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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Anixter International Inc | NYSE:AXE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 97.85 | 0 | 01:00:00 |
|
|
|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
Delaware
|
|
94-1658138
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
Large Accelerated Filer
|
x
|
|
|
Accelerated Filer
|
o
|
Non-Accelerated Filer
|
o
|
(Do not check if a smaller reporting company)
|
|
Smaller Reporting Company
|
o
|
|
|
|
Page
|
|
PART I. FINANCIAL INFORMATION
|
|
|
|
|
Item 1.
|
Condensed Consolidated Financial Statements (unaudited)
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
|
Item 4.
|
Controls and Procedures
|
|
|
PART II. OTHER INFORMATION
|
|
|
|
|
Item 1.
|
Legal Proceedings
|
|
Item 1A.
|
Risk Factors
|
|
Item 6.
|
Exhibits
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 30,
2016 |
|
October 2,
2015 |
|
September 30,
2016 |
|
October 2,
2015 |
||||||||
(In millions, except per share amounts)
|
|
|
|
|
|
|
|
|
||||||||
Net sales
|
|
$
|
1,956.3
|
|
|
$
|
1,489.2
|
|
|
$
|
5,728.2
|
|
|
$
|
4,354.7
|
|
Cost of goods sold
|
|
1,559.6
|
|
|
1,158.3
|
|
|
4,567.3
|
|
|
3,385.6
|
|
||||
Gross profit
|
|
396.7
|
|
|
330.9
|
|
|
1,160.9
|
|
|
969.1
|
|
||||
Operating expenses
|
|
309.4
|
|
|
252.7
|
|
|
956.6
|
|
|
767.1
|
|
||||
Operating income
|
|
87.3
|
|
|
78.2
|
|
|
204.3
|
|
|
202.0
|
|
||||
Other expense:
|
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
|
(19.8
|
)
|
|
(15.8
|
)
|
|
(59.7
|
)
|
|
(42.7
|
)
|
||||
Other, net
|
|
(2.1
|
)
|
|
(5.5
|
)
|
|
(5.7
|
)
|
|
(13.0
|
)
|
||||
Income from continuing operations before income taxes
|
|
65.4
|
|
|
56.9
|
|
|
138.9
|
|
|
146.3
|
|
||||
Income tax expense from continuing operations
|
|
25.1
|
|
|
21.5
|
|
|
54.6
|
|
|
54.9
|
|
||||
Net income from continuing operations
|
|
40.3
|
|
|
35.4
|
|
|
84.3
|
|
|
91.4
|
|
||||
Income (loss) from discontinued operations before income taxes
|
|
0.2
|
|
|
(3.1
|
)
|
|
(1.0
|
)
|
|
54.6
|
|
||||
Income tax expense (benefit) from discontinued operations
|
|
0.1
|
|
|
(0.2
|
)
|
|
(0.4
|
)
|
|
23.0
|
|
||||
Net income (loss) from discontinued operations
|
|
0.1
|
|
|
(2.9
|
)
|
|
(0.6
|
)
|
|
31.6
|
|
||||
Net income
|
|
$
|
40.4
|
|
|
$
|
32.5
|
|
|
$
|
83.7
|
|
|
$
|
123.0
|
|
Income (loss) per share:
|
|
|
|
|
|
|
|
|
||||||||
Basic:
|
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
|
$
|
1.21
|
|
|
$
|
1.06
|
|
|
$
|
2.53
|
|
|
$
|
2.75
|
|
Discontinued operations
|
|
—
|
|
|
(0.09
|
)
|
|
(0.02
|
)
|
|
0.95
|
|
||||
Net income
|
|
$
|
1.21
|
|
|
$
|
0.97
|
|
|
$
|
2.51
|
|
|
$
|
3.70
|
|
Diluted:
|
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
|
$
|
1.20
|
|
|
$
|
1.06
|
|
|
$
|
2.52
|
|
|
$
|
2.73
|
|
Discontinued operations
|
|
0.01
|
|
|
(0.09
|
)
|
|
(0.02
|
)
|
|
0.95
|
|
||||
Net income
|
|
$
|
1.21
|
|
|
$
|
0.97
|
|
|
$
|
2.50
|
|
|
$
|
3.68
|
|
Basic weighted-average common shares outstanding
|
|
33.4
|
|
|
33.3
|
|
|
33.4
|
|
|
33.2
|
|
||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
||||||||
Stock options and units
|
|
0.2
|
|
|
0.1
|
|
|
0.1
|
|
|
0.2
|
|
||||
Diluted weighted-average common shares outstanding
|
|
33.6
|
|
|
33.4
|
|
|
33.5
|
|
|
33.4
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
|
$
|
40.4
|
|
|
$
|
32.5
|
|
|
$
|
83.7
|
|
|
$
|
123.0
|
|
Other comprehensive (loss) income:
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation
|
|
$
|
(9.3
|
)
|
|
$
|
(35.2
|
)
|
|
$
|
3.9
|
|
|
$
|
(73.8
|
)
|
Changes in unrealized pension cost, net of tax
|
|
0.9
|
|
|
0.7
|
|
|
8.8
|
|
|
5.8
|
|
||||
Change in fair market value of derivatives, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
||||
Other comprehensive (loss) income
|
|
(8.4
|
)
|
|
(34.5
|
)
|
|
12.7
|
|
|
(68.1
|
)
|
||||
Comprehensive income (loss)
|
|
$
|
32.0
|
|
|
$
|
(2.0
|
)
|
|
$
|
96.4
|
|
|
$
|
54.9
|
|
|
|
September 30,
2016 |
|
January 1,
2016 |
||||
(In millions, except share and per share amounts)
|
|
|
|
|
||||
ASSETS
|
|
|
|
|
||||
Current assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
125.1
|
|
|
$
|
151.3
|
|
Accounts receivable, net
|
|
1,393.5
|
|
|
1,326.4
|
|
||
Inventories
|
|
1,184.4
|
|
|
1,182.6
|
|
||
Other current assets
|
|
48.8
|
|
|
67.5
|
|
||
Total current assets
|
|
2,751.8
|
|
|
2,727.8
|
|
||
Property and equipment, at cost
|
|
342.0
|
|
|
346.4
|
|
||
Accumulated depreciation
|
|
(201.2
|
)
|
|
(214.6
|
)
|
||
Property and equipment, net
|
|
140.8
|
|
|
131.8
|
|
||
Goodwill
|
|
769.6
|
|
|
756.5
|
|
||
Intangible assets, net
|
|
426.4
|
|
|
453.8
|
|
||
Other assets
|
|
73.2
|
|
|
72.1
|
|
||
Total assets
|
|
$
|
4,161.8
|
|
|
$
|
4,142.0
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
||||
Current liabilities:
|
|
|
|
|
||||
Accounts payable
|
|
$
|
1,044.6
|
|
|
$
|
905.6
|
|
Accrued expenses
|
|
253.7
|
|
|
250.6
|
|
||
Total current liabilities
|
|
1,298.3
|
|
|
1,156.2
|
|
||
Long-term debt
|
|
1,428.5
|
|
|
1,642.9
|
|
||
Other liabilities
|
|
151.1
|
|
|
163.5
|
|
||
Total liabilities
|
|
2,877.9
|
|
|
2,962.6
|
|
||
Stockholders’ equity:
|
|
|
|
|
||||
Common stock - $1.00 par value, 100,000,000 shares authorized, 33,387,020 and 33,278,130 shares issued and outstanding at September 30, 2016 and January 1, 2016, respectively
|
|
33.4
|
|
|
33.3
|
|
||
Capital surplus
|
|
257.2
|
|
|
249.2
|
|
||
Retained earnings
|
|
1,211.1
|
|
|
1,127.4
|
|
||
Accumulated other comprehensive loss:
|
|
|
|
|
||||
Foreign currency translation
|
|
(138.1
|
)
|
|
(142.0
|
)
|
||
Unrecognized pension liability, net
|
|
(79.7
|
)
|
|
(88.5
|
)
|
||
Total accumulated other comprehensive loss
|
|
(217.8
|
)
|
|
(230.5
|
)
|
||
Total stockholders’ equity
|
|
1,283.9
|
|
|
1,179.4
|
|
||
Total liabilities and stockholders’ equity
|
|
$
|
4,161.8
|
|
|
$
|
4,142.0
|
|
|
|
Nine Months Ended
|
||||||
|
|
September 30,
2016 |
|
October 2,
2015 |
||||
(In millions)
|
|
|
|
|
||||
Operating activities:
|
|
|
|
|
||||
Net income
|
|
$
|
83.7
|
|
|
$
|
123.0
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
||||
Gain on sale of business, net of tax expense of $9.8 in 2015
|
|
—
|
|
|
(47.1
|
)
|
||
Depreciation
|
|
21.1
|
|
|
17.1
|
|
||
Amortization of intangible assets
|
|
28.6
|
|
|
15.8
|
|
||
Stock-based compensation
|
|
12.4
|
|
|
10.8
|
|
||
Deferred income taxes
|
|
3.0
|
|
|
4.3
|
|
||
Accretion of debt discount
|
|
1.6
|
|
|
1.2
|
|
||
Amortization of deferred financing costs
|
|
1.8
|
|
|
1.1
|
|
||
Pension plan contributions
|
|
(16.8
|
)
|
|
(23.3
|
)
|
||
Pension plan expenses
|
|
18.1
|
|
|
8.6
|
|
||
Excess income tax benefit from employee stock plans
|
|
(0.2
|
)
|
|
(0.5
|
)
|
||
Changes in current assets and liabilities, net
|
|
93.4
|
|
|
(20.5
|
)
|
||
Other, net
|
|
(8.3
|
)
|
|
3.2
|
|
||
Net cash provided by operating activities
|
|
238.4
|
|
|
93.7
|
|
||
Investing activities:
|
|
|
|
|
||||
Capital expenditures, net
|
|
(24.9
|
)
|
|
(29.2
|
)
|
||
Proceeds from sale of business
|
|
—
|
|
|
381.0
|
|
||
Other, net
|
|
(4.7
|
)
|
|
2.2
|
|
||
Net cash (used in) provided by investing activities
|
|
(29.6
|
)
|
|
354.0
|
|
||
Financing activities:
|
|
|
|
|
||||
Proceeds from borrowings
|
|
710.2
|
|
|
643.6
|
|
||
Repayments of borrowings
|
|
(879.2
|
)
|
|
(707.5
|
)
|
||
Proceeds from issuance of Notes due 2023
|
|
—
|
|
|
345.6
|
|
||
Repayments of Canadian term loan
|
|
(58.5
|
)
|
|
—
|
|
||
Retirement of Notes due 2015
|
|
—
|
|
|
(200.0
|
)
|
||
Repayment of term loan
|
|
—
|
|
|
(3.8
|
)
|
||
Proceeds from stock options exercised
|
|
0.2
|
|
|
—
|
|
||
Excess income tax benefit from employee stock plans
|
|
0.2
|
|
|
0.5
|
|
||
Other, net
|
|
(0.6
|
)
|
|
(1.0
|
)
|
||
Net cash (used in) provided by financing activities
|
|
(227.7
|
)
|
|
77.4
|
|
||
(Decrease) increase in cash and cash equivalents
|
|
(18.9
|
)
|
|
525.1
|
|
||
Effect of exchange rate changes on cash balances
|
|
(7.3
|
)
|
|
(2.2
|
)
|
||
Cash and cash equivalents at beginning of period
|
|
151.3
|
|
|
92.0
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
125.1
|
|
|
$
|
614.9
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(In millions)
|
|
September 30,
2016 |
|
October 2,
2015 |
|
September 30,
2016 |
|
October 2,
2015 |
||||||||
Other, net:
|
|
|
|
|
|
|
|
|
||||||||
Foreign exchange
|
|
$
|
(3.5
|
)
|
|
$
|
(4.5
|
)
|
|
$
|
(8.0
|
)
|
|
$
|
(10.5
|
)
|
Foreign exchange devaluations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.7
|
)
|
||||
Cash surrender value of life insurance policies
|
|
0.5
|
|
|
(0.5
|
)
|
|
1.7
|
|
|
(0.5
|
)
|
||||
Other
|
|
0.9
|
|
|
(0.5
|
)
|
|
0.6
|
|
|
(1.3
|
)
|
||||
Total other, net
|
|
$
|
(2.1
|
)
|
|
$
|
(5.5
|
)
|
|
$
|
(5.7
|
)
|
|
$
|
(13.0
|
)
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(In millions)
|
|
September 30,
2016 |
|
October 2,
2015 |
|
September 30,
2016 |
|
October 2,
2015 |
||||||||
Net sales
|
|
$
|
—
|
|
|
$
|
7.6
|
|
|
$
|
1.8
|
|
|
$
|
405.4
|
|
Operating income
|
|
$
|
—
|
|
|
$
|
(1.6
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
15.5
|
|
Income (loss) from discontinued operations before income taxes
|
|
$
|
0.2
|
|
|
$
|
(3.1
|
)
|
|
$
|
(1.0
|
)
|
|
$
|
54.6
|
|
Income tax expense (benefit) from discontinued operations
|
|
$
|
0.1
|
|
|
$
|
(0.2
|
)
|
|
$
|
(0.4
|
)
|
|
$
|
23.0
|
|
Net income (loss) from discontinued operations
|
|
$
|
0.1
|
|
|
$
|
(2.9
|
)
|
|
$
|
(0.6
|
)
|
|
$
|
31.6
|
|
(In millions)
|
September 30,
2016 |
|
January 1,
2016 |
||||
Assets of discontinued operations:
|
|
|
|
||||
Accounts receivable
|
$
|
0.4
|
|
|
$
|
2.6
|
|
Inventories
|
0.1
|
|
|
1.2
|
|
||
Total assets of discontinued operations
|
$
|
0.5
|
|
|
$
|
3.8
|
|
|
|
|
|
||||
Liabilities of discontinued operations:
|
|
|
|
||||
Accounts payable
|
$
|
0.9
|
|
|
$
|
1.3
|
|
Accrued expenses
|
4.0
|
|
|
4.0
|
|
||
Other liabilities
|
—
|
|
|
1.7
|
|
||
Total liabilities of discontinued operations
|
$
|
4.9
|
|
|
$
|
7.0
|
|
(In millions)
|
Average useful life (in years)
|
|
Fair value
|
||
Customer relationships
|
14-18
|
|
$
|
278.5
|
|
Non-compete agreements
|
1
|
|
2.4
|
|
|
Total intangible assets
|
|
|
$
|
280.9
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||
(In millions, except per share amounts)
|
|
October 2, 2015
|
|
October 2, 2015
|
||||
Net sales
|
|
$
|
2,022.7
|
|
|
$
|
5,897.6
|
|
Net income from continuing operations
|
|
$
|
37.5
|
|
|
$
|
101.6
|
|
Income per share from continuing operations:
|
|
|
|
|
||||
Basic
|
|
$
|
1.13
|
|
|
$
|
3.06
|
|
Diluted
|
|
$
|
1.12
|
|
|
$
|
3.04
|
|
(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.
|
(In millions)
|
|
September 30,
2016 |
|
January 1,
2016 |
||||
Long-term debt:
|
|
|
|
|
||||
5.50% Senior notes due 2023
|
|
$
|
346.2
|
|
|
$
|
345.8
|
|
5.125% Senior notes due 2021
|
|
395.5
|
|
|
394.9
|
|
||
5.625% Senior notes due 2019
|
|
347.4
|
|
|
346.8
|
|
||
Canadian term loan
|
|
123.8
|
|
|
172.9
|
|
||
Revolving lines of credit
|
|
221.0
|
|
|
390.1
|
|
||
Other
|
|
2.1
|
|
|
2.6
|
|
||
Unamortized debt issuance costs
|
|
(7.5
|
)
|
|
(10.2
|
)
|
||
Total long-term debt
|
|
$
|
1,428.5
|
|
|
$
|
1,642.9
|
|
|
|
Three Months Ended
|
||||||||||||||||||||||
|
|
Domestic
|
|
Foreign
|
|
Total
|
||||||||||||||||||
(In millions)
|
|
September 30,
2016 |
|
October 2,
2015 |
|
September 30,
2016 |
|
October 2,
2015 |
|
September 30,
2016 |
|
October 2,
2015 |
||||||||||||
Service cost
|
|
$
|
1.5
|
|
|
$
|
1.1
|
|
|
$
|
1.4
|
|
|
$
|
1.7
|
|
|
$
|
2.9
|
|
|
$
|
2.8
|
|
Interest cost
|
|
3.5
|
|
|
2.4
|
|
|
1.8
|
|
|
2.3
|
|
|
5.3
|
|
|
4.7
|
|
||||||
Expected return on plan assets
|
|
(4.4
|
)
|
|
(3.1
|
)
|
|
(2.2
|
)
|
|
(2.6
|
)
|
|
(6.6
|
)
|
|
(5.7
|
)
|
||||||
Net amortization
(a)
|
|
0.7
|
|
|
0.2
|
|
|
0.6
|
|
|
0.7
|
|
|
1.3
|
|
|
0.9
|
|
||||||
Net periodic pension cost
|
|
$
|
1.3
|
|
|
$
|
0.6
|
|
|
$
|
1.6
|
|
|
$
|
2.1
|
|
|
$
|
2.9
|
|
|
$
|
2.7
|
|
|
|
Nine Months Ended
|
||||||||||||||||||||||
|
|
Domestic
|
|
Foreign
|
|
Total
|
||||||||||||||||||
(In millions)
|
|
September 30,
2016 |
|
October 2,
2015 |
|
September 30,
2016 |
|
October 2,
2015 |
|
September 30,
2016 |
|
October 2,
2015 |
||||||||||||
Service cost
|
|
$
|
3.9
|
|
|
$
|
4.1
|
|
|
$
|
4.4
|
|
|
$
|
5.0
|
|
|
$
|
8.3
|
|
|
$
|
9.1
|
|
Interest cost
|
|
9.2
|
|
|
9.1
|
|
|
6.2
|
|
|
6.9
|
|
|
15.4
|
|
|
16.0
|
|
||||||
Expected return on plan assets
|
|
(11.5
|
)
|
|
(11.9
|
)
|
|
(7.3
|
)
|
|
(7.9
|
)
|
|
(18.8
|
)
|
|
(19.8
|
)
|
||||||
Net amortization
(a)
|
|
1.7
|
|
|
1.1
|
|
|
1.9
|
|
|
2.2
|
|
|
3.6
|
|
|
3.3
|
|
||||||
Settlement charge
|
|
—
|
|
|
—
|
|
|
9.6
|
|
|
—
|
|
|
9.6
|
|
|
—
|
|
||||||
Net periodic pension cost
|
|
$
|
3.3
|
|
|
$
|
2.4
|
|
|
$
|
14.8
|
|
|
$
|
6.2
|
|
|
$
|
18.1
|
|
|
$
|
8.6
|
|
Third Quarter of 2015 (As revised)
|
|
NSS
|
|
EES
|
|
UPS
|
|
Corporate
|
|
Total
|
||||||||||
Net Sales
|
|
$
|
1,046.9
|
|
|
$
|
423.6
|
|
|
$
|
18.7
|
|
|
$
|
—
|
|
|
$
|
1,489.2
|
|
Operating income
|
|
74.1
|
|
|
32.5
|
|
|
2.7
|
|
|
(31.1
|
)
|
|
78.2
|
|
Nine Months of 2016
|
|
NSS
|
|
EES
|
|
UPS
|
|
Corporate
|
|
Total
|
||||||||||
Net Sales
|
|
$
|
3,043.7
|
|
|
$
|
1,596.2
|
|
|
$
|
1,088.3
|
|
|
$
|
—
|
|
|
$
|
5,728.2
|
|
Operating income
|
|
198.6
|
|
|
75.1
|
|
|
42.1
|
|
|
(111.5
|
)
|
|
204.3
|
|
Nine Months of 2015 (As revised)
|
|
NSS
|
|
EES
|
|
UPS
|
|
Corporate
|
|
Total
|
||||||||||
Net Sales
|
|
$
|
2,986.6
|
|
|
$
|
1,313.9
|
|
|
$
|
54.2
|
|
|
$
|
—
|
|
|
$
|
4,354.7
|
|
Operating income
|
|
196.4
|
|
|
101.9
|
|
|
7.1
|
|
|
(103.4
|
)
|
|
202.0
|
|
(In millions)
|
|
NSS
|
|
EES
|
|
UPS
|
|
Total
|
||||||||
Balance as of January 1, 2016
|
|
$
|
393.3
|
|
|
$
|
211.9
|
|
|
$
|
151.3
|
|
|
$
|
756.5
|
|
Acquisition related
(a)
|
|
(0.5
|
)
|
|
0.7
|
|
|
4.3
|
|
|
4.5
|
|
||||
Reassignment of goodwill
|
|
11.2
|
|
|
(31.8
|
)
|
|
20.6
|
|
|
—
|
|
||||
Foreign currency translation
|
|
2.5
|
|
|
0.5
|
|
|
5.6
|
|
|
8.6
|
|
||||
Balance as of September 30, 2016
|
|
$
|
406.5
|
|
|
$
|
181.3
|
|
|
$
|
181.8
|
|
|
$
|
769.6
|
|
(a)
|
In the first, second and third quarters of 2016, we recorded an immaterial increase in goodwill primarily related to determining the fair value of inventory and fixed assets relating to the Power Solutions acquisition.
|
(In millions)
|
|
September 30,
2016 |
|
January 1,
2016 |
||||
Assets:
|
|
|
|
|
||||
Current assets
|
|
$
|
2,751.0
|
|
|
$
|
2,727.2
|
|
Property, equipment and capital leases, net
|
|
149.2
|
|
|
141.1
|
|
||
Goodwill
|
|
769.7
|
|
|
756.5
|
|
||
Intangible assets, net
|
|
426.3
|
|
|
453.8
|
|
||
Other assets
|
|
73.2
|
|
|
72.1
|
|
||
|
|
$
|
4,169.4
|
|
|
$
|
4,150.7
|
|
Liabilities and Stockholder’s Equity:
|
|
|
|
|
||||
Current liabilities
|
|
$
|
1,299.1
|
|
|
$
|
1,156.8
|
|
Long-term debt
|
|
1,440.2
|
|
|
1,655.6
|
|
||
Other liabilities
|
|
149.1
|
|
|
161.1
|
|
||
Stockholder’s equity
|
|
1,281.0
|
|
|
1,177.2
|
|
||
|
|
$
|
4,169.4
|
|
|
$
|
4,150.7
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(In millions)
|
|
September 30,
2016 |
|
October 2,
2015 |
|
September 30,
2016 |
|
October 2,
2015 |
||||||||
Net sales
|
|
$
|
1,956.3
|
|
|
$
|
1,489.2
|
|
|
$
|
5,728.2
|
|
|
$
|
4,354.7
|
|
Operating income
|
|
$
|
88.9
|
|
|
$
|
79.7
|
|
|
$
|
209.0
|
|
|
$
|
206.4
|
|
Income from continuing operations before income taxes
|
|
$
|
66.6
|
|
|
$
|
58.2
|
|
|
$
|
142.7
|
|
|
$
|
149.9
|
|
Net income (loss) from discontinued operations
|
|
$
|
0.1
|
|
|
$
|
(2.9
|
)
|
|
$
|
(0.6
|
)
|
|
$
|
31.6
|
|
Net income
|
|
$
|
41.2
|
|
|
$
|
33.1
|
|
|
$
|
86.0
|
|
|
$
|
125.3
|
|
Comprehensive income (loss)
|
|
$
|
32.8
|
|
|
$
|
(1.4
|
)
|
|
$
|
98.7
|
|
|
$
|
57.2
|
|
(In millions, except per share amounts)
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 30,
2016 |
|
October 2,
2015 |
|
September 30,
2016 |
|
October 2,
2015 |
||||||||
Net sales
|
|
$
|
1,956.3
|
|
|
$
|
1,489.2
|
|
|
$
|
5,728.2
|
|
|
$
|
4,354.7
|
|
Gross profit
|
|
396.7
|
|
|
330.9
|
|
|
1,160.9
|
|
|
969.1
|
|
||||
Operating expenses
|
|
309.4
|
|
|
252.7
|
|
|
956.6
|
|
|
767.1
|
|
||||
Operating income
|
|
87.3
|
|
|
78.2
|
|
|
204.3
|
|
|
202.0
|
|
||||
Other expense:
|
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
|
(19.8
|
)
|
|
(15.8
|
)
|
|
(59.7
|
)
|
|
(42.7
|
)
|
||||
Other, net
|
|
(2.1
|
)
|
|
(5.5
|
)
|
|
(5.7
|
)
|
|
(13.0
|
)
|
||||
Income from continuing operations before income taxes
|
|
65.4
|
|
|
56.9
|
|
|
138.9
|
|
|
146.3
|
|
||||
Income tax expense from continuing operations
|
|
25.1
|
|
|
21.5
|
|
|
54.6
|
|
|
54.9
|
|
||||
Net income from continuing operations
|
|
40.3
|
|
|
35.4
|
|
|
84.3
|
|
|
91.4
|
|
||||
Net income (loss) from discontinued operations
|
|
0.1
|
|
|
(2.9
|
)
|
|
(0.6
|
)
|
|
31.6
|
|
||||
Net income
|
|
$
|
40.4
|
|
|
$
|
32.5
|
|
|
$
|
83.7
|
|
|
$
|
123.0
|
|
Diluted income (loss) per share:
|
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
|
$
|
1.20
|
|
|
$
|
1.06
|
|
|
$
|
2.52
|
|
|
$
|
2.73
|
|
Discontinued operations
|
|
0.01
|
|
|
(0.09
|
)
|
|
(0.02
|
)
|
|
0.95
|
|
||||
Net income
|
|
$
|
1.21
|
|
|
$
|
0.97
|
|
|
$
|
2.50
|
|
|
$
|
3.68
|
|
Items Impacting Comparability of Results from Continuing Operations:
|
|
|
|
|
|
|
||||||||||
(In millions, except per share amounts)
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 30,
2016 |
|
October 2,
2015 |
|
September 30,
2016 |
|
October 2,
2015 |
||||||||
|
|
|
|
(As revised*)
|
|
|
|
(As revised*)
|
||||||||
Items impacting operating income:
|
|
Favorable / (Unfavorable)
|
||||||||||||||
Amortization of intangible assets
|
|
$
|
(9.4
|
)
|
|
$
|
(5.0
|
)
|
|
$
|
(28.6
|
)
|
|
$
|
(15.3
|
)
|
UK pension settlement
|
|
—
|
|
|
—
|
|
|
(9.6
|
)
|
|
(0.4
|
)
|
||||
Restructuring charge
|
|
0.2
|
|
|
—
|
|
|
(5.4
|
)
|
|
(5.3
|
)
|
||||
Acquisition and integration costs
|
|
(0.7
|
)
|
|
(8.1
|
)
|
|
(4.3
|
)
|
|
(9.1
|
)
|
||||
Write-off of capitalized software
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3.1
|
)
|
||||
Latin America bad debt provision
|
|
—
|
|
|
—
|
|
|
(7.6
|
)
|
|
(2.6
|
)
|
||||
Dilapidation provision
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.7
|
)
|
||||
Total of items impacting operating income
|
|
$
|
(9.9
|
)
|
|
$
|
(13.1
|
)
|
|
$
|
(55.5
|
)
|
|
$
|
(37.5
|
)
|
Items impacting other expenses:
|
|
|
|
|
|
|
|
|
||||||||
Foreign exchange loss from the devaluation of foreign currencies
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.7
|
)
|
||||
Total of items impacting other expenses
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(0.7
|
)
|
Total of items impacting pre-tax income
|
|
$
|
(9.9
|
)
|
|
$
|
(13.1
|
)
|
|
$
|
(55.5
|
)
|
|
$
|
(38.2
|
)
|
Items impacting income taxes:
|
|
|
|
|
|
|
|
|
||||||||
Tax impact of items impacting pre-tax income above
|
|
1.8
|
|
|
4.9
|
|
|
16.6
|
|
|
14.3
|
|
||||
Tax benefits related to prior year tax positions
|
|
2.1
|
|
|
—
|
|
|
2.1
|
|
|
—
|
|
||||
Total of items impacting income taxes
|
|
$
|
3.9
|
|
|
$
|
4.9
|
|
|
$
|
18.7
|
|
|
$
|
14.3
|
|
Net income impact of these items
|
|
$
|
(6.0
|
)
|
|
$
|
(8.2
|
)
|
|
$
|
(36.8
|
)
|
|
$
|
(23.9
|
)
|
Diluted EPS impact of these items
|
|
$
|
(0.18
|
)
|
|
$
|
(0.24
|
)
|
|
$
|
(1.10
|
)
|
|
$
|
(0.72
|
)
|
Items Impacting Comparability of Operating Income by Segment:
|
||||||||||||||||||||
|
|
Three Months Ended September 30, 2016
|
||||||||||||||||||
(In millions)
|
|
NSS
|
|
EES
|
|
UPS
|
|
Corporate
|
|
Total
|
||||||||||
|
|
Favorable / (Unfavorable)
|
||||||||||||||||||
Amortization of intangible assets
|
|
$
|
(3.3
|
)
|
|
$
|
(2.1
|
)
|
|
$
|
(4.0
|
)
|
|
$
|
—
|
|
|
$
|
(9.4
|
)
|
Restructuring charge
|
|
0.1
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|||||
Acquisition and integration costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.7
|
)
|
|
(0.7
|
)
|
|||||
Total of items impacting operating income
|
|
$
|
(3.2
|
)
|
|
$
|
(2.0
|
)
|
|
$
|
(4.0
|
)
|
|
$
|
(0.7
|
)
|
|
$
|
(9.9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended October 2, 2015
|
||||||||||||||||||
(In millions)
|
|
NSS
|
|
EES
|
|
UPS
|
|
Corporate
|
|
Total
|
||||||||||
|
|
Favorable / (Unfavorable)
|
||||||||||||||||||
Amortization of intangible assets
|
|
$
|
(3.7
|
)
|
|
$
|
(1.3
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(5.0
|
)
|
Acquisition and integration costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8.1
|
)
|
|
(8.1
|
)
|
|||||
Total of items impacting operating income
|
|
$
|
(3.7
|
)
|
|
$
|
(1.3
|
)
|
|
$
|
—
|
|
|
$
|
(8.1
|
)
|
|
$
|
(13.1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Nine Months Ended September 30, 2016
|
||||||||||||||||||
(In millions)
|
|
NSS
|
|
EES
|
|
UPS
|
|
Corporate
|
|
Total
|
||||||||||
|
|
Favorable / (Unfavorable)
|
||||||||||||||||||
Amortization of intangible assets
|
|
$
|
(10.5
|
)
|
|
$
|
(6.3
|
)
|
|
$
|
(11.8
|
)
|
|
$
|
—
|
|
|
$
|
(28.6
|
)
|
UK pension settlement
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9.6
|
)
|
|
(9.6
|
)
|
|||||
Restructuring charge
|
|
(1.8
|
)
|
|
(1.3
|
)
|
|
(2.2
|
)
|
|
(0.1
|
)
|
|
(5.4
|
)
|
|||||
Acquisition and integration costs
|
|
—
|
|
|
—
|
|
|
(0.3
|
)
|
|
(4.0
|
)
|
|
(4.3
|
)
|
|||||
Latin America bad debt provision
|
|
(3.9
|
)
|
|
(3.7
|
)
|
|
—
|
|
|
—
|
|
|
(7.6
|
)
|
|||||
Total of items impacting operating income
|
|
$
|
(16.2
|
)
|
|
$
|
(11.3
|
)
|
|
$
|
(14.3
|
)
|
|
$
|
(13.7
|
)
|
|
$
|
(55.5
|
)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Nine Months Ended October 2, 2015
|
||||||||||||||||||
(In millions)
|
|
NSS
|
|
EES
|
|
UPS
|
|
Corporate
|
|
Total
|
||||||||||
|
|
Favorable / (Unfavorable)
|
||||||||||||||||||
Amortization of intangible assets
|
|
$
|
(11.1
|
)
|
|
$
|
(4.2
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(15.3
|
)
|
UK pension settlement
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.4
|
)
|
|
(0.4
|
)
|
|||||
Restructuring charge
|
|
(1.8
|
)
|
|
(1.8
|
)
|
|
—
|
|
|
(1.7
|
)
|
|
(5.3
|
)
|
|||||
Acquisition and integration costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9.1
|
)
|
|
(9.1
|
)
|
|||||
Write-off of capitalized software
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3.1
|
)
|
|
(3.1
|
)
|
|||||
Latin America bad debt provision
|
|
(2.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.6
|
)
|
|||||
Dilapidation provision
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.7
|
)
|
|
(1.7
|
)
|
|||||
Total of items impacting operating income
|
|
$
|
(15.5
|
)
|
|
$
|
(6.0
|
)
|
|
$
|
—
|
|
|
$
|
(16.0
|
)
|
|
$
|
(37.5
|
)
|
GAAP to Non-GAAP Net Income and EPS Reconciliation:
|
|
|
|
|
|
|
|
||||||||
(In millions, except per share amounts)
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
2016 |
|
October 2,
2015 |
|
September 30,
2016 |
|
October 2,
2015 |
||||||||
|
|
|
(As revised*)
|
|
|
|
(As revised*)
|
||||||||
Reconciliation to most directly comparable GAAP financial measure:
|
|
|
|
|
|
|
|
||||||||
Net income from continuing operations – GAAP
|
$
|
40.3
|
|
|
$
|
35.4
|
|
|
$
|
84.3
|
|
|
$
|
91.4
|
|
Items impacting net income from continuing operations
|
6.0
|
|
|
8.2
|
|
|
36.8
|
|
|
23.9
|
|
||||
Net income from continuing operations – Non-GAAP
|
$
|
46.3
|
|
|
$
|
43.6
|
|
|
$
|
121.1
|
|
|
$
|
115.3
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted EPS from continuing operations – GAAP
|
$
|
1.20
|
|
|
$
|
1.06
|
|
|
$
|
2.52
|
|
|
$
|
2.73
|
|
Diluted EPS impact of these items from continuing operations
|
0.18
|
|
|
0.24
|
|
|
1.10
|
|
|
0.72
|
|
||||
Diluted EPS from continuing operations – Non-GAAP
|
$
|
1.38
|
|
|
$
|
1.30
|
|
|
$
|
3.62
|
|
|
$
|
3.45
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
October 2,
2015 |
|
October 2,
2015 |
||||||||||||
(In millions, except per share amounts)
|
|
As Reported
|
|
Pro Forma
|
|
As Reported
|
|
Pro Forma
|
||||||||
Net sales
|
|
$
|
1,489.2
|
|
|
$
|
2,022.7
|
|
|
$
|
4,354.7
|
|
|
$
|
5,897.6
|
|
Net income from continuing operations
|
|
$
|
35.4
|
|
|
$
|
37.5
|
|
|
$
|
91.4
|
|
|
$
|
101.6
|
|
Income per diluted share from continuing operations
|
|
$
|
1.06
|
|
|
$
|
1.12
|
|
|
$
|
2.73
|
|
|
$
|
3.04
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
October 2,
2015 |
|
October 2,
2015 |
||||||||||||
|
|
As Adjusted
|
|
Pro Forma As Adjusted
|
|
As Adjusted
|
|
Pro Forma As Adjusted
|
||||||||
Income per diluted share from continuing operations
|
|
$
|
1.30
|
|
|
$
|
1.56
|
|
|
$
|
3.45
|
|
|
$
|
4.12
|
|
Sales Growth Trends
|
||||||||||||||||||||||||||||||||
|
|
Three Months Ended September 30, 2016
|
|
Three Months Ended October 2, 2015
|
|
|
||||||||||||||||||||||||||
(In millions)
|
|
As Reported
|
|
Foreign Exchange Impact
|
|
Copper Impact
|
|
As Adjusted
|
|
As Revised*
|
|
Acquisition Impact
|
|
Pro Forma
|
|
Organic Growth / (Decline)
|
||||||||||||||||
Network & Security Solutions (NSS)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
North America
|
|
$
|
845.3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
845.3
|
|
|
$
|
808.5
|
|
|
$
|
—
|
|
|
$
|
808.5
|
|
|
4.5
|
%
|
|
Europe
|
|
82.8
|
|
|
3.0
|
|
|
—
|
|
|
85.8
|
|
|
87.9
|
|
|
—
|
|
|
87.9
|
|
|
(2.3
|
)%
|
||||||||
Emerging Markets
|
|
121.8
|
|
|
1.4
|
|
|
—
|
|
|
123.2
|
|
|
150.5
|
|
|
—
|
|
|
150.5
|
|
|
(18.1
|
)%
|
||||||||
NSS
|
|
$
|
1,049.9
|
|
|
$
|
4.4
|
|
|
$
|
—
|
|
|
$
|
1,054.3
|
|
|
$
|
1,046.9
|
|
|
$
|
—
|
|
|
$
|
1,046.9
|
|
|
0.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Electrical & Electronic Solutions (EES)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
North America
|
|
$
|
432.8
|
|
|
$
|
(0.1
|
)
|
|
$
|
6.4
|
|
|
$
|
439.1
|
|
|
$
|
305.8
|
|
|
$
|
145.1
|
|
|
$
|
450.9
|
|
|
(2.6
|
)%
|
|
Europe
|
|
59.3
|
|
|
7.2
|
|
|
0.7
|
|
|
67.2
|
|
|
65.3
|
|
|
—
|
|
|
65.3
|
|
|
2.9
|
%
|
||||||||
Emerging Markets
|
|
43.0
|
|
|
1.1
|
|
|
0.5
|
|
|
44.6
|
|
|
52.5
|
|
|
—
|
|
|
52.5
|
|
|
(14.8
|
)%
|
||||||||
EES
|
|
$
|
535.1
|
|
|
$
|
8.2
|
|
|
$
|
7.6
|
|
|
$
|
550.9
|
|
|
$
|
423.6
|
|
|
$
|
145.1
|
|
|
$
|
568.7
|
|
|
(3.1
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Utility Power Solutions (UPS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
North America
|
|
$
|
371.3
|
|
|
$
|
—
|
|
|
$
|
0.1
|
|
|
$
|
371.4
|
|
|
$
|
18.7
|
|
|
$
|
388.4
|
|
|
$
|
407.1
|
|
|
(8.8
|
)%
|
|
UPS
|
|
$
|
371.3
|
|
|
$
|
—
|
|
|
$
|
0.1
|
|
|
$
|
371.4
|
|
|
$
|
18.7
|
|
|
$
|
388.4
|
|
|
$
|
407.1
|
|
|
(8.8
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
|
|
$
|
1,956.3
|
|
|
$
|
12.6
|
|
|
$
|
7.7
|
|
|
$
|
1,976.6
|
|
|
$
|
1,489.2
|
|
|
$
|
533.5
|
|
|
$
|
2,022.7
|
|
|
(2.3
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Geographic Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
North America
|
|
$
|
1,649.4
|
|
|
$
|
(0.1
|
)
|
|
$
|
6.5
|
|
|
$
|
1,655.8
|
|
|
$
|
1,133.0
|
|
|
$
|
533.5
|
|
|
$
|
1,666.5
|
|
|
(0.7
|
)%
|
|
Europe
|
|
142.1
|
|
|
10.2
|
|
|
0.7
|
|
|
153.0
|
|
|
153.2
|
|
|
—
|
|
|
153.2
|
|
|
(0.1
|
)%
|
||||||||
Emerging Markets
|
|
164.8
|
|
|
2.5
|
|
|
0.5
|
|
|
167.8
|
|
|
203.0
|
|
|
—
|
|
|
203.0
|
|
|
(17.3
|
)%
|
||||||||
Total
|
|
$
|
1,956.3
|
|
|
$
|
12.6
|
|
|
$
|
7.7
|
|
|
$
|
1,976.6
|
|
|
$
|
1,489.2
|
|
|
$
|
533.5
|
|
|
$
|
2,022.7
|
|
|
(2.3
|
)%
|
Sales Growth Trends
|
||||||||||||||||||||||||||||||||
|
|
Nine Months Ended September 30, 2016
|
|
Nine Months Ended October 2, 2015
|
|
|
||||||||||||||||||||||||||
($ millions)
|
|
As Reported
|
|
Foreign Exchange Impact
|
|
Copper Impact
|
|
As Adjusted
|
|
As Revised*
|
|
Acquisition Impact
|
|
Pro Forma
|
|
Organic Growth / (Decline)
|
||||||||||||||||
Network & Security Solutions (NSS)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
North America
|
|
$
|
2,432.0
|
|
|
$
|
11.0
|
|
|
$
|
—
|
|
|
$
|
2,443.0
|
|
|
$
|
2,337.0
|
|
|
$
|
—
|
|
|
$
|
2,337.0
|
|
|
4.5
|
%
|
|
Europe
|
|
250.0
|
|
|
6.5
|
|
|
—
|
|
|
256.5
|
|
|
255.9
|
|
|
—
|
|
|
255.9
|
|
|
0.2
|
%
|
||||||||
Emerging Markets
|
|
361.7
|
|
|
11.4
|
|
|
—
|
|
|
373.1
|
|
|
393.7
|
|
|
—
|
|
|
393.7
|
|
|
(5.2
|
)%
|
||||||||
NSS
|
|
$
|
3,043.7
|
|
|
$
|
28.9
|
|
|
$
|
—
|
|
|
$
|
3,072.6
|
|
|
$
|
2,986.6
|
|
|
$
|
—
|
|
|
$
|
2,986.6
|
|
|
2.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Electrical & Electronic Solutions (EES)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
North America
|
|
$
|
1,292.3
|
|
|
$
|
7.8
|
|
|
$
|
41.7
|
|
|
$
|
1,341.8
|
|
|
$
|
933.3
|
|
|
$
|
426.4
|
|
|
$
|
1,359.7
|
|
|
(1.3
|
)%
|
|
Europe
|
|
176.2
|
|
|
13.1
|
|
|
3.4
|
|
|
192.7
|
|
|
199.7
|
|
|
—
|
|
|
199.7
|
|
|
(3.5
|
)%
|
||||||||
Emerging Markets
|
|
127.7
|
|
|
4.0
|
|
|
4.3
|
|
|
136.0
|
|
|
180.9
|
|
|
—
|
|
|
180.9
|
|
|
(24.8
|
)%
|
||||||||
EES
|
|
$
|
1,596.2
|
|
|
$
|
24.9
|
|
|
$
|
49.4
|
|
|
$
|
1,670.5
|
|
|
$
|
1,313.9
|
|
|
$
|
426.4
|
|
|
$
|
1,740.3
|
|
|
(4.0
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Utility Power Solutions (UPS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
North America
|
|
$
|
1,088.3
|
|
|
$
|
7.0
|
|
|
$
|
0.9
|
|
|
$
|
1,096.2
|
|
|
$
|
54.2
|
|
|
$
|
1,116.5
|
|
|
$
|
1,170.7
|
|
|
(6.4
|
)%
|
|
UPS
|
|
$
|
1,088.3
|
|
|
$
|
7.0
|
|
|
$
|
0.9
|
|
|
$
|
1,096.2
|
|
|
$
|
54.2
|
|
|
$
|
1,116.5
|
|
|
$
|
1,170.7
|
|
|
(6.4
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
|
|
$
|
5,728.2
|
|
|
$
|
60.8
|
|
|
$
|
50.3
|
|
|
$
|
5,839.3
|
|
|
$
|
4,354.7
|
|
|
$
|
1,542.9
|
|
|
$
|
5,897.6
|
|
|
(1.0
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Geographic Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
North America
|
|
$
|
4,812.6
|
|
|
$
|
25.8
|
|
|
$
|
42.6
|
|
|
$
|
4,881.0
|
|
|
$
|
3,324.5
|
|
|
$
|
1,542.9
|
|
|
$
|
4,867.4
|
|
|
0.3
|
%
|
|
Europe
|
|
426.2
|
|
|
19.6
|
|
|
3.4
|
|
|
449.2
|
|
|
455.6
|
|
|
—
|
|
|
455.6
|
|
|
(1.4
|
)%
|
||||||||
Emerging Markets
|
|
489.4
|
|
|
15.4
|
|
|
4.3
|
|
|
509.1
|
|
|
574.6
|
|
|
—
|
|
|
574.6
|
|
|
(11.4
|
)%
|
||||||||
Total
|
|
$
|
5,728.2
|
|
|
$
|
60.8
|
|
|
$
|
50.3
|
|
|
$
|
5,839.3
|
|
|
$
|
4,354.7
|
|
|
$
|
1,542.9
|
|
|
$
|
5,897.6
|
|
|
(1.0
|
)%
|
|
|
Three Months Ended
|
||||||||||||||||||
(In millions)
|
|
NSS
|
|
EES
|
|
UPS
|
|
Corporate
|
|
Total
|
||||||||||
Operating income, 2016
|
|
$
|
74.9
|
|
|
$
|
28.7
|
|
|
$
|
15.8
|
|
|
$
|
(32.1
|
)
|
|
$
|
87.3
|
|
Operating income, 2015 (As revised*)
|
|
74.1
|
|
|
32.5
|
|
|
2.7
|
|
|
(31.1
|
)
|
|
78.2
|
|
|||||
$ Change
|
|
$
|
0.8
|
|
|
$
|
(3.8
|
)
|
|
$
|
13.1
|
|
|
$
|
(1.0
|
)
|
|
$
|
9.1
|
|
% Change
|
|
1.1
|
%
|
|
(11.7
|
)%
|
|
nm
|
|
|
(3.3
|
)%
|
|
11.6
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Items impacting operating income in 2016
|
|
$
|
3.2
|
|
|
$
|
2.0
|
|
|
$
|
4.0
|
|
|
$
|
0.7
|
|
|
$
|
9.9
|
|
Adjusted operating income, 2016 (Non-GAAP)
|
|
$
|
78.1
|
|
|
$
|
30.7
|
|
|
$
|
19.8
|
|
|
$
|
(31.4
|
)
|
|
$
|
97.2
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Items impacting operating income in 2015
|
|
$
|
3.7
|
|
|
$
|
1.3
|
|
|
$
|
—
|
|
|
$
|
8.1
|
|
|
$
|
13.1
|
|
Adjusted operating income, 2015 (Non-GAAP)
|
|
$
|
77.8
|
|
|
$
|
33.8
|
|
|
$
|
2.7
|
|
|
$
|
(23.0
|
)
|
|
$
|
91.3
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted % Change (Non-GAAP)
|
|
0.4
|
%
|
|
(9.2
|
)%
|
|
nm
|
|
|
(36.5
|
)%
|
|
6.5
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Impact of Acquisition of Power Solutions
|
|
$
|
—
|
|
|
$
|
1.7
|
|
|
$
|
12.2
|
|
|
$
|
(3.4
|
)
|
|
$
|
10.5
|
|
Operating income, 2015 (Pro Forma)
|
|
$
|
74.1
|
|
|
$
|
34.2
|
|
|
$
|
14.9
|
|
|
$
|
(34.5
|
)
|
|
$
|
88.7
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted % Change (Pro Forma)
|
|
1.1
|
%
|
|
(16.1
|
)%
|
|
6.0
|
%
|
|
6.8
|
%
|
|
(1.6
|
)%
|
|||||
Plus the % impact of:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign exchange
|
|
0.7
|
%
|
|
1.4
|
%
|
|
—
|
%
|
|
(0.4
|
)%
|
|
1.0
|
%
|
|||||
Copper pricing
|
|
—
|
%
|
|
4.7
|
%
|
|
0.1
|
%
|
|
—
|
%
|
|
1.8
|
%
|
|||||
Organic (Non-GAAP)
|
|
1.8
|
%
|
|
(10.0
|
)%
|
|
6.1
|
%
|
|
6.4
|
%
|
|
1.2
|
%
|
Q3 EBITDA by Segment:
|
|
|
|
|
||||||||||||||||
|
|
Three Months Ended September 30, 2016
|
||||||||||||||||||
(In millions)
|
|
NSS
|
|
EES
|
|
UPS
|
|
Corporate
|
|
Total
|
||||||||||
Net income (loss) from continuing operations
|
|
$
|
74.9
|
|
|
$
|
28.7
|
|
|
$
|
15.8
|
|
|
$
|
(79.1
|
)
|
|
$
|
40.3
|
|
Interest expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19.8
|
|
|
19.8
|
|
|||||
Income taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25.1
|
|
|
25.1
|
|
|||||
Depreciation
|
|
0.8
|
|
|
0.5
|
|
|
1.0
|
|
|
4.8
|
|
|
7.1
|
|
|||||
Amortization of intangible assets
|
|
3.3
|
|
|
2.1
|
|
|
4.0
|
|
|
—
|
|
|
9.4
|
|
|||||
EBITDA
|
|
$
|
79.0
|
|
|
$
|
31.3
|
|
|
$
|
20.8
|
|
|
$
|
(29.4
|
)
|
|
$
|
101.7
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total of items impacting operating income
|
|
$
|
(0.1
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
—
|
|
|
$
|
0.7
|
|
|
$
|
0.5
|
|
Foreign exchange and other non-operating expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.1
|
|
|
2.1
|
|
|||||
Stock-based compensation
|
|
0.2
|
|
|
0.2
|
|
|
0.3
|
|
|
3.2
|
|
|
3.9
|
|
|||||
Adjusted EBITDA
|
|
$
|
79.1
|
|
|
$
|
31.4
|
|
|
$
|
21.1
|
|
|
$
|
(23.4
|
)
|
|
$
|
108.2
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended October 2, 2015*
|
||||||||||||||||||
(In millions)
|
|
NSS
|
|
EES
|
|
UPS
|
|
Corporate
|
|
Total
|
||||||||||
Net income (loss) from continuing operations
|
|
$
|
74.1
|
|
|
$
|
32.5
|
|
|
$
|
2.7
|
|
|
$
|
(73.9
|
)
|
|
$
|
35.4
|
|
Interest expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15.8
|
|
|
15.8
|
|
|||||
Income taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21.5
|
|
|
21.5
|
|
|||||
Depreciation
|
|
0.9
|
|
|
0.2
|
|
|
—
|
|
|
4.1
|
|
|
5.2
|
|
|||||
Amortization of intangible assets
|
|
3.7
|
|
|
1.3
|
|
|
—
|
|
|
—
|
|
|
5.0
|
|
|||||
EBITDA
|
|
$
|
78.7
|
|
|
$
|
34.0
|
|
|
$
|
2.7
|
|
|
$
|
(32.5
|
)
|
|
$
|
82.9
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total of items impacting operating income
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8.1
|
|
|
$
|
8.1
|
|
Foreign exchange and other non-operating expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5.5
|
|
|
5.5
|
|
|||||
Stock-based compensation
|
|
0.4
|
|
|
0.3
|
|
|
—
|
|
|
2.6
|
|
|
3.3
|
|
|||||
Adjusted EBITDA
|
|
$
|
79.1
|
|
|
$
|
34.3
|
|
|
$
|
2.7
|
|
|
$
|
(16.3
|
)
|
|
$
|
99.8
|
|
Q3 YTD EBITDA by Segment (As revised*):
|
|
|
|
|
|
|||||||||||||||
|
|
Nine Months Ended September 30, 2016
|
||||||||||||||||||
(In millions)
|
|
NSS
|
|
EES
|
|
UPS
|
|
Corporate
|
|
Total
|
||||||||||
Net income (loss) from continuing operations
|
|
$
|
198.6
|
|
|
$
|
75.1
|
|
|
$
|
42.1
|
|
|
$
|
(231.5
|
)
|
|
$
|
84.3
|
|
Interest expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
59.7
|
|
|
59.7
|
|
|||||
Income taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
54.6
|
|
|
54.6
|
|
|||||
Depreciation
|
|
2.5
|
|
|
2.0
|
|
|
3.1
|
|
|
13.5
|
|
|
21.1
|
|
|||||
Amortization of intangible assets
|
|
10.5
|
|
|
6.3
|
|
|
11.8
|
|
|
—
|
|
|
28.6
|
|
|||||
EBITDA
|
|
$
|
211.6
|
|
|
$
|
83.4
|
|
|
$
|
57.0
|
|
|
$
|
(103.7
|
)
|
|
$
|
248.3
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total of items impacting operating income
|
|
$
|
5.7
|
|
|
$
|
5.0
|
|
|
$
|
2.5
|
|
|
$
|
13.7
|
|
|
$
|
26.9
|
|
Foreign exchange and other non-operating expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5.7
|
|
|
5.7
|
|
|||||
Stock-based compensation
|
|
1.3
|
|
|
0.7
|
|
|
1.0
|
|
|
9.4
|
|
|
12.4
|
|
|||||
Adjusted EBITDA
|
|
$
|
218.6
|
|
|
$
|
89.1
|
|
|
$
|
60.5
|
|
|
$
|
(74.9
|
)
|
|
$
|
293.3
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Nine Months Ended October 2, 2015*
|
||||||||||||||||||
(In millions)
|
|
NSS
|
|
EES
|
|
UPS
|
|
Corporate
|
|
Total
|
||||||||||
Net income (loss) from continuing operations
|
|
$
|
196.4
|
|
|
$
|
101.9
|
|
|
$
|
7.1
|
|
|
$
|
(214.0
|
)
|
|
$
|
91.4
|
|
Interest expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
42.7
|
|
|
42.7
|
|
|||||
Income taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
54.9
|
|
|
54.9
|
|
|||||
Depreciation
|
|
2.7
|
|
|
0.7
|
|
|
—
|
|
|
12.2
|
|
|
15.6
|
|
|||||
Amortization of intangible assets
|
|
11.1
|
|
|
4.2
|
|
|
—
|
|
|
—
|
|
|
15.3
|
|
|||||
EBITDA
|
|
$
|
210.2
|
|
|
$
|
106.8
|
|
|
$
|
7.1
|
|
|
$
|
(104.2
|
)
|
|
$
|
219.9
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total of items impacting operating income
|
|
$
|
4.4
|
|
|
$
|
1.8
|
|
|
$
|
—
|
|
|
$
|
16.0
|
|
|
$
|
22.2
|
|
Foreign exchange and other non-operating expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13.0
|
|
|
13.0
|
|
|||||
Stock-based compensation
|
|
1.4
|
|
|
1.0
|
|
|
—
|
|
|
7.8
|
|
|
10.2
|
|
|||||
Adjusted EBITDA
|
|
$
|
216.0
|
|
|
$
|
109.6
|
|
|
$
|
7.1
|
|
|
$
|
(67.4
|
)
|
|
$
|
265.3
|
|
|
|
Nine Months Ended
|
||
(In millions)
|
|
October 2,
2015 |
||
Depreciation
|
|
$
|
1.5
|
|
Amortization
|
|
$
|
0.5
|
|
Stock-based compensation
|
|
$
|
0.6
|
|
Capital expenditures
|
|
$
|
1.9
|
|
(31)
|
|
Rule 13a – 14(a) / 15d – 14(a) Certifications.
|
31.1
|
|
Robert J. Eck, President and Chief Executive Officer, Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
31.2
|
|
Theodore A. Dosch, Executive Vice President-Finance and Chief Financial Officer, Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
(32)
|
|
Section 1350 Certifications.
|
32.1
|
|
Robert J. Eck, President and Chief Executive Officer, Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
32.2
|
|
Theodore A. Dosch, Executive Vice President-Finance and Chief Financial Officer, Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
101.INS*
|
|
XBRL Instance Document
|
101.SCH*
|
|
XBRL Taxonomy Extension Schema Document
|
101.CAL*
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF*
|
|
XBRL Taxonomy Definition Linkbase Document
|
101.LAB*
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE*
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
*
|
Attached as Exhibit 101 to this report are the following documents formatted in XBRL (Extensible Business Reporting Language): (i) the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended
September 30, 2016
and
October 2, 2015
, (ii) the Condensed Consolidated Balance Sheets at
September 30, 2016
and
January 1, 2016
, (iii) the Condensed Consolidated Statements of Cash Flows for the three months ended
September 30, 2016
and
October 2, 2015
, and (iv) Notes to the Condensed Consolidated Financial Statements for the three months ended
September 30, 2016
.
|
|
ANIXTER INTERNATIONAL INC.
|
|
|
|
|
October 25, 2016
|
By:
|
/s/ Robert J. Eck
|
|
|
Robert J. Eck
|
|
|
President and Chief Executive Officer
|
|
|
|
October 25, 2016
|
By:
|
/s/ Theodore A. Dosch
|
|
|
Theodore A. Dosch
|
|
|
Executive Vice President – Finance and Chief Financial Officer
|
1 Year Anixter Chart |
1 Month Anixter Chart |
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