Anixter International Inc. (NYSE: AXE) today announced that it is furnishing certain historical business segment information to reflect its realigned segment reporting structure, which the Company changed effective for the fourth quarter ending December 28, 2012.
While this financial data reflects the change in the Company’s reportable segments described above, the Company has not in any way revised or restated its historical financial statements for any period.
Under the realigned structure, the Company’s reportable segments are as follows: Enterprise Cabling and Security Solutions, Electrical and Electronic Wire and Cable, OEM Supply and Corporate. The change in disclosure of reportable segment information is required by Accounting Standards Codification (“ASC”) Topic 280, Segment Reporting, and reflects the manner in which the Company is currently managing its businesses.
Commenting on the change in segments, Bob Eck, President and CEO of Anixter, said, “We believe our new reporting segments reflect the realigned operating structure of our business and will provide senior management visibility to the respective end market segments, especially as we continue to leverage our global supply chain platform to support global customers and suppliers in each of our end market segments."
Historical results reflecting the new business segments for previously reported fiscal periods ending 2010 and 2011 and the first, second and third quarters of fiscal 2012 and 2011 are attached and available on the Company’s website,
. From time to time, the Company may update this information on the Company’s website. The Company did not operate under the realigned segment structure for any of these prior periods and will begin to report results under the new structure effective with the filing of its Annual Report on Form 10-K for the year ending December 28, 2012.
In connection with the change in reportable segments and in accordance with the provisions of ASC Topic 350, Intangibles – Goodwill and Other, the Company will be required to reassign the carrying amount of goodwill to its reporting units (which are the same as the realigned reportable segments) based on the respective fair value. This will be completed in the fourth quarter of 2012 and the Company will reflect the balance of goodwill in its segment footnote which will be included in the Company’s Annual Report on Form 10-K for the year ending December 28, 2012.