| DEBT
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Three Months Ended | ||||||||
(In millions) | April 3, 2015 | April 4, 2014 | ||||||
Other, net: | ||||||||
Foreign exchange | $ | (3.6 | ) | $ | (1.4 | ) | ||
Foreign exchange devaluations | (0.7 | ) | (8.0 | ) | ||||
Cash surrender value of life insurance policies | 0.6 | 0.3 | ||||||
Other | (0.3 | ) | (0.6 | ) | ||||
Total other, net | $ | (4.0 | ) | $ | (9.7 | ) |
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(In millions) | April 3, 2015 | April 4, 2014 | ||||||
Net sales | $ | 249.4 | $ | 249.5 | ||||
Operating income | $ | 11.9 | $ | 15.7 | ||||
Income from discontinued operations before income taxes | $ | 11.2 | $ | 14.0 | ||||
Income tax expense from discontinued operations | $ | 18.6 | $ | 4.3 | ||||
Net (loss) income from discontinued operations | $ | (7.4 | ) | $ | 9.7 |
(In millions) | April 3, 2015 | January 2, 2015 | ||||||
Assets held for sale: | ||||||||
Accounts receivable | $ | 177.4 | $ | 158.2 | ||||
Inventories | 208.5 | 213.8 | ||||||
Net property and equipment | 16.8 | 16.8 | ||||||
Other assets | 16.4 | 18.1 | ||||||
Total assets held for sale | $ | 419.1 | $ | 406.9 | ||||
Liabilities held for sale: | ||||||||
Accounts payable | $ | 114.0 | $ | 92.8 | ||||
Accrued expenses | 17.6 | 16.0 | ||||||
Other liabilities | 0.2 | 0.2 | ||||||
Total liabilities held for sale | $ | 131.8 | $ | 109.0 |
(In millions) | April 3, 2015 | April 4, 2014 | ||||||
Depreciation | $ | 1.0 | $ | 0.9 | ||||
Amortization | $ | 0.3 | $ | 0.3 | ||||
Stock-based compensation | $ | 0.3 | $ | 0.3 | ||||
Capital expenditures | $ | 1.1 | $ | 2.5 |
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(In millions) | |||||
Cash | $ | 11.6 | |||
Current assets, net | 203.9 | ||||
Property and equipment | 2.7 | ||||
Goodwill | 243.4 | ||||
Intangible assets | 166.8 | ||||
Current liabilities | (144.6 | ) | |||
Non-current liabilities | (56.1 | ) | |||
Total purchase price | $ | 427.7 |
(In millions) | Average useful life (in years) | Fair value | |||
Customer relationships | 11-18 | $ | 120.6 | ||
Exclusive supplier agreement | 21 | 23.2 | |||
Trade names | Indefinite | 10.6 | |||
Tri-Ed trade names | 4 | 9.2 | |||
Non-compete agreements | 4-5 | 3.2 | |||
Total intangible assets | $ | 166.8 |
Three Months Ended | |||
(In millions, except per share amounts) | April 4, 2014 | ||
Net sales | $ | 1,416.1 | |
Net income from continuing operations | $ | 37.9 | |
Income per share from continuing operations: | |||
Basic | $ | 1.15 | |
Diluted | $ | 1.14 |
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(In millions) | April 3, 2015 | January 2, 2015 | |||||
Long-term debt: | |||||||
Senior notes due 2021 | $ | 394.4 | $ | 394.2 | |||
Senior notes due 2019 | 346.1 | 345.9 | |||||
Term loan | 197.5 | 198.8 | |||||
Accounts receivable securitization facility | 190.0 | 65.0 | |||||
Revolving lines of credit | 70.0 | — | |||||
Senior notes due 2015 | — | 200.0 | |||||
Other | 4.0 | 3.8 | |||||
Total long-term debt | $ | 1,202.0 | $ | 1,207.7 |
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Three Months Ended | |||||||||||||||||||||||
Domestic | Foreign | Total | |||||||||||||||||||||
(In millions) | April 3, 2015 | April 4, 2014 | April 3, 2015 | April 4, 2014 | April 3, 2015 | April 4, 2014 | |||||||||||||||||
Service cost | $ | 1.3 | $ | 1.2 | $ | 1.7 | $ | 1.5 | $ | 3.0 | $ | 2.7 | |||||||||||
Interest cost | 2.6 | 2.6 | 2.3 | 2.7 | 4.9 | 5.3 | |||||||||||||||||
Expected return on plan assets | (3.5 | ) | (3.5 | ) | (2.6 | ) | (3.2 | ) | (6.1 | ) | (6.7 | ) | |||||||||||
Net amortization (a) | 0.4 | (0.6 | ) | 0.7 | 0.3 | 1.1 | (0.3 | ) | |||||||||||||||
Net periodic cost (benefit) | $ | 0.8 | $ | (0.3 | ) | $ | 2.1 | $ | 1.3 | $ | 2.9 | $ | 1.0 |
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April 3, 2015 | January 2, 2015 | ||||||
(In millions) | As Adjusted (see Note 2) | ||||||
Assets: | |||||||
Current assets | $ | 2,133.4 | $ | 2,210.2 | |||
Current assets held for sale | 419.1 | 379.2 | |||||
Property, equipment and capital leases, net | 117.8 | 114.7 | |||||
Goodwill | 577.1 | 582.3 | |||||
Other assets | 270.9 | 282.5 | |||||
Long-term assets held for sale | — | 27.7 | |||||
$ | 3,518.3 | $ | 3,596.6 | ||||
Liabilities and Stockholder’s Equity: | |||||||
Current liabilities | $ | 852.6 | $ | 921.3 | |||
Current liabilities held for sale | 131.8 | 108.8 | |||||
Subordinated notes payable to parent | — | 1.5 | |||||
Long-term debt | 1,215.7 | 1,221.8 | |||||
Other liabilities | 206.2 | 212.2 | |||||
Long-term liabilities held for sale | — | 0.2 | |||||
Stockholder’s equity | 1,112.0 | 1,130.8 | |||||
$ | 3,518.3 | $ | 3,596.6 |
Three Months Ended | |||||||
April 3, 2015 | April 4, 2014 | ||||||
(In millions) | As Adjusted (see Note 2) | ||||||
Net sales | $ | 1,385.1 | $ | 1,274.3 | |||
Operating income | $ | 60.8 | $ | 71.3 | |||
Income from continuing operations before income taxes | $ | 42.4 | $ | 51.3 | |||
Net (loss) income from discontinued operations | $ | (7.4 | ) | $ | 9.7 | ||
Net income | $ | 20.0 | $ | 48.2 | |||
Comprehensive (loss) income | $ | (20.2 | ) | $ | 41.6 |
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(In millions) | |||||||||||||||
First Quarter of 2015 | ECS | W&C | Corporate | Total | |||||||||||
Net sales | $ | 915.8 | $ | 469.3 | $ | — | $ | 1,385.1 | |||||||
Operating income | $ | 36.3 | $ | 26.2 | $ | (3.2 | ) | $ | 59.3 |
First Quarter of 2014 (As Adjusted, see Note 2) | ECS | W&C | Corporate | Total | |||||||||||
Net sales | $ | 776.8 | $ | 497.5 | $ | — | $ | 1,274.3 | |||||||
Operating income | $ | 37.6 | $ | 35.3 | $ | (2.9 | ) | $ | 70.0 |
(In millions) | ECS | W&C | Total | ||||||||
Balance at January 2, 2015 | $ | 403.4 | $ | 178.9 | $ | 582.3 | |||||
Foreign currency translation | (4.4 | ) | (0.8 | ) | (5.2 | ) | |||||
Balance at April 3, 2015 | $ | 399.0 | $ | 178.1 | $ | 577.1 |
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Three Months Ended | ||||||||
(In millions) | April 3, 2015 | April 4, 2014 | ||||||
Other, net: | ||||||||
Foreign exchange | $ | (3.6 | ) | $ | (1.4 | ) | ||
Foreign exchange devaluations | (0.7 | ) | (8.0 | ) | ||||
Cash surrender value of life insurance policies | 0.6 | 0.3 | ||||||
Other | (0.3 | ) | (0.6 | ) | ||||
Total other, net | $ | (4.0 | ) | $ | (9.7 | ) |
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Three Months Ended | ||||||||
(In millions) | April 3, 2015 | April 4, 2014 | ||||||
Other, net: | ||||||||
Foreign exchange | $ | (3.6 | ) | $ | (1.4 | ) | ||
Foreign exchange devaluations | (0.7 | ) | (8.0 | ) | ||||
Cash surrender value of life insurance policies | 0.6 | 0.3 | ||||||
Other | (0.3 | ) | (0.6 | ) | ||||
Total other, net | $ | (4.0 | ) | $ | (9.7 | ) |
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(In millions) | April 3, 2015 | April 4, 2014 | ||||||
Net sales | $ | 249.4 | $ | 249.5 | ||||
Operating income | $ | 11.9 | $ | 15.7 | ||||
Income from discontinued operations before income taxes | $ | 11.2 | $ | 14.0 | ||||
Income tax expense from discontinued operations | $ | 18.6 | $ | 4.3 | ||||
Net (loss) income from discontinued operations | $ | (7.4 | ) | $ | 9.7 |
(In millions) | April 3, 2015 | January 2, 2015 | ||||||
Assets held for sale: | ||||||||
Accounts receivable | $ | 177.4 | $ | 158.2 | ||||
Inventories | 208.5 | 213.8 | ||||||
Net property and equipment | 16.8 | 16.8 | ||||||
Other assets | 16.4 | 18.1 | ||||||
Total assets held for sale | $ | 419.1 | $ | 406.9 | ||||
Liabilities held for sale: | ||||||||
Accounts payable | $ | 114.0 | $ | 92.8 | ||||
Accrued expenses | 17.6 | 16.0 | ||||||
Other liabilities | 0.2 | 0.2 | ||||||
Total liabilities held for sale | $ | 131.8 | $ | 109.0 |
(In millions) | April 3, 2015 | April 4, 2014 | ||||||
Depreciation | $ | 1.0 | $ | 0.9 | ||||
Amortization | $ | 0.3 | $ | 0.3 | ||||
Stock-based compensation | $ | 0.3 | $ | 0.3 | ||||
Capital expenditures | $ | 1.1 | $ | 2.5 |
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(In millions) | |||||
Cash | $ | 11.6 | |||
Current assets, net | 203.9 | ||||
Property and equipment | 2.7 | ||||
Goodwill | 243.4 | ||||
Intangible assets | 166.8 | ||||
Current liabilities | (144.6 | ) | |||
Non-current liabilities | (56.1 | ) | |||
Total purchase price | $ | 427.7 |
(In millions) | Average useful life (in years) | Fair value | |||
Customer relationships | 11-18 | $ | 120.6 | ||
Exclusive supplier agreement | 21 | 23.2 | |||
Trade names | Indefinite | 10.6 | |||
Tri-Ed trade names | 4 | 9.2 | |||
Non-compete agreements | 4-5 | 3.2 | |||
Total intangible assets | $ | 166.8 |
Three Months Ended | |||
(In millions, except per share amounts) | April 4, 2014 | ||
Net sales | $ | 1,416.1 | |
Net income from continuing operations | $ | 37.9 | |
Income per share from continuing operations: | |||
Basic | $ | 1.15 | |
Diluted | $ | 1.14 |
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(In millions) | April 3, 2015 | January 2, 2015 | |||||
Long-term debt: | |||||||
Senior notes due 2021 | $ | 394.4 | $ | 394.2 | |||
Senior notes due 2019 | 346.1 | 345.9 | |||||
Term loan | 197.5 | 198.8 | |||||
Accounts receivable securitization facility | 190.0 | 65.0 | |||||
Revolving lines of credit | 70.0 | — | |||||
Senior notes due 2015 | — | 200.0 | |||||
Other | 4.0 | 3.8 | |||||
Total long-term debt | $ | 1,202.0 | $ | 1,207.7 |
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Three Months Ended | |||||||||||||||||||||||
Domestic | Foreign | Total | |||||||||||||||||||||
(In millions) | April 3, 2015 | April 4, 2014 | April 3, 2015 | April 4, 2014 | April 3, 2015 | April 4, 2014 | |||||||||||||||||
Service cost | $ | 1.3 | $ | 1.2 | $ | 1.7 | $ | 1.5 | $ | 3.0 | $ | 2.7 | |||||||||||
Interest cost | 2.6 | 2.6 | 2.3 | 2.7 | 4.9 | 5.3 | |||||||||||||||||
Expected return on plan assets | (3.5 | ) | (3.5 | ) | (2.6 | ) | (3.2 | ) | (6.1 | ) | (6.7 | ) | |||||||||||
Net amortization (a) | 0.4 | (0.6 | ) | 0.7 | 0.3 | 1.1 | (0.3 | ) | |||||||||||||||
Net periodic cost (benefit) | $ | 0.8 | $ | (0.3 | ) | $ | 2.1 | $ | 1.3 | $ | 2.9 | $ | 1.0 |
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April 3, 2015 | January 2, 2015 | ||||||
(In millions) | As Adjusted (see Note 2) | ||||||
Assets: | |||||||
Current assets | $ | 2,133.4 | $ | 2,210.2 | |||
Current assets held for sale | 419.1 | 379.2 | |||||
Property, equipment and capital leases, net | 117.8 | 114.7 | |||||
Goodwill | 577.1 | 582.3 | |||||
Other assets | 270.9 | 282.5 | |||||
Long-term assets held for sale | — | 27.7 | |||||
$ | 3,518.3 | $ | 3,596.6 | ||||
Liabilities and Stockholder’s Equity: | |||||||
Current liabilities | $ | 852.6 | $ | 921.3 | |||
Current liabilities held for sale | 131.8 | 108.8 | |||||
Subordinated notes payable to parent | — | 1.5 | |||||
Long-term debt | 1,215.7 | 1,221.8 | |||||
Other liabilities | 206.2 | 212.2 | |||||
Long-term liabilities held for sale | — | 0.2 | |||||
Stockholder’s equity | 1,112.0 | 1,130.8 | |||||
$ | 3,518.3 | $ | 3,596.6 |
Three Months Ended | |||||||
April 3, 2015 | April 4, 2014 | ||||||
(In millions) | As Adjusted (see Note 2) | ||||||
Net sales | $ | 1,385.1 | $ | 1,274.3 | |||
Operating income | $ | 60.8 | $ | 71.3 | |||
Income from continuing operations before income taxes | $ | 42.4 | $ | 51.3 | |||
Net (loss) income from discontinued operations | $ | (7.4 | ) | $ | 9.7 | ||
Net income | $ | 20.0 | $ | 48.2 | |||
Comprehensive (loss) income | $ | (20.2 | ) | $ | 41.6 |
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(In millions) | |||||||||||||||
First Quarter of 2015 | ECS | W&C | Corporate | Total | |||||||||||
Net sales | $ | 915.8 | $ | 469.3 | $ | — | $ | 1,385.1 | |||||||
Operating income | $ | 36.3 | $ | 26.2 | $ | (3.2 | ) | $ | 59.3 |
First Quarter of 2014 (As Adjusted, see Note 2) | ECS | W&C | Corporate | Total | |||||||||||
Net sales | $ | 776.8 | $ | 497.5 | $ | — | $ | 1,274.3 | |||||||
Operating income | $ | 37.6 | $ | 35.3 | $ | (2.9 | ) | $ | 70.0 |
(In millions) | ECS | W&C | Total | ||||||||
Balance at January 2, 2015 | $ | 403.4 | $ | 178.9 | $ | 582.3 | |||||
Foreign currency translation | (4.4 | ) | (0.8 | ) | (5.2 | ) | |||||
Balance at April 3, 2015 | $ | 399.0 | $ | 178.1 | $ | 577.1 |
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