Company Quick10K Filing
WESCO
Price46.83 EPS5
Shares44 P/E9
MCap2,056 P/FCF18
Net Debt1,209 EBIT327
TEV3,264 TEV/EBIT10
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-17
10-Q 2020-03-31 Filed 2020-05-01
10-K 2019-12-31 Filed 2020-02-24
10-Q 2019-09-30 Filed 2019-11-01
10-Q 2019-06-30 Filed 2019-08-02
10-Q 2019-03-31 Filed 2019-05-03
10-K 2018-12-31 Filed 2019-02-27
10-Q 2018-09-30 Filed 2018-11-02
10-Q 2018-06-30 Filed 2018-08-03
10-Q 2018-03-31 Filed 2018-05-04
10-K 2017-12-31 Filed 2018-02-22
10-Q 2017-09-30 Filed 2017-11-03
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-05
10-K 2016-12-31 Filed 2017-02-22
10-Q 2016-09-30 Filed 2016-11-04
10-Q 2016-06-30 Filed 2016-08-08
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-22
10-Q 2015-09-30 Filed 2015-10-30
10-Q 2015-06-30 Filed 2015-07-31
10-Q 2015-03-31 Filed 2015-05-04
10-K 2014-12-31 Filed 2015-02-24
10-Q 2014-09-30 Filed 2014-11-03
10-Q 2014-06-30 Filed 2014-08-04
10-Q 2014-03-31 Filed 2014-05-06
10-K 2013-12-31 Filed 2014-02-21
10-Q 2013-09-30 Filed 2013-10-29
10-Q 2013-06-30 Filed 2013-08-07
10-Q 2013-03-31 Filed 2013-05-06
10-K 2012-12-31 Filed 2013-03-01
10-Q 2012-09-30 Filed 2012-11-01
10-Q 2012-06-30 Filed 2012-08-02
10-Q 2012-03-31 Filed 2012-05-03
10-K 2011-12-31 Filed 2012-02-22
10-Q 2011-09-30 Filed 2011-11-01
10-Q 2011-06-30 Filed 2011-08-03
10-Q 2011-03-31 Filed 2011-05-03
10-K 2010-12-31 Filed 2011-02-25
10-Q 2010-09-30 Filed 2010-11-02
10-Q 2010-06-30 Filed 2010-08-04
10-Q 2010-03-31 Filed 2010-05-06
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-08-13 Earnings, Regulation FD, Exhibits
8-K 2020-08-06 Regulation FD, Exhibits
8-K 2020-07-24 Other Events, Exhibits
8-K 2020-07-17 Enter Agreement, Shareholder Rights, Shareholder Rights, Amend Bylaw, Other Events, Exhibits
8-K 2020-06-23
8-K 2020-06-22
8-K 2020-06-22
8-K 2020-06-22
8-K 2020-06-16
8-K 2020-06-12
8-K 2020-06-01
8-K 2020-05-29
8-K 2020-05-29
8-K 2020-05-28
8-K 2020-05-26
8-K 2020-05-14
8-K 2020-04-30
8-K 2020-04-30
8-K 2020-04-09
8-K 2020-03-18
8-K 2020-03-11
8-K 2020-03-09
8-K 2020-03-03
8-K 2020-02-28
8-K 2020-01-30
8-K 2020-01-10
8-K 2020-01-09
8-K 2020-01-03
8-K 2019-12-26
8-K 2019-12-26
8-K 2019-10-31
8-K 2019-10-01
8-K 2019-09-30
8-K 2019-09-30
8-K 2019-08-01
8-K 2019-06-13
8-K 2019-05-31
8-K 2019-05-02
8-K 2019-02-19
8-K 2019-01-31
8-K 2018-11-01
8-K 2018-08-02
8-K 2018-08-02
8-K 2018-06-11
8-K 2018-06-01
8-K 2018-05-23
8-K 2018-04-26
8-K 2018-03-07
8-K 2018-02-01

WCC 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risks.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 6. Exhibits.
EX-10.1 wcc-2q20ex101.htm
EX-10.2 wcc-2q20ex102.htm
EX-10.3 wcc-2q20ex103.htm
EX-10.4 wcc-2q20ex104.htm
EX-31.1 wcc-2q20ex311.htm
EX-31.2 wcc-2q20ex312.htm
EX-32.1 wcc-2q20ex321.htm
EX-32.2 wcc-2q20ex322.htm

WESCO Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
2.21.81.30.90.40.02012201420172020
Rev, G Profit, Net Income
1.00.60.2-0.3-0.7-1.12012201420172020
Ops, Inv, Fin

wcc-20200630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                     to                     

Commission File Number: 001-14989
WESCO International, Inc.
(Exact name of registrant as specified in its charter)
Delaware 25-1723342
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
225 West Station Square Drive
Suite 700
 15219
Pittsburgh,Pennsylvania(Zip Code)
(Address of principal executive offices)
(412) 454-2200
(Registrant's telephone number, including area code)
Not applicable.
(Former name, former address and former fiscal year, if changed since last report)
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
Title of ClassTrading Symbol(s)Name of Exchange on which registered
Common Stock, par value $.01 per shareWCCNew York Stock Exchange
Depositary Shares, each representing a 1/1,00th interest in a share of Series A Fixed-Rate Reset Cumulative Perpetual Preferred StockWCC PR ANew York Stock Exchange
Preferred Share Purchase RightsN/ANew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for at least the past 90 days.     Yes No
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
As of August 14, 2020, 50,042,547 shares of common stock, $0.01 par value, of the registrant were outstanding.



WESCO INTERNATIONAL, INC. AND SUBSIDIARIES

QUARTERLY REPORT ON FORM 10-Q

Table of Contents
 Page
PART I—FINANCIAL INFORMATION 
 
PART II—OTHER INFORMATION
 


1


WESCO INTERNATIONAL, INC. AND SUBSIDIARIES

PART I—FINANCIAL INFORMATION
Item 1. Financial Statements.
The interim financial information required by this item is set forth in the unaudited Condensed Consolidated Financial Statements and Notes thereto in this Quarterly Report on Form 10-Q, as follows:
Page

2


WESCO INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of dollars, except share data)
(unaudited)
As of
AssetsJune 30,
2020
December 31,
2019
Current assets:  
Cash and cash equivalents$265,222  $150,902  
Trade accounts receivable, net of allowance for expected credit losses of $24,590 and $25,443 in 2020 and 2019, respectively
2,454,262  1,187,359  
Other accounts receivable192,799  98,029  
Inventories2,368,827  1,011,674  
Prepaid expenses and other current assets157,276  92,447  
Total current assets5,438,386  2,540,411  
Property, buildings and equipment, net of accumulated depreciation of $278,916 and $268,415 in 2020 and 2019, respectively
403,072  181,448  
Operating lease assets 549,762  235,834  
Intangible assets, net (Note 5)
2,095,480  287,275  
Goodwill3,107,256  1,759,040  
Other assets138,058  13,627  
    Total assets$11,732,014  $5,017,635  
Liabilities and Stockholders’ Equity  
Current liabilities:  
Accounts payable$1,660,094  $830,478  
Accrued payroll and benefit costs119,725  49,508  
Short-term debt and current portion of long-term debt27,696  26,685  
Other current liabilities 494,211  177,388  
Total current liabilities2,301,726  1,084,059  
Long-term debt, net of debt discount and debt issuance costs of $96,322 and $8,876
 in 2020 and 2019, respectively
5,068,549  1,257,067  
Operating lease liabilities430,273  179,830  
Deferred income taxes537,557  146,617  
Other noncurrent liabilities293,508  91,391  
    Total liabilities$8,631,613  $2,758,964  
Commitments and contingencies (Note 12)
Stockholders’ equity:  
Preferred stock, $.01 par value; 20,000,000 shares authorized, no shares issued or outstanding
    
Preferred stock, Series A, $.01 par value; 25,000 shares authorized, 21,612 shares issued and outstanding in 2020 (Note 9)
    
Common stock, $.01 par value; 210,000,000 shares authorized, 67,562,199 and 59,308,018 shares issued and 50,042,436 and 41,797,093 shares outstanding in 2020 and 2019, respectively
676  593  
Class B nonvoting convertible common stock, $.01 par value; 20,000,000 shares authorized, 4,339,431 issued and no shares outstanding in 2020 and 2019, respectively
43  43  
Additional capital1,933,241  1,039,347  
Retained earnings2,529,842  2,530,429  
Treasury stock, at cost; 21,859,194 and 21,850,356 shares in 2020 and 2019, respectively
(937,515) (937,157) 
Accumulated other comprehensive loss(418,889) (367,772) 
Total WESCO International, Inc. stockholders' equity3,107,398  2,265,483  
Noncontrolling interests(6,997) (6,812) 
    Total stockholders’ equity3,100,401  2,258,671  
    Total liabilities and stockholders’ equity$11,732,014  $5,017,635  
The accompanying notes are an integral part of the condensed consolidated financial statements.
3


WESCO INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) INCOME AND COMPREHENSIVE INCOME (LOSS)
(In thousands of dollars, except per share data)
(unaudited)
 Three Months EndedSix Months Ended
June 30June 30
2020201920202019
Net sales (Note 3)$2,086,706  $2,150,088  $4,055,353  $4,111,355  
Cost of goods sold (excluding depreciation and amortization)1,692,931  1,741,114  3,285,179  3,319,886  
Selling, general and administrative expenses359,750  295,842  659,143  592,370  
Depreciation and amortization18,755  15,182  34,848  30,424  
Income from operations15,270  97,950  76,183  168,675  
Net interest and other60,583  17,307  77,055  34,427  
(Loss) income before income taxes(45,313) 80,643  (872) 134,248  
Income tax (benefit) expense(10,854) 17,428  (587) 29,084  
Net (loss) income(34,459) 63,215  (285) 105,164  
Less: Net income (loss) attributable to noncontrolling interests
47  (249) (185) (668) 
Net (loss) income attributable to WESCO International, Inc.(34,506) 63,464  (100) 105,832  
Less: Preferred stock dividends1,276    1,276    
Net (loss) income attributable to common stockholders$(35,782) $63,464  $(1,376) $105,832  
Other comprehensive income (loss):
Foreign currency translation adjustments42,734  20,244  (51,117) 42,763  
Comprehensive income (loss) attributable to common stockholders
$6,952  $83,708  $(52,493) $148,595  
(Loss) earnings per share attributable to common stockholders
Basic$(0.84) $1.46  $(0.03) $2.39  
Diluted$(0.84) $1.45  $(0.03) $2.37  

The accompanying notes are an integral part of the condensed consolidated financial statements.

4


WESCO INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of dollars)
(unaudited)
 Six Months Ended
 June 30
20202019
Operating activities:  
Net (loss) income$(285) $105,164  
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation and amortization34,848  30,424  
  Deferred income taxes1,062  1,983  
Other operating activities, net7,506  11,961  
Changes in assets and liabilities:
Trade accounts receivable, net29,302  (157,387) 
Other accounts receivable20,476  32,150  
Inventories55,431  (39,655) 
Prepaid expenses and other assets(28,078) (7,710) 
Accounts payable(83,085) 62,484  
Accrued payroll and benefit costs1,701  (43,739) 
Other current and noncurrent liabilities93,810  (4,450) 
Net cash provided by (used in) operating activities132,688  (8,775) 
Investing activities:
Capital expenditures(27,163) (21,402) 
Acquisition payments, net of cash acquired (Note 4)(3,708,325) (27,742) 
Other investing activities7,533  (1,155) 
Net cash used in investing activities(3,727,955) (50,299) 
Financing activities:
Repayments of short-term debt, net(10,526) (29,300) 
Proceeds from issuance of long-term debt4,391,782  883,508  
Repayments of long-term debt(580,619) (654,274) 
Repurchases of common stock (Note 7)(2,025) (152,722) 
Debt issuance costs(79,490)   
Other financing activities, net(6,115) 2,803  
Net cash provided by financing activities3,713,007  50,015  
Effect of exchange rate changes on cash and cash equivalents(3,420) (66) 
Net change in cash and cash equivalents114,320  (9,125) 
Cash and cash equivalents at the beginning of period150,902  96,343  
Cash and cash equivalents at the end of period$265,222  $87,218  
Supplemental disclosures:
Cash paid for interest$29,828  $32,787  
Cash paid for income taxes$9,894  $35,329  
Right-of-use assets obtained in exchange for new operating lease liabilities$73,137  $26,731  

The accompanying notes are an integral part of the condensed consolidated financial statements.
5

WESCO INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands of dollars, except shares)
(unaudited)
Accumulated Other
   Class BSeries A Retained  Comprehensive
 Common StockCommon StockPreferred StockAdditionalEarningsTreasury StockNoncontrollingIncome
AmountSharesAmountSharesAmountSharesCapital(Deficit)AmountSharesInterests(Loss)
Balance, December 31, 2019$593  59,308,018  $43  4,339,431  $    $1,039,347  $2,530,429  $(937,157) (21,850,356) $(6,812) $(367,772) 
Exercise of stock-based awards
1  105,620  (39) 79  2,020  
Stock-based compensation expense
4,626  
Tax withholding related to vesting of restricted stock units and retirement of common stock
  (31,680) (2,297) 761  
Noncontrolling interests(232) 
Net income attributable to WESCO
34,407  
Translation adjustments(93,851) 
Balance, March 31, 2020$594  59,381,958  $43  4,339,431  $    $1,041,637  $2,565,597  $(937,078) (21,848,336) $(7,044) $(461,623) 
Exercise of stock-based awards
  30,665    (437) (10,858) 
Stock-based compensation expense
4,901  
Tax withholding related to vesting of restricted stock units and retirement of common stock
  (652) (37) 27  
Capital stock issuance82  8,150,228    21,612  886,740  
Noncontrolling interests47  
Net loss attributable to WESCO
(34,506) 
Preferred stock dividends(1,276) 
Translation adjustments42,734  
Balance, June 30, 2020$676  67,562,199  $43  4,339,431  $  21,612  $1,933,241  $2,529,842  $(937,515) (21,859,194) $(6,997) $(418,889) 

The accompanying notes are an integral part of the condensed consolidated financial statements.


6

WESCO INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands of dollars, except shares)
(unaudited)
Accumulated Other
   Class BSeries A Retained  Comprehensive
 Common StockCommon StockPreferred StockAdditionalEarningsTreasury StockNoncontrollingIncome
AmountSharesAmountSharesAmountSharesCapital(Deficit)AmountSharesInterests(Loss)
Balance, December 31, 2018$592  59,157,696  $43  4,339,431  $    $993,666  $2,307,462  $(758,018) (18,391,042) $(5,584) $(408,435) 
Exercise of stock-based awards
1  156,760  (90) (54) (184) 
Stock-based compensation expense
4,665  
Repurchases of common stock
19,144  (19,144) (365,272) 
Tax withholding related to vesting of restricted stock units and retirement of common stock
  (42,564) (1,822) (531) 
Noncontrolling interests(419) 
Net income attributable to WESCO
42,369  
Translation adjustments22,517  
Balance, March 31, 2019$593  59,271,892  $43  4,339,431  $    $1,015,563  $2,349,300  $(777,216) (18,756,498) $(6,003) $(385,918) 
Exercise of stock-based awards
  20,831  6  (157) (3,029) 
Stock-based compensation expense
5,150  
Repurchases of common stock
(22,500) (127,500) (2,394,816) 
Tax withholding related to vesting of restricted stock units and retirement of common stock
  (19) (1) 4  
Noncontrolling interests(249) 
Net income attributable to WESCO
63,464  
Translation adjustments20,244  
Balance, June 30, 2019$593  59,292,704  $43  4,339,431  $    $998,218  $2,412,768  $(904,873) (21,154,343) $(6,252) $(365,674) 
The accompanying notes are an integral part of the condensed consolidated financial statements.
7

WESCO INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)


1. ORGANIZATION
WESCO International, Inc. ("WESCO International") and its subsidiaries (collectively, “WESCO” or the "Company"), headquartered in Pittsburgh, Pennsylvania, is a leading provider of business-to-business distribution, logistics services and supply chain solutions.
On June 22, 2020, WESCO completed its previously announced acquisition of Anixter International Inc., a Delaware corporation (“Anixter”). Pursuant to the terms of the Agreement and Plan of Merger, dated as of January 10, 2020 (the “Merger Agreement”), by and among Anixter, WESCO and Warrior Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of WESCO (“Merger Sub”), Merger Sub was merged with and into Anixter (the “Merger”), with Anixter surviving the Merger and continuing as a wholly owned subsidiary of WESCO.
2. ACCOUNTING POLICIES
Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements of WESCO have been prepared in accordance with Rule 10-01 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). The unaudited condensed consolidated financial information should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto included in WESCO’s 2019 Annual Report on Form 10-K as filed with the SEC on February 24, 2020. The Condensed Consolidated Balance Sheet at December 31, 2019 was derived from the audited Consolidated Financial Statements as of that date, but does not include all of the disclosures required by accounting principles generally accepted in the United States of America.
The unaudited Condensed Consolidated Balance Sheet as of June 30, 2020, the unaudited Condensed Consolidated Statements of (Loss) Income and Comprehensive Income (Loss), the unaudited Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended June 30, 2020 and 2019, and the unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019, respectively, in the opinion of management, have been prepared on the same basis as the audited Consolidated Financial Statements and include all adjustments necessary for the fair statement of the results of the interim periods presented herein. All adjustments reflected in the unaudited condensed consolidated financial information are of a normal recurring nature unless indicated. The results for the interim periods presented herein are not necessarily indicative of the results to be expected for the full year.
As described further in Note 14, the Company's reportable segments changed as of the effective date of the Merger. For the quarterly period ended June 30, 2020, Anixter's results of operations beginning on June 22, 2020 are presented herein as a separate reportable segment.
Reclassifications
The Condensed Consolidated Balance Sheet as of December 31, 2019 and the unaudited Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2019 include certain reclassifications to previously reported amounts to conform to the current period presentation.
Recently Adopted Accounting Pronouncements
In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced new guidance for the accounting for credit losses on certain financial instruments. The Company adopted this ASU effective January 1, 2020. The adoption of this new credit loss guidance did not have a material impact on the unaudited condensed consolidated financial statements and notes thereto presented herein, and WESCO does not expect it to have a material impact on its financial position or results of operation on an ongoing basis.
In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which amends the disclosure requirements for recurring and nonrecurring fair value measurements by removing, modifying and adding certain disclosures. The Company adopted this ASU in the first quarter of 2020. The adoption of this guidance did not have a material impact on the unaudited condensed consolidated financial statements and notes thereto presented herein.

8

WESCO INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(CONTINUED)
(unaudited)

Recently Issued Accounting Pronouncements
In August 2018, the FASB issued ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans, which amends the disclosure requirements for all employers that sponsor defined benefit pension and other post retirement plans by removing and adding certain disclosures. The amendments in this ASU are effective for fiscal years ending after December 15, 2020. Early adoption is permitted. Management does not expect the adoption of this accounting standard to have a material impact on its condensed consolidated financial statements and notes thereto.
In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which removes certain exceptions to the general principles of Accounting Standards Codification Topic 740, Income Taxes, and simplifies other aspects of accounting for income taxes. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted in any interim or annual period, with any adjustments reflected as of the beginning of the fiscal year of adoption. Management does not expect the adoption of this accounting standard to have a material impact on its condensed consolidated financial statements and notes thereto.
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact related to the replacement of London Interbank Offered Rate (LIBOR) and whether the Company will elect the adoption of the optional guidance.
Other pronouncements issued by the FASB or other authoritative accounting standards groups with future effective dates are either not applicable or are not expected to be significant to WESCO’s financial position, results of operations or cash flows.
3. REVENUE
WESCO distributes products and provides services to customers globally within the following end markets: (1) industrial, (2) construction, (3) utility, and (4) commercial, institutional and government. Revenue is measured as the amount of consideration WESCO expects to receive in exchange for transferring goods or providing services.
The following tables disaggregate WESCO’s revenue by end market and geography:
Three Months EndedSix Months Ended