Company: WCC
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000929008-25-000034
Chunk: 14

Company: WESCO INTERNATIONAL INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Item 1
Chunk 14
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 at closing with cash on hand as well as borrowings under its revolving credit facility. The total fair value of consideration transferred for the acquisition of Ascent consisted of $179.3 million, net of cash acquired.The preliminary purchase consideration was allocated to the identified assets acquired and liabilities assumed based on their respective acquisition date fair value, with the excess allocated to goodwill. The Company identified a customer relationship intangible asset and estimated its fair value using an income valuation method. The excess purchase consideration recorded as goodwill is not deductible for income tax purposes, and has been assigned to the Company’s CSS reportable segment. The resulting goodwill is primarily attributable to Ascent’s workforce and expertise in engineering and design-build consultation services.  The estimated fair values of assets acquired and liabilities assumed are based on preliminary calculations and valuations using estimates and assumptions at the time of acquisition. As the Company obtains additional information during the measurement period (not to exceed one year from the acquisition date), estimates and assumptions for the preliminary purchase consideration allocations may change materially. Since the initial measurement of the identified assets acquired and liabilities assumed, the Company has not recorded any material fair value adjustments.

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Table of Contents   WESCO INTERNATIONAL, INC. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(CONTINUED)(unaudited)

The following table sets forth the preliminary allocation of the purchase consideration to the respective fair values of assets acquired and liabilities assumed for the acquisition of Ascent:Assets(In millions)Cash and cash equivalents$7.3 Trade accounts receivable33.5 Intangible asset(1)58.0 Goodwill118.7 Other current and noncurrent assets44.8 Total assets$262.3 LiabilitiesAccounts payable$20.9 Accrued payroll and benefit costs7.9 Other current and noncurrent liabilities46.9 Total liabilities$75.7 Fair value of net assets acquired, including goodwill and intangible asset$186.6 (1)    Consists of a customer relationship intangible asset with an estimated useful life of 15 years.Independent Electric Supply Inc.Effective July 1, 2024, the Company acquired 100% of the equity securities of Independent Electric Supply Inc. (“IES”), a full-line electrical distributor headquartered in Ontario, Canada for $13.2 million, net of cash acquired.entroCIMOn June 3, 2024, the Company acquired the assets and liabilities held by Warez