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Component: (Network and Table) |
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Network | 2309301 - Disclosure - INCOME TAXES (Tables) (http://www.anixter.com/role/IncomeTaxesTables) |
Table | Statement [Table] |
Slicers (applies to each fact value in each table cell)
Reporting Entity [Axis] | 0000052795 (http://www.sec.gov/CIK) |
Legal Entity [Axis] | Entity [Domain] |
Statement [Line Items] | Period [Axis] |
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2016-01-02 - 2016-12-30 |
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Schedule of Components of Income Tax Expense (Benefit) | Income tax expense was comprised of: | | | | | | | | | | | | | | (In millions) | | Years Ended | | | December 30, 2016 | | January 1, 2016 | | January 2, 2015 | Current: | | | | | | | Foreign | | $ | 18.5 |
| | $ | 14.1 |
| | $ | 22.6 |
| State | | 7.0 |
| | 7.2 |
| | 4.7 |
| Federal | | 50.2 |
| | 58.8 |
| | 33.2 |
| | | 75.7 |
| | 80.1 |
| | 60.5 |
| Deferred: | | | | | | | Foreign | | (2.8 | ) | | 7.1 |
| | (1.0 | ) | State | | 0.2 |
| | (0.7 | ) | | 3.3 |
| Federal | | 3.3 |
| | (0.5 | ) | | 23.4 |
| | | 0.7 |
| | 5.9 |
| | 25.7 |
| Income tax expense | | $ | 76.4 |
| | $ | 86.0 |
| | $ | 86.2 |
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Schedule of Effective Income Tax Rate Reconciliation | Reconciliations of income tax expense to the statutory corporate federal tax rate of 35% were as follows: | | | | | | | | | | | | | | (In millions) | | Years Ended | | | December 30, 2016 | | January 1, 2016 | | January 2, 2015 | Statutory tax expense | | $ | 69.1 |
| | $ | 64.0 |
| | $ | 87.4 |
| Increase (reduction) in taxes resulting from: | | | | | | | State income taxes, net | | 4.5 |
| | 4.7 |
| | 5.4 |
| Foreign tax effects | | 1.8 |
| | 6.3 |
| | 1.2 |
| Change in valuation allowance | | 1.6 |
| | 9.3 |
| | (9.2 | ) | Other, net | | (0.6 | ) | | 1.7 |
| | 1.4 |
| Income tax expense | | $ | 76.4 |
| | $ | 86.0 |
| | $ | 86.2 |
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Schedule of Deferred Tax Assets and Liabilities | Deferred Income Taxes: Significant components of our deferred tax assets (liabilities) included in "Other assets" and "Other liabilities" on the Consolidated Balance Sheets were as follows: | | | | | | | | | | (In millions) | | December 30, 2016 | | January 1, 2016 | Deferred compensation and other postretirement benefits | | 46.9 |
| | 36.0 |
| Foreign NOL carryforwards and other | | 27.7 |
| | 24.8 |
| Accrued expenses and other | | 15.2 |
| | 10.4 |
| Inventory reserves | | 13.4 |
| | 7.7 |
| Unrealized foreign exchange | | — |
| | 5.8 |
| Allowance for doubtful accounts | | 11.1 |
| | 10.2 |
| Gross deferred tax assets | | 114.3 |
| | 94.9 |
| Property, equipment, intangibles and other | | (107.1 | ) | | (83.7 | ) | Gross deferred tax liabilities | | (107.1 | ) | | (83.7 | ) | Deferred tax assets, net of deferred tax liabilities | | 7.2 |
| | 11.2 |
| Valuation allowance | | (20.7 | ) | | (24.0 | ) | Net deferred tax liabilities | | $ | (13.5 | ) | | $ | (12.8 | ) |
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Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits for fiscal 2014, 2015 and 2016 is as follows: | | | | | (In millions) | | Balance at January 3, 2014 | $ | 3.4 |
| Additions for tax positions of prior years | 0.4 |
| Reductions for tax positions of prior years | (0.8 | ) | Balance at January 2, 2015 | $ | 3.0 |
| Additions for tax positions of prior years | 0.4 |
| Addition for Power Solutions acquisition | 2.2 |
| Reductions for tax positions of prior years | (0.3 | ) | Balance at January 1, 2016 | $ | 5.3 |
| Additions for tax positions of prior years | 0.4 |
| Reductions for tax positions of prior years | (0.7 | ) | Balance at December 30, 2016 | $ | 5.0 |
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