WESCO INTERNATIONAL INC. Files 2023 Annual Report on Form 10-K

TL;DR

<b>WESCO INTERNATIONAL INC. has filed its 2023 annual report (10-K) detailing financial performance and business operations.</b>

AI Summary

WESCO INTERNATIONAL INC (WCC) filed a Annual Report (10-K) with the SEC on February 20, 2024. WESCO INTERNATIONAL INC. filed its 2023 Form 10-K on February 20, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is Wholesale - Electrical Apparatus & Equipment, Wiring Supplies. The filing includes financial data and risk factors for the reporting period. WESCO INTERNATIONAL INC. is headquartered in Pittsburgh, PA.

Why It Matters

For investors and stakeholders tracking WESCO INTERNATIONAL INC, this filing contains several important signals. This 10-K filing provides investors with a comprehensive overview of WESCO's financial health, operational performance, and strategic direction for the fiscal year 2023. Understanding the details within this report is crucial for assessing the company's current market position, potential risks, and future growth prospects in the electrical wholesale sector.

Risk Assessment

Risk Level: medium — WESCO INTERNATIONAL INC shows moderate risk based on this filing. The company operates in the wholesale electrical apparatus and equipment sector, which can be subject to economic downturns and supply chain disruptions, as detailed in the risk factors section of the 10-K.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess WESCO's performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period covered by the report)
• 2024-02-20 — Filing Date (Date the 10-K was submitted)

Key Players & Entities

• WESCO INTERNATIONAL INC. (company) — Filer and subject of the report
• 2023 (date) — Fiscal year end
• February 20, 2024 (date) — Filing date
• Pittsburgh, PA (location) — Company headquarters
• 5063 (industry_code) — Standard Industrial Classification for Wholesale - Electrical Apparatus & Equipment, Wiring Supplies

FAQ

Risk Factors

• Market and Economic Conditions [medium — market]: The company's business is sensitive to general economic conditions and fluctuations in the markets it serves, which could adversely affect its financial results.
• Supply Chain and Logistics [medium — operational]: Disruptions in the supply chain or logistics could impact the company's ability to procure and deliver products, affecting revenue and profitability.
• Debt and Financial Leverage [medium — financial]: The company's level of indebtedness could limit its financial flexibility and ability to fund operations or pursue growth opportunities.

Industry Context

WESCO INTERNATIONAL INC. operates in the wholesale distribution of electrical equipment and supplies, serving various industrial, commercial, and construction markets.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including requirements for timely and accurate financial reporting under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the detailed financial statements for revenue, net income, and debt levels.
2. Review the risk factors section for potential operational and market challenges.
3. Compare key financial metrics to previous fiscal years to identify trends.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-20: 10-K Filing Date — Date WESCO INTERNATIONAL INC. submitted its annual report.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ending December 31, 2023, providing updated financial and operational information compared to previous filings.

Filing Documents

• wcc-20231231.htm (10-K) — 2942KB
• wcc-2023ex411.htm (EX-4.11) — 93KB
• wcc-2023ex211.htm (EX-21.1) — 134KB
• wcc-2023ex231.htm (EX-23.1) — 2KB
• wcc-2023ex311.htm (EX-31.1) — 10KB
• wcc-2023ex312.htm (EX-31.2) — 10KB
• wcc-2023ex321.htm (EX-32.1) — 7KB
• wcc-2023ex322.htm (EX-32.2) — 7KB
• wcc-2023ex97.htm (EX-97) — 31KB
• wcc-20231231_g1.jpg (GRAPHIC) — 135KB
• wcc-20231231_g2.jpg (GRAPHIC) — 481KB
• 0000929008-24-000005.txt (&nbsp;) — 17558KB
• wcc-20231231.xsd (EX-101.SCH) — 69KB
• wcc-20231231_cal.xml (EX-101.CAL) — 92KB
• wcc-20231231_def.xml (EX-101.DEF) — 718KB
• wcc-20231231_lab.xml (EX-101.LAB) — 1219KB
• wcc-20231231_pre.xml (EX-101.PRE) — 906KB
• wcc-20231231_htm.xml (XML) — 2959KB

Risk Factors

Item 1A. Risk Factors 11

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 21

Cybersecurity

Item 1C. Cybersecurity 21

Properties

Item 2. Properties 22

Legal Proceedings

Item 3. Legal Proceedings 22

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 22 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 23

[Reserved]

Item 6. [Reserved] 24

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 39

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 40

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 87

Controls and Procedures

Item 9A. Controls and Procedures 87

Other Information

Item 9B. Other Information 87

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 87 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 88

Executive Compensation

Item 11. Executive Compensation 88

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 88

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 88

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 88 PART IV

Exhibits and Financial Statement Schedule

Item 15. Exhibits and Financial Statement Schedule 89

Form 10-K Summary

Item 16. Form 10-K Summary 95

Signatures

Signatures 96 Table of Contents PART I

Business

Item 1. Business. In this Annual Report on Form 10-K, "Wesco" refers to WESCO International, Inc., and its subsidiaries and its predecessors unless the context otherwise requires. References to "we," "us," "our" and the "Company" refer to Wesco and its subsidiaries. The Company 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. We employ approximately 20,000 people, maintain relationships with more than 50,000 suppliers, and serve nearly 150,000 customers worldwide. With millions of products, end-to-end supply chain services, and leading digital capabilities, Wesco provides innovative solutions to meet customer needs across commercial and industrial businesses, contractors, government agencies, educational institutions, telecommunications providers, and utilities. Our innovative value-added solutions include supply chain management, logistics and transportation, procurement, warehousing and inventory management, as well as kitting and labeling, limited assembly of products and installation enhancement. Wesco operates nearly 800 branches, warehouses and sales offices in approximately 50 countries, providing a local presence for customers and a global network to serve multi-location businesses and global corporations. Business Segments and Industry Overview Wesco has operating segments comprising three strategic business units consisting of Electrical & Electronic Solutions ("EES"), Communications & Security Solutions ("CSS") and Utility & Broadband Solutions ("UBS"). The following is a description of each of our business segments and the industries in which they operate. Electrical & Electronic Solutions The EES segment, with approximately 6,800 employees supporting customers in more than 50 countries, supplies a broad range of products and solutions

View Full Filing

View this 10-K filing on SEC EDGAR