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ACQUISITIONS (Tables) | 9 Months Ended
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Sep. 30, 2020
Business Combinations [Abstract] |
Business Acquisition, Schedule of Consideration Transferred | The total preliminary estimated fair value of consideration transferred for the Merger consisted of the following:
| (In thousands)
Cash portion attributable to common stock outstanding | $ | 2,476,010 |
Cash portion attributable to options and restricted stock units outstanding | 87,375 |
Fair value of cash consideration | 2,563,385 |
Common stock consideration | 313,512 |
Series A preferred stock consideration | 573,786 |
Fair value of equity consideration | 887,298 |
Extinguishment of Anixter obligations, including accrued and unpaid interest | 1,247,653 |
Total purchase consideration | $ | 4,698,336 |
Supplemental cash flow disclosure related to acquisitions: |
Cash paid for acquisition | $ | 3,811,038 |
Less: Cash acquired | (103,463) |
Cash paid for acquisition, net of cash acquired | $ | 3,707,575 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table sets forth the preliminary allocation of the purchase consideration to the respective fair value of assets acquired and liabilities assumed for the acquisition of Anixter:
| (In thousands)
Assets |
Cash and cash equivalents | $ | 103,463 |
Trade accounts receivable | 1,309,104 |
Other accounts receivable | 116,386 |
Inventories | 1,424,678 |
Prepaid expenses and other current assets | 53,462 |
Property, buildings and equipment | 213,020 |
Operating lease assets | 262,413 |
Intangible assets | 1,838,065 |
Goodwill | 1,360,373 |
Other assets | 112,386 |
Total assets | $ | 6,793,350 |
Liabilities |
Accounts payable | $ | 920,163 |
Accrued payroll and benefit costs | 69,480 |
Short-term debt and current portion of long-term debt | 13,225 |
Other current liabilities | 222,615 |
Long-term debt | 77,822 |
Operating lease liabilities | 199,959 |
Deferred income taxes | 384,890 |
Other noncurrent liabilities | 206,860 |
Total liabilities | $ | 2,095,014 |
Fair value of net assets acquired, including goodwill and intangible assets | $ | 4,698,336 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The following table sets forth the preliminary identifiable intangible assets and their estimated weighted-average useful lives:
Identifiable Intangible Assets | Estimated Fair Value |  | Weighted-Average Estimated Useful Life in Years
| (In thousands) |  |
Customer relationships | $ | 1,098,900 |  |  | 16
Trademarks | 735,000 |  |  | Indefinite
Non-compete agreements | 4,165 |  |  | 1
Total identifiable intangible assets | $ | 1,838,065 |  |  |
Business Acquisition, Pro Forma Information |
| Three Months Ended |  | Nine Months Ended
(In thousands) | September 30, 2020 |  | September 30, 2019 |  | September 30, 2020 |  | September 30, 2019
Pro forma net sales | $ | 4,111,716 |  |  | $ | 4,332,980 |  |  | $ | 11,802,538 |  |  | $ | 12,758,461 |
Pro forma net income attributable to common stockholders | 63,844 |  |  | 66,416 |  |  | 106,858 |  |  | 164,424 |
On August 6, 2020, the Company entered into a Consent Agreement with the Competition Bureau of Canada regarding the merger with Anixter. Under the Consent Agreement, the Company is required to divest its legacy Utility and Datacom businesses in Canada, which had total sales of less than $150 million in 2019. The process to divest the businesses has commenced, and WESCO is working to complete the divestitures on a timely basis. The Company expects to use the net proceeds from the divestiture to repay indebtedness.
Schedule of Business Acquisitions, by Acquisition | The following table sets forth the consideration paid for the acquisition of SLS:
| Nine Months Ended
| September 30
| 2019
| (In thousands)
Fair value of assets acquired | $ | 34,812 |
Fair value of liabilities assumed | 7,070 |
Cash paid for acquisition | $ | 27,742 |

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