WESCO Distribution has outstanding $500 million in aggregate principal amount of 5.375% Senior Notes due 2021 (the "2021 Notes"). The 2021 Notes are unsecured senior obligations of WESCO Distribution, Inc. and are fully and unconditionally guaranteed on a senior unsecured basis by WESCO International, Inc.

WESCO Distribution has outstanding $350 million in aggregate principal amount of 2024 Notes. The 2024 Notes are unsecured senior obligations of WESCO Distribution, Inc. and are fully and unconditionally guaranteed on a senior unsecured basis by WESCO International, Inc.

Condensed consolidating financial information for WESCO International, Inc., WESCO Distribution, Inc. and the non-guarantor subsidiaries is presented in the following tables.



	Condensed Consolidating Balance Sheet
	September 30, 2016

(In thousands of dollars)	WESCO International, Inc.		WESCO Distribution, Inc.		Non-Guarantor Subsidiaries			Consolidating and Eliminating Entries			Consolidated
Cash and cash equivalents	$	—	$	42,487	$	70,350		$	—		$	112,837
Trade accounts receivable, net	—		—		1,102,140			—			1,102,140
Inventories	—		370,166		462,344			—			832,510
Prepaid expenses and other current assets	—		42,695		162,616			(8,971		)	196,340
Total current assets	—		455,348		1,797,450			(8,971		)	2,243,827
Intercompany receivables, net	—		—		2,031,482			(2,031,482		)	—
Property, buildings and equipment, net	—		52,567		108,348			—			160,915
Intangible assets, net	—		3,581		403,820			—			407,401
Goodwill	—		244,648		1,491,014			—			1,735,662
Investments in affiliates	3,568,774		3,998,961		—			(7,567,735		)	—
Other assets	17		23,816		37,715			—			61,548
Total assets	$	3,568,791	$	4,778,921	$	5,869,829		$	(9,608,188	)	$	4,609,353

Accounts payable	$	—	$	383,329	$	316,188		$	—		$	699,517
Short-term debt	—		—		35,562			—			35,562
Other current liabilities	9,078		66,763		158,033			(8,971		)	224,903
Total current liabilities	9,078		450,092		509,783			(8,971		)	959,982
Intercompany payables, net	1,544,299		487,183		—			(2,031,482		)	—
Long-term debt, net	—		993,074		425,634			—			1,418,708
Other noncurrent liabilities	19,103		45,513		173,414			—			238,030
Total WESCO International, Inc. stockholders' equity	1,996,311		2,803,059		4,764,676			(7,567,735		)	1,996,311
Noncontrolling interests	—		—		(3,678		)	—			(3,678		)
Total liabilities and stockholders’ equity	$	3,568,791	$	4,778,921	$	5,869,829		$	(9,608,188	)	$	4,609,353



	Condensed Consolidating Balance Sheet
	December 31, 2015

(In thousands of dollars)	WESCO International, Inc.		WESCO Distribution, Inc.		Non-Guarantor Subsidiaries			Consolidating and Eliminating Entries			Consolidated
Cash and cash equivalents	$	—	$	38,963	$	121,316		$	—		$	160,279
Trade accounts receivable, net	—		—		1,075,257			—			1,075,257
Inventories	—		376,641		433,426			—			810,067
Prepaid expenses and other current assets	15		47,290		173,596			(8,970		)	211,931
Total current assets	15		462,894		1,803,595			(8,970		)	2,257,534
Intercompany receivables, net	—		—		1,964,848			(1,964,848		)	—
Property, buildings and equipment, net	—		56,921		109,818			—			166,739
Intangible assets, net	—		4,072		399,577			—			403,649
Goodwill	—		255,251		1,426,411			—			1,681,662
Investments in affiliates	3,309,006		3,827,069		—			(7,136,075		)	—
Other assets	—		32,601		27,541			—			60,142
Total assets	$	3,309,021	$	4,638,808	$	5,731,790		$	(9,109,893	)	$	4,569,726

Accounts payable	$	—	$	414,524	$	300,995		$	—		$	715,519
Short-term debt	—		—		43,314			—			43,314
Other current liabilities	15,254		55,129		127,555			(8,970		)	188,968
Total current liabilities	15,254		469,653		471,864			(8,970		)	947,801
Intercompany payables, net	1,320,240		644,608		—			(1,964,848		)	—
Long-term debt, net	177,753		737,490		523,819			—			1,439,062
Other noncurrent liabilities	19,102		216,515		173,375			—			408,992
Total WESCO International, Inc. stockholders' equity	1,776,672		2,570,542		4,565,533			(7,136,075		)	1,776,672
Noncontrolling interests	—		—		(2,801		)	—			(2,801		)
Total liabilities and stockholders’ equity	$	3,309,021	$	4,638,808	$	5,731,790		$	(9,109,893	)	$	4,569,726



	Condensed Consolidating Statement of (Loss) Income and Comprehensive (Loss) Income
	Three Months Ended
	September 30, 2016

(In thousands of dollars)	WESCO International, Inc.			WESCO Distribution, Inc.			Non-Guarantor Subsidiaries			Consolidating and Eliminating Entries			Consolidated
Net sales	$	—		$	827,648		$	1,052,915		$	(25,351	)	$	1,855,212
Cost of goods sold (excluding depreciation and
amortization)	—			663,159			852,365			(25,351		)	1,490,173
Selling, general and administrative expenses	38			128,514			126,995			—			255,547
Depreciation and amortization	—			5,114			11,823			—			16,937
Results of affiliates’ operations	100,295			71,567			—			(171,862		)	—
Interest expense (income), net	4,904			23,543			(7,655		)	—			20,792
Loss on debt redemption	123,933			—			—			—			123,933
Income tax expense (benefit)	2,441			(12,261		)	(11,329		)	—			(21,149		)
Net (loss) income	(31,021		)	91,146			80,716			(171,862		)	(31,021		)
Net income attributable to noncontrolling interests	—			—			590			—			590
Net (loss) income attributable to WESCO International, Inc.	$	(31,021	)	$	91,146		$	80,126		$	(171,862	)	$	(31,611	)
Other comprehensive loss:
Foreign currency translation adjustments	(13,993		)	(13,993		)	(13,993		)	27,986			(13,993		)
Comprehensive (loss) income attributable to WESCO International, Inc.	$	(45,014	)	$	77,153		$	66,133		$	(143,876	)	$	(45,604	)



	Condensed Consolidating Statement of Income and Comprehensive Loss
	Three Months Ended
	September 30, 2015

(In thousands of dollars)	WESCO International, Inc.			WESCO Distribution, Inc.			Non-Guarantor Subsidiaries			Consolidating and Eliminating Entries			Consolidated
Net sales	$	—		$	876,098		$	1,077,255		$	(29,454	)	$	1,923,899
Cost of goods sold (excluding depreciation and
amortization)	—			705,698			866,869			(29,454		)	1,543,113
Selling, general and administrative expenses	5			131,648			126,498			—			258,151
Depreciation and amortization	—			4,866			11,421			—			16,287
Results of affiliates’ operations	66,944			48,419			—			(115,363		)	—
Interest expense (income), net	6,253			19,681			(5,517		)	—			20,417
Income tax (benefit) expense	(1,698		)	3,988			21,257			—			23,547
Net income	62,384			58,636			56,727			(115,363		)	62,384
Net loss attributable to noncontrolling interests	—			—			(1,119		)	—			(1,119		)
Net income attributable to WESCO International, Inc.	$	62,384		$	58,636		$	57,846		$	(115,363	)	$	63,503
Other comprehensive loss:
Foreign currency translation adjustments	(95,377		)	(95,377		)	(95,377		)	190,754			(95,377		)
Comprehensive loss attributable to WESCO International, Inc.	$	(32,993	)	$	(36,741	)	$	(37,531	)	$	75,391		$	(31,874	)



	Condensed Consolidating Statement of Income and Comprehensive Income
	Nine Months Ended
	September 30, 2016

(In thousands of dollars)	WESCO International, Inc.			WESCO Distribution, Inc.			Non-Guarantor Subsidiaries			Consolidating and Eliminating Entries			Consolidated
Net sales	$	—		$	2,481,165		$	3,140,011		$	(78,421	)	$	5,542,755
Cost of goods sold (excluding depreciation and
amortization)	—			1,985,639			2,535,861			(78,421		)	4,443,079
Selling, general and administrative expenses	(328		)	351,663			448,021			—			799,356
Depreciation and amortization	—			15,318			34,951			—			50,269
Results of affiliates’ operations	193,266			105,401			—			(298,667		)	—
Interest expense (income), net	17,555			63,247			(21,729		)	—			59,073
Loss on debt redemption	123,933			—			—			—			123,933
Income tax (benefit) expense	(1,261		)	4,677			10,262			—			13,678
Net income	53,367			166,022			132,645			(298,667		)	53,367
Net loss attributable to noncontrolling interests	—			—			(876		)	—			(876		)
Net income attributable to WESCO International, Inc.	$	53,367		$	166,022		$	133,521		$	(298,667	)	$	54,243
Other comprehensive income (loss):
Foreign currency translation adjustments	66,512			66,512			66,512			(133,024		)	66,512
Post retirement benefit plan adjustments	$	(16	)	$	(16	)	$	(16	)	$	32		$	(16	)
Comprehensive income attributable to WESCO International, Inc.	$	119,863		$	232,518		$	200,017		$	(431,659	)	$	120,739



	Condensed Consolidating Statement of Income and Comprehensive Loss
	Nine Months Ended
	September 30, 2015

(In thousands of dollars)	WESCO International, Inc.			WESCO Distribution, Inc.			Non-Guarantor Subsidiaries			Consolidating and Eliminating Entries			Consolidated
Net sales	$	—		$	2,600,150		$	3,144,759		$	(87,962	)	$	5,656,947
Cost of goods sold (excluding depreciation and
amortization)	—			2,089,594			2,525,204			(87,962		)	4,526,836
Selling, general and administrative expenses	22			415,971			381,987			—			797,980
Depreciation and amortization	—			14,640			33,707			—			48,347
Results of affiliates’ operations	173,137			131,074			—			(304,211		)	—
Interest expense (income), net	18,641			55,561			(14,278		)	—			59,924
Income tax (benefit) expense	(5,339		)	6,976			62,410			—			64,047
Net income	159,813			148,482			155,729			(304,211		)	159,813
Net loss attributable to noncontrolling interests	—			—			(2,460		)	—			(2,460		)
Net income attributable to WESCO International, Inc.	$	159,813		$	148,482		$	158,189		$	(304,211	)	$	162,273
Other comprehensive loss:
Foreign currency translation adjustments	(183,634		)	(183,634		)	(183,634		)	367,268			(183,634		)
Comprehensive loss attributable to WESCO International, Inc.	$	(23,821	)	$	(35,152	)	$	(25,445	)	$	63,057		$	(21,361	)



	Condensed Consolidating Statement of Cash Flows
	Nine Months Ended
	September 30, 2016

(In thousands of dollars)	WESCO International, Inc.			WESCO Distribution, Inc.			Non-Guarantor Subsidiaries			Consolidating and Eliminating Entries			Consolidated
Net cash provided by (used in) operating activities	$	124,834		$	(274,575	)	$	366,929		$	—		$	217,188
Investing activities:
Capital expenditures	—			(9,224		)	(3,959		)	—			(13,183		)
Acquisition payments, net of cash acquired	—			(50,745		)	—			—			(50,745		)
Dividends received from subsidiaries	—			47,621			—			(47,621		)	—
Other	—			(257,768		)	(335,594		)	589,477			(3,885		)
Net cash used in investing activities	—			(270,116		)	(339,553		)	541,856			(67,813		)
Financing activities:
Borrowings	224,043			1,386,397			468,890			(257,768		)	1,821,562
Repayments	(344,804		)	(834,688		)	(500,879		)	(331,709		)	(2,012,080		)
Dividends paid by subsidiaries	—			—			(47,621		)	47,621			—
Other	(4,073		)	(3,494		)	—			—			(7,567		)
Net cash (used in) provided by financing activities	(124,834		)	548,215			(79,610		)	(541,856		)	(198,085		)
Effect of exchange rate changes on cash and cash equivalents	—			—			1,268			—			1,268
Net change in cash and cash equivalents	—			3,524			(50,966		)	—			(47,442		)
Cash and cash equivalents at the beginning of period	—			38,963			121,316			—			160,279
Cash and cash equivalents at the end of period	$	—		$	42,487		$	70,350		$	—		$	112,837



	Condensed Consolidating Statement of Cash Flows
	Nine Months Ended
	September 30, 2015

(In thousands of dollars)	WESCO International, Inc.			WESCO Distribution, Inc.			Non-Guarantor Subsidiaries			Consolidating and Eliminating Entries			Consolidated
Net cash (used in) provided by operating activities	$	(3,332	)	$	160,270		$	19,026		$	—		$	175,964
Investing activities:
Capital expenditures	—			(12,137		)	(4,105		)	—			(16,242		)
Acquisition payments, net of cash acquired	—			(68,502		)	—			—			(68,502		)
Dividends received from subsidiaries	—			98,455			—			(98,455		)	—
Other	—			(192,781		)	14,887			179,685			1,791
Net cash used in investing activities	—			(174,965		)	10,782			81,230			(82,953		)
Financing activities:
Borrowings	157,422			936,352			394,905			(192,781		)	1,295,898
Repayments	—			(901,448		)	(313,806		)	13,096			(1,202,158		)
Equity activities	(154,090		)	—			—			—			(154,090		)
Dividends paid by subsidiaries	—			—			(98,455		)	98,455			—
Other	—			(12,938		)	—			—			(12,938		)
Net cash provided by (used in) financing activities	3,332			21,966			(17,356		)	(81,230		)	(73,288		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(15,190		)	—			(15,190		)
Net change in cash and cash equivalents	—			7,271			(2,738		)	—			4,533
Cash and cash equivalents at the beginning of period	—			32,508			95,811			—			128,319
Cash and cash equivalents at the end of period	$	—		$	39,779		$	93,073		$	—		$	132,852

Revisions

The unaudited Condensed Consolidating Statement of Cash Flows for the nine months ended September 30, 2015 was revised to appropriately present dividends paid by the non-guarantor subsidiaries and dividends received by WESCO Distribution, Inc. The revisions did not impact the consolidated amounts previously reported, nor did they impact the Company's obligations under the 2021 Notes or 2029 Debentures.

As described in Note 2, the Company adopted certain accounting pronouncements during the first quarter of 2016 that were effective beginning this fiscal year. The adoption of such guidance resulted in certain reclassifications to amounts previously reported in the Condensed Consolidating Balance Sheet at December 31, 2015.