Meaning of walekom asalam wa rahmatula wa barakatu?

Assalam allaikum: Peace be unto you

Wa laikum salam: And unto you peace (reply to Assalam allaikum)

Rahmatullah: The mercy of Allah

Barakattu: The blessings of Allah

ex:

Assalam allaikum WA rahmatullah WA barakattu:

Peace be unto you, and the mercy and blessings of Allah

Wa laikum salam WA ramatullah WA barakattu:

And unto you peace, and mercy and blessings of Allah