DOCUMENT_AND_ENTITY_INFORMATIO
DOCUMENT AND ENTITY INFORMATION Document | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
Entity [Abstract] | ' | ' |
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-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 44,473,103 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Adjustment to other assets / deferred tax liabilities | ' | $24,700,000 | ' |
Adjustment to prepaids and OCA / OCL | ' | 7,100,000 | ' |
Adjustment to deferred tax assets and liabilities | ' | ' | 16,200,000 |
Deferred Tax Assets, Gross | ' | ' | 17,500,000 |
Current Assets: | ' | ' | ' |
Cash and cash equivalents | 101,643,000 | 123,725,000 | 86,099,000 |
Trade accounts receivable, net of allowance for doubtful accounts of $22,153 and $19,309 in 2014 and 2013, respectively | 1,186,062,000 | 1,045,054,000 | ' |
Other accounts receivable | 118,088,000 | 130,043,000 | ' |
Inventories, net | 850,179,000 | 787,324,000 | ' |
Current deferred income taxes | 43,801,000 | 44,691,000 | ' |
Prepaid expenses and other current assets | 108,768,000 | 74,778,000 | ' |
Total current assets | 2,408,541,000 | 2,205,615,000 | ' |
Property, buildings and equipment, net of accumulated depreciation of $225,715 and $213,758 in 2014 and 2013, respectively | 199,951,000 | 198,654,000 | ' |
Intangible assets, net | 475,708,000 | 439,167,000 | ' |
Goodwill | 1,790,853,000 | 1,734,391,000 | ' |
Other assets | 54,079,000 | 71,066,000 | ' |
Total assets | 4,929,132,000 | 4,648,893,000 | ' |
Current Liabilities: | ' | ' | ' |
Accounts payable | 794,505,000 | 735,097,000 | ' |
Accrued payroll and benefit costs | 51,061,000 | 56,548,000 | ' |
Short-term debt | 44,962,000 | 37,551,000 | ' |
Current portion of long-term debt | 2,456,000 | 2,510,000 | ' |
Other current liabilities | 221,383,000 | 219,957,000 | 140,600,000 |
Total current liabilities | 1,114,367,000 | 1,051,663,000 | ' |
Long-term debt, net of discount of $172,683 and $174,686 in 2014 and 2013, respectively | 1,520,960,000 | 1,447,634,000 | ' |
Other noncurrent liabilities | 44,013,000 | 43,471,000 | ' |
Deferred income taxes | 360,290,000 | 341,334,000 | ' |
Total liabilities | 3,039,630,000 | 2,884,102,000 | ' |
Commitments and Contingencies | ' | ' | ' |
Stockholders' Equity: | ' | ' | ' |
Preferred stock, $.01 par value; 20,000,000 shares authorized, no shares issued or outstanding | 0 | 0 | ' |
Additional capital | 1,095,866,000 | 1,082,772,000 | ' |
Retained earnings | 1,488,722,000 | 1,368,386,000 | ' |
Treasury stock, at cost; 18,241,824 and 18,179,275 shares in 2014 and 2013, respectively | -615,609,000 | -610,430,000 | ' |
Accumulated other comprehensive income | -80,020,000 | -76,543,000 | ' |
Total WESCO International stockholders' equity | 1,889,502,000 | 1,764,791,000 | ' |
Noncontrolling interest | -84,000 | -18,000 | ' |
Total stockholders' equity | 1,889,586,000 | 1,764,809,000 | ' |
Total liabilities and stockholders' equity | 4,929,132,000 | 4,648,893,000 | ' |
Deferred Tax Liabilities, Net | ' | ' | 316,700,000 |
Adjustment to income taxes receivable and OCL | ' | ' | 6,000,000 |
Income Taxes Receivable | ' | ' | 14,800,000 |
Common Stock [Member] | ' | ' | ' |
Stockholders' Equity: | ' | ' | ' |
Common stock | 584,000 | 581,000 | ' |
Common Class B [Member] | ' | ' | ' |
Stockholders' Equity: | ' | ' | ' |
Common stock | $43,000 | $43,000 | ' |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $22,153 | $19,309 |
Accumulated depreciation | 225,715 | 213,758 |
Debt discount | $172,683 | $174,686 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Treasury stock, shares (in shares) | 0 | 0 |
Common Stock [Member] | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 210,000,000 | 210,000,000 |
Common stock, shares, issued (in shares) | 58,373,194 | 58,107,304 |
Common stock, shares outstanding (in shares) | 44,470,801 | 44,267,460 |
Common Class B [Member] | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares, issued (in shares) | 4,339,431 | 4,339,431 |
Common stock, shares outstanding (in shares) | 0 | 0 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $2,005,165 | $1,893,953 | $3,815,991 | $3,702,011 |
Cost of goods sold | 1,593,437 | 1,501,403 | 3,029,470 | 2,928,382 |
Selling, general and administrative expense | 278,709 | 265,506 | 544,171 | 492,962 |
Depreciation and amortization | 17,186 | 17,153 | 33,558 | 33,870 |
Income from operations | 115,833 | 109,891 | 208,792 | 246,797 |
Interest expense, net | 20,337 | 21,769 | 41,025 | 43,695 |
Income before income taxes | 95,496 | 88,122 | 167,767 | 203,102 |
Provision for income taxes | 26,709 | 22,771 | 47,125 | 53,658 |
Net income | 68,787 | 65,351 | 120,642 | 149,444 |
Net (loss) income attributable to noncontrolling interest | -15 | 66 | -65 | 170 |
Net income attributable to WESCO International, Inc. | 68,802 | 65,285 | 120,707 | 149,274 |
Comprehensive Income: | ' | ' | ' | ' |
Foreign currency translation adjustment | 43,023 | -44,350 | -3,477 | -67,830 |
Comprehensive income attributable to WESCO International, Inc. | $111,825 | $20,935 | $117,230 | $81,444 |
Earnings per share attributable to WESCO International, Inc. | ' | ' | ' | ' |
Basic (in dollars per share) | $1.55 | $1.48 | $2.72 | $3.38 |
Diluted (in dollars per share) | $1.29 | $1.25 | $2.26 | $2.85 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating Activities: | ' | ' |
Net income | $120,642 | $149,444 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 33,558 | 33,870 |
Deferred income taxes | 13,719 | 26,760 |
Other operating activities, net | 7,724 | 7,690 |
Changes in assets and liabilities | ' | ' |
Trade receivables, net | -122,070 | -83,316 |
Other accounts receivable | 12,672 | -21,648 |
Inventories, net | -44,910 | -27,719 |
Prepaid expenses and other current assets | -32,087 | 24,947 |
Accounts payable | 47,082 | 53,256 |
Other current and noncurrent liabilities | 14,512 | -43,557 |
Net cash provided by operating activities | 50,842 | 119,727 |
Investing Activities: | ' | ' |
Capital expenditures | -11,785 | -11,750 |
Acquisition payments, net of cash acquired | -133,318 | 0 |
Other investing activities | 27 | 9,654 |
Net cash used in investing activities | -145,076 | -2,096 |
Financing Activities: | ' | ' |
Proceeds from issuance of short-term debt | 33,085 | 25,435 |
Repayments of short-term debt | -25,983 | -14,387 |
Proceeds from issuance of long-term debt | 606,836 | 510,864 |
Repayments of Long-term Debt | -537,048 | -625,767 |
Other financing activities, net | -1,580 | 6,029 |
Net cash used in financing activities | 75,310 | -97,826 |
Effect of exchange rate on cash and cash equivalents | -3,158 | -1,392 |
Net change in cash and cash equivalents | -22,082 | 18,413 |
Cash and cash equivalents at the beginning of period | 123,725 | 86,099 |
Cash and cash equivalents at the end of period | $101,643 | ' |
ORGANIZATION
ORGANIZATION | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
ORGANIZATION | ' |
ORGANIZATION | |
WESCO International, Inc. 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 manufactures' (“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. We serve over 75,000 active customers globally, through approximately 475 full service branches and nine distribution centers located primarily in the United States, Canada and Mexico, with offices in 15 additional countries. |
ACCOUNTING_POLICIES
ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
ACCOUNTING POLICIES | ' |
ACCOUNTING POLICIES | |
Basis of Presentation | |
The unaudited condensed consolidated financial statements of WESCO have been prepared in accordance with Rule 10-01 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in WESCO’s 2013 Annual Report on Form 10-K filed with the SEC. The December 31, 2013 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States. | |
The unaudited condensed consolidated balance sheet as of June 30, 2014, the unaudited condensed consolidated statements of income and comprehensive income for the three and six months ended June 30, 2014 and 2013, respectively, and the unaudited condensed consolidated statements of cash flows for the six months ended June 30, 2014 and 2013, respectively, in the opinion of management, have been prepared on the same basis as the audited consolidated financial statements and include all adjustments necessary for the fair statement of the results of the interim periods. All adjustments reflected in the unaudited condensed consolidated financial statements are of a normal recurring nature unless indicated. Results for the interim periods presented are not necessarily indicative of the results to be expected for the full year. | |
Revision | |
Certain amounts in the Company's consolidated balance sheet as of December 31, 2013, as presented herein, have been revised to appropriately present current and non-current deferred tax balances as well as current taxes refundable/payable in accordance with ASC 740, "Income Taxes". Specifically, other assets and deferred income tax liabilities each increased by $24.7 million at December 31, 2013. Additionally, prepaid expenses and other current assets increased by $7.1 million with a corresponding increase to other current liabilities of $7.1 million at December 31, 2013. The Company also revised its consolidated balance sheet as of December 31, 2012, which is not presented herein, for the same items. Deferred income tax assets and liabilities each increased by $16.2 million to $17.5 million and $316.7 million, respectively, at December 31, 2012. Income taxes receivable and other current liabilities each increased by $6.0 million to $14.8 million and $140.6 million, respectively, at December 31, 2012. | |
Fair Value of Financial Instruments | |
The Company measures the fair value of financial assets and liabilities based on the guidance of ASC 820, "Fair Value Measurements and Disclosures," which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. | |
ASC 820 establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: | |
Level 1 inputs are quoted prices in active markets for identical assets or liabilities. | |
Level 2 inputs include inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of assets or liabilities. | |
Level 3 inputs are unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. | |
At June 30, 2014, the carrying value of WESCO’s 6.0% Convertible Senior Debentures due 2029 (the "2029 Debentures") was $175.8 million and the fair value was approximately $1.1 billion. At December 31, 2013, the carrying value of WESCO’s 2029 Debentures was $174.1 million and the fair value was approximately $1.1 billion. The fair value of WESCO’s 2029 Debentures is based on quoted prices in active markets and is therefore classified as Level 1 within the valuation hierarchy. The reported carrying amounts of WESCO’s other debt instruments approximate their fair values and are classified as Level 2 within the valuation hierarchy. Other debt instruments included in Level 2 are valued using a market approach, utilizing interest rates and other relevant information generated by market transactions involving similar instruments. | |
Recently Issued Accounting Pronouncements | |
In July 2013, the FASB issued updated guidance on the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This updated guidance requires entities to present unrecognized tax benefits, or a portion of unrecognized tax benefits, in the financial statements as a reduction to deferred tax assets for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, with certain exceptions. This guidance is effective for interim and annual periods beginning after December 15, 2013. WESCO adopted this guidance in 2014. Adoption of this guidance did not have a material impact on WESCO's financial position, results of operations or cash flows. | |
In May 2014, the FASB and International Accounting Standards Board ("IASB") issued a converged final standard on the recognition of revenue from contracts with customers. This updated guidance provides a framework for addressing revenue recognition issues and replaces almost all existing revenue recognition guidance in current U.S. generally accepted accounting principles. The core principle of the new standard is for companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. The new standard will also result in enhanced disclosures about revenue, provide guidance for transactions that were not previously addressed comprehensively, and improve guidance for multiple-element arrangements. This guidance is effective for interim and annual periods beginning after December 15, 2016. Management has not yet evaluated the future impact of this guidance on WESCO's financial position, results of operations or cash flows. |
ACQUISITIONS
ACQUISITIONS | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Business Combinations [Abstract] | ' | |||
ACQUISITIONS | ' | |||
ACQUISITIONS | ||||
The following table sets forth the consideration paid for acquisitions: | ||||
Six Months Ended June 30, 2014 | ||||
Fair value of assets acquired | $ | 150,966 | ||
Fair value of liabilities assumed | 17,648 | |||
Cash paid for acquisitions | $ | 133,318 | ||
The fair values of assets acquired and liabilities assumed were based upon preliminary calculations and valuations. Our estimates and assumptions for our preliminary purchase price allocation are subject to change as we obtain additional information for our estimates during the respective measurement periods (up to one year from the respective acquisition dates). | ||||
2014 Acquisitions of LaPrairie, Inc., Hazmasters, Inc., and Hi-Line Utility Supply | ||||
On February 3, 2014, WESCO Distribution, Inc., through its wholly-owned Canadian subsidiary, completed the acquisition of LaPrairie, Inc. ("LaPrairie"), a wholesale distributor of electrical products that services the transmission, distribution, and substation needs of utilities and utility contractors with approximately $30 million in annual sales from a single location in Newmarket, Ontario. WESCO funded the purchase price paid at closing with cash. The purchase price was allocated to the respective assets and liabilities based upon their estimated fair values as of the acquisition date. The preliminary fair value of intangibles was determined by management and the allocation resulted in intangible assets of $11.0 million and goodwill of $8.9 million. Management believes the majority of goodwill will be deductible for tax purposes. | ||||
On March 17, 2014, WESCO Distribution, Inc., through its wholly-owned Canadian subsidiary, completed the acquisition of Hazmasters, Inc. ("Hazmasters"), a leading independent Canadian distributor of safety products servicing customers in the industrial, construction, commercial, institution, and government markets with approximately $80 million in annual sales from 14 branches across Canada. WESCO funded the purchase price paid at closing with cash and borrowings under the Revolving Credit Facility. The purchase price was allocated to the respective assets and liabilities based upon their estimated fair values as of the acquisition date. The preliminary fair value of intangibles was estimated by management and the allocation resulted in intangible assets of $35.4 million and goodwill of $19.3 million which is not deductible for tax purposes. | ||||
On June 11, 2014, Wesco Distribution, Inc., completed the acquisition of Hi-Line Utility Supply ("Hi-Line"), a provider of utility MRO and safety products, as well as rubber goods testing and certification services, with approximately $30 million in annual sales from locations in Chicago, Illinois and Millbury, Massachusetts. WESCO funded the purchase price paid at closing with cash. The purchase price was allocated to the respective assets and liabilities based upon their estimated fair values as of the acquisition date. The preliminary fair value of intangibles was estimated by management and the allocation resulted in intangible assets of $8.8 million and goodwill of $29.2 million. Management believes the majority of goodwill will be deductible for tax purposes. | ||||
For all acquisitions made in the first half of 2014, the intangible assets include customer relationships of $43.5 million amortized over 10 years, supplier relationships of $3.2 million amortized over 10 years, trademarks of $8.2 million, and other intangibles of $0.3 million as of June 30, 2014. Certain trademarks have been assigned an indefinite life while others are amortized over 5 to 20 years. No residual value is estimated for the intangible assets being amortized. |
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 6 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||
STOCK-BASED COMPENSATION | ' | ||||||||||||||
STOCK-BASED COMPENSATION | |||||||||||||||
WESCO’s stock-based employee compensation plans are comprised of stock options, 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 options and stock-settled appreciation rights is determined using the Black-Scholes valuation model. The fair value of restricted stock units 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. | |||||||||||||||
During the three and six months ended June 30, 2014 and 2013, WESCO granted the following stock-settled stock appreciation rights, restricted stock units and performance-based awards at the following weighted average fair values and assumptions: | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Stock-settled appreciation rights granted | 2,295 | 5,449 | 274,508 | 251,573 | |||||||||||
Weighted average fair value | $ | 27.71 | $ | 31.05 | $ | 30.64 | $ | 31.33 | |||||||
Restricted stock units granted | — | — | 62,506 | 69,393 | |||||||||||
Weighted average fair value | $ | — | $ | — | $ | 85.35 | $ | 72.15 | |||||||
Performance-based awards granted | — | — | 44,046 | 48,058 | |||||||||||
Weighted average fair value | $ | — | $ | — | $ | 86.65 | $ | 78.21 | |||||||
Risk free interest rate | 1.6 | % | 1 | % | 1.5 | % | 0.9 | % | |||||||
Expected life (in years) | 5 | 5 | 5 | 5 | |||||||||||
Expected volatility | 34 | % | 49 | % | 39 | % | 50 | % | |||||||
The following table sets forth a summary of stock options and stock-settled stock appreciation rights and related information for the six months ended June 30, 2014: | |||||||||||||||
Awards | Weighted | Weighted | Aggregate | ||||||||||||
Average | Average | Intrinsic | |||||||||||||
Exercise | Remaining | Value | |||||||||||||
Price | Contractual Term (In Years) | (In thousands) | |||||||||||||
Outstanding at December 31, 2013 | 2,715,651 | $ | 45.93 | ||||||||||||
Granted | 274,508 | 85.35 | |||||||||||||
Exercised | (414,201 | ) | 39.95 | ||||||||||||
Forfeited | (10,454 | ) | 67.3 | ||||||||||||
Outstanding at June 30, 2014 | 2,565,504 | 51.03 | 5.7 | $ | 90,703 | ||||||||||
Exercisable at June 30, 2014 | 2,046,684 | $ | 44.28 | 4.9 | $ | 86,159 | |||||||||
The following table sets forth a summary of restricted stock units and related information for the six months ended June 30, 2014: | |||||||||||||||
Awards | Weighted | ||||||||||||||
Average | |||||||||||||||
Fair | |||||||||||||||
Value | |||||||||||||||
Unvested at December 31, 2013 | 184,746 | $ | 66.08 | ||||||||||||
Granted | 62,506 | 85.35 | |||||||||||||
Vested | (50,655 | ) | 60.77 | ||||||||||||
Forfeited | (5,927 | ) | 66.28 | ||||||||||||
Unvested at June 30, 2014 | 190,670 | $ | 73.8 | ||||||||||||
Performance shares are awards for which the vesting will occur based on market or performance conditions. The following table sets forth a summary of performance-based awards for the six months ended June 30, 2014: | |||||||||||||||
Awards | Weighted | ||||||||||||||
Average | |||||||||||||||
Fair | |||||||||||||||
Value | |||||||||||||||
Unvested at December 31, 2013 | 92,484 | $ | 76.98 | ||||||||||||
Granted | 44,046 | 86.65 | |||||||||||||
Vested | — | — | |||||||||||||
Forfeited | (4,366 | ) | 76.97 | ||||||||||||
Unvested at June 30, 2014 | 132,164 | $ | 80.2 | ||||||||||||
The performance-based awards in the table above include 66,082 shares in which vesting of the ultimate number of shares underlying such awards 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 valued based upon a Monte Carlo simulation model, which is a valuation model that represents the characteristics of these grants. The probability of meeting the market criteria was considered when calculating the estimated fair market value on the date of grant. These awards are accounted for as awards with market conditions, in which compensation cost is recognized over the service period, regardless of whether the market conditions are achieved and the awards ultimately vest. | |||||||||||||||
The fair value of the performance shares granted during the six months ended June 30, 2014 were estimated using the following weighted-average assumptions: | |||||||||||||||
Weighted Average Assumptions | |||||||||||||||
Grant date share price | $ | 86.65 | |||||||||||||
WESCO expected volatility | 35.4 | % | |||||||||||||
Peer group median volatility | 28.7 | % | |||||||||||||
Risk-free interest rate | 0.62 | % | |||||||||||||
Correlation | 103.1 | % | |||||||||||||
Vesting of the remaining 66,082 shares of performance-based awards in the table above is dependent upon the three-year average growth rate of WESCO's net income. These awards are valued based upon the grant-date closing price of WESCO's common stock. These awards are accounted for as awards with performance conditions, in which compensation cost is recognized over the performance period based upon WESCO's determination of whether it is probable that the performance targets will be achieved. | |||||||||||||||
WESCO recognized $4.3 million and $4.8 million of non-cash stock-based compensation expense, which is included in selling, general and administrative expenses, for the three months ended June 30, 2014 and 2013, respectively. WESCO recognized $8.5 million and $8.8 million of non-cash stock-based compensation expense, which is included in selling, general and administrative expenses, for the six months ended June 30, 2014 and 2013, respectively. As of June 30, 2014, there was $25.9 million of total unrecognized compensation cost related to non-vested stock-based compensation arrangements for all awards previously made, of which approximately $8.1 million is expected to be recognized over the remainder of 2014, $11.2 million in 2015, $5.9 million in 2016 and $0.7 million in 2017. | |||||||||||||||
During the six months ended June 30, 2014 and 2013, the total intrinsic value of awards exercised was $22.9 million and $6.1 million, respectively. The total amount of cash received from the exercise of options was $0.8 million for the six months ended June 30, 2014 and less than $0.1 million for the six months ended June 30, 2013. The tax benefit associated with the exercise of awards for the six months ended June 30, 2014 and 2013 totaled $8.7 million and $0.5 million, respectively, and was recorded as an increase to additional capital. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
EARNINGS PER SHARE | ' | |||||||
EARNINGS PER SHARE | ||||||||
Basic earnings per share are computed by dividing net income by the weighted average common shares outstanding during the periods. Diluted earnings per share are computed by dividing net income 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 stock-based compensation and convertible debt. | ||||||||
The following table sets forth the details of basic and diluted earnings per share: | ||||||||
Three Months Ended | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Net income attributable to WESCO International, Inc. | $ | 68,802 | $ | 65,285 | ||||
Weighted average common shares outstanding used in computing basic earnings per share | 44,449 | 44,115 | ||||||
Common shares issuable upon exercise of dilutive equity awards | 1,031 | 1,091 | ||||||
Common shares issuable from contingently convertible debentures (see below for basis of calculation) | 7,996 | 7,113 | ||||||
Weighted average common shares outstanding and common share equivalents used in computing diluted earnings per share | 53,476 | 52,319 | ||||||
Earnings per share attributable to WESCO International, Inc. | ||||||||
Basic | $ | 1.55 | $ | 1.48 | ||||
Diluted | $ | 1.29 | $ | 1.25 | ||||
Six Months Ended | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Net income attributable to WESCO International, Inc. | $ | 120,707 | $ | 149,274 | ||||
Weighted average common shares outstanding used in computing basic earnings per share | 44,399 | 44,100 | ||||||
Common shares issuable upon exercise of dilutive equity awards | 1,061 | 1,090 | ||||||
Common shares issuable from contingently convertible debentures (see below for basis of calculation) | 7,962 | 7,168 | ||||||
Weighted average common shares outstanding and common share equivalents used in computing diluted earnings per share | 53,422 | 52,358 | ||||||
Earnings per share attributable to WESCO International, Inc. | ||||||||
Basic | $ | 2.72 | $ | 3.38 | ||||
Diluted | $ | 2.26 | $ | 2.85 | ||||
For the three and six months ended June 30, 2014, the computation of diluted earnings per share attributable to WESCO International, Inc. excluded approximately 0.5 million stock-settled stock appreciation rights at weighted average exercise prices of $84.71 per share and $79.37 per share, respectively. For the three and six months ended June 30, 2013, the computation of diluted earnings per share attributable to WESCO International, Inc. excluded 0.5 million stock-settled stock appreciation rights at weighted average exercise prices of $67.99 per share and $67.84 per share, respectively. These amounts were excluded because their effect would have been antidilutive. | ||||||||
Because of WESCO’s obligation to settle the par value of the 2029 Debentures in cash upon conversion, WESCO is required to include shares underlying the 2029 Debentures in its diluted weighted average shares outstanding when the average stock price per share for the period exceeds the conversion price of the respective debentures. Only the number of shares issuable under the treasury stock method of accounting for share dilution are included, which is based upon the amount by which the average stock price exceeds the conversion price. The conversion price of the 2029 Debentures is $28.87. Share dilution is limited to a maximum of 11,948,374 shares for the 2029 Debentures. For the three and six months ended June 30, 2014, the effect of the 2029 Debentures on diluted earnings per share attributable to WESCO International, Inc. was a decrease of $0.22 and $0.40, respectively. For the three and six months ended June 30, 2013, the effect of the 2029 Debentures on diluted earnings per share attributable to WESCO International, Inc. was a decrease of $0.20 and $0.45, respectively. |
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
EMPLOYEE BENEFIT PLANS | ' | |||||||||||||||
EMPLOYEE BENEFIT PLANS | ||||||||||||||||
A majority of WESCO’s employees are covered by defined contribution retirement savings plans for their services rendered subsequent to WESCO’s formation. WESCO also offers a deferred compensation plan for select individuals. For U.S. participants, WESCO will make contributions in an amount equal to 50% of the participant’s total monthly contributions up to a maximum of 6% of eligible compensation. For Canadian participants, WESCO will make contributions in an amount ranging from 1% to 7% of the participant’s eligible compensation based on years of continuous service. In addition, employer contributions may be made at the discretion of the Board of Directors. For the six months ended June 30, 2014 and 2013, WESCO incurred charges of $15.0 million and $19.1 million, respectively, for all such plans. Contributions are made in cash to defined contribution retirement savings plans. The deferred compensation plan is an unfunded plan. 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. An investment option for employees in the defined contribution retirement savings plan is WESCO common stock. | ||||||||||||||||
In connection with the December 14, 2012 acquisition of EECOL, the Company assumed a contributory defined benefit plan covering substantially all Canadian employees of EECOL and a Supplemental Executive Retirement Plan for certain executives of EECOL. The following table reflects the components of net periodic benefit costs for the Company's defined benefit plans for the three and six months ended June 30, 2014 and 2013: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 900 | $ | 1,020 | $ | 1,800 | $ | 2,053 | ||||||||
Interest cost | 1,158 | 1,145 | 2,314 | 2,305 | ||||||||||||
Expected return on plan assets | (1,362 | ) | (948 | ) | (2,723 | ) | (1,908 | ) | ||||||||
Net periodic benefit cost | $ | 696 | $ | 1,217 | $ | 1,391 | $ | 2,450 | ||||||||
During the three and six month periods ended June 30, 2014, the Company made cash contributions of $0.6 million and $1.2 million, respectively, to its defined benefit plans. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
COMMITMENTS AND CONTINGENCIES | |
As initially reported in our 2008 Annual Report on Form 10-K, WESCO is a defendant in a lawsuit filed in a state court in Indiana in which a customer, ArcelorMittal Indiana Harbor, Inc. (“AIH”), alleges that the Company sold defective products to AIH in 2004 that were supplied to the Company by others. The lawsuit sought monetary damages in the amount of approximately $50 million. On February 14, 2013, the jury returned a verdict in favor of AIH and awarded damages in the amount of approximately $36.1 million, and judgment was entered on the jury's verdict. As a result, the Company recorded a $36.1 million charge to selling, general and administrative expenses in 2012. The Company disputes this outcome and filed a post-trial motion challenging the verdict alleging various errors that occurred during trial. The Company received letters from its insurers confirming insurance coverage of the matter and recorded a receivable in the quarter ended March 31, 2013 in an amount equal to the previously recorded liability. AIH also filed a post-trial motion asking the court to award additional amounts to AIH, including prejudgment and post-judgment interest. The Court denied the Company's post-trial motion on June 28, 2013 and granted in part AIH's motion, awarding prejudgment interest in the amount of $3.9 million and ordering post-judgment interest to accrue on the entire judgment at 8% per annum. In the quarter ended June 30, 2013, the Company received letters from its insurers confirming insurance coverage of all prejudgment and post-judgment interest related to the matter. Final judgment was entered by the court on July 16, 2013, and the Company is appealing the judgment. As of June 30, 2014, the Company recorded a liability and a corresponding receivable in the amount of $7.9 million for all prejudgment and post-judgment interest accrued in connection with this matter. The judgment may increase or decrease based on the outcome of the appellate proceedings that cannot be predicted with certainty. | |
WESCO is subject to the laws and regulations of states and other jurisdictions concerning the identification, reporting and escheatment (the transfer of property to the state) of unclaimed or abandoned funds, and is subject to audit and examination for compliance with these requirements. The Company is currently being examined by a third party auditor for compliance with unclaimed property laws. |
INCOME_TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
INCOME TAXES | |
The effective tax rate for the three and six months ended June 30, 2014 was 28.0% and 28.1%, respectively. The effective tax rate for the three and six months ended June 30, 2013 was 25.8% and 26.4%, respectively. WESCO’s effective tax rate is lower than the federal statutory rate of 35% primarily due to benefits resulting from the tax effect of intercompany financing and lower rates on foreign earnings, which are partially offset by nondeductible expenses and state taxes. The effective tax rate for the six months ended June 30, 2014 reflects beneficial discrete adjustments totaling $0.2 million, primarily related to changes in state tax rates and changes in uncertain tax positions. The effective tax rate for the six months ended June 30, 2013 reflects detrimental discrete adjustments totaling $0.2 million, primarily related to changes in state tax rates and changes in uncertain tax positions. There have been no material adjustments to liabilities relating to uncertain tax positions since the last annual disclosure for the year ended December 31, 2013. |
OTHER_FINANCIAL_INFORMATION
OTHER FINANCIAL INFORMATION | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Condensed Financial Information [Abstract] | ' | |||||||||||||||||||
OTHER FINANCIAL INFORMATION | ' | |||||||||||||||||||
OTHER FINANCIAL INFORMATION | ||||||||||||||||||||
WESCO International, Inc. ("WESCO International") has outstanding $344.9 million in aggregate principal amount of 2029 Debentures. The 2029 Debentures are fully and unconditionally guaranteed by WESCO Distribution, Inc. ("WESCO Distribution"), a 100% owned subsidiary of WESCO International, on a senior subordinated basis to all existing and future senior indebtedness of WESCO Distribution. | ||||||||||||||||||||
WESCO Distribution has outstanding $500 million in aggregate principal amount of 5.375% Senior Notes due 2021 (the "2021 Notes"). The 2021 Notes are unsecured senior obligations of WESCO Distribution and are guaranteed on a senior unsecured basis by WESCO International. | ||||||||||||||||||||
Condensed consolidating financial information for WESCO International, WESCO Distribution and the non-guarantor subsidiaries is as follows: | ||||||||||||||||||||
WESCO INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
WESCO | WESCO | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
International, | Distribution, | Subsidiaries | and | |||||||||||||||||
Inc. | Inc. | Eliminating | ||||||||||||||||||
Entries | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 44,687 | $ | 56,956 | $ | — | $ | 101,643 | ||||||||||
Trade accounts receivable, net | — | — | 1,186,062 | — | 1,186,062 | |||||||||||||||
Inventories, net | — | 369,332 | 480,847 | — | 850,179 | |||||||||||||||
Other current assets | — | 164,598 | 152,245 | (46,186 | ) | 270,657 | ||||||||||||||
Total current assets | — | 578,617 | 1,876,110 | (46,186 | ) | 2,408,541 | ||||||||||||||
Intercompany receivables, net | — | — | 1,881,659 | (1,881,659 | ) | — | ||||||||||||||
Property, buildings and equipment, net | — | 59,614 | 140,337 | — | 199,951 | |||||||||||||||
Intangible assets, net | — | 5,069 | 470,639 | — | 475,708 | |||||||||||||||
Goodwill | — | 246,770 | 1,544,083 | — | 1,790,853 | |||||||||||||||
Investments in affiliates | 3,263,323 | 3,821,639 | — | (7,084,962 | ) | — | ||||||||||||||
Other noncurrent assets | 4,222 | 14,242 | 35,246 | 369 | 54,079 | |||||||||||||||
Total assets | $ | 3,267,545 | $ | 4,725,951 | $ | 5,948,074 | $ | (9,012,438 | ) | $ | 4,929,132 | |||||||||
Accounts payable | $ | — | $ | 434,071 | $ | 360,434 | $ | — | $ | 794,505 | ||||||||||
Short-term debt | — | — | 44,962 | — | 44,962 | |||||||||||||||
Other current liabilities | 14,744 | 107,765 | 198,577 | (46,186 | ) | 274,900 | ||||||||||||||
Total current liabilities | 14,744 | 541,836 | 603,973 | (46,186 | ) | 1,114,367 | ||||||||||||||
Intercompany payables, net | 1,167,832 | 713,827 | — | (1,881,659 | ) | — | ||||||||||||||
Long-term debt | 175,811 | 682,825 | 662,324 | — | 1,520,960 | |||||||||||||||
Other noncurrent liabilities | 19,572 | 237,399 | 146,963 | 369 | 404,303 | |||||||||||||||
Total WESCO International stockholders' equity | 1,889,586 | 2,550,064 | 4,534,898 | (7,084,962 | ) | 1,889,586 | ||||||||||||||
Noncontrolling interest | — | — | (84 | ) | — | (84 | ) | |||||||||||||
Total liabilities and stockholders’ equity | $ | 3,267,545 | $ | 4,725,951 | $ | 5,948,074 | $ | (9,012,438 | ) | $ | 4,929,132 | |||||||||
WESCO INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
WESCO | WESCO | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
International, | Distribution, | Subsidiaries | and | |||||||||||||||||
Inc. | Inc. | Eliminating | ||||||||||||||||||
Entries | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 31,695 | $ | 92,030 | $ | — | $ | 123,725 | ||||||||||
Trade accounts receivable, net | — | — | 1,045,054 | — | 1,045,054 | |||||||||||||||
Inventories, net | — | 351,242 | 436,082 | — | 787,324 | |||||||||||||||
Other current assets | 22 | 166,540 | 127,439 | (44,489 | ) | 249,512 | ||||||||||||||
Total current assets | 22 | 549,477 | 1,700,605 | (44,489 | ) | 2,205,615 | ||||||||||||||
Intercompany receivables, net | — | — | 1,906,785 | (1,906,785 | ) | — | ||||||||||||||
Property, buildings and equipment, net | — | 59,569 | 139,085 | — | 198,654 | |||||||||||||||
Intangible assets, net | — | 5,404 | 433,763 | — | 439,167 | |||||||||||||||
Goodwill | — | 246,125 | 1,488,266 | — | 1,734,391 | |||||||||||||||
Investments in affiliates | 3,137,418 | 3,722,902 | — | (6,860,320 | ) | — | ||||||||||||||
Other noncurrent assets | 4,361 | 15,627 | 51,078 | — | 71,066 | |||||||||||||||
Total assets | $ | 3,141,801 | $ | 4,599,104 | $ | 5,719,582 | $ | (8,811,594 | ) | $ | 4,648,893 | |||||||||
Accounts payable | $ | — | $ | 410,017 | $ | 325,080 | $ | — | $ | 735,097 | ||||||||||
Short-term debt | — | — | 37,551 | — | 37,551 | |||||||||||||||
Other current liabilities | 11,920 | 114,894 | 196,690 | (44,489 | ) | 279,015 | ||||||||||||||
Total current liabilities | 11,920 | 524,911 | 559,321 | (44,489 | ) | 1,051,663 | ||||||||||||||
Intercompany payables, net | 1,168,507 | 738,278 | — | (1,906,785 | ) | — | ||||||||||||||
Long-term debt | 174,149 | 675,424 | 598,061 | — | 1,447,634 | |||||||||||||||
Other noncurrent liabilities | 22,416 | 220,650 | 141,739 | — | 384,805 | |||||||||||||||
Total WESCO International stockholders' equity | 1,764,809 | 2,439,841 | 4,420,479 | (6,860,320 | ) | 1,764,809 | ||||||||||||||
Noncontrolling interest | — | — | (18 | ) | — | (18 | ) | |||||||||||||
Total liabilities and stockholders’ equity | $ | 3,141,801 | $ | 4,599,104 | $ | 5,719,582 | $ | (8,811,594 | ) | $ | 4,648,893 | |||||||||
WESCO INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
WESCO | WESCO | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
International, | Distribution, | Subsidiaries | and | |||||||||||||||||
Inc. | Inc. | Eliminating | ||||||||||||||||||
Entries | ||||||||||||||||||||
Net sales | $ | — | $ | 894,199 | $ | 1,140,850 | $ | (29,884 | ) | $ | 2,005,165 | |||||||||
Cost of goods sold | — | 720,938 | 902,383 | (29,884 | ) | 1,593,437 | ||||||||||||||
Selling, general and administrative expenses | 2 | 144,766 | 133,941 | — | 278,709 | |||||||||||||||
Depreciation and amortization | — | 4,914 | 12,272 | — | 17,186 | |||||||||||||||
Results of affiliates’ operations | 73,172 | 61,502 | — | (134,674 | ) | — | ||||||||||||||
Interest expense, net | 6,084 | 18,328 | (4,075 | ) | — | 20,337 | ||||||||||||||
Provision for income taxes | (1,700 | ) | 1,465 | 26,944 | — | 26,709 | ||||||||||||||
Net income | 68,786 | 65,290 | 69,385 | (134,674 | ) | 68,787 | ||||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | (15 | ) | — | (15 | ) | |||||||||||||
Net income attributable to WESCO International, Inc. | $ | 68,786 | $ | 65,290 | $ | 69,400 | $ | (134,674 | ) | $ | 68,802 | |||||||||
Comprehensive income: | ||||||||||||||||||||
Foreign currency translation adjustment | 43,023 | 43,023 | 43,023 | (86,046 | ) | 43,023 | ||||||||||||||
Comprehensive income attributable to WESCO International, Inc. | $ | 111,809 | $ | 108,313 | $ | 112,423 | $ | (220,720 | ) | $ | 111,825 | |||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
WESCO | WESCO | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
International, | Distribution, | Subsidiaries | and | |||||||||||||||||
Inc. | Inc. | Eliminating | ||||||||||||||||||
Entries | ||||||||||||||||||||
Net sales | $ | — | $ | 873,607 | $ | 1,052,902 | $ | (32,556 | ) | $ | 1,893,953 | |||||||||
Cost of goods sold | — | 698,844 | 835,115 | (32,556 | ) | 1,501,403 | ||||||||||||||
Selling, general and administrative expenses | 1 | 138,817 | 126,688 | — | 265,506 | |||||||||||||||
Depreciation and amortization | — | 4,780 | 12,373 | — | 17,153 | |||||||||||||||
Results of affiliates’ operations | 69,789 | 60,753 | — | (130,542 | ) | — | ||||||||||||||
Interest expense, net | 5,994 | 19,118 | (3,343 | ) | — | 21,769 | ||||||||||||||
Provision for income taxes | (1,557 | ) | 2,520 | 21,808 | — | 22,771 | ||||||||||||||
Net income | 65,351 | 70,281 | 60,261 | (130,542 | ) | 65,351 | ||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | 66 | — | 66 | |||||||||||||||
Net income attributable to WESCO International, Inc. | $ | 65,351 | $ | 70,281 | $ | 60,195 | $ | (130,542 | ) | $ | 65,285 | |||||||||
Comprehensive income: | ||||||||||||||||||||
Foreign currency translation adjustment | (44,350 | ) | (44,350 | ) | (44,350 | ) | 88,700 | (44,350 | ) | |||||||||||
Comprehensive income attributable to WESCO International, Inc. | $ | 21,001 | $ | 25,931 | $ | 15,845 | $ | (41,842 | ) | $ | 20,935 | |||||||||
WESCO INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
WESCO | WESCO | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
International, | Distribution, | Subsidiaries | and | |||||||||||||||||
Inc. | Inc. | Eliminating | ||||||||||||||||||
Entries | ||||||||||||||||||||
Net sales | $ | — | $ | 1,723,670 | $ | 2,148,303 | $ | (55,982 | ) | $ | 3,815,991 | |||||||||
Cost of goods sold | — | 1,379,523 | 1,705,929 | (55,982 | ) | 3,029,470 | ||||||||||||||
Selling, general and administrative expenses | 2 | 281,446 | 262,723 | — | 544,171 | |||||||||||||||
Depreciation and amortization | — | 9,614 | 23,944 | — | 33,558 | |||||||||||||||
Results of affiliates’ operations | 129,382 | 102,215 | — | (231,597 | ) | — | ||||||||||||||
Interest expense, net | 12,153 | 37,090 | (8,218 | ) | — | 41,025 | ||||||||||||||
Provision for income taxes | (3,414 | ) | 4,511 | 46,028 | — | 47,125 | ||||||||||||||
Net income | 120,641 | 113,701 | 117,897 | (231,597 | ) | 120,642 | ||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | (65 | ) | — | (65 | ) | |||||||||||||
Net income attributable to WESCO International, Inc. | $ | 120,641 | $ | 113,701 | $ | 117,962 | $ | (231,597 | ) | $ | 120,707 | |||||||||
Comprehensive income: | ||||||||||||||||||||
Foreign currency translation adjustment | (3,477 | ) | (3,477 | ) | (3,477 | ) | 6,954 | (3,477 | ) | |||||||||||
Comprehensive income attributable to WESCO International, Inc. | $ | 117,164 | $ | 110,224 | $ | 114,485 | $ | (224,643 | ) | $ | 117,230 | |||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
WESCO | WESCO | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
International, | Distribution, | Subsidiaries | and | |||||||||||||||||
Inc. | Inc. | Eliminating | ||||||||||||||||||
Entries | ||||||||||||||||||||
Net sales | $ | — | $ | 1,693,842 | $ | 2,071,765 | $ | (63,596 | ) | $ | 3,702,011 | |||||||||
Cost of goods sold | — | 1,348,971 | 1,643,007 | (63,596 | ) | 2,928,382 | ||||||||||||||
Selling, general and administrative expenses | 5 | 239,334 | 253,623 | — | 492,962 | |||||||||||||||
Depreciation and amortization | — | 8,883 | 24,987 | — | 33,870 | |||||||||||||||
Results of affiliates’ operations | 158,241 | 99,153 | — | (257,394 | ) | — | ||||||||||||||
Interest expense, net | 11,949 | 37,844 | (6,098 | ) | — | 43,695 | ||||||||||||||
Provision for income taxes | (3,158 | ) | 14,762 | 42,054 | — | 53,658 | ||||||||||||||
Net income | 149,445 | 143,201 | 114,192 | (257,394 | ) | 149,444 | ||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | 170 | — | 170 | |||||||||||||||
Net income attributable to WESCO International, Inc. | $ | 149,445 | $ | 143,201 | $ | 114,022 | $ | (257,394 | ) | $ | 149,274 | |||||||||
Comprehensive income: | ||||||||||||||||||||
Foreign currency translation adjustment | (67,830 | ) | (67,830 | ) | (67,830 | ) | 135,660 | (67,830 | ) | |||||||||||
Comprehensive income attributable to WESCO International, Inc. | $ | 81,615 | $ | 75,371 | $ | 46,192 | $ | (121,734 | ) | $ | 81,444 | |||||||||
WESCO INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
WESCO | WESCO | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
International, | Distribution, | Subsidiaries | and Eliminating | |||||||||||||||||
Inc. | Inc. | Entries | ||||||||||||||||||
Net cash (used) provided by operating activities | $ | 1,063 | $ | 57,016 | $ | (7,237 | ) | $ | — | $ | 50,842 | |||||||||
Investing activities: | ||||||||||||||||||||
Capital expenditures | — | (8,380 | ) | (3,405 | ) | — | (11,785 | ) | ||||||||||||
Acquisition payments | — | (42,131 | ) | (91,187 | ) | — | (133,318 | ) | ||||||||||||
Other | — | 675 | 27 | (675 | ) | 27 | ||||||||||||||
Net cash used in investing activities | — | (49,836 | ) | (94,565 | ) | (675 | ) | (145,076 | ) | |||||||||||
Financing activities: | ||||||||||||||||||||
Borrowings | — | 409,460 | 230,461 | — | 639,921 | |||||||||||||||
Repayments | (675 | ) | (402,459 | ) | (160,572 | ) | 675 | (563,031 | ) | |||||||||||
Other | (388 | ) | (1,189 | ) | (3 | ) | — | (1,580 | ) | |||||||||||
Net cash provided (used) by financing activities | (1,063 | ) | 5,812 | 69,886 | 675 | 75,310 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (3,158 | ) | — | (3,158 | ) | |||||||||||||
Net change in cash and cash equivalents | — | 12,992 | (35,074 | ) | — | (22,082 | ) | |||||||||||||
Cash and cash equivalents at the beginning of year | — | 31,695 | 92,030 | — | 123,725 | |||||||||||||||
Cash and cash equivalents at the end of period | $ | — | $ | 44,687 | $ | 56,956 | $ | — | $ | 101,643 | ||||||||||
WESCO INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
WESCO | WESCO | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
International, | Distribution, | Subsidiaries | and Eliminating | |||||||||||||||||
Inc. | Inc. | Entries | ||||||||||||||||||
Net cash (used) provided by operating activities | $ | (9,418 | ) | $ | 70,521 | $ | 58,624 | $ | — | $ | 119,727 | |||||||||
Investing activities: | ||||||||||||||||||||
Capital expenditures | — | (9,621 | ) | (2,129 | ) | — | (11,750 | ) | ||||||||||||
Acquisition payments | — | — | — | — | — | |||||||||||||||
Other | — | (10,454 | ) | 9,654 | 10,454 | 9,654 | ||||||||||||||
Net cash (used) provided by investing activities | — | (20,075 | ) | 7,525 | 10,454 | (2,096 | ) | |||||||||||||
Financing activities: | ||||||||||||||||||||
Borrowings | 10,454 | 333,036 | 203,263 | (10,454 | ) | 536,299 | ||||||||||||||
Repayments | — | (396,036 | ) | (244,118 | ) | — | (640,154 | ) | ||||||||||||
Other | (1,036 | ) | 7,566 | (501 | ) | — | 6,029 | |||||||||||||
Net cash provided (used) by financing activities | 9,418 | (55,434 | ) | (41,356 | ) | (10,454 | ) | (97,826 | ) | |||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (1,392 | ) | — | (1,392 | ) | |||||||||||||
Net change in cash and cash equivalents | — | (4,988 | ) | 23,401 | — | 18,413 | ||||||||||||||
Cash and cash equivalents at the beginning of year | — | 52,275 | 33,824 | — | 86,099 | |||||||||||||||
Cash and cash equivalents at the end of period | $ | — | $ | 47,287 | $ | 57,225 | $ | — | $ | 104,512 | ||||||||||
The Company revised its condensed consolidating balance sheet as of December 31, 2013 to properly reflect balance sheet positions of the Company's tax-paying entities and to conform with the current period's financial statement presentation. Specifically, other assets and deferred income taxes of non-guarantor subsidiaries each increased by $24.7 million at December 31, 2013. Additionally, prepaid expenses and other current assets of non-guarantor subsidiaries increased by $7.1 million, with a corresponding increase in other current liabilities of non-guarantor subsidiaries of $7.1 million at December 31, 2013. | ||||||||||||||||||||
The impact of the revisions noted above, which the Company has determined is not material to the consolidated financial statements taken as a whole, did not have any impact on the consolidated amounts previously reported, nor did they impact the Company's obligations under the 2029 Debentures. |
ACCOUNTING_POLICIES_Policies
ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The unaudited condensed consolidated financial statements of WESCO have been prepared in accordance with Rule 10-01 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in WESCO’s 2013 Annual Report on Form 10-K filed with the SEC. The December 31, 2013 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States. | |
The unaudited condensed consolidated balance sheet as of June 30, 2014, the unaudited condensed consolidated statements of income and comprehensive income for the three and six months ended June 30, 2014 and 2013, respectively, and the unaudited condensed consolidated statements of cash flows for the six months ended June 30, 2014 and 2013, respectively, in the opinion of management, have been prepared on the same basis as the audited consolidated financial statements and include all adjustments necessary for the fair statement of the results of the interim periods. All adjustments reflected in the unaudited condensed consolidated financial statements are of a normal recurring nature unless indicated. Results for the interim periods presented are not necessarily indicative of the results to be expected for the full year. | |
Reclassification | ' |
Revision | |
Certain amounts in the Company's consolidated balance sheet as of December 31, 2013, as presented herein, have been revised to appropriately present current and non-current deferred tax balances as well as current taxes refundable/payable in accordance with ASC 740, "Income Taxes". | |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments | |
The Company measures the fair value of financial assets and liabilities based on the guidance of ASC 820, "Fair Value Measurements and Disclosures," which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. | |
ASC 820 establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: | |
Level 1 inputs are quoted prices in active markets for identical assets or liabilities. | |
Level 2 inputs include inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of assets or liabilities. | |
Level 3 inputs are unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. | |
At June 30, 2014, the carrying value of WESCO’s 6.0% Convertible Senior Debentures due 2029 (the "2029 Debentures") was $175.8 million and the fair value was approximately $1.1 billion. At December 31, 2013, the carrying value of WESCO’s 2029 Debentures was $174.1 million and the fair value was approximately $1.1 billion. The fair value of WESCO’s 2029 Debentures is based on quoted prices in active markets and is therefore classified as Level 1 within the valuation hierarchy. The reported carrying amounts of WESCO’s other debt instruments approximate their fair values and are classified as Level 2 within the valuation hierarchy. Other debt instruments included in Level 2 are valued using a market approach, utilizing interest rates and other relevant information generated by market transactions involving similar instruments. |
ACQUISITIONS_Tables
ACQUISITIONS (Tables) | 6 Months Ended |
Jun. 30, 2014 | |
Business Combinations [Abstract] | ' |
Business Acquisition, Pro Forma Information [Table Text Block] | ' |
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 6 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||
During the three and six months ended June 30, 2014 and 2013, WESCO granted the following stock-settled stock appreciation rights, restricted stock units and performance-based awards at the following weighted average fair values and assumptions: | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Stock-settled appreciation rights granted | 2,295 | 5,449 | 274,508 | 251,573 | |||||||||||
Weighted average fair value | $ | 27.71 | $ | 31.05 | $ | 30.64 | $ | 31.33 | |||||||
Restricted stock units granted | — | — | 62,506 | 69,393 | |||||||||||
Weighted average fair value | $ | — | $ | — | $ | 85.35 | $ | 72.15 | |||||||
Performance-based awards granted | — | — | 44,046 | 48,058 | |||||||||||
Weighted average fair value | $ | — | $ | — | $ | 86.65 | $ | 78.21 | |||||||
Risk free interest rate | 1.6 | % | 1 | % | 1.5 | % | 0.9 | % | |||||||
Expected life (in years) | 5 | 5 | 5 | 5 | |||||||||||
Expected volatility | 34 | % | 49 | % | 39 | % | 50 | % | |||||||
Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity [Table Text Block] | ' | ||||||||||||||
The following table sets forth a summary of stock options and stock-settled stock appreciation rights and related information for the six months ended June 30, 2014: | |||||||||||||||
Awards | Weighted | Weighted | Aggregate | ||||||||||||
Average | Average | Intrinsic | |||||||||||||
Exercise | Remaining | Value | |||||||||||||
Price | Contractual Term (In Years) | (In thousands) | |||||||||||||
Outstanding at December 31, 2013 | 2,715,651 | $ | 45.93 | ||||||||||||
Granted | 274,508 | 85.35 | |||||||||||||
Exercised | (414,201 | ) | 39.95 | ||||||||||||
Forfeited | (10,454 | ) | 67.3 | ||||||||||||
Outstanding at June 30, 2014 | 2,565,504 | 51.03 | 5.7 | $ | 90,703 | ||||||||||
Exercisable at June 30, 2014 | 2,046,684 | $ | 44.28 | 4.9 | $ | 86,159 | |||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||||
The following table sets forth a summary of restricted stock units and related information for the six months ended June 30, 2014: | |||||||||||||||
Awards | Weighted | ||||||||||||||
Average | |||||||||||||||
Fair | |||||||||||||||
Value | |||||||||||||||
Unvested at December 31, 2013 | 184,746 | $ | 66.08 | ||||||||||||
Granted | 62,506 | 85.35 | |||||||||||||
Vested | (50,655 | ) | 60.77 | ||||||||||||
Forfeited | (5,927 | ) | 66.28 | ||||||||||||
Unvested at June 30, 2014 | 190,670 | $ | 73.8 | ||||||||||||
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | ' | ||||||||||||||
The following table sets forth a summary of performance-based awards for the six months ended June 30, 2014: | |||||||||||||||
Awards | Weighted | ||||||||||||||
Average | |||||||||||||||
Fair | |||||||||||||||
Value | |||||||||||||||
Unvested at December 31, 2013 | 92,484 | $ | 76.98 | ||||||||||||
Granted | 44,046 | 86.65 | |||||||||||||
Vested | — | — | |||||||||||||
Forfeited | (4,366 | ) | 76.97 | ||||||||||||
Unvested at June 30, 2014 | 132,164 | $ | 80.2 | ||||||||||||
Schedule of Share-based Payment Award, Performance-based Awards, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||
The fair value of the performance shares granted during the six months ended June 30, 2014 were estimated using the following weighted-average assumptions: | |||||||||||||||
Weighted Average Assumptions | |||||||||||||||
Grant date share price | $ | 86.65 | |||||||||||||
WESCO expected volatility | 35.4 | % | |||||||||||||
Peer group median volatility | 28.7 | % | |||||||||||||
Risk-free interest rate | 0.62 | % | |||||||||||||
Correlation | 103.1 | % |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||
The following table sets forth the details of basic and diluted earnings per share: | ||||||||
Three Months Ended | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Net income attributable to WESCO International, Inc. | $ | 68,802 | $ | 65,285 | ||||
Weighted average common shares outstanding used in computing basic earnings per share | 44,449 | 44,115 | ||||||
Common shares issuable upon exercise of dilutive equity awards | 1,031 | 1,091 | ||||||
Common shares issuable from contingently convertible debentures (see below for basis of calculation) | 7,996 | 7,113 | ||||||
Weighted average common shares outstanding and common share equivalents used in computing diluted earnings per share | 53,476 | 52,319 | ||||||
Earnings per share attributable to WESCO International, Inc. | ||||||||
Basic | $ | 1.55 | $ | 1.48 | ||||
Diluted | $ | 1.29 | $ | 1.25 | ||||
Six Months Ended | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Net income attributable to WESCO International, Inc. | $ | 120,707 | $ | 149,274 | ||||
Weighted average common shares outstanding used in computing basic earnings per share | 44,399 | 44,100 | ||||||
Common shares issuable upon exercise of dilutive equity awards | 1,061 | 1,090 | ||||||
Common shares issuable from contingently convertible debentures (see below for basis of calculation) | 7,962 | 7,168 | ||||||
Weighted average common shares outstanding and common share equivalents used in computing diluted earnings per share | 53,422 | 52,358 | ||||||
Earnings per share attributable to WESCO International, Inc. | ||||||||
Basic | $ | 2.72 | $ | 3.38 | ||||
Diluted | $ | 2.26 | $ | 2.85 | ||||
EMPLOYEE_BENEFIT_PLANS_Schedul
EMPLOYEE BENEFIT PLANS Schedule of Net Benefit Costs (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Postemployment Benefits [Abstract] | ' | |||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | |||||||||||||||
The following table reflects the components of net periodic benefit costs for the Company's defined benefit plans for the three and six months ended June 30, 2014 and 2013: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 900 | $ | 1,020 | $ | 1,800 | $ | 2,053 | ||||||||
Interest cost | 1,158 | 1,145 | 2,314 | 2,305 | ||||||||||||
Expected return on plan assets | (1,362 | ) | (948 | ) | (2,723 | ) | (1,908 | ) | ||||||||
Net periodic benefit cost | $ | 696 | $ | 1,217 | $ | 1,391 | $ | 2,450 | ||||||||
OTHER_FINANCIAL_INFORMATION_Ta
OTHER FINANCIAL INFORMATION (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Condensed Financial Information [Abstract] | ' | |||||||||||||||||||
Condensed Financial Information Statements Of Financial Condition [Text Block] | ' | |||||||||||||||||||
Condensed consolidating financial information for WESCO International, WESCO Distribution and the non-guarantor subsidiaries is as follows: | ||||||||||||||||||||
WESCO INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
WESCO | WESCO | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
International, | Distribution, | Subsidiaries | and | |||||||||||||||||
Inc. | Inc. | Eliminating | ||||||||||||||||||
Entries | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 44,687 | $ | 56,956 | $ | — | $ | 101,643 | ||||||||||
Trade accounts receivable, net | — | — | 1,186,062 | — | 1,186,062 | |||||||||||||||
Inventories, net | — | 369,332 | 480,847 | — | 850,179 | |||||||||||||||
Other current assets | — | 164,598 | 152,245 | (46,186 | ) | 270,657 | ||||||||||||||
Total current assets | — | 578,617 | 1,876,110 | (46,186 | ) | 2,408,541 | ||||||||||||||
Intercompany receivables, net | — | — | 1,881,659 | (1,881,659 | ) | — | ||||||||||||||
Property, buildings and equipment, net | — | 59,614 | 140,337 | — | 199,951 | |||||||||||||||
Intangible assets, net | — | 5,069 | 470,639 | — | 475,708 | |||||||||||||||
Goodwill | — | 246,770 | 1,544,083 | — | 1,790,853 | |||||||||||||||
Investments in affiliates | 3,263,323 | 3,821,639 | — | (7,084,962 | ) | — | ||||||||||||||
Other noncurrent assets | 4,222 | 14,242 | 35,246 | 369 | 54,079 | |||||||||||||||
Total assets | $ | 3,267,545 | $ | 4,725,951 | $ | 5,948,074 | $ | (9,012,438 | ) | $ | 4,929,132 | |||||||||
Accounts payable | $ | — | $ | 434,071 | $ | 360,434 | $ | — | $ | 794,505 | ||||||||||
Short-term debt | — | — | 44,962 | — | 44,962 | |||||||||||||||
Other current liabilities | 14,744 | 107,765 | 198,577 | (46,186 | ) | 274,900 | ||||||||||||||
Total current liabilities | 14,744 | 541,836 | 603,973 | (46,186 | ) | 1,114,367 | ||||||||||||||
Intercompany payables, net | 1,167,832 | 713,827 | — | (1,881,659 | ) | — | ||||||||||||||
Long-term debt | 175,811 | 682,825 | 662,324 | — | 1,520,960 | |||||||||||||||
Other noncurrent liabilities | 19,572 | 237,399 | 146,963 | 369 | 404,303 | |||||||||||||||
Total WESCO International stockholders' equity | 1,889,586 | 2,550,064 | 4,534,898 | (7,084,962 | ) | 1,889,586 | ||||||||||||||
Noncontrolling interest | — | — | (84 | ) | — | (84 | ) | |||||||||||||
Total liabilities and stockholders’ equity | $ | 3,267,545 | $ | 4,725,951 | $ | 5,948,074 | $ | (9,012,438 | ) | $ | 4,929,132 | |||||||||
WESCO INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
WESCO | WESCO | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
International, | Distribution, | Subsidiaries | and | |||||||||||||||||
Inc. | Inc. | Eliminating | ||||||||||||||||||
Entries | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 31,695 | $ | 92,030 | $ | — | $ | 123,725 | ||||||||||
Trade accounts receivable, net | — | — | 1,045,054 | — | 1,045,054 | |||||||||||||||
Inventories, net | — | 351,242 | 436,082 | — | 787,324 | |||||||||||||||
Other current assets | 22 | 166,540 | 127,439 | (44,489 | ) | 249,512 | ||||||||||||||
Total current assets | 22 | 549,477 | 1,700,605 | (44,489 | ) | 2,205,615 | ||||||||||||||
Intercompany receivables, net | — | — | 1,906,785 | (1,906,785 | ) | — | ||||||||||||||
Property, buildings and equipment, net | — | 59,569 | 139,085 | — | 198,654 | |||||||||||||||
Intangible assets, net | — | 5,404 | 433,763 | — | 439,167 | |||||||||||||||
Goodwill | — | 246,125 | 1,488,266 | — | 1,734,391 | |||||||||||||||
Investments in affiliates | 3,137,418 | 3,722,902 | — | (6,860,320 | ) | — | ||||||||||||||
Other noncurrent assets | 4,361 | 15,627 | 51,078 | — | 71,066 | |||||||||||||||
Total assets | $ | 3,141,801 | $ | 4,599,104 | $ | 5,719,582 | $ | (8,811,594 | ) | $ | 4,648,893 | |||||||||
Accounts payable | $ | — | $ | 410,017 | $ | 325,080 | $ | — | $ | 735,097 | ||||||||||
Short-term debt | — | — | 37,551 | — | 37,551 | |||||||||||||||
Other current liabilities | 11,920 | 114,894 | 196,690 | (44,489 | ) | 279,015 | ||||||||||||||
Total current liabilities | 11,920 | 524,911 | 559,321 | (44,489 | ) | 1,051,663 | ||||||||||||||
Intercompany payables, net | 1,168,507 | 738,278 | — | (1,906,785 | ) | — | ||||||||||||||
Long-term debt | 174,149 | 675,424 | 598,061 | — | 1,447,634 | |||||||||||||||
Other noncurrent liabilities | 22,416 | 220,650 | 141,739 | — | 384,805 | |||||||||||||||
Total WESCO International stockholders' equity | 1,764,809 | 2,439,841 | 4,420,479 | (6,860,320 | ) | 1,764,809 | ||||||||||||||
Noncontrolling interest | — | — | (18 | ) | — | (18 | ) | |||||||||||||
Total liabilities and stockholders’ equity | $ | 3,141,801 | $ | 4,599,104 | $ | 5,719,582 | $ | (8,811,594 | ) | $ | 4,648,893 | |||||||||
Condensed Financial Information Statement Of Income [Text Block] | ' | |||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
WESCO | WESCO | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
International, | Distribution, | Subsidiaries | and | |||||||||||||||||
Inc. | Inc. | Eliminating | ||||||||||||||||||
Entries | ||||||||||||||||||||
Net sales | $ | — | $ | 894,199 | $ | 1,140,850 | $ | (29,884 | ) | $ | 2,005,165 | |||||||||
Cost of goods sold | — | 720,938 | 902,383 | (29,884 | ) | 1,593,437 | ||||||||||||||
Selling, general and administrative expenses | 2 | 144,766 | 133,941 | — | 278,709 | |||||||||||||||
Depreciation and amortization | — | 4,914 | 12,272 | — | 17,186 | |||||||||||||||
Results of affiliates’ operations | 73,172 | 61,502 | — | (134,674 | ) | — | ||||||||||||||
Interest expense, net | 6,084 | 18,328 | (4,075 | ) | — | 20,337 | ||||||||||||||
Provision for income taxes | (1,700 | ) | 1,465 | 26,944 | — | 26,709 | ||||||||||||||
Net income | 68,786 | 65,290 | 69,385 | (134,674 | ) | 68,787 | ||||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | (15 | ) | — | (15 | ) | |||||||||||||
Net income attributable to WESCO International, Inc. | $ | 68,786 | $ | 65,290 | $ | 69,400 | $ | (134,674 | ) | $ | 68,802 | |||||||||
Comprehensive income: | ||||||||||||||||||||
Foreign currency translation adjustment | 43,023 | 43,023 | 43,023 | (86,046 | ) | 43,023 | ||||||||||||||
Comprehensive income attributable to WESCO International, Inc. | $ | 111,809 | $ | 108,313 | $ | 112,423 | $ | (220,720 | ) | $ | 111,825 | |||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
WESCO | WESCO | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
International, | Distribution, | Subsidiaries | and | |||||||||||||||||
Inc. | Inc. | Eliminating | ||||||||||||||||||
Entries | ||||||||||||||||||||
Net sales | $ | — | $ | 873,607 | $ | 1,052,902 | $ | (32,556 | ) | $ | 1,893,953 | |||||||||
Cost of goods sold | — | 698,844 | 835,115 | (32,556 | ) | 1,501,403 | ||||||||||||||
Selling, general and administrative expenses | 1 | 138,817 | 126,688 | — | 265,506 | |||||||||||||||
Depreciation and amortization | — | 4,780 | 12,373 | — | 17,153 | |||||||||||||||
Results of affiliates’ operations | 69,789 | 60,753 | — | (130,542 | ) | — | ||||||||||||||
Interest expense, net | 5,994 | 19,118 | (3,343 | ) | — | 21,769 | ||||||||||||||
Provision for income taxes | (1,557 | ) | 2,520 | 21,808 | — | 22,771 | ||||||||||||||
Net income | 65,351 | 70,281 | 60,261 | (130,542 | ) | 65,351 | ||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | 66 | — | 66 | |||||||||||||||
Net income attributable to WESCO International, Inc. | $ | 65,351 | $ | 70,281 | $ | 60,195 | $ | (130,542 | ) | $ | 65,285 | |||||||||
Comprehensive income: | ||||||||||||||||||||
Foreign currency translation adjustment | (44,350 | ) | (44,350 | ) | (44,350 | ) | 88,700 | (44,350 | ) | |||||||||||
Comprehensive income attributable to WESCO International, Inc. | $ | 21,001 | $ | 25,931 | $ | 15,845 | $ | (41,842 | ) | $ | 20,935 | |||||||||
WESCO INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
WESCO | WESCO | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
International, | Distribution, | Subsidiaries | and | |||||||||||||||||
Inc. | Inc. | Eliminating | ||||||||||||||||||
Entries | ||||||||||||||||||||
Net sales | $ | — | $ | 1,723,670 | $ | 2,148,303 | $ | (55,982 | ) | $ | 3,815,991 | |||||||||
Cost of goods sold | — | 1,379,523 | 1,705,929 | (55,982 | ) | 3,029,470 | ||||||||||||||
Selling, general and administrative expenses | 2 | 281,446 | 262,723 | — | 544,171 | |||||||||||||||
Depreciation and amortization | — | 9,614 | 23,944 | — | 33,558 | |||||||||||||||
Results of affiliates’ operations | 129,382 | 102,215 | — | (231,597 | ) | — | ||||||||||||||
Interest expense, net | 12,153 | 37,090 | (8,218 | ) | — | 41,025 | ||||||||||||||
Provision for income taxes | (3,414 | ) | 4,511 | 46,028 | — | 47,125 | ||||||||||||||
Net income | 120,641 | 113,701 | 117,897 | (231,597 | ) | 120,642 | ||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | (65 | ) | — | (65 | ) | |||||||||||||
Net income attributable to WESCO International, Inc. | $ | 120,641 | $ | 113,701 | $ | 117,962 | $ | (231,597 | ) | $ | 120,707 | |||||||||
Comprehensive income: | ||||||||||||||||||||
Foreign currency translation adjustment | (3,477 | ) | (3,477 | ) | (3,477 | ) | 6,954 | (3,477 | ) | |||||||||||
Comprehensive income attributable to WESCO International, Inc. | $ | 117,164 | $ | 110,224 | $ | 114,485 | $ | (224,643 | ) | $ | 117,230 | |||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
WESCO | WESCO | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
International, | Distribution, | Subsidiaries | and | |||||||||||||||||
Inc. | Inc. | Eliminating | ||||||||||||||||||
Entries | ||||||||||||||||||||
Net sales | $ | — | $ | 1,693,842 | $ | 2,071,765 | $ | (63,596 | ) | $ | 3,702,011 | |||||||||
Cost of goods sold | — | 1,348,971 | 1,643,007 | (63,596 | ) | 2,928,382 | ||||||||||||||
Selling, general and administrative expenses | 5 | 239,334 | 253,623 | — | 492,962 | |||||||||||||||
Depreciation and amortization | — | 8,883 | 24,987 | — | 33,870 | |||||||||||||||
Results of affiliates’ operations | 158,241 | 99,153 | — | (257,394 | ) | — | ||||||||||||||
Interest expense, net | 11,949 | 37,844 | (6,098 | ) | — | 43,695 | ||||||||||||||
Provision for income taxes | (3,158 | ) | 14,762 | 42,054 | — | 53,658 | ||||||||||||||
Net income | 149,445 | 143,201 | 114,192 | (257,394 | ) | 149,444 | ||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | 170 | — | 170 | |||||||||||||||
Net income attributable to WESCO International, Inc. | $ | 149,445 | $ | 143,201 | $ | 114,022 | $ | (257,394 | ) | $ | 149,274 | |||||||||
Comprehensive income: | ||||||||||||||||||||
Foreign currency translation adjustment | (67,830 | ) | (67,830 | ) | (67,830 | ) | 135,660 | (67,830 | ) | |||||||||||
Comprehensive income attributable to WESCO International, Inc. | $ | 81,615 | $ | 75,371 | $ | 46,192 | $ | (121,734 | ) | $ | 81,444 | |||||||||
Condensed Financial Information Statements Of Cash Flows [Text Block] | ' | |||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
WESCO | WESCO | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
International, | Distribution, | Subsidiaries | and Eliminating | |||||||||||||||||
Inc. | Inc. | Entries | ||||||||||||||||||
Net cash (used) provided by operating activities | $ | 1,063 | $ | 57,016 | $ | (7,237 | ) | $ | — | $ | 50,842 | |||||||||
Investing activities: | ||||||||||||||||||||
Capital expenditures | — | (8,380 | ) | (3,405 | ) | — | (11,785 | ) | ||||||||||||
Acquisition payments | — | (42,131 | ) | (91,187 | ) | — | (133,318 | ) | ||||||||||||
Other | — | 675 | 27 | (675 | ) | 27 | ||||||||||||||
Net cash used in investing activities | — | (49,836 | ) | (94,565 | ) | (675 | ) | (145,076 | ) | |||||||||||
Financing activities: | ||||||||||||||||||||
Borrowings | — | 409,460 | 230,461 | — | 639,921 | |||||||||||||||
Repayments | (675 | ) | (402,459 | ) | (160,572 | ) | 675 | (563,031 | ) | |||||||||||
Other | (388 | ) | (1,189 | ) | (3 | ) | — | (1,580 | ) | |||||||||||
Net cash provided (used) by financing activities | (1,063 | ) | 5,812 | 69,886 | 675 | 75,310 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (3,158 | ) | — | (3,158 | ) | |||||||||||||
Net change in cash and cash equivalents | — | 12,992 | (35,074 | ) | — | (22,082 | ) | |||||||||||||
Cash and cash equivalents at the beginning of year | — | 31,695 | 92,030 | — | 123,725 | |||||||||||||||
Cash and cash equivalents at the end of period | $ | — | $ | 44,687 | $ | 56,956 | $ | — | $ | 101,643 | ||||||||||
WESCO INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
WESCO | WESCO | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
International, | Distribution, | Subsidiaries | and Eliminating | |||||||||||||||||
Inc. | Inc. | Entries | ||||||||||||||||||
Net cash (used) provided by operating activities | $ | (9,418 | ) | $ | 70,521 | $ | 58,624 | $ | — | $ | 119,727 | |||||||||
Investing activities: | ||||||||||||||||||||
Capital expenditures | — | (9,621 | ) | (2,129 | ) | — | (11,750 | ) | ||||||||||||
Acquisition payments | — | — | — | — | — | |||||||||||||||
Other | — | (10,454 | ) | 9,654 | 10,454 | 9,654 | ||||||||||||||
Net cash (used) provided by investing activities | — | (20,075 | ) | 7,525 | 10,454 | (2,096 | ) | |||||||||||||
Financing activities: | ||||||||||||||||||||
Borrowings | 10,454 | 333,036 | 203,263 | (10,454 | ) | 536,299 | ||||||||||||||
Repayments | — | (396,036 | ) | (244,118 | ) | — | (640,154 | ) | ||||||||||||
Other | (1,036 | ) | 7,566 | (501 | ) | — | 6,029 | |||||||||||||
Net cash provided (used) by financing activities | 9,418 | (55,434 | ) | (41,356 | ) | (10,454 | ) | (97,826 | ) | |||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (1,392 | ) | — | (1,392 | ) | |||||||||||||
Net change in cash and cash equivalents | — | (4,988 | ) | 23,401 | — | 18,413 | ||||||||||||||
Cash and cash equivalents at the beginning of year | — | 52,275 | 33,824 | — | 86,099 | |||||||||||||||
Cash and cash equivalents at the end of period | $ | — | $ | 47,287 | $ | 57,225 | $ | — | $ | 104,512 | ||||||||||
ORGANIZATION_Details
ORGANIZATION (Details) | 6 Months Ended |
Jun. 30, 2014 | |
customers | |
countries | |
distribution_centers | |
branches | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Active customers (in customers) | 75,000 |
Full service branches (in branches) | 475 |
Distribution centers (in distribution centers) | 9 |
Additional countries (in countries) | 15 |
ACCOUNTING_POLICIES_Details
ACCOUNTING POLICIES (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Fixed Rate Debt, Par Value | $175.80 | $174.10 |
Fixed Rate Debt, Fair Value Disclosures | $1,060.50 | $1,124.30 |
ACQUISITIONS_ACQUISITIONS_Deta
ACQUISITIONS - ACQUISITIONS (Details) (USD $) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2014 | Jun. 30, 2014 | |
branches | branches | |
Business Acquisition [Line Items] | ' | ' |
Fair Value of Assets Acquired | $150,966,000 | ' |
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed | 17,648,000 | ' |
Payments to Acquire Businesses, Gross | 133,318,000 | ' |
Finite-lived Intangible Assets Acquired | ' | 300,000 |
Customer Relationships | ' | 43,500,000 |
Supplier Relationships (Intangible Assets) | ' | 3,200,000 |
Full service branches (in branches) | 475 | 475 |
Trademarks | ' | 8,200,000 |
LaPrairie, Inc. [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | 30,000,000 | ' |
Finite-lived Intangible Assets Acquired | ' | 11,000,000 |
Goodwill, Acquired During Period | ' | 8,900,000 |
Hazmasters, Inc. [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | 80,000,000 | ' |
Finite-lived Intangible Assets Acquired | ' | 35,400,000 |
Goodwill, Acquired During Period | ' | 19,300,000 |
Full service branches (in branches) | 14 | 14 |
Hi-Line [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | 30,000,000 | ' |
Finite-lived Intangible Assets Acquired | ' | 8,800,000 |
Goodwill, Acquired During Period | ' | $29,200,000 |
SCHEDULE_OF_SHAREBASED_COMPENS
SCHEDULE OF SHARE-BASED COMPENSATION, STOCK OPTIONS AND STOCK APPRECIATION RIGHTS AWARD ACTIVITY (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Share-based Compensation Arrangement By Share-based Payment Award, Options and Stock Appreciation Rights, Outstanding [Roll Forward] | ' | ' | ' | ' |
Beginning of Year (in shares) | ' | ' | 2,715,651 | ' |
Grants in Period (in shares) | ' | ' | 274,508 | ' |
Exercises in Period (in shares) | ' | ' | 414,201 | ' |
Forfeitures in Period (in shares) | ' | ' | 10,454 | ' |
End of Period (in shares) | 2,565,504 | ' | 2,565,504 | ' |
Exercisable (in shares) | 2,046,684 | ' | 2,046,684 | ' |
Weighted Average Exercise Price, Beginning of Year (in dollars per share) | ' | ' | $45.93 | ' |
Weighted Average Exercise Price, Grants in Period (in dollars per share) | ' | ' | $85.35 | ' |
Weighted Average Exercise Price, Exercises in Period (in dollars per share) | ' | ' | $39.95 | ' |
Weighted Average Exercise Price, Forfeitures in Period (in dollars per share) | ' | ' | $67.30 | ' |
Weighted Average Exercise Price, End of Period (in dollars per share) | $51.03 | ' | $51.03 | ' |
Weighted Average Exercise Price, Exercisable (in dollars per share) | $44.28 | ' | $44.28 | ' |
Weighted Average Remaining Contractual Term, Outstanding (in years) | 5.7 | ' | 5.7 | ' |
Weighted Average Remaining Contractual Term, Exercisable (in years) | 4.9 | ' | 4.9 | ' |
Aggregate Intrinsic Value, Outstanding | $90,703 | ' | $90,703 | ' |
Aggregate Intrinsic Value, Exercisable | $86,159 | ' | $86,159 | ' |
Stock Appreciation Rights (SARs) [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, Grants in Period, Weighted Average Grant Date Fair Value | $27.71 | $31.05 | $30.64 | $31.33 |
SCHEDULE_OF_SHAREBASED_PAYMENT
SCHEDULE OF SHARE-BASED PAYMENT AWARD, VALUATION ASSUMPTIONS (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Risk free interest rate | 1.60% | 1.00% | 1.50% | 0.90% |
Expected life (in years) | '5 years | '5 years | '5 years | '5 years |
WESCO expected volatility | 34.00% | 49.00% | 39.00% | 50.00% |
Stock Appreciation Rights (SARs) [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Granted (in shares) | 2,295 | 5,449 | 274,508 | 251,573 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 27.71 | 31.05 | 30.64 | 31.33 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Granted (in shares) | 0 | 0 | 62,506 | 69,393 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 0 | 0 | 85.35 | 72.15 |
Performance-based Awards [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Granted (in shares) | 0 | 0 | 44,046 | 48,058 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 0 | 0 | 86.65 | 78.21 |
SUMMARY_OF_RESTRICTED_STOCK_UN
SUMMARY OF RESTRICTED STOCK UNITS (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' | ' | ' | ' | ' |
Unvested (in shares) | 190,670 | ' | 190,670 | ' | 184,746 |
Granted (in shares) | 0 | 0 | 62,506 | 69,393 | ' |
Vested (in shares) | ' | ' | -50,655 | ' | ' |
Forfeited (in shares) | ' | ' | -5,927 | ' | ' |
Unvested, Weighted Average Fair Value (in dollars per share) | $73.80 | ' | $73.80 | ' | $66.08 |
Granted, Weighted Average Fair Value (in dollars per share) | $0 | $0 | $85.35 | $72.15 | ' |
Vested in Period, Weighted Average Fair Value (in dollars per share) | ' | ' | $60.77 | ' | ' |
Forfeited in Period, Weighted Average Fair Value (in dollars per share) | ' | ' | $66.28 | ' | ' |
SUMMARY_OF_PERFORMANCEBASED_AW
SUMMARY OF PERFORMANCE-BASED AWARDS (Details) (Performance-based Awards [Member], USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Performance-based Awards [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' | ' | ' | ' | ' |
Unvested (in shares) | 132,164 | ' | 132,164 | ' | 92,484 |
Granted (in shares) | 0 | 0 | 44,046 | 48,058 | ' |
Vested (in shares) | ' | ' | 0 | ' | ' |
Forfeited (in shares) | ' | ' | -4,366 | ' | ' |
Unvested, Weighted Average Fair Value (in dollars per share) | $80.20 | ' | $80.20 | ' | $76.98 |
Granted, Weighted Average Fair Value (in dollars per share) | $0 | $0 | $86.65 | $78.21 | ' |
Vested in Period, Weighted Average Fair Value (in dollars per share) | ' | ' | $0 | ' | ' |
Forfeited in Period, Weighted Average Fair Value (in dollars per share) | ' | ' | $76.97 | ' | ' |
SCHEDULE_OF_SHAREBASED_PAYMENT1
SCHEDULE OF SHARE-BASED PAYMENT AWARD, PERFORMANCE-BASED AWARDS, VALUATION ASSUMPTIONS (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
WESCO expected volatility | 34.00% | 49.00% | 39.00% | 50.00% |
Risk free interest rate | 1.60% | 1.00% | 1.50% | 0.90% |
Performance-based Awards - Peer Group Total Shareholder Return [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Grant date share price | ' | ' | 86.65 | ' |
WESCO expected volatility | ' | ' | 35.40% | ' |
Peer group mean volatility | ' | ' | 28.70% | ' |
Risk free interest rate | ' | ' | 0.62% | ' |
Correlation | ' | ' | 103.10% | ' |
STOCKBASED_COMPENSATION_Detail
STOCK-BASED COMPENSATION (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Stock-based compensation expense | $4.30 | $4.80 | $8.50 | $8.80 | ' |
Total unrecognized compensation cost | 25.9 | ' | 25.9 | ' | ' |
Compensation cost expected to be recognized over the remainder of 2012 | ' | ' | 8.1 | ' | ' |
Compensation cost expected to be recognized in 2013 | ' | ' | 11.2 | ' | ' |
Compensation cost expected to be recognized in 2014 | ' | ' | 5.9 | ' | ' |
Compensation cost expected to be recognized in 2015 | ' | ' | 0.7 | ' | ' |
Total intrinsic value of awards exercised | ' | ' | 22.9 | 6.1 | ' |
Cash received from exercise of options | ' | ' | 0.8 | 0.1 | ' |
Tax benefit associated with exercise of awards | ' | ' | $8.70 | $0.50 | ' |
Stock Appreciation Rights (SARs) [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Granted, Weighted Average Fair Value (in dollars per share) | $27.71 | $31.05 | $30.64 | $31.33 | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Granted, Weighted Average Fair Value (in dollars per share) | $0 | $0 | $85.35 | $72.15 | ' |
Performance-based awards outstanding (in shares) | 190,670 | ' | 190,670 | ' | 184,746 |
Performance-based Awards [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Granted, Weighted Average Fair Value (in dollars per share) | $0 | $0 | $86.65 | $78.21 | ' |
Performance-based awards outstanding (in shares) | 132,164 | ' | 132,164 | ' | 92,484 |
Performance-based Awards - Peer Group Total Shareholder Return [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Performance-based awards outstanding (in shares) | 66,082 | ' | 66,082 | ' | ' |
SCHEDULE_OF_EARNINGS_PER_SHARE
SCHEDULE OF EARNINGS PER SHARE, BASIC AND DILUTED (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income (loss) attributable to WESCO International, Inc. | $68,802 | $65,285 | $120,707 | $149,274 |
Weighted average common shares outstanding used in computing basic earnings per share (in shares) | 44,449,000 | 44,115,000 | 44,399,000 | 44,100,000 |
Common shares issuable upon exercise of dilutive stock options (in shares) | 1,031,000 | 1,091,000 | 1,061,000 | 1,090,000 |
Common shares issuable from contingently convertible debentures (in shares) | 7,996,000 | 7,113,000 | 7,962,000 | 7,168,000 |
Weighted average common shares outstanding and common share equivalents used in computing diluted earnings per share (in shares) | 53,476,000 | 52,319,000 | 53,422,000 | 52,358,000 |
Earnings Per Share, Basic and Diluted [Abstract] | ' | ' | ' | ' |
Basic (in dollars per share) | $1.55 | $1.48 | $2.72 | $3.38 |
Diluted (in dollars per share) | $1.29 | $1.25 | $2.26 | $2.85 |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Stock Appreciation Rights (SARs) [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 500,000 | 500,000 | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Weighted Average Exercise Price (in dollars per share) | $84.71 | $67.99 | $79.37 | $67.84 |
Convertible Debt Securities [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Effect of Dilutive Securities on Earnings Per Share (in dollars per share) | $0.22 | $0.20 | $0.40 | $0.45 |
Convertible Debt Securities [Member] | Convertible Senior Debentures Due in 2029 [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $28.87 | ' | $28.87 | ' |
Earnings Per Share Dilution Limit (in shares) | ' | ' | 11,948,374 | ' |
EMPLOYEE_BENEFIT_PLANS_Details
EMPLOYEE BENEFIT PLANS (Details) (USD $) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Defined Benefit Plan, Contributions by Employer | $600,000 | $1,200,000 | ' |
Schedule of Employee Benefit Plans [Line Items] | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | ' | $15,000,000 | $19,100,000 |
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% | ' |
Minimum [Member] | CANADA | ' | ' | ' |
Schedule of Employee Benefit Plans [Line Items] | ' | ' | ' |
Defined Contribution Plan Maximum Annual Contribution Per Employee Percent | ' | 1.00% | ' |
Maximum [Member] | CANADA | ' | ' | ' |
Schedule of Employee Benefit Plans [Line Items] | ' | ' | ' |
Defined Contribution Plan Maximum Annual Contribution Per Employee Percent | ' | 7.00% | ' |
EMPLOYEE_BENEFIT_PLANS_EMPLOYE
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS Pension Costs (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' | ' |
Defined Benefit Plan, Contributions by Employer | $600,000 | ' | $1,200,000 | ' |
Service cost | 900,000 | 1,020,000 | 1,800,000 | 2,053,000 |
Interest cost | 1,158,000 | 1,145,000 | 2,314,000 | 2,305,000 |
Expected return on plan assets | -1,362,000 | -948,000 | -2,723,000 | -1,908,000 |
Net periodic benefit cost | $696,000 | $1,217,000 | $1,391,000 | $2,450,000 |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 3 Months Ended | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Damages sought | ' | $50 |
Damages awarded | ' | 36.1 |
Prejudgment interest awarded | ' | 3.9 |
Post-judgment interest awarded | $7.90 | ' |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective tax rate | 28.00% | 25.80% | 28.10% | 26.40% |
Federal statutory rate | 35.00% | ' | ' | ' |
Discrete adjustments | ' | $0.20 | ' | ' |
OTHER_FINANCIAL_INFORMATION_De
OTHER FINANCIAL INFORMATION (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Convertible Senior Debentures Due in 2029 [Member] | Senior Notes due 2021 [Member] | Non-Guarantor Subsidiaries [Member] | |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Change in presentation of other assets and deferred income taxes | ' | ' | ' | $24.70 |
Change in presentation of other current assets and other current liabilities | ' | ' | ' | 7.1 |
Debt Instrument, Face Amount | ' | $344.90 | $500 | ' |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 5.38% | ' | ' | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||||
Condensed Financial Information [Line Items] | ' | ' | ' | ' | ' |
Cash and cash equivalents | $101,643 | $123,725 | $104,512 | $86,099 | $86,099 |
Trade accounts receivable, net | 1,186,062 | 1,045,054 | ' | ' | ' |
Inventories, net | 850,179 | 787,324 | ' | ' | ' |
Other current assets | 270,657 | 249,512 | ' | ' | ' |
Total current assets | 2,408,541 | 2,205,615 | ' | ' | ' |
Intercompany receivables, net | 0 | 0 | ' | ' | ' |
Property, buildings and equipment, net | 199,951 | 198,654 | ' | ' | ' |
Intangible assets, net | 475,708 | 439,167 | ' | ' | ' |
Goodwill and other intangibles, net | 1,790,853 | 1,734,391 | ' | ' | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 0 | ' | ' | ' |
Other assets | 54,079 | 71,066 | ' | ' | ' |
Total assets | 4,929,132 | 4,648,893 | ' | ' | ' |
Accounts payable | 794,505 | 735,097 | ' | ' | ' |
Short-term debt | 44,962 | 37,551 | ' | ' | ' |
Other current liabilities | 274,900 | 279,015 | ' | ' | ' |
Total current liabilities | 1,114,367 | 1,051,663 | ' | ' | ' |
Intercompany payables, net | 0 | 0 | ' | ' | ' |
Long-term debt | 1,520,960 | 1,447,634 | ' | ' | ' |
Other noncurrent liabilities | 404,303 | 384,805 | ' | ' | ' |
Total stockholders' equity | 1,889,586 | 1,764,809 | ' | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | 84 | 18 | ' | ' | ' |
Total liabilities and stockholders' equity | 4,929,132 | 4,648,893 | ' | ' | ' |
Parent Company [Member] | ' | ' | ' | ' | ' |
Condensed Financial Information [Line Items] | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | ' | 0 |
Trade accounts receivable, net | 0 | 0 | ' | ' | ' |
Inventories, net | 0 | 0 | ' | ' | ' |
Other current assets | 0 | 22 | ' | ' | ' |
Total current assets | 0 | 22 | ' | ' | ' |
Intercompany receivables, net | 0 | 0 | ' | ' | ' |
Property, buildings 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 | 3,263,323 | 3,137,418 | ' | ' | ' |
Other assets | 4,222 | 4,361 | ' | ' | ' |
Total assets | 3,267,545 | 3,141,801 | ' | ' | ' |
Accounts payable | 0 | 0 | ' | ' | ' |
Short-term debt | 0 | 0 | ' | ' | ' |
Other current liabilities | 14,744 | 11,920 | ' | ' | ' |
Total current liabilities | 14,744 | 11,920 | ' | ' | ' |
Intercompany payables, net | 1,167,832 | 1,168,507 | ' | ' | ' |
Long-term debt | 175,811 | 174,149 | ' | ' | ' |
Other noncurrent liabilities | 19,572 | 22,416 | ' | ' | ' |
Total stockholders' equity | 1,889,586 | 1,764,809 | ' | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | ' | ' | ' |
Total liabilities and stockholders' equity | 3,267,545 | 3,141,801 | ' | ' | ' |
WESCO Distribution, Inc. | ' | ' | ' | ' | ' |
Condensed Financial Information [Line Items] | ' | ' | ' | ' | ' |
Cash and cash equivalents | 44,687 | 31,695 | 47,287 | ' | 52,275 |
Trade accounts receivable, net | 0 | 0 | ' | ' | ' |
Inventories, net | 369,332 | 351,242 | ' | ' | ' |
Other current assets | 164,598 | 166,540 | ' | ' | ' |
Total current assets | 578,617 | 549,477 | ' | ' | ' |
Intercompany receivables, net | 0 | 0 | ' | ' | ' |
Property, buildings and equipment, net | 59,614 | 59,569 | ' | ' | ' |
Intangible assets, net | 5,069 | 5,404 | ' | ' | ' |
Goodwill and other intangibles, net | 246,770 | 246,125 | ' | ' | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 3,821,639 | 3,722,902 | ' | ' | ' |
Other assets | 14,242 | 15,627 | ' | ' | ' |
Total assets | 4,725,951 | 4,599,104 | ' | ' | ' |
Accounts payable | 434,071 | 410,017 | ' | ' | ' |
Short-term debt | 0 | 0 | ' | ' | ' |
Other current liabilities | 107,765 | 114,894 | ' | ' | ' |
Total current liabilities | 541,836 | 524,911 | ' | ' | ' |
Intercompany payables, net | 713,827 | 738,278 | ' | ' | ' |
Long-term debt | 682,825 | 675,424 | ' | ' | ' |
Other noncurrent liabilities | 237,399 | 220,650 | ' | ' | ' |
Total stockholders' equity | 2,550,064 | 2,439,841 | ' | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | ' | ' | ' |
Total liabilities and stockholders' equity | 4,725,951 | 4,599,104 | ' | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' |
Condensed Financial Information [Line Items] | ' | ' | ' | ' | ' |
Cash and cash equivalents | 56,956 | 92,030 | 57,225 | ' | 33,824 |
Trade accounts receivable, net | 1,186,062 | 1,045,054 | ' | ' | ' |
Inventories, net | 480,847 | 436,082 | ' | ' | ' |
Other current assets | 152,245 | 127,439 | ' | ' | ' |
Total current assets | 1,876,110 | 1,700,605 | ' | ' | ' |
Intercompany receivables, net | 1,881,659 | 1,906,785 | ' | ' | ' |
Property, buildings and equipment, net | 140,337 | 139,085 | ' | ' | ' |
Intangible assets, net | 470,639 | 433,763 | ' | ' | ' |
Goodwill and other intangibles, net | 1,544,083 | 1,488,266 | ' | ' | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 0 | ' | ' | ' |
Other assets | 35,246 | 51,078 | ' | ' | ' |
Total assets | 5,948,074 | 5,719,582 | ' | ' | ' |
Accounts payable | 360,434 | 325,080 | ' | ' | ' |
Short-term debt | 44,962 | 37,551 | ' | ' | ' |
Other current liabilities | 198,577 | 196,690 | ' | ' | ' |
Total current liabilities | 603,973 | 559,321 | ' | ' | ' |
Intercompany payables, net | 0 | 0 | ' | ' | ' |
Long-term debt | 662,324 | 598,061 | ' | ' | ' |
Other noncurrent liabilities | 146,963 | 141,739 | ' | ' | ' |
Total stockholders' equity | 4,534,898 | 4,420,479 | ' | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | 84 | 18 | ' | ' | ' |
Total liabilities and stockholders' equity | 5,948,074 | 5,719,582 | ' | ' | ' |
Consolidation, Eliminations [Member] | ' | ' | ' | ' | ' |
Condensed Financial Information [Line Items] | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | ' | 0 |
Trade accounts receivable, net | 0 | 0 | ' | ' | ' |
Inventories, net | 0 | 0 | ' | ' | ' |
Other current assets | -46,186 | -44,489 | ' | ' | ' |
Total current assets | -46,186 | -44,489 | ' | ' | ' |
Intercompany receivables, net | -1,881,659 | -1,906,785 | ' | ' | ' |
Property, buildings 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 | -7,084,962 | -6,860,320 | ' | ' | ' |
Other assets | 369 | 0 | ' | ' | ' |
Total assets | -9,012,438 | -8,811,594 | ' | ' | ' |
Accounts payable | 0 | 0 | ' | ' | ' |
Short-term debt | 0 | 0 | ' | ' | ' |
Other current liabilities | -46,186 | -44,489 | ' | ' | ' |
Total current liabilities | -46,186 | -44,489 | ' | ' | ' |
Intercompany payables, net | -1,881,659 | -1,906,785 | ' | ' | ' |
Long-term debt | 0 | 0 | ' | ' | ' |
Other noncurrent liabilities | 369 | 0 | ' | ' | ' |
Total stockholders' equity | -7,084,962 | -6,860,320 | ' | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | ' | ' | ' |
Total liabilities and stockholders' equity | ($9,012,438) | ($8,811,594) | ' | ' | ' |
CONDENSED_CONSOLIDATED_INCOME_
CONDENSED CONSOLIDATED INCOME STATEMENTS (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Condensed Financial Information [Line Items] | ' | ' | ' | ' |
Net sales | $2,005,165,000 | $1,893,953,000 | $3,815,991,000 | $3,702,011,000 |
Cost of goods sold | 1,593,437,000 | 1,501,403,000 | 3,029,470,000 | 2,928,382,000 |
Selling, general and administrative expense | 278,709,000 | 265,506,000 | 544,171,000 | 492,962,000 |
Depreciation and amortization | 17,186,000 | 17,153,000 | 33,558,000 | 33,870,000 |
Results of affiliates' operations | 0 | 0 | 0 | 0 |
Interest expense, net | 20,337,000 | 21,769,000 | 41,025,000 | 43,695,000 |
Provision for income taxes | 26,709,000 | 22,771,000 | 47,125,000 | 53,658,000 |
Net income (loss) | 68,787,000 | 65,351,000 | 120,642,000 | 149,444,000 |
Less: Net (loss) income attributable to noncontrolling interest | -15,000 | 66,000 | -65,000 | 170,000 |
Net income (loss) attributable to WESCO International, Inc. | 68,802,000 | 65,285,000 | 120,707,000 | 149,274,000 |
Comprehensive Income: | ' | ' | ' | ' |
Foreign currency translation adjustment | 43,023,000 | -44,350,000 | -3,477,000 | -67,830,000 |
Comprehensive income attributable to WESCO International, Inc. | 111,825,000 | 20,935,000 | 117,230,000 | 81,444,000 |
Parent Company [Member] | ' | ' | ' | ' |
Condensed Financial Information [Line Items] | ' | ' | ' | ' |
Net sales | 0 | 0 | 0 | 0 |
Cost of goods sold | 0 | 0 | 0 | 0 |
Selling, general and administrative expense | 2,000 | 1,000 | 2,000 | 5,000 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Results of affiliates' operations | 73,172,000 | 69,789,000 | 129,382,000 | 158,241,000 |
Interest expense, net | 6,084,000 | 5,994,000 | 12,153,000 | 11,949,000 |
Provision for income taxes | -1,700,000 | -1,557,000 | -3,414,000 | -3,158,000 |
Net income (loss) | 68,786,000 | 65,351,000 | 120,641,000 | 149,445,000 |
Less: Net (loss) income attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net income (loss) attributable to WESCO International, Inc. | 68,786,000 | 65,351,000 | 120,641,000 | 149,445,000 |
Comprehensive Income: | ' | ' | ' | ' |
Foreign currency translation adjustment | 43,023,000 | -44,350,000 | -3,477,000 | -67,830,000 |
Comprehensive income attributable to WESCO International, Inc. | 111,809,000 | 21,001,000 | 117,164,000 | 81,615,000 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Financial Information [Line Items] | ' | ' | ' | ' |
Net sales | ' | ' | 1,723,670,000 | 1,693,842,000 |
Cost of goods sold | ' | ' | 1,379,523,000 | 1,348,971,000 |
Selling, general and administrative expense | ' | ' | 281,446,000 | 239,334,000 |
Depreciation and amortization | ' | ' | 9,614,000 | 8,883,000 |
Results of affiliates' operations | ' | ' | 102,215,000 | 99,153,000 |
Interest expense, net | ' | ' | 37,090,000 | 37,844,000 |
Provision for income taxes | ' | ' | 4,511,000 | 14,762,000 |
Net income (loss) | ' | ' | 113,701,000 | 143,201,000 |
Less: Net (loss) income attributable to noncontrolling interest | ' | ' | 0 | 0 |
Net income (loss) attributable to WESCO International, Inc. | ' | ' | 113,701,000 | 143,201,000 |
Comprehensive Income: | ' | ' | ' | ' |
Foreign currency translation adjustment | ' | ' | -3,477,000 | -67,830,000 |
Comprehensive income attributable to WESCO International, Inc. | ' | ' | 110,224,000 | 75,371,000 |
WESCO Distribution, Inc. | ' | ' | ' | ' |
Condensed Financial Information [Line Items] | ' | ' | ' | ' |
Net sales | 894,199,000 | 873,607,000 | ' | ' |
Cost of goods sold | 720,938,000 | 698,844,000 | ' | ' |
Selling, general and administrative expense | 144,766,000 | 138,817,000 | ' | ' |
Depreciation and amortization | 4,914,000 | 4,780,000 | ' | ' |
Results of affiliates' operations | 61,502,000 | 60,753,000 | ' | ' |
Interest expense, net | 18,328,000 | 19,118,000 | ' | ' |
Provision for income taxes | 1,465,000 | 2,520,000 | ' | ' |
Net income (loss) | 65,290,000 | 70,281,000 | ' | ' |
Less: Net (loss) income attributable to noncontrolling interest | 0 | 0 | ' | ' |
Net income (loss) attributable to WESCO International, Inc. | 65,290,000 | 70,281,000 | ' | ' |
Comprehensive Income: | ' | ' | ' | ' |
Foreign currency translation adjustment | 43,023,000 | -44,350,000 | ' | ' |
Comprehensive income attributable to WESCO International, Inc. | 108,313,000 | 25,931,000 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Financial Information [Line Items] | ' | ' | ' | ' |
Net sales | 1,140,850,000 | 1,052,902,000 | 2,148,303,000 | 2,071,765,000 |
Cost of goods sold | 902,383,000 | 835,115,000 | 1,705,929,000 | 1,643,007,000 |
Selling, general and administrative expense | 133,941,000 | 126,688,000 | 262,723,000 | 253,623,000 |
Depreciation and amortization | 12,272,000 | 12,373,000 | 23,944,000 | 24,987,000 |
Results of affiliates' operations | 0 | 0 | 0 | 0 |
Interest expense, net | -4,075,000 | -3,343,000 | -8,218,000 | -6,098,000 |
Provision for income taxes | 26,944,000 | 21,808,000 | 46,028,000 | 42,054,000 |
Net income (loss) | 69,385,000 | 60,261,000 | 117,897,000 | 114,192,000 |
Less: Net (loss) income attributable to noncontrolling interest | -15,000 | 66,000 | -65,000 | 170,000 |
Net income (loss) attributable to WESCO International, Inc. | 69,400,000 | 60,195,000 | 117,962,000 | 114,022,000 |
Comprehensive Income: | ' | ' | ' | ' |
Foreign currency translation adjustment | 43,023,000 | -44,350,000 | -3,477,000 | -67,830,000 |
Comprehensive income attributable to WESCO International, Inc. | 112,423,000 | 15,845,000 | 114,485,000 | 46,192,000 |
Consolidation, Eliminations [Member] | ' | ' | ' | ' |
Condensed Financial Information [Line Items] | ' | ' | ' | ' |
Net sales | -29,884,000 | -32,556,000 | -55,982,000 | -63,596,000 |
Cost of goods sold | -29,884,000 | -32,556,000 | -55,982,000 | -63,596,000 |
Selling, general and administrative expense | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Results of affiliates' operations | -134,674,000 | -130,542,000 | -231,597,000 | -257,394,000 |
Interest expense, net | 0 | 0 | 0 | 0 |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net income (loss) | -134,674,000 | -130,542,000 | -231,597,000 | -257,394,000 |
Less: Net (loss) income attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net income (loss) attributable to WESCO International, Inc. | -134,674,000 | -130,542,000 | -231,597,000 | -257,394,000 |
Comprehensive Income: | ' | ' | ' | ' |
Foreign currency translation adjustment | -86,046,000 | 88,700,000 | 6,954,000 | 135,660,000 |
Comprehensive income attributable to WESCO International, Inc. | ($220,720,000) | ($41,842,000) | ($224,643,000) | ($121,734,000) |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Condensed Financial Information [Line Items] | ' | ' |
Net cash (used) provided by operating activities | $50,842 | $119,727 |
Investing Activities: | ' | ' |
Capital expenditures | -11,785 | -11,750 |
Acquisition payments | -133,318 | 0 |
Other | 27 | 9,654 |
Net cash used in investing activities | -145,076 | -2,096 |
Financing Activities: | ' | ' |
Borrowings | 639,921 | 536,299 |
Repayments | -563,031 | -640,154 |
Condensed Proceeds from (Payments for) Other Financing Activities | -1,580 | 6,029 |
Net cash used in financing activities | 75,310 | -97,826 |
Effect of exchange rate changes on cash and cash equivalents | -3,158 | -1,392 |
Net change in cash and cash equivalents | -22,082 | 18,413 |
Cash and cash equivalents at the beginning of period | 123,725 | 86,099 |
Cash and cash equivalents at the end of period | 101,643 | ' |
Parent Company [Member] | ' | ' |
Condensed Financial Information [Line Items] | ' | ' |
Net cash (used) provided by operating activities | 1,063 | -9,418 |
Investing Activities: | ' | ' |
Capital expenditures | 0 | 0 |
Acquisition payments | 0 | 0 |
Other | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Financing Activities: | ' | ' |
Borrowings | 0 | 10,454 |
Repayments | 675 | 0 |
Condensed Proceeds from (Payments for) Other Financing Activities | -388 | -1,036 |
Net cash used in financing activities | -1,063 | 9,418 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net change in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at the beginning of period | 0 | ' |
Cash and cash equivalents at the end of period | 0 | ' |
WESCO Distribution, Inc. | ' | ' |
Condensed Financial Information [Line Items] | ' | ' |
Net cash (used) provided by operating activities | 57,016 | 70,521 |
Investing Activities: | ' | ' |
Capital expenditures | -8,380 | -9,621 |
Acquisition payments | -42,131 | 0 |
Other | 675 | -10,454 |
Net cash used in investing activities | -49,836 | -20,075 |
Financing Activities: | ' | ' |
Borrowings | 409,460 | 333,036 |
Repayments | -402,459 | -396,036 |
Condensed Proceeds from (Payments for) Other Financing Activities | -1,189 | 7,566 |
Net cash used in financing activities | 5,812 | -55,434 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net change in cash and cash equivalents | 12,992 | -4,988 |
Cash and cash equivalents at the beginning of period | 31,695 | ' |
Cash and cash equivalents at the end of period | 44,687 | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Condensed Financial Information [Line Items] | ' | ' |
Net cash (used) provided by operating activities | -7,237 | 58,624 |
Investing Activities: | ' | ' |
Capital expenditures | -3,405 | -2,129 |
Acquisition payments | -91,187 | 0 |
Other | 27 | 9,654 |
Net cash used in investing activities | -94,565 | 7,525 |
Financing Activities: | ' | ' |
Borrowings | 230,461 | 203,263 |
Repayments | -160,572 | -244,118 |
Condensed Proceeds from (Payments for) Other Financing Activities | -3 | -501 |
Net cash used in financing activities | 69,886 | -41,356 |
Effect of exchange rate changes on cash and cash equivalents | -3,158 | -1,392 |
Net change in cash and cash equivalents | -35,074 | 23,401 |
Cash and cash equivalents at the beginning of period | 92,030 | ' |
Cash and cash equivalents at the end of period | 56,956 | ' |
Consolidation, Eliminations [Member] | ' | ' |
Condensed Financial Information [Line Items] | ' | ' |
Net cash (used) provided by operating activities | 0 | 0 |
Investing Activities: | ' | ' |
Capital expenditures | 0 | 0 |
Acquisition payments | 0 | 0 |
Other | -675 | 10,454 |
Net cash used in investing activities | -675 | 10,454 |
Financing Activities: | ' | ' |
Borrowings | 0 | -10,454 |
Repayments | -675 | 0 |
Condensed Proceeds from (Payments for) Other Financing Activities | 0 | 0 |
Net cash used in financing activities | 675 | -10,454 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net change in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at the beginning of period | 0 | ' |
Cash and cash equivalents at the end of period | $0 | ' |