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ASSETS AND LIABILITIES HELD FOR SALE | 3 Months Ended
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Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract] |
ASSETS AND LIABILITIES HELD FOR SALE | On February 22, 2024, Wesco Distribution entered into a definitive agreement to sell 100% of the equity interests of its Wesco Integrated Supply (“WIS”) business. The WIS business, located primarily in the U.S. and Canada, is part of the UBS segment and provides products and services to large industrial and commercial end-users to support their maintenance, repair, and operating spend. The sale was completed on April 1, 2024. Refer to Note 16, “Subsequent Events” for further information. The following is a summary of the major categories of current and noncurrent assets and liabilities classified as held for sale in the Condensed Consolidated Balance Sheet:
| As of
| March 31, 2024
| (In millions)
Cash and cash equivalents | $ | 1.4 |
Trade accounts receivable, net | 214.9
Other accounts receivable | 3.5
Inventories | 21.4
Prepaid expenses and other current assets | 2.4
Total current assets held for sale | 243.6
Property, buildings and equipment, net | 3.4
Operating lease assets | 3.4
Goodwill | 58.1
Other assets | 0.7
Total assets held for sale | $ | 309.2 |
Accounts payable | $ | 67.8 |
Accrued payroll and benefit costs | 0.4
Other current liabilities | 0.5
Total current liabilities held for sale | 68.7
Operating lease liabilities | 3.1
Total liabilities held for sale | $ | 71.8 |
Income before income taxes attributable to the WIS business was $11.5 million and $11.4 million for the three months ended March 31, 2024 and 2023, respectively. The sale of the WIS business does not represent a strategic shift that will have a major effect on the Company’s operations and financial results, and therefore does not meet the criteria to be classified as discontinued operations.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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