XML 32 R21.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Subsequent Events (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2018
Subsequent Events [Abstract] |
Business Combination, Pro Forma Information [Table Text Block] | The following unaudited pro forma condensed consolidated financial information is presented to show how the Company's results may have appeared if the sale had occurred on June 30, 2018 (in the case of the Condensed Consolidated Balance Sheet and Condensed Statement of Operations) or on January 1, 2017 (in the case of the Condensed Consolidated Statements of Operations). As the sale will not be completed until later in 2018, this unaudited pro forma condensed consolidated financial information will change to reflect exchange rates and financial operations and conditions at the time of the sale. The pro forma condensed consolidated financial statements do not necessarily reflect what the Company's financial conditions or results of operations would have been had the sale occurred on the dates indicated. They also may not be useful in predicting the future financial condition and results of operations of the Company. Systemax Inc. Pro Forma Condensed Consolidated Balance Sheets (Unaudited) (In millions)
| As reported June 30, |  | Pro Forma adjustments (a) |  | Other Pro Forma adjustments |  | Pro Forma June 30,
| 2018 |  |  |  |  |  | 2018
ASSETS: |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash | $ | 96.9 |  |  | $ | 0.0 |  |  | 220.1 |  | (b) | 317.0 |
Accounts receivable, net | 189.5 |  |  | (106.9 | ) |  |  |  | 82.6 |
Inventories | 126.4 |  |  | (37.0 | ) |  |  |  | 89.4 |
Prepaid expenses and other current assets | 5.7 |  |  | (0.8 | ) |  |  |  | 4.9 |
Total current assets | 418.5 |  |  | (144.7 | ) |  | 220.1 |  |  | 493.9 |
Property, plant and equipment, net | 14.6 |  |  | (1.2 | ) |  |  |  | 13.4 |
Deferred income taxes | 25.8 |  |  | (5.9 | ) |  |  |  | 19.9 |
Goodwill and intangibles | 14.0 |  |  | (3.8 | ) |  |  |  | 10.2 |
Other assets | 1.5 |  |  | (0.3 | ) |  |  |  | 1.2 |
Total assets | $ | 474.4 |  |  | $ | (155.9 | ) |  | 220.1 |  |  | 538.6 |
LIABILITIES AND SHAREHOLDERS’ EQUITY: |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable | $ | 187.7 |  |  | $ | (76.6 | ) |  |  |  | 111.1 |
Accrued expenses and other current liabilities | 67.6 |  |  | (24.3 | ) |  | (0.7 | ) | (c) | 42.6 |
Total current liabilities | 255.3 |  |  | (100.9 | ) |  | (0.7 | ) |  | 153.7 |
Deferred income tax liability | 0.1 |  |  |  |  |  |  |  | 0.1 |
Other liabilities | 21.7 |  |  | (3.8 | ) |  |  |  | 17.9 |
Total liabilities | 277.1 |  |  | (104.7 | ) |  | (0.7 | ) |  | 171.7 |
Commitments and contingencies |  |  |  |  |  |  |
Shareholders’ equity: |  |  |  |  |  |  |
Preferred stock | 0.0 |  |  |  |  |  |  |  | 0.0 |
Common stock | 0.4 |  |  |  |  |  |  |  | 0.4 |
Additional paid-in capital | 185.7 |  |  |  |  |  | 1.2 |  | (d) | 186.9 |
Treasury stock | (20.6 | ) |  |  |  |  |  |  | (20.6 | )
Retained earnings | 32.2 |  |  | (51.2 | ) |  | 216.0 |  | (e) | 197.0 |
Accumulated other comprehensive income(loss) | (0.4 | ) |  |  |  |  | 3.6 |  | (f) | 3.2 |
Total shareholders’ equity | 197.3 |  |  | (51.2 | ) |  | 220.8 |  |  | 366.9 |
Total liabilities and shareholders’ equity | $ | 474.4 |  |  | $ | (155.9 | ) |  | $ | 220.1 |  |  | $ | 538.6 |
Pro Forma adjustments to the Unaudited Condensed Consolidated Balance Sheet as of June 30, 2018 (a) Reverse the June 30, 2018 balance sheet of the Company's France business, excluding cash the Company retains. (b) Record the proceeds from sale ($246.0 million) less deal transaction costs ($4.9 million) and estimated tax on sale ($21.0 million). (c) Record payment of deal related accrued professional fees. (d) Record charge related to the acceleration of certain restricted stock awards ("RSU's") granted to sold entities employees. (e) Record retained earnings impact from net sale proceeds ($246.0 million), accelerated amortization expense of RSU's ($1.2 million), cumulative translation adjustments ($3.6 million), deal transaction costs ($4.2 million) and estimated tax on sale ($21.0 million). (f) Record write off of cumulative translation adjustments. Systemax Inc. Pro Forma Condensed Consolidated Statements of Operations (Unaudited) (In millions, except per share amounts)
| As reported Year Ended December 31, |  | Pro Forma adjustments (a) |  | Pro Forma Year Ended December 31,
| 2017 |  |  |  | 2017
Net sales | $ | 1,265.4 |  |  | $ | (473.6 | ) |  | $ | 791.8 |
Cost of sales | 914.0 |  |  | (395.4 | ) |  | 518.6 |
Gross profit | 351.4 |  |  | (78.2 | ) |  | 273.2 |
Selling, distribution & administrative expenses | 279.8 |  |  | (52.2 | ) | (b) | 227.6 |
Special charges | 0.3 |  |  | 0.0 |  |  | 0.3 |
Operating income from continuing operations | 71.3 |  |  | (26.0 | ) | (b) | 45.3 |
Interest and other (income) expense, net | 0.5 |  |  | (0.3 | ) |  | 0.2 |
Income from continuing operations before income taxes | 70.8 |  |  | (25.7 | ) | (b) | 45.1 |
Provision for income taxes | (5.3 | ) |  | (9.0 | ) | (c) | (14.3 | )
Net income from continuing operations | 76.1 |  |  | (16.7 | ) |  | 59.4 |
Net income per common share from continuing operations: |  |  |  |  |
Basic | $ | 2.06 |  |  |  |  | $ | 1.61 |
Diluted | $ | 2.02 |  |  |  |  | $ | 1.58 |
Weighted average common and common equivalent shares: |  |  |  |  |
Basic | 37.0 |  |  |  |  | 37.0 |
Diluted | 37.6 |  |  |  |  | 37.6 |
Pro Forma adjustments to the Unaudited Condensed Consolidated Statements of Operations for the year ended December 31, 2017 (a) To eliminate the revenues and directly attributable expenses of our sold France business. (b) Included within SD&A expenses is $0.9 million of corporate overhead charges formerly charged to our France business. (c) Included within the provision for income taxes is $0.3 million of estimated tax benefits of the above corporate overhead charges returning to the U.S. Systemax Inc. Pro Forma Condensed Consolidated Statements of Operations (Unaudited) (In millions, except per share amounts)
| As reported Six Months Ended June 30, |  | Pro Forma adjustments (a) |  | Pro Forma Six Months Ended June 30,
| 2018 |  |  |  | 2018
Net sales | $ | 718.3 |  |  | $ | (274.9 | ) |  | $ | 443.4 |
Cost of sales | 520.5 |  |  | (229.6 | ) |  | 290.9 |
Gross profit | 197.8 |  |  | (45.3 | ) |  | 152.5 |
Selling, distribution & administrative expenses | 152.4 |  |  | (29.0 | ) | (b) | 123.4 |
Operating income from continuing operations | 45.4 |  |  | (16.3 | ) | (b) | 29.1 |
Interest and other (income) expense, net | 0.1 |  |  | 0.0 |  |  | 0.1 |
Income from continuing operations before income taxes | 45.3 |  |  | (16.3 | ) | (b) | 29.0 |
Provision for income taxes | 13.3 |  |  | (6.1 | ) | (c) | 7.2 |
Net income (loss) from continuing operations | 32.0 |  |  | (10.2 | ) |  | 21.8 |
Net income per common share from continuing operations: |  |  |  |  |
Basic | $ | 0.86 |  |  |  |  | $ | 0.59 |
Diluted | $ | 0.84 |  |  |  |  | $ | 0.58 |
Weighted average common and common equivalent shares: |  |  |  |  |
Basic | 37.2 |  |  |  |  | 37.2 |
Diluted | 37.9 |  |  |  |  | 37.9 |
Pro Forma adjustments to the Unaudited Condensed Consolidated Statements of Operations for the six months ended June 30, 2018 (a) To eliminate the revenues and directly attributable expenses of our sold France business. (b) Included within SD&A expenses is $0.5 million of corporate overhead charges formerly charged to our France business and $0.7 million of deal related accrued professional fees recharged to the sold France business. (c) Included within the provision for income taxes is $0.1 million of estimated tax impacts of the above corporate overhead charges and deal related professional fees.

X
- Definition Disposal Group, Pro Forma Information + References No definition available. + Details
Name: | syx_DisposalGroupProFormaInformationTableTextBlock
Namespace Prefix: | syx_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SubsequentEventsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration