Anixter International Inc. (NYSE: AXE) 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. 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
-- Corporate.
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“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,” comments Bob Eck, president and CEO of Anixter.
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 available on the company's website. From time to time, the company says it may update this information on its website.
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. 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.
The company notes that it 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.
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