COVER PAGE Document
COVER PAGE Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 21, 2020 | Jun. 30, 2019 | |
Cover page. [Abstract] | |||
Entity Filer Category | Large Accelerated Filer | ||
Title of 12(b) Security | Common Stock, par value $.01 per share | ||
Trading Symbol | WCC | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 25-1723342 | ||
Document Type | 10-K | ||
Document Transition Report | false | ||
Document Annual Report | true | ||
Entity Address, Address Line One | 225 West Station Square DriveSuite 700 | ||
Entity Address, Postal Zip Code | 15219 | ||
Entity Address, City or Town | Pittsburgh, | ||
Entity Address, State or Province | PA | ||
Document Period End Date | Dec. 31, 2019 | ||
Entity File Number | 001-14989 | ||
Entity Registrant Name | WESCO International, Inc. | ||
City Area Code | 412 | ||
Local Phone Number | 454-2200 | ||
Trading Symbol | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,100,000,000 | ||
Entity Common Stock, Shares Outstanding | 41,873,053 |
Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 21, 2020 | Jun. 30, 2019 | |
Entity Information [Line Items] | |||
Entity Registrant Name | WESCO International, Inc. | ||
Entity Central Index Key | 0000929008 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 41,873,053 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Public Float | $ 2,100,000,000 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 150,902 | $ 96,343 |
Trade accounts receivable, net of allowance for doubtful accounts of $19,309 and $17,242 in 2013 and 2012, respectively | 1,187,359 | 1,166,607 |
Other accounts receivable | 98,029 | 96,984 |
Inventories, net | 1,011,674 | 948,726 |
Income taxes receivable | 16,371 | 24,873 |
Prepaid expenses and other current assets | 76,076 | 52,107 |
Total current assets | 2,540,411 | 2,385,640 |
Property, buildings and equipment, net | 181,448 | 160,878 |
Operating Lease, Right-of-Use Asset | 235,834 | 0 |
Intangible assets, net | 287,275 | 316,016 |
Goodwill | 1,759,040 | 1,722,603 |
Deferred income taxes | 11,248 | 16,374 |
Other assets | 2,379 | 3,525 |
Total assets | 5,017,635 | 4,605,036 |
Current Liabilities: | ||
Accounts payable | 830,478 | 794,348 |
Accrued payroll and benefit costs | 49,508 | 88,105 |
Short-term debt | 26,255 | 30,785 |
Current portion of long-term debt | 430 | 25,429 |
Bank overdrafts | 18,021 | 17,818 |
Other current liabilities | 159,367 | 105,461 |
Total current liabilities | 1,084,059 | 1,061,946 |
Long-term Debt, Excluding Current Maturities | 1,257,067 | 1,167,311 |
Operating Lease, Liability, Noncurrent | 179,830 | 0 |
Deferred income taxes | 146,617 | 143,967 |
Other noncurrent liabilities | 91,391 | 102,086 |
Total liabilities | 2,758,964 | 2,475,310 |
Commitments and contingencies | ||
Stockholders' Equity: | ||
Preferred stock, $.01 par value; 20,000,000 shares authorized, no shares issued or outstanding | 0 | 0 |
Additional capital | 1,039,347 | 993,666 |
Retained earnings | 2,530,429 | 2,307,462 |
Treasury stock, at cost | (937,157) | (758,018) |
Accumulated other comprehensive income | (367,772) | (408,435) |
Total WESCO International stockholders' equity | 2,258,671 | 2,129,726 |
Noncontrolling interest | (6,812) | (5,584) |
Total stockholders' equity | 2,265,483 | 2,135,310 |
Total liabilities and stockholders' equity | 5,017,635 | 4,605,036 |
Common Stock | ||
Stockholders' Equity: | ||
Common Stock | 593 | 592 |
Common Class B | ||
Stockholders' Equity: | ||
Common Stock | $ 43 | $ 43 |
CONSOLIDATED BALANCE SHEETS CON
CONSOLIDATED BALANCE SHEETS CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Allowance for doubtful accounts | $ 25,400 | $ 24,500 |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 8,876 | $ 9,243 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Treasury stock, shares outstanding | 21,850,356 | 18,391,042 |
Common Stock | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 210,000,000 | 210,000,000 |
Common stock, shares issued | 59,308,018 | 59,157,696 |
Common stock, shares outstanding | 41,797,093 | 45,106,085 |
Common Class B | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 4,339,431 | 4,339,431 |
Common stock, shares outstanding | 0 | 0 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | $ 8,358,917 | $ 8,176,601 | $ 7,679,021 |
Cost of goods sold (excluding depreciation and amortization below) | 6,777,456 | 6,609,220 | 6,194,366 |
Selling, general and administrative expense | 1,173,137 | 1,151,944 | 1,101,598 |
Depreciation and amortization | 62,107 | 62,997 | 64,017 |
Revenue from Contract with Customer, Excluding Assessed Tax | 8,358,917 | 8,176,601 | 7,679,021 |
Income from operations | 346,217 | 352,440 | 319,040 |
Interest expense, net | 64,156 | 71,415 | 66,600 |
Income before income taxes | 282,061 | 281,025 | 252,440 |
Provision for income taxes | 59,863 | 55,670 | 89,307 |
Net income | 222,198 | 225,355 | 163,133 |
Net loss attributable to noncontrolling interest | (1,228) | (1,988) | (327) |
Net Income attributable to WESCO International, Inc. | 223,426 | 227,343 | 163,460 |
Comprehensive Income: | |||
Foreign currency translation adjustment | 49,306 | (99,643) | 85,762 |
Benefit plan adjustments | (8,643) | 3,798 | (6,381) |
Comprehensive income attributable to WESCO International, Inc. | $ 264,089 | $ 131,498 | $ 242,841 |
Earnings per share : | |||
Basic | $ 5.18 | $ 4.87 | $ 3.42 |
Diluted | $ 5.14 | $ 4.82 | $ 3.38 |
Shipping and Handling [Member] | |||
Cost of goods sold (excluding depreciation and amortization below) | $ 71,700 | $ 74,100 | $ 61,800 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Additional Capital | Retained Earnings (Deficit) | Treasury Stock | Noncontrolling Interest | Accumulated Other Comprehensive Income (Loss) | Common Class B | Common Stock |
Common Stock, Value, Issued | $ 43 | $ 588 | ||||||
Common Stock, Shares, Issued | 4,339,431 | 58,817,781 | ||||||
Additional Paid in Capital, Common Stock | $ 986,020 | |||||||
Retained Earnings (Accumulated Deficit) | 1,914,757 | |||||||
Treasury Stock, Value | $ (542,537) | |||||||
Treasury Stock, Shares | (14,545,715) | |||||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ (3,269) | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (391,971) | |||||||
Stock Issued, Value, Stock Options Exercised, Net of Tax Benefit (Expense) | $ (4,583) | $ 3 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (51,401) | (243,361) | ||||||
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture | 14,809 | |||||||
APIC, Share-based Payment Arrangement, Recognition and Exercise | (407) | |||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ (1,304) | $ 1,480 | $ 0 | |||||
Treasury Stock, Value, Acquired, Par Value Method | 38 | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ (100,038) | |||||||
Treasury Stock, Shares, Acquired | (1,778,537) | |||||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | (15,380) | |||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ 327 | $ 327 | ||||||
Translation adjustment | $ 85,762 | |||||||
Benefit plan adjustments | 6,381 | (6,381) | ||||||
Net Income attributable to WESCO International, Inc. | 163,460 | |||||||
Common Stock, Value, Issued | $ 43 | $ 591 | ||||||
Common Stock, Shares, Issued | 4,339,431 | 59,045,762 | ||||||
Additional Paid in Capital, Common Stock | 999,156 | |||||||
Retained Earnings (Accumulated Deficit) | 2,079,697 | |||||||
Treasury Stock, Value | $ (647,158) | |||||||
Treasury Stock, Shares | (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) | $ (841) | $ 1 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (11,943) | (130,371) | ||||||
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture | 10,790 | |||||||
APIC, Share-based Payment Arrangement, Recognition and Exercise | (45) | |||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (1,254) | 422 | $ 0 | |||||
Treasury Stock, Value, Acquired, Par Value Method | (14,981) | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ (110,019) | |||||||
Treasury Stock, Shares, Acquired | (2,003,446) | |||||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | (18,437) | |||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ 1,988 | 1,988 | ||||||
Translation adjustment | (99,643) | |||||||
Benefit plan adjustments | (3,798) | 3,798 | ||||||
Stockholders' equity at period end at Dec. 31, 2018 | 2,129,726 | |||||||
Net Income attributable to WESCO International, Inc. | 227,343 | |||||||
Common Stock, Value, Issued | $ 43 | $ 592 | ||||||
Common Stock, Shares, Issued | 4,339,431 | 59,157,696 | ||||||
Additional Paid in Capital, Common Stock | 993,666 | |||||||
Retained Earnings (Accumulated Deficit) | 2,307,462 | |||||||
Treasury Stock, Value | $ (758,018) | |||||||
Treasury Stock, Shares | (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) | $ (238) | $ 1 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (3,730) | (198,985) | ||||||
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture | 19,062 | |||||||
APIC, Share-based Payment Arrangement, Recognition and Exercise | (84) | |||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (2,198) | $ (459) | $ 0 | |||||
Treasury Stock, Value, Acquired, Par Value Method | $ 28,901 | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ (178,901) | |||||||
Treasury Stock, Shares, Acquired | (3,455,584) | |||||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | (48,663) | |||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ 1,228 | $ 1,228 | ||||||
Translation adjustment | 49,306 | |||||||
Benefit plan adjustments | 8,643 | $ (8,643) | ||||||
Stockholders' equity at period end at Dec. 31, 2019 | 2,258,671 | |||||||
Net Income attributable to WESCO International, Inc. | 223,426 | |||||||
Common Stock, Value, Issued | $ 43 | $ 593 | ||||||
Common Stock, Shares, Issued | 4,339,431 | 59,308,018 | ||||||
Additional Paid in Capital, Common Stock | 1,039,347 | |||||||
Retained Earnings (Accumulated Deficit) | 2,530,429 | |||||||
Treasury Stock, Value | $ (937,157) | |||||||
Treasury Stock, Shares | (21,850,356) | |||||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ (6,812) | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (367,772) |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stockholders' Equity Parenthetical [Abstract] | |||
Share-based Payment Arrangement, Exercise of Option, Tax Benefit | $ 0 | $ 0 | $ 0 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ (2,943) | $ 1,406 | $ (2,361) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Activities: | |||
Net income | $ 222,198 | $ 225,355 | $ 163,133 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 62,107 | 62,997 | 64,017 |
Stock-based compensation expense | 19,062 | 16,445 | 14,809 |
Other Operating Activities, Cash Flow Statement | (11,175) | (3,652) | 25 |
Interest related to uncertain tax positions | 800 | 200 | 100 |
Deferred income taxes | 13,205 | 9,137 | (50,396) |
Changes in assets and liabilities | |||
Increase (Decrease) in Accounts Receivable | 11,453 | (22,934) | (112,977) |
Inventories, net | (47,297) | (8,702) | (119,002) |
Increase (Decrease) in Other Operating Assets | (28,785) | (4,239) | (2,829) |
Accounts payable | (23,505) | (9,193) | (102,870) |
Accrued payroll and benefit costs | (39,081) | 18,777 | 24,679 |
Other current and noncurrent liabilities | (825) | (5,656) | 64,793 |
Net cash provided by operating activities | 224,367 | 296,721 | 149,122 |
Investing Activities: | |||
Capital expenditures | (44,067) | (36,210) | (21,507) |
Acquisition payments, net of cash acquired | (27,597) | 0 | 0 |
Proceeds from sale of assets | 16,795 | 12,461 | 6,766 |
Payments for (Proceeds from) Other Investing Activities | (5,931) | (10,393) | 9,446 |
Net cash used in investing activities | (60,800) | (34,142) | (5,295) |
Financing Activities: | |||
Proceeds from (Repayments of) Short-term Debt | (29,780) | (1,454) | 11,789 |
Proceeds from issuance of long-term debt | 1,305,421 | 1,193,067 | 1,504,636 |
Repayments of long-term debt | (1,217,434) | (1,318,470) | (1,556,636) |
Repurchase of common stock | (153,049) | (127,169) | (106,792) |
Payment for Contingent Consideration Liability, Financing Activities | (11,401) | 0 | 0 |
Increase (Decrease) in Book Overdrafts | 204 | (19,857) | 8,199 |
Proceeds from (Payments for) Other Financing Activities | 3,727 | 1,211 | 2,392 |
Net cash provided (used) by financing activities | (109,766) | (275,094) | (141,196) |
Effect of exchange rate on cash and cash equivalents | 758 | (9,095) | 5,191 |
Net change in cash and cash equivalents | 54,559 | (21,610) | 7,822 |
Cash and cash equivalents at the beginning of period | 96,343 | 117,953 | 110,131 |
Cash and cash equivalents at the end of period | 150,902 | 96,343 | 117,953 |
Supplemental disclosures: | |||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 65,275 | 64,702 | 63,795 |
Cash paid for taxes | 64,531 | 61,983 | 65,117 |
Non-cash investing and financing activities: | |||
Payments to Acquire Equipment on Lease | $ 1,341 | $ 437 | $ 552 |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 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 and 11 distribution centers located primarily in the United States, Canada and Mexico, with operations in 16 additional countries. |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 2. ACCOUNTING POLICIES Basis of Consolidation The consolidated financial statements include the accounts of WESCO International and all of its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Reclassifications The Consolidated Statements of Cash Flows for the years ended December 31, 2019, 2018 and 2017 include certain reclassifications to previously reported amounts to conform to the current period's presentation. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Although these estimates are based on management’s best knowledge of current events and actions WESCO may undertake in the future, actual results may ultimately differ from the estimates. Revenue Recognition WESCO’s revenue arrangements generally consist of single performance obligations to transfer a promised good or service, or a combination of goods and services. Revenue is recognized when control has transferred to the customer, which is generally when the product has shipped from a WESCO facility or directly from a supplier. For products that ship directly from suppliers to customers, WESCO acts as the principal in the transaction and recognizes revenue on a gross basis. Revenue for integrated supply services is recognized over time based on hours incurred as the transfer of control occurs as the services are being performed. WESCO generally satisfies its performance obligations within a year or less. WESCO generally does not have significant financing terms associated with its contracts; payments are normally received within 60 days. There are generally no significant costs associated with obtaining customer contracts. WESCO generally passes through warranties offered by manufacturers or suppliers to its customers. Sales taxes (and value added taxes in foreign jurisdictions) collected from customers and remitted to governmental authorities are excluded from net sales. Supplier Volume Rebates WESCO receives volume rebates from certain suppliers based on contractual arrangements with such suppliers. Volume rebates are included within other accounts receivable in the Consolidated Balance Sheets, and represent the estimated amounts due to WESCO based on forecasted purchases and the rebate provisions of the various supplier contracts. The corresponding rebate income is recorded as a reduction to cost of goods sold. Receivables under the supplier rebate program were $81.6 million at December 31, 2019 and $73.5 million at December 31, 2018 . The supplier volume rebate as a percentage of net sales was 1.2% in 2019 , and 1.3% in 2018 and 2017 . Cash Equivalents Cash equivalents are defined as highly liquid investments with original maturities of 90 days or less when purchased. Allowance for Doubtful Accounts WESCO maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. WESCO has a systematic procedure using historical data and reasonable assumptions of collectability made at the local branch level and on a consolidated corporate basis to estimate allowances for doubtful accounts. If the financial condition of WESCO’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. The allowance for doubtful accounts was $25.4 million at December 31, 2019 and $24.5 million at December 31, 2018 . The total amount recorded as selling, general and administrative expense related to bad debts was $7.0 million , $10.9 million and $8.5 million for 2019 , 2018 and 2017 , respectively. Inventories Inventories primarily consist of merchandise purchased for resale and are stated at the lower of cost and net realizable value. Cost is determined principally under the average cost method. WESCO makes provisions for obsolete or slow-moving inventories as necessary to reflect reductions in value. WESCO writes down its inventories to net realizable value based on internal factors derived from historical analysis of actual losses. WESCO uses past data to identify items in excess of 36 months supply relative to demand or movement. WESCO then analyzes the ultimate disposition of identified excess inventories as they are sold, returned to supplier, or scrapped. This historical item-by-item analysis allows WESCO to develop an estimate of the likelihood that an item identified as being in excess supply ultimately becomes obsolete. WESCO applies the estimate to inventories currently in excess of 36 months supply, and reduces the carrying value of its inventories by the derived amount. Reserves for excess and obsolete inventories were $30.7 million and $27.6 million at December 31, 2019 and 2018 , respectively. The total expense related to excess and obsolete inventories, included in cost of goods sold, was $10.0 million , $9.7 million and $8.8 million for 2019 , 2018 and 2017 , respectively. WESCO absorbs into the cost of inventories certain overhead expenses such as purchasing, receiving and storage and at December 31, 2019 and 2018 , $71.2 million and $69.2 million , respectively, of these costs were included in ending inventories. Property, Buildings and Equipment Property, buildings and equipment are recorded at cost. Depreciation expense is determined using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over either their respective lease terms or their estimated lives, whichever is shorter. Estimated useful lives range from five to forty years for buildings and leasehold improvements and three to ten years for furniture, fixtures and equipment. Capitalized computer software costs are amortized using the straight-line method over the estimated useful life, typically three to five years , and are reported at the lower of unamortized cost or net realizable value. Expenditures for new facilities and improvements that extend the useful life of an asset are capitalized. Ordinary repairs and maintenance are expensed as incurred. When property is retired or otherwise disposed of, the cost and the related accumulated depreciation are removed from the accounts and any resulting gains or losses are recorded and reported as selling, general and administrative expenses. Of WESCO’s $181.4 million net book value of property, buildings and equipment as of December 31, 2019 , $88.1 million consists of land, buildings and leasehold improvements that are geographically dispersed among WESCO’s 500 branches and 11 distribution centers, mitigating the risk of impairment. WESCO assesses its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of any such assets may not be fully recoverable. Changes in circumstances include technological advances, changes in the business model, capital structure, economic conditions or operating performance. The evaluation is based upon, among other things, utilization, serviceability and assumptions about the estimated future undiscounted cash flows that these assets are expected to generate. When the sum of the undiscounted cash flows is less than the carrying value of the asset or asset group, an impairment loss is recognized to the extent that carrying value exceeds fair value. Management applies its best judgment when performing these evaluations. Goodwill and Indefinite-Lived Intangible Assets Goodwill and indefinite-lived intangible assets are tested for impairment annually during the fourth quarter using information available at the end of September, or more frequently if triggering events occur, indicating that their carrying value may not be recoverable. WESCO tests for goodwill impairment on a reporting unit level and the evaluation involves comparing the fair value of each reporting unit to its carrying value. The fair values of the reporting units are determined using a combination of a discounted cash flow analysis and market multiples. Assumptions used for these fair value techniques, including expected operating margin and discount rate, are based on a combination of historical results, current forecasts, market data and recent economic events. WESCO evaluates the recoverability of indefinite-lived intangible assets using the relief-from-royalty method based on projected financial information. At December 31, 2019 and 2018 , respectively, goodwill and indefinite-lived trademarks totaled $1.9 billion and $1.8 billion . WESCO performed its annual impairment tests of goodwill and indefinite-lived intangible assets during the fourth quarter. A possible indicator of goodwill impairment is the relationship of a company’s market capitalization to its book value. As of December 31, 2019 , WESCO's market capitalization exceeded its book value and the fair values of its reporting units exceeded their carrying values. Accordingly, there were no impairment losses identified as a result of the annual test. The determination of fair value involves significant management judgment and management applies its best judgment when assessing the reasonableness of financial projections. Fair values are sensitive to changes in underlying assumptions and factors. As a result, there can be no assurance that the estimates and assumptions made for purposes of the annual goodwill and indefinite-lived intangible impairment tests will prove to be an accurate prediction of future results. Definite Lived Intangible Assets Definite lived intangible assets are amortized over 2 to 20 years. A portion of definite lived intangible assets related to certain customer relationships are amortized using an accelerated method whereas all other definite lived intangible assets subject to amortization use a straight-line method. In either case, the amortization method reflects the pattern in which the economic benefits of the respective assets are consumed or otherwise used. Definite lived intangible assets are tested for impairment if events or circumstances occur indicating that the respective asset might be impaired. Insurance Programs WESCO uses commercial insurance for auto, workers’ compensation, casualty and health claims, and information technology as a risk-reduction strategy to minimize catastrophic losses. The Company’s strategy involves large deductible policies where WESCO must pay all costs up to the deductible amount. WESCO estimates the reserve for these programs based on historical incident rates and costs. The assumptions included in developing this accrual include the period of time between the incurrence and payment of a claim. The total liability related to insurance programs was $12.9 million and $13.1 million at December 31, 2019 and 2018 , respectively. Income Taxes WESCO accounts for income taxes under the asset and liability method, which requires the recognition of deferred income taxes for events that have future tax consequences. Under this method, deferred income taxes are recognized (using enacted tax laws and rates) based on the future income tax effects of differences in the carrying amounts of assets and liabilities for financial reporting and tax purposes. The effect of a tax rate change on deferred tax assets and liabilities is recognized in income in the period of change. WESCO recognizes deferred tax assets at amounts that are expected to be realized. To make such determination, management evaluates all positive and negative evidence, including but not limited to, prior, current and future taxable income, tax planning strategies and future reversals of existing temporary differences. A valuation allowance is recognized if it is “more-likely-than-not” that some or all of a deferred tax asset will not be realized. WESCO regularly assesses the realizability of deferred tax assets. WESCO accounts for uncertainty in income taxes using a "more-likely-than-not" recognition threshold. Due to the subjectivity inherent in the evaluation of uncertain tax positions, the tax benefit ultimately recognized may materially differ from the estimate. WESCO recognizes interest and penalties related to uncertain tax benefits as part of interest expense and income tax expense, respectively. The Tax Cuts and Jobs Act of 2017 (the “TCJA”) imposed a one-time tax on the deemed repatriation of undistributed foreign earnings (the "transition tax"). Except for the portion of previously taxed foreign earnings that have been repatriated, WESCO continues to assert that the remaining undistributed earnings of its foreign subsidiaries, the majority of which were subject to the transition tax, are indefinitely reinvested. WESCO believes it is able to maintain a sufficient level of liquidity for its domestic operations and commitments without repatriating cash held by these foreign subsidiaries. Upon any future repatriation, additional tax expense or benefit may be incurred; however, management does not believe it will be material. The provisions of the TCJA also introduced U.S. taxation on certain global intangible low-taxed income ("GILTI"). WESCO has elected to account for GILTI tax as a component of income tax expense. Future adjustments (if any) resulting from additional regulatory guidance regarding the accounting for the income tax effects of TCJA will be recognized as discrete income tax expense or benefit in the period in which guidance is issued. Foreign Currency The local currency is the functional currency for the majority of WESCO’s operations outside the United States. Assets and liabilities of these operations are translated to U.S. dollars at the exchange rate in effect at the end of each period. Income statement accounts are translated at an exchange rate that approximates the average for the period. Translation adjustments arising from the use of differing exchange rates from period to period are included as a component of other comprehensive income (loss) within stockholders’ equity. Gains and losses from foreign currency transactions are included in net income for the period. Defined Benefit Pension Plan Liabilities and expenses for pension benefits are determined using actuarial methodologies and incorporate significant assumptions, including the interest rate used to discount the future estimated cash flows, the expected long-term rate of return on plan assets, and several assumptions relating to the employee workforce (salary increases, retirement age, and mortality). Fair Value of Financial Instruments The Company measures the fair value of financial assets and liabilities according to a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of the fair value hierarchy are as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that are accessible at the measurement date; Level 2 inputs include inputs other than Level 1 that are observable, either directly or indirectly, and Level 3 inputs are unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to measurements involving significant unobservable inputs (Level 3). Net Interest and Other Net interest and other includes interest expense, interest income, amortization of debt discount and debt issuance costs, the non-service cost components of net periodic benefit cost, and foreign exchange gains and losses from the remeasurement of certain financial instruments. 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 year ended December 31, 2019. 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 9. 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 has compared its current policy for estimating losses resulting from uncollectible trade accounts receivable to the requirements of the new standard. To support the new standard, management is currently identifying and implementing appropriate changes to the its business processes and controls. The new standard will be adopted in the first quarter of 2020. The adoption of this pronouncement is not expected to have an impact on WESCO's 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. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which removes certain exceptions to the general principles of Accounting Standards Codification Topic 740, Income Taxes , and simplifies other aspects of accounting for income taxes. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted in any interim or annual period, with any adjustments reflected as of the beginning of the fiscal year of adoption. 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. |
REVENUE (Notes)
REVENUE (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Policy Text Block] | 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 net sales by end market and geography: Year Ended December 31, (In thousands) 2019 2018 2017 Industrial $ 3,000,253 $ 2,983,062 $ 2,852,357 Construction 2,743,852 2,684,844 2,546,261 Utility 1,347,448 1,303,697 1,181,704 Commercial, Institutional and Government 1,267,364 1,204,998 1,098,699 Total by end market $ 8,358,917 $ 8,176,601 $ 7,679,021 Year Ended December 31, (In thousands) 2019 2018 2017 United States $ 6,234,119 $ 6,089,130 $ 5,775,988 Canada (1) 1,647,066 1,647,933 1,521,378 Other International (1) 477,732 439,538 381,655 Total by geography $ 8,358,917 $ 8,176,601 $ 7,679,021 (1) The prior periods has been reclassified to confirm to the current period's 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 December 31, 2019 and 2018 , $12.3 million and $11.8 million , respectively, of deferred revenue was recorded as a component of other current liabilities in the 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 historical data, as well as current and forecasted information. Variable consideration is reviewed by management on a monthly basis and revenue is adjusted accordingly. Variable consideration reduced revenue for the years ended December 31, 2019 , 2018 and 2017 by approximately $106.6 million , $107.4 million and $91.1 million , 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 $71.7 million , $74.1 million and $61.8 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. |
FAIR VALUE (Notes)
FAIR VALUE (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 4. 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 December 31, 2019 and 2018 . |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | . GOODWILL AND INTANGIBLE ASSETS Goodwill The following table sets forth the changes in the carrying value of goodwill: Year Ended December 31, 2019 2018 (In thousands) Beginning balance January 1 $ 1,722,603 $ 1,771,877 Foreign currency exchange rate changes 30,670 (49,274 ) Adjustments to goodwill for acquisitions 5,767 — Ending balance December 31 $ 1,759,040 $ 1,722,603 Intangible Assets The components of intangible assets are as follows: December 31, 2019 December 31, 2018 Life Gross Carrying Amount (1) Accumulated Amortization (1) Net Carrying Amount Gross Carrying Amount (1) Accumulated Amortization (1) Net Carrying Amount (In thousands) Intangible assets: Trademarks Indefinite $ 98,699 $ — $ 98,699 $ 96,260 $ — $ 96,260 Trademarks 10-15 24,800 (9,319 ) 15,481 25,185 (7,585 ) 17,600 Non-compete agreements 5 196 (180 ) 16 196 (141 ) 55 Customer relationships 10-20 358,341 (201,962 ) 156,379 358,620 (180,395 ) 178,225 Distribution agreements 10-19 37,371 (25,294 ) 12,077 36,984 (22,562 ) 14,422 Patents 10 48,310 (43,687 ) 4,623 48,310 (38,856 ) 9,454 $ 567,717 $ (280,442 ) $ 287,275 $ 565,555 $ (249,539 ) $ 316,016 (1) Excludes the original cost and related accumulated amortization of fully-amortized intangible assets. Amortization expense related to intangible assets totaled $35.5 million , $35.9 million and $37.8 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. The following table sets forth the estimated amortization expense for intangible assets for the next five years and thereafter: For the year ending December 31, (In thousands) 2020 $ 34,037 2021 26,387 2022 23,903 2023 23,311 2024 19,863 Thereafter 61,075 |
CONCENTRATIONS OF CREDIT RISK A
CONCENTRATIONS OF CREDIT RISK AND SIGNIFICANT SUPPLIERS | 12 Months Ended |
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATIONS OF CREDIT RISK AND SIGNIFICANT SUPPLIERS | 6. CONCENTRATIONS OF CREDIT RISK AND SIGNIFICANT SUPPLIERS WESCO distributes its products and services and extends credit to a large number of customers in the industrial, construction, utility, and commercial, institutional and government markets. Based upon WESCO’s broad customer base, Managment has concluded that it has no material credit risk as a result of customer concentration. WESCO is subject to supplier concentration risk as Eaton Corporation, the Company's largest supplier, accounted for approximately 11% of its purchases in 2019 , 2018 and 2017 |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
ACQUISITIONS | 7. ACQUISITIONS The following table sets forth the consideration paid for acquisitions: Year Ended December 31, 2019 (In thousands) Fair value of assets acquired $ 35,671 Fair value of liabilities assumed 8,074 Cash paid for acquisitions $ 27,597 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 $5.8 million , which is deductible for tax purposes. |
PROPERTY, BUILDINGS AND EQUIPME
PROPERTY, BUILDINGS AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, BUILDINGS AND EQUIPMENT | 8. PROPERTY, BUILDINGS AND EQUIPMENT The following table sets forth the components of property, buildings and equipment: As of December 31, 2019 2018 (In thousands) Buildings and leasehold improvements $ 110,056 $ 111,510 Furniture, fixtures and equipment 162,029 186,523 Software costs 127,919 115,631 400,004 413,664 Accumulated depreciation and amortization (268,415 ) (291,811 ) 131,589 121,853 Land 24,106 23,996 Construction in progress 25,753 15,029 $ 181,448 $ 160,878 Depreciation expense was $15.9 million , $17.3 million and $16.3 million , and capitalized software amortization was $10.6 million , $9.8 million and $9.9 million , in 2019 , 2018 and 2017 , respectively. The unamortized software cost was $29.8 million and $24.2 million as of December 31, 2019 and 2018 , respectively. Furniture, fixtures and equipment include finance leases of $9.7 million and $9.3 million and related accumulated amortization of $8.3 million and $8.4 million as of December 31, 2019 and 2018 , respectively. |
LEASES (Notes)
LEASES (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Lease, Cost [Abstract] | |
Leases of Lessee Disclosure [Text Block] | 9. 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 December 31, 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) December 31, 2019 Operating lease assets $ 235,834 Current operating lease liabilities 62,046 Noncurrent operating lease liabilities 179,830 Total operating lease liabilities $ 241,876 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 period ending: (In thousands) December 31, 2019 Operating lease cost $ 73,613 Short-term lease cost 90 Variable lease cost 23,385 Total lease cost $ 97,088 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 ending: (In thousands) December 31, 2019 Operating cash flows from operating leases $ 75,775 Right-of-use assets obtained in exchange for new operating lease liabilities 60,586 As of December 31, 2019 , the weighted-average remaining lease term for operating leases was 5.3 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 December 31, 2019 : (In thousands) 2020 $ 72,946 2021 62,549 2022 48,490 2023 38,209 2024 22,426 Thereafter 32,559 Total undiscounted operating lease payments 277,179 Less: interest (35,303 ) Total operating lease liabilities $ 241,876 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 |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
DEBT | . DEBT The following table sets forth WESCO’s outstanding indebtedness: As of December 31, 2019 2018 (In thousands) International lines of credit $ 26,255 $ 30,785 Term Loan Facility, less debt discount of $156 in 2018 — 24,594 Accounts Receivable Securitization Facility 415,000 275,000 Revolving Credit Facility — 51,598 5.375% Senior Notes due 2021 500,000 500,000 5.375% Senior Notes due 2024 350,000 350,000 Capital leases 1,373 1,123 Total debt 1,292,628 1,233,100 Less unamortized debt issuance costs (8,876 ) (9,575 ) Less short-term debt and current portion of long-term debt (26,685 ) (56,214 ) Total long-term debt $ 1,257,067 $ 1,167,311 International Lines of Credit Certain foreign subsidiaries of WESCO have entered into uncommitted lines of credit, some of which are overdraft facilities, to support local operations. The maximum borrowing limit varies by facility and ranges between $2.0 million and $21.0 million . The applicable interest rate for borrowings under these lines of credit varies by country and is governed by the applicable loan agreement. The international lines of credit are renewable on an annual basis and certain facilities are fully and unconditionally guaranteed by WESCO Distribution. Accordingly, borrowings under these lines directly reduce availability under the Revolving Credit Facility. The average interest rate for these facilities was 6.32% and 8.78% at December 31, 2019 and 2018 , respectively. Term Loan Facility On December 12, 2012 , WESCO Distribution, as U.S. borrower, WDCC Enterprises Inc. ("WDCC" and together with WESCO Distribution, the “Borrowers”), as Canadian borrower, and WESCO International entered into a Term Loan Agreement (the “Term Loan Agreement”) among WESCO Distribution, WDCC, the Company, the lenders party thereto and Credit Suisse AG Cayman Islands Branch, as administrative agent and as collateral agent. The Term Loan Agreement provided a seven-year term loan facility (the “Term Loan Facility”), which consisted of two separate sub-facilities: (i) a Canadian sub-facility in an aggregate principal amount of CAD 150 million , issued at a 2.0% discount, and (ii) a U.S. sub-facility in an aggregate principal amount of $700 million , issued at a 1.0% discount. The proceeds of the Term Loan Facility were used to finance the acquisition of EECOL, and to pay fees and expenses incurred in connection with the acquisition and certain other transactions. Subject to the terms of the Term Loan Agreement, the Borrowers could request incremental term loans from time to time in an aggregate principal amount not to exceed at any time $300 million , with an equivalent principal amount in U.S. dollars being calculated for any incremental term loan denominated in Canadian dollars. On November 19, 2013, the Borrowers and WESCO International entered into an amendment (the “Term Loan Amendment”) to the Term Loan Agreement. The Term Loan Amendment, among other things, reduced the applicable margin on U.S. term loans by 0.50% and the LIBOR floor applicable to the U.S. sub-facility from 1.00% to 0.75%. The modified pricing terms were effective December 13, 2013. On November 26, 2013, WESCO Distribution sold $500 million aggregate principal amount of 5.375% Senior Notes due 2021 (the “2021 Notes”), and used the net proceeds plus excess cash to prepay $500 million under the Company's U.S. sub-facility of the Term Loan Facility (see discussion below under “5.375% Senior Notes due 2021” for additional information). The prepayment satisfied all remaining quarterly repayment obligations under the U.S. sub-facility. The Canadian sub-facility was fully repaid in 2015 and the remaining amount outstanding under the U.S. sub-facility was fully repaid in the first quarter of 2019. 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 amended 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 that 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 is 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. As of December 31, 2019 and 2018 , accounts receivable eligible for securitization totaled $809.5 million and $758.3 million , respectively. The Consolidated Balance Sheets as of December 31, 2019 and 2018 include $415.0 million and $275.0 million , respectively, of account receivable balances legally sold to third parties, as well as borrowings for equal amounts. At December 31, 2019 , the interest rate for this facility was approximately 2.0% . 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 Receivables 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. At December 31, 2019 , the interest rate for this facility was approximately 1.6% . 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. During 2019 , WESCO borrowed $715.4 million under the Revolving Credit Facility and made repayments in the aggregate amount of $767.4 million . During 2018 , aggregate borrowings and repayments were $473.1 million and $433.5 million , respectively. WESCO had $563.8 million available under the Revolving Credit facility at December 31, 2019 , after giving effect to $28.4 million of outstanding letters of credit, $36.1 million of surety bonds, and $7.8 million of other reserves, as compared to $515.9 million available under the Revolving Credit facility at December 31, 2018 , after giving effect to $27.2 million of outstanding letters of credit, $19.5 million of surety bonds, and $5.3 million of other reserves. 5.375% Senior Notes due 2021 In November 2013, WESCO Distribution issued $500 million aggregate principal amount of 2021 Notes through a private offering exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). The 2021 Notes were issued at 100% of par and are governed by an indenture (the “2021 Indenture”) entered into on November 26, 2013 between WESCO International and U.S. Bank National Association, as trustee. The 2021 Notes are unsecured senior obligations of WESCO Distribution and are guaranteed on a senior unsecured basis by WESCO International. The 2021 Notes bear interest at a stated rate of 5.375% , payable semi-annually in arrears on June 15 and December 15 of each year. In addition, WESCO incurred costs related to the issuance of the 2021 Notes totaling $8.4 million , which were recorded as a reduction to the carrying value of the debt and are being amortized over the life of the notes. The 2021 Notes mature on December 15, 2021 . The net proceeds of the 2021 Notes were used to prepay a portion of the U.S. sub-facility of the term loan due 2019. Under the terms of a registration rights agreement dated as of November 26, 2013 among WESCO Distribution, WESCO International and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as the representative of the initial purchasers of the 2021 Notes, WESCO Distribution and WESCO International agreed to register under the Securities Act notes having terms identical in all material respects to the 2021 Notes (the “2021 Exchange Notes”) and to make an offer to exchange the 2021 Exchange Notes for the 2021 Notes. WESCO Distribution launched the exchange offer on June 12, 2014 and the exchange offer expired on July 17, 2014. At any time WESCO Distribution may redeem all or a part of the 2021 Notes. On and after December 15, 2019, WESCO Distribution may redeem all or a part of the 2021 Notes at a redemption price equal to 100% of the principal amount. The 2021 Indenture contains customary covenants and customary events of default. In addition, upon a change of control, the holders of 2021 Notes have the right to require WESCO Distribution to repurchase all or any part of the 2021 Notes at a redemption price equal to 101% of the principal amount, plus accrued and unpaid interest. 5.375% Senior Notes due 2024 In June 2016, WESCO Distribution issued $350 million aggregate principal amount of 5.375% Senior Notes due 2024 (the "2024 Notes") through a private offering exempt from the registration requirements of the Securities Act. The 2024 Notes were issued at 100% of par and are governed by an indenture (the “2024 Indenture”) entered into on June 15, 2016 among WESCO Distribution, as issuer, WESCO International, as parent guarantor, and U.S. Bank National Association, as trustee. The 2024 Notes are unsecured senior obligations of WESCO Distribution and are guaranteed on a senior unsecured basis by WESCO International. The 2024 Notes bear interest at a rate of 5.375% per annum, payable semi-annually in arrears on June 15 and December 15 of each year. WESCO incurred costs totaling $6.0 million to issue the 2024 Notes, which were recorded as a reduction to the carrying value of the debt and are being amortized over the life of the note. The notes mature on June 15, 2024 . The Company used the net proceeds to redeem its 6.0% Convertible Senior Debentures due 2029 on September 15, 2016. Under the terms of a registration rights agreement dated as of June 15, 2016 among WESCO Distribution, as the issuer, WESCO International, as parent guarantor, and Goldman, Sachs & Co., as representative of the initial purchasers of the 2024 Notes, WESCO Distribution and WESCO International agreed to register under the Securities Act notes having terms identical in all material respects to the 2024 Notes (the “2024 Exchange Notes”) and to make an offer to exchange the 2024 Exchange Notes for the 2024 Notes. WESCO Distribution launched the exchange offer on December 28, 2016 and the exchange offer expired on January 31, 2017. At any time on or after June 15, 2019, WESCO Distribution may redeem all or a part of the 2024 Notes. Between June 15, 2019 and June 14, 2020, WESCO Distribution may redeem all or a part of the 2024 Notes at a redemption price equal to 104.031% of the principal amount. Between June 15, 2020 and June 14, 2021, WESCO Distribution may redeem all or a part of the 2024 Notes at a redemption price equal to 102.688% of the principal amount. Between June 15, 2021 and June 14, 2022, WESCO Distribution may redeem all or a part of the 2024 Notes at a redemption price equal to 101.344% of the principal amount. On and after June 15, 2022, WESCO Distribution may redeem all or a part of the 2024 Notes at a redemption price equal to 100% of the principal amount. The 2024 Indenture contains customary covenants and events of default. Upon a change of control, the holders of the 2024 Notes have the right to require WESCO Distribution to repurchase all or any part of the 2024 Notes at a redemption price equal to 101% of the principal amount thereof, plus accrued and unpaid interest. Debt Issuance Costs WESCO capitalizes costs associated with the issuance of debt and such costs are amortized over the term of the respective debt instrument on a straight-line basis. Debt issuance costs are presented in the Consolidated Balance Sheets as a direct reduction from the carrying amount of the related debt liability. Upon prepayment of debt, the Company accelerates the recognition of an appropriate amount of the costs as refinancing or extinguishment of debt. As of December 31, 2019 and 2018 , unamortized debt issuance costs of $8.9 million and $9.6 million were recorded in the Consolidated Balance Sheets, respectively. Covenant Compliance WESCO was in compliance with all relevant covenants contained in its debt agreements as of December 31, 2019 . The following table sets forth the aggregate principal repayment requirements for all indebtedness for the next five years and thereafter, as of December 31, 2019 : (In thousands) 2020 $ 26,685 2021 500,943 2022 415,000 2023 — 2024 350,000 Thereafter — Total payments on debt $ 1,292,628 WESCO’s credit agreements contain various restrictive covenants that, among other things, impose limitations on: (i) dividend payments or certain other restricted payments or investments; (ii) the incurrence of additional indebtedness and guarantees; (iii) creation of liens; (iv) mergers, consolidation or sales of substantially all of WESCO’s assets; (v) certain transactions among affiliates; (vi) payments by certain subsidiaries to WESCO, and (vii) capital expenditures. In addition, the Revolving Credit Facility and the Receivables Facility require WESCO to meet certain fixed charge coverage tests depending on availability or liquidity, respectively. |
CAPITAL STOCK
CAPITAL STOCK | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
CAPITAL STOCK | . CAPITAL STOCK Preferred Stock There are 20 million shares of preferred stock authorized at a par value of $0.01 per share; there are no shares issued or outstanding. The Board of Directors has the authority, without further action by the stockholders, to issue all authorized preferred shares in one or more series and to fix the number of shares, designations, voting powers, preferences, optional and other special rights and the restrictions or qualifications thereof. The rights, preferences, privileges and powers of each series of preferred stock may differ with respect to dividend rates, liquidation values, voting rights, conversion rights, redemption provisions and other matters. Common Stock There are 210 million shares of common stock and 20 million shares of Class B common stock authorized at a par value of $0.01 per share. The Class B common stock is identical to the common stock, except for voting and conversion rights. The holders of Class B common stock have no voting rights. With certain exceptions, Class B common stock may be converted, at the option of the holder, into the same number of shares of common stock. The terms of the Revolving Credit Facility, as well as the indentures governing the 2021 Notes and 2024 Notes, place certain limits on the Company's ability to declare or pay dividends and repurchase common stock. The share repurchases in 2019 , 2018 and 2017 , as described in Note 13, were made within the limits of WESCO's various credit agreements. At December 31, 2019 and 2018 , no dividends had been declared and, therefore, no retained earnings were reserved for dividend payments. Treasury Stock Common stock purchased for treasury is recorded at cost. At the date of subsequent reissue, the treasury stock account is reduced by the cost of such stock, with cost determined on a weighted-average basis. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | . INCOME TAXES The Tax Cuts and Jobs Act of 2017 (the "TCJA”), enacted on December 22, 2017, made significant changes to U.S. corporate tax law, including with respect to the U.S. corporate income tax rate, new business-related exclusions, deductions and credits, as well as international tax provisions. Most notably, the TCJA permanently reduced the U.S. corporate income tax rate from 35% to 21%, effective January 1, 2018, and imposed a one-time tax on the deemed repatriation of undistributed foreign earnings (the "transition tax"). The TCJA also introduced anti-base erosion provisions, including the global intangible low-taxed income tax. As a result of the reduction in the U.S. corporate income tax rate, the Company remeasured its U.S. deferred income tax balances and recorded a provisional deferred income tax benefit of $56.4 million for the year ended December 31, 2017 . The Company also recognized provisional current income tax expense for the transition tax under the TCJA of $82.8 million for the year ended December 31, 2017 . After the utilization of foreign tax credit carryforwards of $17.8 million , a provisional liability of $65.0 million was accrued for the transition tax as of December 31, 2017 , which is payable over a period of eight years. During the year ended December 31, 2018 , the Company completed its accounting for the income tax effects of the TCJA, which resulted in an additional deferred income tax benefit of $0.9 million and a discrete benefit of $3.4 million . During the year ended December 31, 2019 , the Company further adjusted its transition tax liability based upon guidance issued by the Internal Revenue Service ("IRS"), which resulted in a discrete benefit of $3.7 million . As of December 31, 2019 and 2018 , a liability of $36.8 million and $43.2 million , respectively, was recorded as components of other current and noncurrent liabilities in the Consolidated Balance Sheets for transition tax. The transition tax will be paid in installments. The accounting for the income tax effects of the TCJA has been completed based on regulatory guidance issued to date. Additional guidance could be issued, which could affect the amounts described above. The Company will continue to evaluate its tax positions with respect to the TCJA as the IRS releases additional regulatory guidance. Future adjustments, if any, for tax positions taken to date will be recognized as discrete income tax expense or benefit in the period in which such guidance is issued. The following table sets forth the components of income before income taxes by jurisdiction: Year Ended December 31, 2019 2018 2017 (In thousands) United States $ 198,566 $ 198,556 $ 180,957 Foreign 83,495 82,469 71,483 Income before income taxes $ 282,061 $ 281,025 $ 252,440 The following table sets forth the components of the provision (benefit) for income taxes: Year Ended December 31, 2019 2018 2017 (In thousands) Current income taxes: Federal $ 31,695 $ 28,464 $ 122,170 State 8,616 7,458 2,259 Foreign 6,347 10,611 15,274 Total current income taxes 46,658 46,533 139,703 Deferred income taxes: Federal 6,774 5,253 (48,060 ) State 1,846 1,967 4,508 Foreign 4,585 1,917 (6,844 ) Total deferred income taxes 13,205 9,137 (50,396 ) Provision for income taxes $ 59,863 $ 55,670 $ 89,307 The following table sets forth the reconciliation between the federal statutory income tax rate and the effective tax rate: Year Ended December 31, 2019 2018 2017 Federal statutory rate 21.0 % 21.0 % 35.0 % State income taxes, net of federal income tax benefit 3.1 2.8 1.4 Deemed repatriation of undistributed foreign earnings (1.3 ) (1.2 ) 32.8 Deferred income tax remeasurement — (0.3 ) (22.4 ) Tax effect of intercompany financing (5.5 ) (5.6 ) (10.5 ) Other 3.9 3.1 (0.9 ) Effective tax rate 21.2 % 19.8 % 35.4 % As a result of the TCJA, WESCO reevaluated its intent and ability to repatriate foreign earnings based upon the liquidity of the Company's domestic operations and cash flow needs of its foreign subsidiaries. Consequently, during the years ended December 31, 2019 and 2018 , WESCO repatriated a portion of the previously taxed earnings attributable to its foreign operations. WESCO continues to assert that the remaining undistributed earnings of its foreign subsidiaries, the majority of which were subject to the transition tax described above, are indefinitely reinvested. WESCO believes that it is able to maintain a sufficient level of liquidity for its domestic operations and commitments without repatriating cash held by these foreign subsidiaries. Upon any future repatriation, additional tax expense or benefit may be incurred; however, we do not believe such amount would be material. The following table sets forth deferred tax assets and liabilities: As of December 31, 2019 2018 (In thousands) Assets Liabilities Assets Liabilities Accounts receivable $ 3,382 $ — $ 3,657 $ — Inventories — 4,580 — 3,315 Depreciation of property, buildings and equipment — 18,393 — 17,384 Operating leases 61,326 60,670 — — Amortization of intangible assets — 159,573 — 158,795 Employee benefits 20,641 — 20,107 — Stock-based compensation 13,792 — 12,840 — Tax loss carryforwards 10,486 — 15,557 — Foreign tax credit carryforwards 1,247 — — — Other 6,791 3,964 7,927 4,115 Deferred income taxes before valuation allowance 117,665 247,180 60,088 183,609 Valuation allowance (5,854 ) — (4,072 ) — Total deferred income taxes $ 111,811 $ 247,180 $ 56,016 $ 183,609 As of December 31, 2018 , WESCO had a deferred tax asset of $6.4 million related to Canadian net operating loss carryforwards. These carryforwards were fully utilized during the year ended December 31, 2019 . Additionally, WESCO had deferred tax assets of $7.9 million and $7.2 million as of December 31, 2019 and 2018 , respectively, related to non-Canadian foreign net operating loss carryforwards. These net operating loss carryforwards expire beginning in 2020 through 2029, while some may be carried forward indefinitely. As of December 31, 2019 and 2018 , WESCO had deferred tax assets of $2.6 million and $3.2 million , respectively, related to state net operating loss carryforwards. These carryforwards expire beginning in 2022 through 2037. The Company has determined, based upon an evaluation of all available evidence, that certain non-Canadian foreign net operating loss carryforwards will not be realized before they expire. Accordingly, the Company recorded a full valuation allowance against deferred tax assets related to certain non-Canadian foreign net operating loss carryforwards of $4.6 million and $4.1 million at December 31, 2019 and 2018 , respectively. As of December 31, 2019 , WESCO had a deferred tax asset of $1.2 million related to foreign tax credit carryforwards. The foreign tax credit carryforwards expire beginning in 2028. The Company determined, based upon an evaluation of all available evidence, that the foreign tax credit carryforwards will not be realized before they expire. Accordingly, the Company recorded a full valuation allowance against the deferred tax asset related to foreign tax credit carryforwards of $1.2 million at December 31, 2019. The Company is under examination by tax authorities in the U.S. and Canada and remains subject to examination until the applicable statutes of limitation expire. The statutes of limitation for the material jurisdictions in which the Company files income tax returns remain open as follows: United States — Federal 2015 and forward United States — Material States 2015 and forward Canada 2008 and forward The following table sets forth the reconciliation of gross unrecognized tax benefits: As of December 31, 2019 2018 2017 (In thousands) Beginning balance January 1 $ 1,293 $ 4,348 $ 6,181 Reductions for tax positions of prior years — — (155 ) Settlements (1,290 ) (2,646 ) (1,025 ) Lapse in statute of limitations — (287 ) (755 ) Foreign currency exchange rate changes 51 (122 ) 102 Ending balance December 31 $ 54 $ 1,293 $ 4,348 The total amount of unrecognized tax benefits were $0.1 million , $1.3 million , and $4.3 million as of December 31, 2019 , 2018 and 2017 , respectively. The amount of unrecognized tax benefits that would affect the effective tax rate if recognized in the consolidated financial statements was $0.1 million , $1.3 million , and $1.7 million , respectively. It is not expected that the amount of unrecognized tax benefits will change within the next twelve months. The Company classifies interest related to unrecognized tax benefits as a component of net interest and other in the Consolidated Statement of Income and Comprehensive Income. The Company recognized interest income on unrecognized tax benefits of $0.8 million in 2019 . In 2018 and 2017 , interest expense on unrecognized tax benefits was $0.2 million and $0.1 million , respectively. As of December 31, 2019 and 2018 , WESCO had a liability of $0.1 million and $0.8 million , respectively, for interest expense related to unrecognized tax benefits. The Company classifies penalties related to unrecognized tax benefits as part of income tax expense. Penalties recorded in income tax expense were immaterial in 2019 , 2018 , and 2017 . |
EARNINGS PER SHARE EARNINGS PER
EARNINGS PER SHARE EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | 13. 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: Year Ended December 31, 2019 2018 2017 (In thousands, except per share data) Net income attributable to WESCO International $ 223,426 $ 227,343 $ 163,460 Weighted-average common shares outstanding used in computing basic earnings per share 43,104 46,722 47,849 Common shares issuable upon exercise of dilutive equity awards 383 477 512 Weighted-average common shares outstanding and common share equivalents used in computing diluted earnings per share 43,487 47,199 48,361 Earnings per share attributable to WESCO International Basic $ 5.18 $ 4.87 $ 3.42 Diluted $ 5.14 $ 4.82 $ 3.38 The computation of diluted earnings per share attributable to WESCO International excluded equity awards of approximately 1.7 million , 1.6 million and 1.3 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. These shares were excluded because their effect would have been antidilutive. In December 2014, the Company's Board of Directors (the "Board") authorized the repurchase of up to $300 million of the Company's common stock through December 31, 2017 (the "2014 Repurchase Authorization"). During the year ended December 31, 2017 , the Company repurchased 1,778,537 shares for $100.0 million . In December 2017, the Board authorized the repurchase of up to $300 million of the Company's common stock through December 31, 2020 (the "2017 Repurchase Authorization"). In October 2018, the Board approved an increase to the 2017 Repurchase Authorization from $300 million to $400 million . During the year ended December 31, 2018 , the Company entered into accelerated stock repurchase agreements with a financial institution to repurchase shares of its common stock pursuant to its 2017 Repurchase Authorization. In exchange for up-front cash payments totaling $125.0 million , the Company received 2,368,738 shares, of which 365,272 shares were settled in 2019. 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 pursuant to the 2017 Repurchase Authorization. In exchange for an up-front cash payment of $150.0 million , the Company received a total of 3,090,312 shares. As of December 31, 2019 , WESCO had repurchased 5,459,030 shares of common stock for $275.0 million under the 2017 Repurchase Authorization. |
STOCK-BASED COMPENSATION STOCK-
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | 15. STOCK-BASED COMPENSATION WESCO sponsors a stock-based compensation plan. The 1999 Long-Term Incentive Plan, as amended and restated (the “LTIP”) was designed to be the successor plan to all prior plans. Any shares remaining reserved for future issuance under the prior plans are available for issuance under the LTIP. The LTIP is administered by the Compensation Committee of the Board. On May 31, 2017, the Company renewed and restated the LTIP, increasing the maximum number of shares of common stock that may be issued under the plan by 1.7 million shares to 3.4 million . Under the LTIP, the total number of shares of common stock authorized to be issued will be reduced by 1 share of common stock for every 1 share that is subject to a stock appreciation right granted, and 1.83 shares of common stock for every 1 share that is subject to an award other than a stock appreciation right granted on or after May 31, 2017. As of December 31, 2019 , 2.6 million shares of common stock were reserved under the LTIP for future equity award grants. 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. WESCO recognized $19.1 million , $16.4 million and $14.8 million of non-cash stock-based compensation expense, which is included in selling, general and administrative expenses, for the years ended December 31, 2019 , 2018 and 2017 , respectively. As of December 31, 2019 , there was $20.7 million of total unrecognized compensation expense related to non-vested stock-based compensation arrangements for all awards previously made of which approximately $13.0 million is expected to be recognized in 2020 , $6.9 million in 2021 and $0.8 million in 2022 . The total intrinsic value of awards exercised during the years ended December 31, 2019 , 2018 , and 2017 was $10.7 million , $8.2 million , and $17.2 million , respectively. The gross deferred tax benefit associated with the exercise of stock-based awards totaled $2.5 million , $2.0 million , and $6.4 million in 2019 , 2018 , and 2017 , respectively. The following table sets forth a summary of stock-settled stock appreciation rights and related information for the periods presented: Year Ended December 31, 2019 2018 2017 Awards Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life Aggregate Intrinsic Value (In thousands) Awards Weighted-Average Exercise Price Awards Weighted-Average Exercise Price Beginning of year 2,351,633 $ 59.26 2,238,607 $ 57.75 2,439,487 $ 52.62 Granted 213,618 54.63 509,046 62.68 455,807 71.21 Exercised (113,099 ) 35.01 (192,700 ) 40.74 (495,181 ) 42.19 Canceled (115,103 ) 65.27 (203,320 ) 68.69 (161,506 ) 66.06 End of year 2,337,049 59.72 5.6 $ 13,039 2,351,633 59.26 2,238,607 57.75 Exercisable at end of year 1,723,370 $ 59.00 4.7 $ 12,053 1,453,932 $ 57.93 1,331,580 $ 56.96 The following table sets forth the weighted-average assumptions used to estimate the fair value of stock-settled stock appreciation rights granted during the periods presented: Year Ended December 31, 2019 2018 2017 Stock-settled stock appreciation rights granted 213,618 509,046 455,807 Risk free interest rate 2.5% 2.5% 1.9% Expected life (in years) 5 5 5 Expected volatility 29% 28% 29% The risk-free interest rate is based on the U.S. Treasury Daily Yield Curve rate 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 weighted-average fair value per stock-settled stock appreciation right granted was $16.36 , $18.38 and $20.52 for the years ended December 31, 2019 , 2018 and 2017 , respectively. The following table sets forth a summary of time-based restricted stock units and related information for the periods presented: Year Ended December 31, 2019 2018 2017 Awards Weighted-Average Fair Value Awards Weighted-Average Fair Value Awards Weighted-Average Fair Value Unvested at beginning of year 327,798 $ 57.87 290,054 $ 58.11 257,096 $ 57.47 Granted 192,106 54.13 122,062 62.40 100,993 71.33 Vested (136,777 ) 46.52 (64,166 ) 67.91 (44,720 ) 84.57 Forfeited (19,398 ) 59.62 (20,152 ) 58.15 (23,315 ) 57.52 Unvested at end of year 363,729 $ 60.00 327,798 $ 57.87 290,054 $ 58.11 The following table sets forth a summary of performance-based awards and related information for the periods presented: Year Ended December 31, 2019 2018 2017 Awards Weighted-Average Fair Value Awards Weighted-Average Fair Value Awards Weighted-Average Fair Value Unvested at beginning of year 138,896 $ 59.33 148,508 $ 60.23 149,320 $ 60.36 Granted 126,874 54.64 44,144 62.80 39,978 76.63 Vested (25,696 ) 42.44 — — — — Forfeited (44,769 ) 52.11 (53,756 ) 64.67 (40,790 ) 76.77 Unvested at end of year 195,305 $ 60.24 138,896 $ 59.33 148,508 $ 60.23 The following table sets forth the assumptions used to estimate the fair value of performance shares granted during the periods presented: Year ended December 31, 2019 2018 2017 Grant date share price $ 54.64 $ 62.80 $ 71.67 WESCO expected volatility n/a n/a 29 % Peer group median volatility n/a n/a 24 % Risk-free interest rate n/a n/a 1.5 % Correlation of peer company returns n/a n/a 114 % 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. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 16. 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 debt facilities comprised of a $5.8 million term loan and a $1.1 million line of credit 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 debt facilities. As of December 31, 2019 , WESTEC had outstanding indebtedness totaling $6.3 million . Management currently believes the estimated fair value of the noncontingent guarantee on the outstanding indebtedness is nominal and therefore a liability has not been recorded as of December 31, 2019 . |
SEGMENTS AND RELATED INFORMATIO
SEGMENTS AND RELATED INFORMATION | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
SEGMENTS AND RELATED INFORMATION | 17. SEGMENTS AND RELATED INFORMATION WESCO distributes products and provides services through its four operating segments, which have been aggregated as one reportable segment. WESCO has approximately 200,000 unique product stock keeping units and markets more than 1,000,000 products for customers. There were no material amounts of sales or transfers among geographic areas and no material amounts of export sales. WESCO attributes revenues from external customers to individual countries on the basis of the point of sale. The following table sets forth information about WESCO by geographic area: Net Sales Year Ended December 31, Long-Lived Assets (1) December 31, 2019 2018 2017 2019 2018 2017 (In thousands) (In thousands) (In thousands) United States $ 6,234,119 75 % $ 6,089,130 75 % $ 5,775,988 75 % $ 315,288 $ 106,078 $ 95,851 Canada (2) 1,647,066 20 % 1,647,933 20 % 1,521,378 20 % 95,642 50,877 56,591 Other International (2) 477,732 5 % 439,538 5 % 381,655 5 % 6,352 3,923 4,003 Total $ 8,358,917 $ 8,176,601 $ 7,679,021 $ 417,282 $ 160,878 $ 156,445 (1) As described in Note 2, effective January 1, 2019, the Company adopted Topic 842 using the effective date method. The adoption of Topic 842 resulted in the recognition of right-of-use assets in the balance sheet. As of December 31, 2019 , long-lived assets include $235.8 million of operating lease assets. (2) The prior period has been reclassified to confirm to the current period presentation. The following table sets forth information about WESCO’s sales by product category: Year Ended December 31, 2019 2018 2017 (percentages based on total sales) General Supplies 41% 40% 40% Wire, Cable and Conduit 14% 14% 15% Communications and Security 16% 16% 15% Electrical Distribution and Controls 10% 11% 10% Lighting and Sustainability 11% 11% 12% Automation, Controls and Motors 8% 8% 8% |
OTHER FINANCIAL INFORMATION
OTHER FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information [Abstract] | |
OTHER FINANCIAL INFORMATION | 18. CONDENSED CONSOLIDATING FINANCIAL INFORMATION WESCO Distribution has outstanding $500 million in aggregate principal amount of 2021 Notes and $350 million in aggregate principal amount of 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 December 31, 2019 (In thousands) WESCO International, Inc. WESCO Distribution, Inc. Non-Guarantor Subsidiaries Consolidating and Eliminating Entries Consolidated Cash and cash equivalents $ — $ 46,499 $ 104,403 $ — $ 150,902 Trade accounts receivable, net — — 1,187,359 — 1,187,359 Inventories — 490,071 521,603 — 1,011,674 Prepaid expenses and other current assets 1,124 44,382 144,084 886 190,476 Total current assets 1,124 580,952 1,957,449 886 2,540,411 Intercompany receivables, net — — 2,668,314 (2,668,314 ) — Property, buildings and equipment, net — 82,753 98,695 — 181,448 Operating lease assets — 141,824 94,010 — 235,834 Intangible assets, net — 1,500 285,775 — 287,275 Goodwill — 257,623 1,501,417 — 1,759,040 Investments in affiliates 3,451,020 5,379,728 — (8,830,748 ) — Other assets — 854 12,773 — 13,627 Total assets $ 3,452,144 $ 6,445,234 $ 6,618,433 $ (11,498,176 ) $ 5,017,635 Accounts payable $ — $ 402,174 $ 428,304 $ — $ 830,478 Short-term debt — — 26,255 — 26,255 Other current liabilities — 42,901 183,539 886 227,326 Total current liabilities — 445,075 638,098 886 1,084,059 Intercompany payables, net 1,186,661 1,481,653 — (2,668,314 ) — Long-term debt — 842,708 414,359 — 1,257,067 Operating lease liabilities — 111,291 68,539 — 179,830 Other noncurrent liabilities — 113,487 124,521 — 238,008 Total WESCO International stockholders’ equity 2,265,483 3,451,020 5,379,728 (8,830,748 ) 2,265,483 Noncontrolling interests — — (6,812 ) — (6,812 ) Total liabilities and stockholders’ equity $ 3,452,144 $ 6,445,234 $ 6,618,433 $ (11,498,176 ) $ 5,017,635 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 3,188,124 5,137,783 — (8,325,907 ) — Other assets — 2,905 16,994 — 19,899 Total assets $ 3,189,247 $ 5,997,887 $ 6,156,781 $ (10,738,879 ) $ 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 1,053,937 1,349,767 — (2,403,704 ) — Long-term debt — 842,093 325,218 — 1,167,311 Other noncurrent liabilities — 126,930 119,123 — 246,053 Total WESCO International stockholders’ equity 2,135,310 3,188,124 5,137,783 (8,325,907 ) 2,135,310 Noncontrolling interests — — (5,584 ) — (5,584 ) Total liabilities and stockholders’ equity $ 3,189,247 $ 5,997,887 $ 6,156,781 $ (10,738,879 ) $ 4,605,036 Reclassification Certain reclassifications have been made to conform the presentation of previously reported amounts to that of the current period. Condensed Consolidating Statement of Income and Comprehensive Income Year ended December 31, 2019 (In thousands) WESCO International, Inc. WESCO Distribution, Inc. Non-Guarantor Subsidiaries Consolidating and Eliminating Entries Consolidated Net sales $ — $ 3,642,413 $ 4,899,987 $ (183,483 ) $ 8,358,917 Cost of goods sold (excluding depreciation and — 2,954,246 4,006,693 (183,483 ) 6,777,456 amortization) Selling, general and administrative expenses — 593,025 580,112 — 1,173,137 Depreciation and amortization — 19,155 42,952 — 62,107 Results of affiliates’ operations 222,198 201,247 — (423,445 ) — Net interest and other — 49,392 14,764 — 64,156 Provision for income taxes — 5,644 54,219 — 59,863 Net income 222,198 222,198 201,247 (423,445 ) 222,198 Less: Net loss attributable to noncontrolling interests — — (1,228 ) — (1,228 ) Net income attributable to WESCO International $ 222,198 $ 222,198 $ 202,475 $ (423,445 ) $ 223,426 Other comprehensive income (loss): Foreign currency translation adjustments 49,306 49,306 49,306 (98,612 ) 49,306 Post retirement benefit plan adjustments, net of tax (8,643 ) (8,643 ) (8,643 ) 17,286 (8,643 ) Comprehensive income attributable to WESCO International $ 262,861 $ 262,861 $ 243,138 $ (504,771 ) $ 264,089 Condensed Consolidating Statement of Income and Comprehensive Income Year ended December 31, 2018 (In thousands) WESCO International, Inc. WESCO Distribution, Inc. Non-Guarantor Subsidiaries Consolidating and Eliminating Entries Consolidated Net sales $ — $ 3,572,406 $ 4,757,321 $ (153,126 ) $ 8,176,601 Cost of goods sold (excluding depreciation and — 2,890,490 3,871,856 (153,126 ) 6,609,220 amortization) Selling, general and administrative expenses — 590,009 561,935 — 1,151,944 Depreciation and amortization — 18,334 44,663 — 62,997 Results of affiliates’ operations 225,355 209,802 — (435,157 ) — Net interest and other — 54,178 17,237 — 71,415 Provision for income taxes — 3,842 51,828 — 55,670 Net income 225,355 225,355 209,802 (435,157 ) 225,355 Less: Net loss attributable to noncontrolling interests — — (1,988 ) — (1,988 ) Net income attributable to WESCO International $ 225,355 $ 225,355 $ 211,790 $ (435,157 ) $ 227,343 Other comprehensive income (loss): Foreign currency translation adjustments (99,643 ) (99,643 ) (99,643 ) 199,286 (99,643 ) Post retirement benefit plan adjustments, net of tax 3,798 3,798 3,798 (7,596 ) 3,798 Comprehensive income attributable to WESCO International $ 129,510 $ 129,510 $ 115,945 $ (243,467 ) $ 131,498 Condensed Consolidating Statement of Income and Comprehensive Income Year ended December 31, 2017 (In thousands) WESCO International, Inc. WESCO Distribution, Inc. Non-Guarantor Subsidiaries Consolidating and Eliminating Entries Consolidated Net sales $ — $ 3,370,088 $ 4,441,655 $ (132,722 ) $ 7,679,021 Cost of goods sold (excluding depreciation and — 2,714,511 3,612,577 (132,722 ) 6,194,366 amortization) Selling, general and administrative expenses — 555,503 546,095 — 1,101,598 Depreciation and amortization — 18,442 45,575 — 64,017 Results of affiliates’ operations 160,587 168,782 — (329,369 ) — Net interest and other — 94,313 (27,713 ) — 66,600 Provision for income taxes (2,546 ) (4,486 ) 96,339 — 89,307 Net income $ 163,133 $ 160,587 $ 168,782 $ (329,369 ) $ 163,133 Less: Net loss attributable to noncontrolling interests — — (327 ) — (327 ) Net income attributable to WESCO International $ 163,133 $ 160,587 $ 169,109 $ (329,369 ) $ 163,460 Other comprehensive income (loss): Foreign currency translation adjustments 85,762 85,762 85,762 (171,524 ) 85,762 Post retirement benefit plan adjustments, net of tax (6,381 ) (6,381 ) (6,381 ) 12,762 (6,381 ) Comprehensive income attributable to WESCO International $ 242,514 $ 239,968 $ 248,490 $ (488,131 ) $ 242,841 Condensed Consolidating Statement of Cash Flows Year ended December 31, 2019 (In thousands) WESCO International, Inc. WESCO Distribution, Inc. Non-Guarantor Subsidiaries Consolidating and Eliminating Entries Consolidated Net cash provided by operating activities $ 20,328 $ 188,797 $ 15,242 $ — $ 224,367 Investing activities: Capital expenditures — (22,330 ) (21,737 ) — (44,067 ) Acquisition payments — (27,597 ) — — (27,597 ) Proceeds from sale of assets — — 16,795 — 16,795 Dividends received from subsidiaries — 134,853 — (134,853 ) — Advances to subsidiaries and other — (222,482 ) (5,931 ) 222,482 (5,931 ) Net cash used in investing activities — (137,556 ) (10,873 ) 87,629 (60,800 ) Financing activities: Proceeds from issuance of debt 132,721 423,441 998,019 (222,482 ) 1,331,699 Repayments of debt — (449,190 ) (824,302 ) — (1,273,492 ) Equity activities (153,049 ) — — — (153,049 ) Dividends paid by subsidiaries — — (134,853 ) 134,853 — Other — (14,924 ) — — (14,924 ) Net cash (used in) provided by financing activities (20,328 ) (40,673 ) 38,864 (87,629 ) (109,766 ) Effect of exchange rate changes on cash and cash equivalents — — 758 — 758 Net change in cash and cash equivalents — 10,568 43,991 — 54,559 Cash and cash equivalents at the beginning of period — 35,931 60,412 — 96,343 Cash and cash equivalents at the end of period $ — $ 46,499 $ 104,403 $ — $ 150,902 Condensed Consolidating Statement of Cash Flows Year ended December 31, 2018 (In thousands) WESCO International, Inc. WESCO Distribution, Inc. Non-Guarantor Subsidiaries Consolidating and Eliminating Entries Consolidated Net cash provided by operating activities $ 18,672 $ 153,467 $ 124,582 $ — $ 296,721 Investing activities: Capital expenditures — (17,573 ) (18,637 ) — (36,210 ) Proceeds from sale of assets — — 12,461 — 12,461 Dividends received from subsidiaries — 347,531 — (347,531 ) — Advances to subsidiaries and other — (406,028 ) 196,219 199,416 (10,393 ) Net cash (used in) provided by investing activities — (76,070 ) 190,043 (148,115 ) (34,142 ) Financing activities: Proceeds from issuance of debt 108,497 339,606 1,086,673 (199,416 ) 1,335,360 Repayments of debt — (410,606 ) (1,051,611 ) — (1,462,217 ) Equity activities (127,169 ) — — — (127,169 ) Dividends paid by subsidiaries — — (347,531 ) 347,531 — Other — (21,068 ) — — (21,068 ) Net cash used in financing activities (18,672 ) (92,068 ) (312,469 ) 148,115 (275,094 ) Effect of exchange rate changes on cash and cash equivalents — — (9,095 ) — (9,095 ) Net change in cash and cash equivalents — (14,671 ) (6,939 ) — (21,610 ) Cash and cash equivalents at the beginning of period — 50,602 67,351 — 117,953 Cash and cash equivalents at the end of period $ — $ 35,931 $ 60,412 $ — $ 96,343 Condensed Consolidating Statement of Cash Flows Year ended December 31, 2017 (In thousands) WESCO International, Inc. WESCO Distribution, Inc. Non-Guarantor Subsidiaries Consolidating and Eliminating Entries Consolidated Net cash (used in) provided by operating activities $ (36,575 ) $ 101,826 $ 83,871 $ — $ 149,122 Investing activities: Capital expenditures — (13,215 ) (8,292 ) — (21,507 ) Proceeds from sale of assets — — 6,766 — 6,766 Dividends received from subsidiaries — 307,784 — (307,784 ) — Advances to subsidiaries and other — (383,686 ) 26,912 366,220 9,446 Net cash (used in) provided by investing activities — (89,117 ) 25,386 58,436 (5,295 ) Financing activities: Proceeds from issuance of debt 143,367 775,926 1,144,848 (383,686 ) 1,680,455 Repayments of debt — (785,392 ) (952,740 ) 17,466 (1,720,666 ) Equity activities (106,792 ) — — — (106,792 ) Dividends paid by subsidiaries — — (307,784 ) 307,784 — Other — 5,807 — — 5,807 Net cash provided by (used in) financing activities 36,575 (3,659 ) (115,676 ) (58,436 ) (141,196 ) Effect of exchange rate changes on cash and cash equivalents — — 5,191 — 5,191 Net change in cash and cash equivalents — 9,050 (1,228 ) — 7,822 Cash and cash equivalents at the beginning of period — 41,552 68,579 — 110,131 Cash and cash equivalents at the end of period $ — $ 50,602 $ 67,351 $ — $ 117,953 |
SELECTED QUARTERLY FINANCIAL DA
SELECTED QUARTERLY FINANCIAL DATA | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
SELECTED QUARTERLY FINANCIAL DATA | . SELECTED QUARTERLY FINANCIAL DATA (unaudited) The following table sets forth selected quarterly financial data for the years ended December 31, 2019 and 2018 : First Quarter Second Quarter Third Quarter Fourth Quarter 2019 Net Sales $ 1,961,267 $ 2,150,088 $ 2,148,110 $ 2,099,452 Cost of goods sold (excluding depreciation and amortization) 1,578,771 1,741,114 1,747,913 1,709,658 Income from operations 70,726 97,950 93,733 83,808 Income before income taxes 53,606 80,643 80,225 67,587 Net income 41,950 63,215 64,339 52,694 Net income attributable to WESCO International 42,369 63,464 64,495 53,098 Basic earnings per share attributable to WESCO International (1) 0.94 1.46 1.53 1.27 Diluted earnings per share attributable to WESCO International (2) 0.93 1.45 1.52 1.26 2018 Net Sales $ 1,993,915 $ 2,103,994 $ 2,067,245 $ 2,011,447 Cost of goods sold (excluding depreciation and amortization) 1,613,966 1,704,100 1,670,037 1,621,117 Income from operations 73,241 91,183 97,517 90,499 Income before income taxes 53,458 73,442 80,467 73,658 Net income 42,971 57,673 66,645 58,066 Net income attributable to WESCO International 44,421 57,940 66,849 58,133 Basic earnings per share attributable to WESCO International (1) 0.94 1.23 1.42 1.27 Diluted earnings per share attributable to WESCO International (2) 0.93 1.22 1.41 1.26 (1) Earnings per share (EPS) in each quarter is computed using the weighted-average number of shares outstanding during that quarter while EPS for the full year is computed by using the weighted-average number of shares outstanding during the year. Thus, the sum of the four quarters’ EPS may not equal the full-year EPS. (2) Diluted EPS in each quarter is computed using the weighted-average number of shares outstanding and common share equivalents during that quarter while diluted EPS for the full year is computed by using the weighted-average number of shares outstanding and common share equivalents during the year. Thus, the sum of the four quarters’ diluted EPS may not equal the full-year diluted EPS. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 20. SUBSEQUENT EVENTS On January 10, 2020, WESCO International entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Anixter International Inc. (“Anixter”) and Warrior Merger Sub, Inc., a wholly owned subsidiary of WESCO International (“Merger Sub”). The Merger Agreement provides that, among other things and subject to the terms and conditions of the Merger Agreement, Merger Sub will be merged with and into Anixter (the “Merger”), with Anixter surviving the Merger and continuing as a wholly owned subsidiary of WESCO International. At the effective time of the Merger, each outstanding share of Anixter common stock will be converted into the right to receive $70.00 in cash, 0.2397 shares of WESCO International common stock, and 0.6356 depositary shares of preferred stock, each share representing a 1/1,000th interest in a share of newly issued WESCO Series A fixed-rate reset cumulative perpetual preferred stock, $25,000 stated amount per whole preferred share (subject to adjustment as set forth in the merger agreement). Based on the closing price of WESCO common stock on January 10, 2020, the last full trading day before the public announcement of the merger, and the liquidation preference of the WESCO Series A preferred stock underlying the preferred stock consideration, and giving effect to the downside protection described in the merger agreement, the implied value of the merger consideration is $100.00 per Anixter share. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Schedule II—Valuation and Qualifying Accounts Balance at Beginning Charged to Charged to Other Balance at of Period Expense Accounts (1) Deductions (2) End of Period Allowance for doubtful accounts (In thousands) Year ended December 31, 2019 $ 24,468 7,006 52 (6,083 ) $ 25,443 Year ended December 31, 2018 21,313 10,854 — (7,699 ) 24,468 Year ended December 31, 2017 22,007 8,466 — (9,160 ) 21,313 _________________________ (1) Represents allowance for doubtful accounts in connection with certain acquisitions and divestitures. (2) Includes a reduction in the allowance for doubtful accounts due to write-off of accounts receivable. |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Consolidation | Basis of Consolidation The consolidated financial statements include the accounts of WESCO International and all of its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Although these estimates are based on management’s best knowledge of current events and actions WESCO may undertake in the future, actual results may ultimately differ from the estimates. |
Revenue Recognition | Revenue Recognition WESCO’s revenue arrangements generally consist of single performance obligations to transfer a promised good or service, or a combination of goods and services. Revenue is recognized when control has transferred to the customer, which is generally when the product has shipped from a WESCO facility or directly from a supplier. For products that ship directly from suppliers to customers, WESCO acts as the principal in the transaction and recognizes revenue on a gross basis. Revenue for integrated supply services is recognized over time based on hours incurred as the transfer of control occurs as the services are being performed. WESCO generally satisfies its performance obligations within a year or less. WESCO generally does not have significant financing terms associated with its contracts; payments are normally received within 60 days. There are generally no significant costs associated with obtaining customer contracts. WESCO generally passes through warranties offered by manufacturers or suppliers to its customers. Sales taxes (and value added taxes in foreign jurisdictions) collected from customers and remitted to governmental authorities are excluded from net sales. |
Supplier Volume Rebates | Supplier Volume Rebates WESCO receives volume rebates from certain suppliers based on contractual arrangements with such suppliers. Volume rebates are included within other accounts receivable in the Consolidated Balance Sheets, and represent the estimated amounts due to WESCO based on forecasted purchases and the rebate provisions of the various supplier contracts. The corresponding rebate income is recorded as a reduction to cost of goods sold. Receivables under the supplier rebate program were $81.6 million at December 31, 2019 and $73.5 million at December 31, 2018 . The supplier volume rebate as a percentage of net sales was 1.2% in 2019 , and 1.3% in 2018 and 2017 . |
Shipping and Handling Costs and Fees | 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 $71.7 million , $74.1 million and $61.8 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. |
Cash Equivalents | Cash Equivalents Cash equivalents are defined as highly liquid investments with original maturities of 90 days or less when purchased. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts WESCO maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. WESCO has a systematic procedure using historical data and reasonable assumptions of collectability made at the local branch level and on a consolidated corporate basis to estimate allowances for doubtful accounts. If the financial condition of WESCO’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. The allowance for doubtful accounts was $25.4 million at December 31, 2019 and $24.5 million at December 31, 2018 . The total amount recorded as selling, general and administrative expense related to bad debts was $7.0 million , $10.9 million and $8.5 million for 2019 , 2018 and 2017 , respectively. |
Inventories | Inventories Inventories primarily consist of merchandise purchased for resale and are stated at the lower of cost and net realizable value. Cost is determined principally under the average cost method. WESCO makes provisions for obsolete or slow-moving inventories as necessary to reflect reductions in value. WESCO writes down its inventories to net realizable value based on internal factors derived from historical analysis of actual losses. WESCO uses past data to identify items in excess of 36 months supply relative to demand or movement. WESCO then analyzes the ultimate disposition of identified excess inventories as they are sold, returned to supplier, or scrapped. This historical item-by-item analysis allows WESCO to develop an estimate of the likelihood that an item identified as being in excess supply ultimately becomes obsolete. WESCO applies the estimate to inventories currently in excess of 36 months supply, and reduces the carrying value of its inventories by the derived amount. Reserves for excess and obsolete inventories were $30.7 million and $27.6 million at December 31, 2019 and 2018 , respectively. The total expense related to excess and obsolete inventories, included in cost of goods sold, was $10.0 million , $9.7 million and $8.8 million for 2019 , 2018 and 2017 , respectively. WESCO absorbs into the cost of inventories certain overhead expenses such as purchasing, receiving and storage and at December 31, 2019 and 2018 , $71.2 million and $69.2 million , respectively, of these costs were included in ending inventories. |
Property, Buildings and Equipment | Property, Buildings and Equipment Property, buildings and equipment are recorded at cost. Depreciation expense is determined using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over either their respective lease terms or their estimated lives, whichever is shorter. Estimated useful lives range from five to forty years for buildings and leasehold improvements and three to ten years for furniture, fixtures and equipment. Capitalized computer software costs are amortized using the straight-line method over the estimated useful life, typically three to five years , and are reported at the lower of unamortized cost or net realizable value. Expenditures for new facilities and improvements that extend the useful life of an asset are capitalized. Ordinary repairs and maintenance are expensed as incurred. When property is retired or otherwise disposed of, the cost and the related accumulated depreciation are removed from the accounts and any resulting gains or losses are recorded and reported as selling, general and administrative expenses. Of WESCO’s $181.4 million net book value of property, buildings and equipment as of December 31, 2019 , $88.1 million consists of land, buildings and leasehold improvements that are geographically dispersed among WESCO’s 500 branches and 11 distribution centers, mitigating the risk of impairment. WESCO assesses its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of any such assets may not be fully recoverable. Changes in circumstances include technological advances, changes in the business model, capital structure, economic conditions or operating performance. The evaluation is based upon, among other things, utilization, serviceability and assumptions about the estimated future undiscounted cash flows that these assets are expected to generate. When the sum of the undiscounted cash flows is less than the carrying value of the asset or asset group, an impairment loss is recognized to the extent that carrying value exceeds fair value. Management applies its best judgment when performing these evaluations. |
Goodwill and Intangible Assets | Goodwill and Indefinite-Lived Intangible Assets Goodwill and indefinite-lived intangible assets are tested for impairment annually during the fourth quarter using information available at the end of September, or more frequently if triggering events occur, indicating that their carrying value may not be recoverable. WESCO tests for goodwill impairment on a reporting unit level and the evaluation involves comparing the fair value of each reporting unit to its carrying value. The fair values of the reporting units are determined using a combination of a discounted cash flow analysis and market multiples. Assumptions used for these fair value techniques, including expected operating margin and discount rate, are based on a combination of historical results, current forecasts, market data and recent economic events. WESCO evaluates the recoverability of indefinite-lived intangible assets using the relief-from-royalty method based on projected financial information. At December 31, 2019 and 2018 , respectively, goodwill and indefinite-lived trademarks totaled $1.9 billion and $1.8 billion . WESCO performed its annual impairment tests of goodwill and indefinite-lived intangible assets during the fourth quarter. A possible indicator of goodwill impairment is the relationship of a company’s market capitalization to its book value. As of December 31, 2019 , WESCO's market capitalization exceeded its book value and the fair values of its reporting units exceeded their carrying values. Accordingly, there were no impairment losses identified as a result of the annual test. The determination of fair value involves significant management judgment and management applies its best judgment when assessing the reasonableness of financial projections. Fair values are sensitive to changes in underlying assumptions and factors. As a result, there can be no assurance that the estimates and assumptions made for purposes of the annual goodwill and indefinite-lived intangible impairment tests will prove to be an accurate prediction of future results. |
Definite Lived Intangible Assets | Definite Lived Intangible Assets Definite lived intangible assets are amortized over 2 to 20 years. A portion of definite lived intangible assets related to certain customer relationships are amortized using an accelerated method whereas all other definite lived intangible assets subject to amortization use a straight-line method. In either case, the amortization method reflects the pattern in which the economic benefits of the respective assets are consumed or otherwise used. Definite lived intangible assets are tested for impairment if events or circumstances occur indicating that the respective asset might be impaired. |
Insurance Programs | Insurance Programs WESCO uses commercial insurance for auto, workers’ compensation, casualty and health claims, and information technology as a risk-reduction strategy to minimize catastrophic losses. The Company’s strategy involves large deductible policies where WESCO must pay all costs up to the deductible amount. WESCO estimates the reserve for these programs based on historical incident rates and costs. The assumptions included in developing this accrual include the period of time between the incurrence and payment of a claim. The total liability related to insurance programs was $12.9 million and $13.1 million at December 31, 2019 and 2018 , respectively. |
Income Taxes | Income Taxes WESCO accounts for income taxes under the asset and liability method, which requires the recognition of deferred income taxes for events that have future tax consequences. Under this method, deferred income taxes are recognized (using enacted tax laws and rates) based on the future income tax effects of differences in the carrying amounts of assets and liabilities for financial reporting and tax purposes. The effect of a tax rate change on deferred tax assets and liabilities is recognized in income in the period of change. WESCO recognizes deferred tax assets at amounts that are expected to be realized. To make such determination, management evaluates all positive and negative evidence, including but not limited to, prior, current and future taxable income, tax planning strategies and future reversals of existing temporary differences. A valuation allowance is recognized if it is “more-likely-than-not” that some or all of a deferred tax asset will not be realized. WESCO regularly assesses the realizability of deferred tax assets. WESCO accounts for uncertainty in income taxes using a "more-likely-than-not" recognition threshold. Due to the subjectivity inherent in the evaluation of uncertain tax positions, the tax benefit ultimately recognized may materially differ from the estimate. WESCO recognizes interest and penalties related to uncertain tax benefits as part of interest expense and income tax expense, respectively. The Tax Cuts and Jobs Act of 2017 (the “TCJA”) imposed a one-time tax on the deemed repatriation of undistributed foreign earnings (the "transition tax"). Except for the portion of previously taxed foreign earnings that have been repatriated, WESCO continues to assert that the remaining undistributed earnings of its foreign subsidiaries, the majority of which were subject to the transition tax, are indefinitely reinvested. WESCO believes it is able to maintain a sufficient level of liquidity for its domestic operations and commitments without repatriating cash held by these foreign subsidiaries. Upon any future repatriation, additional tax expense or benefit may be incurred; however, management does not believe it will be material. The provisions of the TCJA also introduced U.S. taxation on certain global intangible low-taxed income ("GILTI"). WESCO has elected to account for GILTI tax as a component of income tax expense. Future adjustments (if any) resulting from additional regulatory guidance regarding the accounting for the income tax effects of TCJA will be recognized as discrete income tax expense or benefit in the period in which guidance is issued. |
Foreign Currency | Foreign Currency The local currency is the functional currency for the majority of WESCO’s operations outside the United States. Assets and liabilities of these operations are translated to U.S. dollars at the exchange rate in effect at the end of each period. Income statement accounts are translated at an exchange rate that approximates the average for the period. Translation adjustments arising from the use of differing exchange rates from period to period are included as a component of other comprehensive income (loss) within stockholders’ equity. Gains and losses from foreign currency transactions are included in net income for the period. |
Defined Benefit Pension Plan | Defined Benefit Pension Plan Liabilities and expenses for pension benefits are determined using actuarial methodologies and incorporate significant assumptions, including the interest rate used to discount the future estimated cash flows, the expected long-term rate of return on plan assets, and several assumptions relating to the employee workforce (salary increases, retirement age, and mortality). |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company measures the fair value of financial assets and liabilities according to a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of the fair value hierarchy are as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that are accessible at the measurement date; Level 2 inputs include inputs other than Level 1 that are observable, either directly or indirectly, and Level 3 inputs are unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to measurements involving significant unobservable inputs (Level 3). |
Interest Expense, Policy [Policy Text Block] | Net Interest and Other Net interest and other includes interest expense, interest income, amortization of debt discount and debt issuance costs, the non-service cost components of net periodic benefit cost, and foreign exchange gains and losses from the remeasurement of certain financial instruments. |
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 has compared its current policy for estimating losses resulting from uncollectible trade accounts receivable to the requirements of the new standard. To support the new standard, management is currently identifying and implementing appropriate changes to the its business processes and controls. The new standard will be adopted in the first quarter of 2020. The adoption of this pronouncement is not expected to have an impact on WESCO's 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. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which removes certain exceptions to the general principles of Accounting Standards Codification Topic 740, Income Taxes , and simplifies other aspects of accounting for income taxes. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted in any interim or annual period, with any adjustments reflected as of the beginning of the fiscal year of adoption. 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. |
Reclassification, Policy [Policy Text Block] | Reclassifications The Consolidated Statements of Cash Flows for the years ended December 31, 2019, 2018 and 2017 include certain reclassifications to previously reported amounts to conform to the current period's presentation. |
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 year ended December 31, 2019. 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 9. |
REVENUE Revenue Reductions (Pol
REVENUE Revenue Reductions (Policies) | 12 Months Ended |
Dec. 31, 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 historical data, as well as current and forecasted information. Variable consideration is reviewed by management on a monthly basis and revenue is adjusted accordingly. Variable consideration reduced revenue for the years ended December 31, 2019 , 2018 and 2017 by approximately $106.6 million , $107.4 million and $91.1 million , respectively. |
REVENUE Shipping and Handling (
REVENUE Shipping and Handling (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Income Statement [Abstract] | |
Shipping and Handling Cost, Policy [Policy Text Block] | 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 $71.7 million , $74.1 million and $61.8 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. |
COMMITMENTS AND CONTINGENCIES G
COMMITMENTS AND CONTINGENCIES Guarantee (Policies) | 12 Months Ended |
Dec. 31, 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 debt facilities comprised of a $5.8 million term loan and a $1.1 million line of credit 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 debt facilities. As of December 31, 2019 , WESTEC had outstanding indebtedness totaling $6.3 million . Management currently believes the estimated fair value of the noncontingent guarantee on the outstanding indebtedness is nominal and therefore a liability has not been recorded as of December 31, 2019 . |
REVENUE (Tables)
REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following tables disaggregate WESCO’s net sales by end market and geography: Year Ended December 31, (In thousands) 2019 2018 2017 Industrial $ 3,000,253 $ 2,983,062 $ 2,852,357 Construction 2,743,852 2,684,844 2,546,261 Utility 1,347,448 1,303,697 1,181,704 Commercial, Institutional and Government 1,267,364 1,204,998 1,098,699 Total by end market $ 8,358,917 $ 8,176,601 $ 7,679,021 Year Ended December 31, (In thousands) 2019 2018 2017 United States $ 6,234,119 $ 6,089,130 $ 5,775,988 Canada (1) 1,647,066 1,647,933 1,521,378 Other International (1) 477,732 439,538 381,655 Total by geography $ 8,358,917 $ 8,176,601 $ 7,679,021 (1) The prior periods has been reclassified to confirm to the current period's presentation. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table sets forth the changes in the carrying value of goodwill: Year Ended December 31, 2019 2018 (In thousands) Beginning balance January 1 $ 1,722,603 $ 1,771,877 Foreign currency exchange rate changes 30,670 (49,274 ) Adjustments to goodwill for acquisitions 5,767 — Ending balance December 31 $ 1,759,040 $ 1,722,603 |
Schedule of Intangible Assets by Major Class | The components of intangible assets are as follows: December 31, 2019 December 31, 2018 Life Gross Carrying Amount (1) Accumulated Amortization (1) Net Carrying Amount Gross Carrying Amount (1) Accumulated Amortization (1) Net Carrying Amount (In thousands) Intangible assets: Trademarks Indefinite $ 98,699 $ — $ 98,699 $ 96,260 $ — $ 96,260 Trademarks 10-15 24,800 (9,319 ) 15,481 25,185 (7,585 ) 17,600 Non-compete agreements 5 196 (180 ) 16 196 (141 ) 55 Customer relationships 10-20 358,341 (201,962 ) 156,379 358,620 (180,395 ) 178,225 Distribution agreements 10-19 37,371 (25,294 ) 12,077 36,984 (22,562 ) 14,422 Patents 10 48,310 (43,687 ) 4,623 48,310 (38,856 ) 9,454 $ 567,717 $ (280,442 ) $ 287,275 $ 565,555 $ (249,539 ) $ 316,016 (1) Excludes the original cost and related accumulated amortization of fully-amortized intangible assets. |
Schedule of Expected Amortization Expense | The following table sets forth the estimated amortization expense for intangible assets for the next five years and thereafter: For the year ending December 31, (In thousands) 2020 $ 34,037 2021 26,387 2022 23,903 2023 23,311 2024 19,863 Thereafter 61,075 |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | The following table sets forth the consideration paid for acquisitions: Year Ended December 31, 2019 (In thousands) Fair value of assets acquired $ 35,671 Fair value of liabilities assumed 8,074 Cash paid for acquisitions $ 27,597 |
PROPERTY, BUILDINGS AND EQUIP_2
PROPERTY, BUILDINGS AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | The following table sets forth the components of property, buildings and equipment: As of December 31, 2019 2018 (In thousands) Buildings and leasehold improvements $ 110,056 $ 111,510 Furniture, fixtures and equipment 162,029 186,523 Software costs 127,919 115,631 400,004 413,664 Accumulated depreciation and amortization (268,415 ) (291,811 ) 131,589 121,853 Land 24,106 23,996 Construction in progress 25,753 15,029 $ 181,448 $ 160,878 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Lease, Cost [Abstract] | ||
Lease, Cost [Table Text Block] | 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 period ending: (In thousands) December 31, 2019 Operating lease cost $ 73,613 Short-term lease cost 90 Variable lease cost 23,385 Total lease cost $ 97,088 | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 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 December 31, 2019 : (In thousands) 2020 $ 72,946 2021 62,549 2022 48,490 2023 38,209 2024 22,426 Thereafter 32,559 Total undiscounted operating lease payments 277,179 Less: interest (35,303 ) Total operating lease liabilities $ 241,876 | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 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 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Instrument [Line Items] | |
Schedule of Debt | The following table sets forth WESCO’s outstanding indebtedness: As of December 31, 2019 2018 (In thousands) International lines of credit $ 26,255 $ 30,785 Term Loan Facility, less debt discount of $156 in 2018 — 24,594 Accounts Receivable Securitization Facility 415,000 275,000 Revolving Credit Facility — 51,598 5.375% Senior Notes due 2021 500,000 500,000 5.375% Senior Notes due 2024 350,000 350,000 Capital leases 1,373 1,123 Total debt 1,292,628 1,233,100 Less unamortized debt issuance costs (8,876 ) (9,575 ) Less short-term debt and current portion of long-term debt (26,685 ) (56,214 ) Total long-term debt $ 1,257,067 $ 1,167,311 |
Schedule of Maturities of Long-term Debt | The following table sets forth the aggregate principal repayment requirements for all indebtedness for the next five years and thereafter, as of December 31, 2019 : (In thousands) 2020 $ 26,685 2021 500,943 2022 415,000 2023 — 2024 350,000 Thereafter — Total payments on debt $ 1,292,628 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense | The following table sets forth the components of the provision (benefit) for income taxes: Year Ended December 31, 2019 2018 2017 (In thousands) Current income taxes: Federal $ 31,695 $ 28,464 $ 122,170 State 8,616 7,458 2,259 Foreign 6,347 10,611 15,274 Total current income taxes 46,658 46,533 139,703 Deferred income taxes: Federal 6,774 5,253 (48,060 ) State 1,846 1,967 4,508 Foreign 4,585 1,917 (6,844 ) Total deferred income taxes 13,205 9,137 (50,396 ) Provision for income taxes $ 59,863 $ 55,670 $ 89,307 |
Schedule of Income before Income Tax, Domestic and Foreign | The following table sets forth the components of income before income taxes by jurisdiction: Year Ended December 31, 2019 2018 2017 (In thousands) United States $ 198,566 $ 198,556 $ 180,957 Foreign 83,495 82,469 71,483 Income before income taxes $ 282,061 $ 281,025 $ 252,440 |
Schedule of Effective Income Tax Rate Reconciliation | The following table sets forth the reconciliation between the federal statutory income tax rate and the effective tax rate: Year Ended December 31, 2019 2018 2017 Federal statutory rate 21.0 % 21.0 % 35.0 % State income taxes, net of federal income tax benefit 3.1 2.8 1.4 Deemed repatriation of undistributed foreign earnings (1.3 ) (1.2 ) 32.8 Deferred income tax remeasurement — (0.3 ) (22.4 ) Tax effect of intercompany financing (5.5 ) (5.6 ) (10.5 ) Other 3.9 3.1 (0.9 ) Effective tax rate 21.2 % 19.8 % 35.4 % |
Schedule of Deferred Tax Assets and Liabilities | The following table sets forth deferred tax assets and liabilities: As of December 31, 2019 2018 (In thousands) Assets Liabilities Assets Liabilities Accounts receivable $ 3,382 $ — $ 3,657 $ — Inventories — 4,580 — 3,315 Depreciation of property, buildings and equipment — 18,393 — 17,384 Operating leases 61,326 60,670 — — Amortization of intangible assets — 159,573 — 158,795 Employee benefits 20,641 — 20,107 — Stock-based compensation 13,792 — 12,840 — Tax loss carryforwards 10,486 — 15,557 — Foreign tax credit carryforwards 1,247 — — — Other 6,791 3,964 7,927 4,115 Deferred income taxes before valuation allowance 117,665 247,180 60,088 183,609 Valuation allowance (5,854 ) — (4,072 ) — Total deferred income taxes $ 111,811 $ 247,180 $ 56,016 $ 183,609 |
Summary of Income Tax Examinations | United States — Federal 2015 and forward United States — Material States 2015 and forward Canada 2008 and forward |
Summary of Income Tax Contingencies | The following table sets forth the reconciliation of gross unrecognized tax benefits: As of December 31, 2019 2018 2017 (In thousands) Beginning balance January 1 $ 1,293 $ 4,348 $ 6,181 Reductions for tax positions of prior years — — (155 ) Settlements (1,290 ) (2,646 ) (1,025 ) Lapse in statute of limitations — (287 ) (755 ) Foreign currency exchange rate changes 51 (122 ) 102 Ending balance December 31 $ 54 $ 1,293 $ 4,348 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Year Ended December 31, 2019 2018 2017 (In thousands, except per share data) Net income attributable to WESCO International $ 223,426 $ 227,343 $ 163,460 Weighted-average common shares outstanding used in computing basic earnings per share 43,104 46,722 47,849 Common shares issuable upon exercise of dilutive equity awards 383 477 512 Weighted-average common shares outstanding and common share equivalents used in computing diluted earnings per share 43,487 47,199 48,361 Earnings per share attributable to WESCO International Basic $ 5.18 $ 4.87 $ 3.42 Diluted $ 5.14 $ 4.82 $ 3.38 |
EMPLOYEE BENEFIT PLANS - (Table
EMPLOYEE BENEFIT PLANS - (Tables) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Retirement Benefits [Abstract] | ||
Defined Benefit Plan, Plan Assets, Allocation [Table Text Block] | The asset mix is reviewed and rebalanced to target on an annual basis. Asset Category Target % Canadian equities 12.5 % Non-Canadian equities 27.5 % Total equities 40 % Fixed income investments 45 % Other investments 15 % | |
Schedule of Net Funded Status [Table Text Block] | The following tables present the changes in benefit obligations, plan assets and funded status for the defined benefit plans and the components of net periodic pension cost. Year Ended December 31, (In thousands) 2019 2018 Accumulated Benefit Obligation (ABO) at December 31 $ 104,649 $ 78,746 Change in Projected Benefit Obligation (PBO) PBO at beginning of year $ 105,515 $ 120,319 Service cost 4,602 5,242 Interest cost 4,362 4,137 Participant contributions 736 745 Actuarial loss (gain), including assumption changes 18,591 (11,644 ) Benefits paid (4,459 ) (3,892 ) Foreign currency exchange rate changes 5,505 (9,392 ) PBO at end of year $ 134,852 $ 105,515 Change in Plan Assets Fair value of plan assets at beginning of year $ 86,556 $ 97,182 Actual return on plan assets 12,763 (425 ) Participant contributions 736 745 Employer contributions 3,198 372 Benefits paid (4,459 ) (3,892 ) Foreign currency exchange rate changes 4,591 (7,426 ) Fair value of plan assets at end of year $ 103,385 $ 86,556 Funded Status $ (31,467 ) $ (18,959 ) Amounts Recognized in the Consolidated Balance Sheets Other current liabilities $ (383 ) $ (364 ) Other noncurrent liabilities (31,084 ) (18,595 ) Net amount recognized $ (31,467 ) $ (18,959 ) Amounts Recognized in Accumulated Other Comprehensive Income (Loss) Net actuarial loss (gain) $ 8,890 $ (2,696 ) Total amount recognized, before tax effect $ 8,890 $ (2,696 ) | |
Schedule of Net Benefit Costs [Table Text Block] | Year Ended December 31, 2019 2018 2017 (In thousands) Components of Net Periodic Pension Cost Service cost $ 4,602 $ 5,242 $ 4,328 Interest cost 4,362 4,137 3,912 Expected return on plan assets (5,695 ) (5,969 ) (5,562 ) Recognized actuarial gain (63 ) (46 ) (149 ) Net periodic pension cost $ 3,206 $ 3,364 $ 2,529 Other Changes in Plan Assets and PBO Recognized in Accumulated Other Comprehensive Income (Loss) Net actuarial loss (gain) $ 11,523 $ (5,250 ) $ 8,593 Amortization of unrecognized net actuarial gain 63 46 149 Total amount recognized, before tax effect 11,586 (5,204 ) 8,742 Tax effect (2,943 ) 1,406 (2,361 ) Total amount recognized, after tax effect $ 8,643 $ (3,798 ) $ 6,381 Total recognized in net periodic pension cost and accumulated other comprehensive income (loss) $ 11,849 $ (434 ) $ 8,910 | |
Schedule of Allocation of Plan Assets [Table Text Block] | The Plan's weighted asset allocations by asset category are as follows: As of December 31 2019 2018 Asset Category Pooled Funds: Canadian equities 12.5 % 12.4 % U.S. equities 5.0 % 5.0 % Non-North American equities 22.5 % 22.5 % Fixed income investments 44.8 % 44.7 % Other 15.2 % 15.4 % Total 100.0 % 100.0 % | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | The following tables set forth the fair value of the Plan's assets by asset category: December 31, 2019 (In thousands) Level 1 Level 2 Level 3 NAV (1) Total Pooled Funds: Canadian equities $ — $ — $ — $ 12,973 $ 12,973 U.S. equities — — — 5,160 5,160 Non-North American equities — — — 23,239 23,239 Fixed income investments — — — 46,309 46,309 Other 224 — — 15,480 15,704 Total investments $ 224 $ — $ — $ 103,161 $ 103,385 December 31, 2018 (In thousands) Level 1 Level 2 Level 3 NAV (1) Total Pooled Funds: Canadian equities $ — $ — $ — $ 10,693 $ 10,693 U.S. equities — — — 4,356 4,356 Non-North American equities — — — 19,492 19,492 Fixed income investments — — — 38,668 38,668 Other 203 — — 13,144 13,347 Total investments $ 203 $ — $ — $ 86,353 $ 86,556 (1) As described above, investments measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. The amounts presented in the tables are intended to reconcile the fair value hierarchy to the total fair value of plan assets. | |
Pension and Other Postretirement Plans, Pensions, Policy [Policy Text Block] | 14. EMPLOYEE BENEFIT PLANS Defined Contribution 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's approval, a discretionary contribution to the defined contribution retirement savings plan covering U.S. participants if certain predetermined profit levels are attained. There were no discretionary contributions for the year ended December 31, 2019 . Discretionary employer contribution charges of $20.6 million and $10.0 million were incurred in 2018 and 2017 respectively. For the years ended December 31, 2019 , 2018 and 2017 , WESCO incurred charges of $27.1 million , $42.0 million , and $31.3 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 December 31, 2019 and 2018 , the Company's obligation under the deferred compensation plan was $25.2 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. Defined Benefit Plans The Company sponsors a contributory defined benefit plan (the "Plan") covering substantially all Canadian employees of EECOL. The Plan provides retirement benefits based on earnings and credited service, and participants contribute 2% of their earnings to the Plan. Participants become 100% vested after two years of continuous service or, if earlier, at the participant's normal retirement age. The Company also sponsors a Supplemental Executive Retirement Plan (the "SERP"), which provides additional pension benefits to certain executives of EECOL based on earnings, and credited service. Effective January 1, 2013, the SERP was closed to new participants and existing participants became 100% vested. SERP participants continue to contribute 4% of their earnings to the Plan. The following tables present the changes in benefit obligations, plan assets and funded status for the defined benefit plans and the components of net periodic pension cost. Year Ended December 31, (In thousands) 2019 2018 Accumulated Benefit Obligation (ABO) at December 31 $ 104,649 $ 78,746 Change in Projected Benefit Obligation (PBO) PBO at beginning of year $ 105,515 $ 120,319 Service cost 4,602 5,242 Interest cost 4,362 4,137 Participant contributions 736 745 Actuarial loss (gain), including assumption changes 18,591 (11,644 ) Benefits paid (4,459 ) (3,892 ) Foreign currency exchange rate changes 5,505 (9,392 ) PBO at end of year $ 134,852 $ 105,515 Change in Plan Assets Fair value of plan assets at beginning of year $ 86,556 $ 97,182 Actual return on plan assets 12,763 (425 ) Participant contributions 736 745 Employer contributions 3,198 372 Benefits paid (4,459 ) (3,892 ) Foreign currency exchange rate changes 4,591 (7,426 ) Fair value of plan assets at end of year $ 103,385 $ 86,556 Funded Status $ (31,467 ) $ (18,959 ) Amounts Recognized in the Consolidated Balance Sheets Other current liabilities $ (383 ) $ (364 ) Other noncurrent liabilities (31,084 ) (18,595 ) Net amount recognized $ (31,467 ) $ (18,959 ) Amounts Recognized in Accumulated Other Comprehensive Income (Loss) Net actuarial loss (gain) $ 8,890 $ (2,696 ) Total amount recognized, before tax effect $ 8,890 $ (2,696 ) Year Ended December 31, 2019 2018 2017 (In thousands) Components of Net Periodic Pension Cost Service cost $ 4,602 $ 5,242 $ 4,328 Interest cost 4,362 4,137 3,912 Expected return on plan assets (5,695 ) (5,969 ) (5,562 ) Recognized actuarial gain (63 ) (46 ) (149 ) Net periodic pension cost $ 3,206 $ 3,364 $ 2,529 Other Changes in Plan Assets and PBO Recognized in Accumulated Other Comprehensive Income (Loss) Net actuarial loss (gain) $ 11,523 $ (5,250 ) $ 8,593 Amortization of unrecognized net actuarial gain 63 46 149 Total amount recognized, before tax effect 11,586 (5,204 ) 8,742 Tax effect (2,943 ) 1,406 (2,361 ) Total amount recognized, after tax effect $ 8,643 $ (3,798 ) $ 6,381 Total recognized in net periodic pension cost and accumulated other comprehensive income (loss) $ 11,849 $ (434 ) $ 8,910 The service cost of $4.6 million , $5.2 million and $4.3 million for the years ended December 31, 2019 , 2018 and 2017 , 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 $1.4 million , $1.9 million and $1.8 million for the years ended December 31, 2019 , 2018 and 2017 , respectively, were presented as a component of net interest and other. The interest rate used to discount future estimated cash flows is determined using the Canadian Institute of Actuaries ("CIA") methodology, which references yield curve information and matches expected benefit payments. The expected long-term rate of return on plan assets is applied to the fair market-related value of plan assets at the beginning of the year. The following weighted-average actuarial assumptions were used to determine benefit obligations at December 31: 2019 2018 Pension Plan SERP Pension Plan SERP Discount rate 3.2 % 3.2 % 4.0 % 4.0 % Rate of compensation increase 3.5 % 3.5 % 3.8 % 3.8 % The following weighted-average actuarial assumptions were used to determine net periodic pension costs at January 1: Year Ended December 31, 2019 2018 2017 Pension Plan SERP Pension Plan SERP Pension Plan SERP Discount rate 4.0 % 4.0 % 3.5 % 3.5 % 3.9 % 3.9 % Expected long-term return on assets 6.4 % n/a 6.4 % n/a 6.4 % n/a Rate of compensation increase 3.8 % 3.8 % 3.8 % 3.8 % 3.8 % 3.8 % The following benefit payments, which reflect expected future service, are expected to be paid: Years ending December 31 (In thousands) 2020 $ 3,740 2021 3,862 2022 3,915 2023 4,089 2024 4,166 2025 to 2029 26,159 The Company expects to contribute approximately $3.2 million and $0.4 million to the Plan and SERP, respectively, in 2020 . The Plan's weighted asset allocations by asset category are as follows: As of December 31 2019 2018 Asset Category Pooled Funds: Canadian equities 12.5 % 12.4 % U.S. equities 5.0 % 5.0 % Non-North American equities 22.5 % 22.5 % Fixed income investments 44.8 % 44.7 % Other 15.2 % 15.4 % Total 100.0 % 100.0 % The Plan's long-term overall objective is to maintain benefits at their current level without affecting the cost of maintaining the Plan, assuming that the demographic make-up of the group of members remains the same. The primary investment objective, in support of the overall objective, is to earn the highest rate of return possible for the Plan, while keeping risk at acceptable levels. The long-term return objective of the Plan is to achieve a minimum annualized rate of return in excess of the actuarial requirements. This translates into a required return of 3.0% above inflation, net of investment management fees. The return objective is consistent with the overall investment risk level that the Plan assumes in order to meet the pension obligations of the Plan. To achieve this long term investment objective, the Plan has adopted an asset mix that has a combination of primarily equity and fixed income investments. Risk is controlled by investing in a well-diversified portfolio of asset classes. A benchmark portfolio is established based on the expected returns for each asset class available. The investment of the Plan's assets in accordance with the benchmark portfolio should enable the Plan to not only attain, but also exceed the minimum overall objective. The following table presents the target asset mix based on market value for each investment category within which the investment managers must invest the Plan's assets. The asset mix is reviewed and rebalanced to target on an annual basis. Asset Category Target % Canadian equities 12.5 % Non-Canadian equities 27.5 % Total equities 40 % Fixed income investments 45 % Other investments 15 % The Plan's assets are measured at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets and liabilities are classified in the fair value hierarchy based on the lowest level of any input that is significant to the measurement of fair value. Investments for which fair value is measured using the net asset value (NAV) per share practical expedient are not classified in the fair value hierarchy. The following describes the valuation methodologies used to measure the fair value of the Plan's assets. Pooled Equity Investments. These investments consist of the Plan's share of segregated funds that primarily invest in equity securities. The funds are valued at the net asset value of shares held in the underlying funds. Pooled Fixed Income Investments. These investments consist of the Plan's share of a segregated fund that primarily invests in Canadian issued bonds and debentures and is valued at the net asset value of shares held in the underlying securities. Other Investments. These investments consist of cash and cash equivalents, a money market fund and diversified growth funds. The diversified growth funds invest in a broad range of asset classes, including equities, bonds, infrastructure, property, commodities and absolute return strategies. These investments are valued at the net asset value of shares held in the underlying funds. The fair value methods described above may not be indicative of net realizable value or reflective of future fair values. Additionally, while the Company believes the valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The following tables set forth the fair value of the Plan's assets by asset category: December 31, 2019 (In thousands) Level 1 Level 2 Level 3 NAV (1) Total Pooled Funds: Canadian equities $ — $ — $ — $ 12,973 $ 12,973 U.S. equities — — — 5,160 5,160 Non-North American equities — — — 23,239 23,239 Fixed income investments — — — 46,309 46,309 Other 224 — — 15,480 15,704 Total investments $ 224 $ — $ — $ 103,161 $ 103,385 December 31, 2018 (In thousands) Level 1 Level 2 Level 3 NAV (1) Total Pooled Funds: Canadian equities $ — $ — $ — $ 10,693 $ 10,693 U.S. equities — — — 4,356 4,356 Non-North American equities — — — 19,492 19,492 Fixed income investments — — — 38,668 38,668 Other 203 — — 13,144 13,347 Total investments $ 203 $ — $ — $ 86,353 $ 86,556 (1) As described above, investments measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. The amounts presented in the tables are intended to reconcile the fair value hierarchy to the total fair value of plan assets. | |
Defined Benefit Plan, Assumptions [Table Text Block] | The following weighted-average actuarial assumptions were used to determine benefit obligations at December 31: 2019 2018 Pension Plan SERP Pension Plan SERP Discount rate 3.2 % 3.2 % 4.0 % 4.0 % Rate of compensation increase 3.5 % 3.5 % 3.8 % 3.8 % | The following weighted-average actuarial assumptions were used to determine net periodic pension costs at January 1: Year Ended December 31, 2019 2018 2017 Pension Plan SERP Pension Plan SERP Pension Plan SERP Discount rate 4.0 % 4.0 % 3.5 % 3.5 % 3.9 % 3.9 % Expected long-term return on assets 6.4 % n/a 6.4 % n/a 6.4 % n/a Rate of compensation increase 3.8 % 3.8 % 3.8 % 3.8 % 3.8 % 3.8 % |
Schedule of Expected Benefit Payments [Table Text Block] | The following benefit payments, which reflect expected future service, are expected to be paid: Years ending December 31 (In thousands) 2020 $ 3,740 2021 3,862 2022 3,915 2023 4,089 2024 4,166 2025 to 2029 26,159 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity | The following table sets forth a summary of stock-settled stock appreciation rights and related information for the periods presented: Year Ended December 31, 2019 2018 2017 Awards Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life Aggregate Intrinsic Value (In thousands) Awards Weighted-Average Exercise Price Awards Weighted-Average Exercise Price Beginning of year 2,351,633 $ 59.26 2,238,607 $ 57.75 2,439,487 $ 52.62 Granted 213,618 54.63 509,046 62.68 455,807 71.21 Exercised (113,099 ) 35.01 (192,700 ) 40.74 (495,181 ) 42.19 Canceled (115,103 ) 65.27 (203,320 ) 68.69 (161,506 ) 66.06 End of year 2,337,049 59.72 5.6 $ 13,039 2,351,633 59.26 2,238,607 57.75 Exercisable at end of year 1,723,370 $ 59.00 4.7 $ 12,053 1,453,932 $ 57.93 1,331,580 $ 56.96 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The following table sets forth the weighted-average assumptions used to estimate the fair value of stock-settled stock appreciation rights granted during the periods presented: Year Ended December 31, 2019 2018 2017 Stock-settled stock appreciation rights granted 213,618 509,046 455,807 Risk free interest rate 2.5% 2.5% 1.9% Expected life (in years) 5 5 5 Expected volatility 29% 28% 29% |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | The following table sets forth a summary of performance-based awards and related information for the periods presented: Year Ended December 31, 2019 2018 2017 Awards Weighted-Average Fair Value Awards Weighted-Average Fair Value Awards Weighted-Average Fair Value Unvested at beginning of year 138,896 $ 59.33 148,508 $ 60.23 149,320 $ 60.36 Granted 126,874 54.64 44,144 62.80 39,978 76.63 Vested (25,696 ) 42.44 — — — — Forfeited (44,769 ) 52.11 (53,756 ) 64.67 (40,790 ) 76.77 Unvested at end of year 195,305 $ 60.24 138,896 $ 59.33 148,508 $ 60.23 The following table sets forth a summary of time-based restricted stock units and related information for the periods presented: Year Ended December 31, 2019 2018 2017 Awards Weighted-Average Fair Value Awards Weighted-Average Fair Value Awards Weighted-Average Fair Value Unvested at beginning of year 327,798 $ 57.87 290,054 $ 58.11 257,096 $ 57.47 Granted 192,106 54.13 122,062 62.40 100,993 71.33 Vested (136,777 ) 46.52 (64,166 ) 67.91 (44,720 ) 84.57 Forfeited (19,398 ) 59.62 (20,152 ) 58.15 (23,315 ) 57.52 Unvested at end of year 363,729 $ 60.00 327,798 $ 57.87 290,054 $ 58.11 |
Schedule of Share-based Payment Award, Performance-based Awards, Valuation Assumptions [Table Text Block] | The following table sets forth the assumptions used to estimate the fair value of performance shares granted during the periods presented: Year ended December 31, 2019 2018 2017 Grant date share price $ 54.64 $ 62.80 $ 71.67 WESCO expected volatility n/a n/a 29 % Peer group median volatility n/a n/a 24 % Risk-free interest rate n/a n/a 1.5 % Correlation of peer company returns n/a n/a 114 % |
SEGMENTS AND RELATED INFORMAT_2
SEGMENTS AND RELATED INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | WESCO attributes revenues from external customers to individual countries on the basis of the point of sale. The following table sets forth information about WESCO by geographic area: Net Sales Year Ended December 31, Long-Lived Assets (1) December 31, 2019 2018 2017 2019 2018 2017 (In thousands) (In thousands) (In thousands) United States $ 6,234,119 75 % $ 6,089,130 75 % $ 5,775,988 75 % $ 315,288 $ 106,078 $ 95,851 Canada (2) 1,647,066 20 % 1,647,933 20 % 1,521,378 20 % 95,642 50,877 56,591 Other International (2) 477,732 5 % 439,538 5 % 381,655 5 % 6,352 3,923 4,003 Total $ 8,358,917 $ 8,176,601 $ 7,679,021 $ 417,282 $ 160,878 $ 156,445 (1) As described in Note 2, effective January 1, 2019, the Company adopted Topic 842 using the effective date method. The adoption of Topic 842 resulted in the recognition of right-of-use assets in the balance sheet. As of December 31, 2019 , long-lived assets include $235.8 million of operating lease assets. (2) The prior period has been reclassified to confirm to the current period presentation. |
Revenue from External Customers by Products and Services | The following table sets forth information about WESCO’s sales by product category: Year Ended December 31, 2019 2018 2017 (percentages based on total sales) General Supplies 41% 40% 40% Wire, Cable and Conduit 14% 14% 15% Communications and Security 16% 16% 15% Electrical Distribution and Controls 10% 11% 10% Lighting and Sustainability 11% 11% 12% Automation, Controls and Motors 8% 8% 8% |
OTHER FINANCIAL INFORMATION (Ta
OTHER FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information [Abstract] | |
Condensed Balance Sheet [Table Text Block] | 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 3,188,124 5,137,783 — (8,325,907 ) — Other assets — 2,905 16,994 — 19,899 Total assets $ 3,189,247 $ 5,997,887 $ 6,156,781 $ (10,738,879 ) $ 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 1,053,937 1,349,767 — (2,403,704 ) — Long-term debt — 842,093 325,218 — 1,167,311 Other noncurrent liabilities — 126,930 119,123 — 246,053 Total WESCO International stockholders’ equity 2,135,310 3,188,124 5,137,783 (8,325,907 ) 2,135,310 Noncontrolling interests — — (5,584 ) — (5,584 ) Total liabilities and stockholders’ equity $ 3,189,247 $ 5,997,887 $ 6,156,781 $ (10,738,879 ) $ 4,605,036 Reclassification Certain reclassifications have been made to conform the presentation of previously reported amounts to that of the current period. Condensed Consolidating Balance Sheet December 31, 2019 (In thousands) WESCO International, Inc. WESCO Distribution, Inc. Non-Guarantor Subsidiaries Consolidating and Eliminating Entries Consolidated Cash and cash equivalents $ — $ 46,499 $ 104,403 $ — $ 150,902 Trade accounts receivable, net — — 1,187,359 — 1,187,359 Inventories — 490,071 521,603 — 1,011,674 Prepaid expenses and other current assets 1,124 44,382 144,084 886 190,476 Total current assets 1,124 580,952 1,957,449 886 2,540,411 Intercompany receivables, net — — 2,668,314 (2,668,314 ) — Property, buildings and equipment, net — 82,753 98,695 — 181,448 Operating lease assets — 141,824 94,010 — 235,834 Intangible assets, net — 1,500 285,775 — 287,275 Goodwill — 257,623 1,501,417 — 1,759,040 Investments in affiliates 3,451,020 5,379,728 — (8,830,748 ) — Other assets — 854 12,773 — 13,627 Total assets $ 3,452,144 $ 6,445,234 $ 6,618,433 $ (11,498,176 ) $ 5,017,635 Accounts payable $ — $ 402,174 $ 428,304 $ — $ 830,478 Short-term debt — — 26,255 — 26,255 Other current liabilities — 42,901 183,539 886 227,326 Total current liabilities — 445,075 638,098 886 1,084,059 Intercompany payables, net 1,186,661 1,481,653 — (2,668,314 ) — Long-term debt — 842,708 414,359 — 1,257,067 Operating lease liabilities — 111,291 68,539 — 179,830 Other noncurrent liabilities — 113,487 124,521 — 238,008 Total WESCO International stockholders’ equity 2,265,483 3,451,020 5,379,728 (8,830,748 ) 2,265,483 Noncontrolling interests — — (6,812 ) — (6,812 ) Total liabilities and stockholders’ equity $ 3,452,144 $ 6,445,234 $ 6,618,433 $ (11,498,176 ) $ 5,017,635 |
Condensed Income Statement [Table Text Block] | Condensed Consolidating Statement of Income and Comprehensive Income Year ended December 31, 2017 (In thousands) WESCO International, Inc. WESCO Distribution, Inc. Non-Guarantor Subsidiaries Consolidating and Eliminating Entries Consolidated Net sales $ — $ 3,370,088 $ 4,441,655 $ (132,722 ) $ 7,679,021 Cost of goods sold (excluding depreciation and — 2,714,511 3,612,577 (132,722 ) 6,194,366 amortization) Selling, general and administrative expenses — 555,503 546,095 — 1,101,598 Depreciation and amortization — 18,442 45,575 — 64,017 Results of affiliates’ operations 160,587 168,782 — (329,369 ) — Net interest and other — 94,313 (27,713 ) — 66,600 Provision for income taxes (2,546 ) (4,486 ) 96,339 — 89,307 Net income $ 163,133 $ 160,587 $ 168,782 $ (329,369 ) $ 163,133 Less: Net loss attributable to noncontrolling interests — — (327 ) — (327 ) Net income attributable to WESCO International $ 163,133 $ 160,587 $ 169,109 $ (329,369 ) $ 163,460 Other comprehensive income (loss): Foreign currency translation adjustments 85,762 85,762 85,762 (171,524 ) 85,762 Post retirement benefit plan adjustments, net of tax (6,381 ) (6,381 ) (6,381 ) 12,762 (6,381 ) Comprehensive income attributable to WESCO International $ 242,514 $ 239,968 $ 248,490 $ (488,131 ) $ 242,841 Condensed Consolidating Statement of Income and Comprehensive Income Year ended December 31, 2018 (In thousands) WESCO International, Inc. WESCO Distribution, Inc. Non-Guarantor Subsidiaries Consolidating and Eliminating Entries Consolidated Net sales $ — $ 3,572,406 $ 4,757,321 $ (153,126 ) $ 8,176,601 Cost of goods sold (excluding depreciation and — 2,890,490 3,871,856 (153,126 ) 6,609,220 amortization) Selling, general and administrative expenses — 590,009 561,935 — 1,151,944 Depreciation and amortization — 18,334 44,663 — 62,997 Results of affiliates’ operations 225,355 209,802 — (435,157 ) — Net interest and other — 54,178 17,237 — 71,415 Provision for income taxes — 3,842 51,828 — 55,670 Net income 225,355 225,355 209,802 (435,157 ) 225,355 Less: Net loss attributable to noncontrolling interests — — (1,988 ) — (1,988 ) Net income attributable to WESCO International $ 225,355 $ 225,355 $ 211,790 $ (435,157 ) $ 227,343 Other comprehensive income (loss): Foreign currency translation adjustments (99,643 ) (99,643 ) (99,643 ) 199,286 (99,643 ) Post retirement benefit plan adjustments, net of tax 3,798 3,798 3,798 (7,596 ) 3,798 Comprehensive income attributable to WESCO International $ 129,510 $ 129,510 $ 115,945 $ (243,467 ) $ 131,498 Condensed Consolidating Statement of Income and Comprehensive Income Year ended December 31, 2019 (In thousands) WESCO International, Inc. WESCO Distribution, Inc. Non-Guarantor Subsidiaries Consolidating and Eliminating Entries Consolidated Net sales $ — $ 3,642,413 $ 4,899,987 $ (183,483 ) $ 8,358,917 Cost of goods sold (excluding depreciation and — 2,954,246 4,006,693 (183,483 ) 6,777,456 amortization) Selling, general and administrative expenses — 593,025 580,112 — 1,173,137 Depreciation and amortization — 19,155 42,952 — 62,107 Results of affiliates’ operations 222,198 201,247 — (423,445 ) — Net interest and other — 49,392 14,764 — 64,156 Provision for income taxes — 5,644 54,219 — 59,863 Net income 222,198 222,198 201,247 (423,445 ) 222,198 Less: Net loss attributable to noncontrolling interests — — (1,228 ) — (1,228 ) Net income attributable to WESCO International $ 222,198 $ 222,198 $ 202,475 $ (423,445 ) $ 223,426 Other comprehensive income (loss): Foreign currency translation adjustments 49,306 49,306 49,306 (98,612 ) 49,306 Post retirement benefit plan adjustments, net of tax (8,643 ) (8,643 ) (8,643 ) 17,286 (8,643 ) Comprehensive income attributable to WESCO International $ 262,861 $ 262,861 $ 243,138 $ (504,771 ) $ 264,089 |
Condensed Cash Flow Statement [Table Text Block] | Condensed Consolidating Statement of Cash Flows Year ended December 31, 2017 (In thousands) WESCO International, Inc. WESCO Distribution, Inc. Non-Guarantor Subsidiaries Consolidating and Eliminating Entries Consolidated Net cash (used in) provided by operating activities $ (36,575 ) $ 101,826 $ 83,871 $ — $ 149,122 Investing activities: Capital expenditures — (13,215 ) (8,292 ) — (21,507 ) Proceeds from sale of assets — — 6,766 — 6,766 Dividends received from subsidiaries — 307,784 — (307,784 ) — Advances to subsidiaries and other — (383,686 ) 26,912 366,220 9,446 Net cash (used in) provided by investing activities — (89,117 ) 25,386 58,436 (5,295 ) Financing activities: Proceeds from issuance of debt 143,367 775,926 1,144,848 (383,686 ) 1,680,455 Repayments of debt — (785,392 ) (952,740 ) 17,466 (1,720,666 ) Equity activities (106,792 ) — — — (106,792 ) Dividends paid by subsidiaries — — (307,784 ) 307,784 — Other — 5,807 — — 5,807 Net cash provided by (used in) financing activities 36,575 (3,659 ) (115,676 ) (58,436 ) (141,196 ) Effect of exchange rate changes on cash and cash equivalents — — 5,191 — 5,191 Net change in cash and cash equivalents — 9,050 (1,228 ) — 7,822 Cash and cash equivalents at the beginning of period — 41,552 68,579 — 110,131 Cash and cash equivalents at the end of period $ — $ 50,602 $ 67,351 $ — $ 117,953 Condensed Consolidating Statement of Cash Flows Year ended December 31, 2019 (In thousands) WESCO International, Inc. WESCO Distribution, Inc. Non-Guarantor Subsidiaries Consolidating and Eliminating Entries Consolidated Net cash provided by operating activities $ 20,328 $ 188,797 $ 15,242 $ — $ 224,367 Investing activities: Capital expenditures — (22,330 ) (21,737 ) — (44,067 ) Acquisition payments — (27,597 ) — — (27,597 ) Proceeds from sale of assets — — 16,795 — 16,795 Dividends received from subsidiaries — 134,853 — (134,853 ) — Advances to subsidiaries and other — (222,482 ) (5,931 ) 222,482 (5,931 ) Net cash used in investing activities — (137,556 ) (10,873 ) 87,629 (60,800 ) Financing activities: Proceeds from issuance of debt 132,721 423,441 998,019 (222,482 ) 1,331,699 Repayments of debt — (449,190 ) (824,302 ) — (1,273,492 ) Equity activities (153,049 ) — — — (153,049 ) Dividends paid by subsidiaries — — (134,853 ) 134,853 — Other — (14,924 ) — — (14,924 ) Net cash (used in) provided by financing activities (20,328 ) (40,673 ) 38,864 (87,629 ) (109,766 ) Effect of exchange rate changes on cash and cash equivalents — — 758 — 758 Net change in cash and cash equivalents — 10,568 43,991 — 54,559 Cash and cash equivalents at the beginning of period — 35,931 60,412 — 96,343 Cash and cash equivalents at the end of period $ — $ 46,499 $ 104,403 $ — $ 150,902 Condensed Consolidating Statement of Cash Flows Year ended December 31, 2018 (In thousands) WESCO International, Inc. WESCO Distribution, Inc. Non-Guarantor Subsidiaries Consolidating and Eliminating Entries Consolidated Net cash provided by operating activities $ 18,672 $ 153,467 $ 124,582 $ — $ 296,721 Investing activities: Capital expenditures — (17,573 ) (18,637 ) — (36,210 ) Proceeds from sale of assets — — 12,461 — 12,461 Dividends received from subsidiaries — 347,531 — (347,531 ) — Advances to subsidiaries and other — (406,028 ) 196,219 199,416 (10,393 ) Net cash (used in) provided by investing activities — (76,070 ) 190,043 (148,115 ) (34,142 ) Financing activities: Proceeds from issuance of debt 108,497 339,606 1,086,673 (199,416 ) 1,335,360 Repayments of debt — (410,606 ) (1,051,611 ) — (1,462,217 ) Equity activities (127,169 ) — — — (127,169 ) Dividends paid by subsidiaries — — (347,531 ) 347,531 — Other — (21,068 ) — — (21,068 ) Net cash used in financing activities (18,672 ) (92,068 ) (312,469 ) 148,115 (275,094 ) Effect of exchange rate changes on cash and cash equivalents — — (9,095 ) — (9,095 ) Net change in cash and cash equivalents — (14,671 ) (6,939 ) — (21,610 ) Cash and cash equivalents at the beginning of period — 50,602 67,351 — 117,953 Cash and cash equivalents at the end of period $ — $ 35,931 $ 60,412 $ — $ 96,343 |
SELECTED QUARTERLY FINANCIAL _2
SELECTED QUARTERLY FINANCIAL DATA (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | First Quarter Second Quarter Third Quarter Fourth Quarter 2019 Net Sales $ 1,961,267 $ 2,150,088 $ 2,148,110 $ 2,099,452 Cost of goods sold (excluding depreciation and amortization) 1,578,771 1,741,114 1,747,913 1,709,658 Income from operations 70,726 97,950 93,733 83,808 Income before income taxes 53,606 80,643 80,225 67,587 Net income 41,950 63,215 64,339 52,694 Net income attributable to WESCO International 42,369 63,464 64,495 53,098 Basic earnings per share attributable to WESCO International (1) 0.94 1.46 1.53 1.27 Diluted earnings per share attributable to WESCO International (2) 0.93 1.45 1.52 1.26 2018 Net Sales $ 1,993,915 $ 2,103,994 $ 2,067,245 $ 2,011,447 Cost of goods sold (excluding depreciation and amortization) 1,613,966 1,704,100 1,670,037 1,621,117 Income from operations 73,241 91,183 97,517 90,499 Income before income taxes 53,458 73,442 80,467 73,658 Net income 42,971 57,673 66,645 58,066 Net income attributable to WESCO International 44,421 57,940 66,849 58,133 Basic earnings per share attributable to WESCO International (1) 0.94 1.23 1.42 1.27 Diluted earnings per share attributable to WESCO International (2) 0.93 1.22 1.41 1.26 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Allowance for Doubtful Accounts | Balance at Beginning Charged to Charged to Other Balance at of Period Expense Accounts (1) Deductions (2) End of Period Allowance for doubtful accounts (In thousands) Year ended December 31, 2019 $ 24,468 7,006 52 (6,083 ) $ 25,443 Year ended December 31, 2018 21,313 10,854 — (7,699 ) 24,468 Year ended December 31, 2017 22,007 8,466 — (9,160 ) 21,313 _________________________ (1) Represents allowance for doubtful accounts in connection with certain acquisitions and divestitures. (2) Includes a reduction in the allowance for doubtful accounts due to write-off of accounts receivable. |
ORGANIZATION (Details)
ORGANIZATION (Details) | 12 Months Ended |
Dec. 31, 2019distribution_centerscustomerscountriesbranches | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Customers (in customers) | customers | 70,000 |
Full service branches (in branches) | branches | 500 |
Distribution Centers | distribution_centers | 11 |
Additional countries (in countries) | countries | 16 |
ACCOUNTING POLICIES - GENERAL (
ACCOUNTING POLICIES - GENERAL (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure | |||||
Operating Lease, Right-of-Use Asset | $ 235,834 | $ 0 | $ 240,000 | ||
Income Taxes Receivable, Current | 16,371 | 24,873 | |||
Prepaid Expense and Other Assets, Current | 76,076 | 52,107 | |||
Assets, Current | 2,540,411 | 2,385,640 | |||
Intangible Assets, Net (Including Goodwill) | $ 1,900,000 | 1,800,000 | |||
Characteristics of Securitizations or Asset-backed Financing Arrangements that are Accounted for as Sale | 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. | ||||
Self Insurance Reserve | $ 12,900 | 13,100 | |||
Accounts Receivable, Allowance for Credit Loss, Current | 25,400 | 24,500 | |||
Accounts Receivable, Credit Loss Expense (Reversal) | 7,000 | 10,900 | $ 8,500 | ||
Inventory Valuation Reserves | 30,700 | 27,600 | |||
Inventory Write-down | 10,000 | 9,700 | 8,800 | ||
General and Administrative Costs in Inventory, Amount Incurred | 71,200 | 69,200 | |||
Stock-based compensation expense | 19,062 | 16,445 | 14,809 | ||
Goodwill | 1,759,040 | 1,722,603 | 1,771,877 | ||
Assets | 5,017,635 | 4,605,036 | |||
Liabilities, Current | 1,084,059 | 1,061,946 | |||
Deferred Tax Liabilities, Net, Noncurrent | 146,617 | 143,967 | |||
Liabilities | 2,758,964 | 2,475,310 | |||
Retained Earnings (Accumulated Deficit) | 2,530,429 | 2,307,462 | 2,079,697 | $ 1,914,757 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (367,772) | (408,435) | $ (312,590) | $ (391,971) | |
Stockholders' Equity Attributable to Parent | 2,265,483 | 2,135,310 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,258,671 | 2,129,726 | |||
Liabilities and Equity | 5,017,635 | $ 4,605,036 | |||
Operating Lease, Liability | $ 241,876 | $ 245,000 | |||
Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure | |||||
Discount rate | 3.20% | 4.00% | |||
Minimum | |||||
Defined Benefit Plan Disclosure | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years | ||||
Maximum | |||||
Defined Benefit Plan Disclosure | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years |
ACCOUNTING POLICIES - PPE (Deta
ACCOUNTING POLICIES - PPE (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | ||
Intangible Assets, Net (Including Goodwill) | $ 1,900,000 | $ 1,800,000 |
Property, buildings and equipment, net | $ 181,448 | $ 160,878 |
Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | five to forty years | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | three to ten years | |
Software and Software Development Costs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | three to five years | |
Land, Buildings and Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, buildings and equipment, net | $ 88,100 |
REVENUE (Details)
REVENUE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 8,358,917 | $ 8,176,601 | $ 7,679,021 |
Deferred Revenue | 12,300 | 11,800 | |
Industrial [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,000,253 | 2,983,062 | 2,852,357 |
Construction [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,743,852 | 2,684,844 | 2,546,261 |
Utility [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,347,448 | 1,303,697 | 1,181,704 |
Commercial, Institutional and Government [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,267,364 | 1,204,998 | 1,098,699 |
UNITED STATES | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 6,234,119 | 6,089,130 | 5,775,988 |
Canada | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,647,066 | 1,647,933 | 1,521,378 |
Non-US [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 477,732 | $ 439,538 | $ 381,655 |
REVENUE Service Revenue (Detail
REVENUE Service Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue from Contract with Customer [Abstract] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 8,358,917 | $ 8,176,601 | $ 7,679,021 |
REVENUE Shipping and Handling_2
REVENUE Shipping and Handling (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Cost of Goods and Services Sold | $ 8,358,917 | $ 8,176,601 | $ 7,679,021 | ||||||||
Cost of Goods and Services Sold | $ 1,709,658 | $ 1,747,913 | $ 1,741,114 | $ 1,578,771 | $ 1,621,117 | $ 1,670,037 | $ 1,704,100 | $ 1,613,966 | 6,777,456 | 6,609,220 | 6,194,366 |
Shipping and Handling [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Cost of Goods and Services Sold | $ 71,700 | $ 74,100 | $ 61,800 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS - TEXTUALS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | |||
Finite-Lived Intangible Assets, Amortization Expense | $ 35.5 | $ 35.9 | $ 37.8 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - SCHEDULE OF GOODWILL (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Roll Forward] | ||
Beginning balance January 1 | $ 1,722,603 | $ 1,771,877 |
Goodwill, Translation Adjustments | 30,670 | (49,274) |
Ending balance December 31 | 1,759,040 | 1,722,603 |
Goodwill, Acquired During Period | $ 5,767 | $ 0 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS - SCHEDULE OF INTANGIBLE ASSETS BY MAJOR CLASS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | $ (280,442) | $ (249,539) |
Intangible Assets Gross Excluding Goodwill | 567,717 | 565,555 |
Intangible Assets, Net (Excluding Goodwill) | 287,275 | 316,016 |
Trademarks | ||
Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 24,800 | 25,185 |
Finite-Lived Intangible Assets, Accumulated Amortization | (9,319) | (7,585) |
Finite-Lived Intangible Assets, Net | $ 15,481 | 17,600 |
Non-compete agreements | ||
Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |
Finite-Lived Intangible Assets, Gross | $ 196 | 196 |
Finite-Lived Intangible Assets, Accumulated Amortization | (180) | (141) |
Finite-Lived Intangible Assets, Net | 16 | 55 |
Customer relationships | ||
Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 358,341 | 358,620 |
Finite-Lived Intangible Assets, Accumulated Amortization | (201,962) | (180,395) |
Finite-Lived Intangible Assets, Net | 156,379 | 178,225 |
Distribution agreements | ||
Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 37,371 | 36,984 |
Finite-Lived Intangible Assets, Accumulated Amortization | (25,294) | (22,562) |
Finite-Lived Intangible Assets, Net | 12,077 | 14,422 |
Patents | ||
Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 48,310 | 48,310 |
Finite-Lived Intangible Assets, Accumulated Amortization | (43,687) | (38,856) |
Finite-Lived Intangible Assets, Net | $ 4,623 | 9,454 |
Finite-Lived Intangible Assets, Useful Life, Minimum | 10 years | |
Trademarks | ||
Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets, Gross | $ 98,699 | $ 96,260 |
Minimum | ||
Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years | |
Minimum | Trademarks | ||
Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |
Minimum | Customer relationships | ||
Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |
Minimum | Distribution agreements | ||
Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |
Maximum | ||
Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | |
Maximum | Trademarks | ||
Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | |
Maximum | Customer relationships | ||
Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | |
Maximum | Distribution agreements | ||
Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 19 years |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS - SCHEDULE OF EXPECTED AMORTIZATION EXPENSE (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |
2014 | $ 34,037 |
2015 | 26,387 |
2016 | 23,903 |
2017 | 23,311 |
2018 | 19,863 |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $ 61,075 |
CONCENTRATIONS OF CREDIT RISK_2
CONCENTRATIONS OF CREDIT RISK AND SIGNIFICANT SUPPLIERS (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Supplier Concentration Risk | Cost of Goods, Total | |
Concentration Risk [Line Items] | |
Concentration Risk, Percentage | 11.00% |
ACQUISITIONS - ACQUISITIONS (De
ACQUISITIONS - ACQUISITIONS (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)branches | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Business Acquisition [Line Items] | |||
Business Acquisition, Effective Date of Acquisition | Mar. 5, 2019 | ||
Number of Stores | branches | 500 | ||
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | $ 100,000 | ||
Goodwill, Acquired During Period | 5,767 | $ 0 | |
Net loss attributable to noncontrolling interest | (1,228) | $ (1,988) | $ (327) |
Payments to Acquire Businesses, Gross | $ 27,597 | ||
Noncompete Agreements [Member] | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | ||
Maximum [Member] | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | ||
Maximum [Member] | Trademarks | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | ||
Maximum [Member] | Customer Relationships | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | ||
Minimum | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years | ||
Minimum | Trademarks | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | ||
Minimum | Customer Relationships | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years |
ACQUISITIONS - SCHEDULE OF BUSI
ACQUISITIONS - SCHEDULE OF BUSINESS ACQUISTIONS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $ 35,671 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 8,074 | ||
Cash paid for acquisitions | 27,597 | ||
Supplemental cash flow disclosure related to acquisitions: | |||
Payments to Acquire Businesses, Net of Cash Acquired | $ 27,597 | $ 0 | $ 0 |
ACQUISITIONS - SCHEDULE OF PURC
ACQUISITIONS - SCHEDULE OF PURCHASE PRICE ALLOCATION (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Assets Acquired | |||
Goodwill | $ 1,759,040 | $ 1,722,603 | $ 1,771,877 |
Total assets acquired | 35,671 | ||
Liabilities Assumed | |||
Total liabilities assumed | $ 8,074 |
PROPERTY, BUILDINGS AND EQUIP_3
PROPERTY, BUILDINGS AND EQUIPMENT - SCHEDULE OF PROPERTY, BUILDINGS AND EQUIPMENT (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation and amortization | $ (268,415) | $ (291,811) |
Property, buildings and equipment, net | 181,448 | 160,878 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, buildings and equipment, gross | 110,056 | 111,510 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, buildings and equipment, gross | 162,029 | 186,523 |
Software and Software Development Costs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, buildings and equipment, gross | 127,919 | 115,631 |
Depreciable [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, buildings and equipment, gross | 400,004 | 413,664 |
Property, buildings and equipment, net | 131,589 | 121,853 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, buildings and equipment, gross | 24,106 | 23,996 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, buildings and equipment, gross | $ 25,753 | $ 15,029 |
PROPERTY, BUILDINGS AND EQUIP_4
PROPERTY, BUILDINGS AND EQUIPMENT - PROPERTY, BUILDINGS AND EQUIPMENT (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 15.9 | $ 17.3 | $ 16.3 |
Capitalized software amortization | 10.6 | 9.8 | $ 9.9 |
Unamortized software cost | 29.8 | 24.2 | |
Capitalized leases | 9.7 | 9.3 | |
Accumulated amortization related to capitalized leases | $ 8.3 | $ 8.4 |
LEASES Supplemental balance she
LEASES Supplemental balance sheet information (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Operating Leased Assets [Line Items] | |||
Operating Lease, Weighted Average Remaining Lease Term | 5 years 3 months 18 days | ||
Operating Lease, Right-of-Use Asset | $ 235,834 | $ 240,000 | $ 0 |
Operating Lease, Liability, Current | 62,046 | ||
Operating Lease, Liability, Noncurrent | 179,830 | $ 0 | |
Operating Lease, Liability | $ 241,876 | $ 245,000 | |
Operating Lease, Weighted Average Discount Rate, Percent | 4.60% |
LEASES Lease, Cost (Details)
LEASES Lease, Cost (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Operating Leased Assets [Line Items] | |
Operating Lease, Cost | $ 73,613 |
Short-term Lease, Cost | 90 |
Variable Lease, Cost | 23,385 |
Lease, Cost | 97,088 |
Operating Lease, Payments | 75,775 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 60,586 |
LEASES Lessee, Operating Lease,
LEASES Lessee, Operating Lease, Liability, Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 72,946 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 62,549 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 48,490 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 38,209 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 22,426 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 32,559 | |
Lessee, Operating Lease, Liability, Payments, Due | 277,179 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (35,303) | |
Operating Lease, Liability | $ 241,876 | $ 245,000 |
LEASES Schedule of Future Minim
LEASES Schedule of Future Minimum Rental Payments for Operating Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 71,640 |
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 |
DEBT - SCHEDULE OF DEBT (Detail
DEBT - SCHEDULE OF DEBT (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Total debt | $ 1,292,628 | $ 1,233,100 |
Debt Issuance Costs, Net | (8,876) | (9,575) |
Less current and short-term portion | (26,685) | (56,214) |
Total Long-term Debt, Excluding Current Maturities | 1,257,067 | 1,167,311 |
Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 0 | 24,594 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | 500,000 | |
Long-term debt | 500,000 | 500,000 |
Senior Notes due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | 350,000 | |
Long-term debt | $ 350,000 | 350,000 |
Accounts receivable securitization facility | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 2.00% | |
Long-term debt | $ 415,000 | 275,000 |
Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 1.60% | |
Long-term debt | $ 0 | 51,598 |
Foreign Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 26,255 | 30,785 |
Capital leases | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,373 | $ 1,123 |
United States | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 700,000 | |
Debt Instrument, Interest Rate, Effective Percentage | 1.00% |
DEBT - DEBT (Details)
DEBT - DEBT (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 30, 2024 | Jun. 14, 2022 | Jun. 14, 2021 | Jun. 14, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 15, 2021 |
Debt Instrument [Line Items] | |||||||
Characteristics of Securitizations or Asset-backed Financing Arrangements that are Accounted for as Sale | 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. | ||||||
Accounts Receivable from Securitization | $ 415,000 | $ 275,000 | |||||
Debt Issuance Costs, Net | $ (8,876) | $ (9,575) | |||||
Foreign Line of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt, Weighted Average Interest Rate | 6.32% | 8.78% | |||||
Long-term debt | $ 26,255 | $ 30,785 | |||||
Term Loan Facility | |||||||
Debt Instrument [Line Items] | |||||||
Debt discount on convertible debentures | $ 0 | (156) | |||||
Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Maturity Date | Dec. 15, 2021 | ||||||
Long-term debt | $ 500,000 | 500,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | ||||||
Deferred Finance Costs, Gross | $ 8,400 | ||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 101.00% | ||||||
Debt Instrument, Face Amount | $ 500,000 | ||||||
Senior Notes due 2024 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Maturity Date | Jun. 15, 2024 | ||||||
Long-term debt | $ 350,000 | 350,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | ||||||
Deferred Finance Costs, Gross | $ 6,000 | ||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 101.00% | ||||||
Debt Instrument, Face Amount | $ 350,000 | ||||||
Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Issuance Date | Dec. 12, 2012 | ||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | On November 19, 2013, the Borrowers and WESCO International entered into an amendment (the “Term Loan Amendment”) to the Term Loan Agreement. The Term Loan Amendment, among other things, reduced the applicable margin on U.S. term loans by 0.50% and the LIBOR floor applicable to the U.S. sub-facility from 1.00% to 0.75%. The modified pricing terms were effective December 13, 2013. | ||||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 300,000 | ||||||
Debt Instrument, Decrease, Repayments | 500,000 | ||||||
Long-term debt | $ 0 | 24,594 | |||||
Accounts Receivable Securitization Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Amendment Description | 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 amended 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”). | ||||||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 2.00% | ||||||
Accounts Receivable Eligible for Securitization | $ 809,500 | 758,300 | |||||
Long-term debt | $ 415,000 | 275,000 | |||||
Revolving credit facility | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Borrowing Capacity, Description | 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. | ||||||
Debt Instrument, Maturity Date | Sep. 1, 2024 | ||||||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 1.60% | ||||||
Debt Instrument, Increase, Additional Borrowings | $ 715,400 | 473,100 | |||||
Debt Instrument, Decrease, Repayments | 767,400 | 433,500 | |||||
Long-term debt | 0 | 51,598 | |||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 563,800 | 515,900 | |||||
Canada | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate at Period End | 2.00% | ||||||
Debt Instrument, Face Amount | $ 150,000 | ||||||
United States | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate at Period End | 1.00% | ||||||
Debt Instrument, Face Amount | $ 700,000 | ||||||
Minimum | Foreign Line of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Current Borrowing Capacity | $ 2,000 | ||||||
Minimum | Accounts Receivable Securitization Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.95% | ||||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 550,000 | ||||||
Maximum | Foreign Line of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Current Borrowing Capacity | $ 21,000 | ||||||
Maximum | Accounts Receivable Securitization Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.45% | ||||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 600,000 | ||||||
Accordion Feature [Member] | Accounts Receivable Securitization Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Unused Borrowing Capacity, Amount | 200,000 | ||||||
Standby Letters of Credit [Member] | Revolving credit facility | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 27,200 | $ 28,400 | |||||
Common Stock | |||||||
Debt Instrument [Line Items] | |||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum | Revolving credit facility | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Maximum | Revolving credit facility | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||||
Prime Rate [Member] | Minimum | Revolving credit facility | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | ||||||
Prime Rate [Member] | Maximum | Revolving credit facility | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||||
Forecast [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100.00% | ||||||
Forecast [Member] | Senior Notes due 2024 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100.00% | 101.344% | 102.688% | 104.031% | |||
Surety Bond [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 36,100 | $ 19,500 | |||||
Property Lease Guarantee [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 7,800 | $ 5,300 |
DEBT - SCHEDULE OF MATURITIES O
DEBT - SCHEDULE OF MATURITIES OF LONG-TERM DEBT (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Debt Disclosure [Abstract] | |
2020 | $ 26,685 |
2021 | 500,943 |
2022 | 415,000 |
2023 | 0 |
2024 | 350,000 |
Thereafter | 0 |
Total payments on debt | $ 1,292,628 |
CAPITAL STOCK (Details)
CAPITAL STOCK (Details) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Class of Stock [Line Items] | ||
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock | ||
Class of Stock [Line Items] | ||
Common Stock, Shares Authorized | 210,000,000 | 210,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Class B | ||
Class of Stock [Line Items] | ||
Common Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
INCOME TAXES - ADDITIONAL INFO
INCOME TAXES - ADDITIONAL INFORMATION (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Loss Carryforwards [Line Items] | ||||
Deferred Income Tax Expense (Benefit) | $ 900 | $ 56,400 | ||
Income Tax Examination, Description | The Company is under examination by tax authorities in the U.S. and Canada and remains subject to examination until the applicable statutes of limitation expire. The statutes of limitation for the material jurisdictions in which the Company files income tax returns remain open as follows:United States — Federal 2015 and forwardUnited States — Material States 2015 and forwardCanada 2008 and forward | |||
Deferred Tax Assets, Operating Loss Carryforwards | $ 10,486 | 15,557 | ||
Unrecognized Tax Benefits | 54 | 1,293 | 4,348 | $ 6,181 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 100 | 1,300 | $ 1,700 | |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $ 100 | $ 800 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 35.00% | |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | $ 3,700 | $ 3,400 | $ 82,800 | |
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 1,247 | |||
Internal Revenue Service (IRS) [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Taxes Payable | 36,800 | 43,200 | 65,000 | |
Foreign Tax Authority | ||||
Operating Loss Carryforwards [Line Items] | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 1,200 | 6,400 | ||
Deferred Tax Assets, Tax Credit Carryforwards | $ 17,800 | |||
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Deferred Tax Assets, Operating Loss Carryforwards | $ 2,600 | $ 3,200 | ||
Minimum | Foreign Tax Authority | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating Loss Carryforwards, Expiration Date | Jan. 1, 2020 | |||
Minimum | State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating Loss Carryforwards, Expiration Date | Jan. 1, 2022 | |||
Maximum [Member] | Foreign Tax Authority | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2029 | |||
Maximum [Member] | State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2037 |
INCOME TAXES - SCHEDULE OF COMP
INCOME TAXES - SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 900 | $ 56,400 | |
Current taxes | |||
Federal | $ 31,695 | 28,464 | 122,170 |
State | 8,616 | 7,458 | 2,259 |
Foreign | 6,347 | 10,611 | 15,274 |
Total current | 46,658 | 46,533 | 139,703 |
Deferred taxes | |||
Federal | 6,774 | 5,253 | (48,060) |
State | 1,846 | 1,967 | 4,508 |
Foreign | 4,585 | 1,917 | (6,844) |
Total deferred | 13,205 | 9,137 | (50,396) |
Income tax expense | $ 59,863 | $ 55,670 | $ 89,307 |
INCOME TAXES - SCHEDULE OF INCO
INCOME TAXES - SCHEDULE OF INCOME BEFORE INCOME TAX, DOMESTIC AND FOREIGN (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||||||||
United States | $ 198,566 | $ 198,556 | $ 180,957 | ||||||||
Foreign | 83,495 | 82,469 | 71,483 | ||||||||
Income before income taxes | $ 67,587 | $ 80,225 | $ 80,643 | $ 53,606 | $ 73,658 | $ 80,467 | $ 73,442 | $ 53,458 | $ 282,061 | $ 281,025 | $ 252,440 |
INCOME TAXES - SCHEDULE OF EFFE
INCOME TAXES - SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 0.9 | $ 56.4 | |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | $ 3.7 | $ 3.4 | $ 82.8 |
Federal statutory rate | 21.00% | 21.00% | 35.00% |
State taxes, net of federal tax benefit | 3.10% | 2.80% | 1.40% |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent | (1.30%) | (1.20%) | (32.80%) |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 0.00% | (0.30%) | (22.40%) |
Effective Income Tax Rate Reconciliation,Other Reconciling Items, Percent | (5.50%) | (5.60%) | (10.50%) |
Other | 3.90% | 3.10% | (0.90%) |
Effective income tax rate | 21.20% | 19.80% | 35.40% |
INCOME TAXES - SCHEDULE OF DEFE
INCOME TAXES - SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Tax Credit Carryforward [Line Items] | |||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent | (1.30%) | (1.20%) | (32.80%) |
Deferred Income Tax Expense (Benefit) | $ 13,205 | $ 9,137 | $ (50,396) |
Deferred Tax Assets, Net [Abstract] | |||
Accounts receivable | 3,382 | 3,657 | |
Employee benefits | 20,641 | 20,107 | |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 13,792 | 12,840 | |
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 1,247 | ||
Tax loss carryforwards | 10,486 | 15,557 | |
Other | 6,791 | 7,927 | |
Deferred taxes, Assets | 111,811 | 56,016 | |
Deferred Tax Liabilities, Inventory | 4,580 | 3,315 | |
Deferred Tax Liabilities [Abstract] | |||
Depreciation | 18,393 | 17,384 | |
Deferred Tax Assets, Property, Plant and Equipment | 61,326 | ||
Deferred Tax Liabilities, Leasing Arrangements | 60,670 | ||
Amortization of intangible assets | 159,573 | 158,795 | |
Other | 3,964 | 4,115 | |
Deferred Tax Assets, Gross | 117,665 | 60,088 | |
Deferred Tax Liabilities, Gross | 247,180 | 183,609 | |
Deferred Tax Assets, Valuation Allowance | $ (5,854) | (4,072) | |
Foreign Tax Authority | |||
Deferred Tax Liabilities [Abstract] | |||
Deferred Tax Assets, Tax Credit Carryforwards | $ 17,800 | ||
Foreign Tax Authority | Minimum [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Operating Loss Carryforwards, Expiration Date | Jan. 1, 2020 | ||
Foreign Tax Authority | Maximum [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2029 | ||
State and Local Jurisdiction [Member] | |||
Deferred Tax Assets, Net [Abstract] | |||
Tax loss carryforwards | $ 2,600 | $ 3,200 | |
State and Local Jurisdiction [Member] | Minimum [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Operating Loss Carryforwards, Expiration Date | Jan. 1, 2022 | ||
State and Local Jurisdiction [Member] | Maximum [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2037 |
INCOME TAXES - NOLS (Details)
INCOME TAXES - NOLS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Operating Loss Carryforwards | $ 10,486 | $ 15,557 |
Canada Revenue Agency [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 7,900 | 7,200 |
State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Operating Loss Carryforwards | 2,600 | 3,200 |
Foreign Tax Authority | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 1,200 | 6,400 |
Operating Loss Carryforwards, Valuation Allowance | $ 4,600 | $ 4,100 |
Minimum | State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards, Expiration Date | Jan. 1, 2022 | |
Minimum | Foreign Tax Authority | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards, Expiration Date | Jan. 1, 2020 | |
Maximum | State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2037 | |
Maximum | Foreign Tax Authority | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2029 | |
Chilean Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards, Valuation Allowance | $ 1,200 |
INCOME TAXES - SCHEDULE OF IN_2
INCOME TAXES - SCHEDULE OF INCOME TAX CONTINGENCIES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 100 | $ 1,300 | $ 1,700 |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | (800) | (200) | (100) |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance January 1 | 1,293 | 4,348 | 6,181 |
Reductions for tax positions of prior years | 0 | 0 | (155) |
Settlements | (1,290) | (2,646) | (1,025) |
Lapse in statute of limitations | 0 | (287) | (755) |
Ending balance December 31 | 54 | 1,293 | 4,348 |
Unrecognized Tax Benefits, Increase Resulting from Foreign Currency Translation | $ 51 | $ 102 | |
Unrecognized Tax Benefits, Decrease Resulting from Foreign Currency Translation | $ (122) |
EARNINGS PER SHARE - SCHEDULE O
EARNINGS PER SHARE - SCHEDULE OF EARNINGS PER SHARE, BASIC AND DILUTED (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2014 | |
Accelerated Share Repurchases [Line Items] | ||||||||||||
Payments for Repurchase of Common Stock | $ 153,049 | $ 127,169 | $ 106,792 | |||||||||
Stock Repurchase Program, Authorized Amount | $ 400,000 | $ 300,000 | $ 400,000 | $ 300,000 | $ 300,000 | $ 300,000 | ||||||
Stock Repurchase Program Expiration Date | Dec. 31, 2020 | Dec. 31, 2017 | ||||||||||
Treasury Stock, Shares, Acquired | 3,455,584 | 2,003,446 | 1,778,537 | |||||||||
Net Income | $ 53,098 | $ 64,495 | $ 63,464 | $ 42,369 | $ 58,133 | $ 66,849 | $ 57,940 | $ 44,421 | $ 223,426 | $ 227,343 | $ 163,460 | |
Weighted average common shares outstanding used in computing basic earnings per share | 43,104,000 | 46,722,000 | 47,849,000 | |||||||||
Common shares issuable upon exercise of dilutive stock options | 383,000 | 477,000 | 512,000 | |||||||||
Weighted average common shares outstanding and common share equivalents used in computing diluted earnings per share | 43,487,000 | 47,199,000 | 48,361,000 | |||||||||
Earnings Per Share attributable to WESCO International, Inc. | ||||||||||||
Basic | $ 1.27 | $ 1.53 | $ 1.46 | $ 0.94 | $ 1.27 | $ 1.42 | $ 1.23 | $ 0.94 | $ 5.18 | $ 4.87 | $ 3.42 | |
Diluted | $ 1.26 | $ 1.52 | $ 1.45 | $ 0.93 | $ 1.26 | $ 1.41 | $ 1.22 | $ 0.93 | $ 5.14 | $ 4.82 | $ 3.38 | |
Treasury Stock, Common [Member] | ||||||||||||
Accelerated Share Repurchases [Line Items] | ||||||||||||
Payments for Repurchase of Common Stock | $ 150,000 | $ 275,000 | $ 125,000 | $ 100,000 | ||||||||
Treasury Stock, Common, Shares | 5,459,030 | 365,272 | 5,459,030 | |||||||||
Treasury Stock, Shares, Acquired | 3,090,312 | 2,368,738 | 1,778,537 |
EARNINGS PER SHARE - EARNINGS P
EARNINGS PER SHARE - EARNINGS PER SHARE (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Payments for Repurchase of Common Stock | $ 153,049 | $ 127,169 | $ 106,792 | ||
Treasury Stock, Shares, Acquired | 3,455,584 | 2,003,446 | 1,778,537 | ||
Stock Appreciation Rights (SARs) | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | 1,700,000 | 1,600,000 | 1,300,000 | ||
Treasury Stock, Common [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Treasury Stock, Common, Shares | 5,459,030 | 365,272 | |||
Payments for Repurchase of Common Stock | $ 150,000 | $ 275,000 | $ 125,000 | $ 100,000 | |
Treasury Stock, Shares, Acquired | 3,090,312 | 2,368,738 | 1,778,537 |
Textuals (Details)
Textuals (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Employee Benefit Plans [Line Items] | |||
Defined Benefit Plan, Service Cost | $ 4,602 | $ 5,242 | $ 4,328 |
Defined contribution plan, employer discretionary contribution amount | 20,600 | 10,000 | |
Defined contribution plan, cost recognized | 27,100 | 42,000 | 31,300 |
Deferred Compensation Liability, Classified, Noncurrent | $ 25,200 | $ 21,900 | |
Defined Benefit Plan, Description | The Company sponsors a contributory defined benefit plan (the "Plan") covering substantially all Canadian employees of EECOL. The Plan provides retirement benefits based on earnings and credited service, and participants contribute 2% of their earnings to the Plan. Participants become 100% vested after two years of continuous service or, if earlier, at the participant's normal retirement age. | ||
Defined Benefit Plan, Unfunded Plan | The Company also sponsors a Supplemental Executive Retirement Plan (the "SERP"), which provides additional pension benefits to certain executives of EECOL based on earnings, and credited service. Effective January 1, 2013, the SERP was closed to new participants and existing participants became 100% vested. SERP participants continue to contribute 4% of their earnings to the Plan. | ||
Pension Plan [Member] | |||
Schedule of Employee Benefit Plans [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.20% | 4.00% | |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $ 3,200 | ||
Other Nonoperating Gains (Losses) | $ (1,400) | $ (1,900) | $ (1,800) |
Supplemental Employee Retirement Plan [Member] | |||
Schedule of Employee Benefit Plans [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.20% | 4.00% | |
Other Postretirement Benefits Plan [Member] | |||
Schedule of Employee Benefit Plans [Line Items] | |||
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $ 400 | ||
United States | |||
Schedule of Employee Benefit Plans [Line Items] | |||
Defined contribution plan, employer matching contribution, percent | 50.00% | ||
Defined contribution plan, maximum annual contribution per employee, percent | 6.00% | ||
Canada | Minimum | |||
Schedule of Employee Benefit Plans [Line Items] | |||
Defined contribution plan, employer matching contribution, percent | 3.00% | ||
Canada | Maximum | |||
Schedule of Employee Benefit Plans [Line Items] | |||
Defined contribution plan, employer matching contribution, percent | 5.00% |
EMPLOYEE BENEFIT PLANS Benefit
EMPLOYEE BENEFIT PLANS Benefit Obligations, Plan Assets, and Funded Status (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |||
Accumulated Benefit Obligation (ABO) at December 31 | $ 104,649 | $ 78,746 | |
PBO at beginning of year | 105,515 | 120,319 | |
Service cost | 4,602 | 5,242 | $ 4,328 |
Interest cost | 4,362 | 4,137 | 3,912 |
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 736 | 745 | |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | 5,695 | 5,969 | 5,562 |
Defined Benefit Plan, Amortization of Gain (Loss) | 63 | 46 | 149 |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | 18,591 | (11,644) | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 4,459 | 3,892 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | 63 | 46 | 149 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | 11,586 | (5,204) | 8,742 |
PBO at end of year | 134,852 | 105,515 | 120,319 |
Plan assets at beginning of year | 86,556 | 97,182 | |
Actual return on plan assets | 12,763 | (425) | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 736 | 745 | |
Company contributions | 3,198 | 372 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 4,459 | 3,892 | |
Plan assets at end of year | 103,385 | 86,556 | $ 97,182 |
Funded status | (31,467) | (18,959) | |
Current liabilities | (383) | (364) | |
Non-current liabilities | (31,084) | (18,595) | |
Net pension liability at end of year | (31,467) | (18,959) | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | 8,890 | (2,696) | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | 5,505 | (9,392) | |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | 4,591 | (7,426) | |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | $ 8,890 | $ (2,696) |
EMPLOYEE BENEFIT PLANS Pension
EMPLOYEE BENEFIT PLANS Pension Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |||
Pension and Other Postretirement Benefit Expense | $ 11,849 | $ (434) | $ 8,910 |
Service cost | 4,602 | 5,242 | 4,328 |
Interest cost | 4,362 | 4,137 | 3,912 |
Expected return on plan assets | (5,695) | (5,969) | (5,562) |
Defined Benefit Plan, Amortization of Gain (Loss) | (63) | (46) | (149) |
Total net periodic pension cost | 3,206 | 3,364 | 2,529 |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 11,523 | (5,250) | 8,593 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | 63 | 46 | 149 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | 11,586 | (5,204) | 8,742 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | (2,943) | 1,406 | (2,361) |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | $ 8,643 | $ (3,798) | $ 6,381 |
EMPLOYEE BENEFIT PLANS Assumpti
EMPLOYEE BENEFIT PLANS Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 3.80% | 3.80% | 3.80% |
Discount rate | 3.20% | 4.00% | |
Average salary increases | 3.50% | 3.80% | |
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 3.80% | 3.80% | 3.80% |
Discount rate | 3.20% | 4.00% | |
Average salary increases | 3.50% | 3.80% |
EMPLOYEE BENEFIT PLANS Assump_2
EMPLOYEE BENEFIT PLANS Assumptions 2 (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 3.20% | 4.00% | |
Discount rate | 4.00% | 3.50% | 3.90% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 6.40% | 6.40% | 6.40% |
Rate of compensation increase | 3.80% | 3.80% | 3.80% |
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 3.20% | 4.00% | |
Discount rate | 4.00% | 3.50% | 3.90% |
Rate of compensation increase | 3.80% | 3.80% | 3.80% |
EMPLOYEE BENEFIT PLANS Benefi_2
EMPLOYEE BENEFIT PLANS Benefit payments (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Retirement Benefits [Abstract] | |
2013 | $ 3,740 |
2014 | 3,862 |
2015 | 3,915 |
2016 | 4,089 |
2017 | 4,166 |
2018-2023 | $ 26,159 |
EMPLOYEE BENEFIT PLANS Asset al
EMPLOYEE BENEFIT PLANS Asset allocations (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure | ||
Equity securities | 100.00% | 100.00% |
Fixed Income Investments [Member] | ||
Defined Benefit Plan Disclosure | ||
Equity securities | 44.80% | 44.70% |
Other Investments [Member] | ||
Defined Benefit Plan Disclosure | ||
Equity securities | 15.20% | 15.40% |
Canada | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure | ||
Equity securities | 12.50% | 12.40% |
United States | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure | ||
Equity securities | 5.00% | 5.00% |
Non-US [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure | ||
Equity securities | 22.50% | 22.50% |
EMPLOYEE BENEFIT PLANS Target a
EMPLOYEE BENEFIT PLANS Target asset allocation (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Defined Benefit Plan Disclosure | |
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | The primary investment objective, in support of the overall objective, is to earn the highest rate of return possible for the Plan, while keeping risk at acceptable levels. The long-term return objective of the Plan is to achieve a minimum annualized rate of return in excess of the actuarial requirements. This translates into a required return of 3.0% above inflation, net of investment management fees. The return objective is consistent with the overall investment risk level that the Plan assumes in order to meet the pension obligations of the Plan. To achieve this long term investment objective, the Plan has adopted an asset mix that has a combination of primarily equity and fixed income investments. Risk is controlled by investing in a well-diversified portfolio of asset classes. A benchmark portfolio is established based on the expected returns for each asset class available. The investment of the Plan's assets in accordance with the benchmark portfolio should enable the Plan to not only attain, but also exceed the minimum overall objective. |
Equity Securities [Member] | |
Defined Benefit Plan Disclosure | |
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities | 40.00% |
Fixed Income Funds [Member] | |
Defined Benefit Plan Disclosure | |
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities | 45.00% |
Other Investments [Member] | |
Defined Benefit Plan Disclosure | |
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities | 15.00% |
United States | Equity Securities [Member] | |
Defined Benefit Plan Disclosure | |
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities | 27.50% |
Canada | Equity Securities [Member] | |
Defined Benefit Plan Disclosure | |
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities | 12.50% |
EMPLOYEE BENEFIT PLANS Fair val
EMPLOYEE BENEFIT PLANS Fair value plan assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure | |||
Total investments | 100.00% | 100.00% | |
Defined Benefit Plan, Plan Assets, Amount | $ 103,385 | $ 86,556 | $ 97,182 |
Level 1 | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Amount | 224 | 203 | |
Level 2 | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Level 3 | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Amount | $ 0 | $ 0 | |
Fixed Income Investments [Member] | |||
Defined Benefit Plan Disclosure | |||
Total investments | 44.80% | 44.70% | |
Defined Benefit Plan, Plan Assets, Amount | $ 46,309 | $ 38,668 | |
Fixed Income Investments [Member] | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fixed Income Investments [Member] | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fixed Income Investments [Member] | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Amount | $ 0 | $ 0 | |
Other Investments [Member] | |||
Defined Benefit Plan Disclosure | |||
Total investments | 15.20% | 15.40% | |
Defined Benefit Plan, Plan Assets, Amount | $ 15,704 | $ 13,347 | |
Other Investments [Member] | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Amount | 224 | 203 | |
Other Investments [Member] | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Other Investments [Member] | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Amount | $ 0 | $ 0 | |
Canada | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure | |||
Total investments | 12.50% | 12.40% | |
Defined Benefit Plan, Plan Assets, Amount | $ 12,973 | $ 10,693 | |
Canada | Equity Securities [Member] | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Canada | Equity Securities [Member] | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Canada | Equity Securities [Member] | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Amount | $ 0 | $ 0 | |
United States | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure | |||
Total investments | 5.00% | 5.00% | |
Defined Benefit Plan, Plan Assets, Amount | $ 5,160 | $ 4,356 | |
United States | Equity Securities [Member] | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
United States | Equity Securities [Member] | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
United States | Equity Securities [Member] | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Amount | $ 0 | $ 0 | |
Non-US [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure | |||
Total investments | 22.50% | 22.50% | |
Defined Benefit Plan, Plan Assets, Amount | $ 23,239 | $ 19,492 | |
Non-US [Member] | Equity Securities [Member] | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Non-US [Member] | Equity Securities [Member] | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Non-US [Member] | Equity Securities [Member] | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Estimate of Fair Value Measurement [Member] | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Amount | 103,161 | 86,353 | |
Estimate of Fair Value Measurement [Member] | Fixed Income Investments [Member] | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Amount | 46,309 | 38,668 | |
Estimate of Fair Value Measurement [Member] | Other Investments [Member] | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Amount | 15,480 | 13,144 | |
Estimate of Fair Value Measurement [Member] | Canada | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Amount | 12,973 | 10,693 | |
Estimate of Fair Value Measurement [Member] | United States | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Amount | 5,160 | 4,356 | |
Estimate of Fair Value Measurement [Member] | Non-US [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Amount | $ 23,239 | $ 19,492 |
STOCK-BASED COMPENSATION - STOC
STOCK-BASED COMPENSATION - STOCK-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Increase to Number of Shares Authorized to be Issued | 1,700,000 | ||||||
Stock-based compensation expense | $ 19,062 | $ 16,445 | $ 14,809 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 10,700 | 8,200 | 17,200 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,400,000 | ||||||
Authorized Shares for Issuance Factor | Under the LTIP, the total number of shares of common stock authorized to be issued will be reduced by 1 share of common stock for every 1 share that is subject to a stock appreciation right granted, and 1.83 shares of common stock for every 1 share that is subject to an award other than a stock appreciation right granted on or after May 31, 2017. | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 2,600,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 20,700 | ||||||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 2,500 | $ 2,000 | $ 6,400 | ||||
Stock Appreciation Rights (SARs) | |||||||
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 | $ 16.36 | $ 18.38 | $ 20.52 | ||||
Restricted Stock Units (RSUs) | |||||||
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, Nonvested, Number | 363,729 | 327,798 | 290,054 | 257,096 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 54.13 | $ 62.40 | $ 71.33 | ||||
Selling, General and Administrative Expenses [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based compensation expense | $ 19,100 | $ 16,400 | $ 14,800 | ||||
Forecast [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based compensation expense | $ 800 | $ 6,900 | $ 13,000 | ||||
Share-based Payment Arrangement, Tranche One [Member] | |||||||
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, Nonvested, Number | 17,507 |
STOCK-BASED COMPENSATION - SCHE
STOCK-BASED COMPENSATION - SCHEDULE OF SHARE-BASED COMPENSATION, STOCK OPTIONS AND STOCK APPRECIATION RIGHTS AWARD ACTIVITY (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share Based Compensation Arrangements By Share Based Payment Award, Options and Stock Appreciation Rights Outstanding [Roll Forward] | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 35.01 | $ 40.74 | $ 42.19 | |
Performance Shares [Member] | ||||
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, Nonvested, Number | 195,305 | 138,896 | 148,508 | 149,320 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 54.64 | $ 62.80 | $ 76.63 | |
Share Based Compensation Arrangements By Share Based Payment Award, Options and Stock Appreciation Rights Outstanding [Roll Forward] | ||||
Stock-settled appreciation rights granted | 126,874 | 44,144 | 39,978 | |
Stock Appreciation Rights (SARs) | ||||
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 | $ 16.36 | $ 18.38 | $ 20.52 | |
Share Based Compensation Arrangements By Share Based Payment Award, Options and Stock Appreciation Rights Outstanding [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised | 113,099 | 192,700 | 495,181 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures | 115,103 | 203,320 | 161,506 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 65.27 | $ 68.69 | $ 66.06 | |
Weighted Average Remaining Contractual Term, Outstanding | 5 years 7 months 6 days | |||
Weighted Average Remaining Contractual Term, Exercisable | 4 years 8 months 12 days | |||
Aggregate Intrinsic Value, Outstanding | $ 13,039 | |||
Aggregate Intrinsic Value, Exercisable | $ 12,053 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 1,723,370 | 1,453,932 | 1,331,580 | |
Stock-settled appreciation rights granted | 213,618 | 509,046 | 455,807 | |
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ 59 | $ 57.93 | $ 56.96 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 59.72 | $ 59.26 | $ 57.75 | $ 52.62 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 2,337,049 | 2,351,633 | 2,238,607 | 2,439,487 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 54.63 | $ 62.68 | $ 71.21 | |
Share-based Payment Arrangement, Tranche Two [Member] | ||||
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, Nonvested, Number | 177,798 | |||
Share-based Payment Arrangement, Tranche Two [Member] | Net Income Growth Rate [Member] | ||||
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, Nonvested, Number | 77,856 |
STOCK-BASED COMPENSATION - SUMM
STOCK-BASED COMPENSATION - SUMMARY OF RESTRICTED STOCK UNITS AND PERFORMANCE-BASED AWARDS (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||||
Unvested, Shares | 195,305 | 138,896 | 148,508 | 149,320 |
Granted | 126,874 | 44,144 | 39,978 | |
Vested in Period | (25,696) | 0 | 0 | |
Unvested, Weighted Average Fair Value | $ 60.24 | $ 59.33 | $ 60.23 | $ 60.36 |
Granted, Weighted Average Fair Value | 54.64 | 62.80 | 76.63 | |
Vested in Period, Weighted Average Fair Value | $ 42.44 | $ 0 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (44,769) | (53,756) | (40,790) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 52.11 | $ 64.67 | $ 76.77 | |
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||||
Unvested, Shares | 363,729 | 327,798 | 290,054 | 257,096 |
Granted | 192,106 | 122,062 | 100,993 | |
Vested in Period | (136,777) | (64,166) | (44,720) | |
Unvested, Weighted Average Fair Value | $ 60 | $ 57.87 | $ 58.11 | $ 57.47 |
Granted, Weighted Average Fair Value | 54.13 | 62.40 | 71.33 | |
Vested in Period, Weighted Average Fair Value | $ 46.52 | $ 67.91 | $ 84.57 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (19,398) | (20,152) | (23,315) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 59.62 | $ 58.15 | $ 57.52 | |
Share-based Payment Arrangement, Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||||
Unvested, Shares | 17,507 | |||
Share-based Payment Arrangement, Tranche Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||||
Unvested, Shares | 177,798 | |||
Share-based Payment Arrangement, 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, Shares | 77,856 | |||
Share-based Payment Arrangement, 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, Shares | 19,797 | |||
Share-based Payment Arrangement, 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, Shares | 80,145 |
STOCK-BASED COMPENSATION - SC_2
STOCK-BASED COMPENSATION - SCHEDULE OF SHARE-BASED PAYMENT AWARDS, VALUATION ASSUMPTIONS (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk free interest rate | 2.50% | 2.50% | 1.90% |
Stock Appreciation Rights (SARs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-settled appreciation rights granted | 213,618 | 509,046 | 455,807 |
Expected life (in years) | 5 years | 5 years | 5 years |
Expected volatility | 29.00% | 28.00% | 29.00% |
Share-based Payment Arrangement, Tranche One [Member] | |||
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, Nonvested, Number | 17,507 |
STOCK-BASED COMPENSATION - SC_3
STOCK-BASED COMPENSATION - SCHEDULE OF SHARE-BASED PAYMENT AWARD, PERFORMANCE-BASED AWARDS, VALUATION ASSUMPTIONS (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 2.50% | 2.50% | 1.90% |
Correlation | 114.00% | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant date share price | $ 54.64 | $ 62.80 | $ 71.67 |
WESCO expected volatility | 29.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate | 24.00% | ||
Risk-free interest rate | 1.50% |
SEGMENTS AND RELATED INFORMAT_3
SEGMENTS AND RELATED INFORMATION - SEGMENTS AND RELATED INFORMATION (Details) | Dec. 31, 2019stockkeepingunitsproducts |
Segment Reporting [Abstract] | |
Product stock keeping units (in stock keeping units) | stockkeepingunits | 200,000 |
Products (in products) | products | 1,000,000 |
SEGMENTS AND RELATED INFORMAT_4
SEGMENTS AND RELATED INFORMATION - SCHEDULE OF REVENUE FROM EXTERNAL CUSTOMERS AND LONG LIVED ASSETS, BY GEOGRAPHICAL AREAS (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 8,358,917 | $ 8,176,601 | $ 7,679,021 | |
Long-Lived Assets | 417,282 | 160,878 | 156,445 | |
Operating Lease, Right-of-Use Asset | 235,834 | 0 | $ 240,000 | |
United States | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 6,234,119 | 6,089,130 | 5,775,988 | |
Long-Lived Assets | 315,288 | 106,078 | 95,851 | |
Canada | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,647,066 | 1,647,933 | 1,521,378 | |
Long-Lived Assets | 95,642 | 50,877 | 56,591 | |
Non-US [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 477,732 | 439,538 | 381,655 | |
Long-Lived Assets | $ 6,352 | $ 3,923 | $ 4,003 |
OTHER FINANCIAL INFORMATION - O
OTHER FINANCIAL INFORMATION - OTHER FINANCIAL INFORMATION (Details) - Unsecured Debt [Member] $ in Millions | Dec. 31, 2019USD ($) |
Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 500 |
2024 Notes [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 350 |
OTHER FINANCIAL INFORMATION - C
OTHER FINANCIAL INFORMATION - CONDENSED CONSOLIDATED BALANCE SHEETS (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Condensed Financial Information | |||||
Cash and cash equivalents | $ 150,902 | $ 96,343 | $ 117,953 | $ 110,131 | |
Trade accounts receivable | 1,187,359 | 1,166,607 | |||
Inventories, net | 1,011,674 | 948,726 | |||
Prepaid Expense and Other Assets, Current | 76,076 | 52,107 | |||
Total current assets | 2,540,411 | 2,385,640 | |||
Property, building and equipment, net | 181,448 | 160,878 | |||
Operating Lease, Right-of-Use Asset | 235,834 | $ 240,000 | 0 | ||
Intangible assets, net | 287,275 | 316,016 | |||
Goodwill and other intangibles, net | 1,759,040 | 1,722,603 | 1,771,877 | ||
Other assets | 2,379 | 3,525 | |||
Total assets | 5,017,635 | 4,605,036 | |||
Accounts payable | 830,478 | 794,348 | |||
Short-term debt | 26,255 | 30,785 | |||
Other Liabilities, Current | 159,367 | 105,461 | |||
Total current liabilities | 1,084,059 | 1,061,946 | |||
Operating Lease, Liability, Noncurrent | 179,830 | 0 | |||
Long-term Debt, Excluding Current Maturities | 1,257,067 | 1,167,311 | |||
Total WESCO International stockholders' equity | 2,258,671 | 2,129,726 | |||
Stockholders' Equity Attributable to Parent | 2,265,483 | 2,135,310 | |||
Noncontrolling interest | (6,812) | (5,584) | (3,596) | (3,269) | |
Total liabilities and stockholders' equity | 5,017,635 | 4,605,036 | |||
Parent Company | |||||
Condensed Financial Information | |||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | |
Trade accounts receivable | 0 | 0 | |||
Inventories, net | 0 | 0 | |||
Prepaid Expense and Other Assets, Current | 1,124 | 1,123 | |||
Total current assets | 1,124 | 1,123 | |||
Intercompany receivables, net | 0 | 0 | |||
Property, building 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 | 3,451,020 | 3,188,124 | |||
Other assets | 0 | 0 | |||
Total assets | 3,452,144 | 3,189,247 | |||
Accounts payable | 0 | 0 | |||
Short-term debt | 0 | 0 | |||
Other Liabilities, Current | 0 | 0 | |||
Total current liabilities | 0 | 0 | |||
Intercompany payables, net | 1,186,661 | 1,053,937 | |||
Operating Lease, Liability, Noncurrent | 0 | ||||
Long-term Debt, Excluding Current Maturities | 0 | 0 | |||
Liabilities, Other than Long-term Debt, Noncurrent | 0 | 0 | |||
Stockholders' Equity Attributable to Parent | 2,265,483 | 2,135,310 | |||
Noncontrolling interest | 0 | 0 | |||
Total liabilities and stockholders' equity | 3,452,144 | 3,189,247 | |||
Guarantor Subsidiaries | |||||
Condensed Financial Information | |||||
Cash and cash equivalents | 46,499 | 35,931 | 50,602 | 41,552 | |
Trade accounts receivable | 0 | 0 | |||
Inventories, net | 490,071 | 440,422 | |||
Prepaid Expense and Other Assets, Current | 44,382 | 57,586 | |||
Total current assets | 580,952 | 533,939 | |||
Intercompany receivables, net | 0 | 0 | |||
Property, building and equipment, net | 82,753 | 63,506 | |||
Operating Lease, Right-of-Use Asset | 141,824 | ||||
Intangible assets, net | 1,500 | 2,131 | |||
Goodwill and other intangibles, net | 257,623 | 257,623 | |||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 5,379,728 | 5,137,783 | |||
Other assets | 854 | 2,905 | |||
Total assets | 6,445,234 | 5,997,887 | |||
Accounts payable | 402,174 | 404,373 | |||
Short-term debt | 0 | 0 | |||
Other Liabilities, Current | 42,901 | 86,600 | |||
Total current liabilities | 445,075 | 490,973 | |||
Intercompany payables, net | 1,481,653 | 1,349,767 | |||
Operating Lease, Liability, Noncurrent | 111,291 | ||||
Long-term Debt, Excluding Current Maturities | 842,708 | 842,093 | |||
Liabilities, Other than Long-term Debt, Noncurrent | 113,487 | 126,930 | |||
Stockholders' Equity Attributable to Parent | 3,451,020 | 3,188,124 | |||
Noncontrolling interest | 0 | 0 | |||
Total liabilities and stockholders' equity | 6,445,234 | 5,997,887 | |||
Non-Guarantor Subsidiaries | |||||
Condensed Financial Information | |||||
Cash and cash equivalents | 104,403 | 60,412 | 67,351 | 68,579 | |
Trade accounts receivable | 1,187,359 | 1,166,607 | |||
Inventories, net | 521,603 | 508,304 | |||
Prepaid Expense and Other Assets, Current | 144,084 | 124,523 | |||
Total current assets | 1,957,449 | 1,859,846 | |||
Intercompany receivables, net | 2,668,314 | 2,403,704 | |||
Property, building and equipment, net | 98,695 | 97,372 | |||
Operating Lease, Right-of-Use Asset | 94,010 | ||||
Intangible assets, net | 285,775 | 313,885 | |||
Goodwill and other intangibles, net | 1,501,417 | 1,464,980 | |||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 0 | |||
Other assets | 12,773 | 16,994 | |||
Total assets | 6,618,433 | 6,156,781 | |||
Accounts payable | 428,304 | 389,975 | |||
Short-term debt | 26,255 | 30,785 | |||
Other Liabilities, Current | 183,539 | 159,481 | |||
Total current liabilities | 638,098 | 580,241 | |||
Intercompany payables, net | 0 | 0 | |||
Operating Lease, Liability, Noncurrent | 68,539 | ||||
Long-term Debt, Excluding Current Maturities | 414,359 | 325,218 | |||
Liabilities, Other than Long-term Debt, Noncurrent | 124,521 | 119,123 | |||
Stockholders' Equity Attributable to Parent | 5,379,728 | 5,137,783 | |||
Noncontrolling interest | (6,812) | (5,584) | |||
Total liabilities and stockholders' equity | 6,618,433 | 6,156,781 | |||
Consolidation, Eliminations [Member] | |||||
Condensed Financial Information | |||||
Operating Lease, Right-of-Use Asset | 0 | ||||
Operating Lease, Liability, Noncurrent | 0 | ||||
Consolidated Entities [Member] | |||||
Condensed Financial Information | |||||
Cash and cash equivalents | 150,902 | 96,343 | 117,953 | 110,131 | |
Trade accounts receivable | 1,187,359 | 1,166,607 | |||
Inventories, net | 1,011,674 | 948,726 | |||
Prepaid Expense and Other Assets, Current | 190,476 | 173,964 | |||
Total current assets | 2,540,411 | 2,385,640 | |||
Intercompany receivables, net | 0 | 0 | |||
Property, building and equipment, net | 181,448 | 160,878 | |||
Operating Lease, Right-of-Use Asset | 235,834 | ||||
Intangible assets, net | 287,275 | 316,016 | |||
Goodwill and other intangibles, net | 1,759,040 | 1,722,603 | |||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 0 | |||
Other assets | 13,627 | 19,899 | |||
Total assets | 5,017,635 | 4,605,036 | |||
Accounts payable | 830,478 | 794,348 | |||
Short-term debt | 26,255 | 30,785 | |||
Other Liabilities, Current | 227,326 | 236,813 | |||
Total current liabilities | 1,084,059 | 1,061,946 | |||
Intercompany payables, net | 0 | 0 | |||
Operating Lease, Liability, Noncurrent | 179,830 | ||||
Long-term Debt, Excluding Current Maturities | 1,257,067 | 1,167,311 | |||
Liabilities, Other than Long-term Debt, Noncurrent | 238,008 | 246,053 | |||
Stockholders' Equity Attributable to Parent | 2,265,483 | 2,135,310 | |||
Noncontrolling interest | (6,812) | (5,584) | |||
Total liabilities and stockholders' equity | 5,017,635 | 4,605,036 | |||
Consolidation, Eliminations [Member] | |||||
Condensed Financial Information | |||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 | |
Trade accounts receivable | 0 | 0 | |||
Inventories, net | 0 | 0 | |||
Prepaid Expense and Other Assets, Current | 886 | (9,268) | |||
Total current assets | 886 | (9,268) | |||
Intercompany receivables, net | (2,668,314) | (2,403,704) | |||
Property, building and equipment, net | 0 | 0 | |||
Intangible assets, net | 0 | 0 | |||
Goodwill and other intangibles, net | 0 | 0 | |||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | (8,830,748) | (8,325,907) | |||
Other assets | 0 | 0 | |||
Total assets | (11,498,176) | (10,738,879) | |||
Accounts payable | 0 | 0 | |||
Short-term debt | 0 | 0 | |||
Other Liabilities, Current | 886 | (9,268) | |||
Total current liabilities | 886 | (9,268) | |||
Intercompany payables, net | (2,668,314) | (2,403,704) | |||
Long-term Debt, Excluding Current Maturities | 0 | 0 | |||
Liabilities, Other than Long-term Debt, Noncurrent | 0 | 0 | |||
Stockholders' Equity Attributable to Parent | (8,830,748) | (8,325,907) | |||
Noncontrolling interest | 0 | 0 | |||
Total liabilities and stockholders' equity | $ (11,498,176) | $ (10,738,879) |
OTHER FINANCIAL INFORMATION -_2
OTHER FINANCIAL INFORMATION - CONDENSED CONSOLIDATED INCOME STATEMENT (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Information | |||||||||||
Revenues | $ 2,099,452 | $ 2,148,110 | $ 2,150,088 | $ 1,961,267 | $ 2,011,447 | $ 2,067,245 | $ 2,103,994 | $ 1,993,915 | $ 8,358,917 | $ 8,176,601 | $ 7,679,021 |
Cost of goods sold | 1,709,658 | 1,747,913 | 1,741,114 | 1,578,771 | 1,621,117 | 1,670,037 | 1,704,100 | 1,613,966 | 6,777,456 | 6,609,220 | 6,194,366 |
Selling, General and Administrative Expense | (1,173,137) | (1,151,944) | (1,101,598) | ||||||||
Depreciation, Depletion and Amortization, Nonproduction | (62,107) | (62,997) | (64,017) | ||||||||
Income tax expense | 59,863 | 55,670 | 89,307 | ||||||||
Net income | 52,694 | 64,339 | 63,215 | 41,950 | 58,066 | 66,645 | 57,673 | 42,971 | 222,198 | 225,355 | 163,133 |
Net Income (Loss) Attributable to Noncontrolling Interest | (1,228) | (1,988) | (327) | ||||||||
Net Income | $ 53,098 | $ 64,495 | $ 63,464 | $ 42,369 | $ 58,133 | $ 66,849 | $ 57,940 | $ 44,421 | 223,426 | 227,343 | 163,460 |
Foreign currency translation adjustment | 49,306 | (99,643) | 85,762 | ||||||||
Benefit plan adjustments | (8,643) | 3,798 | (6,381) | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 264,089 | 131,498 | 242,841 | ||||||||
Parent Company | |||||||||||
Condensed Financial Information | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Cost of goods sold | 0 | 0 | 0 | ||||||||
Selling, General and Administrative Expense | 0 | 0 | 0 | ||||||||
Depreciation, Depletion and Amortization, Nonproduction | 0 | 0 | 0 | ||||||||
Income (Loss) from Subsidiaries, before Tax | 222,198 | 225,355 | 160,587 | ||||||||
Interest Income (Expense), Net | 0 | ||||||||||
Other Nonoperating Income (Expense) | 0 | 0 | |||||||||
Income tax expense | 0 | 0 | (2,546) | ||||||||
Net income | 222,198 | 225,355 | 163,133 | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Net Income | 222,198 | 225,355 | 163,133 | ||||||||
Foreign currency translation adjustment | 49,306 | (99,643) | 85,762 | ||||||||
Benefit plan adjustments | (8,643) | 3,798 | (6,381) | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 262,861 | 129,510 | 242,514 | ||||||||
Guarantor Subsidiaries | |||||||||||
Condensed Financial Information | |||||||||||
Revenues | 3,642,413 | 3,572,406 | 3,370,088 | ||||||||
Cost of goods sold | 2,954,246 | 2,890,490 | 2,714,511 | ||||||||
Selling, General and Administrative Expense | (593,025) | (590,009) | (555,503) | ||||||||
Depreciation, Depletion and Amortization, Nonproduction | (19,155) | (18,334) | (18,442) | ||||||||
Income (Loss) from Subsidiaries, before Tax | 201,247 | 209,802 | 168,782 | ||||||||
Interest Income (Expense), Net | (94,313) | ||||||||||
Other Nonoperating Income (Expense) | (49,392) | (54,178) | |||||||||
Income tax expense | 5,644 | 3,842 | (4,486) | ||||||||
Net income | 222,198 | 225,355 | 160,587 | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Net Income | 222,198 | 225,355 | 160,587 | ||||||||
Foreign currency translation adjustment | 49,306 | (99,643) | 85,762 | ||||||||
Benefit plan adjustments | (8,643) | 3,798 | (6,381) | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 262,861 | 129,510 | 239,968 | ||||||||
Non-Guarantor Subsidiaries | |||||||||||
Condensed Financial Information | |||||||||||
Revenues | 4,899,987 | 4,757,321 | 4,441,655 | ||||||||
Cost of goods sold | 4,006,693 | 3,871,856 | 3,612,577 | ||||||||
Selling, General and Administrative Expense | (580,112) | (561,935) | (546,095) | ||||||||
Depreciation, Depletion and Amortization, Nonproduction | (42,952) | (44,663) | (45,575) | ||||||||
Income (Loss) from Subsidiaries, before Tax | 0 | 0 | 0 | ||||||||
Interest Income (Expense), Net | 27,713 | ||||||||||
Other Nonoperating Income (Expense) | (14,764) | (17,237) | |||||||||
Income tax expense | 54,219 | 51,828 | 96,339 | ||||||||
Net income | 201,247 | 209,802 | 168,782 | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (1,228) | (1,988) | (327) | ||||||||
Net Income | 202,475 | 211,790 | 169,109 | ||||||||
Foreign currency translation adjustment | 49,306 | (99,643) | 85,762 | ||||||||
Benefit plan adjustments | (8,643) | 3,798 | (6,381) | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 243,138 | 115,945 | 248,490 | ||||||||
Consolidated Entities [Member] | |||||||||||
Condensed Financial Information | |||||||||||
Revenues | 8,358,917 | 8,176,601 | 7,679,021 | ||||||||
Cost of goods sold | 6,777,456 | 6,609,220 | 6,194,366 | ||||||||
Selling, General and Administrative Expense | (1,173,137) | (1,151,944) | (1,101,598) | ||||||||
Depreciation, Depletion and Amortization, Nonproduction | (62,107) | (62,997) | (64,017) | ||||||||
Income (Loss) from Subsidiaries, before Tax | 0 | 0 | 0 | ||||||||
Interest Income (Expense), Net | (66,600) | ||||||||||
Other Nonoperating Income (Expense) | (64,156) | (71,415) | |||||||||
Income tax expense | 59,863 | 55,670 | 89,307 | ||||||||
Net income | 222,198 | 225,355 | 163,133 | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (1,228) | (1,988) | (327) | ||||||||
Net Income | 223,426 | 227,343 | 163,460 | ||||||||
Foreign currency translation adjustment | 49,306 | (99,643) | 85,762 | ||||||||
Benefit plan adjustments | (8,643) | 3,798 | (6,381) | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 264,089 | 131,498 | 242,841 | ||||||||
Consolidation, Eliminations [Member] | |||||||||||
Condensed Financial Information | |||||||||||
Revenues | (183,483) | (153,126) | (132,722) | ||||||||
Cost of goods sold | (183,483) | (153,126) | (132,722) | ||||||||
Selling, General and Administrative Expense | 0 | 0 | 0 | ||||||||
Depreciation, Depletion and Amortization, Nonproduction | 0 | 0 | 0 | ||||||||
Income (Loss) from Subsidiaries, before Tax | (423,445) | (435,157) | (329,369) | ||||||||
Interest Income (Expense), Net | 0 | ||||||||||
Other Nonoperating Income (Expense) | 0 | 0 | |||||||||
Income tax expense | 0 | 0 | 0 | ||||||||
Net income | (423,445) | (435,157) | (329,369) | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Net Income | (423,445) | (435,157) | (329,369) | ||||||||
Foreign currency translation adjustment | (98,612) | 199,286 | (171,524) | ||||||||
Benefit plan adjustments | 17,286 | (7,596) | 12,762 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (504,771) | (243,467) | (488,131) | ||||||||
Pension Plan [Member] | |||||||||||
Condensed Financial Information | |||||||||||
Other Nonoperating Gains (Losses) | $ (1,400) | $ (1,900) | $ (1,800) |
OTHER FINANCIAL INFORMATION -_3
OTHER FINANCIAL INFORMATION - CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Information | |||
Net cash (used) provided by operating activities | $ 224,367 | $ 296,721 | $ 149,122 |
Investing Activities: | |||
Capital expenditures | (44,067) | (36,210) | (21,507) |
Payments to Acquire Businesses, Gross | (27,597) | ||
Payments to Acquire Businesses, Net of Cash Acquired | (27,597) | 0 | 0 |
Proceeds from sale of assets | 16,795 | 12,461 | 6,766 |
Advances to subsidiaries and other | (5,931) | (10,393) | 9,446 |
Net cash used in investing activities | (60,800) | (34,142) | (5,295) |
Financing Activities: | |||
Other | (3,727) | (1,211) | (2,392) |
Net cash provided (used) by financing activities | (109,766) | (275,094) | (141,196) |
Effect of exchange rate changes on cash and cash equivalents | 758 | (9,095) | 5,191 |
Net change in cash and cash equivalents | 54,559 | (21,610) | 7,822 |
Cash and cash equivalents at the beginning of period | 96,343 | 117,953 | 110,131 |
Cash and cash equivalents at the end of period | 150,902 | 96,343 | 117,953 |
Parent Company | |||
Condensed Financial Information | |||
Net cash (used) provided by operating activities | 20,328 | 18,672 | (36,575) |
Investing Activities: | |||
Capital expenditures | 0 | 0 | 0 |
Payments to Acquire Businesses, Gross | 0 | ||
Proceeds from sale of assets | 0 | 0 | 0 |
Proceeds from Dividends Received | 0 | 0 | 0 |
Payments for Advance to Affiliate | 0 | 0 | 0 |
Net cash used in investing activities | 0 | 0 | 0 |
Financing Activities: | |||
Proceeds from Issuance of Debt | 132,721 | 108,497 | 143,367 |
Repayments of Debt | 0 | 0 | 0 |
Equity transactions | (153,049) | (127,169) | (106,792) |
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees | 0 | 0 | 0 |
Other | 0 | 0 | 0 |
Net cash provided (used) by financing activities | (20,328) | (18,672) | 36,575 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net change in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at the beginning of period | 0 | 0 | 0 |
Cash and cash equivalents at the end of period | 0 | 0 | 0 |
Guarantor Subsidiaries | |||
Condensed Financial Information | |||
Net cash (used) provided by operating activities | 188,797 | 153,467 | 101,826 |
Investing Activities: | |||
Capital expenditures | (22,330) | (17,573) | (13,215) |
Payments to Acquire Businesses, Gross | (27,597) | ||
Proceeds from sale of assets | 0 | 0 | 0 |
Proceeds from Dividends Received | 134,853 | 347,531 | 307,784 |
Payments for Advance to Affiliate | 222,482 | 406,028 | 383,686 |
Net cash used in investing activities | (137,556) | (76,070) | (89,117) |
Financing Activities: | |||
Proceeds from Issuance of Debt | 423,441 | 339,606 | 775,926 |
Repayments of Debt | (449,190) | (410,606) | (785,392) |
Equity transactions | 0 | 0 | 0 |
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees | 0 | 0 | 0 |
Other | (14,924) | (21,068) | 5,807 |
Net cash provided (used) by financing activities | (40,673) | (92,068) | (3,659) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net change in cash and cash equivalents | 10,568 | (14,671) | 9,050 |
Cash and cash equivalents at the beginning of period | 35,931 | 50,602 | 41,552 |
Cash and cash equivalents at the end of period | 46,499 | 35,931 | 50,602 |
Non-Guarantor Subsidiaries | |||
Condensed Financial Information | |||
Net cash (used) provided by operating activities | 15,242 | 124,582 | 83,871 |
Investing Activities: | |||
Capital expenditures | (21,737) | (18,637) | (8,292) |
Payments to Acquire Businesses, Gross | 0 | ||
Proceeds from sale of assets | 16,795 | 12,461 | 6,766 |
Proceeds from Dividends Received | 0 | 0 | 0 |
Payments for Advance to Affiliate | 5,931 | (196,219) | (26,912) |
Net cash used in investing activities | (10,873) | 190,043 | 25,386 |
Financing Activities: | |||
Proceeds from Issuance of Debt | 998,019 | 1,086,673 | 1,144,848 |
Repayments of Debt | (824,302) | (1,051,611) | (952,740) |
Equity transactions | 0 | 0 | 0 |
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees | (134,853) | (347,531) | (307,784) |
Other | 0 | 0 | 0 |
Net cash provided (used) by financing activities | 38,864 | (312,469) | (115,676) |
Effect of exchange rate changes on cash and cash equivalents | 758 | (9,095) | 5,191 |
Net change in cash and cash equivalents | 43,991 | (6,939) | (1,228) |
Cash and cash equivalents at the beginning of period | 60,412 | 67,351 | 68,579 |
Cash and cash equivalents at the end of period | 104,403 | 60,412 | 67,351 |
Consolidated Entities [Member] | |||
Condensed Financial Information | |||
Net cash (used) provided by operating activities | 224,367 | 296,721 | 149,122 |
Investing Activities: | |||
Capital expenditures | (44,067) | (36,210) | (21,507) |
Payments to Acquire Businesses, Gross | (27,597) | ||
Proceeds from sale of assets | 16,795 | 12,461 | 6,766 |
Proceeds from Dividends Received | 0 | 0 | 0 |
Payments for Advance to Affiliate | 5,931 | 10,393 | (9,446) |
Net cash used in investing activities | (60,800) | (34,142) | (5,295) |
Financing Activities: | |||
Proceeds from Issuance of Debt | 1,331,699 | 1,335,360 | 1,680,455 |
Repayments of Debt | (1,273,492) | (1,462,217) | (1,720,666) |
Equity transactions | (153,049) | (127,169) | (106,792) |
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees | 0 | 0 | 0 |
Other | (14,924) | (21,068) | 5,807 |
Net cash provided (used) by financing activities | (109,766) | (275,094) | (141,196) |
Effect of exchange rate changes on cash and cash equivalents | 758 | (9,095) | 5,191 |
Net change in cash and cash equivalents | 54,559 | (21,610) | 7,822 |
Cash and cash equivalents at the beginning of period | 96,343 | 117,953 | 110,131 |
Cash and cash equivalents at the end of period | 150,902 | 96,343 | 117,953 |
Consolidation, Eliminations [Member] | |||
Condensed Financial Information | |||
Net cash (used) provided by operating activities | 0 | 0 | 0 |
Investing Activities: | |||
Capital expenditures | 0 | 0 | 0 |
Payments to Acquire Businesses, Gross | 0 | ||
Proceeds from sale of assets | 0 | 0 | 0 |
Proceeds from Dividends Received | (134,853) | (347,531) | (307,784) |
Payments for Advance to Affiliate | (222,482) | (199,416) | (366,220) |
Net cash used in investing activities | 87,629 | (148,115) | 58,436 |
Financing Activities: | |||
Proceeds from Issuance of Debt | (222,482) | (199,416) | (383,686) |
Repayments of Debt | 0 | 0 | 17,466 |
Equity transactions | 0 | 0 | 0 |
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees | 134,853 | 347,531 | 307,784 |
Other | 0 | 0 | 0 |
Net cash provided (used) by financing activities | (87,629) | 148,115 | (58,436) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net change in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at the beginning of period | 0 | 0 | 0 |
Cash and cash equivalents at the end of period | $ 0 | $ 0 | $ 0 |
SELECTED QUARTERLY FINANCIAL _3
SELECTED QUARTERLY FINANCIAL DATA (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 2,099,452 | $ 2,148,110 | $ 2,150,088 | $ 1,961,267 | $ 2,011,447 | $ 2,067,245 | $ 2,103,994 | $ 1,993,915 | $ 8,358,917 | $ 8,176,601 | $ 7,679,021 |
Cost of goods sold | 1,709,658 | 1,747,913 | 1,741,114 | 1,578,771 | 1,621,117 | 1,670,037 | 1,704,100 | 1,613,966 | 6,777,456 | 6,609,220 | 6,194,366 |
Income from operations | 83,808 | 93,733 | 97,950 | 70,726 | 90,499 | 97,517 | 91,183 | 73,241 | 346,217 | 352,440 | 319,040 |
Income before income taxes | 67,587 | 80,225 | 80,643 | 53,606 | 73,658 | 80,467 | 73,442 | 53,458 | 282,061 | 281,025 | 252,440 |
Net income | 52,694 | 64,339 | 63,215 | 41,950 | 58,066 | 66,645 | 57,673 | 42,971 | 222,198 | 225,355 | 163,133 |
Net Income attributable to WESCO International, Inc. | $ 53,098 | $ 64,495 | $ 63,464 | $ 42,369 | $ 58,133 | $ 66,849 | $ 57,940 | $ 44,421 | $ 223,426 | $ 227,343 | $ 163,460 |
Basic earnings per share attributable to WESCO International, Inc. | $ 1.27 | $ 1.53 | $ 1.46 | $ 0.94 | $ 1.27 | $ 1.42 | $ 1.23 | $ 0.94 | $ 5.18 | $ 4.87 | $ 3.42 |
Diluted earnings per share attributable to WESCO International, Inc. | $ 1.26 | $ 1.52 | $ 1.45 | $ 0.93 | $ 1.26 | $ 1.41 | $ 1.22 | $ 0.93 | $ 5.14 | $ 4.82 | $ 3.38 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2015 | ||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | $ 25,443 | $ 24,468 | $ 21,313 | $ 22,007 | |
Valuation Allowances and Reserves, Charged to Cost and Expense | 7,006 | 10,854 | 8,466 | ||
Valuation Allowances and Reserves, Charged to Other Accounts | 52 | 0 | 0 | ||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | [1] | $ (6,083) | $ (7,699) | $ (9,160) | |
[1] | (1) Represents allowance for doubtful accounts in connection with certain acquisitions and divestitures. |