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EMPLOYEE BENEFIT PLANS | 12 Months Ended
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Dec. 31, 2020
Postemployment Benefits [Abstract] |
Retirement Benefits | 14. EMPLOYEE BENEFIT PLANS Defined Contribution Plans WESCO Distribution sponsors a defined contribution retirement savings plan for the majority of its U.S. employees. The Company matches contributions made by employees at an amount equal to 50% of participants' total monthly contributions up to 6% of eligible compensation. Contributions are made in cash and employees have the option to transfer balances allocated to their accounts into any of the available investment options. Due to the COVID-19 pandemic and its adverse effect on WESCO's results of operations, the Company suspended matching employer contributions between April 16, 2020 and September 30, 2020. The Company may also make, subject to the Board's approval, a discretionary contribution to the defined contribution retirement savings plan covering U.S. participants if certain predetermined profit levels are attained. There were no discretionary contributions for the years ended December 31, 2020 and December 31, 2019. Discretionary employer contribution charges of $20.6 million were incurred in 2018. WESCO Distribution Canada LP, a wholly-owned subsidiary of the Company, sponsors a defined contribution plan for certain Canadian employees. The Company makes contributions in amounts ranging from 3% to 5% of participants' eligible compensation based on years of continuous service. Anixter Inc. sponsors a defined contribution plan covering all of its non-union U.S. employees (the "Anixter Employee Savings Plan"). The employer match for the Anixter Employee Savings Plan is equal to 50% of a participant's contribution up to 5% of the participant's compensation. Anixter Inc. will also make an annual contribution to the Anixter Employee Savings Plan on behalf of each active participant who is hired or rehired on or after July 1, 2015, or is not participating in the Anixter Inc. Pension Plan. The amount of the employer annual contribution is equal to either 2% or 2.5% of the participant’s compensation, as determined by the participant’s years of service. This contribution is in lieu of being eligible for the Anixter Inc. Pension Plan. Certain of Anixter Inc.'s foreign subsidiaries also have defined contribution plans. Contributions to these plans are based upon various levels of employee participation and legal requirements. For the years ended December 31, 2020, 2019 and 2018, WESCO incurred charges of $18.3 million, $22.9 million, and $42.9 million, respectively, for all defined contribution plans. Deferred Compensation Plans WESCO Distribution sponsors a non-qualified deferred compensation plan (the "WESCO Deferred Compensation Plan") that permits select employees to make pre-tax deferrals of salary and bonus. Employees have the option to transfer balances allocated to their accounts in the WESCO Deferred Compensation Plan into any of the available investment options. The WESCO Deferred Compensation Plan is an unfunded plan. As of December 31, 2020, the Company's obligation under the deferred compensation plan was $27.4 million, of which $10.1 million was included in other current liabilities and $17.3 million in other noncurrent liabilities in the Consolidated Balance Sheet. At December 31, 2019, the Company's obligation under the deferred compensation plan was $25.2 million and was included in other noncurrent liabilities in the Consolidated Balance Sheet. Anixter Inc. sponsors a non-qualified deferred compensation plan (the "Anixter Deferred Compensation Plan") that permits select employees to make pre-tax deferrals of salary and bonus. Interest is accrued monthly on the deferred compensation balances based on the average ten-year Treasury note rate for the previous three months times a factor of 1.4, and the rate is further adjusted if certain financial goals are achieved. In the fourth quarter of 2020, the Company made a determination to terminate the Anixter Deferred Compensation Plan. Accordingly, a deferred compensation liability of $45.1 million has been classified in other current liabilities in the Consolidated Balance Sheet at December 31, 2020 as the Company expects to make lump sum payments directly to participants of the plan during 2021. Concurrent with the implementation of the Anixter Deferred Compensation Plan, Anixter established a Rabbi Trust arrangement to provide for the liabilities associated with the deferred compensation plan and an executive non-qualified defined benefit plan. The assets are invested in marketable securities. At December 31, 2020, $39.6 million was recorded in other current assets in the Consolidated Balance Sheet for this arrangement. Defined Benefit Plans WESCO sponsors a contributory defined benefit plan (the "EECOL Plan") covering substantially all Canadian employees of EECOL. The EECOL Plan provides retirement benefits based on earnings and credited service, and participants contribute 2% of their earnings to the EECOL Plan. Participants become 100% vested after two years of continuous service or, if earlier, at the participant's normal retirement age. WESCO also sponsors a Supplemental Executive Retirement Plan (the "EECOL SERP"), which provides additional pension benefits to certain executives of EECOL based on earnings, and credited service. Effective January 1, 2013, the EECOL SERP was closed to new participants and existing participants became 100% vested. EECOL SERP participants continue to contribute 4% of their earnings to the EECOL Plan. In connection with the June 22, 2020 acquisition of Anixter discussed in Note 6, "Acquisitions", the Company assumed various defined benefit pension plans sponsored by Anixter Inc. These include defined benefit pension plans in the U.S., which consist of the Anixter Inc. Pension Plan, the Executive Benefit Plan and the Supplemental Executive Retirement Plan (the "Anixter SERP") (together, the "Domestic Plans") and various defined benefit pension plans covering employees of foreign subsidiaries in Canada and Europe (together with the "EECOL Plan" and "EECOL SERP", the "Foreign Plans"). For all defined benefit plans assumed as part of the merger with Anixter, the projected benefit obligation ("PBO") and fair value of plan assets were remeasured as of the acquisition date. The Anixter Inc. Pension Plan was frozen to entrants first hired or rehired on or after July 1, 2015. The majority of the Anixter defined benefit pension plans are non-contributory and, with the exception of the U.S. and Canada, cover substantially all full-time employees in their respective countries. Retirement benefits are provided based on compensation as defined in each of the pension plans. In the fourth quarter of 2020, the Company made a determination to terminate both the Anixter Inc. Executive Benefit Plan and the Anixter SERP. Accordingly, pension liabilities totaling $18.1 million associated with the Anixter Inc. Executive Benefit Plan and the Anixter SERP have been classified as current on the Consolidated Balance Sheet at December 31, 2020 as the Company expects to make lump sum payments directly to participants of these plans during 2021. The Domestic Plans are funded as required by the Employee Retirement Income Security Act of 1974 ("ERISA") and the IRS and all Foreign Plans, including the EECOL Plan and EECOL SERP, are funded as required by applicable foreign laws. The Anixter Inc. Executive Benefit Plan and the Anixter SERP are unfunded plans. The following table presents the changes in benefit obligations, plan assets and funded status for the defined benefit plans:
| Domestic Plans |  | Foreign Plans |  | Total
(In thousands) | 2020 |  | 2019 |  | 2020 |  | 2019(2) |  | 2020 |  | 2019(2)
Change in Projected Benefit Obligation |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | — |  | $ | — |  | $ | 134,852 |  | $ | 105,515 |  | $ | 134,852 |  | $ | 105,515
Impact of acquisition(1) | 317,893 |  | — |  | 301,206 |  | — |  | 619,099 |  | —
Service cost | 1,763 |  | — |  | 9,029 |  | 4,602 |  | 10,792 |  | 4,602
Interest cost | 4,787 |  | — |  | 7,162 |  | 4,362 |  | 11,949 |  | 4,362
Participant contributions | — |  | — |  | 728 |  | 736 |  | 728 |  | 736
Actuarial loss, including assumption changes | 12,911 |  | — |  | 14,044 |  | 18,591 |  | 26,955 |  | 18,591
Benefits paid from plan assets | (4,222) |  | — |  | (9,008) |  | (4,459) |  | (13,230) |  | (4,459)
Benefits paid from Company assets | (547) |  | — |  | (448) |  | — |  | (995) |  | —
Curtailment | (101) |  | — |  | — |  | — |  | (101) |  | —
Plan amendment | — |  | — |  | (37) |  | — |  | (37) |  | —
Settlement | — |  | — |  | (1,235) |  | — |  | (1,235) |  | —
Foreign currency exchange rate changes | — |  | — |  | 30,562 |  | 5,505 |  | 30,562 |  | 5,505
Ending balance | $ | 332,484 |  | $ | — |  | $ | 486,855 |  | $ | 134,852 |  | $ | 819,339 |  | $ | 134,852
Change in Plan Assets at Fair Value |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | — |  | $ | — |  | $ | 103,385 |  | $ | 86,556 |  | $ | 103,385 |  | $ | 86,556
Impact of acquisition(1) | 324,292 |  | — |  | 218,644 |  | — |  | 542,936 |  | —
Actual return on plan assets | 35,217 |  | — |  | 23,947 |  | 12,763 |  | 59,164 |  | 12,763
Participant contributions | — |  | — |  | 728 |  | 736 |  | 728 |  | 736
Employer contributions | — |  | — |  | 6,838 |  | 3,198 |  | 6,838 |  | 3,198
Benefits paid | (4,222) |  | — |  | (9,008) |  | (4,459) |  | (13,230) |  | (4,459)
Settlement | — |  | — |  | (1,235) |  | — |  | (1,235) |  | —
Foreign currency exchange rate changes | — |  | — |  | 22,419 |  | 4,591 |  | 22,419 |  | 4,591
Ending balance | $ | 355,287 |  | $ | — |  | $ | 365,718 |  | $ | 103,385 |  | $ | 721,005 |  | $ | 103,385
Funded Status | $ | 22,803 |  | $ | — |  | $ | (121,137) |  | $ | (31,467) |  | $ | (98,334) |  | $ | (31,467)
Amounts Recognized in the Consolidated Balance Sheets |  |  |  |  |  |  |  |  |  |  |
Other assets | $ | 40,921 |  | $ | — |  | $ | 179 |  | $ | — |  | $ | 41,100 |  | $ | —
Other current liabilities | (18,118) |  | — |  | (471) |  | (383) |  | (18,589) |  | (383)
Other noncurrent liabilities | — |  | — |  | (120,845) |  | (31,084) |  | (120,845) |  | (31,084)
Net amount recognized | $ | 22,803 |  | $ | — |  | $ | (121,137) |  | $ | (31,467) |  | $ | (98,334) |  | $ | (31,467)
Weighted Average Assumptions Used to Determine Benefit Obligations |  |  |  |  |  |  |  |  |  |  |
Discount rate | 2.6 | % |  | — | % |  | 2.0 | % |  | 3.2 | % |  | 2.2 | % |  | 3.2 | %
Rate of compensation increase | 3.8 | % |  | — | % |  | 3.2 | % |  | 3.5 | % |  | 3.4 | % |  | 3.5 | %
(1) As described above, the Company assumed the Domestic Plans and certain foreign plans in connection with the June 22, 2020 acquisition of Anixter. (2) For 2019, the changes in benefit obligations, plan assets and funded status relate to the EECOL Plan and the EECOL SERP. The measurement date for all plans is December 31st. Accordingly, at the end of each fiscal year, the Company determines the discount rate to measure the plan liabilities at their present value. The discount rate reflects the current rate at which the pension liabilities could effectively be settled at the end of the year. In estimating this rate at the end of 2020, the Company reviewed rates of return on relevant market indices and concluded the Willis Towers Watson Global Rate Link Model was consistent with observable market conditions and industry standards for developing spot rate curves. At the end of 2019, the discount rate related to the EECOL Plan and the EECOL SERP was determined using the Canadian Institute of Actuaries methodology. At December 31, 2020 and 2019, the consolidated weighted-average discount rate of all plans was 2.2% and 3.2%, respectively, and these rates were used to measure the PBO at the end of each respective year end. Due primarily to the merger with Anixter, the PBO increased to $819.3 million at December 31, 2020 from $134.9 million at December 31, 2019. The consolidated net unfunded status was $98.3 million at December 31, 2020 compared to $31.5 million at December 31, 2019. The PBO in 2020 was $332.5 million for the Domestic Plans and $486.8 million for the Foreign Plans. The Company had 13 plans in 2020 where the PBO was in excess of the fair value of plan assets. For pension plans with PBO in excess of plan assets the aggregate PBO was $504.8 million, and the aggregate fair value of plan assets was $365.4 million. The PBO in 2019 of $134.9 million related to the EECOL Plan and the EECOL SERP and compared to a fair value of plan assets of $103.4 million. The accumulated benefit obligation in 2020 was $328.2 million for the Domestic Plans and $417.6 million for the Foreign Plans. The Company had 13 plans in 2020 where the accumulated benefit obligation was in excess of the fair value of plan assets. For pension plans with accumulated benefit obligations in excess of plan assets the aggregate pension accumulated benefit obligation was $435.6 million, and the aggregate fair value of plan assets was $365.4 million. The accumulated benefit obligation in 2019 of $104.6 million related to the EECOL Plan and the EECOL SERP and compared to a fair value of plan assets of $103.4 million. The following table presents the components of net periodic pension (benefit) cost:
| Domestic Plans(1) |  | Foreign Plans(1) |  | Total
(In thousands) | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Components of Net Periodic Pension (Benefit) Cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | 1,763 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,029 |  |  | $ | 4,602 |  |  | $ | 5,242 |  |  | $ | 10,792 |  |  | $ | 4,602 |  |  | $ | 5,242 |
Interest cost | 4,787 |  |  | — |  |  | — |  |  | 7,162 |  |  | 4,362 |  |  | 4,137 |  |  | 11,949 |  |  | 4,362 |  |  | 4,137 |
Expected return on plan assets | (8,395) |  |  | — |  |  | — |  |  | (11,659) |  |  | (5,695) |  |  | (5,969) |  |  | (20,054) |  |  | (5,695) |  |  | (5,969) |
Recognized actuarial gain | — |  |  | — |  |  | — |  |  | — |  |  | (63) |  |  | (46) |  |  | — |  |  | (63) |  |  | (46) |
Settlement | — |  |  | — |  |  | — |  |  | (144) |  |  | — |  |  | — |  |  | (144) |  |  | — |  |  | — |
Net periodic pension (benefit) cost | $ | (1,845) |  |  | $ | — |  |  | $ | — |  |  | $ | 4,388 |  |  | $ | 3,206 |  |  | $ | 3,364 |  |  | $ | 2,543 |  |  | $ | 3,206 |  |  | $ | 3,364 |
(1) As described above, the Company assumed the Domestic Plans and certain foreign plans in connection with the June 22, 2020 acquisition of Anixter. The Company began recognizing the associated net periodic pension (benefit) cost as of the acquisition date. The service cost of $10.8 million, $4.6 million and $5.2 million for the years ended December 31, 2020, 2019 and 2018, respectively, was reported as a component of selling, general and administrative expenses. The other components of net periodic pension (benefit) cost totaling a net benefit of $8.2 million, $1.4 million and $1.9 million for the years ended December 31, 2020, 2019 and 2018, respectively, were presented as a component of other, net. The following weighted-average actuarial assumptions were used to determine net periodic pension (benefit) cost:
| Domestic Plans(1) |  | Foreign Plans(1) |  | Total
| 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Discount rate | 2.9 | % |  | — | % |  | — | % |  | 2.2 | % |  | 4.0 | % |  | 3.5 | % |  | 2.5 | % |  | 4.0 | % |  | 3.5 | %
Expected return on plan assets | 5.5 | % |  | — | % |  | — | % |  | 5.2 | % |  | 6.4 | % |  | 6.4 | % |  | 5.3 | % |  | 6.4 | % |  | 6.4 | %
Rate of compensation increase | 3.8 | % |  | — | % |  | — | % |  | 3.4 | % |  | 3.8 | % |  | 3.8 | % |  | 3.5 | % |  | 3.8 | % |  | 3.8 | %
(1) As described above, the Company assumed the Domestic Plans and certain foreign plans in connection with the June 22, 2020 acquisition of Anixter. The Company began using the related assumptions as of the acquisition date. The expected long-term rate of return on plan assets reflects the average rate of earnings expected on the invested assets and future assets to be invested to provide for the benefits included in the projected benefit obligation. The Company uses historic plan asset returns combined with current market conditions to estimate the rate of return. The weighted-average expected long-term rate of return on plan assets used in the determination of net periodic pension cost for 2020 was 5.3%. As a result of the combined effect of valuation changes in both the equity and bond markets, the plan assets produced an actual gain of 13.6% in 2020. The difference between the expected return and actual return on plan assets is amortized into expense over the service lives of the plan participants. These amounts are reflected on the balance sheet through charges to accumulated other comprehensive loss, a component of stockholders’ equity. The following table sets forth the changes and the end of year components of accumulated other comprehensive (income) loss for the defined benefit plans:
| Year Ended December 31,
(In thousands) | 2020 |  | 2019
Changes to Balance: |  |  |
Beginning balance, before tax effect | $ | 8,890 |  |  | $ | (2,696) |
Prior service credit arising in current year | (37) |  |  | — |
Net actuarial (gain) loss arising in current year | (12,154) |  |  | 11,586 |
Curtailment | (101) |  |  | — |
Settlement | 144 |  |  | — |
Foreign currency exchange rate changes | 196 |  |  | — |
Ending balance, before tax effect | $ | (3,062) |  |  | $ | 8,890 |
| As of December 31,
(In thousands) | 2020 |  | 2019
Components of Balance: |  |  |
Prior service credit | $ | (37) |  |  | $ | — |
Net actuarial (gain) loss | (3,025) |  |  | 8,890 |
Ending balance, before tax effect | (3,062) |  |  | 8,890 |
Tax effect | 562 |  |  | (2,329) |
Ending balance, after tax effect | $ | (2,500) |  |  | $ | 6,561 |
The following benefit payments, which reflect expected future service, are expected to be paid as follows:
(In thousands) | Domestic Plans |  | Foreign Plans |  | Total
2021 | $ | 28,527 |  |  | $ | 9,873 |  |  | $ | 38,400 |
2022 | 11,165 |  |  | 9,978 |  |  | 21,143 |
2023 | 12,065 |  |  | 10,613 |  |  | 22,678 |
2024 | 13,046 |  |  | 11,145 |  |  | 24,191 |
2025 | 13,807 |  |  | 11,988 |  |  | 25,795 |
2026 to 2030 | 78,122 |  |  | 83,178 |  |  | 161,300 |
The Company expects to contribute approximately $11.4 million to its Foreign Plans in 2021. The Company does not expect to make a contribution to its domestic qualified pension plan in 2021 due to its overfunded status. As a result of the termination of its two domestic non-qualified pension plans, the Company estimates that it will make $18.1 million of lump sum payments directly to participants of these plans during 2021. The assets of the various defined benefit plans are held in separate independent trusts and managed by independent third party advisors. The investment objective for the defined benefit plans is to ensure an adequate level of assets is available to fund the benefits owed to employees and their beneficiaries when they become payable. In meeting this objective, the Company seeks to achieve a level of absolute investment return consistent with a prudent level of portfolio risk. The Company's risk preference is to refrain from exposing the plans to higher volatility in pursuit of potential higher returns. The Domestic Plans' and Foreign Plans' asset mixes and the asset allocation guidelines for such plans are summarized as follows:
| Domestic Plans
|  |  | Allocation Guidelines
| December 31, 2020 |  | Min |  | Target |  | Max
Equities | 38.6 | % |  | 30 | % |  | 37 | % |  | 45 | %
Debt securities: |  |  |  |  |  |  |
Domestic treasuries | 22.2 |  |  | — |  |  | 24 |  |  | 40 |
Corporate bonds | 6.7 |  |  | — |  |  | 8 |  |  | 40 |
Other | 15.6 |  |  | 9 |  |  | 14 |  |  | 19 |
Total debt securities | 44.5 |  |  |  |  | 46 |  |  |
Property/real estate | 14.8 |  |  | 9 |  |  | 16 |  |  | 23 |
Other | 2.1 |  |  | — |  |  | 1 |  |  | 5 |
| 100.0 | % |  |  |  | 100 | % |  |
| Foreign Plans
|  |  | Allocation Guidelines
| December 31, 2020 |  | Min |  | Target |  | Max
Equities | 38.1 | % |  | 25 | % |  | 41 | % |  | 48 | %
Debt securities: |  |  |  |  |  |  |
Corporate bonds | 5.9 |  |  | 1 |  |  | 1 |  |  | 37 |
Other | 40.6 |  |  | 26 |  |  | 44 |  |  | 65 |
Total debt securities | 46.5 |  |  |  |  | 45 |  |  |
Property/real estate | 4.8 |  |  | 2 |  |  | 6 |  |  | 8 |
Insurance products | 5.4 |  |  | 5 |  |  | 5 |  |  | 5 |
Other | 5.2 |  |  | 3 |  |  | 3 |  |  | 12 |
| 100.0 | % |  |  |  | 100 | % |  |
| Foreign Plans
|  |  | Allocation Guidelines
| December 31, 2019 |  | Target
Equities: |  |  |
Canadian equities | 12.5 | % |  | 12.5 | %
U.S. equities | 5.0 |  |  | 5.0 |
Non-North American equities | 22.5 |  |  | 22.5 |
Total equities | 40.0 |  |  | 40.0 |
Fixed income investments | 44.8 |  |  | 45.0 |
Other | 15.2 |  |  | 15.0 |
| 100.0 | % |  | 100.0 | %
The pension committees meet regularly to assess investment performance relative to asset allocation guidelines. The Company periodically rebalances its asset portfolios to be in line with its allocation guidelines. For 2020, the Domestic plan investment policy guidelines were as follows: •Each asset class is managed by one or more active and passive investment managers •Each asset class may be invested in a commingled fund, mutual fund, or separately managed account •Investment in Exchange Traded Funds ("ETFs") is permissible •Each manager is expected to be "fully invested" with minimal cash holdings •Derivative instruments such as futures, swaps and options may be used on a limited basis; For funds that employ derivatives, the loss of invested capital to the Trust should be limited to the amount invested in the fund •The equity portfolio is diversified by sector and geography •The real assets portfolio is invested in Real Estate Investment Trusts ("REITs") and private real estate •The fixed income is invested in U.S. Treasuries, investment grade corporate debt (denominated in U.S. dollars), and other credit investments including below investment grade rated bonds and loans, securitized credit, and emerging market debt The investment policies for the Foreign plans are the responsibility of the various trustees. Generally, the investment policy guidelines are as follows: •Make sure that the obligations to the beneficiaries of the plan can be met •Maintain funds at a level to meet the minimum funding requirements •The investment managers are expected to provide a return, within certain tracking tolerances, close to that of the relevant market’s indices The following tables set forth the fair value of the Domestic and Foreign Plans' assets by asset category:
| December 31, 2020
(In thousands) | Level 1 |  | Level 2 |  | Level 3 |  | NAV (1) |  | Total
Domestic Plans |  |  |  |  |  |  |  |  |
Equities | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 137,098 |  |  | $ | 137,098 |
Debt securities: |  |  |  |  |  |  |  |  |
Domestic treasuries | — |  |  | — |  |  | — |  |  | 78,808 |  |  | 78,808 |
Corporate bonds | — |  |  | — |  |  | — |  |  | 23,824 |  |  | 23,824 |
Other | — |  |  | — |  |  | — |  |  | 55,547 |  |  | 55,547 |
Property/real estate | — |  |  | — |  |  | — |  |  | 52,708 |  |  | 52,708 |
Insurance products | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other | 7,302 |  |  | — |  |  | — |  |  | — |  |  | 7,302 |
Total investments in Domestic Plans | $ | 7,302 |  |  | $ | — |  |  | $ | — |  |  | $ | 347,985 |  |  | $ | 355,287 |
Foreign Plans |  |  |  |  |  |  |  |  |
Equities | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 139,537 |  |  | $ | 139,537 |
Debt securities: |  |  |  |  |  |  |  |  |
Domestic treasuries | — |  |  | — |  |  | — |  |  | — |  |  | — |
Corporate bonds | — |  |  | — |  |  | — |  |  | 21,677 |  |  | 21,677 |
Other | — |  |  | — |  |  | — |  |  | 148,469 |  |  | 148,469 |
Property/real estate | — |  |  | — |  |  | — |  |  | 17,365 |  |  | 17,365 |
Insurance products | — |  |  | 19,611 |  |  | — |  |  | — |  |  | 19,611 |
Other | 747 |  |  | — |  |  | — |  |  | 18,312 |  |  | 19,059 |
Total investments in Foreign Plans | $ | 747 |  |  | $ | 19,611 |  |  | $ | — |  |  | $ | 345,360 |  |  | $ | 365,718 |
Total |  |  |  |  |  |  |  |  |
Equities | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 276,635 |  |  | $ | 276,635 |
Debt securities: |  |  |  |  |  |  |  |  |
Domestic treasuries | — |  |  | — |  |  | — |  |  | 78,808 |  |  | 78,808 |
Corporate bonds | — |  |  | — |  |  | — |  |  | 45,501 |  |  | 45,501 |
Other | — |  |  | — |  |  | — |  |  | 204,016 |  |  | 204,016 |
Property/real estate | — |  |  | — |  |  | — |  |  | 70,073 |  |  | 70,073 |
Insurance products | — |  |  | 19,611 |  |  | — |  |  | — |  |  | 19,611 |
Other | 8,049 |  |  | — |  |  | — |  |  | 18,312 |  |  | 26,361 |
Total investments | $ | 8,049 |  |  | $ | 19,611 |  |  | $ | — |  |  | $ | 693,345 |  |  | $ | 721,005 |
(1) Investments measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. The amounts presented in the table are intended to reconcile the fair value hierarchy to the total fair value of plan assets.
| December 31, 2019
(In thousands) | Level 1 |  | Level 2 |  | Level 3 |  | NAV (1) |  | Total
Foreign Plans |  |  |  |  |  |  |  |  |
Equities: |  |  |  |  |  |  |  |  |
Canadian equities | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 12,973 |  |  | $ | 12,973 |
U.S. equities | — |  |  | — |  |  | — |  |  | 5,160 |  |  | 5,160 |
Non-North American equities | — |  |  | — |  |  | — |  |  | 23,239 |  |  | 23,239 |
Fixed income investments | — |  |  | — |  |  | — |  |  | 46,309 |  |  | 46,309 |
Other | 224 |  |  | — |  |  | — |  |  | 15,480 |  |  | 15,704 |
Total investments | $ | 224 |  |  | $ | — |  |  | $ | — |  |  | $ | 103,161 |  |  | $ | 103,385 |
(1) Investments measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. The amounts presented in the table are intended to reconcile the fair value hierarchy to the total fair value of plan assets. The Domestic and Foreign Plans' assets are measured at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets and liabilities are classified in the fair value hierarchy based on the lowest level of any input that is significant to the measurement of fair value. Investments for which fair value is measured using the net asset value (NAV) per share practical expedient are not classified in the fair value hierarchy. The majority of pension assets are comprised of common/collective/pool funds (i.e., mutual funds). These funds are valued at the net asset value of shares held in the underlying funds. The fair value methods described above may not be indicative of net realizable value or reflective of future fair values. Additionally, while the Company believes the valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. Other Benefits As permitted by the Merger Agreement, Anixter granted restricted stock units prior to June 22, 2020 in the ordinary course of business to its employees. These awards, which did not accelerate solely as a result of the Merger, were converted into cash-only settled WESCO phantom stock units, which vest ratably over a 3-year period. As of December 31, 2020, the estimated fair value of these awards was $22.8 million. The Company recognized compensation expense associated with these awards of $9.2 million for the year ended December 31, 2020, which is reported as a component of selling, general and administrative expenses.

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