LEASES (Tables)

9 Months Ended

Sep. 27, 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 nine months ended September 27, 2019, these costs were as follows:

	Three Months Ended		Nine Months Ended
(In millions)	September 27, 2019		September 27, 2019
Lease cost
Operating lease cost	$	18.6	$	57.6
Variable lease cost	5.6		17.2
Short-term lease cost	0.3		1.0
Total lease cost	$	24.5	$	75.8

Lease term and discount rate

The weighted-average remaining lease term and weighted-average discount rate under operating leases were as follows:

	September 27, 2019
Lease term and discount rate
Weighted-average remaining lease term	6.4 years
Weighted-average discount rate (a)	6.1	%

(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 September 27, 2019 were as follows:

(In millions)
2019 (excluding the nine months ended September 27, 2019)	$	20.1
2020	68.8
2021	52.2
2022	46.6
2023	34.4
2024 and thereafter	95.9
Total lease payments	$	318.0
Less imputed interest	58.4
Present value of lease liabilities	$	259.6