XML 28 R18.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Segment Reporting | 9 Months Ended
--- | ---
Sep. 30, 2022
Segment Reporting [Abstract] |
Segment Reporting Disclosure | 12. BUSINESS SEGMENTS The Company has operating segments comprising three strategic business units consisting of EES, CSS and UBS. These operating segments are equivalent to the Company's reportable segments. The Company's chief operating decision maker evaluates the performance of its operating segments based primarily on net sales, adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA"), and adjusted EBITDA margin percentage. The Company incurs corporate costs primarily related to treasury, tax, information technology, legal and other centralized functions. The Company also has various corporate assets. Segment assets may not include jointly used assets, but segment results include depreciation expense or other allocations related to those assets. Interest expense and other non-operating items are either not allocated to the segments or reviewed on a segment basis. Corporate expenses and assets not directly identifiable with a reportable segment are reported in the tables below to reconcile the reportable segments to the consolidated financial statements.
(In thousands) | Three Months Ended September 30, 2022
EES |  | CSS |  | UBS |  | Corporate |  | Total
Net sales | $ | 2,234,771 |  |  | $ | 1,602,459 |  |  | $ | 1,608,686 |  |  | $ | — |  |  | $ | 5,445,916 |
Adjusted EBITDA | 225,764 |  |  | 156,370 |  |  | 186,257 |  |  | (102,495) |  |  | 465,896 |
Adjusted EBITDA Margin % | 10.1 | % |  | 9.8 | % |  | 11.6 | % |  |  |  | 8.6 | %
| Three Months Ended September 30, 2021
(In thousands) | EES |  | CSS |  | UBS |  | Corporate |  | Total
Net sales | $ | 1,982,485 |  |  | $ | 1,488,689 |  |  | $ | 1,257,151 |  |  | $ | — |  |  | $ | 4,728,325 |
Adjusted EBITDA | 173,898 |  |  | 133,701 |  |  | 114,674 |  |  | (92,013) |  |  | 330,260 |
Adjusted EBITDA Margin % | 8.8 | % |  | 9.0 | % |  | 9.1 | % |  |  |  | 7.0 | %
(In thousands) | Nine Months Ended September 30, 2022
EES |  | CSS |  | UBS |  | Corporate |  | Total
Net sales | $ | 6,654,883 |  |  | $ | 4,638,631 |  |  | $ | 4,568,108 |  |  | $ | — |  |  | $ | 15,861,622 |
Adjusted EBITDA | 653,630 |  |  | 429,452 |  |  | 491,652 |  |  | (300,256) |  |  | 1,274,478 |
Adjusted EBITDA Margin % | 9.8 | % |  | 9.3 | % |  | 10.8 | % |  |  |  | 8.0 | %
| Nine Months Ended September 30, 2021
(In thousands) | EES |  | CSS |  | UBS |  | Corporate |  | Total
Net sales | $ | 5,626,309 |  |  | $ | 4,200,424 |  |  | $ | 3,538,859 |  |  | $ | — |  |  | $ | 13,365,592 |
Adjusted EBITDA | 453,894 |  |  | 355,521 |  |  | 299,030 |  |  | (252,391) |  |  | 856,054 |
Adjusted EBITDA Margin % | 8.1 | % |  | 8.5 | % |  | 8.4 | % |  |  |  | 6.4 | %
The following table sets forth total assets by reportable segment for the periods presented:
| As of
| September 30, 2022
(In thousands) | EES |  | CSS |  | UBS |  | Corporate(1) |  | Total
Total assets | $ | 4,541,553 |  |  | $ | 4,988,009 |  |  | $ | 3,817,459 |  |  | $ | 733,543 |  |  | $ | 14,080,564 |
| As of
| December 31, 2021
(In thousands) | EES |  | CSS |  | UBS |  | Corporate(1) |  | Total
Total assets | $ | 4,098,335 |  |  | $ | 4,601,132 |  |  | $ | 3,266,231 |  |  | $ | 652,001 |  |  | $ | 12,617,699 |
(1) Total assets for Corporate primarily consist of cash and cash equivalents, deferred income taxes, fixed assets and right-of-use assets associated with operating leases. The following tables reconcile net income attributable to common stockholders to adjusted EBITDA and adjusted EBITDA margin % by segment, which are non-GAAP financial measures, for the periods presented:
|  | Three Months Ended September 30, 2022
(In thousands) |  | EES |  | CSS |  | UBS |  | Corporate |  | Total
Net income attributable to common stockholders |  | $ | 214,054 |  | $ | 138,747 |  | $ | 180,354 |  | $ | (307,905) |  | $ | 225,250
Net income attributable to noncontrolling interests |  | 200 |  | — |  | — |  | 408 |  | 608
Preferred stock dividends |  | — |  | — |  | — |  | 14,352 |  | 14,352
Provision for income taxes |  | — |  | — |  | — |  | 85,637 |  | 85,637
Interest expense, net |  | — |  | — |  | — |  | 75,057 |  | 75,057
Depreciation and amortization |  | 9,596 |  | 15,929 |  | 5,859 |  | 11,339 |  | 42,723
Other (income) expense, net |  | (1,069) |  | 266 |  | (1,063) |  | 2,554 |  | 688
Stock-based compensation expense(1) |  | 2,983 |  | 1,428 |  | 1,107 |  | 2,853 |  | 8,371
Merger-related and integration costs |  | — |  | — |  | — |  | 13,210 |  | 13,210
Adjusted EBITDA |  | $ | 225,764 |  | $ | 156,370 |  | $ | 186,257 |  | $ | (102,495) |  | $ | 465,896
Adjusted EBITDA margin % |  | 10.1 | % |  | 9.8 | % |  | 11.6 | % |  |  |  | 8.6 | %
(1) Stock-based compensation expense in the calculation of adjusted EBITDA for the three months ended September 30, 2022 excludes $1.3 million as such amount is included in merger-related and integration costs.
|  | Three Months Ended September 30, 2021
(In thousands) |  | EES |  | CSS |  | UBS |  | Corporate |  | Total
Net income attributable to common stockholders |  | $ | 155,627 |  | $ | 107,898 |  | $ | 108,150 |  | $ | (266,431) |  | $ | 105,244
Net income attributable to noncontrolling interests |  | 309 |  | — |  | — |  | 291 |  | 600
Preferred stock dividends |  | — |  | — |  | — |  | 14,352 |  | 14,352
Provision for income taxes |  | — |  | — |  | — |  | 44,870 |  | 44,870
Interest expense, net |  | — |  | — |  | — |  | 69,720 |  | 69,720
Depreciation and amortization |  | 16,840 |  | 24,723 |  | 5,869 |  | 9,300 |  | 56,732
Other (income) expense, net |  | (726) |  | 328 |  | 22 |  | (4,944) |  | (5,320)
Stock-based compensation expense(1) |  | 1,848 |  | 752 |  | 633 |  | 5,079 |  | 8,312
Merger-related and integration costs |  | — |  | — |  | — |  | 35,750 |  | 35,750
Adjusted EBITDA |  | $ | 173,898 |  | $ | 133,701 |  | $ | 114,674 |  | $ | (92,013) |  | $ | 330,260
Adjusted EBITDA margin % |  | 8.8 | % |  | 9.0 | % |  | 9.1 | % |  |  |  | 7.0 | %
(1) Stock-based compensation expense in the calculation of adjusted EBITDA for the three months ended September 30, 2021 excludes $1.3 million as such amount is included in merger-related and integration costs.
|  | Nine Months Ended September 30, 2022
(In thousands) |  | EES |  | CSS |  | UBS |  | Corporate |  | Total
Net income attributable to common stockholders |  | $ | 615,547 |  | $ | 373,073 |  | $ | 472,119 |  | $ | (862,244) |  | $ | 598,495
Net income attributable to noncontrolling interests |  | 561 |  | — |  | — |  | 878 |  | 1,439
Preferred stock dividends |  | — |  | — |  | — |  | 43,056 |  | 43,056
Provision for income taxes |  | — |  | — |  | — |  | 203,178 |  | 203,178
Interest expense, net |  | — |  | — |  | — |  | 207,155 |  | 207,155
Depreciation and amortization |  | 32,818 |  | 51,916 |  | 17,315 |  | 33,520 |  | 135,569
Other (income) expense, net |  | (2,646) |  | 716 |  | (452) |  | 5,389 |  | 3,007
Stock-based compensation expense(1) |  | 7,350 |  | 3,747 |  | 2,670 |  | 16,612 |  | 30,379
Merger-related and integration costs |  | — |  | — |  | — |  | 52,200 |  | 52,200
Adjusted EBITDA |  | $ | 653,630 |  | $ | 429,452 |  | $ | 491,652 |  | $ | (300,256) |  | $ | 1,274,478
Adjusted EBITDA margin % |  | 9.8 | % |  | 9.3 | % |  | 10.8 | % |  |  |  | 8.0 | %
(1) Stock-based compensation expense in the calculation of adjusted EBITDA for the nine months ended September 30, 2022 excludes $4.1 million as such amount is included in merger-related and integration costs.
|  | Nine Months Ended September 30, 2021
(In thousands) |  | EES |  | CSS |  | UBS |  | Corporate |  | Total
Net income attributable to common stockholders |  | $ | 410,233 |  | $ | 292,537 |  | $ | 289,851 |  | $ | (737,708) |  | $ | 254,913
Net income attributable to noncontrolling interests |  | 158 |  | — |  | — |  | 507 |  | 665
Preferred stock dividends |  | — |  | — |  | — |  | 43,056 |  | 43,056
Provision for income taxes |  | — |  | — |  | — |  | 84,201 |  | 84,201
Interest expense, net |  | — |  | — |  | — |  | 207,683 |  | 207,683
Depreciation and amortization |  | 40,184 |  | 60,257 |  | 16,545 |  | 27,659 |  | 144,645
Other (income) expense, net |  | (1,329) |  | 909 |  | 44 |  | (8,553) |  | (8,929)
Stock-based compensation expense(1) |  | 4,648 |  | 1,818 |  | 1,517 |  | 10,972 |  | 18,955
Merger-related and integration costs |  | — |  | — |  | — |  | 119,792 |  | 119,792
Net gain on divestitures |  | — |  | — |  | (8,927) |  | — |  | (8,927)
Adjusted EBITDA |  | $ | 453,894 |  | $ | 355,521 |  | $ | 299,030 |  | $ | (252,391) |  | $ | 856,054
Adjusted EBITDA margin % |  | 8.1 | % |  | 8.5 | % |  | 8.4 | % |  |  |  | 6.4 | %
(1) Stock-based compensation expense in the calculation of adjusted EBITDA for the nine months ended September 30, 2021 excludes $3.8 million as such amount is included in merger-related and integration costs.
Note: Adjusted EBITDA and Adjusted EBITDA margin % are non-GAAP financial measures that provide indicators of the Company's performance and its ability to meet debt service requirements. Adjusted EBITDA is defined as EBITDA before other non-operating expenses (income), non-cash stock-based compensation expense, merger-related and integration costs, and net gain on the divestiture of Wesco's legacy utility and data communications businesses in Canada. Adjusted EBITDA margin % is calculated by dividing Adjusted EBITDA by net sales.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration