COVER PAGE Document
COVER PAGE Document - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 31, 2019 | |
Cover page. | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 001-14989 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 25-1723342 | |
Entity Address, Address Line One | 225 West Station Square DriveSuite 700 | |
Entity Address, City or Town | Pittsburgh, | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 15219 | |
City Area Code | 412 | |
Local Phone Number | 454-2200 | |
Title of 12(b) Security | Common Stock, par value $.01 per share | |
Trading Symbol | WCC | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 41,796,445 | |
Entity Registrant Name | WESCO INTERNATIONAL INC. | |
Entity Central Index Key | 0000929008 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) | |
Depreciation, Depletion and Amortization, Nonproduction | $ 15,612 | $ 46,035 | |
Other Accrued Liabilities, Current | 160,062 | 160,062 | $ 105,461 |
Current Assets: | |||
Cash and cash equivalents | 138,160 | 138,160 | 96,343 |
Allowance for Doubtful Accounts Receivable, Current | 27,122 | 27,122 | 24,468 |
Trade accounts receivable, net of allowance for doubtful accounts of $23,069 and $19,309 in 2014 and 2013, respectively | 1,315,026 | 1,315,026 | 1,166,607 |
Accounts and Other Receivables, Net, Current | 82,357 | 82,357 | 96,984 |
Inventories, net | 961,997 | 961,997 | 948,726 |
Prepaid expenses and other current assets | 80,940 | 80,940 | 76,980 |
Total current assets | 2,578,480 | 2,578,480 | 2,385,640 |
Property, buildings and equipment, net of accumulated depreciation of $229,041 and $213,758 in 2014 and 2013, respectively | 174,459 | 174,459 | 160,878 |
Operating Lease, Right-of-Use Asset | 237,252 | 237,252 | 0 |
Intangible assets, net | 293,493 | 293,493 | 316,016 |
Goodwill | 1,746,071 | 1,746,071 | 1,722,603 |
Other assets | 17,656 | 17,656 | 19,899 |
Total assets | 5,047,411 | 5,047,411 | 4,605,036 |
Current Liabilities: | |||
Accounts payable | 849,584 | 849,584 | 794,348 |
Accrued payroll and benefit costs | 50,205 | 50,205 | 88,105 |
Short-term debt | 25,561 | 25,561 | 30,785 |
Current portion of long-term debt | 338 | 338 | 25,429 |
Total current liabilities | 1,104,524 | 1,104,524 | 1,061,946 |
Long-term Debt, Excluding Current Maturities | 1,346,333 | 1,346,333 | 1,167,311 |
Operating Lease, Liability, Noncurrent | 182,044 | 182,044 | 0 |
Other noncurrent liabilities | 79,968 | 79,968 | 102,086 |
Deferred Tax Liabilities, Net, Noncurrent | 147,832 | 147,832 | 143,967 |
Total liabilities | 2,860,701 | 2,860,701 | 2,475,310 |
Commitments and Contingencies | |||
Bank Overdrafts | 18,774 | 18,774 | 17,818 |
Stockholders' Equity: | |||
Preferred stock, $.01 par value; 20,000,000 shares authorized, no shares issued or outstanding | 0 | 0 | 0 |
Additional capital | 1,034,888 | 1,034,888 | 993,666 |
Retained earnings | 2,477,259 | 2,477,259 | 2,307,462 |
Treasury stock, at cost; 18,247,467 and 18,179,275 shares in 2014 and 2013, respectively | (937,135) | (937,135) | (758,018) |
Accumulated other comprehensive income | (382,530) | (382,530) | (408,435) |
Total WESCO International stockholders' equity | 2,186,710 | 2,186,710 | 2,129,726 |
Noncontrolling interest | (6,408) | (6,408) | (5,584) |
Total stockholders' equity | 2,193,118 | 2,193,118 | 2,135,310 |
Total liabilities and stockholders' equity | 5,047,411 | 5,047,411 | 4,605,036 |
Common Stock [Member] | |||
Stockholders' Equity: | |||
Common stock | 593 | 593 | 592 |
Common Class B [Member] | |||
Stockholders' Equity: | |||
Common stock | $ 43 | $ 43 | $ 43 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Allowance for doubtful accounts | $ 27,122,000 | $ 24,468,000 |
Accumulated depreciation | 289,882,000 | 291,811,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | 278,856 | 249,539 |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 9,371,000 | $ 9,243,000 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Treasury stock, shares (in shares) | 21,849,933 | 18,391,042 |
Common Stock [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 210,000,000 | 210,000,000 |
Common stock, shares, issued (in shares) | 59,294,497 | 59,157,696 |
Common stock, shares outstanding (in shares) | 41,783,995 | 45,106,085 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares, issued (in shares) | 4,339,431 | 4,339,431 |
Common stock, shares outstanding (in shares) | 0 | 0 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues | $ 2,148,110 | $ 2,067,245 | $ 6,259,465 | $ 6,165,154 |
Cost of goods sold | 1,747,913 | 1,670,037 | 5,067,799 | 4,988,103 |
Selling, general and administrative expense | 290,852 | 284,073 | 883,222 | 867,790 |
Depreciation and amortization | 15,612 | 15,618 | 46,035 | 47,321 |
Income from operations | 93,733 | 97,517 | 262,409 | 261,940 |
Nonoperating Income (Expense) | 13,508 | 17,050 | 47,934 | 54,574 |
Income before income taxes | 80,225 | 80,467 | 214,475 | 207,366 |
Provision for income taxes | 15,886 | 13,822 | 44,970 | 40,077 |
Net income | 64,339 | 66,645 | 169,505 | 167,289 |
Net (loss) income attributable to noncontrolling interest | (156) | (204) | (824) | (1,921) |
Net income attributable to WESCO International, Inc. | 64,495 | 66,849 | 170,329 | 169,210 |
Comprehensive Income: | ||||
Foreign currency translation adjustment | (16,856) | 20,486 | 25,905 | (37,029) |
Comprehensive income attributable to WESCO International, Inc. | $ 47,639 | $ 87,335 | $ 196,234 | $ 132,181 |
Earnings per share attributable to WESCO International, Inc. | ||||
Basic (in dollars per share) | $ 1.53 | $ 1.42 | $ 3.91 | $ 3.60 |
Diluted (in dollars per share) | $ 1.52 | $ 1.41 | $ 3.88 | $ 3.56 |
Shipping and Handling [Member] | ||||
Cost of goods sold | $ 17,600 | $ 18,800 | $ 52,800 | $ 55,600 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Cash Flows [Abstract] | ||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | $ 38,347 | $ 37,138 |
Operating Activities: | ||
Net income | 169,505 | 167,289 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 46,035 | 47,321 |
Deferred income taxes | 4,621 | 12,194 |
Other operating activities, net | 10,876 | 7,590 |
Changes in assets and liabilities | ||
Increase (Decrease) in Accounts Receivable | 122,903 | 104,215 |
Increase (Decrease) in Accounts and Other Receivables | (15,450) | (19,859) |
Inventories, net | (1,500) | 23,189 |
Prepaid expenses and other current assets | (20,720) | (22,088) |
Accounts payable | 46,902 | 18,235 |
Accrued payroll and benefit costs | (36,055) | 2,788 |
Other current and noncurrent liabilities | 4,453 | 2,298 |
Net cash provided by operating activities | 116,664 | 174,460 |
Investing Activities: | ||
Payments to Acquire Businesses, Gross | (27,742) | 0 |
Capital expenditures | (30,323) | (23,749) |
Other investing activities | 4,575 | 3,609 |
Net cash used in investing activities | (53,490) | (20,140) |
Financing Activities: | ||
Proceeds from (Repayments of) Short-term Debt | (29,600) | (2,464) |
Proceeds from issuance of long-term debt | 1,105,397 | 994,323 |
Repayments of Long-term Debt | (927,410) | (1,081,323) |
Other financing activities, net | 175 | (8,301) |
Net cash used in financing activities | (18,082) | (124,820) |
Payments for Repurchase of Common Stock | (152,735) | (27,055) |
Payments of Debt Issuance Costs | (2,508) | 0 |
Payment for Contingent Consideration Liability, Financing Activities | (11,401) | 0 |
Effect of exchange rate on cash and cash equivalents | (3,275) | (4,693) |
Net change in cash and cash equivalents | 41,817 | 24,807 |
Cash and cash equivalents at the beginning of period | 96,343 | 117,953 |
Cash and cash equivalents at the end of period | 138,160 | 142,760 |
Income Taxes Paid | $ 54,044 | $ 48,744 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY Statement - USD ($) $ in Thousands | Total | Common Class B [Member] | Common Stock [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Additional Paid-in Capital [Member] |
Common Stock, Value, Issued | $ 43 | $ 591 | ||||||
Common Stock, Shares, Issued | 4,339,431 | 59,045,762 | ||||||
Additional capital | $ 999,156 | |||||||
Retained Earnings (Accumulated Deficit) | 2,079,697 | |||||||
Treasury Stock, Value | $ (647,158) | |||||||
ERROR in label resolution. | (16,375,653) | |||||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ (3,596) | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (312,590) | |||||||
Stock Issued, Value, Stock Options Exercised, Net of Tax Benefit (Expense) | $ 0 | $ (455) | ||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | (67) | |||||||
Stock Granted, Value, Share-based Compensation, Net of Forfeitures | 3,858 | |||||||
Adjustments Related to Tax Withholding for Share-based Compensation | $ 0 | $ 417 | $ (1,153) | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (88,554) | (5,521) | ||||||
Shares Paid for Tax Withholding for Share Based Compensation | (16,614) | |||||||
Net Income (Loss) Attributable to Parent | 44,421 | |||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ (1,450) | |||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $ (28,800) | |||||||
Net Income (Loss) Attributable to Parent | 169,210 | |||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (1,921) | |||||||
Common Stock, Value, Issued | $ 43 | $ 591 | ||||||
Common Stock, Shares, Issued | 4,339,431 | 59,117,702 | ||||||
Additional capital | 1,001,794 | |||||||
Retained Earnings (Accumulated Deficit) | 2,124,535 | |||||||
Treasury Stock, Value | $ (647,613) | |||||||
ERROR in label resolution. | (16,381,174) | |||||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ (5,046) | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (341,390) | |||||||
Stock Issued, Value, Stock Options Exercised, Net of Tax Benefit (Expense) | $ 0 | $ (230) | ||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | (31) | |||||||
Stock Granted, Value, Share-based Compensation, Net of Forfeitures | 4,102 | |||||||
Adjustments Related to Tax Withholding for Share-based Compensation | $ 0 | 11 | 32 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (26,867) | (3,795) | ||||||
Shares Paid for Tax Withholding for Share Based Compensation | 0 | |||||||
Net Income (Loss) Attributable to Parent | 57,940 | |||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (267) | |||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (28,715) | |||||||
Common Stock, Value, Issued | $ 43 | $ 591 | ||||||
Common Stock, Shares, Issued | 4,339,431 | 59,144,569 | ||||||
Additional capital | 1,005,897 | |||||||
Retained Earnings (Accumulated Deficit) | 2,182,486 | |||||||
Treasury Stock, Value | $ (647,843) | |||||||
ERROR in label resolution. | (16,384,969) | |||||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ (5,313) | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (370,105) | |||||||
Stock Issued, Value, Stock Options Exercised, Net of Tax Benefit (Expense) | $ 1 | $ (119) | ||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 14 | |||||||
Stock Granted, Value, Share-based Compensation, Net of Forfeitures | 4,118 | |||||||
ERROR in label resolution. | (3,750) | |||||||
Adjustments Related to Tax Withholding for Share-based Compensation | $ 0 | (8) | (57) | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (8,990) | (1,976) | ||||||
Shares Paid for Tax Withholding for Share Based Compensation | (749) | |||||||
Net Income (Loss) Attributable to Parent | 66,849 | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ (21,250) | |||||||
Treasury Stock, Shares, Acquired | (351,821) | |||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ (204) | (203) | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 20,486 | |||||||
Common Stock, Value, Issued | $ 43 | $ 592 | ||||||
Common Stock, Shares, Issued | 4,339,431 | 59,152,810 | ||||||
Additional capital | 1,006,222 | |||||||
Retained Earnings (Accumulated Deficit) | 2,249,327 | |||||||
Treasury Stock, Value | $ (669,212) | |||||||
ERROR in label resolution. | (16,738,766) | |||||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ (5,516) | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (349,619) | |||||||
Common Stock, Value, Issued | $ 43 | $ 592 | ||||||
Common Stock, Shares, Issued | 4,339,431 | 59,157,696 | ||||||
Additional capital | 993,666 | |||||||
Retained Earnings (Accumulated Deficit) | 2,307,462 | |||||||
Treasury Stock, Value | $ (758,018) | |||||||
ERROR in label resolution. | (18,391,042) | |||||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ (5,584) | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (408,435) | |||||||
Stock Issued, Value, Stock Options Exercised, Net of Tax Benefit (Expense) | $ 1 | $ (54) | ||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | (90) | |||||||
Stock Granted, Value, Share-based Compensation, Net of Forfeitures | 4,665 | |||||||
ERROR in label resolution. | 19,144 | |||||||
Adjustments Related to Tax Withholding for Share-based Compensation | $ 0 | (531) | (1,822) | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (156,760) | (184) | ||||||
Shares Paid for Tax Withholding for Share Based Compensation | (42,564) | |||||||
Net Income (Loss) Attributable to Parent | 42,369 | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ (19,144) | |||||||
Treasury Stock, Shares, Acquired | (365,272) | |||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (419) | |||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 22,517 | |||||||
Net Income (Loss) Attributable to Parent | $ 170,329 | |||||||
Treasury Stock, Shares, Acquired | (3,455,584) | |||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ (824) | |||||||
Common Stock, Value, Issued | $ 43 | $ 593 | ||||||
Common Stock, Shares, Issued | 4,339,431 | 59,271,892 | ||||||
Additional capital | 1,015,563 | |||||||
Retained Earnings (Accumulated Deficit) | 2,349,300 | |||||||
Treasury Stock, Value | $ (777,216) | |||||||
ERROR in label resolution. | (18,756,498) | |||||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ (6,003) | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (385,918) | |||||||
Stock Issued, Value, Stock Options Exercised, Net of Tax Benefit (Expense) | $ 0 | $ (157) | ||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 6 | |||||||
Stock Granted, Value, Share-based Compensation, Net of Forfeitures | 5,150 | |||||||
ERROR in label resolution. | (22,500) | |||||||
Adjustments Related to Tax Withholding for Share-based Compensation | $ 0 | 4 | (1) | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (20,831) | (3,029) | ||||||
Shares Paid for Tax Withholding for Share Based Compensation | (19) | |||||||
Net Income (Loss) Attributable to Parent | 63,464 | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ (127,500) | |||||||
Treasury Stock, Shares, Acquired | (2,394,816) | |||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (249) | |||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 20,244 | |||||||
Common Stock, Value, Issued | $ 43 | $ 593 | ||||||
Common Stock, Shares, Issued | 4,339,431 | 59,292,704 | ||||||
Additional capital | $ 998,218 | |||||||
Retained Earnings (Accumulated Deficit) | 2,412,768 | |||||||
Treasury Stock, Value | $ (904,873) | |||||||
ERROR in label resolution. | (21,154,343) | |||||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ (6,252) | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (365,674) | |||||||
Stock Issued, Value, Stock Options Exercised, Net of Tax Benefit (Expense) | $ 0 | $ (5) | ||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 0 | |||||||
Stock Granted, Value, Share-based Compensation, Net of Forfeitures | 4,426 | |||||||
ERROR in label resolution. | 32,257 | |||||||
Adjustments Related to Tax Withholding for Share-based Compensation | $ 0 | $ (4) | $ (13) | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (1,983) | (94) | ||||||
Shares Paid for Tax Withholding for Share Based Compensation | (190) | |||||||
Net Income (Loss) Attributable to Parent | 64,495 | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ (32,257) | |||||||
Treasury Stock, Shares, Acquired | (695,496) | |||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ (156) | $ (156) | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $ (16,856) | |||||||
Common Stock, Value, Issued | $ 43 | $ 593 | ||||||
Common Stock, Shares, Issued | 4,339,431 | 59,294,497 | ||||||
Additional capital | 1,034,888 | |||||||
Retained Earnings (Accumulated Deficit) | 2,477,259 | |||||||
Treasury Stock, Value | $ (937,135) | |||||||
ERROR in label resolution. | (21,849,933) | |||||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ (6,408) | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (382,530) |
ORGANIZATION
ORGANIZATION | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | 1. ORGANIZATION WESCO International, Inc. ("WESCO International") and its subsidiaries (collectively, “WESCO” or the "Company"), headquartered in Pittsburgh, Pennsylvania, is a full-line distributor of electrical, industrial and communications maintenance, repair and operating ("MRO") and original equipment manufacturer ("OEM") products, construction materials, and advanced supply chain management and logistics services used primarily in the industrial, construction, utility and commercial, institutional and government markets. WESCO serves approximately 70,000 active customers globally through approximately 500 branches primarily located in North America, with operations in 15 additional countries and 11 distribution centers located in the United States and Canada. |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
ACCOUNTING POLICIES | 2. ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements of WESCO have been prepared in accordance with Rule 10-01 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). The unaudited condensed consolidated financial information should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto included in WESCO’s 2018 Annual Report on Form 10-K as filed with the SEC on February 27, 2019. The Condensed Consolidated Balance Sheet at December 31, 2018 was derived from the audited Consolidated Financial Statements as of that date, but does not include all of the disclosures required by accounting principles generally accepted in the United States of America. The unaudited Condensed Consolidated Balance Sheet as of September 30, 2019 , the unaudited Condensed Consolidated Statements of Income and Comprehensive Income, and the unaudited Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2019 and 2018 , and the unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018 , respectively, in the opinion of management, have been prepared on the same basis as the audited Consolidated Financial Statements and include all adjustments necessary for the fair statement of the results of the interim periods presented herein. All adjustments reflected in the unaudited condensed consolidated financial information are of a normal recurring nature unless indicated. The results for the interim periods presented herein are not necessarily indicative of the results to be expected for the full year. Reclassifications The Condensed Consolidated Statement of Cash Flows for the nine months ended September 30, 2018 includes certain reclassifications to previously reported amounts to conform to the current period presentation. Recently Adopted Accounting Pronouncements Effective January 1, 2019, WESCO adopted Accounting Standards Update (ASU) 2016-02, Leases , and all the related amendments (“Topic 842”), a comprehensive new standard that amended various aspects of existing accounting guidance for leases. The adoption of Topic 842 resulted in the recognition of right-of-use assets and lease liabilities for operating leases of approximately $240 million and $245 million , respectively, in the Consolidated Balance Sheet as of January 1, 2019, most of which relate to real estate. The adoption of Topic 842 did not have a material impact on the Consolidated Statements of Income and Comprehensive Income or Consolidated Statements of Cash Flows for the three and nine months ended September 30, 2019 , respectively. The Company used the optional effective date transition method and therefore did not adjust the prior comparative periods presented herein. There was no cumulative-effect adjustment to beginning retained earnings as a result of using this method. In addition, the Company elected the package of practical expedients that allowed the adoption of Topic 842 without reassessing arrangements that commenced prior to the effective date. Additional qualitative and quantitative information about the Company's leases is disclosed in Note 4. Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which introduces new guidance for the accounting for credit losses on certain financial instruments. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. Management is currently evaluating the impact of adopting this ASU, but does not expect that it will have a material impact on its consolidated financial statements and notes thereto. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement , which amends the disclosure requirements for recurring and nonrecurring fair value measurements by removing, modifying and adding certain disclosures. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management does not expect the adoption of this accounting standard to have a material impact on its consolidated financial statements and notes thereto. In August 2018, the FASB issued ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans , which amends the disclosure requirements for all employers that sponsor defined benefit pension and other post retirement plans by removing and adding certain disclosures. The amendments in this ASU are effective for fiscal years ending after December 15, 2020. Early adoption is permitted. Management does not expect the adoption of this accounting standard to have a material impact on its consolidated financial statements and notes thereto. Other pronouncements issued by the FASB or other authoritative accounting standards groups with future effective dates are either not applicable or are not expected to be significant to WESCO’s financial position, results of operations or cash flows. |
ACQUISITIONS
ACQUISITIONS | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 5. ACQUISITIONS The following table sets forth the consideration paid for acquisitions: Nine Months Ended September 30 2019 (In thousands) Fair value of assets acquired $ 36,188 Fair value of liabilities assumed 8,446 Cash paid for acquisitions $ 27,742 Sylvania Lighting Services Corp. On March 5, 2019 , WESCO Distribution, Inc. ("WESCO Distribution"), through its WESCO Services, LLC subsidiary, acquired certain assets and assumed certain liabilities of Sylvania Lighting Services Corp. ("SLS"). Headquartered in Wilmington, Massachusetts, SLS offers a full spectrum of energy-efficient lighting upgrade, retrofit, and renovation solutions with annual sales of approximately $100 million and approximately 220 employees across the U.S. and Canada. WESCO Distribution funded the purchase price paid at closing with borrowings under its accounts receivable securitization facility. The purchase price was allocated to the respective assets and liabilities based upon their estimated fair values as of the acquisition date, resulting in goodwill of $5.9 million , which is deductible for tax purposes. |
ACQUISITIONS | 3. REVENUE WESCO distributes products and provides services to customers globally within the following end markets: (1) industrial, (2) construction, (3) utility, and (4) commercial, institutional and government. Revenue is measured as the amount of consideration WESCO expects to receive in exchange for transferring goods or providing services. The following tables disaggregate WESCO’s revenue by end market and geography: Three Months Ended Nine Months Ended September 30 September 30 (In thousands) 2019 2018 2019 2018 Industrial $ 755,129 $ 723,869 $ 2,253,974 $ 2,243,590 Construction 714,589 686,165 2,052,061 2,007,708 Utility 357,527 345,937 1,012,726 998,438 Commercial, Institutional and Government 320,865 311,274 940,704 915,418 Total by end market $ 2,148,110 $ 2,067,245 $ 6,259,465 $ 6,165,154 Three Months Ended Nine Months Ended September 30 September 30 (In thousands) 2019 2018 2019 2018 United States $ 1,601,962 $ 1,525,393 $ 4,679,251 $ 4,571,533 Canada (1) 431,233 429,830 1,230,855 1,234,600 Other International (1) 114,915 112,022 349,359 359,021 Total by geography $ 2,148,110 $ 2,067,245 $ 6,259,465 $ 6,165,154 (1) The prior period has been reclassified to conform to the current period presentation. In accordance with certain contractual arrangements, WESCO receives payment from its customers in advance and recognizes such payment as deferred revenue. Revenue for advance payment is recognized when the performance obligation has been satisfied and control has transferred to the customer, which is generally upon shipment. Deferred revenue is usually recognized within a year or less from the date of the customer’s advance payment. At September 30, 2019 and December 31, 2018 , $11.0 million and $11.8 million , respectively, of deferred revenue was recorded as a component of other current liabilities in the Condensed Consolidated Balance Sheets. WESCO’s revenues are adjusted for variable consideration, which includes customer volume rebates, returns, and discounts. WESCO measures variable consideration by estimating expected outcomes using analysis and inputs based upon anticipated performance, historical data, as well as current and forecasted information. Measurement and recognition of variable consideration is reviewed by management on a monthly basis and revenue is adjusted accordingly. Variable consideration reduced revenue for the three months ended September 30, 2019 and 2018 by approximately $26.3 million and $25.1 million , respectively, and by approximately $80.1 million and $74.5 million for the nine months ended September 30, 2019 and 2018 , respectively. Shipping and handling costs are recognized in net sales when they are billed to the customer. These costs are recognized as a component of selling, general and administrative expenses when WESCO does not bill the customer. WESCO has elected to recognize shipping and handling costs as a fulfillment cost. Shipping and handling costs recorded as a component of selling, general and administrative expenses totaled $17.6 million and $18.8 million for the three months ended September 30, 2019 and 2018 , respectively, and $52.8 million and $55.6 million for the nine months ended September 30, 2019 and 2018 , respectively. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | . STOCK-BASED COMPENSATION WESCO’s stock-based employee compensation plans are comprised of stock-settled stock appreciation rights, restricted stock units and performance-based awards. Compensation cost for all stock-based awards is measured at fair value on the date of grant and compensation cost is recognized, net of estimated forfeitures, over the service period for awards expected to vest. The fair value of stock-settled stock appreciation rights and performance-based awards with market conditions is determined using the Black-Scholes and Monte Carlo simulation models, respectively. The fair value of restricted stock units and performance-based awards with performance conditions is determined by the grant-date closing price of WESCO’s common stock. The forfeiture assumption is based on WESCO’s historical employee behavior that is reviewed on an annual basis. No dividends are assumed. For stock-settled stock appreciation rights that are exercised and for restricted stock units and performance-based awards that vest, shares are issued out of WESCO's outstanding common stock. Stock-settled stock appreciation rights vest ratably over a three-year period and terminate on the tenth anniversary of the grant date unless terminated sooner under certain conditions. Vesting of restricted stock units is based on a minimum time period of three years. Vesting of performance-based awards is based on a three-year performance period, and the number of shares earned, if any, depends on the attainment of certain performance levels. Outstanding awards would vest upon the consummation of a change in control transaction and performance-based awards would vest at the target level. Performance-based awards granted in 2019 were based on two equally-weighted performance measures: the three-year average growth rate of WESCO's net income and the three-year cumulative return on net assets. Performance-based awards granted in 2018 were based on two equally-weighted performance measures: the three-year average growth rate of the Company’s fully diluted earnings per share and the three-year cumulative return on net assets. From 2015 to 2017, the two equally-weighted performance-based award metrics were the three-year average growth rate of WESCO's net income and WESCO's total stockholder return in relation to the total stockholder return of a select group of peer companies over a three-year period. During the three and nine months ended September 30, 2019 and 2018 , WESCO granted the following stock-settled stock appreciation rights, restricted stock units and performance-based awards at the following weighted-average fair values: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Stock-settled stock appreciation rights granted — 9,415 213,618 509,046 Weighted-average fair value $ — $ 17.40 $ 16.36 $ 18.38 Restricted stock units granted 6,256 2,686 181,800 119,457 Weighted-average fair value $ 47.95 $ 61.41 $ 54.41 $ 62.72 Performance-based awards granted — — 126,874 44,144 Weighted-average fair value $ — $ — $ 54.64 $ 62.80 The fair value of stock-settled stock appreciation rights was estimated using the following weighted-average assumptions: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Risk free interest rate n/a 2.8 % 2.5 % 2.5 % Expected life (in years) n/a 5 5 5 Expected volatility n/a 28 % 29 % 28 % The risk-free interest rate is based on the U.S. Treasury Daily Yield Curve as of the grant date. The expected life is based on historical exercise experience and the expected volatility is based on the volatility of the Company's daily stock prices over a five-year period preceding the grant date. The following table sets forth a summary of stock-settled stock appreciation rights and related information for the nine months ended September 30, 2019 : Awards Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (In years) Aggregate Intrinsic Value (In thousands) Outstanding at December 31, 2018 2,351,633 $ 59.26 Granted 213,618 54.63 Exercised (108,022 ) 34.84 Forfeited (87,351 ) 65.96 Outstanding at September 30, 2019 2,369,878 59.71 5.8 $ 4,948 Exercisable at September 30, 2019 1,749,201 $ 59.00 4.9 $ 4,948 The following table sets forth a summary of time-based restricted stock units and related information for the nine months ended September 30, 2019 : Awards Weighted- Average Fair Value Unvested at December 31, 2018 327,798 $ 57.87 Granted 181,800 54.41 Vested (118,560 ) 44.58 Forfeited (17,736 ) 59.57 Unvested at September 30, 2019 373,302 $ 60.25 Performance shares are awards for which the vesting will occur based on market or performance conditions. The following table sets forth a summary of performance-based awards for the nine months ended September 30, 2019 : Awards Weighted- Average Fair Value Unvested at December 31, 2018 138,896 $ 59.33 Granted 126,874 54.64 Vested (25,696 ) 42.44 Forfeited (44,769 ) 52.15 Unvested at September 30, 2019 195,305 $ 60.24 The unvested performance-based awards in the table above include 17,507 shares in which vesting of the ultimate number of shares is dependent upon WESCO's total stockholder return in relation to the total stockholder return of a select group of peer companies over a three-year period. These awards are accounted for as awards with market conditions; compensation cost is recognized over the service period, regardless of whether the market conditions are achieved and the awards ultimately vest. Vesting of the remaining 177,798 shares of performance-based awards in the table above is dependent upon the achievement of certain performance targets, including 77,856 that are dependent upon the three-year average growth rate of WESCO's net income, 19,797 that are dependent upon the three-year average growth rate of the Company's fully diluted earnings per share, and 80,145 that are based upon the three-year cumulative return on net assets. These awards are accounted for as awards with performance conditions; compensation cost is recognized over the performance period based upon WESCO's determination of whether it is probable that the performance targets will be achieved. WESCO recognized $4.4 million and $4.1 million of non-cash stock-based compensation expense, which is included in selling, general and administrative expenses, for the three months ended September 30, 2019 and 2018 , respectively. WESCO recognized $14.2 million and $12.1 million of non-cash stock-based compensation expense, which is included in selling, general and administrative expenses, for the nine months ended September 30, 2019 and 2018 , respectively. As of September 30, 2019 , there was $24.9 million of total unrecognized compensation cost related to non-vested stock-based compensation arrangements for all awards previously made, of which approximately $4.8 million is expected to be recognized over the remainder of 2019 , $12.7 million in 2020 , $6.7 million in 2021 and $0.7 million in 2022 . |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | 8. EARNINGS PER SHARE Basic earnings per share is computed by dividing net income attributable to WESCO International by the weighted-average number of common shares outstanding during the periods. Diluted earnings per share is computed by dividing net income attributable to WESCO International by the weighted-average common shares and common share equivalents outstanding during the periods. The dilutive effect of common share equivalents is considered in the diluted earnings per share computation using the treasury stock method, which includes consideration of equity awards. The following table sets forth the details of basic and diluted earnings per share: Three Months Ended Nine Months Ended September 30 September 30 (In thousands, except per share data) 2019 2018 2019 2018 Net income attributable to WESCO International $ 64,495 $ 66,849 $ 170,329 $ 169,210 Weighted-average common shares outstanding used in computing basic earnings per share 42,100 47,010 43,545 47,044 Common shares issuable upon exercise of dilutive equity awards 278 476 355 503 Weighted-average common shares outstanding and common share equivalents used in computing diluted earnings per share 42,378 47,486 43,900 47,547 Earnings per share attributable to WESCO International Basic $ 1.53 $ 1.42 $ 3.91 $ 3.60 Diluted $ 1.52 $ 1.41 $ 3.88 $ 3.56 For the three and nine months ended September 30, 2019 , the computation of diluted earnings per share attributable to WESCO International excluded approximately 1.8 million of stock-based awards. For the three and nine months ended September 30, 2018 , the computation of diluted earnings per share attributable to WESCO International excluded stock-based awards of approximately 1.7 million and 1.5 million , respectively. These amounts were excluded because their effect would have been antidilutive. In December 2017, the Company's Board of Directors authorized the repurchase of up to $300 million of the Company's common stock through December 31, 2020 . In October 2018, the Board approved an increase to this repurchase authorization from $300 million to $400 million . On May 7, 2019 , the Company entered into an accelerated stock repurchase agreement with a financial institution to repurchase additional shares of its common stock. In exchange for an up-front cash payment of $150.0 million , the Company received a total of 3,090,312 shares, of which 695,496 were received during the three months ended September 30, 2019 . WESCO funded the repurchase primarily with borrowings under its accounts receivable securitization facility. For the nine months ended September 30, 2019 , the Company received a total of 3,455,584 shares, of which 365,272 were received upon the settlement of an accelerated stock repurchase agreement entered into on November 6, 2018. The total number of shares ultimately delivered under an accelerated stock repurchase transaction is determined by the average of the volume-weighted-average price of the Company's common stock for each exchange business day during the respective settlement valuation periods. For purposes of computing earnings per share for the three and nine months ended September 30, 2019 , share repurchases have been reflected as a reduction to common shares outstanding on the respective delivery dates. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 9 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFIT PLANS | . EMPLOYEE BENEFIT PLANS A majority of WESCO’s employees are covered by defined contribution retirement savings plans for their services rendered subsequent to WESCO’s formation. WESCO also offers a deferred compensation plan for select individuals. For U.S. participants, WESCO matches contributions made by employees at an amount equal to 50% of participants' total monthly contributions up to a maximum of 6% of eligible compensation. For Canadian participants, WESCO makes contributions in amounts ranging from 3% to 5% of participants' eligible compensation based on years of continuous service. WESCO may also make, subject to the Board of Directors' approval, a discretionary contribution to the defined contribution retirement savings plan covering U.S. participants if certain predetermined profit levels are attained. For the nine months ended September 30, 2019 and 2018 , WESCO incurred charges of $24.7 million and $33.5 million , respectively, for all such plans. Contributions are made in cash to employee retirement savings plan accounts. The deferred compensation plan is an unfunded plan. As of September 30, 2019 and December 31, 2018 , the Company's obligation under the deferred compensation plan was $23.8 million and $21.9 million , respectively. Employees have the option to transfer balances allocated to their accounts in the defined contribution retirement savings plan and the deferred compensation plan into any of the available investment options. The Company sponsors a contributory defined benefit plan covering substantially all Canadian employees of EECOL and a Supplemental Executive Retirement Plan (the "SERP") for certain executives of EECOL. During the three and nine months ended September 30, 2019 , the Company contributed $0.1 million and $0.3 million , respectively, to the SERP. The following table sets forth the components of net periodic benefit costs for the defined benefit plans: Three Months Ended Nine Months Ended September 30 September 30 (In thousands) 2019 2018 2019 2018 Service cost $ 1,158 $ 1,296 $ 3,446 $ 3,955 Interest cost 1,098 1,026 3,267 3,131 Expected return on plan assets (1,433 ) (1,482 ) (4,265 ) (4,522 ) Recognized actuarial gain (16 ) (11 ) (47 ) (35 ) Net periodic benefit cost $ 807 $ 829 $ 2,401 $ 2,529 The service cost of $1.2 million and $1.3 million for the three months ended September 30, 2019 and 2018 , respectively, and $3.4 million and $4.0 million for the nine months ended September 30, 2019 and 2018 , respectively, was reported as a component of selling, general and administrative expenses. The other components of net periodic benefit cost totaling a net benefit of $0.4 million and $0.5 million for the three months ended September 30, 2019 and 2018 , respectively, and $1.0 million and $1.4 million for the nine months ended September 30, 2019 and 2018 , respectively, were presented as a component of net interest and other. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 12. COMMITMENTS AND CONTINGENCIES From time to time, a number of lawsuits and claims have been or may be asserted against the Company relating to the conduct of its business, including litigation relating to commercial, product and employment matters. The outcome of any litigation cannot be predicted with certainty, and some lawsuits may be determined adversely to WESCO. However, management does not believe that the ultimate outcome of any such pending matters is likely to have a material adverse effect on WESCO's financial condition or liquidity, although the resolution in any fiscal period of one or more of these matters may have a material adverse effect on WESCO's results of operations for that period. In an effort to expand the Company's footprint in the Middle East, WESCO has been doing business since 2009 with WESTEC Supplies General Trading (“WESTEC”), an industrial equipment supplier headquartered in the United Arab Emirates. WESTEC has a line of credit with a maximum borrowing capacity of approximately $6.8 million to support its working capital requirements and joint sales efforts with WESCO. Due to the nature of WESCO’s arrangement with WESTEC, WESCO has provided a standby letter of credit under its revolving credit facility of up to $7.3 million as security for WESTEC’s line of credit. As of September 30, 2019 , WESTEC had an outstanding loan balance of $6.4 million . Management currently believes the estimated fair value of the noncontingent guarantee on the line of credit is nominal and therefore a liability has not been recorded as of September 30, 2019 . |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 13. INCOME TAXES The effective tax rate for the three and nine months ended September 30, 2019 was 19.8% and 21.0% , respectively. The effective tax rate for the three and nine months ended September 30, 2018 was 17.2% and 19.3% , respectively. WESCO’s effective tax rate is typically impacted by the tax effect of intercompany financing, foreign tax rate differences, nondeductible expenses and state income taxes. The effective tax rates for the current year periods are higher than the prior year periods primarily due to the full application of the international provisions of U.S. tax reform, as well as the discrete effect of accruing taxes attributable to the undistributed earnings of operations in China that are expected to be remitted in the future. The total amount of unrecognized tax benefits was reduced from $1.3 million to $0.1 million during the nine months ended September 30, 2019 due to the resolution of transfer pricing matters associated with the Canadian taxing authority. |
OTHER FINANCIAL INFORMATION
OTHER FINANCIAL INFORMATION | 9 Months Ended |
Sep. 30, 2019 | |
Condensed Financial Information [Abstract] | |
OTHER FINANCIAL INFORMATION | 14. 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, 2019 (In thousands) WESCO International, Inc. WESCO Distribution, Inc. Non-Guarantor Subsidiaries Consolidating and Eliminating Entries Consolidated Cash and cash equivalents $ — $ 37,889 $ 100,271 $ — $ 138,160 Trade accounts receivable, net — — 1,315,026 — 1,315,026 Inventories — 437,470 524,527 — 961,997 Prepaid expenses and other current assets 1,123 27,376 136,719 (1,921 ) 163,297 Total current assets 1,123 502,735 2,076,543 (1,921 ) 2,578,480 Intercompany receivables, net — — 2,543,978 (2,543,978 ) — Property, buildings and equipment, net — 76,980 97,479 — 174,459 Operating lease assets — 146,247 91,005 — 237,252 Intangible assets, net — 1,658 291,835 — 293,493 Goodwill — 257,623 1,488,448 — 1,746,071 Investments in affiliates 3,383,537 5,318,786 — (8,702,323 ) — Other assets — 854 16,802 — 17,656 Total assets $ 3,384,660 $ 6,304,883 $ 6,606,090 $ (11,248,222 ) $ 5,047,411 Accounts payable $ — $ 418,502 $ 431,082 $ — $ 849,584 Short-term debt — — 25,561 — 25,561 Other current liabilities — 69,505 161,795 (1,921 ) 229,379 Total current liabilities — 488,007 618,438 (1,921 ) 1,104,524 Intercompany payables, net 1,191,542 1,352,436 — (2,543,978 ) — Long-term debt, net — 856,992 489,341 — 1,346,333 Operating lease liabilities — 116,336 65,708 — 182,044 Other noncurrent liabilities — 107,575 120,225 — 227,800 Total WESCO International stockholders' equity 2,193,118 3,383,537 5,318,786 (8,702,323 ) 2,193,118 Noncontrolling interests — — (6,408 ) — (6,408 ) Total liabilities and stockholders’ equity $ 3,384,660 $ 6,304,883 $ 6,606,090 $ (11,248,222 ) $ 5,047,411 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 September 30, 2019 (In thousands) WESCO International, Inc. WESCO Distribution, Inc. Non-Guarantor Subsidiaries Consolidating and Eliminating Entries Consolidated Net sales $ — $ 939,909 $ 1,244,847 $ (36,646 ) $ 2,148,110 Cost of goods sold (excluding depreciation and amortization) — 768,200 1,016,359 (36,646 ) 1,747,913 Selling, general and administrative expenses — 146,925 143,927 — 290,852 Depreciation and amortization — 4,834 10,778 — 15,612 Results of affiliates’ operations 64,339 58,725 — (123,064 ) — Net interest and other — 12,944 564 — 13,508 Income tax expense — 1,392 14,494 — 15,886 Net income 64,339 64,339 58,725 (123,064 ) 64,339 Net loss attributable to noncontrolling interests — — (156 ) — (156 ) Net income attributable to WESCO International $ 64,339 $ 64,339 $ 58,881 $ (123,064 ) $ 64,495 Other comprehensive income: Foreign currency translation adjustments (16,856 ) (16,856 ) (16,856 ) 33,712 (16,856 ) Comprehensive income attributable to WESCO International $ 47,483 $ 47,483 $ 42,025 $ (89,352 ) $ 47,639 Condensed Consolidating Statement of Income and Comprehensive Income Nine Months Ended September 30, 2019 (In thousands) WESCO International, Inc. WESCO Distribution, Inc. Non-Guarantor Subsidiaries Consolidating and Eliminating Entries Consolidated Net sales $ — $ 2,736,224 $ 3,643,193 $ (119,952 ) $ 6,259,465 Cost of goods sold (excluding depreciation and amortization) — 2,220,792 2,966,959 (119,952 ) 5,067,799 Selling, general and administrative expenses — 445,487 437,735 — 883,222 Depreciation and amortization — 13,861 32,174 — 46,035 Results of affiliates’ operations 169,505 155,100 — (324,605 ) — Net interest and other — 37,856 10,078 — 47,934 Income tax expense — 3,823 41,147 — 44,970 Net income 169,505 169,505 155,100 (324,605 ) 169,505 Net loss attributable to noncontrolling interests — — (824 ) — (824 ) Net income attributable to WESCO International $ 169,505 $ 169,505 $ 155,924 $ (324,605 ) $ 170,329 Other comprehensive income: Foreign currency translation adjustments 25,905 25,905 25,905 (51,810 ) 25,905 Comprehensive income attributable to WESCO International $ 195,410 $ 195,410 $ 181,829 $ (376,415 ) $ 196,234 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 Cash Flows Nine Months Ended September 30, 2019 (In thousands) WESCO International, Inc. WESCO Distribution, Inc. Non-Guarantor Subsidiaries Consolidating and Eliminating Entries Consolidated Net cash provided by (used in) operating activities $ 9,480 $ 210,707 $ (103,523 ) $ — $ 116,664 Investing activities: Capital expenditures — (13,269 ) (17,054 ) — (30,323 ) Acquisition payments — (27,742 ) — — (27,742 ) Dividends received from subsidiaries — 67,065 — (67,065 ) — Other — (210,320 ) 4,575 210,320 4,575 Net cash used in investing activities — (184,266 ) (12,479 ) 143,255 (53,490 ) Financing activities: Borrowings 143,255 333,418 856,464 (210,320 ) 1,122,817 Repayments — (344,167 ) (630,263 ) — (974,430 ) Repurchases of common stock (152,735 ) — — — (152,735 ) Dividends paid by subsidiaries — — (67,065 ) 67,065 — Other — (13,734 ) — — (13,734 ) Net cash (used in) provided by financing activities (9,480 ) (24,483 ) 159,136 (143,255 ) (18,082 ) Effect of exchange rate changes on cash and cash equivalents — — (3,275 ) — (3,275 ) Net change in cash and cash equivalents — 1,958 39,859 — 41,817 Cash and cash equivalents at the beginning of period — 35,931 60,412 — 96,343 Cash and cash equivalents at the end of period $ — $ 37,889 $ 100,271 $ — $ 138,160 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 |
Subsequent Events SUBSEQUENT EV
Subsequent Events SUBSEQUENT EVENTS (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 15. SUBSEQUENT EVENTS The Company evaluated subsequent events and concluded that no subsequent events have occurred that would require recognition in the unaudited Condensed Consolidated Financial Statements or disclosure in the Notes thereto. |
Debt (Notes)
Debt (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Instrument [Line Items] | |
Debt Disclosure [Text Block] | 9. DEBT Revolving Credit Facility On September 26, 2019, WESCO International, WESCO Distribution and certain other subsidiaries of the Company entered into a $600 million revolving credit facility (the “Revolving Credit Facility”) as a replacement of its existing revolving credit facility entered into on September 24, 2015. The Revolving Credit Facility contains a letter of credit sub-facility of up to $125 million, pursuant to the terms and conditions of a Third Amended and Restated Credit Agreement, dated as of September 26, 2019 (the “Credit Agreement”). The Revolving Credit Facility contains an accordion feature allowing WESCO Distribution to request increases to the borrowing commitments under the Revolving Credit Facility of up to $200 million in the aggregate, subject to customary conditions. The Revolving Credit Facility matures in September 2024 and is collateralized by (i) substantially all assets of WESCO Distribution and its subsidiaries which are party to the Credit Agreement, other than, among other things, real property and accounts receivable sold or intended to be sold pursuant to WESCO Distribution’s accounts receivable securitization facility, and (ii) substantially all assets of WESCO Canada and the other Canadian Borrowers, other than, among other things, real property, in each case, subject to customary exceptions and limitations. The obligations of WESCO Distribution and the other U.S. Borrowers under the Revolving Credit Facility have been guaranteed by the Company and certain of WESCO Distribution’s subsidiaries. The obligations of WESCO Canada and the other Canadian Borrowers under the Revolving Credit Facility have been guaranteed by certain subsidiaries of WESCO Canada and the other Canadian Borrowers. The applicable interest rate for borrowings under the Revolving Credit Facility includes interest rate spreads based on available borrowing capacity that range between 1.25% and 1.50% for LIBOR-based borrowings and 0.25% and 0.50% for prime rate-based borrowings. The Credit Agreement requires compliance with conditions precedent that must be satisfied prior to any borrowing as well as ongoing compliance with certain customary affirmative and negative covenants. The Credit Agreement contains customary events of default. Accounts Receivable Securitization Facility On September 26, 2019, WESCO Distribution amended its accounts receivable securitization facility (the “Receivables Facility”) pursuant to the terms and conditions of a Ninth Amendment to the Fourth Amended and Restated Receivables Purchase Agreement, dated as of September 26, 2019 (the “Receivables Amendment”), by and among WESCO Receivables Corp. (“WESCO Receivables”), WESCO Distribution, the various purchaser groups from time to time party thereto and PNC Bank, National Association, as Administrator. The Receivables Amendment amends the amended and restated receivables purchase agreement entered into on September 24, 2015 (the “Existing Receivables Purchase Agreement” and as amended by the Receivables Amendment, the “Receivables Purchase Agreement”). The Receivables Amendment increased the purchase limit under the Existing Receivables Purchase Agreement from $550 million to $600 million , with the opportunity to exercise an accordion feature which permits increases in the purchase limit of up to $200 million , extended the term of the Receivables Facility to September 26, 2022 and added and amended certain defined terms. The interest rate spread and commitment fee of the Receivables Facility remains 0.95% and 0.45% , respectively. Under the Receivables Facility, WESCO sells, on a continuous basis, an undivided interest in all domestic accounts receivable to WESCO Receivables, a wholly owned special purpose entity (the “SPE”). The SPE sells, without recourse, a senior undivided interest in the receivables to financial institutions for cash while maintaining a subordinated undivided interest in the receivables, in the form of overcollateralization. Since WESCO maintains control of the transferred receivables, the transfers do not qualify for “sale” treatment. As a result, the transferred receivables remain on the balance sheet, and WESCO recognizes the related secured borrowing. WESCO has agreed to continue servicing the sold receivables for the third-party conduits and financial institutions at market rates; accordingly, no servicing asset or liability has been recorded. |
GOODWILL (Notes)
GOODWILL (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill [Line Items] | |
Goodwill Disclosure [Text Block] | 6. GOODWILL The following table sets forth the changes in the carrying value of goodwill: Nine Months Ended September 30 (In thousands) 2019 Beginning balance January 1 $ 1,722,603 Foreign currency exchange rate changes 17,522 Additions to goodwill for acquisitions 5,946 Ending balance September 30 $ 1,746,071 |
NET INTEREST AND OTHER (Notes)
NET INTEREST AND OTHER (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Other Income and Expenses [Abstract] | |
Other Nonoperating Income and Expense [Text Block] | 11. FAIR VALUE OF FINANCIAL INSTRUMENTS The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, bank overdrafts, and outstanding indebtedness. The Company uses a market approach to determine the fair value of its debt instruments, utilizing quoted prices in active markets, interest rates and other relevant information generated by market transactions involving similar instruments. Therefore, the inputs used to measure the fair value of the Company's debt instruments are classified as Level 2 within the fair value hierarchy. The reported carrying amounts of WESCO's financial instruments approximated their fair values as of September 30, 2019 and December 31, 2018 . |
LEASES (Notes)
LEASES (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | 4. LEASES WESCO leases real estate, automobiles, trucks and other equipment. The determination of whether an arrangement is, or contains, a lease is performed at the inception of the arrangement. Classification and initial measurement of the right-of-use asset and lease liability are determined at the lease commencement date. The Company elected the short-term lease measurement and recognition exemption; therefore, leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company's arrangements include certain non-lease components such as common area and other maintenance for leased real estate, as well as mileage, fuel and maintenance costs related to leased automobiles and trucks. WESCO accounts for these nonlease components separately from the associated lease components. The Company does not guarantee any residual value in its lease agreements, and there are no material restrictions or covenants imposed by lease arrangements. Real estate leases typically include one or more options to extend the lease. The Company regularly evaluates the renewal options, and when they are reasonably certain of exercise, the Company includes the renewal period in its lease term. The Company uses the interest rate implicit in its leases to discount lease payments at the lease commencement date. When the implicit rate is not readily available, the Company uses its incremental borrowing rate. The Company's finance leases, which are recorded in the Condensed Consolidated Balance Sheet as of September 30, 2019 as a component of property, buildings and equipment, current portion of long-term debt and long-term debt, are not material to the consolidated financial statements and notes thereto. Accordingly, finance leases have not been disclosed herein. The following table sets forth supplemental balance sheet information related to operating leases for the period presented: As of (In thousands) September 30, 2019 Operating lease assets $ 237,252 Current operating lease liabilities 61,114 Noncurrent operating lease liabilities 182,044 Total operating lease liabilities $ 243,158 The following table sets forth the Company's total lease cost, which is recorded as a component of selling, general and administrative expenses, for the periods presented: Three Months Ended Nine Months Ended September 30 September 30 (In thousands) 2019 2019 Operating lease cost $ 18,605 $ 54,879 Short-term lease cost 23 56 Variable lease cost 5,335 17,119 Total lease cost $ 23,963 $ 72,054 Variable lease cost consists of the non-lease components described above, as well as taxes and insurance for WESCO's leased real estate. The following table sets forth supplemental cash flow information related to operating leases for the period presented: Nine Months Ended September 30 (In thousands) 2019 Operating cash flows from operating leases $ 48,484 Right-of-use assets obtained in exchange for new operating lease liabilities 48,622 As of September 30, 2019 , the weighted-average remaining lease term for operating leases was 5.4 years and the weighted-average discount rate used to measure operating lease assets and liabilities was 4.6% . The following table sets forth the maturities of the Company's operating lease liabilities and reconciles the respective undiscounted payments to the operating lease liabilities in the Condensed Consolidated Balance Sheet as of September 30, 2019 : (In thousands) 2019 $ 18,464 2020 68,791 2021 58,134 2022 44,780 2023 34,872 Thereafter 51,749 Total undiscounted operating lease payments 276,790 Less: interest (33,632 ) Total operating lease liabilities $ 243,158 The following table sets forth the future minimum rental payments for operating leases accounted for in accordance with Accounting Standards Codification Topic 840, Leases , as of December 31, 2018 : Years ending December 31 (In thousands) 2019 $ 71,640 2020 59,594 2021 47,264 2022 34,490 2023 24,493 Thereafter 40,302 |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements of WESCO have been prepared in accordance with Rule 10-01 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). The unaudited condensed consolidated financial information should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto included in WESCO’s 2018 Annual Report on Form 10-K as filed with the SEC on February 27, 2019. The Condensed Consolidated Balance Sheet at December 31, 2018 was derived from the audited Consolidated Financial Statements as of that date, but does not include all of the disclosures required by accounting principles generally accepted in the United States of America. The unaudited Condensed Consolidated Balance Sheet as of September 30, 2019 , the unaudited Condensed Consolidated Statements of Income and Comprehensive Income, and the unaudited Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2019 and 2018 , and the unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018 , respectively, in the opinion of management, have been prepared on the same basis as the audited Consolidated Financial Statements and include all adjustments necessary for the fair statement of the results of the interim periods presented herein. All adjustments reflected in the unaudited condensed consolidated financial information are of a normal recurring nature unless indicated. The results for the interim periods presented herein are not necessarily indicative of the results to be expected for the full year. |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Recently Adopted Accounting Pronouncements Effective January 1, 2019, WESCO adopted Accounting Standards Update (ASU) 2016-02, Leases , and all the related amendments (“Topic 842”), a comprehensive new standard that amended various aspects of existing accounting guidance for leases. The adoption of Topic 842 resulted in the recognition of right-of-use assets and lease liabilities for operating leases of approximately $240 million and $245 million , respectively, in the Consolidated Balance Sheet as of January 1, 2019, most of which relate to real estate. The adoption of Topic 842 did not have a material impact on the Consolidated Statements of Income and Comprehensive Income or Consolidated Statements of Cash Flows for the three and nine months ended September 30, 2019 , respectively. The Company used the optional effective date transition method and therefore did not adjust the prior comparative periods presented herein. There was no cumulative-effect adjustment to beginning retained earnings as a result of using this method. In addition, the Company elected the package of practical expedients that allowed the adoption of Topic 842 without reassessing arrangements that commenced prior to the effective date. Additional qualitative and quantitative information about the Company's leases is disclosed in Note 4. |
Reclassifications [Text Block] | Reclassifications The Condensed Consolidated Statement of Cash Flows for the nine months ended September 30, 2018 includes certain reclassifications to previously reported amounts to conform to the current period presentation. |
Fair Value of Financial Instruments | 11. FAIR VALUE OF FINANCIAL INSTRUMENTS The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, bank overdrafts, and outstanding indebtedness. The Company uses a market approach to determine the fair value of its debt instruments, utilizing quoted prices in active markets, interest rates and other relevant information generated by market transactions involving similar instruments. Therefore, the inputs used to measure the fair value of the Company's debt instruments are classified as Level 2 within the fair value hierarchy. The reported carrying amounts of WESCO's financial instruments approximated their fair values as of September 30, 2019 and December 31, 2018 . |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which introduces new guidance for the accounting for credit losses on certain financial instruments. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. Management is currently evaluating the impact of adopting this ASU, but does not expect that it will have a material impact on its consolidated financial statements and notes thereto. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement , which amends the disclosure requirements for recurring and nonrecurring fair value measurements by removing, modifying and adding certain disclosures. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management does not expect the adoption of this accounting standard to have a material impact on its consolidated financial statements and notes thereto. In August 2018, the FASB issued ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans , which amends the disclosure requirements for all employers that sponsor defined benefit pension and other post retirement plans by removing and adding certain disclosures. The amendments in this ASU are effective for fiscal years ending after December 15, 2020. Early adoption is permitted. Management does not expect the adoption of this accounting standard to have a material impact on its consolidated financial statements and notes thereto. Other pronouncements issued by the FASB or other authoritative accounting standards groups with future effective dates are either not applicable or are not expected to be significant to WESCO’s financial position, results of operations or cash flows. |
COMMITMENTS AND CONTINGENCIES G
COMMITMENTS AND CONTINGENCIES Guarantee (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Guarantees and Product Warranties [Abstract] | |
Guarantees [Text Block] | In an effort to expand the Company's footprint in the Middle East, WESCO has been doing business since 2009 with WESTEC Supplies General Trading (“WESTEC”), an industrial equipment supplier headquartered in the United Arab Emirates. WESTEC has a line of credit with a maximum borrowing capacity of approximately $6.8 million to support its working capital requirements and joint sales efforts with WESCO. Due to the nature of WESCO’s arrangement with WESTEC, WESCO has provided a standby letter of credit under its revolving credit facility of up to $7.3 million as security for WESTEC’s line of credit. As of September 30, 2019 , WESTEC had an outstanding loan balance of $6.4 million . Management currently believes the estimated fair value of the noncontingent guarantee on the line of credit is nominal and therefore a liability has not been recorded as of September 30, 2019 . |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Acquisitions [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Nine Months Ended September 30 2019 (In thousands) Fair value of assets acquired $ 36,188 Fair value of liabilities assumed 8,446 Cash paid for acquisitions $ 27,742 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | During the three and nine months ended September 30, 2019 and 2018 , WESCO granted the following stock-settled stock appreciation rights, restricted stock units and performance-based awards at the following weighted-average fair values: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Stock-settled stock appreciation rights granted — 9,415 213,618 509,046 Weighted-average fair value $ — $ 17.40 $ 16.36 $ 18.38 Restricted stock units granted 6,256 2,686 181,800 119,457 Weighted-average fair value $ 47.95 $ 61.41 $ 54.41 $ 62.72 Performance-based awards granted — — 126,874 44,144 Weighted-average fair value $ — $ — $ 54.64 $ 62.80 |
Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity [Table Text Block] | The following table sets forth a summary of stock-settled stock appreciation rights and related information for the nine months ended September 30, 2019 : Awards Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (In years) Aggregate Intrinsic Value (In thousands) Outstanding at December 31, 2018 2,351,633 $ 59.26 Granted 213,618 54.63 Exercised (108,022 ) 34.84 Forfeited (87,351 ) 65.96 Outstanding at September 30, 2019 2,369,878 59.71 5.8 $ 4,948 Exercisable at September 30, 2019 1,749,201 $ 59.00 4.9 $ 4,948 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | The following table sets forth a summary of time-based restricted stock units and related information for the nine months ended September 30, 2019 : Awards Weighted- Average Fair Value Unvested at December 31, 2018 327,798 $ 57.87 Granted 181,800 54.41 Vested (118,560 ) 44.58 Forfeited (17,736 ) 59.57 Unvested at September 30, 2019 373,302 $ 60.25 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | The following table sets forth a summary of performance-based awards for the nine months ended September 30, 2019 : Awards Weighted- Average Fair Value Unvested at December 31, 2018 138,896 $ 59.33 Granted 126,874 54.64 Vested (25,696 ) 42.44 Forfeited (44,769 ) 52.15 Unvested at September 30, 2019 195,305 $ 60.24 |
Stock Appreciation Rights (SARs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The fair value of stock-settled stock appreciation rights was estimated using the following weighted-average assumptions: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Risk free interest rate n/a 2.8 % 2.5 % 2.5 % Expected life (in years) n/a 5 5 5 Expected volatility n/a 28 % 29 % 28 % |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the details of basic and diluted earnings per share: Three Months Ended Nine Months Ended September 30 September 30 (In thousands, except per share data) 2019 2018 2019 2018 Net income attributable to WESCO International $ 64,495 $ 66,849 $ 170,329 $ 169,210 Weighted-average common shares outstanding used in computing basic earnings per share 42,100 47,010 43,545 47,044 Common shares issuable upon exercise of dilutive equity awards 278 476 355 503 Weighted-average common shares outstanding and common share equivalents used in computing diluted earnings per share 42,378 47,486 43,900 47,547 Earnings per share attributable to WESCO International Basic $ 1.53 $ 1.42 $ 3.91 $ 3.60 Diluted $ 1.52 $ 1.41 $ 3.88 $ 3.56 |
EMPLOYEE BENEFIT PLANS Schedule
EMPLOYEE BENEFIT PLANS Schedule of Net Benefit Costs (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Postemployment Benefits [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | The following table sets forth the components of net periodic benefit costs for the defined benefit plans: Three Months Ended Nine Months Ended September 30 September 30 (In thousands) 2019 2018 2019 2018 Service cost $ 1,158 $ 1,296 $ 3,446 $ 3,955 Interest cost 1,098 1,026 3,267 3,131 Expected return on plan assets (1,433 ) (1,482 ) (4,265 ) (4,522 ) Recognized actuarial gain (16 ) (11 ) (47 ) (35 ) Net periodic benefit cost $ 807 $ 829 $ 2,401 $ 2,529 |
OTHER FINANCIAL INFORMATION (Ta
OTHER FINANCIAL INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Condensed Balance Sheet Statements, Captions [Line Items] | |
Condensed Balance Sheet [Table Text Block] | Condensed Consolidating Balance Sheet September 30, 2019 (In thousands) WESCO International, Inc. WESCO Distribution, Inc. Non-Guarantor Subsidiaries Consolidating and Eliminating Entries Consolidated Cash and cash equivalents $ — $ 37,889 $ 100,271 $ — $ 138,160 Trade accounts receivable, net — — 1,315,026 — 1,315,026 Inventories — 437,470 524,527 — 961,997 Prepaid expenses and other current assets 1,123 27,376 136,719 (1,921 ) 163,297 Total current assets 1,123 502,735 2,076,543 (1,921 ) 2,578,480 Intercompany receivables, net — — 2,543,978 (2,543,978 ) — Property, buildings and equipment, net — 76,980 97,479 — 174,459 Operating lease assets — 146,247 91,005 — 237,252 Intangible assets, net — 1,658 291,835 — 293,493 Goodwill — 257,623 1,488,448 — 1,746,071 Investments in affiliates 3,383,537 5,318,786 — (8,702,323 ) — Other assets — 854 16,802 — 17,656 Total assets $ 3,384,660 $ 6,304,883 $ 6,606,090 $ (11,248,222 ) $ 5,047,411 Accounts payable $ — $ 418,502 $ 431,082 $ — $ 849,584 Short-term debt — — 25,561 — 25,561 Other current liabilities — 69,505 161,795 (1,921 ) 229,379 Total current liabilities — 488,007 618,438 (1,921 ) 1,104,524 Intercompany payables, net 1,191,542 1,352,436 — (2,543,978 ) — Long-term debt, net — 856,992 489,341 — 1,346,333 Operating lease liabilities — 116,336 65,708 — 182,044 Other noncurrent liabilities — 107,575 120,225 — 227,800 Total WESCO International stockholders' equity 2,193,118 3,383,537 5,318,786 (8,702,323 ) 2,193,118 Noncontrolling interests — — (6,408 ) — (6,408 ) Total liabilities and stockholders’ equity $ 3,384,660 $ 6,304,883 $ 6,606,090 $ (11,248,222 ) $ 5,047,411 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 |
OTHER FINANCIAL INFORMATION Con
OTHER FINANCIAL INFORMATION Condensed Income Statement (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Condensed Income Statements, Captions [Line Items] | |
Condensed Income Statement [Table Text Block] | 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 Nine Months Ended September 30, 2019 (In thousands) WESCO International, Inc. WESCO Distribution, Inc. Non-Guarantor Subsidiaries Consolidating and Eliminating Entries Consolidated Net sales $ — $ 2,736,224 $ 3,643,193 $ (119,952 ) $ 6,259,465 Cost of goods sold (excluding depreciation and amortization) — 2,220,792 2,966,959 (119,952 ) 5,067,799 Selling, general and administrative expenses — 445,487 437,735 — 883,222 Depreciation and amortization — 13,861 32,174 — 46,035 Results of affiliates’ operations 169,505 155,100 — (324,605 ) — Net interest and other — 37,856 10,078 — 47,934 Income tax expense — 3,823 41,147 — 44,970 Net income 169,505 169,505 155,100 (324,605 ) 169,505 Net loss attributable to noncontrolling interests — — (824 ) — (824 ) Net income attributable to WESCO International $ 169,505 $ 169,505 $ 155,924 $ (324,605 ) $ 170,329 Other comprehensive income: Foreign currency translation adjustments 25,905 25,905 25,905 (51,810 ) 25,905 Comprehensive income attributable to WESCO International $ 195,410 $ 195,410 $ 181,829 $ (376,415 ) $ 196,234 Condensed Consolidating Statement of Income and Comprehensive Income Three Months Ended September 30, 2019 (In thousands) WESCO International, Inc. WESCO Distribution, Inc. Non-Guarantor Subsidiaries Consolidating and Eliminating Entries Consolidated Net sales $ — $ 939,909 $ 1,244,847 $ (36,646 ) $ 2,148,110 Cost of goods sold (excluding depreciation and amortization) — 768,200 1,016,359 (36,646 ) 1,747,913 Selling, general and administrative expenses — 146,925 143,927 — 290,852 Depreciation and amortization — 4,834 10,778 — 15,612 Results of affiliates’ operations 64,339 58,725 — (123,064 ) — Net interest and other — 12,944 564 — 13,508 Income tax expense — 1,392 14,494 — 15,886 Net income 64,339 64,339 58,725 (123,064 ) 64,339 Net loss attributable to noncontrolling interests — — (156 ) — (156 ) Net income attributable to WESCO International $ 64,339 $ 64,339 $ 58,881 $ (123,064 ) $ 64,495 Other comprehensive income: Foreign currency translation adjustments (16,856 ) (16,856 ) (16,856 ) 33,712 (16,856 ) Comprehensive income attributable to WESCO International $ 47,483 $ 47,483 $ 42,025 $ (89,352 ) $ 47,639 |
OTHER FINANCIAL INFORMATION C_2
OTHER FINANCIAL INFORMATION Condensed Cash Flow Statement (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Condensed Cash Flow Statements, Captions [Line Items] | |
Condensed Cash Flow Statement [Table Text Block] | Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2019 (In thousands) WESCO International, Inc. WESCO Distribution, Inc. Non-Guarantor Subsidiaries Consolidating and Eliminating Entries Consolidated Net cash provided by (used in) operating activities $ 9,480 $ 210,707 $ (103,523 ) $ — $ 116,664 Investing activities: Capital expenditures — (13,269 ) (17,054 ) — (30,323 ) Acquisition payments — (27,742 ) — — (27,742 ) Dividends received from subsidiaries — 67,065 — (67,065 ) — Other — (210,320 ) 4,575 210,320 4,575 Net cash used in investing activities — (184,266 ) (12,479 ) 143,255 (53,490 ) Financing activities: Borrowings 143,255 333,418 856,464 (210,320 ) 1,122,817 Repayments — (344,167 ) (630,263 ) — (974,430 ) Repurchases of common stock (152,735 ) — — — (152,735 ) Dividends paid by subsidiaries — — (67,065 ) 67,065 — Other — (13,734 ) — — (13,734 ) Net cash (used in) provided by financing activities (9,480 ) (24,483 ) 159,136 (143,255 ) (18,082 ) Effect of exchange rate changes on cash and cash equivalents — — (3,275 ) — (3,275 ) Net change in cash and cash equivalents — 1,958 39,859 — 41,817 Cash and cash equivalents at the beginning of period — 35,931 60,412 — 96,343 Cash and cash equivalents at the end of period $ — $ 37,889 $ 100,271 $ — $ 138,160 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 |
GOODWILL (Tables)
GOODWILL (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill [Line Items] | |
Schedule of Goodwill [Table Text Block] | Nine Months Ended September 30 (In thousands) 2019 Beginning balance January 1 $ 1,722,603 Foreign currency exchange rate changes 17,522 Additions to goodwill for acquisitions 5,946 Ending balance September 30 $ 1,746,071 |
REVENUE (Tables)
REVENUE (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following tables disaggregate WESCO’s revenue by end market and geography: Three Months Ended Nine Months Ended September 30 September 30 (In thousands) 2019 2018 2019 2018 Industrial $ 755,129 $ 723,869 $ 2,253,974 $ 2,243,590 Construction 714,589 686,165 2,052,061 2,007,708 Utility 357,527 345,937 1,012,726 998,438 Commercial, Institutional and Government 320,865 311,274 940,704 915,418 Total by end market $ 2,148,110 $ 2,067,245 $ 6,259,465 $ 6,165,154 Three Months Ended Nine Months Ended September 30 September 30 (In thousands) 2019 2018 2019 2018 United States $ 1,601,962 $ 1,525,393 $ 4,679,251 $ 4,571,533 Canada (1) 431,233 429,830 1,230,855 1,234,600 Other International (1) 114,915 112,022 349,359 359,021 Total by geography $ 2,148,110 $ 2,067,245 $ 6,259,465 $ 6,165,154 (1) The prior period has been reclassified to conform to the current period presentation. |
Revenue Recognition, Revenue Reductions [Policy Text Block] | WESCO’s revenues are adjusted for variable consideration, which includes customer volume rebates, returns, and discounts. WESCO measures variable consideration by estimating expected outcomes using analysis and inputs based upon anticipated performance, historical data, as well as current and forecasted information. Measurement and recognition of variable consideration is reviewed by management on a monthly basis and revenue is adjusted accordingly. Variable consideration reduced revenue for the three months ended September 30, 2019 and 2018 by approximately $26.3 million and $25.1 million , respectively, and by approximately $80.1 million and $74.5 million for the nine months ended September 30, 2019 and 2018 , respectively. |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | Three Months Ended Nine Months Ended September 30 September 30 (In thousands) 2019 2019 Operating lease cost $ 18,605 $ 54,879 Short-term lease cost 23 56 Variable lease cost 5,335 17,119 Total lease cost $ 23,963 $ 72,054 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (In thousands) 2019 $ 18,464 2020 68,791 2021 58,134 2022 44,780 2023 34,872 Thereafter 51,749 Total undiscounted operating lease payments 276,790 Less: interest (33,632 ) Total operating lease liabilities $ 243,158 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Years ending December 31 (In thousands) 2019 $ 71,640 2020 59,594 2021 47,264 2022 34,490 2023 24,493 Thereafter 40,302 |
ORGANIZATION (Details)
ORGANIZATION (Details) | Sep. 30, 2019customerscountriesbranches |
Restructuring Cost and Reserve [Line Items] | |
Active customers (in customers) | customers | 70,000 |
Full service branches (in branches) | branches | 500 |
Additional countries (in countries) | countries | 15 |
ORGANIZATION Organization (Deta
ORGANIZATION Organization (Details) | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Distribution Centers | 11 |
ACCOUNTING POLICIES (Details)
ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Accounting Policies [Abstract] | ||||||||
Prepaid expenses and other current assets | $ 80,940 | $ 76,980 | ||||||
Assets, Current | 2,578,480 | 2,385,640 | ||||||
Goodwill | 1,746,071 | 1,722,603 | ||||||
Liabilities and Equity | 5,047,411 | 4,605,036 | ||||||
Other Accrued Liabilities, Current | 160,062 | 105,461 | ||||||
Liabilities, Current | 1,104,524 | 1,061,946 | ||||||
Assets | 5,047,411 | 4,605,036 | ||||||
Deferred Tax Liabilities, Net, Noncurrent | 147,832 | 143,967 | ||||||
Liabilities | 2,860,701 | 2,475,310 | ||||||
Retained earnings | 2,477,259 | $ 2,412,768 | $ 2,349,300 | 2,307,462 | $ 2,249,327 | $ 2,182,486 | $ 2,124,535 | $ 2,079,697 |
Accumulated other comprehensive income | (382,530) | $ (365,674) | $ (385,918) | (408,435) | $ (349,619) | $ (370,105) | $ (341,390) | $ (312,590) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 2,186,710 | $ 2,129,726 |
ACQUISITIONS - ACQUISITIONS (De
ACQUISITIONS - ACQUISITIONS (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019USD ($)branches | Sep. 30, 2018USD ($) | |
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $ 36,188 | |
Business Acquisition, Effective Date of Acquisition | Mar. 5, 2019 | |
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | $ 100,000 | |
Goodwill, Acquired During Period | $ 5,946 | |
Number of Stores | branches | 500 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 8,446 | |
Payments to Acquire Businesses, Gross | $ 27,742 | $ 0 |
SCHEDULE OF SHARE-BASED COMPENS
SCHEDULE OF SHARE-BASED COMPENSATION, STOCK OPTIONS AND STOCK APPRECIATION RIGHTS AWARD ACTIVITY (Details) - Stock Appreciation Rights (SARs) [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 54.63 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 4,948 | $ 4,948 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 59.71 | $ 59.71 | $ 59.26 | ||
Share-based Compensation Arrangement By Share-based Payment Award, Options and Stock Appreciation Rights, Outstanding [Roll Forward] | |||||
Beginning of Year (in shares) | 1,749,201 | 1,749,201 | |||
Grants in Period (in shares) | 0 | 9,415 | 213,618 | 509,046 | |
Exercises in Period (in shares) | 108,022 | ||||
Forfeitures in Period (in shares) | 87,351 | ||||
Weighted Average Exercise Price, Exercises in Period (in dollars per share) | $ 34.84 | ||||
Weighted Average Exercise Price, Forfeitures in Period (in dollars per share) | 65.96 | ||||
Weighted Average Exercise Price, Exercisable (in dollars per share) | $ 59 | $ 59 | |||
Weighted Average Remaining Contractual Term, Outstanding (in years) | 5 years 9 months 18 days | ||||
Weighted Average Remaining Contractual Term, Exercisable (in years) | 4 years 10 months 24 days | ||||
Aggregate Intrinsic Value, Outstanding | $ 4,948 | $ 4,948 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 2,369,878 | 2,369,878 | 2,351,633 |
SCHEDULE OF SHARE-BASED PAYMENT
SCHEDULE OF SHARE-BASED PAYMENT AWARD, VALUATION ASSUMPTIONS (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk free interest rate | 2.80% | 2.50% | 2.50% | |
Expected life (in years) | 5 years | 5 years | 5 years | |
WESCO expected volatility | 28.00% | 29.00% | 28.00% | |
Stock Appreciation Rights (SARs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 0 | 9,415 | 213,618 | 509,046 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0 | $ 17.40 | $ 16.36 | $ 18.38 |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 6,256 | 2,686 | 181,800 | 119,457 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 47.95 | $ 61.41 | $ 54.41 | $ 62.72 |
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 0 | 0 | 126,874 | 44,144 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0 | $ 0 | $ 54.64 | $ 62.80 |
SUMMARY OF RESTRICTED STOCK UNI
SUMMARY OF RESTRICTED STOCK UNITS (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||||
Unvested (in shares) | 373,302 | 373,302 | 327,798 | ||
Granted (in shares) | 6,256 | 2,686 | 181,800 | 119,457 | |
Vested (in shares) | (118,560) | ||||
Forfeited (in shares) | (17,736) | ||||
Unvested, Weighted Average Fair Value (in dollars per share) | $ 60.25 | $ 60.25 | $ 57.87 | ||
Granted, Weighted Average Fair Value (in dollars per share) | $ 47.95 | $ 61.41 | 54.41 | $ 62.72 | |
Vested in Period, Weighted Average Fair Value (in dollars per share) | 44.58 | ||||
Forfeited in Period, Weighted Average Fair Value (in dollars per share) | $ 59.57 |
SUMMARY OF PERFORMANCE-BASED AW
SUMMARY OF PERFORMANCE-BASED AWARDS (Details) - $ / shares | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||||
Unvested (in shares) | 195,305 | 195,305 | 138,896 | ||
Granted (in shares) | 0 | 0 | 126,874 | 44,144 | |
Vested (in shares) | (25,696) | ||||
Forfeited (in shares) | (44,769) | ||||
Unvested, Weighted Average Fair Value (in dollars per share) | $ 60.24 | $ 60.24 | $ 59.33 | ||
Granted, Weighted Average Fair Value (in dollars per share) | $ 0 | $ 0 | 54.64 | $ 62.80 | |
Vested in Period, Weighted Average Fair Value (in dollars per share) | 42.44 | ||||
Forfeited in Period, Weighted Average Fair Value (in dollars per share) | $ 52.15 | ||||
Share-based Compensation Award, Tranche Two [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||||
Unvested (in shares) | 177,798 | 177,798 | |||
Share-based Compensation Award, Tranche Two [Member] | Net Income Growth Rate [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||||
Unvested (in shares) | 77,856 | 77,856 | |||
Share-based Compensation Award, Tranche Two [Member] | Earnings Per Share Growth [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||||
Unvested (in shares) | 80,145 | 80,145 | |||
Share-based Compensation Award, Tranche Two [Member] | Return on Net Assets [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||||
Unvested (in shares) | 19,797 | 19,797 |
SCHEDULE OF SHARE-BASED PAYME_2
SCHEDULE OF SHARE-BASED PAYMENT AWARD, PERFORMANCE-BASED AWARDS, VALUATION ASSUMPTIONS (Details) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
WESCO expected volatility | 28.00% | 29.00% | 28.00% |
Risk free interest rate | 2.80% | 2.50% | 2.50% |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Dec. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based compensation expense | $ 4.4 | $ 4.1 | $ 14.2 | $ 12.1 | ||||
Total unrecognized compensation cost | $ 24.9 | $ 24.9 | ||||||
Share-based Compensation Award, Tranche One [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Performance-based awards outstanding (in shares) | 17,507 | 17,507 | ||||||
Performance-based Awards - Peer Group Total Shareholder Return [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Performance-based awards outstanding (in shares) | 177,798 | 177,798 | ||||||
Scenario, Forecast [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock-based compensation expense | $ 4.8 | $ 0.7 | $ 6.7 | $ 12.7 |
SCHEDULE OF EARNINGS PER SHARE,
SCHEDULE OF EARNINGS PER SHARE, BASIC AND DILUTED (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||||||||
Net income (loss) attributable to WESCO International, Inc. | $ 64,495 | $ 63,464 | $ 42,369 | $ 66,849 | $ 57,940 | $ 44,421 | $ 170,329 | $ 169,210 |
Weighted average common shares outstanding used in computing basic earnings per share (in shares) | 42,100 | 47,010 | 43,545 | 47,044 | ||||
Common shares issuable upon exercise of dilutive stock options (in shares) | 278 | 476 | 355 | 503 | ||||
Weighted average common shares outstanding and common share equivalents used in computing diluted earnings per share (in shares) | 42,378 | 47,486 | 43,900 | 47,547 | ||||
Earnings Per Share, Basic and Diluted [Abstract] | ||||||||
Basic (in dollars per share) | $ 1.53 | $ 1.42 | $ 3.91 | $ 3.60 | ||||
Diluted (in dollars per share) | $ 1.52 | $ 1.41 | $ 3.88 | $ 3.56 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Equity Award [Domain] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1.7 | 1.8 | 1.5 |
EARNINGS PER SHARE Accelerated
EARNINGS PER SHARE Accelerated Share Repurchase (Details) - USD ($) $ in Thousands | 3 Months Ended | 4 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Mar. 07, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accelerated Share Repurchases [Line Items] | |||||||||
Payments for Repurchase of Common Stock | $ (152,735) | $ (27,055) | |||||||
Stock Repurchase Program, Authorized Amount | $ 400,000 | $ 300,000 | |||||||
Treasury Stock, Shares, Acquired | 695,496 | 2,394,816 | 365,272 | 351,821 | 365,272 | 3,455,584 | |||
Stock Repurchase Program Expiration Date | Dec. 31, 2020 | ||||||||
2020 Repurchase Authorization [Member] | |||||||||
Accelerated Share Repurchases [Line Items] | |||||||||
Treasury Stock, Shares, Acquired | 3,090,312 | ||||||||
Treasury Stock, Common [Member] | |||||||||
Accelerated Share Repurchases [Line Items] | |||||||||
Payments for Repurchase of Common Stock | $ (150,000) |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 100 | $ 300 | |||
Schedule of Employee Benefit Plans [Line Items] | |||||
Defined Benefit Plan, Service Cost | 1,158 | $ 1,296 | 3,446 | $ 3,955 | |
Postemployment Benefits, Period Expense | 24,700 | $ 33,500 | |||
Deferred Compensation Liability, Classified, Noncurrent | $ 23,800 | $ 23,800 | $ 21,900 | ||
CANADA | Minimum [Member] | |||||
Schedule of Employee Benefit Plans [Line Items] | |||||
Defined Contribution Plan Employer Matching Contribution Percent | 3.00% | ||||
CANADA | Maximum [Member] | |||||
Schedule of Employee Benefit Plans [Line Items] | |||||
Defined Contribution Plan Employer Matching Contribution Percent | 5.00% | ||||
UNITED STATES | |||||
Schedule of Employee Benefit Plans [Line Items] | |||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||||
Defined Contribution Plan Employer Matching Contribution Percent | 6.00% |
EMPLOYEE BENEFIT PLANS EMPLOYEE
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS Pension Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 100 | $ 300 | ||
Service cost | 1,158 | $ 1,296 | 3,446 | $ 3,955 |
Interest cost | 1,098 | 1,026 | 3,267 | 3,131 |
Expected return on plan assets | (1,433) | (1,482) | (4,265) | (4,522) |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (16) | (11) | (47) | (35) |
Net periodic benefit cost | 807 | 829 | 2,401 | 2,529 |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Other Nonoperating Gains (Losses) | $ (400) | $ (500) | $ (1,000) | $ (1,400) |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES Guarantees (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Guarantees and Product Warranties [Abstract] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 6.8 |
Guarantor Obligations, Origin and Purpose | Due to the nature of WESCO’s arrangement with WESTEC, WESCO has provided a standby letter of credit under its revolving credit facility of up to $7.3 million as security for WESTEC’s line of credit. |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Contingency [Line Items] | ||||
Effective tax rate | 19.80% | 17.20% | 21.00% | 19.30% |
Unrecognized Tax Benefits | $ 1.3 | |||
Unrecognized Tax Benefits | $ 0.1 | $ 0.1 |
INCOME TAXES Income Tax Rates (
INCOME TAXES Income Tax Rates (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Effective Income Tax Rate Reconciliation, Percent | 19.80% | 17.20% | 21.00% | 19.30% |
OTHER FINANCIAL INFORMATION (De
OTHER FINANCIAL INFORMATION (Details) - Unsecured Debt [Member] $ in Millions | Sep. 30, 2019USD ($) |
2021 Notes [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 500 |
2024 Notes [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 350 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Condensed Financial Information [Line Items] | ||||||||
Cash and cash equivalents | $ 138,160 | $ 96,343 | $ 142,760 | $ 117,953 | ||||
Trade accounts receivable, net | 1,315,026 | 1,166,607 | ||||||
Inventories, net | 961,997 | 948,726 | ||||||
Prepaid Expense and Other Assets, Current | 80,940 | 76,980 | ||||||
Total current assets | 2,578,480 | 2,385,640 | ||||||
Property, buildings and equipment, net | 174,459 | 160,878 | ||||||
Operating Lease, Right-of-Use Asset | 237,252 | 0 | ||||||
Intangible assets, net | 293,493 | 316,016 | ||||||
Goodwill and other intangibles, net | 1,746,071 | 1,722,603 | ||||||
Other assets | 17,656 | 19,899 | ||||||
Total assets | 5,047,411 | 4,605,036 | ||||||
Accounts payable | 849,584 | 794,348 | ||||||
Short-term debt | 25,561 | 30,785 | ||||||
Total current liabilities | 1,104,524 | 1,061,946 | ||||||
Long-term Debt, Excluding Current Maturities | 1,346,333 | 1,167,311 | ||||||
Operating Lease, Liability, Noncurrent | 182,044 | 0 | ||||||
Total stockholders' equity | 2,193,118 | 2,135,310 | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 6,408 | $ 6,252 | $ 6,003 | 5,584 | 5,516 | $ 5,313 | $ 5,046 | 3,596 |
Total liabilities and stockholders' equity | 5,047,411 | 4,605,036 | ||||||
Parent Company [Member] | ||||||||
Condensed Financial Information [Line Items] | ||||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||||
Trade accounts receivable, net | 0 | 0 | ||||||
Inventories, net | 0 | 0 | ||||||
Prepaid Expense and Other Assets, Current | 1,123 | 1,123 | ||||||
Total current assets | 1,123 | 1,123 | ||||||
Intercompany receivables, net | 0 | 0 | ||||||
Property, buildings and equipment, net | 0 | 0 | ||||||
Operating Lease, Right-of-Use Asset | 0 | |||||||
Intangible assets, net | 0 | 0 | ||||||
Goodwill and other intangibles, net | 0 | 0 | ||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 3,383,537 | 3,182,469 | ||||||
Other assets | 0 | 0 | ||||||
Total assets | 3,384,660 | 3,183,592 | ||||||
Accounts payable | 0 | 0 | ||||||
Short-term debt | 0 | 0 | ||||||
Other Liabilities, Current | 0 | 0 | ||||||
Total current liabilities | 0 | 0 | ||||||
Intercompany payables, net | 1,191,542 | 1,048,282 | ||||||
Long-term Debt, Excluding Current Maturities | 0 | 0 | ||||||
Operating Lease, Liability, Noncurrent | 0 | |||||||
Liabilities, Other than Long-term Debt, Noncurrent | 0 | 0 | ||||||
Total stockholders' equity | 2,193,118 | 2,135,310 | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | ||||||
Total liabilities and stockholders' equity | 3,384,660 | 3,183,592 | ||||||
Guarantor Subsidiaries [Member] | ||||||||
Condensed Financial Information [Line Items] | ||||||||
Cash and cash equivalents | 37,889 | 35,931 | 57,052 | 50,602 | ||||
Trade accounts receivable, net | 0 | 0 | ||||||
Inventories, net | 437,470 | 440,422 | ||||||
Prepaid Expense and Other Assets, Current | 27,376 | 57,586 | ||||||
Total current assets | 502,735 | 533,939 | ||||||
Intercompany receivables, net | 0 | 0 | ||||||
Property, buildings and equipment, net | 76,980 | 63,506 | ||||||
Operating Lease, Right-of-Use Asset | 146,247 | |||||||
Intangible assets, net | 1,658 | 2,131 | ||||||
Goodwill and other intangibles, net | 257,623 | 257,623 | ||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 5,318,786 | 5,137,783 | ||||||
Other assets | 854 | 2,905 | ||||||
Total assets | 6,304,883 | 5,997,887 | ||||||
Accounts payable | 418,502 | 404,373 | ||||||
Short-term debt | 0 | 0 | ||||||
Other Liabilities, Current | 69,505 | 86,600 | ||||||
Total current liabilities | 488,007 | 490,973 | ||||||
Intercompany payables, net | 1,352,436 | 1,355,422 | ||||||
Long-term Debt, Excluding Current Maturities | 856,992 | 842,093 | ||||||
Operating Lease, Liability, Noncurrent | 116,336 | |||||||
Liabilities, Other than Long-term Debt, Noncurrent | 107,575 | 126,930 | ||||||
Total stockholders' equity | 3,383,537 | 3,182,469 | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | ||||||
Total liabilities and stockholders' equity | 6,304,883 | 5,997,887 | ||||||
Non-Guarantor Subsidiaries [Member] | ||||||||
Condensed Financial Information [Line Items] | ||||||||
Cash and cash equivalents | 100,271 | 60,412 | 85,708 | 67,351 | ||||
Trade accounts receivable, net | 1,315,026 | 1,166,607 | ||||||
Inventories, net | 524,527 | 508,304 | ||||||
Prepaid Expense and Other Assets, Current | 136,719 | 124,523 | ||||||
Total current assets | 2,076,543 | 1,859,846 | ||||||
Intercompany receivables, net | 2,543,978 | 2,403,704 | ||||||
Property, buildings and equipment, net | 97,479 | 97,372 | ||||||
Operating Lease, Right-of-Use Asset | 91,005 | |||||||
Intangible assets, net | 291,835 | 313,885 | ||||||
Goodwill and other intangibles, net | 1,488,448 | 1,464,980 | ||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 0 | ||||||
Other assets | 16,802 | 16,994 | ||||||
Total assets | 6,606,090 | 6,156,781 | ||||||
Accounts payable | 431,082 | 389,975 | ||||||
Short-term debt | 25,561 | 30,785 | ||||||
Other Liabilities, Current | 161,795 | 159,481 | ||||||
Total current liabilities | 618,438 | 580,241 | ||||||
Intercompany payables, net | 0 | 0 | ||||||
Long-term Debt, Excluding Current Maturities | 489,341 | 325,218 | ||||||
Operating Lease, Liability, Noncurrent | 65,708 | |||||||
Liabilities, Other than Long-term Debt, Noncurrent | 120,225 | 119,123 | ||||||
Total stockholders' equity | 5,318,786 | 5,137,783 | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 6,408 | 5,584 | ||||||
Total liabilities and stockholders' equity | 6,606,090 | 6,156,781 | ||||||
Consolidated Entities [Member] | ||||||||
Condensed Financial Information [Line Items] | ||||||||
Cash and cash equivalents | 138,160 | 96,343 | 142,760 | 117,953 | ||||
Trade accounts receivable, net | 1,315,026 | 1,166,607 | ||||||
Inventories, net | 961,997 | 948,726 | ||||||
Prepaid Expense and Other Assets, Current | 163,297 | 173,964 | ||||||
Total current assets | 2,578,480 | 2,385,640 | ||||||
Intercompany receivables, net | 0 | 0 | ||||||
Property, buildings and equipment, net | 174,459 | 160,878 | ||||||
Operating Lease, Right-of-Use Asset | 237,252 | |||||||
Intangible assets, net | 293,493 | 316,016 | ||||||
Goodwill and other intangibles, net | 1,746,071 | 1,722,603 | ||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 0 | ||||||
Other assets | 17,656 | 19,899 | ||||||
Total assets | 5,047,411 | 4,605,036 | ||||||
Accounts payable | 849,584 | 794,348 | ||||||
Short-term debt | 25,561 | 30,785 | ||||||
Other Liabilities, Current | 229,379 | 236,813 | ||||||
Total current liabilities | 1,104,524 | 1,061,946 | ||||||
Intercompany payables, net | 0 | 0 | ||||||
Long-term Debt, Excluding Current Maturities | 1,346,333 | 1,167,311 | ||||||
Operating Lease, Liability, Noncurrent | 182,044 | |||||||
Liabilities, Other than Long-term Debt, Noncurrent | 227,800 | 246,053 | ||||||
Total stockholders' equity | 2,193,118 | 2,135,310 | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 6,408 | 5,584 | ||||||
Total liabilities and stockholders' equity | 5,047,411 | 4,605,036 | ||||||
Consolidation, Eliminations [Member] | ||||||||
Condensed Financial Information [Line Items] | ||||||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 | ||||
Trade accounts receivable, net | 0 | 0 | ||||||
Inventories, net | 0 | 0 | ||||||
Prepaid Expense and Other Assets, Current | (1,921) | (9,268) | ||||||
Total current assets | (1,921) | (9,268) | ||||||
Intercompany receivables, net | (2,543,978) | (2,403,704) | ||||||
Property, buildings and equipment, net | 0 | 0 | ||||||
Operating Lease, Right-of-Use Asset | 0 | |||||||
Intangible assets, net | 0 | 0 | ||||||
Goodwill and other intangibles, net | 0 | 0 | ||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | (8,702,323) | (8,320,252) | ||||||
Other assets | 0 | 0 | ||||||
Total assets | (11,248,222) | (10,733,224) | ||||||
Accounts payable | 0 | 0 | ||||||
Short-term debt | 0 | 0 | ||||||
Other Liabilities, Current | (1,921) | (9,268) | ||||||
Total current liabilities | (1,921) | (9,268) | ||||||
Intercompany payables, net | (2,543,978) | (2,403,704) | ||||||
Long-term Debt, Excluding Current Maturities | 0 | 0 | ||||||
Operating Lease, Liability, Noncurrent | 0 | |||||||
Liabilities, Other than Long-term Debt, Noncurrent | 0 | 0 | ||||||
Total stockholders' equity | (8,702,323) | (8,320,252) | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | ||||||
Total liabilities and stockholders' equity | $ (11,248,222) | $ (10,733,224) |
CONDENSED CONSOLIDATED INCOME S
CONDENSED CONSOLIDATED INCOME STATEMENTS (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Condensed Financial Information [Line Items] | ||||||||
Revenues | $ 2,148,110 | $ 2,067,245 | $ 6,259,465 | $ 6,165,154 | ||||
Cost of goods sold | 1,747,913 | 1,670,037 | 5,067,799 | 4,988,103 | ||||
Selling, general and administrative expense | 290,852 | 284,073 | 883,222 | 867,790 | ||||
Depreciation and amortization | 15,612 | 15,618 | 46,035 | 47,321 | ||||
Provision for income taxes | 15,886 | 13,822 | 44,970 | 40,077 | ||||
Net income (loss) | 64,339 | 66,645 | 169,505 | 167,289 | ||||
Less: Net (loss) income attributable to noncontrolling interest | (156) | (204) | (824) | (1,921) | ||||
Net income (loss) attributable to WESCO International, Inc. | 64,495 | $ 63,464 | $ 42,369 | 66,849 | $ 57,940 | $ 44,421 | 170,329 | 169,210 |
Comprehensive Income: | ||||||||
Foreign currency translation adjustment | (16,856) | 20,486 | 25,905 | (37,029) | ||||
Comprehensive income attributable to WESCO International, Inc. | 47,639 | 87,335 | 196,234 | 132,181 | ||||
Parent Company [Member] | ||||||||
Condensed Financial Information [Line Items] | ||||||||
Revenues | 0 | 0 | 0 | 0 | ||||
Cost of goods sold | 0 | 0 | 0 | 0 | ||||
Selling, general and administrative expense | 0 | 0 | 0 | 0 | ||||
Depreciation and amortization | 0 | 0 | 0 | 0 | ||||
Income (Loss) from Subsidiaries, before Tax | 64,339 | 66,645 | 169,505 | 167,289 | ||||
Other Nonoperating Income (Expense) | 0 | 0 | 0 | 0 | ||||
Provision for income taxes | 0 | 0 | 0 | 0 | ||||
Net income (loss) | 64,339 | 66,645 | 169,505 | 167,289 | ||||
Less: Net (loss) income attributable to noncontrolling interest | 0 | 0 | 0 | 0 | ||||
Net income (loss) attributable to WESCO International, Inc. | 64,339 | 66,645 | 169,505 | 167,289 | ||||
Comprehensive Income: | ||||||||
Foreign currency translation adjustment | (16,856) | 20,486 | 25,905 | (37,029) | ||||
Comprehensive income attributable to WESCO International, Inc. | 47,483 | 87,131 | 195,410 | 130,260 | ||||
Non-Guarantor Subsidiaries [Member] | ||||||||
Condensed Financial Information [Line Items] | ||||||||
Revenues | 1,244,847 | 1,206,174 | 3,643,193 | 3,578,653 | ||||
Cost of goods sold | 1,016,359 | 981,908 | 2,966,959 | 2,915,387 | ||||
Selling, general and administrative expense | 143,927 | 134,683 | 437,735 | 420,353 | ||||
Depreciation and amortization | 10,778 | 11,143 | 32,174 | 33,572 | ||||
Income (Loss) from Subsidiaries, before Tax | 0 | 0 | 0 | 0 | ||||
Other Nonoperating Income (Expense) | 564 | 3,923 | 10,078 | 13,372 | ||||
Provision for income taxes | 14,494 | 12,746 | 41,147 | 37,876 | ||||
Net income (loss) | 58,725 | 61,771 | 155,100 | 158,093 | ||||
Less: Net (loss) income attributable to noncontrolling interest | (156) | (204) | (824) | (1,921) | ||||
Net income (loss) attributable to WESCO International, Inc. | 58,881 | 61,975 | 155,924 | 160,014 | ||||
Comprehensive Income: | ||||||||
Foreign currency translation adjustment | (16,856) | 20,486 | 25,905 | (37,029) | ||||
Comprehensive income attributable to WESCO International, Inc. | 42,025 | 82,461 | 181,829 | 122,985 | ||||
Consolidated Entities [Member] | ||||||||
Condensed Financial Information [Line Items] | ||||||||
Revenues | 2,148,110 | 2,067,245 | 6,259,465 | 6,165,154 | ||||
Cost of goods sold | 1,747,913 | 1,670,037 | 5,067,799 | 4,988,103 | ||||
Selling, general and administrative expense | 290,852 | 284,073 | 883,222 | 867,790 | ||||
Depreciation and amortization | 15,612 | 15,618 | 46,035 | 47,321 | ||||
Income (Loss) from Subsidiaries, before Tax | 0 | 0 | 0 | 0 | ||||
Other Nonoperating Income (Expense) | (13,508) | (17,050) | (47,934) | (54,574) | ||||
Provision for income taxes | 15,886 | 13,822 | 44,970 | 40,077 | ||||
Net income (loss) | 64,339 | 66,645 | 169,505 | 167,289 | ||||
Less: Net (loss) income attributable to noncontrolling interest | (156) | (204) | (824) | (1,921) | ||||
Net income (loss) attributable to WESCO International, Inc. | 64,495 | 66,849 | 170,329 | 169,210 | ||||
Comprehensive Income: | ||||||||
Foreign currency translation adjustment | (16,856) | 20,486 | 25,905 | (37,029) | ||||
Comprehensive income attributable to WESCO International, Inc. | 47,639 | 87,335 | 196,234 | 132,181 | ||||
Guarantor Subsidiaries [Member] | ||||||||
Condensed Financial Information [Line Items] | ||||||||
Revenues | 939,909 | 899,994 | 2,736,224 | 2,703,468 | ||||
Cost of goods sold | 768,200 | 727,052 | 2,220,792 | 2,189,683 | ||||
Selling, general and administrative expense | 146,925 | 149,390 | 445,487 | 447,437 | ||||
Depreciation and amortization | 4,834 | 4,475 | 13,861 | 13,749 | ||||
Income (Loss) from Subsidiaries, before Tax | 58,725 | 61,771 | 155,100 | 158,093 | ||||
Other Nonoperating Income (Expense) | (12,944) | (13,127) | (37,856) | (41,202) | ||||
Provision for income taxes | 1,392 | 1,076 | 3,823 | 2,201 | ||||
Net income (loss) | 64,339 | 66,645 | 169,505 | 167,289 | ||||
Less: Net (loss) income attributable to noncontrolling interest | 0 | 0 | 0 | 0 | ||||
Net income (loss) attributable to WESCO International, Inc. | 64,339 | 66,645 | 169,505 | 167,289 | ||||
Comprehensive Income: | ||||||||
Foreign currency translation adjustment | (16,856) | 20,486 | 25,905 | (37,029) | ||||
Comprehensive income attributable to WESCO International, Inc. | 47,483 | 87,131 | 195,410 | 130,260 | ||||
Consolidation, Eliminations [Member] | ||||||||
Condensed Financial Information [Line Items] | ||||||||
Revenues | (36,646) | (38,923) | (119,952) | (116,967) | ||||
Cost of goods sold | (36,646) | (38,923) | (119,952) | (116,967) | ||||
Selling, general and administrative expense | 0 | 0 | 0 | 0 | ||||
Depreciation and amortization | 0 | 0 | 0 | 0 | ||||
Income (Loss) from Subsidiaries, before Tax | (123,064) | (128,416) | (324,605) | (325,382) | ||||
Other Nonoperating Income (Expense) | 0 | 0 | 0 | 0 | ||||
Provision for income taxes | 0 | 0 | 0 | 0 | ||||
Net income (loss) | (123,064) | (128,416) | (324,605) | (325,382) | ||||
Less: Net (loss) income attributable to noncontrolling interest | 0 | 0 | 0 | 0 | ||||
Net income (loss) attributable to WESCO International, Inc. | (123,064) | (128,416) | (324,605) | (325,382) | ||||
Comprehensive Income: | ||||||||
Foreign currency translation adjustment | 33,712 | (40,972) | (51,810) | 74,058 | ||||
Comprehensive income attributable to WESCO International, Inc. | (89,352) | (169,388) | (376,415) | (251,324) | ||||
Pension Plan [Member] | ||||||||
Condensed Financial Information [Line Items] | ||||||||
Other Nonoperating Gains (Losses) | $ (400) | $ (500) | $ (1,000) | $ (1,400) |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Condensed Financial Information [Line Items] | ||
Payments for (Proceeds from) Other Investing Activities | $ 4,575 | $ 3,609 |
Net cash (used) provided by operating activities | 116,664 | 174,460 |
Payments to Acquire Businesses, Gross | (27,742) | 0 |
Investing Activities: | ||
Capital expenditures | (30,323) | (23,749) |
Net cash used in investing activities | (53,490) | (20,140) |
Financing Activities: | ||
Payments for Repurchase of Common Stock | (152,735) | (27,055) |
Proceeds from (Payments for) Other Financing Activities | 175 | (8,301) |
Net cash used in financing activities | (18,082) | (124,820) |
Effect of exchange rate changes on cash and cash equivalents | (3,275) | (4,693) |
Net change in cash and cash equivalents | 41,817 | 24,807 |
Cash and cash equivalents at the beginning of period | 96,343 | 117,953 |
Cash and cash equivalents at the end of period | 138,160 | 142,760 |
Parent Company [Member] | ||
Condensed Financial Information [Line Items] | ||
Payments for (Proceeds from) Other Investing Activities | 0 | 0 |
Net cash (used) provided by operating activities | 9,480 | 14,198 |
Payments to Acquire Businesses, Gross | 0 | |
Investing Activities: | ||
Capital expenditures | 0 | 0 |
Proceeds from Dividends Received | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Financing Activities: | ||
Borrowings | 143,255 | 12,857 |
Repayments | 0 | 0 |
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees | 0 | 0 |
Payments for Repurchase of Common Stock | (152,735) | 27,055 |
Proceeds from (Payments for) Other Financing Activities | 0 | 0 |
Net cash used in financing activities | (9,480) | (14,198) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net change in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at the beginning of period | 0 | 0 |
Cash and cash equivalents at the end of period | 0 | 0 |
Guarantor Subsidiaries [Member] | ||
Condensed Financial Information [Line Items] | ||
Payments for (Proceeds from) Other Investing Activities | (210,320) | (81,128) |
Net cash (used) provided by operating activities | 210,707 | 62,439 |
Payments to Acquire Businesses, Gross | (27,742) | |
Investing Activities: | ||
Capital expenditures | (13,269) | (12,831) |
Proceeds from Dividends Received | 67,065 | 118,271 |
Net cash used in investing activities | (184,266) | 24,312 |
Financing Activities: | ||
Borrowings | 333,418 | 246,323 |
Repayments | (344,167) | (318,323) |
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees | 0 | 0 |
Payments for Repurchase of Common Stock | 0 | |
Payments for Repurchase of Private Placement | 0 | |
Proceeds from (Payments for) Other Financing Activities | (13,734) | (8,301) |
Net cash used in financing activities | (24,483) | (80,301) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net change in cash and cash equivalents | 1,958 | 6,450 |
Cash and cash equivalents at the beginning of period | 35,931 | 50,602 |
Cash and cash equivalents at the end of period | 37,889 | 57,052 |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Information [Line Items] | ||
Payments for (Proceeds from) Other Investing Activities | 4,575 | 3,609 |
Net cash (used) provided by operating activities | (103,523) | 97,823 |
Payments to Acquire Businesses, Gross | 0 | |
Investing Activities: | ||
Capital expenditures | (17,054) | (10,918) |
Proceeds from Dividends Received | 0 | 0 |
Net cash used in investing activities | (12,479) | (7,309) |
Financing Activities: | ||
Borrowings | 856,464 | 933,046 |
Repayments | (630,263) | (882,239) |
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees | (67,065) | (118,271) |
Payments for Repurchase of Common Stock | 0 | 0 |
Proceeds from (Payments for) Other Financing Activities | 0 | 0 |
Net cash used in financing activities | 159,136 | (67,464) |
Effect of exchange rate changes on cash and cash equivalents | (3,275) | (4,693) |
Net change in cash and cash equivalents | 39,859 | 18,357 |
Cash and cash equivalents at the beginning of period | 60,412 | 67,351 |
Cash and cash equivalents at the end of period | 100,271 | 85,708 |
Consolidated Entities [Member] | ||
Condensed Financial Information [Line Items] | ||
Payments for (Proceeds from) Other Investing Activities | 4,575 | 3,609 |
Net cash (used) provided by operating activities | 116,664 | 174,460 |
Payments to Acquire Businesses, Gross | (27,742) | |
Investing Activities: | ||
Capital expenditures | (30,323) | (23,749) |
Proceeds from Dividends Received | 0 | 0 |
Net cash used in investing activities | (53,490) | (20,140) |
Financing Activities: | ||
Borrowings | 1,122,817 | 1,111,098 |
Repayments | (974,430) | (1,200,562) |
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees | 0 | 0 |
Payments for Repurchase of Common Stock | 152,735 | 27,055 |
Proceeds from (Payments for) Other Financing Activities | (13,734) | (8,301) |
Net cash used in financing activities | (18,082) | (124,820) |
Effect of exchange rate changes on cash and cash equivalents | (3,275) | (4,693) |
Net change in cash and cash equivalents | 41,817 | 24,807 |
Cash and cash equivalents at the beginning of period | 96,343 | 117,953 |
Cash and cash equivalents at the end of period | 138,160 | 142,760 |
Consolidation, Eliminations [Member] | ||
Condensed Financial Information [Line Items] | ||
Payments for (Proceeds from) Other Investing Activities | 210,320 | 81,128 |
Net cash (used) provided by operating activities | 0 | 0 |
Payments to Acquire Businesses, Gross | 0 | |
Investing Activities: | ||
Capital expenditures | 0 | 0 |
Proceeds from Dividends Received | (67,065) | (118,271) |
Net cash used in investing activities | 143,255 | (37,143) |
Financing Activities: | ||
Borrowings | (210,320) | (81,128) |
Repayments | 0 | 0 |
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees | (67,065) | (118,271) |
Payments for Repurchase of Common Stock | 0 | 0 |
Proceeds from (Payments for) Other Financing Activities | 0 | 0 |
Net cash used in financing activities | (143,255) | 37,143 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net change in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at the beginning of period | 0 | 0 |
Cash and cash equivalents at the end of period | $ 0 | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Subsequent Event [Line Items] | |
Business Acquisition, Effective Date of Acquisition | Mar. 5, 2019 |
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | $ 100 |
GOODWILL (Details)
GOODWILL (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Goodwill [Line Items] | ||
Goodwill | $ 1,746,071 | $ 1,722,603 |
Goodwill, Foreign Currency Translation Gain (Loss) | 17,522 | |
Goodwill, Acquired During Period | $ 5,946 |
REVENUE (Details)
REVENUE (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||||
Deferred Revenue | $ 11,000 | $ 11,000 | $ 11,800 | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,148,110 | $ 2,067,245 | 6,259,465 | $ 6,165,154 | |
Cost of goods sold | 1,747,913 | 1,670,037 | 5,067,799 | 4,988,103 | |
Industrial [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 755,129 | 723,869 | 2,253,974 | 2,243,590 | |
Construction [Domain] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 714,589 | 686,165 | 2,052,061 | 2,007,708 | |
Utility [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 357,527 | 345,937 | 1,012,726 | 998,438 | |
Commercial, Institutional and Government [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 320,865 | 311,274 | 940,704 | 915,418 | |
UNITED STATES | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,601,962 | 1,525,393 | 4,679,251 | 4,571,533 | |
CANADA | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 431,233 | 429,830 | 1,230,855 | 1,234,600 | |
Non-US [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 114,915 | 112,022 | 349,359 | 359,021 | |
Shipping and Handling [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Cost of goods sold | $ 17,600 | $ 18,800 | $ 52,800 | $ 55,600 |
REVENUE Deferred Revenue (Detai
REVENUE Deferred Revenue (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Revenue from Contract with Customer [Abstract] | ||
Deferred Revenue | $ 11 | $ 11.8 |
REVENUE Shipping and Handling C
REVENUE Shipping and Handling Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Cost of goods sold | $ 1,747,913 | $ 1,670,037 | $ 5,067,799 | $ 4,988,103 |
Shipping and Handling [Member] | ||||
Cost of goods sold | $ 17,600 | $ 18,800 | $ 52,800 | $ 55,600 |
REVENUE Variable Consideration
REVENUE Variable Consideration (Details) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition, Revenue Reductions [Policy Text Block] | WESCO’s revenues are adjusted for variable consideration, which includes customer volume rebates, returns, and discounts. WESCO measures variable consideration by estimating expected outcomes using analysis and inputs based upon anticipated performance, historical data, as well as current and forecasted information. Measurement and recognition of variable consideration is reviewed by management on a monthly basis and revenue is adjusted accordingly. Variable consideration reduced revenue for the three months ended September 30, 2019 and 2018 by approximately $26.3 million and $25.1 million , respectively, and by approximately $80.1 million and $74.5 million for the nine months ended September 30, 2019 and 2018 , respectively. |
LEASES (Details)
LEASES (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | |||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 18,464 | $ 18,464 | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 71,640 | ||
Operating Lease, Weighted Average Remaining Lease Term | 5 years 4 months 24 days | 5 years 4 months 24 days | |
Operating Lease, Right-of-Use Asset | $ 237,252 | $ 237,252 | 0 |
Operating Lease, Cost | 18,605 | 54,879 | |
Operating Lease, Payments | 48,484 | ||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 48,622 | ||
Short-term Lease, Cost | 23 | 56 | |
Variable Lease, Cost | 5,335 | 17,119 | |
Lease, Cost | 23,963 | 72,054 | |
Operating Lease, Liability, Current | 61,114 | 61,114 | |
Operating Lease, Liability, Noncurrent | 182,044 | 182,044 | 0 |
Operating Lease, Liability | $ 243,158 | $ 243,158 | |
Operating Lease, Weighted Average Discount Rate, Percent | 4.60% | 4.60% | |
Operating Leases, Future Minimum Payments, Due in Two Years | 59,594 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 47,264 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 34,490 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 24,493 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | $ 40,302 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Two | $ 68,791 | $ 68,791 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 58,134 | 58,134 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 44,780 | 44,780 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 34,872 | 34,872 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 51,749 | 51,749 | |
Lessee, Operating Lease, Liability, Payments, Due | 276,790 | 276,790 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | $ (33,632) | $ (33,632) |