ANIXTER INTERNATIONAL INC

CIK:0000052795|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Apr. 03, 2020	Mar. 29, 2019
Net sales	$ 2,071.7	$ 2,108.5
Cost of goods sold	1,655.3	1,689.6
Gross profit	416.4	418.9
Operating expenses	345.0	344.3
Operating income	71.4	74.6
Other expense:
Interest expense	(16.8)	(20.4)
Other, net	(6.6)	1.8
Income before income taxes	48.0	56.0
Income tax expense	12.3	16.9
Net Income	$ 35.7	$ 39.1
Income per share:
Basic	$ 1.04	$ 1.15
Diluted	$ 1.03	$ 1.14
Basic weighted-average common shares outstanding	34.3	33.9
Effect of dilutive securities:
Stock options and units	0.3	0.3
Diluted weighted-average common shares outstanding	34.6	34.2
Foreign currency translation	$ (65.5)	$ 6.9
Changes in unrealized pension cost, net of tax	(1.1)	(0.2)
Other comprehensive income (loss)	(64.4)	7.1
Comprehensive (loss) income	$ (28.7)	$ 46.2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Apr. 03, 2020	Mar. 29, 2019
Operating activities:
Net income	$ 35.7	$ 39.1
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation	8.5	9.3
Amortization of intangible assets	8.6	8.8
Stock-based compensation	4.6	4.1
Deferred income taxes	0.5	0.1
Pension plan contributions	(2.5)	(2.1)
Pension plan expenses	1.3	1.4
Changes in current assets and liabilities, net	(115.1)	(175.8)
Other, net	7.5	0.9
Net cash used in operating activities	(50.9)	(114.2)
Investing activities:
Capital expenditures, net	(6.9)	(5.9)
Net cash used in investing activities	(6.9)	(5.9)
Financing activities:
Proceeds from borrowings	648.7	1,241.5
Repayments of borrowings	(393.6)	(1,127.4)
Proceeds from stock options exercised	0.0	1.0
Other, net	(0.6)	(0.2)
Net cash provided by financing activities	254.5	114.9
Increase (decrease) in cash and cash equivalents	196.7	(5.2)
Effect of exchange rate changes on cash balances	5.7	1.2
Cash and cash equivalents at beginning of period	79.6	81.0
Cash and cash equivalents at end of period	$ 282.0	$ 77.0

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Apr. 03, 2020	Jan. 03, 2020
Current assets:
Cash and cash equivalents	$ 282.0	$ 79.6
Accounts receivable, net	1,533.0	1,540.3
Inventories	1,365.2	1,354.7
Other current assets	52.3	63.3
Total current assets	3,232.5	3,037.9
Property and equipment, at cost	436.5	432.3
Accumulated depreciation	(261.7)	(257.4)
Property and equipment, net	174.8	174.9
Operating leases	263.5	273.3
Goodwill	810.0	828.7
Intangible assets, net	342.9	361.2
Other assets	126.8	132.9
Total assets	4,950.5	4,808.9
Current liabilities:
Accounts payable	1,104.8	1,100.3
Accrued expenses	253.0	330.3
Current operating lease obligations	63.1	62.9
Total current liabilities	1,420.9	1,493.5
Long-term debt	1,316.8	1,059.7
Operating lease obligations	209.2	219.1
Other liabilities	170.3	175.7
Total liabilities	3,117.2	2,948.0
Stockholders’ equity:
Common Stock	34.4	34.2
Capital surplus	311.1	310.2
Retained earnings	1,819.5	1,783.8
Accumulated other comprehensive loss:
Foreign currency translation	(211.0)	(145.5)
Unrecognized pension liability, net	(120.7)	(121.8)
Total accumulated other comprehensive loss	(331.7)	(267.3)
Total stockholders’ equity	1,833.3	1,860.9
Total liabilities and stockholders’ equity	$ 4,950.5	$ 4,808.9