Business Segments

6 Months Ended

Jul. 01, 2011

Business Segments [Abstract]

BUSINESS SEGMENTS

NOTE 13. BUSINESS SEGMENTS

     The Company is engaged in the distribution of communications and security products, electrical wire and cable products and fasteners and other small parts (“C” Class inventory components) from top suppliers to contractors and installers, and also to end users including manufacturers, natural resources companies, utilities and original equipment manufacturers who use the Company’s products as a component in their end product. The Company is organized by geographic regions, and accordingly, has identified North America (United States and Canada), Europe and Emerging Markets (Asia Pacific and Latin America) as reportable segments. The Company obtains and coordinates financing, tax, information technology, legal and other related services, certain of which are rebilled to subsidiaries. Certain corporate expenses are allocated to the segments based primarily on specific identification, projected sales and estimated use of time. Interest expense and other non-operating items are not allocated to the segments or reviewed on a segment basis. Intercompany transactions are not significant.

     Segment information for the three and six months ended July 1, 2011 and July 2, 2010 and as of July 1, 2011 and December 31, 2010 was as follows (in millions):

	Three Months Ended					Six Months Ended
	July 1,		July 2,			July 1,		July 2,
	2011		2010			2011		2010
Net sales:
North America	$	1,141.3	$	983.4		$	2,211.0	$	1,879.5
Europe		296.0		251.9			587.3		505.1
Emerging Markets		175.5		131.9			332.0		255.2
	$	1,612.8	$	1,367.2		$	3,130.3	$	2,639.8
Operating income:
North America	$	84.8	$	63.3		$	160.7	$	114.2
Europe		4.8		(0.7	)		4.8		(0.2	)
Emerging Markets		8.2		7.5			15.4		13.1
	$	97.8	$	70.1		$	180.9	$	127.1

	July 1,		December 31,
	2011		2010
Total assets:
North America	$	2,198.0	$	2,043.9
Europe		654.8		586.7
Emerging Markets		353.6		302.7
	$	3,206.4	$	2,933.3

     The following tables presents the changes in goodwill allocated to the Company’s reportable segments during the six months ended July 1, 2011 (in millions):

	Six Months Ended July 1, 2011
	North America			Europe(b)		Emerging Markets		Total
Balance as of December 31, 2010	$	350.8		$	11.6	$	11.9	$	374.3
Acquisition related(a)		(0.3	)		—		—		(0.3	)
Foreign currency translation		0.6			0.7		0.6		1.9
Balance as of July 1, 2011	$	351.1		$	12.3	$	12.5	$	375.9

(a)	In the six months ended July 1, 2011, the Company adjusted goodwill recognized in 2010 by $0.3 million, related to the acquisition of Clark Security Products, Inc and General Lock, LLC (collectively “Clark”) for which the Company paid $36.4 million, net of cash acquired. The purchase price, as well as the allocation thereof, will be finalized in 2011.
(b)	Europe’s goodwill balance includes $100.0 million of accumulated impairment losses at December 31, 2010 and July 1, 2011.