WESCO INTERNATIONAL INC
For the period ended Mar 31, 2024. Filed May 2, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 2, 2024
WCC$316.70+0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows (unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
| Three Months Ended | ||
|---|---|---|
| March 31 | ||
| 2024 | 2023 | |
| Operating activities: | ||
| Net income | $116.1 | $197.2 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
| Depreciation and amortization | 45.5 | 44.4 |
| Stock-based compensation expense | 10.1 | 11.7 |
| Amortization of debt discount and debt issuance costs | 4.1 | 3.6 |
| Pension settlement cost | 5.5 | — |
| Deferred income taxes | 5.2 | 11.6 |
| Other operating activities, net | (0.3) | 0.3 |
| Changes in assets and liabilities: | ||
| Trade accounts receivable, net | (116.1) | (133.5) |
| Other accounts receivable | 78.9 | 91.5 |
| Inventories | 5.5 | (223.8) |
| Other current and noncurrent assets | (60.1) | (25.2) |
| Accounts payable | 620.9 | (86.5) |
| Accrued payroll and benefit costs | (44.0) | (149.6) |
| Other current and noncurrent liabilities | 75.0 | 2.9 |
| Net cash provided by (used in) operating activities | 746.3 | (255.4) |
| Investing activities: | ||
| Capital expenditures | (20.4) | (13.9) |
| Other investing activities, net | 3.9 | 1.3 |
| Net cash used in investing activities | (16.5) | (12.6) |
| Financing activities: | ||
| Proceeds from short-term debt, net | — | (4.8) |
| Repayment of 5.50% Anixter Senior Notes due 2023 | — | (58.6) |
| Proceeds from issuance of long-term debt | 2,470.0 | 968.3 |
| Repayments of long-term debt | (2,585.1) | (723.9) |
| Payments for taxes related to net-share settlement of equity awards | (25.2) | (51.6) |
| Repurchases of common stock | (50.0) | — |
| Payment of common stock dividends | (20.9) | (19.2) |
| Payment of preferred stock dividends | (14.4) | (14.4) |
| Debt issuance costs | (26.6) | — |
| Other financing activities, net | (2.3) | (7.2) |
| Net cash (used in) provided by financing activities | (254.5) | 88.6 |
| Effect of exchange rate changes on cash and cash equivalents | (13.9) | 1.2 |
| Net change in cash and cash equivalents | 461.4 | (178.2) |
| Cash and cash equivalents at the beginning of period | 524.1 | 527.3 |
| Cash and cash equivalents at the end of period | $985.5 | $349.1 |
| Supplemental disclosures: | ||
| Cash paid for interest | $37.0 | $37.6 |
| Cash paid for income taxes | $71.2 | $36.4 |
| Right-of-use assets obtained in exchange for new operating lease liabilities | $90.0 | $59.9 |
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