| DEBT
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Three Months Ended | Six Months Ended | |||||||||||||||
July 4, 2014 | June 28, 2013 | July 4, 2014 | June 28, 2013 | |||||||||||||
Other, net: | ||||||||||||||||
Foreign exchange | $ | (1.9 | ) | $ | (2.9 | ) | $ | (12.0 | ) | $ | (4.7 | ) | ||||
Cash surrender value of life insurance policies | 0.5 | (0.8 | ) | 0.8 | (0.7 | ) | ||||||||||
Other | (1.2 | ) | — | (1.7 | ) | (0.3 | ) | |||||||||
Total other, net | $ | (2.6 | ) | $ | (3.7 | ) | $ | (12.9 | ) | $ | (5.7 | ) |
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July 4, 2014 | January 3, 2014 | ||||||
(In millions) | |||||||
Long-term debt: | |||||||
Senior notes due 2019 | $ | 350.0 | $ | 350.0 | |||
Senior notes due 2015 | 200.0 | 200.0 | |||||
Accounts receivable securitization facility | 200.0 | 145.0 | |||||
Revolving lines of credit | 68.0 | 101.5 | |||||
Senior notes due 2014 | — | 32.1 | |||||
Other | 4.1 | 7.4 | |||||
Total long-term debt | $ | 822.1 | $ | 836.0 |
• | The liquidity termination date of the program will be May 2017 (formerly May 2015). |
• | The commitments are split 50%/50% (formerly 57-1/3% from J.P. Morgan and 42-2/3% from SunTrust). |
• | The purchasers have the option to delay funding by 35 days. |
• | Chariot has replaced J.P. Morgan as a Financial Institution and a committed purchaser; J.P. Morgan will continue to have a liquidity agreement in place with Chariot. |
• | One month LIBOR has been replaced by three month LIBOR. |
• | The renewed program carries an all-in drawn funding cost of LIBOR plus 80 basis points (previously LIBOR plus 95 basis points). |
• | Unused capacity fees decreased from 47.5 to 57.5 basis points to 40 to 50 basis points depending on utilization. |
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Three Months Ended | |||||||||||||||||||||||
Domestic (a) | Foreign | Total | |||||||||||||||||||||
July 4, 2014 | June 28, 2013 | July 4, 2014 | June 28, 2013 | July 4, 2014 | June 28, 2013 | ||||||||||||||||||
Service cost | $ | 1.2 | $ | 2.0 | $ | 1.5 | $ | 1.7 | $ | 2.7 | $ | 3.7 | |||||||||||
Interest cost | 2.7 | 2.4 | 2.7 | 2.4 | 5.4 | 4.8 | |||||||||||||||||
Expected return on plan assets | (3.4 | ) | (2.9 | ) | (3.2 | ) | (2.6 | ) | (6.6 | ) | (5.5 | ) | |||||||||||
Net amortization (b) | (0.5 | ) | 0.8 | 0.3 | 0.4 | (0.2 | ) | 1.2 | |||||||||||||||
Net periodic cost | $ | — | $ | 2.3 | $ | 1.3 | $ | 1.9 | $ | 1.3 | $ | 4.2 |
Six Months Ended | |||||||||||||||||||||||
Domestic (a) | Foreign | Total | |||||||||||||||||||||
July 4, 2014 | June 28, 2013 | July 4, 2014 | June 28, 2013 | July 4, 2014 | June 28, 2013 | ||||||||||||||||||
Service cost | $ | 2.4 | $ | 4.2 | $ | 3.0 | $ | 3.4 | $ | 5.4 | $ | 7.6 | |||||||||||
Interest cost | 5.3 | 4.8 | 5.4 | 4.7 | 10.7 | 9.5 | |||||||||||||||||
Expected return on plan assets | (6.9 | ) | (5.9 | ) | (6.4 | ) | (5.2 | ) | (13.3 | ) | (11.1 | ) | |||||||||||
Net amortization (b) | (1.1 | ) | 1.6 | 0.6 | 0.8 | (0.5 | ) | 2.4 | |||||||||||||||
Net periodic (benefit) cost | $ | (0.3 | ) | $ | 4.7 | $ | 2.6 | $ | 3.7 | $ | 2.3 | $ | 8.4 |
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July 4, 2014 | January 3, 2014 | ||||||
(In millions) | |||||||
Assets: | |||||||
Current assets | $ | 2,450.0 | $ | 2,275.1 | |||
Property, equipment and capital leases, net | 121.4 | 115.6 | |||||
Goodwill | 344.0 | 342.1 | |||||
Other assets | 144.3 | 139.1 | |||||
$ | 3,059.7 | $ | 2,871.9 | ||||
Liabilities and Stockholder’s Equity: | |||||||
Current liabilities | $ | 981.7 | $ | 898.9 | |||
Subordinated notes payable to parent | — | 1.0 | |||||
Long-term debt | 836.8 | 851.3 | |||||
Other liabilities | 94.9 | 93.0 | |||||
Stockholder’s equity | 1,146.3 | 1,027.7 | |||||
$ | 3,059.7 | $ | 2,871.9 |
Three Months Ended | Six Months Ended | ||||||||||||||
July 4, 2014 | June 28, 2013 | July 4, 2014 | June 28, 2013 | ||||||||||||
(In millions) | |||||||||||||||
Net sales | $ | 1,586.0 | $ | 1,579.5 | $ | 3,109.8 | $ | 3,070.4 | |||||||
Operating income | $ | 93.8 | $ | 87.0 | $ | 180.9 | $ | 169.4 | |||||||
Income before income taxes | $ | 80.8 | $ | 71.7 | $ | 146.1 | $ | 140.8 | |||||||
Net income | $ | 54.5 | $ | 45.3 | $ | 102.7 | $ | 90.2 | |||||||
Comprehensive income | $ | 69.3 | $ | 33.1 | $ | 110.9 | $ | 69.8 |
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Second Quarter of 2014 | ECS | W&C | Fasteners | Total | |||||||||||
Net sales | $ | 817.4 | $ | 525.5 | $ | 243.1 | $ | 1,586.0 | |||||||
Operating income | 44.1 | 36.1 | 12.2 | 92.4 |
Second Quarter of 2013 | ECS | W&C | Fasteners | Total | |||||||||||
Net sales | $ | 813.8 | $ | 530.6 | $ | 235.1 | $ | 1,579.5 | |||||||
Operating income | 42.0 | 38.1 | 5.7 | 85.8 |
Six Months of 2014 | ECS | W&C | Fasteners | Total | |||||||||||
Net sales | $ | 1,577.5 | $ | 1,039.7 | $ | 492.6 | $ | 3,109.8 | |||||||
Operating income | 80.1 | 73.0 | 25.0 | 178.1 |
Six Months of 2013 | ECS | W&C | Fasteners | Total | ||||||||||||
Net sales | $ | 1,558.9 | $ | 1,048.4 | $ | 463.1 | $ | 3,070.4 | ||||||||
Operating income | 76.8 | 79.4 | 10.6 | 166.8 |
Reportable Segments | |||||||||||||||
ECS | W&C | Fasteners | Total | ||||||||||||
Balance at January 3, 2014 | $ | 162.5 | $ | 179.6 | $ | — | $ | 342.1 | |||||||
Acquisition related (a) | — | 1.4 | — | 1.4 | |||||||||||
Foreign currency translation | 1.7 | (1.2 | ) | — | 0.5 | ||||||||||
Balance at July 4, 2014 | $ | 164.2 | $ | 179.8 | $ | — | $ | 344.0 |
(a) | In the first quarter of 2014, we recorded an immaterial reclassification between goodwill and deferred tax liability related to the purchase price allocation for the acquisition of Jorvex, S.A. |
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Three Months Ended | Six Months Ended | |||||||||||||||
July 4, 2014 | June 28, 2013 | July 4, 2014 | June 28, 2013 | |||||||||||||
Other, net: | ||||||||||||||||
Foreign exchange | $ | (1.9 | ) | $ | (2.9 | ) | $ | (12.0 | ) | $ | (4.7 | ) | ||||
Cash surrender value of life insurance policies | 0.5 | (0.8 | ) | 0.8 | (0.7 | ) | ||||||||||
Other | (1.2 | ) | — | (1.7 | ) | (0.3 | ) | |||||||||
Total other, net | $ | (2.6 | ) | $ | (3.7 | ) | $ | (12.9 | ) | $ | (5.7 | ) |
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Three Months Ended | Six Months Ended | |||||||||||||||
July 4, 2014 | June 28, 2013 | July 4, 2014 | June 28, 2013 | |||||||||||||
Other, net: | ||||||||||||||||
Foreign exchange | $ | (1.9 | ) | $ | (2.9 | ) | $ | (12.0 | ) | $ | (4.7 | ) | ||||
Cash surrender value of life insurance policies | 0.5 | (0.8 | ) | 0.8 | (0.7 | ) | ||||||||||
Other | (1.2 | ) | — | (1.7 | ) | (0.3 | ) | |||||||||
Total other, net | $ | (2.6 | ) | $ | (3.7 | ) | $ | (12.9 | ) | $ | (5.7 | ) |
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July 4, 2014 | January 3, 2014 | ||||||
(In millions) | |||||||
Long-term debt: | |||||||
Senior notes due 2019 | $ | 350.0 | $ | 350.0 | |||
Senior notes due 2015 | 200.0 | 200.0 | |||||
Accounts receivable securitization facility | 200.0 | 145.0 | |||||
Revolving lines of credit | 68.0 | 101.5 | |||||
Senior notes due 2014 | — | 32.1 | |||||
Other | 4.1 | 7.4 | |||||
Total long-term debt | $ | 822.1 | $ | 836.0 |
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Three Months Ended | |||||||||||||||||||||||
Domestic (a) | Foreign | Total | |||||||||||||||||||||
July 4, 2014 | June 28, 2013 | July 4, 2014 | June 28, 2013 | July 4, 2014 | June 28, 2013 | ||||||||||||||||||
Service cost | $ | 1.2 | $ | 2.0 | $ | 1.5 | $ | 1.7 | $ | 2.7 | $ | 3.7 | |||||||||||
Interest cost | 2.7 | 2.4 | 2.7 | 2.4 | 5.4 | 4.8 | |||||||||||||||||
Expected return on plan assets | (3.4 | ) | (2.9 | ) | (3.2 | ) | (2.6 | ) | (6.6 | ) | (5.5 | ) | |||||||||||
Net amortization (b) | (0.5 | ) | 0.8 | 0.3 | 0.4 | (0.2 | ) | 1.2 | |||||||||||||||
Net periodic cost | $ | — | $ | 2.3 | $ | 1.3 | $ | 1.9 | $ | 1.3 | $ | 4.2 |
Six Months Ended | |||||||||||||||||||||||
Domestic (a) | Foreign | Total | |||||||||||||||||||||
July 4, 2014 | June 28, 2013 | July 4, 2014 | June 28, 2013 | July 4, 2014 | June 28, 2013 | ||||||||||||||||||
Service cost | $ | 2.4 | $ | 4.2 | $ | 3.0 | $ | 3.4 | $ | 5.4 | $ | 7.6 | |||||||||||
Interest cost | 5.3 | 4.8 | 5.4 | 4.7 | 10.7 | 9.5 | |||||||||||||||||
Expected return on plan assets | (6.9 | ) | (5.9 | ) | (6.4 | ) | (5.2 | ) | (13.3 | ) | (11.1 | ) | |||||||||||
Net amortization (b) | (1.1 | ) | 1.6 | 0.6 | 0.8 | (0.5 | ) | 2.4 | |||||||||||||||
Net periodic (benefit) cost | $ | (0.3 | ) | $ | 4.7 | $ | 2.6 | $ | 3.7 | $ | 2.3 | $ | 8.4 |
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July 4, 2014 | January 3, 2014 | ||||||
(In millions) | |||||||
Assets: | |||||||
Current assets | $ | 2,450.0 | $ | 2,275.1 | |||
Property, equipment and capital leases, net | 121.4 | 115.6 | |||||
Goodwill | 344.0 | 342.1 | |||||
Other assets | 144.3 | 139.1 | |||||
$ | 3,059.7 | $ | 2,871.9 | ||||
Liabilities and Stockholder’s Equity: | |||||||
Current liabilities | $ | 981.7 | $ | 898.9 | |||
Subordinated notes payable to parent | — | 1.0 | |||||
Long-term debt | 836.8 | 851.3 | |||||
Other liabilities | 94.9 | 93.0 | |||||
Stockholder’s equity | 1,146.3 | 1,027.7 | |||||
$ | 3,059.7 | $ | 2,871.9 |
Three Months Ended | Six Months Ended | ||||||||||||||
July 4, 2014 | June 28, 2013 | July 4, 2014 | June 28, 2013 | ||||||||||||
(In millions) | |||||||||||||||
Net sales | $ | 1,586.0 | $ | 1,579.5 | $ | 3,109.8 | $ | 3,070.4 | |||||||
Operating income | $ | 93.8 | $ | 87.0 | $ | 180.9 | $ | 169.4 | |||||||
Income before income taxes | $ | 80.8 | $ | 71.7 | $ | 146.1 | $ | 140.8 | |||||||
Net income | $ | 54.5 | $ | 45.3 | $ | 102.7 | $ | 90.2 | |||||||
Comprehensive income | $ | 69.3 | $ | 33.1 | $ | 110.9 | $ | 69.8 |
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Second Quarter of 2014 | ECS | W&C | Fasteners | Total | |||||||||||
Net sales | $ | 817.4 | $ | 525.5 | $ | 243.1 | $ | 1,586.0 | |||||||
Operating income | 44.1 | 36.1 | 12.2 | 92.4 |
Second Quarter of 2013 | ECS | W&C | Fasteners | Total | |||||||||||
Net sales | $ | 813.8 | $ | 530.6 | $ | 235.1 | $ | 1,579.5 | |||||||
Operating income | 42.0 | 38.1 | 5.7 | 85.8 |
Six Months of 2014 | ECS | W&C | Fasteners | Total | |||||||||||
Net sales | $ | 1,577.5 | $ | 1,039.7 | $ | 492.6 | $ | 3,109.8 | |||||||
Operating income | 80.1 | 73.0 | 25.0 | 178.1 |
Six Months of 2013 | ECS | W&C | Fasteners | Total | ||||||||||||
Net sales | $ | 1,558.9 | $ | 1,048.4 | $ | 463.1 | $ | 3,070.4 | ||||||||
Operating income | 76.8 | 79.4 | 10.6 | 166.8 |
Reportable Segments | |||||||||||||||
ECS | W&C | Fasteners | Total | ||||||||||||
Balance at January 3, 2014 | $ | 162.5 | $ | 179.6 | $ | — | $ | 342.1 | |||||||
Acquisition related (a) | — | 1.4 | — | 1.4 | |||||||||||
Foreign currency translation | 1.7 | (1.2 | ) | — | 0.5 | ||||||||||
Balance at July 4, 2014 | $ | 164.2 | $ | 179.8 | $ | — | $ | 344.0 |
(a) | In the first quarter of 2014, we recorded an immaterial reclassification between goodwill and deferred tax liability related to the purchase price allocation for the acquisition of Jorvex, S.A. |
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