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OTHER FINANCIAL INFORMATION | 9 Months Ended
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Sep. 30, 2018
Condensed Financial Information [Abstract] |
OTHER FINANCIAL INFORMATION | 12. CONDENSED CONSOLIDATING FINANCIAL INFORMATION WESCO Distribution has outstanding $500 million in aggregate principal amount of 5.375% Senior Notes due 2021 (the "2021 Notes") and $350 million in aggregate principal amount of 5.375% Senior Notes due 2024 (the "2024 Notes"). The 2021 Notes and 2024 Notes are unsecured senior obligations of WESCO Distribution and are fully and unconditionally guaranteed on a senior unsecured basis by WESCO International. Condensed consolidating financial information for WESCO International, WESCO Distribution and the non-guarantor subsidiaries is presented in the following tables.
| Condensed Consolidating Balance Sheet
| September 30, 2018
(In thousands) | WESCO International, Inc. |  | WESCO Distribution, Inc. |  | Non-Guarantor Subsidiaries |  | Consolidating and Eliminating Entries |  | Consolidated
Cash and cash equivalents | $ | — |  |  | $ | 57,052 |  |  | $ | 85,708 |  |  | $ | — |  |  | $ | 142,760 |
Trade accounts receivable, net | — |  |  | — |  |  | 1,265,880 |  |  | — |  |  | 1,265,880 |
Inventories | — |  |  | 411,252 |  |  | 515,516 |  |  | — |  |  | 926,768 |
Prepaid expenses and other current assets | 4,943 |  |  | 42,568 |  |  | 132,620 |  |  | (9,040 | ) |  | 171,091 |
Total current assets | 4,943 |  |  | 510,872 |  |  | 1,999,724 |  |  | (9,040 | ) |  | 2,506,499 |
Intercompany receivables, net | — |  |  | — |  |  | 2,270,584 |  |  | (2,270,584 | ) |  | — |
Property, buildings and equipment, net | — |  |  | 56,351 |  |  | 100,778 |  |  | — |  |  | 157,129 |
Intangible assets, net | — |  |  | 2,291 |  |  | 331,735 |  |  | — |  |  | 334,026 |
Goodwill | — |  |  | 257,623 |  |  | 1,497,669 |  |  | — |  |  | 1,755,292 |
Investments in affiliates | 3,188,872 |  |  | 5,144,891 |  |  | — |  |  | (8,333,763 | ) |  | — |
Other assets | — |  |  | 2,780 |  |  | 23,065 |  |  | — |  |  | 25,845 |
Total assets | $ | 3,193,815 |  |  | $ | 5,974,808 |  |  | $ | 6,223,555 |  |  | $ | (10,613,387 | ) |  | $ | 4,778,791 |
Accounts payable | $ | — |  |  | $ | 412,989 |  |  | $ | 400,406 |  |  | $ | — |  |  | $ | 813,395 |
Short-term debt | — |  |  | — |  |  | 31,125 |  |  | — |  |  | 31,125 |
Other current liabilities | — |  |  | 72,762 |  |  | 143,286 |  |  | (9,040 | ) |  | 207,008 |
Total current liabilities | — |  |  | 485,751 |  |  | 574,817 |  |  | (9,040 | ) |  | 1,051,528 |
Intercompany payables, net | 952,642 |  |  | 1,317,942 |  |  | — |  |  | (2,270,584 | ) |  | — |
Long-term debt, net | — |  |  | 864,779 |  |  | 364,535 |  |  | — |  |  | 1,229,314 |
Other noncurrent liabilities | 3,820 |  |  | 117,464 |  |  | 144,828 |  |  | — |  |  | 266,112 |
Total WESCO International stockholders' equity | 2,237,353 |  |  | 3,188,872 |  |  | 5,144,891 |  |  | (8,333,763 | ) |  | 2,237,353 |
Noncontrolling interests | — |  |  | — |  |  | (5,516 | ) |  | — |  |  | (5,516 | )
Total liabilities and stockholders’ equity | $ | 3,193,815 |  |  | $ | 5,974,808 |  |  | $ | 6,223,555 |  |  | $ | (10,613,387 | ) |  | $ | 4,778,791 |
| Condensed Consolidating Balance Sheet
| December 31, 2017
(In thousands) | WESCO International, Inc. |  | WESCO Distribution, Inc. |  | Non-Guarantor Subsidiaries |  | Consolidating and Eliminating Entries |  | Consolidated
Cash and cash equivalents | $ | — |  |  | $ | 50,602 |  |  | $ | 67,351 |  |  | $ | — |  |  | $ | 117,953 |
Trade accounts receivable, net | — |  |  | — |  |  | 1,170,080 |  |  | — |  |  | 1,170,080 |
Inventories | — |  |  | 430,092 |  |  | 526,056 |  |  | — |  |  | 956,148 |
Prepaid expenses and other current assets | 4,730 |  |  | 42,547 |  |  | 152,531 |  |  | (35,140 | ) |  | 164,668 |
Total current assets | 4,730 |  |  | 523,241 |  |  | 1,916,018 |  |  | (35,140 | ) |  | 2,408,849 |
Intercompany receivables, net | — |  |  | — |  |  | 2,189,136 |  |  | (2,189,136 | ) |  | — |
Property, buildings and equipment, net | — |  |  | 50,198 |  |  | 106,247 |  |  | — |  |  | 156,445 |
Intangible assets, net | — |  |  | 2,770 |  |  | 364,334 |  |  | — |  |  | 367,104 |
Goodwill | — |  |  | 257,623 |  |  | 1,514,254 |  |  | — |  |  | 1,771,877 |
Investments in affiliates | 3,058,613 |  |  | 5,023,826 |  |  | — |  |  | (8,082,439 | ) |  | — |
Other assets | — |  |  | 2,778 |  |  | 28,415 |  |  | — |  |  | 31,193 |
Total assets | $ | 3,063,343 |  |  | $ | 5,860,436 |  |  | $ | 6,118,404 |  |  | $ | (10,306,715 | ) |  | $ | 4,735,468 |
Accounts payable | $ | — |  |  | $ | 417,690 |  |  | $ | 381,830 |  |  | $ | — |  |  | $ | 799,520 |
Short-term debt | — |  |  | — |  |  | 34,075 |  |  | — |  |  | 34,075 |
Other current liabilities | — |  |  | 80,039 |  |  | 162,475 |  |  | (35,140 | ) |  | 207,374 |
Total current liabilities | — |  |  | 497,729 |  |  | 578,380 |  |  | (35,140 | ) |  | 1,040,969 |
Intercompany payables, net | 939,784 |  |  | 1,249,352 |  |  | — |  |  | (2,189,136 | ) |  | — |
Long-term debt, net | — |  |  | 934,033 |  |  | 379,228 |  |  | — |  |  | 1,313,261 |
Other noncurrent liabilities | 3,820 |  |  | 120,709 |  |  | 140,566 |  |  | — |  |  | 265,095 |
Total WESCO International stockholders' equity | 2,119,739 |  |  | 3,058,613 |  |  | 5,023,826 |  |  | (8,082,439 | ) |  | 2,119,739 |
Noncontrolling interests | — |  |  | — |  |  | (3,596 | ) |  | — |  |  | (3,596 | )
Total liabilities and stockholders’ equity | $ | 3,063,343 |  |  | $ | 5,860,436 |  |  | $ | 6,118,404 |  |  | $ | (10,306,715 | ) |  | $ | 4,735,468 |
| Condensed Consolidating Statement of Income and Comprehensive Income
| Three Months Ended
| September 30, 2018
(In thousands) | WESCO International, Inc. |  | WESCO Distribution, Inc. |  | Non-Guarantor Subsidiaries |  | Consolidating and Eliminating Entries |  | Consolidated
Net sales | $ | — |  |  | $ | 899,994 |  |  | $ | 1,206,174 |  |  | $ | (38,923 | ) |  | $ | 2,067,245 |
Cost of goods sold (excluding depreciation and |  |  |  |  |  |  |  |  |
amortization) | — |  |  | 727,052 |  |  | 981,908 |  |  | (38,923 | ) |  | 1,670,037 |
Selling, general and administrative expenses | — |  |  | 149,390 |  |  | 134,683 |  |  | — |  |  | 284,073 |
Depreciation and amortization | — |  |  | 4,475 |  |  | 11,143 |  |  | — |  |  | 15,618 |
Results of affiliates’ operations | 66,645 |  |  | 61,771 |  |  | — |  |  | (128,416 | ) |  | — |
Net interest and other | — |  |  | 13,127 |  |  | 3,923 |  |  | — |  |  | 17,050 |
Income tax expense | — |  |  | 1,076 |  |  | 12,746 |  |  | — |  |  | 13,822 |
Net income | 66,645 |  |  | 66,645 |  |  | 61,771 |  |  | (128,416 | ) |  | 66,645 |
Net loss attributable to noncontrolling interests | — |  |  | — |  |  | (204 | ) |  | — |  |  | (204 | )
Net income attributable to WESCO International | $ | 66,645 |  |  | $ | 66,645 |  |  | $ | 61,975 |  |  | $ | (128,416 | ) |  | $ | 66,849 |
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | 20,486 |  |  | 20,486 |  |  | 20,486 |  |  | (40,972 | ) |  | 20,486 |
Comprehensive income attributable to WESCO International | $ | 87,131 |  |  | $ | 87,131 |  |  | $ | 82,461 |  |  | $ | (169,388 | ) |  | $ | 87,335 |
| Condensed Consolidating Statement of Income and Comprehensive Income
| Nine Months Ended
| September 30, 2018
(In thousands) | WESCO International, Inc. |  | WESCO Distribution, Inc. |  | Non-Guarantor Subsidiaries |  | Consolidating and Eliminating Entries |  | Consolidated
Net sales | $ | — |  |  | $ | 2,703,468 |  |  | $ | 3,578,653 |  |  | $ | (116,967 | ) |  | $ | 6,165,154 |
Cost of goods sold (excluding depreciation and |  |  |  |  |  |  |  |  |
amortization) | — |  |  | 2,189,683 |  |  | 2,915,387 |  |  | (116,967 | ) |  | 4,988,103 |
Selling, general and administrative expenses | — |  |  | 447,437 |  |  | 420,353 |  |  | — |  |  | 867,790 |
Depreciation and amortization | — |  |  | 13,749 |  |  | 33,572 |  |  | — |  |  | 47,321 |
Results of affiliates’ operations | 167,289 |  |  | 158,093 |  |  | — |  |  | (325,382 | ) |  | — |
Net interest and other | — |  |  | 41,202 |  |  | 13,372 |  |  | — |  |  | 54,574 |
Income tax expense | — |  |  | 2,201 |  |  | 37,876 |  |  | — |  |  | 40,077 |
Net income | 167,289 |  |  | 167,289 |  |  | 158,093 |  |  | (325,382 | ) |  | 167,289 |
Net loss attributable to noncontrolling interests | — |  |  | — |  |  | (1,921 | ) |  | — |  |  | (1,921 | )
Net income attributable to WESCO International | $ | 167,289 |  |  | $ | 167,289 |  |  | $ | 160,014 |  |  | $ | (325,382 | ) |  | $ | 169,210 |
Other comprehensive loss: |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | (37,029 | ) |  | (37,029 | ) |  | (37,029 | ) |  | 74,058 |  |  | (37,029 | )
Comprehensive income attributable to WESCO International | $ | 130,260 |  |  | $ | 130,260 |  |  | $ | 122,985 |  |  | $ | (251,324 | ) |  | $ | 132,181 |
| Condensed Consolidating Statement of Income and Comprehensive Income
| Three Months Ended
| September 30, 2017
(In thousands) | WESCO International, Inc. |  | WESCO Distribution, Inc. |  | Non-Guarantor Subsidiaries |  | Consolidating and Eliminating Entries |  | Consolidated
Net sales | $ | — |  |  | $ | 867,973 |  |  | $ | 1,169,377 |  |  | $ | (37,191 | ) |  | $ | 2,000,159 |
Cost of goods sold (excluding depreciation and |  |  |  |  |  |  |  |  |
amortization) | — |  |  | 697,896 |  |  | 954,109 |  |  | (37,191 | ) |  | 1,614,814 |
Selling, general and administrative expenses | — |  |  | 140,638 |  |  | 139,859 |  |  | — |  |  | 280,497 |
Depreciation and amortization | — |  |  | 4,475 |  |  | 11,599 |  |  | — |  |  | 16,074 |
Results of affiliates’ operations | 53,576 |  |  | 42,726 |  |  | — |  |  | (96,302 | ) |  | — |
Net interest and other | — |  |  | 25,436 |  |  | (8,601 | ) |  | — |  |  | 16,835 |
Income tax (benefit) expense | — |  |  | (136 | ) |  | 18,499 |  |  | — |  |  | 18,363 |
Net income | 53,576 |  |  | 42,390 |  |  | 53,912 |  |  | (96,302 | ) |  | 53,576 |
Net loss attributable to noncontrolling interests | — |  |  | — |  |  | (99 | ) |  | — |  |  | (99 | )
Net income attributable to WESCO International | $ | 53,576 |  |  | $ | 42,390 |  |  | $ | 54,011 |  |  | $ | (96,302 | ) |  | $ | 53,675 |
Other comprehensive income: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | 51,148 |  |  | 51,148 |  |  | 51,148 |  |  | (102,296 | ) |  | 51,148 |
Comprehensive income attributable to WESCO International | $ | 104,724 |  |  | $ | 93,538 |  |  | $ | 105,159 |  |  | $ | (198,598 | ) |  | $ | 104,823 |
Reclassification As described in Note 8, the Company reclassified a net benefit of $0.5 million from selling, general and administrative expenses to net interest and other in the previously reported Condensed Consolidated Statement of Income and Comprehensive Income of the non-guarantor subsidiaries for the three months ended September 30, 2017.
| Condensed Consolidating Statement of Income and Comprehensive Income
| Nine Months Ended
| September 30, 2017
(In thousands) | WESCO International, Inc. |  | WESCO Distribution, Inc. |  | Non-Guarantor Subsidiaries |  | Consolidating and Eliminating Entries |  | Consolidated
Net sales | $ | — |  |  | $ | 2,490,102 |  |  | $ | 3,289,693 |  |  | $ | (97,420 | ) |  | $ | 5,682,375 |
Cost of goods sold (excluding depreciation and |  |  |  |  |  |  |  |  |
amortization) | — |  |  | 2,002,708 |  |  | 2,675,608 |  |  | (97,420 | ) |  | 4,580,896 |
Selling, general and administrative expenses | — |  |  | 410,624 |  |  | 405,029 |  |  | — |  |  | 815,653 |
Depreciation and amortization | — |  |  | 13,811 |  |  | 33,947 |  |  | — |  |  | 47,758 |
Results of affiliates’ operations | 140,915 |  |  | 117,907 |  |  | — |  |  | (258,822 | ) |  | — |
Net interest and other | — |  |  | 74,961 |  |  | (25,492 | ) |  | — |  |  | 49,469 |
Income tax (benefit) expense | — |  |  | (3,034 | ) |  | 50,718 |  |  | — |  |  | 47,684 |
Net income | 140,915 |  |  | 108,939 |  |  | 149,883 |  |  | (258,822 | ) |  | 140,915 |
Net loss attributable to noncontrolling interests | — |  |  | — |  |  | (3 | ) |  | — |  |  | (3 | )
Net income attributable to WESCO International | $ | 140,915 |  |  | $ | 108,939 |  |  | $ | 149,886 |  |  | $ | (258,822 | ) |  | $ | 140,918 |
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | 96,097 |  |  | 96,097 |  |  | 96,097 |  |  | (192,194 | ) |  | 96,097 |
Post retirement benefit plan adjustments, net of tax | 252 |  |  | 252 |  |  | 252 |  |  | (504 | ) |  | 252 |
Comprehensive income attributable to WESCO International | $ | 237,264 |  |  | $ | 205,288 |  |  | $ | 246,235 |  |  | $ | (451,520 | ) |  | $ | 237,267 |
Reclassification As described in Note 8, the Company reclassified a net benefit of $1.4 million from selling, general and administrative expenses to net interest and other in the previously reported Condensed Consolidated Statement of Income and Comprehensive Income of the non-guarantor subsidiaries for the nine months ended September 30, 2017.
| Condensed Consolidating Statement of Cash Flows
| Nine Months Ended
| September 30, 2018
(In thousands) | WESCO International, Inc. |  | WESCO Distribution, Inc. |  | Non-Guarantor Subsidiaries |  | Consolidating and Eliminating Entries |  | Consolidated
Net cash provided by operating activities | $ | 14,198 |  |  | $ | 62,439 |  |  | $ | 97,823 |  |  | $ | — |  |  | $ | 174,460 |
Investing activities: |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (12,831 | ) |  | (10,918 | ) |  | — |  |  | (23,749 | )
Dividends received from subsidiaries | — |  |  | 118,271 |  |  | — |  |  | (118,271 | ) |  | — |
Other | — |  |  | (81,128 | ) |  | 3,609 |  |  | 81,128 |  |  | 3,609 |
Net cash provided by (used in) investing activities | — |  |  | 24,312 |  |  | (7,309 | ) |  | (37,143 | ) |  | (20,140 | )
Financing activities: |  |  |  |  |  |  |  |  |
Borrowings | 12,857 |  |  | 246,323 |  |  | 933,046 |  |  | (81,128 | ) |  | 1,111,098 |
Repayments | — |  |  | (318,323 | ) |  | (882,239 | ) |  | — |  |  | (1,200,562 | )
Repurchases of common stock | (27,055 | ) |  | — |  |  | — |  |  | — |  |  | (27,055 | )
Dividends paid by subsidiaries | — |  |  | — |  |  | (118,271 | ) |  | 118,271 |  |  | — |
Other | — |  |  | (8,301 | ) |  | — |  |  | — |  |  | (8,301 | )
Net cash used in financing activities | (14,198 | ) |  | (80,301 | ) |  | (67,464 | ) |  | 37,143 |  |  | (124,820 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | (4,693 | ) |  | — |  |  | (4,693 | )
Net change in cash and cash equivalents | — |  |  | 6,450 |  |  | 18,357 |  |  | — |  |  | 24,807 |
Cash and cash equivalents at the beginning of period | — |  |  | 50,602 |  |  | 67,351 |  |  | — |  |  | 117,953 |
Cash and cash equivalents at the end of period | $ | — |  |  | $ | 57,052 |  |  | $ | 85,708 |  |  | $ | — |  |  | $ | 142,760 |
| Condensed Consolidating Statement of Cash Flows
| Nine Months Ended
| September 30, 2017
(In thousands) | WESCO International, Inc. |  | WESCO Distribution, Inc. |  | Non-Guarantor Subsidiaries |  | Consolidating and Eliminating Entries |  | Consolidated
Net cash (used in) provided by operating activities | $ | (28,740 | ) |  | $ | 168,603 |  |  | $ | (58,752 | ) |  | $ | — |  |  | $ | 81,111 |
Investing activities: |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (7,435 | ) |  | (8,535 | ) |  | — |  |  | (15,970 | )
Dividends received from subsidiaries | — |  |  | 51,561 |  |  | — |  |  | (51,561 | ) |  | — |
Other | — |  |  | (174,032 | ) |  | 16,711 |  |  | 160,811 |  |  | 3,490 |
Net cash (used in) provided by investing activities | — |  |  | (129,906 | ) |  | 8,176 |  |  | 109,250 |  |  | (12,480 | )
Financing activities: |  |  |  |  |  |  |  |  |
Borrowings | 135,442 |  |  | 557,391 |  |  | 691,682 |  |  | (173,907 | ) |  | 1,210,608 |
Repayments | — |  |  | (587,485 | ) |  | (617,301 | ) |  | 13,096 |  |  | (1,191,690 | )
Repurchases of common stock | (106,702 | ) |  | — |  |  | — |  |  | — |  |  | (106,702 | )
Dividends paid by subsidiaries | — |  |  | — |  |  | (51,561 | ) |  | 51,561 |  |  | — |
Other | — |  |  | (4,380 | ) |  | — |  |  | — |  |  | (4,380 | )
Net cash provided by (used in) financing activities | 28,740 |  |  | (34,474 | ) |  | 22,820 |  |  | (109,250 | ) |  | (92,164 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | 7,485 |  |  | — |  |  | 7,485 |
Net change in cash and cash equivalents | — |  |  | 4,223 |  |  | (20,271 | ) |  | — |  |  | (16,048 | )
Cash and cash equivalents at the beginning of period | — |  |  | 41,552 |  |  | 68,579 |  |  | — |  |  | 110,131 |
Cash and cash equivalents at the end of period | $ | — |  |  | $ | 45,775 |  |  | $ | 48,308 |  |  | $ | — |  |  | $ | 94,083 |

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