8] In the first quarter of 2017, "Operating income" includes $9.0 million of intangible asset amortization.
v3.10.0.1
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                  
v3.10.0.1
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
[1] In the fourth quarter of 2018, "Operating income" includes $8.7 million of intangible asset amortization and $0.2 million of U.K. facility relocation costs. "Income before income taxes" includes a $4.6 million loss on extinguishment of debt.
[2] In the third quarter of 2018, "Operating income" includes $9.6 million of intangible asset amortization, a restructuring charge of $0.2 million, $0.3 million of acquisition and integration costs and $0.2 million of U.K. facility relocation costs.
[3] In the second quarter of 2018, "Operating income" includes $9.7 million of intangible asset amortization, a restructuring charge of $9.2 million, $2.3 million of acquisition and integration costs, $2.6 million of CEO retirement agreement expense and $0.4 million of U.K. facility relocation costs.
[4] In the first quarter of 2018, "Operating income" includes $9.3 million of intangible asset amortization, $0.3 million of acquisition and integration costs and $0.2 million of U.K. facility relocation costs.
[5] In the fourth quarter of 2017, "Operating income" includes $9.0 million of intangible asset amortization, $1.5 million of acquisition and integration costs and an intangible asset impairment charge of $5.7 million.
[6] In the third quarter of 2017, "Operating income" includes $9.1 million of intangible asset amortization and $0.8 million of acquisition and integration costs.
[7] In the second quarter of 2017, "Operating income" includes $9.0 million of intangible asset amortization.
[8] In the first quarter of 2017, "Operating income" includes $9.0 million of intangible asset amortization.
v3.10.0.1
Schedule 1 - STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Details) - USD ($)
$ 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
[1] In the fourth quarter of 2018, "Operating income" includes $8.7 million of intangible asset amortization and $0.2 million of U.K. facility relocation costs. "Income before income taxes" includes a $4.6 million loss on extinguishment of debt.
[2] In the third quarter of 2018, "Operating income" includes $9.6 million of intangible asset amortization, a restructuring charge of $0.2 million, $0.3 million of acquisition and integration costs and $0.2 million of U.K. facility relocation costs.
[3] In the second quarter of 2018, "Operating income" includes $9.7 million of intangible asset amortization, a restructuring charge of $9.2 million, $2.3 million of acquisition and integration costs, $2.6 million of CEO retirement agreement expense and $0.4 million of U.K. facility relocation costs.
[4] In the first quarter of 2018, "Operating income" includes $9.3 million of intangible asset amortization, $0.3 million of acquisition and integration costs and $0.2 million of U.K. facility relocation costs.
[5] In the fourth quarter of 2017, "Operating income" includes $9.0 million of intangible asset amortization, $1.5 million of acquisition and integration costs and an intangible asset impairment charge of $5.7 million.
[6] In the third quarter of 2017, "Operating income" includes $9.1 million of intangible asset amortization and $0.8 million of acquisition and integration costs.
[7] In the second quarter of 2017, "Operating income" includes $9.0 million of intangible asset amortization.
[8] In the first quarter of 2017, "Operating income" includes $9.0 million of intangible asset amortization.
v3.10.0.1
Schedule 1 - BALANCE SHEETS (Details) - USD ($)
$ 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    
v3.10.0.1
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
[1] In the fourth quarter of 2018, "Operating income" includes $8.7 million of intangible asset amortization and $0.2 million of U.K. facility relocation costs. "Income before income taxes" includes a $4.6 million loss on extinguishment of debt.
[2] In the third quarter of 2018, "Operating income" includes $9.6 million of intangible asset amortization, a restructuring charge of $0.2 million, $0.3 million of acquisition and integration costs and $0.2 million of U.K. facility relocation costs.
[3] In the second quarter of 2018, "Operating income" includes $9.7 million of intangible asset amortization, a restructuring charge of $9.2 million, $2.3 million of acquisition and integration costs, $2.6 million of CEO retirement agreement expense and $0.4 million of U.K. facility relocation costs.
[4] In the first quarter of 2018, "Operating income" includes $9.3 million of intangible asset amortization, $0.3 million of acquisition and integration costs and $0.2 million of U.K. facility relocation costs.
[5] In the fourth quarter of 2017, "Operating income" includes $9.0 million of intangible asset amortization, $1.5 million of acquisition and integration costs and an intangible asset impairment charge of $5.7 million.
[6] In the third quarter of 2017, "Operating income" includes $9.1 million of intangible asset amortization and $0.8 million of acquisition and integration costs.
[7] In the second quarter of 2017, "Operating income" includes $9.0 million of intangible asset amortization.
[8] In the first quarter of 2017, "Operating income" includes $9.0 million of intangible asset amortization.
v3.10.0.1
Schedule 2-VALUATION AND QUALIFYING ACCOUNTS AND RESERVES (Detail) - USD ($)
$ 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