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EMPLOYEE BENEFIT PLANS (Notes) | 9 Months Ended
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Sep. 30, 2023
Retirement Benefits [Abstract] |
EMPLOYEE BENEFIT PLANS | 9. EMPLOYEE BENEFIT PLANS The following tables set forth the components of net periodic pension cost (benefit) for the Company's defined benefit plans:
| Three Months Ended September 30
(In millions) | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
| Domestic Plans(1) |  | Foreign Plans(2) |  | Total
Service cost | $ | — |  |  | $ | — |  |  | $ | 1.2 |  |  | $ | 2.0 |  |  | $ | 1.2 |  |  | $ | 2.0 |
Interest cost | 4.6 |  |  | 2.1 |  |  | 2.9 |  |  | 2.2 |  |  | 7.5 |  |  | 4.3 |
Expected return on plan assets | (4.3) |  |  | (3.5) |  |  | (3.1) |  |  | (4.0) |  |  | (7.4) |  |  | (7.5) |
Recognized actuarial gain(3) | — |  |  | — |  |  | (0.3) |  |  | (0.2) |  |  | (0.3) |  |  | (0.2) |
Net periodic pension cost (benefit) | $ | 0.3 |  |  | $ | (1.4) |  |  | $ | 0.7 |  |  | $ | — |  |  | $ | 1.0 |  |  | $ | (1.4) |
| Nine Months Ended September 30
(In millions) | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
| Domestic Plans(1) |  | Foreign Plans(2) |  | Total
Service cost | $ | — |  |  | $ | — |  |  | $ | 3.6 |  |  | $ | 6.3 |  |  | $ | 3.6 |  |  | $ | 6.3 |
Interest cost | 7.8 |  |  | 6.3 |  |  | 8.6 |  |  | 6.8 |  |  | 16.4 |  |  | 13.1 |
Expected return on plan assets | (7.3) |  |  | (10.5) |  |  | (9.1) |  |  | (12.5) |  |  | (16.4) |  |  | (23.0) |
Recognized actuarial gain(3) | — |  |  | — |  |  | (0.9) |  |  | (0.6) |  |  | (0.9) |  |  | (0.6) |
Net periodic pension cost (benefit) | $ | 0.5 |  |  | $ | (4.2) |  |  | $ | 2.2 |  |  | $ | — |  |  | $ | 2.7 |  |  | $ | (4.2) |
(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 and nine months ended September 30, 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 cost (benefit) totaling net benefits of $0.2 million and $3.4 million for the three months ended September 30, 2023 and 2022, respectively, and $0.9 million and $10.5 million for the nine months ended September 30, 2023 and 2022, respectively are presented as components of other expense, net. The Company expected to contribute approximately $7.0 million to its Foreign Plans in 2023. Approximately $0.8 million and $7.5 million was contributed during the three and nine months ended September 30, 2023, respectively. 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 expenses of $15.9 million and $12.4 million for the three months ended September 30, 2023 and 2022, respectively, and $58.8 million and $45.4 million for the nine months ended September 30, 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 September 30, 2023 and December 31, 2022, the Company's obligation under the Wesco Deferred Compensation Plan was $25.1 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.

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- Definition The entire disclosure for compensation costs, including compensated absences accruals, compensated absences liability, deferred compensation arrangements and income statement compensation items. Deferred compensation arrangements may include a description of an arrangement with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain amounts at designated future dates, usually including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares (units) issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 710 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//710/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 710 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482969/710-10-50-1 + Details
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