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2018financialreport Final 189867

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    ACE HARDWARE CORPORATION   2018 Annual Report  1 ACE HARDWARE CORPORATION INDEX TO CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Page Report of Independent Auditors 2 Consolidated Balance Sheets as of December 29, 2018 and December 30, 2017 3 Consolidated Statements of Income for the years ended December 29, 2018, December 30, 2017 and December 31, 2016 4 Consolidated Statements of Comprehensive Income for the years ended December 29, 2018, December 30, 2017 and December 31, 2016 5 Consolidated Statements of Equity for the years ended December 29, 2018, December 30, 2017 and December 31, 2016 6 Consolidated Statements of Cash Flows for the years ended December 29, 2018, December 30, 2017 and December 31, 2016 7  Notes to Consolidated Financial Statements 8 Management’s Discussion and Analysis of Financial Condition and Results of Operations 28 Five Year Summary of Earnings and Distributions 39 Management’s Responsibility for Financial Statements 40  2 Report of Independent Auditors The Board of Directors Ace Hardware Corporation Report on the Financial Statements We have audited the accompanying consolidated financial statements of Ace Hardware Corporation, which comprise the consolidated  balance sheets as of December 29, 2018 and December 30, 2017, and the related consolidated statements of income, comprehensive income, equity, and cash flows for each of the three fiscal years in the period ended December 29, 2018, and the related notes to the consolidated financial statements. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in conformity with U.S. generally accepted accounting principles; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free of material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The  procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s  preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Ace Hardware Corporation at December 29, 2018 and December 30, 2017, and the consolidated results of its operations and its cash flows for each of the three fiscal years in the period ended December 29, 2018, in conformity with U.S. generally accepted accounting principles. Chicago, Illinois February 13, 2019  3 ACE HARDWARE CORPORATION CONSOLIDATED BALANCE SHEETS (In millions, except share data) December 29, December 30, 2018 2017 Assets Cash and cash equivalents $ 25.6 $ 23.0 Marketable securities 50.4 51.1 Receivables, net of allowance for doubtful accounts of $6.7 and $5.8, respectively 434.4 415.7 Inventories 931.8 777.5 Prepaid expenses and other current assets 50.4 41.5 Total current assets 1,492.6 1,308.8 Property and equipment, net 368.6 356.6  Notes receivable, net of allowance for doubtful accounts of $2.8 and $5.4, respectively 11.8 8.4 Goodwill and other intangible assets 94.2 90.7 Other assets 91.3 93.3 Total assets $ 2,058.5 $ 1,857.8 Liabilities and Equity Current maturities of long-term debt $ 60.6 $ 49.0 Accounts payable 748.9 685.0 Patronage distributions payable in cash 55.0 61.5 Patronage refund certificates payable 10.2 5.7 Accrued expenses 173.6 170.7 Total current liabilities 1,048.3 971.9 Long-term debt 267.1 173.0 Patronage refund certificates payable 95.6 82.5 Other long-term liabilities 79.7 69.5 Total liabilities 1,490.7 1,296.9 Member Retailers’ Equity: Class A voting common stock, $1,000 par value, 10,000 shares authorized, 2,719 and 2,722 issued and outstanding, respectively 2.7 2.7 Class C nonvoting common stock, $100 par value, 6,000,000 shares authorized, 4,648,554 and 4,412,989 issued and outstanding, respectively 464.8 441.3 Class C nonvoting common stock, $100 par value, issuable to retailers for patronage distributions, 439,591 and 488,858 shares issuable, respectively 44.0 48.9 Contributed capital 18.5 18.3 Retained earnings 24.8 33.2 Accumulated other comprehensive income (loss) (1.2) 3.5 Equity attributable to Ace member retailers 553.6 547.9 Equity attributable to noncontrolling interests 14.2 13.0 Total equity 567.8 560.9 Total liabilities and equity $ 2,058.5 $ 1,857.8 See accompanying notes to the consolidated financial statements.

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