Anixter International Inc. Financial Statement Analysis
The following reflects various items that impact the comparability of the results for the last five fiscal years:
Items Impacting Comparability of Results from Continuing Operations:
(In millions, except per share amounts)
January 3, December 28,
2020
2018
Years Ended
December 29,
2017
December 30,
2016
January 1,
2016
Items impacting operating expense and operating
income:
Amortization of intangible assets
Merger costs
Restructuring charge
Favorable (Unfavorable)
(35.0) $
(37.3) $
(36.1) $
(37.6) $
(24.9)
(12.8)
-
(9.4)
(5.4)
(8.2)
Acquisition and integration costs
0.3
(2.9)
(2.3)
(5.1)
(13.2)
CEO retirement agreement expense
(2.6)
U.K. facility relocation costs
(1.0)
Impairment of intangible assets
U.K. pension settlement
(5.7)
(9.6)
(0.4)
Latin America bad debt provision
(7.6)
(11.7)
Total of items impacting interest expense
Write-off of capitalized software
Dilapidation provision
Total of items impacting operating expense and
operating income
Items impacting interest expense:
Write-off of deferred financing costs
Items impacting other expenses:
(3.1)
(1.7)
(47.5) $
(53.2) $
(44.1) $
(65.3) $
(63.2)
(0.3)
(0.3)
Loss on extinguishment of debt
(4.6)
(0.9)
Foreign exchange loss
(3.6)
Total of items impacting other expenses
$
$
(4.6) $
$
$
(4.5)
Total of items impacting pre-tax income
(47.5) $
(57.8) $
(44.1) $
(65.3) $
(68.0)
Items impacting income taxes:
Tax impact of items above impacting pre-tax
income
8.8
12.6
14.8
18.8
27.4
Transition tax on deferred foreign income
2.8
(50.0)
Rate change impact of net deferred tax liability
Reversal/(establishment) of deferred income tax
valuation allowances
(0.7)
14.4
45.9
1.4
(1.1)
(11.3)
Tax expense related to domestic permanent tax
differences
(0.7)
Tax (expense) benefit related to prior year tax
positions
(0.8)
(0.1)
(1.3)
3.2
Other tax items
(0.5)
Total of items impacting income taxes
$
53.9
$
15.3 $
(22.1) $ 20.9 $
15.6
Net income impact of these items
$
6.4
$
(42.5) $
(66.2) $
(44.4) $
(52.4)
Diluted EPS impact of these items
$
0.19
$
(1.25) $
(1.95) $
(1.32) $
(1.56)
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