Anixter International Inc. Financial Statement Analysis
ANIXTER INTERNATIONAL INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other: Simplifying the Test for Goodwill
Impairment, which removes step two from the goodwill impairment test. Step two measures a goodwill impairment loss by
comparing the implied fair value of a reporting unit's goodwill with the carrying amount of that goodwill. The new guidance
requires an entity to perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying
amount, including goodwill. The standard is effective for Anixter's financial statements issued for fiscal years beginning after
December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates
after January 1, 2017. The Company is currently assessing the impact the adoption of this ASU will have on its methodology
for evaluating goodwill for impairment subsequent to adoption of this standard.
In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement: Changes to the Disclosure Requirements for
Fair Value Measurement, which changes the disclosure requirements for fair value measurements by removing, adding and
modifying certain disclosures. The standard is effective for Anixter's financial statements issued for fiscal years beginning after
December 15, 2019. Early adoption is permitted. The Company is currently evaluating the impact of adoption of this ASU on
its related disclosures.
In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General:
Changes to the Disclosure Requirements for Defined Benefit Plans, which modifies the disclosure requirements for employers
that sponsor defined benefit pension or other postretirement plans by removing and adding certain disclosures for these plans.
The standard is effective for Anixter's financial statements issued for fiscal years ending after December 15, 2020. Early
adoption is permitted. The Company is currently evaluating the impact of adoption of this ASU on its related disclosures.
In December 2019, the FASB issued ASU 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes, which
clarifies existing guidance and removes certain exceptions to the general principles for income taxes. The standard is effective
for Anixter's financial statements issued for fiscal years beginning after December 15, 2020. Early adoption is permitted. The
Company is currently evaluating the impact of adoption of this ASU on its Consolidated Financial Statements.
The Company does not believe that any other recently issued, but not yet effective, accounting pronouncements, if
adopted, would have a material impact on its Consolidated Financial Statements or disclosures.
NOTE 2. ACCRUED EXPENSES
Accrued expenses consisted of the following:
(In millions)
Salaries and fringe benefits
Other accrued expenses
Total accrued expenses
51
January 3,
2020
December 28,
2018
$
136.2 $
109.7
194.1
199.3
$
330.3 $
309.0View entire presentation