LEASES (Tables)

6 Months Ended

Jun. 28, 2019

Text Block [Abstract]

Lease cost

Substantially all of Anixter's office and warehouse facilities are leased under operating leases. The Company also leases certain equipment and vehicles primarily as operating leases. Lease costs are included within "Operating expenses" in the Company's Condensed Consolidated Statements of Comprehensive Income. During the three and six months ended June 28, 2019, these costs were as follows:

	Three Months Ended		Six Months Ended
(In millions)	June 28, 2019		June 28, 2019
Lease cost
Operating lease cost	$	18.9	$	39.0
Variable lease cost	5.3		11.6
Short-term lease cost	0.4		0.7
Total lease cost	$	24.6	$	51.3

Lease term and discount rate

The weighted-average remaining lease term and weighted-average discount rate under operating leases at June 28, 2019 were:

	June 28, 2019
Lease term and discount rate
Weighted-average remaining lease term	5.9 years
Weighted-average discount rate (a)	6.3	%

(a)

Upon adoption of ASU 2016-02, the discount rate used for existing leases was established as of December 29, 2018.

Minimum lease commitments

Maturities of operating lease liabilities at June 28, 2019 were as follows:

(In millions)
2019 (excluding the six months ended June 28, 2019)	$	37.6
2020	63.6
2021	47.1
2022	41.5
2023	29.3
2024 and thereafter	72.3
Total lease payments	$	291.4
Less imputed interest	56.2
Present value of lease liabilities	$	235.2