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v3.19.1

OTHER FINANCIAL INFORMATION | 3 Months Ended
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Mar. 31, 2019
Condensed Financial Information [Abstract] |
OTHER FINANCIAL INFORMATION | 13. 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
| March 31, 2019
(In thousands) | WESCO International, Inc. |  | WESCO Distribution, Inc. |  | Non-Guarantor Subsidiaries |  | Consolidating and Eliminating Entries |  | Consolidated
Cash and cash equivalents | $ | — |  |  | $ | 38,774 |  |  | $ | 67,326 |  |  | $ | — |  |  | $ | 106,100 |
Trade accounts receivable, net | — |  |  | — |  |  | 1,268,565 |  |  | — |  |  | 1,268,565 |
Inventories | — |  |  | 453,738 |  |  | 547,615 |  |  | — |  |  | 1,001,353 |
Prepaid expenses and other current assets | 1,127 |  |  | 22,341 |  |  | 118,406 |  |  | (4,142 | ) |  | 137,732 |
Total current assets | 1,127 |  |  | 514,853 |  |  | 2,001,912 |  |  | (4,142 | ) |  | 2,513,750 |
Intercompany receivables, net | — |  |  | — |  |  | 2,400,124 |  |  | (2,400,124 | ) |  | — |
Property, buildings and equipment, net | — |  |  | 68,829 |  |  | 97,859 |  |  | — |  |  | 166,688 |
Operating lease assets | — |  |  | 139,397 |  |  | 93,592 |  |  | — |  |  | 232,989 |
Intangible assets, net | — |  |  | 1,974 |  |  | 308,479 |  |  | — |  |  | 310,453 |
Goodwill | — |  |  | 257,623 |  |  | 1,483,148 |  |  | — |  |  | 1,740,771 |
Investments in affiliates | 3,252,590 |  |  | 5,202,712 |  |  | — |  |  | (8,455,302 | ) |  | — |
Other assets | — |  |  | 2,717 |  |  | 17,270 |  |  | — |  |  | 19,987 |
Total assets | $ | 3,253,717 |  |  | $ | 6,188,105 |  |  | $ | 6,402,384 |  |  | $ | (10,859,568 | ) |  | $ | 4,984,638 |
Accounts payable | $ | — |  |  | $ | 426,015 |  |  | $ | 444,227 |  |  | $ | — |  |  | $ | 870,242 |
Short-term debt | — |  |  | — |  |  | 27,313 |  |  | — |  |  | 27,313 |
Other current liabilities | — |  |  | 82,527 |  |  | 174,782 |  |  | (4,142 | ) |  | 253,167 |
Total current liabilities | — |  |  | 508,542 |  |  | 646,322 |  |  | (4,142 | ) |  | 1,150,722 |
Intercompany payables, net | 1,051,352 |  |  | 1,348,772 |  |  | — |  |  | (2,400,124 | ) |  | — |
Long-term debt, net | — |  |  | 841,554 |  |  | 372,722 |  |  | — |  |  | 1,214,276 |
Operating lease liabilities | — |  |  | 110,998 |  |  | 67,608 |  |  | — |  |  | 178,606 |
Other noncurrent liabilities | — |  |  | 125,649 |  |  | 119,023 |  |  | — |  |  | 244,672 |
Total WESCO International stockholders' equity | 2,202,365 |  |  | 3,252,590 |  |  | 5,202,712 |  |  | (8,455,302 | ) |  | 2,202,365 |
Noncontrolling interests | — |  |  | — |  |  | (6,003 | ) |  | — |  |  | (6,003 | )
Total liabilities and stockholders’ equity | $ | 3,253,717 |  |  | $ | 6,188,105 |  |  | $ | 6,402,384 |  |  | $ | (10,859,568 | ) |  | $ | 4,984,638 |
| Condensed Consolidating Balance Sheet
| December 31, 2018
(In thousands) | WESCO International, Inc. |  | WESCO Distribution, Inc. |  | Non-Guarantor Subsidiaries |  | Consolidating and Eliminating Entries |  | Consolidated
Cash and cash equivalents | $ | — |  |  | $ | 35,931 |  |  | $ | 60,412 |  |  | $ | — |  |  | $ | 96,343 |
Trade accounts receivable, net | — |  |  | — |  |  | 1,166,607 |  |  | — |  |  | 1,166,607 |
Inventories | — |  |  | 440,422 |  |  | 508,304 |  |  | — |  |  | 948,726 |
Prepaid expenses and other current assets | 1,123 |  |  | 57,586 |  |  | 124,523 |  |  | (9,268 | ) |  | 173,964 |
Total current assets | 1,123 |  |  | 533,939 |  |  | 1,859,846 |  |  | (9,268 | ) |  | 2,385,640 |
Intercompany receivables, net | — |  |  | — |  |  | 2,403,704 |  |  | (2,403,704 | ) |  | — |
Property, buildings and equipment, net | — |  |  | 63,506 |  |  | 97,372 |  |  | — |  |  | 160,878 |
Intangible assets, net | — |  |  | 2,131 |  |  | 313,885 |  |  | — |  |  | 316,016 |
Goodwill | — |  |  | 257,623 |  |  | 1,464,980 |  |  | — |  |  | 1,722,603 |
Investments in affiliates | 3,182,469 |  |  | 5,137,783 |  |  | — |  |  | (8,320,252 | ) |  | — |
Other assets | — |  |  | 2,905 |  |  | 16,994 |  |  | — |  |  | 19,899 |
Total assets | $ | 3,183,592 |  |  | $ | 5,997,887 |  |  | $ | 6,156,781 |  |  | $ | (10,733,224 | ) |  | $ | 4,605,036 |
Accounts payable | $ | — |  |  | $ | 404,373 |  |  | $ | 389,975 |  |  | $ | — |  |  | $ | 794,348 |
Short-term debt | — |  |  | — |  |  | 30,785 |  |  | — |  |  | 30,785 |
Other current liabilities | — |  |  | 86,600 |  |  | 159,481 |  |  | (9,268 | ) |  | 236,813 |
Total current liabilities | — |  |  | 490,973 |  |  | 580,241 |  |  | (9,268 | ) |  | 1,061,946 |
Intercompany payables, net | 1,048,282 |  |  | 1,355,422 |  |  | — |  |  | (2,403,704 | ) |  | — |
Long-term debt, net | — |  |  | 842,093 |  |  | 325,218 |  |  | — |  |  | 1,167,311 |
Other noncurrent liabilities | — |  |  | 126,930 |  |  | 119,123 |  |  | — |  |  | 246,053 |
Total WESCO International stockholders' equity | 2,135,310 |  |  | 3,182,469 |  |  | 5,137,783 |  |  | (8,320,252 | ) |  | 2,135,310 |
Noncontrolling interests | — |  |  | — |  |  | (5,584 | ) |  | — |  |  | (5,584 | )
Total liabilities and stockholders’ equity | $ | 3,183,592 |  |  | $ | 5,997,887 |  |  | $ | 6,156,781 |  |  | $ | (10,733,224 | ) |  | $ | 4,605,036 |
| Condensed Consolidating Statement of Income and Comprehensive Income
| Three Months Ended
| March 31, 2019
(In thousands) | WESCO International, Inc. |  | WESCO Distribution, Inc. |  | Non-Guarantor Subsidiaries |  | Consolidating and Eliminating Entries |  | Consolidated
Net sales | $ | — |  |  | $ | 857,982 |  |  | $ | 1,142,394 |  |  | $ | (39,109 | ) |  | $ | 1,961,267 |
Cost of goods sold (excluding depreciation and |  |  |  |  |  |  |  |  |
amortization) | — |  |  | 689,556 |  |  | 928,324 |  |  | (39,109 | ) |  | 1,578,771 |
Selling, general and administrative expenses | — |  |  | 152,429 |  |  | 144,099 |  |  | — |  |  | 296,528 |
Depreciation and amortization | — |  |  | 4,555 |  |  | 10,687 |  |  | — |  |  | 15,242 |
Results of affiliates’ operations | 41,950 |  |  | 42,413 |  |  | — |  |  | (84,363 | ) |  | — |
Net interest and other | — |  |  | 12,034 |  |  | 5,086 |  |  | — |  |  | 17,120 |
Income tax expense | — |  |  | (129 | ) |  | 11,785 |  |  | — |  |  | 11,656 |
Net income | 41,950 |  |  | 41,950 |  |  | 42,413 |  |  | (84,363 | ) |  | 41,950 |
Net loss attributable to noncontrolling interests | — |  |  | — |  |  | (419 | ) |  | — |  |  | (419 | )
Net income attributable to WESCO International | $ | 41,950 |  |  | $ | 41,950 |  |  | $ | 42,832 |  |  | $ | (84,363 | ) |  | $ | 42,369 |
Other comprehensive loss: |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | 22,517 |  |  | 22,517 |  |  | 22,517 |  |  | (45,034 | ) |  | 22,517 |
Comprehensive income attributable to WESCO International | $ | 64,467 |  |  | $ | 64,467 |  |  | $ | 65,349 |  |  | $ | (129,397 | ) |  | $ | 64,886 |
| Condensed Consolidating Statement of Income and Comprehensive Income
| Three Months Ended
| March 31, 2018
(In thousands) | WESCO International, Inc. |  | WESCO Distribution, Inc. |  | Non-Guarantor Subsidiaries |  | Consolidating and Eliminating Entries |  | Consolidated
Net sales | $ | — |  |  | $ | 882,399 |  |  | $ | 1,150,110 |  |  | $ | (38,594 | ) |  | $ | 1,993,915 |
Cost of goods sold (excluding depreciation and |  |  |  |  |  |  |  |  |
amortization) | — |  |  | 716,258 |  |  | 936,302 |  |  | (38,594 | ) |  | 1,613,966 |
Selling, general and administrative expenses | — |  |  | 150,482 |  |  | 140,347 |  |  | — |  |  | 290,829 |
Depreciation and amortization | — |  |  | 4,616 |  |  | 11,263 |  |  | — |  |  | 15,879 |
Results of affiliates’ operations | 42,971 |  |  | 45,200 |  |  | — |  |  | (88,171 | ) |  | — |
Net interest and other | — |  |  | 13,816 |  |  | 5,967 |  |  | — |  |  | 19,783 |
Income tax (benefit) expense | — |  |  | (544 | ) |  | 11,031 |  |  | — |  |  | 10,487 |
Net income | 42,971 |  |  | 42,971 |  |  | 45,200 |  |  | (88,171 | ) |  | 42,971 |
Net loss attributable to noncontrolling interests | — |  |  | — |  |  | (1,450 | ) |  | — |  |  | (1,450 | )
Net income attributable to WESCO International | $ | 42,971 |  |  | $ | 42,971 |  |  | $ | 46,650 |  |  | $ | (88,171 | ) |  | $ | 44,421 |
Other comprehensive loss: |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | (28,800 | ) |  | (28,800 | ) |  | (28,800 | ) |  | 57,600 |  |  | (28,800 | )
Comprehensive income attributable to WESCO International | $ | 14,171 |  |  | $ | 14,171 |  |  | $ | 17,850 |  |  | $ | (30,571 | ) |  | $ | 15,621 |
| Condensed Consolidating Statement of Cash Flows
| Three Months Ended
| March 31, 2019
(In thousands) | WESCO International, Inc. |  | WESCO Distribution, Inc. |  | Non-Guarantor Subsidiaries |  | Consolidating and Eliminating Entries |  | Consolidated
Net cash (used in) provided by operating activities | $ | 5,157 |  |  | $ | 27,122 |  |  | $ | (3,410 | ) |  | $ | — |  |  | $ | 28,869 |
Investing activities: |  |  |  |  |  |  |  |  |
Acquisition payments | — |  |  | (27,742 | ) |  | — |  |  | — |  |  | (27,742 | )
Capital expenditures | — |  |  | (2,513 | ) |  | (8,315 | ) |  | — |  |  | (10,828 | )
Dividends received from subsidiaries | — |  |  | 22,095 |  |  | — |  |  | (22,095 | ) |  | — |
Other | — |  |  | (19,510 | ) |  | 53 |  |  | 19,510 |  |  | 53 |
Net cash used in investing activities | — |  |  | (27,670 | ) |  | (8,262 | ) |  | (2,585 | ) |  | (38,517 | )
Financing activities: |  |  |  |  |  |  |  |  |
Borrowings | — |  |  | 139,134 |  |  | 330,196 |  |  | (22,095 | ) |  | 447,235 |
Repayments | (2,585 | ) |  | (140,134 | ) |  | (289,674 | ) |  | 2,585 |  |  | (429,808 | )
Repurchases of common stock | (2,572 | ) |  | — |  |  | — |  |  | — |  |  | (2,572 | )
Dividends paid by subsidiaries | — |  |  | — |  |  | (22,095 | ) |  | 22,095 |  |  | — |
Increase in bank overdrafts | — |  |  | 4,639 |  |  | — |  |  | — |  |  | 4,639 |
Other | — |  |  | (248 | ) |  | — |  |  | — |  |  | (248 | )
Net cash provided by (used in) financing activities | (5,157 | ) |  | 3,391 |  |  | 18,427 |  |  | 2,585 |  |  | 19,246 |
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | 159 |  |  | — |  |  | 159 |
Net change in cash and cash equivalents | — |  |  | 2,843 |  |  | 6,914 |  |  | — |  |  | 9,757 |
Cash and cash equivalents at the beginning of period | — |  |  | 35,931 |  |  | 60,412 |  |  | — |  |  | 96,343 |
Cash and cash equivalents at the end of period | $ | — |  |  | $ | 38,774 |  |  | $ | 67,326 |  |  | $ | — |  |  | $ | 106,100 |
| Condensed Consolidating Statement of Cash Flows
| Three Months Ended
| March 31, 2018
(In thousands) | WESCO International, Inc. |  | WESCO Distribution, Inc. |  | Non-Guarantor Subsidiaries |  | Consolidating and Eliminating Entries |  | Consolidated
Net cash provided by (used in) operating activities | $ | 5,497 |  |  | $ | 57,694 |  |  | $ | (10,198 | ) |  | $ | — |  |  | $ | 52,993 |
Investing activities: |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (2,954 | ) |  | (4,708 | ) |  | — |  |  | (7,662 | )
Dividends received from subsidiaries | — |  |  | 22,744 |  |  | — |  |  | (22,744 | ) |  | — |
Other | — |  |  | (18,908 | ) |  | (8,760 | ) |  | 18,908 |  |  | (8,760 | )
Net cash provided by (used in) investing activities | — |  |  | 882 |  |  | (13,468 | ) |  | (3,836 | ) |  | (16,422 | )
Financing activities: |  |  |  |  |  |  |  |  |
Borrowings | — |  |  | 58,000 |  |  | 515,663 |  |  | (22,744 | ) |  | 550,919 |
Repayments | (3,836 | ) |  | (90,000 | ) |  | (477,220 | ) |  | 3,836 |  |  | (567,220 | )
Repurchases of common stock | (1,661 | ) |  | — |  |  | — |  |  | — |  |  | (1,661 | )
Dividends paid by subsidiaries | — |  |  | — |  |  | (22,744 | ) |  | 22,744 |  |  | — |
Decrease in bank overdrafts | — |  |  | (10,575 | ) |  | — |  |  | — |  |  | (10,575 | )
Other | — |  |  | (290 | ) |  | — |  |  | — |  |  | (290 | )
Net cash (used in) provided by financing activities | (5,497 | ) |  | (42,865 | ) |  | 15,699 |  |  | 3,836 |  |  | (28,827 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | (1,800 | ) |  | — |  |  | (1,800 | )
Net change in cash and cash equivalents | — |  |  | 15,711 |  |  | (9,767 | ) |  | — |  |  | 5,944 |
Cash and cash equivalents at the beginning of period | — |  |  | 50,602 |  |  | 67,351 |  |  | — |  |  | 117,953 |
Cash and cash equivalents at the end of period | $ | — |  |  | $ | 66,313 |  |  | $ | 57,584 |  |  | $ | — |  |  | $ | 123,897 |

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