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Share Name | Share Symbol | Market | Type |
---|---|---|---|
WESCO International Inc | NYSE:WCC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 186.31 | 0 | 01:00:00 |
þ
|
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the quarterly period ended June 30, 2017
|
o
|
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the transition period from
to
|
Delaware
(State or other jurisdiction of
incorporation or organization)
|
|
25-1723342
(I.R.S. Employer
Identification No.)
|
|
|
|
225 West Station Square Drive
Suite 700
Pittsburgh, Pennsylvania
(Address of principal executive offices)
|
|
15219
(Zip Code)
|
|
Page
|
PART I—FINANCIAL INFORMATION
|
|
|
|
|
|
|
|
|
|
Item 4.
Controls and Procedures.
|
|
|
|
PART II—OTHER INFORMATION
|
|
|
|
Item 1.
Legal Proceedings.
|
|
|
|
|
|
Item 6.
Exhibits.
|
|
|
|
|
|
EXHIBITS
|
|
|
As of
|
||||||
|
June 30,
2017 |
|
December 31,
2016 |
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
87,799
|
|
|
$
|
110,131
|
|
Trade accounts receivable, net of allowance for doubtful accounts of $23,061 and $22,007 in 2017 and 2016, respectively
|
1,144,978
|
|
|
1,034,402
|
|
||
Other accounts receivable
|
69,321
|
|
|
85,019
|
|
||
Inventories
|
866,301
|
|
|
821,441
|
|
||
Prepaid expenses and other current assets
|
137,146
|
|
|
121,464
|
|
||
Total current assets
|
2,305,545
|
|
|
2,172,457
|
|
||
Property, buildings and equipment, net of accumulated depreciation of $268,723 and $259,126 in 2017 and 2016, respectively
|
155,203
|
|
|
157,607
|
|
||
Intangible assets, net of accumulated amortization of $200,755 and $178,813 in 2017
and 2016, respectively
|
380,426
|
|
|
393,362
|
|
||
Goodwill
|
1,741,540
|
|
|
1,720,714
|
|
||
Other assets
|
40,957
|
|
|
46,844
|
|
||
Total assets
|
$
|
4,623,671
|
|
|
$
|
4,490,984
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
768,997
|
|
|
$
|
684,721
|
|
Accrued payroll and benefit costs
|
37,830
|
|
|
49,250
|
|
||
Short-term debt
|
23,972
|
|
|
20,920
|
|
||
Current portion of long-term debt
|
1,221
|
|
|
1,218
|
|
||
Bank overdrafts
|
29,535
|
|
|
29,384
|
|
||
Other current liabilities
|
102,851
|
|
|
111,304
|
|
||
Total current liabilities
|
964,406
|
|
|
896,797
|
|
||
Long-term debt, net of debt discount and debt issuance costs of $15,291 and $17,278 in 2017 and 2016, respectively
|
1,334,542
|
|
|
1,363,135
|
|
||
Deferred income taxes
|
165,689
|
|
|
158,009
|
|
||
Other noncurrent liabilities
|
63,928
|
|
|
63,031
|
|
||
Total liabilities
|
$
|
2,528,565
|
|
|
$
|
2,480,972
|
|
Commitments and contingencies (Note 8)
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
||||
Preferred stock, $.01 par value; 20,000,000 shares authorized, no shares issued or outstanding
|
—
|
|
|
—
|
|
||
Common stock, $.01 par value; 210,000,000 shares authorized, 59,033,859 and 58,817,781 shares issued and 47,972,383 and 48,611,497 shares outstanding in 2017 and 2016, respectively
|
590
|
|
|
588
|
|
||
Class B nonvoting convertible common stock, $.01 par value; 20,000,000 shares authorized, 4,339,431 issued and no shares outstanding in 2017 and 2016, respectively
|
43
|
|
|
43
|
|
||
Additional capital
|
991,750
|
|
|
986,020
|
|
||
Retained earnings
|
2,044,719
|
|
|
1,956,532
|
|
||
Treasury stock, at cost; 15,400,907 and 14,545,715 shares in 2017 and 2016, respectively
|
(596,659
|
)
|
|
(542,537
|
)
|
||
Accumulated other comprehensive loss
|
(342,164
|
)
|
|
(387,365
|
)
|
||
Total WESCO International, Inc. stockholders' equity
|
2,098,279
|
|
|
2,013,281
|
|
||
Noncontrolling interests
|
(3,173
|
)
|
|
(3,269
|
)
|
||
Total stockholders’ equity
|
2,095,106
|
|
|
2,010,012
|
|
||
Total liabilities and stockholders’ equity
|
$
|
4,623,671
|
|
|
$
|
4,490,984
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net sales
|
$
|
1,909,624
|
|
|
$
|
1,911,582
|
|
|
$
|
3,682,215
|
|
|
$
|
3,687,543
|
|
Cost of goods sold (excluding depreciation and
|
|
|
|
|
|
|
|
||||||||
amortization)
|
1,543,510
|
|
|
1,532,113
|
|
|
2,966,083
|
|
|
2,952,906
|
|
||||
Selling, general and administrative expenses
|
267,288
|
|
|
274,523
|
|
|
534,252
|
|
|
543,809
|
|
||||
Depreciation and amortization
|
15,721
|
|
|
16,959
|
|
|
31,686
|
|
|
33,332
|
|
||||
Income from operations
|
83,105
|
|
|
87,987
|
|
|
150,194
|
|
|
157,496
|
|
||||
Interest expense, net
|
16,816
|
|
|
19,452
|
|
|
33,537
|
|
|
38,281
|
|
||||
Income before income taxes
|
66,289
|
|
|
68,535
|
|
|
116,657
|
|
|
119,215
|
|
||||
Provision for income taxes
|
16,754
|
|
|
18,683
|
|
|
29,323
|
|
|
34,828
|
|
||||
Net income
|
49,535
|
|
|
49,852
|
|
|
87,334
|
|
|
84,387
|
|
||||
Less: Net income (loss) attributable to noncontrolling interests
|
25
|
|
|
54
|
|
|
96
|
|
|
(1,465
|
)
|
||||
Net income attributable to WESCO International, Inc.
|
$
|
49,510
|
|
|
$
|
49,798
|
|
|
$
|
87,238
|
|
|
$
|
85,852
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments
|
33,381
|
|
|
(1,765
|
)
|
|
44,949
|
|
|
80,505
|
|
||||
Post retirement benefit plan adjustment
|
—
|
|
|
—
|
|
|
252
|
|
|
(16
|
)
|
||||
Comprehensive income attributable to WESCO International, Inc.
|
$
|
82,891
|
|
|
$
|
48,033
|
|
|
$
|
132,439
|
|
|
$
|
166,341
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share attributable to WESCO International, Inc.
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
1.03
|
|
|
$
|
1.18
|
|
|
$
|
1.80
|
|
|
$
|
2.03
|
|
Diluted
|
$
|
1.02
|
|
|
$
|
1.02
|
|
|
$
|
1.78
|
|
|
$
|
1.79
|
|
|
Six Months Ended
|
||||||
|
June 30,
|
||||||
|
2017
|
|
2016
|
||||
Operating activities:
|
|
|
|
||||
Net income
|
$
|
87,334
|
|
|
$
|
84,387
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
31,686
|
|
|
33,332
|
|
||
Deferred income taxes
|
6,404
|
|
|
13,425
|
|
||
Other operating activities, net
|
8,306
|
|
|
10,393
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Trade accounts receivable, net
|
(95,978
|
)
|
|
(17,250
|
)
|
||
Other accounts receivable
|
16,425
|
|
|
29,442
|
|
||
Inventories
|
(36,877
|
)
|
|
(4,377
|
)
|
||
Prepaid expenses and other assets
|
(6,360
|
)
|
|
(12,775
|
)
|
||
Accounts payable
|
76,836
|
|
|
(18,782
|
)
|
||
Accrued payroll and benefit costs
|
(10,786
|
)
|
|
(2,559
|
)
|
||
Other current and noncurrent liabilities
|
(10,221
|
)
|
|
23,374
|
|
||
Net cash provided by operating activities
|
66,769
|
|
|
138,610
|
|
||
|
|
|
|
||||
Investing activities:
|
|
|
|
||||
Acquisition payments, net of cash acquired
|
—
|
|
|
(50,946
|
)
|
||
Capital expenditures
|
(9,795
|
)
|
|
(7,086
|
)
|
||
Other investing activities
|
3,467
|
|
|
(8,103
|
)
|
||
Net cash used in investing activities
|
(6,328
|
)
|
|
(66,135
|
)
|
||
|
|
|
|
||||
Financing activities:
|
|
|
|
||||
Proceeds from issuance of short-term debt
|
69,257
|
|
|
63,745
|
|
||
Repayments of short-term debt
|
(68,517
|
)
|
|
(62,937
|
)
|
||
Proceeds from issuance of long-term debt
|
662,078
|
|
|
1,026,392
|
|
||
Repayments of long-term debt
|
(692,078
|
)
|
|
(1,102,792
|
)
|
||
Repurchases of common stock (Note 6)
|
(56,665
|
)
|
|
(740
|
)
|
||
Increase in bank overdrafts
|
155
|
|
|
6,474
|
|
||
Other financing activities, net
|
(768
|
)
|
|
(6,322
|
)
|
||
Net cash used in financing activities
|
(86,538
|
)
|
|
(76,180
|
)
|
||
|
|
|
|
||||
Effect of exchange rate changes on cash and cash equivalents
|
3,765
|
|
|
3,716
|
|
||
|
|
|
|
||||
Net change in cash and cash equivalents
|
(22,332
|
)
|
|
11
|
|
||
Cash and cash equivalents at the beginning of period
|
110,131
|
|
|
160,279
|
|
||
Cash and cash equivalents at the end of period
|
$
|
87,799
|
|
|
$
|
160,290
|
|
|
Six Months Ended
|
||||||
|
June 30,
2017 |
|
June 30,
2016 |
||||
|
(In thousands)
|
||||||
Beginning balance January 1
|
$
|
1,720,714
|
|
|
$
|
1,681,662
|
|
Foreign currency exchange rate changes
|
20,826
|
|
|
40,062
|
|
||
Adjustments to goodwill for acquisitions
(1)
|
—
|
|
|
18,432
|
|
||
Ending balance June 30
|
$
|
1,741,540
|
|
|
$
|
1,740,156
|
|
(1)
|
For the
six
months ended
June 30, 2016
, adjustments relate to goodwill resulting from the preliminary allocation of the AED purchase price to the respective assets acquired and liabilities assumed, partially offset by a correction to goodwill for deferred income taxes related to prior acquisitions.
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
2017 |
|
June 30,
2016 |
|
June 30,
2017 |
|
June 30,
2016 |
||||||||
Stock-settled stock appreciation rights granted
|
—
|
|
|
4,744
|
|
|
443,731
|
|
|
708,254
|
|
||||
Weighted-average fair value
|
$
|
—
|
|
|
$
|
17.22
|
|
|
$
|
20.65
|
|
|
$
|
12.90
|
|
|
|
|
|
|
|
|
|
||||||||
Restricted stock units granted
|
—
|
|
|
137
|
|
|
98,680
|
|
|
143,305
|
|
||||
Weighted-average fair value
|
$
|
—
|
|
|
$
|
54.67
|
|
|
$
|
71.65
|
|
|
$
|
42.45
|
|
|
|
|
|
|
|
|
|
||||||||
Performance-based awards granted
|
—
|
|
|
—
|
|
|
39,978
|
|
|
91,768
|
|
||||
Weighted-average fair value
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
76.63
|
|
|
$
|
47.00
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
June 30,
2017 |
|
June 30,
2016 |
|
June 30,
2017 |
|
June 30,
2016 |
||||
Risk free interest rate
|
—
|
%
|
|
1.2
|
%
|
|
1.9
|
%
|
|
1.2
|
%
|
Expected life (in years)
|
0
|
|
|
5
|
|
|
5
|
|
|
5
|
|
Expected volatility
|
—
|
%
|
|
32
|
%
|
|
29
|
%
|
|
32
|
%
|
|
Awards
|
|
Weighted-
Average
Exercise
Price
|
|
Weighted-
Average
Remaining
Contractual Term (In years)
|
|
Aggregate
Intrinsic
Value
(In thousands)
|
|||||
Outstanding at December 31, 2016
|
2,439,487
|
|
|
$
|
52.62
|
|
|
|
|
|
||
Granted
|
443,731
|
|
|
71.65
|
|
|
|
|
|
|||
Exercised
|
(468,600
|
)
|
|
42.48
|
|
|
|
|
|
|||
Forfeited
|
(87,445
|
)
|
|
68.93
|
|
|
|
|
|
|||
Outstanding at June 30, 2017
|
2,327,173
|
|
|
57.68
|
|
|
6.6
|
|
$
|
17,651
|
|
|
Exercisable at June 30, 2017
|
1,398,502
|
|
|
$
|
56.84
|
|
|
5.0
|
|
$
|
11,783
|
|
|
Awards
|
|
Weighted-
Average
Fair
Value
|
|||
Unvested at December 31, 2016
|
257,096
|
|
|
$
|
57.47
|
|
Granted
|
98,680
|
|
|
71.65
|
|
|
Vested
|
(43,169
|
)
|
|
85.17
|
|
|
Forfeited
|
(12,449
|
)
|
|
53.91
|
|
|
Unvested at June 30, 2017
|
300,158
|
|
|
$
|
58.29
|
|
|
Awards
|
|
Weighted-
Average
Fair
Value
|
|||
Unvested at December 31, 2016
|
149,320
|
|
|
$
|
60.36
|
|
Granted
|
39,978
|
|
|
76.63
|
|
|
Vested
|
—
|
|
|
—
|
|
|
Forfeited
|
(36,162
|
)
|
|
79.64
|
|
|
Unvested at June 30, 2017
|
153,136
|
|
|
$
|
60.05
|
|
|
Six Months Ended
|
||||||
|
June 30,
2017 |
|
June 30,
2016 |
||||
Grant date share price
|
$
|
71.65
|
|
|
$
|
42.44
|
|
WESCO expected volatility
|
29
|
%
|
|
26
|
%
|
||
Peer group median volatility
|
24
|
%
|
|
24
|
%
|
||
Risk-free interest rate
|
1.5
|
%
|
|
0.9
|
%
|
||
Correlation of peer company returns
|
114
|
%
|
|
122
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
(In thousands, except per share data)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net income attributable to WESCO International, Inc.
|
$
|
49,510
|
|
|
$
|
49,798
|
|
|
$
|
87,238
|
|
|
$
|
85,852
|
|
Weighted-average common shares outstanding used in computing basic earnings per share
|
48,294
|
|
|
42,238
|
|
|
48,499
|
|
|
42,224
|
|
||||
Common shares issuable upon exercise of dilutive equity awards
|
482
|
|
|
569
|
|
|
582
|
|
|
494
|
|
||||
Common shares issuable from contingently convertible debentures (see below for basis of calculation)
|
—
|
|
|
5,820
|
|
|
—
|
|
|
5,120
|
|
||||
Weighted-average common shares outstanding and common share equivalents used in computing diluted earnings per share
|
48,776
|
|
|
48,627
|
|
|
49,081
|
|
|
47,838
|
|
||||
Earnings per share attributable to WESCO International, Inc.
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
1.03
|
|
|
$
|
1.18
|
|
|
$
|
1.80
|
|
|
$
|
2.03
|
|
Diluted
|
$
|
1.02
|
|
|
$
|
1.02
|
|
|
$
|
1.78
|
|
|
$
|
1.79
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
(In thousands of dollars)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Service cost
|
$
|
1,049
|
|
|
$
|
990
|
|
|
$
|
2,116
|
|
|
$
|
1,913
|
|
Interest cost
|
945
|
|
|
993
|
|
|
1,907
|
|
|
1,918
|
|
||||
Expected return on plan assets
|
(1,343
|
)
|
|
(1,372
|
)
|
|
(2,711
|
)
|
|
(2,651
|
)
|
||||
Recognized actuarial gain
|
(48
|
)
|
|
(11
|
)
|
|
(97
|
)
|
|
(20
|
)
|
||||
Net periodic benefit cost
|
$
|
603
|
|
|
$
|
600
|
|
|
$
|
1,215
|
|
|
$
|
1,160
|
|
|
Condensed Consolidating Balance Sheet
|
||||||||||||||||||
|
June 30, 2017
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
(In thousands of dollars)
|
WESCO
International,
Inc.
|
|
WESCO
Distribution,
Inc.
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating
and
Eliminating
Entries
|
|
Consolidated
|
||||||||||
Cash and cash equivalents
|
$
|
—
|
|
|
$
|
36,138
|
|
|
$
|
51,661
|
|
|
$
|
—
|
|
|
$
|
87,799
|
|
Trade accounts receivable, net
|
—
|
|
|
—
|
|
|
1,144,978
|
|
|
—
|
|
|
1,144,978
|
|
|||||
Inventories
|
—
|
|
|
379,826
|
|
|
486,475
|
|
|
—
|
|
|
866,301
|
|
|||||
Prepaid expenses and other current assets
|
13,652
|
|
|
24,311
|
|
|
212,335
|
|
|
(43,831
|
)
|
|
206,467
|
|
|||||
Total current assets
|
13,652
|
|
|
440,275
|
|
|
1,895,449
|
|
|
(43,831
|
)
|
|
2,305,545
|
|
|||||
Intercompany receivables, net
|
—
|
|
|
—
|
|
|
2,118,924
|
|
|
(2,118,924
|
)
|
|
—
|
|
|||||
Property, buildings and equipment, net
|
—
|
|
|
49,797
|
|
|
105,406
|
|
|
—
|
|
|
155,203
|
|
|||||
Intangible assets, net
|
—
|
|
|
3,094
|
|
|
377,332
|
|
|
—
|
|
|
380,426
|
|
|||||
Goodwill
|
—
|
|
|
244,648
|
|
|
1,496,892
|
|
|
—
|
|
|
1,741,540
|
|
|||||
Investments in affiliates
|
3,717,402
|
|
|
4,139,039
|
|
|
—
|
|
|
(7,856,441
|
)
|
|
—
|
|
|||||
Other assets
|
—
|
|
|
18,615
|
|
|
22,342
|
|
|
|
|
|
40,957
|
|
|||||
Total assets
|
$
|
3,731,054
|
|
|
$
|
4,895,468
|
|
|
$
|
6,016,345
|
|
|
$
|
(10,019,196
|
)
|
|
$
|
4,623,671
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable
|
$
|
—
|
|
|
$
|
413,605
|
|
|
$
|
355,392
|
|
|
$
|
—
|
|
|
$
|
768,997
|
|
Short-term debt
|
—
|
|
|
—
|
|
|
23,972
|
|
|
—
|
|
|
23,972
|
|
|||||
Other current liabilities
|
—
|
|
|
39,699
|
|
|
175,569
|
|
|
(43,831
|
)
|
|
171,437
|
|
|||||
Total current liabilities
|
—
|
|
|
453,304
|
|
|
554,933
|
|
|
(43,831
|
)
|
|
964,406
|
|
|||||
Intercompany payables, net
|
1,620,034
|
|
|
498,890
|
|
|
—
|
|
|
(2,118,924
|
)
|
|
—
|
|
|||||
Long-term debt, net
|
—
|
|
|
958,697
|
|
|
375,845
|
|
|
—
|
|
|
1,334,542
|
|
|||||
Other noncurrent liabilities
|
12,741
|
|
|
49,577
|
|
|
167,299
|
|
|
—
|
|
|
229,617
|
|
|||||
Total WESCO International, Inc. stockholders' equity
|
2,098,279
|
|
|
2,935,000
|
|
|
4,921,441
|
|
|
(7,856,441
|
)
|
|
2,098,279
|
|
|||||
Noncontrolling interests
|
—
|
|
|
—
|
|
|
(3,173
|
)
|
|
—
|
|
|
(3,173
|
)
|
|||||
Total liabilities and stockholders’ equity
|
$
|
3,731,054
|
|
|
$
|
4,895,468
|
|
|
$
|
6,016,345
|
|
|
$
|
(10,019,196
|
)
|
|
$
|
4,623,671
|
|
|
Condensed Consolidating Balance Sheet
|
||||||||||||||||||
|
December 31, 2016
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
(In thousands of dollars)
|
WESCO
International,
Inc.
|
|
WESCO
Distribution,
Inc.
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating
and
Eliminating
Entries
|
|
Consolidated
|
||||||||||
Cash and cash equivalents
|
$
|
—
|
|
|
$
|
41,552
|
|
|
$
|
68,579
|
|
|
$
|
—
|
|
|
$
|
110,131
|
|
Trade accounts receivable, net
|
—
|
|
|
—
|
|
|
1,034,402
|
|
|
—
|
|
|
1,034,402
|
|
|||||
Inventories
|
—
|
|
|
364,562
|
|
|
456,879
|
|
|
—
|
|
|
821,441
|
|
|||||
Prepaid expenses and other current assets
|
13,647
|
|
|
24,214
|
|
|
225,412
|
|
|
(56,790
|
)
|
|
206,483
|
|
|||||
Total current assets
|
13,647
|
|
|
430,328
|
|
|
1,785,272
|
|
|
(56,790
|
)
|
|
2,172,457
|
|
|||||
Intercompany receivables, net
|
—
|
|
|
—
|
|
|
2,056,783
|
|
|
(2,056,783
|
)
|
|
—
|
|
|||||
Property, buildings and equipment, net
|
—
|
|
|
51,824
|
|
|
105,783
|
|
|
—
|
|
|
157,607
|
|
|||||
Intangible assets, net
|
—
|
|
|
3,417
|
|
|
389,945
|
|
|
—
|
|
|
393,362
|
|
|||||
Goodwill
|
—
|
|
|
244,648
|
|
|
1,476,066
|
|
|
—
|
|
|
1,720,714
|
|
|||||
Investments in affiliates
|
3,584,857
|
|
|
4,018,661
|
|
|
—
|
|
|
(7,603,518
|
)
|
|
—
|
|
|||||
Other assets
|
—
|
|
|
23,846
|
|
|
22,998
|
|
|
—
|
|
|
46,844
|
|
|||||
Total assets
|
$
|
3,598,504
|
|
|
$
|
4,772,724
|
|
|
$
|
5,836,847
|
|
|
$
|
(9,717,091
|
)
|
|
$
|
4,490,984
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable
|
$
|
—
|
|
|
$
|
381,795
|
|
|
$
|
302,926
|
|
|
$
|
—
|
|
|
$
|
684,721
|
|
Short-term debt
|
—
|
|
|
—
|
|
|
20,920
|
|
|
—
|
|
|
20,920
|
|
|||||
Other current liabilities
|
—
|
|
|
53,458
|
|
|
194,488
|
|
|
(56,790
|
)
|
|
191,156
|
|
|||||
Total current liabilities
|
—
|
|
|
435,253
|
|
|
518,334
|
|
|
(56,790
|
)
|
|
896,797
|
|
|||||
Intercompany payables, net
|
1,572,486
|
|
|
484,297
|
|
|
—
|
|
|
(2,056,783
|
)
|
|
—
|
|
|||||
Long-term debt, net
|
—
|
|
|
983,449
|
|
|
379,686
|
|
|
—
|
|
|
1,363,135
|
|
|||||
Other noncurrent liabilities
|
12,737
|
|
|
46,476
|
|
|
161,827
|
|
|
—
|
|
|
221,040
|
|
|||||
Total WESCO International, Inc. stockholders' equity
|
2,013,281
|
|
|
2,823,249
|
|
|
4,780,269
|
|
|
(7,603,518
|
)
|
|
2,013,281
|
|
|||||
Noncontrolling interests
|
—
|
|
|
—
|
|
|
(3,269
|
)
|
|
—
|
|
|
(3,269
|
)
|
|||||
Total liabilities and stockholders’ equity
|
$
|
3,598,504
|
|
|
$
|
4,772,724
|
|
|
$
|
5,836,847
|
|
|
$
|
(9,717,091
|
)
|
|
$
|
4,490,984
|
|
|
Condensed Consolidating Statement of Income and Comprehensive Income
|
||||||||||||||||||
|
Three Months Ended
|
||||||||||||||||||
|
June 30, 2017
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
(In thousands of dollars)
|
WESCO
International,
Inc.
|
|
WESCO
Distribution,
Inc.
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating
and
Eliminating
Entries
|
|
Consolidated
|
||||||||||
Net sales
|
$
|
—
|
|
|
$
|
843,518
|
|
|
$
|
1,100,661
|
|
|
$
|
(34,555
|
)
|
|
$
|
1,909,624
|
|
Cost of goods sold (excluding depreciation and
|
|
|
|
|
|
|
|
|
|
||||||||||
amortization)
|
—
|
|
|
683,064
|
|
|
895,001
|
|
|
(34,555
|
)
|
|
1,543,510
|
|
|||||
Selling, general and administrative expenses
|
—
|
|
|
134,730
|
|
|
132,558
|
|
|
—
|
|
|
267,288
|
|
|||||
Depreciation and amortization
|
—
|
|
|
4,583
|
|
|
11,138
|
|
|
—
|
|
|
15,721
|
|
|||||
Results of affiliates’ operations
|
49,535
|
|
|
40,753
|
|
|
—
|
|
|
(90,288
|
)
|
|
—
|
|
|||||
Interest expense (income), net
|
—
|
|
|
28,518
|
|
|
(11,702
|
)
|
|
—
|
|
|
16,816
|
|
|||||
Income tax (benefit) expense
|
—
|
|
|
(1,862
|
)
|
|
18,616
|
|
|
—
|
|
|
16,754
|
|
|||||
Net income
|
49,535
|
|
|
35,238
|
|
|
55,050
|
|
|
(90,288
|
)
|
|
49,535
|
|
|||||
Net income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
25
|
|
|
—
|
|
|
25
|
|
|||||
Net income attributable to WESCO International, Inc.
|
$
|
49,535
|
|
|
$
|
35,238
|
|
|
$
|
55,025
|
|
|
$
|
(90,288
|
)
|
|
$
|
49,510
|
|
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign currency translation adjustments
|
33,381
|
|
|
33,381
|
|
|
33,381
|
|
|
(66,762
|
)
|
|
33,381
|
|
|||||
Comprehensive income attributable to WESCO International, Inc.
|
$
|
82,916
|
|
|
$
|
68,619
|
|
|
$
|
88,406
|
|
|
$
|
(157,050
|
)
|
|
$
|
82,891
|
|
|
Condensed Consolidating Statement of Income and Comprehensive Income
|
||||||||||||||||||
|
Three Months Ended
|
||||||||||||||||||
|
June 30, 2016
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
(In thousands of dollars)
|
WESCO
International,
Inc.
|
|
WESCO
Distribution,
Inc.
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating
and
Eliminating
Entries
|
|
Consolidated
|
||||||||||
Net sales
|
$
|
—
|
|
|
$
|
853,028
|
|
|
$
|
1,087,050
|
|
|
$
|
(28,496
|
)
|
|
$
|
1,911,582
|
|
Cost of goods sold (excluding depreciation and
|
|
|
|
|
|
|
|
|
|
||||||||||
amortization)
|
—
|
|
|
682,808
|
|
|
877,801
|
|
|
(28,496
|
)
|
|
1,532,113
|
|
|||||
Selling, general and administrative expenses
|
11
|
|
|
142,942
|
|
|
131,570
|
|
|
—
|
|
|
274,523
|
|
|||||
Depreciation and amortization
|
—
|
|
|
5,098
|
|
|
11,861
|
|
|
—
|
|
|
16,959
|
|
|||||
Results of affiliates’ operations
|
54,511
|
|
|
42,518
|
|
|
—
|
|
|
(97,029
|
)
|
|
—
|
|
|||||
Interest expense (income), net
|
6,333
|
|
|
20,845
|
|
|
(7,726
|
)
|
|
—
|
|
|
19,452
|
|
|||||
Income tax (benefit) expense
|
(1,685
|
)
|
|
(1,108
|
)
|
|
21,476
|
|
|
—
|
|
|
18,683
|
|
|||||
Net income
|
49,852
|
|
|
44,961
|
|
|
52,068
|
|
|
(97,029
|
)
|
|
49,852
|
|
|||||
Net income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
54
|
|
|
—
|
|
|
54
|
|
|||||
Net income attributable to WESCO International, Inc.
|
$
|
49,852
|
|
|
$
|
44,961
|
|
|
$
|
52,014
|
|
|
$
|
(97,029
|
)
|
|
$
|
49,798
|
|
Other comprehensive loss:
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign currency translation adjustments
|
(1,765
|
)
|
|
(1,765
|
)
|
|
(1,765
|
)
|
|
3,530
|
|
|
(1,765
|
)
|
|||||
Comprehensive income attributable to WESCO International, Inc.
|
$
|
48,087
|
|
|
$
|
43,196
|
|
|
$
|
50,249
|
|
|
$
|
(93,499
|
)
|
|
$
|
48,033
|
|
|
Condensed Consolidating Statement of Income and Comprehensive Income
|
||||||||||||||||||
|
Six Months Ended
|
||||||||||||||||||
|
June 30, 2017
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
(In thousands of dollars)
|
WESCO
International,
Inc.
|
|
WESCO
Distribution,
Inc.
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating
and
Eliminating
Entries
|
|
Consolidated
|
||||||||||
Net sales
|
$
|
—
|
|
|
$
|
1,622,129
|
|
|
$
|
2,120,315
|
|
|
$
|
(60,229
|
)
|
|
$
|
3,682,215
|
|
Cost of goods sold (excluding depreciation and
|
|
|
|
|
|
|
|
|
|
||||||||||
amortization)
|
—
|
|
|
1,304,812
|
|
|
1,721,500
|
|
|
(60,229
|
)
|
|
2,966,083
|
|
|||||
Selling, general and administrative expenses
|
—
|
|
|
269,986
|
|
|
264,266
|
|
|
—
|
|
|
534,252
|
|
|||||
Depreciation and amortization
|
—
|
|
|
9,336
|
|
|
22,350
|
|
|
—
|
|
|
31,686
|
|
|||||
Results of affiliates’ operations
|
87,334
|
|
|
75,181
|
|
|
—
|
|
|
(162,515
|
)
|
|
—
|
|
|||||
Interest expense (income), net
|
—
|
|
|
49,525
|
|
|
(15,988
|
)
|
|
—
|
|
|
33,537
|
|
|||||
Income tax (benefit) expense
|
—
|
|
|
(2,898
|
)
|
|
32,221
|
|
|
—
|
|
|
29,323
|
|
|||||
Net income
|
87,334
|
|
|
66,549
|
|
|
95,966
|
|
|
(162,515
|
)
|
|
87,334
|
|
|||||
Net income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
96
|
|
|
—
|
|
|
96
|
|
|||||
Net income attributable to WESCO International, Inc.
|
$
|
87,334
|
|
|
$
|
66,549
|
|
|
$
|
95,870
|
|
|
$
|
(162,515
|
)
|
|
$
|
87,238
|
|
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Foreign currency translation adjustments
|
44,949
|
|
|
44,949
|
|
|
44,949
|
|
|
(89,898
|
)
|
|
44,949
|
|
|||||
Post retirement benefit plan adjustment
|
252
|
|
|
252
|
|
|
252
|
|
|
(504
|
)
|
|
252
|
|
|||||
Comprehensive income attributable to WESCO International, Inc.
|
$
|
132,535
|
|
|
$
|
111,750
|
|
|
$
|
141,071
|
|
|
$
|
(252,917
|
)
|
|
$
|
132,439
|
|
|
Condensed Consolidating Statement of Income and Comprehensive Income
|
||||||||||||||||||
|
Six Months Ended
|
||||||||||||||||||
|
June 30, 2016
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
(In thousands of dollars)
|
WESCO
International,
Inc.
|
|
WESCO
Distribution,
Inc.
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating
and
Eliminating
Entries
|
|
Consolidated
|
||||||||||
Net sales
|
$
|
—
|
|
|
$
|
1,653,518
|
|
|
$
|
2,087,095
|
|
|
$
|
(53,070
|
)
|
|
$
|
3,687,543
|
|
Cost of goods sold (excluding depreciation and
|
|
|
|
|
|
|
|
|
|
||||||||||
amortization)
|
—
|
|
|
1,322,481
|
|
|
1,683,495
|
|
|
(53,070
|
)
|
|
2,952,906
|
|
|||||
Selling, general and administrative expenses
|
(366
|
)
|
|
223,149
|
|
|
321,026
|
|
|
—
|
|
|
543,809
|
|
|||||
Depreciation and amortization
|
—
|
|
|
10,203
|
|
|
23,129
|
|
|
—
|
|
|
33,332
|
|
|||||
Results of affiliates’ operations
|
92,970
|
|
|
33,834
|
|
|
—
|
|
|
(126,804
|
)
|
|
—
|
|
|||||
Interest expense (income), net
|
12,651
|
|
|
39,704
|
|
|
(14,074
|
)
|
|
—
|
|
|
38,281
|
|
|||||
Income tax (benefit) expense
|
(3,702
|
)
|
|
16,939
|
|
|
21,591
|
|
|
—
|
|
|
34,828
|
|
|||||
Net income
|
84,387
|
|
|
74,876
|
|
|
51,928
|
|
|
(126,804
|
)
|
|
84,387
|
|
|||||
Net loss attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
(1,465
|
)
|
|
—
|
|
|
(1,465
|
)
|
|||||
Net income attributable to WESCO International, Inc.
|
$
|
84,387
|
|
|
$
|
74,876
|
|
|
$
|
53,393
|
|
|
$
|
(126,804
|
)
|
|
$
|
85,852
|
|
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Foreign currency translation adjustments
|
80,505
|
|
|
80,505
|
|
|
80,505
|
|
|
(161,010
|
)
|
|
80,505
|
|
|||||
Post retirement benefit plan adjustment
|
(16
|
)
|
|
(16
|
)
|
|
(16
|
)
|
|
32
|
|
|
(16
|
)
|
|||||
Comprehensive income attributable to WESCO International, Inc.
|
$
|
164,876
|
|
|
$
|
155,365
|
|
|
$
|
133,882
|
|
|
$
|
(287,782
|
)
|
|
$
|
166,341
|
|
|
Condensed Consolidating Statement of Cash Flows
|
||||||||||||||||||
|
Six Months Ended
|
||||||||||||||||||
|
June 30, 2017
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
(In thousands of dollars)
|
WESCO
International,
Inc.
|
|
WESCO
Distribution,
Inc.
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating
and Eliminating
Entries
|
|
Consolidated
|
||||||||||
Net cash provided by (used in) operating activities
|
$
|
9,117
|
|
|
$
|
73,130
|
|
|
$
|
(15,478
|
)
|
|
$
|
—
|
|
|
$
|
66,769
|
|
Investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
—
|
|
|
(4,259
|
)
|
|
(5,536
|
)
|
|
—
|
|
|
(9,795
|
)
|
|||||
Dividends received from subsidiaries
|
—
|
|
|
33,818
|
|
|
—
|
|
|
(33,818
|
)
|
|
—
|
|
|||||
Other
|
—
|
|
|
(72,761
|
)
|
|
12,322
|
|
|
63,906
|
|
|
3,467
|
|
|||||
Net cash (used in) provided by investing activities
|
—
|
|
|
(43,202
|
)
|
|
6,786
|
|
|
30,088
|
|
|
(6,328
|
)
|
|||||
Financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Borrowings
|
47,548
|
|
|
313,749
|
|
|
442,674
|
|
|
(72,636
|
)
|
|
731,335
|
|
|||||
Repayments
|
—
|
|
|
(348,478
|
)
|
|
(420,847
|
)
|
|
8,730
|
|
|
(760,595
|
)
|
|||||
Repurchases of common stock
|
(56,665
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(56,665
|
)
|
|||||
Dividends paid by subsidiaries
|
—
|
|
|
—
|
|
|
(33,818
|
)
|
|
33,818
|
|
|
—
|
|
|||||
Other
|
—
|
|
|
(613
|
)
|
|
—
|
|
|
—
|
|
|
(613
|
)
|
|||||
Net cash used in financing activities
|
(9,117
|
)
|
|
(35,342
|
)
|
|
(11,991
|
)
|
|
(30,088
|
)
|
|
(86,538
|
)
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
—
|
|
|
—
|
|
|
3,765
|
|
|
—
|
|
|
3,765
|
|
|||||
Net change in cash and cash equivalents
|
—
|
|
|
(5,414
|
)
|
|
(16,918
|
)
|
|
—
|
|
|
(22,332
|
)
|
|||||
Cash and cash equivalents at the beginning of period
|
—
|
|
|
41,552
|
|
|
68,579
|
|
|
—
|
|
|
110,131
|
|
|||||
Cash and cash equivalents at the end of period
|
$
|
—
|
|
|
$
|
36,138
|
|
|
$
|
51,661
|
|
|
$
|
—
|
|
|
$
|
87,799
|
|
|
Condensed Consolidating Statement of Cash Flows
|
||||||||||||||||||
|
Six Months Ended
|
||||||||||||||||||
|
June 30, 2016
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
(In thousands of dollars)
|
WESCO
International,
Inc.
|
|
WESCO
Distribution,
Inc.
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating
and Eliminating
Entries
|
|
Consolidated
|
||||||||||
Net cash (used in) provided by operating activities
|
$
|
(233
|
)
|
|
$
|
(236,891
|
)
|
|
$
|
375,734
|
|
|
$
|
—
|
|
|
$
|
138,610
|
|
Investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
—
|
|
|
(5,507
|
)
|
|
(1,579
|
)
|
|
—
|
|
|
(7,086
|
)
|
|||||
Acquisition payments, net of cash acquired
|
—
|
|
|
(50,946
|
)
|
|
—
|
|
|
—
|
|
|
(50,946
|
)
|
|||||
Dividends received from subsidiaries
|
—
|
|
|
31,234
|
|
|
—
|
|
|
(31,234
|
)
|
|
—
|
|
|||||
Other
|
—
|
|
|
(23,477
|
)
|
|
627
|
|
|
14,747
|
|
|
(8,103
|
)
|
|||||
Net cash used in investing activities
|
—
|
|
|
(48,696
|
)
|
|
(952
|
)
|
|
(16,487
|
)
|
|
(66,135
|
)
|
|||||
Financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Borrowings
|
973
|
|
|
919,017
|
|
|
193,624
|
|
|
(23,477
|
)
|
|
1,090,137
|
|
|||||
Repayments
|
—
|
|
|
(636,747
|
)
|
|
(537,712
|
)
|
|
8,730
|
|
|
(1,165,729
|
)
|
|||||
Dividends paid by subsidiaries
|
—
|
|
|
—
|
|
|
(31,234
|
)
|
|
31,234
|
|
|
—
|
|
|||||
Other
|
(740
|
)
|
|
152
|
|
|
—
|
|
|
—
|
|
|
(588
|
)
|
|||||
Net cash provided by (used in) financing activities
|
233
|
|
|
282,422
|
|
|
(375,322
|
)
|
|
16,487
|
|
|
(76,180
|
)
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
—
|
|
|
—
|
|
|
3,716
|
|
|
—
|
|
|
3,716
|
|
|||||
Net change in cash and cash equivalents
|
—
|
|
|
(3,165
|
)
|
|
3,176
|
|
|
—
|
|
|
11
|
|
|||||
Cash and cash equivalents at the beginning of period
|
—
|
|
|
38,963
|
|
|
121,316
|
|
|
—
|
|
|
160,279
|
|
|||||
Cash and cash equivalents at the end of period
|
$
|
—
|
|
|
$
|
35,798
|
|
|
$
|
124,492
|
|
|
$
|
—
|
|
|
$
|
160,290
|
|
|
Six Months Ended
|
||||||
Free Cash Flow:
|
June 30,
2017 |
|
June 30,
2016 |
||||
|
|
|
|
||||
Cash flow provided by operations
|
$
|
66.8
|
|
|
$
|
138.6
|
|
Less: Capital expenditures
|
(9.8
|
)
|
|
(7.1
|
)
|
||
Free cash flow
|
$
|
57.0
|
|
|
$
|
131.5
|
|
|
Three Months Ended
|
||||
|
June 30,
|
||||
|
2017
|
|
2016
|
||
Net sales
|
100.0
|
%
|
|
100.0
|
%
|
Cost of goods sold (excluding depreciation and amortization)
|
80.8
|
|
|
80.1
|
|
Selling, general and administrative expenses
|
14.0
|
|
|
14.4
|
|
Depreciation and amortization
|
0.8
|
|
|
0.9
|
|
Income from operations
|
4.4
|
|
|
4.6
|
|
Interest expense, net
|
0.9
|
|
|
1.0
|
|
Income before income taxes
|
3.5
|
|
|
3.6
|
|
Provision for income taxes
|
0.9
|
|
|
1.0
|
|
Net income attributable to WESCO International, Inc.
|
2.6
|
%
|
|
2.6
|
%
|
|
Three Months Ended
|
|
Organic Sales Growth:
|
June 30, 2017
|
|
Change in net sales
|
(0.1
|
)%
|
Impact from acquisitions
|
—
|
%
|
Impact from foreign exchange rates
|
(1.1
|
)%
|
Impact from number of workdays
|
—
|
%
|
Organic sales growth
|
1.0
|
%
|
|
Six Months Ended
|
||||
|
June 30,
|
||||
|
2017
|
|
2016
|
||
Net sales
|
100.0
|
%
|
|
100.0
|
%
|
Cost of goods sold (excluding depreciation and amortization)
|
80.6
|
|
|
80.1
|
|
Selling, general and administrative expenses
|
14.5
|
|
|
14.7
|
|
Depreciation and amortization
|
0.8
|
|
|
0.9
|
|
Income from operations
|
4.1
|
|
|
4.3
|
|
Interest expense, net
|
0.9
|
|
|
1.1
|
|
Income before income taxes
|
3.2
|
|
|
3.2
|
|
Provision for income taxes
|
0.8
|
|
|
0.9
|
|
Net income attributable to WESCO International, Inc.
|
2.4
|
%
|
|
2.3
|
%
|
|
Six Months Ended
|
|
Organic Sales Growth:
|
June 30, 2017
|
|
Change in net sales
|
(0.1
|
)%
|
Impact from acquisitions
|
0.4
|
%
|
Impact from foreign exchange rates
|
(0.2
|
)%
|
Impact from number of workdays
|
—
|
%
|
Organic sales growth
|
(0.3
|
)%
|
|
Twelve months ended
|
||||||
Financial Leverage:
|
June 30,
2017 |
|
December 31,
2016 |
||||
|
(In millions of dollars, except ratio)
|
||||||
Income from operations
|
$
|
324.8
|
|
|
$
|
332.0
|
|
Depreciation and amortization
|
65.2
|
|
|
66.9
|
|
||
EBITDA
|
$
|
390.0
|
|
|
$
|
398.9
|
|
|
|
|
|
||||
|
June 30,
2017 |
|
December 31,
2016 |
||||
Current debt and short-term borrowings
|
$
|
25.2
|
|
|
$
|
22.1
|
|
Long-term debt
|
1,334.5
|
|
|
1,363.1
|
|
||
Debt discount and deferred financing fees
(1)
|
15.3
|
|
|
17.3
|
|
||
Total debt
|
$
|
1,375.0
|
|
|
$
|
1,402.5
|
|
|
|
|
|
||||
Financial leverage ratio based on total debt
|
3.5
|
|
|
3.5
|
|
(1)
|
Long-term debt is presented in the condensed consolidated balance sheets net of deferred financing fees and debt discount.
|
Period
|
|
Total Number of Shares Purchased
(2)
|
|
Average Price Paid Per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
(1)
|
|
Approximate Dollar Value of Shares That May Yet be Purchased Under the Plans or Program
(1)
|
||||||
|
|
|
|
|
|
(In Millions)
|
||||||||
April 1 – April 30, 2017
|
|
1,730
|
|
|
$
|
69.26
|
|
|
—
|
|
|
$
|
150.0
|
|
May 1 – May 31, 2017
|
|
804,308
|
|
|
$
|
62.17
|
|
|
804,291
|
|
|
$
|
100.0
|
|
June 1 – June 30, 2017
|
|
303
|
|
|
$
|
58.21
|
|
|
—
|
|
|
$
|
100.0
|
|
Total
|
|
806,341
|
|
|
$
|
62.18
|
|
|
804,291
|
|
|
|
(1)
|
On December 17, 2014, WESCO announced that its Board of Directors approved, on December 11, 2014, the repurchase of up to $300 million of the Company's common stock through December 31, 2017.
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(2)
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There were 2,050 shares purchased in the period that were not part of the publicly announced share repurchase program. These shares were surrendered by stock-based compensation plan participants to satisfy tax withholding obligations arising from the exercise of stock-settled stock appreciation rights.
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WESCO International, Inc.
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(Registrant)
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August 4, 2017
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By:
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/s/ David S. Schulz
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(Date)
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David S. Schulz
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Senior Vice President and Chief Financial Officer
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