XML 25 R14.htm IDEA: XBRL DOCUMENT v3.23.1
EMPLOYEE BENEFIT PLANS (Notes)
 3 Months Ended
Mar. 31, 2023
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS
9. EMPLOYEE BENEFIT PLANS
The following table sets forth the components of net periodic pension (benefit) cost for the Company's defined benefit plans:
Three Months Ended
(In millions)March 31, 2023March 31, 2022March 31, 2023March 31, 2022March 31, 2023March 31, 2022
Domestic Plans(1)
Foreign Plans(2)
Total
Service cost$— $— $1.2 $2.2 $1.2 $2.2 
Interest cost2.6 2.1 2.8 2.3 5.4 4.4 
Expected return on plan assets(2.4)(3.5)(3.0)(4.3)(5.4)(7.8)
Recognized actuarial gain(3)
— — (0.3)(0.2)(0.3)(0.2)
Net periodic pension (benefit) cost$0.2 $(1.4)$0.7 $— $0.9 $(1.4)
(1)    Defined as the Anixter Inc. Pension Plan, Anixter Inc. Executive Benefit Plan, and the Anixter Inc. Supplemental Executive Retirement Plan.
(2)    Defined as the EECOL Electric ULC Retirement Plan, the EECOL Electric ULC Supplemental Executive Retirement Plan, the Pension Plan for Employees of Anixter Canada Inc., and various defined benefit pension plans covering employees of foreign subsidiaries in Europe.
(3)    For the three months ended March 31, 2023 and 2022, no material amounts were reclassified from accumulated other comprehensive income into net income.
Service cost is reported as a component of selling, general and administrative expenses. The other components of net periodic pension (benefit) cost totaling net benefits of $0.3 million and $3.6 million for the three months ended March 31, 2023 and 2022, respectively, are presented as components of other expense (income), net.
The Company expects to contribute approximately $7.0 million to its Foreign Plans in 2023, of which approximately $2.4 million was contributed during the three months ended March 31, 2023. The Company does not expect to make a contribution to its domestic qualified pension plan in 2023 due to its overfunded status.
Other Employee Benefit Plans
Wesco sponsors defined contribution retirement savings plans for the majority of its employees in the U.S. and certain employees in Canada, which provide employer contributions.
Wesco incurred charges of $21.4 million and $18.1 million for the three months ended March 31, 2023 and 2022, respectively, for its defined contribution 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 March 31, 2023 and December 31, 2022, the Company's obligation under the Wesco Deferred Compensation Plan was $24.7 million and $20.3 million, respectively, which is included in other noncurrent liabilities in the Condensed Consolidated Balance Sheets.
Compensation Related Costs, General
Other Employee Benefit Plans
Wesco sponsors defined contribution retirement savings plans for the majority of its employees in the U.S. and certain employees in Canada, which provide employer contributions.