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EMPLOYEE BENEFIT PLANS | 12 Months Ended
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Dec. 31, 2023
Postemployment Benefits [Abstract] |
Retirement Benefits | Defined Contribution Plans Wesco Distribution sponsors a defined contribution retirement savings plan for the majority of its U.S. employees (the “WESCO Distribution, Inc. Retirement Savings Plan”), which provides employer matching contributions. Contributions are made in cash and employees have the option to transfer balances allocated to their accounts into any of the available investment options. Prior to January 1, 2022, the Company could also make, subject to the Board of Directors' approval, a discretionary contribution to the WESCO Distribution, Inc. Retirement Savings Plan if certain predetermined profit levels were attained. The amendments to the WESCO Distribution, Inc. Retirement Savings described below eliminated the discretionary employer contributions. Discretionary employer contribution charges of $13.1 million were incurred for the year ended December 31, 2021. Anixter Inc. sponsored a defined contribution plan that covered all of its non-union U.S. employees (the “Anixter Inc. Employee Savings Plan”). The employer match for the Anixter Inc. Employee Savings Plan was equal to 50% of a participant's contribution up to 5% of the participant's compensation. Anixter Inc. also made an annual contribution to the Anixter Inc. Employee Savings Plan on behalf of each active participant who was hired or rehired on or after July 1, 2015, or was not participating in the Anixter Inc. Pension Plan. The amount of the employer annual contribution was equal to either 2% or 2.5% of the participant’s compensation, as determined by the participant’s years of service. This contribution was 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. Effective January 1, 2022, the Anixter Inc. Employee Savings Plan was merged with and into the WESCO Distribution, Inc. Retirement Savings Plan (the “U.S. Defined Contribution Plan Merger”). On December 31, 2021, participant account balances were transferred from the Anixter Inc. Employee Savings Plan to the WESCO Distribution, Inc. Retirement Savings Plan. In connection with the U.S. Defined Contribution Plan Merger, the WESCO Distribution, Inc. Retirement Savings plan was amended to change the employer matching contribution from an amount equal to 50% of participants' total monthly contributions up to 6% of eligible compensation to an amount equal to 100% of a participant’s eligible elective deferrals up to 3% of the participant’s eligible compensation and 50% of the next 4% of eligible compensation, and to eliminate the discretionary employer contributions. WESCO Distribution Canada LP, a wholly-owned subsidiary of the Company, sponsors a defined contribution plan covering the current full-time employees of WESCO Distribution Canada LP and part-time employees meeting certain requirements for continuous service, earnings and minimum hours of employment (the “Wesco Canadian Defined Contribution Plan”). Prior to January 1, 2022, the Company made contributions in amounts ranging from 3% to 5% of participants' eligible compensation based on years of continuous service. For employees having completed between 20 and 25 or more years of service as of January 1, 2015, the Company's contribution ranged from 5% to 7% of the respective participants' eligible compensation. Anixter Canada Inc. sponsored a defined contribution plan for certain employees of Anixter Canada Inc. and Anixter Power Solutions Canada Inc. (the “Anixter Canadian Defined Contribution Plan”), which provided for core employer contributions in amounts ranging from 3% to 4% of participants' eligible compensation based on years of continuous service, plus a matching contribution equal to 25% of a participant’s elective contributions up to 6% of eligible compensation (for a maximum total employer contribution equal to 5.5%). Effective January 1, 2022, the Anixter Canadian Defined Contribution Plan was merged with and into an amended Wesco Canadian Defined Contribution Plan. During the first quarter of 2022, participant account balances were transferred from the Anixter Canadian Defined Contribution Plan to the amended Wesco Canadian Defined Contribution Plan. The amended Wesco Canadian Defined Contribution Plan provides a core employer contribution of 3% of a participant’s eligible compensation, plus a matching contribution equal to 50% of a participant’s elective contributions up to 4% of eligible compensation (for a maximum total employer contribution equal to 5%). The amended Wesco Canadian Defined Contribution Plan also requires employees of EECOL Electric Corp. hired on or after January 1, 2022 to join this defined contribution plan, and permits enrollment for those not participating in the defined benefit plan described below. Wesco incurred charges of $73.4 million, $58.2 million, and $54.7 million for the years ended December 31, 2023, 2022 and 2021, 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, 2023 and 2022, the Company's obligation under the Wesco Deferred Compensation Plan was $27.4 million and $20.3 million, respectively, which is included in other noncurrent liabilities in the Consolidated Balance Sheet. Anixter Inc. sponsored a non-qualified deferred compensation plan (the “Anixter Deferred Compensation Plan”) that permitted select employees to make pre-tax deferrals of salary and bonus. Interest was 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 was further adjusted if certain financial goals were achieved. In the fourth quarter of 2020, the Company terminated the Anixter Deferred Compensation Plan and settled it in the second quarter of 2021 by making lump sum payments of $42.8 million directly to participants. The Company used the proceeds from liquidating certain assets held in a Rabbi Trust arrangement of approximately $39.7 million, plus available cash, to fund the settlement of the Anixter Deferred Compensation Plan. Defined Benefit Plans Wesco sponsors a contributory defined benefit plan covering substantially all Canadian employees of EECOL Electric Corp., a wholly-owned subsidiary of the Company (the “EECOL Plan”). 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 for certain executives of EECOL Electric Corp. (the “EECOL SERP”), which provides additional pension benefits based on earnings and credited service. Effective January 1, 2013, the EECOL SERP was closed to new participants and existing participants became 100% vested. Participants of the EECOL SERP now contribute 4% of their earnings to the EECOL Plan. Anixter Inc. sponsors the Anixter Inc. Pension Plan, which was closed to entrants first hired or rehired on or after July 1, 2015, and various defined benefit pension plans covering employees of foreign subsidiaries in Canada and Europe (together with the EECOL Plan and the EECOL SERP, the “Foreign Plans”). The majority of the Company's 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 plan agreements. The Anixter Inc. Pension Plan is funded as required by the Employee Retirement Income Security Act of 1974 (“ERISA”) and the Internal Revenue Service. With the exception of the EECOL SERP, which is an unfunded plan, the Foreign Plans are funded as required by applicable foreign laws. Anixter Inc. also sponsored the Anixter Inc. Executive Benefit Plan and the Supplemental Executive Retirement Plan (the “Anixter SERP”) (together with the Anixter Inc. Pension Plan, the “Domestic Plans”). In the fourth quarter of 2020, the Company terminated both the Anixter Inc. Executive Benefit Plan and the Anixter SERP. During the year ended December 31, 2021, the Company settled its liabilities for these plans by making lump sum payments directly to participants totaling $17.9 million. During the fourth quarter of 2021, the Company adopted certain plan amendments to: (i) freeze the benefits provided under the Anixter Inc. Pension Plan effective December 31, 2021, (ii) close participation in the EECOL Plan effective December 31, 2021, and (iii) freeze the benefit accruals under the Pension Plan for Employees of Anixter Canada Inc., the EECOL Plan and the EECOL SERP effective December 31, 2023. These amendments required the Company to remeasure the projected benefit obligations associated with these plans, resulting in a gain from curtailment recognized during the fourth quarter of 2021. During the fourth quarter of 2022, the Company terminated the Anixter Inc. Pension Plan effective December 31, 2022. Accordingly, certain estimates that reflect the pending settlement of this plan were incorporated into the assumptions used to measure the respective projected benefit obligation as of December 31, 2023 and 2022. As the Anixter Inc. Pension Plan had previously been frozen, its termination did not result in any curtailment gain or loss for the years ended December 31, 2023 or 2022. The benefit obligation associated with this plan was partially settled during the fourth quarter of 2023 by making lump sum cash payments to participants totaling $110.9 million and the Company recognized settlement cost of $4.7 million. On February 12, 2024, the remaining benefit obligation of the Anixter Inc. Pension Plan was settled through the purchase of single premium annuity contracts for total cash of $138.8 million. The purchase was funded entirely by the assets of the plan. The final remeasurement of the plan will occur in the first quarter of 2024. Unrealized gains or losses currently reported as components of other comprehensive income (loss) related to the benefit obligation of the Anixter Inc. Pension Plan will be recognized in a final settlement charge at that time. 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 millions) | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Change in Projected Benefit Obligation |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 253.5 |  | $ | 301.8 |  | $ | 267.3 |  | $ | 424.1 |  | $ | 520.8 |  | $ | 725.9
Service cost | — |  | — |  | 4.7 |  | 8.3 |  | 4.7 |  | 8.3
Interest cost | 10.4 |  | 8.7 |  | 12.9 |  | 9.5 |  | 23.3 |  | 18.2
Participant contributions | — |  | — |  | 1.0 |  | 0.9 |  | 1.0 |  | 0.9
Actuarial (gain) loss, including assumption changes | 2.6 |  | (47.1) |  | 29.5 |  | (133.9) |  | 32.1 |  | (181.0)
Benefits paid from plan assets | (8.1) |  | (9.8) |  | (11.7) |  | (11.1) |  | (19.8) |  | (21.0)
Benefits paid from Company assets | — |  | — |  | (0.5) |  | (0.5) |  | (0.5) |  | (0.5)
Settlement | (110.9) |  | — |  | (4.2) |  | (0.2) |  | (115.1) |  | (0.2)
Foreign currency exchange rate changes | — |  | — |  | 10.1 |  | (29.8) |  | 10.1 |  | (29.8)
Ending balance | $ | 147.5 |  | $ | 253.5 |  | $ | 309.1 |  | $ | 267.3 |  | $ | 456.6 |  | $ | 520.8
Change in Plan Assets at Fair Value |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 285.1 |  | $ | 370.7 |  | $ | 267.6 |  | $ | 381.8 |  | $ | 552.7 |  | $ | 752.5
Actual return on plan assets | 12.0 |  | (75.8) |  | 24.1 |  | (87.7) |  | 36.1 |  | (163.5)
Participant contributions | — |  | — |  | 1.0 |  | 0.9 |  | 1.0 |  | 0.9
Employer contributions | — |  | — |  | 10.2 |  | 11.3 |  | 10.2 |  | 11.3
Benefits paid | (8.1) |  | (9.8) |  | (12.2) |  | (11.1) |  | (20.3) |  | (21.0)
Settlement | (110.9) |  | — |  | (4.2) |  | (0.2) |  | (115.1) |  | (0.2)
Foreign currency exchange rate changes | — |  | — |  | 9.2 |  | (27.2) |  | 9.2 |  | (27.2)
Ending balance | $ | 178.1 |  | $ | 285.1 |  | $ | 295.7 |  | $ | 267.6 |  | $ | 473.8 |  | $ | 552.7
Funded Status | $ | 30.6 |  | $ | 31.6 |  | $ | (13.4) |  | $ | 0.3 |  | $ | 17.2 |  | $ | 31.9
Amounts Recognized in the Consolidated Balance Sheets |  |  |  |  |  |  |  |  |  |  |
Other assets | $ | 30.6 |  | $ | 31.6 |  | $ | 18.0 |  | $ | 28.4 |  | $ | 48.6 |  | $ | 60.0
Other current liabilities | — |  | — |  | (0.4) |  | (0.4) |  | (0.4) |  | (0.4)
Other noncurrent liabilities | — |  | — |  | (31.0) |  | (27.6) |  | (31.0) |  | (27.6)
Net amount recognized | $ | 30.6 |  | $ | 31.6 |  | $ | (13.4) |  | $ | 0.3 |  | $ | 17.2 |  | $ | 31.9
Weighted Average Assumptions Used to Determine Benefit Obligations |  |  |  |  |  |  |  |  |  |  |
Discount rate | 4.5 | % |  | 4.4 | % |  | 4.4 | % |  | 4.8 | % |  | 4.4 | % |  | 4.6 | %
Rate of compensation increase | — | % |  | — | % |  | 3.3 | % |  | 3.4 | % |  | 3.3 | % |  | 3.4 | %
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 measurement date. This rate was estimated at the end of 2023 and 2022 using a yield curve based on corporate bond data, which the Company concluded was consistent with observable market conditions and industry standards for developing spot rate curves. The Company had nine plans at December 31, 2023 and seven plans at December 31, 2022 for which the projected benefit obligation was in excess of the fair value of plan assets. For these plans, the aggregate projected benefit obligation was $215.0 million and $119.0 million, respectively, and the aggregate fair value of plan assets was $183.8 million and $91.0 million, respectively. At December 31, 2023 and 2022, the Company's accumulated benefit obligation was $147.5 million and $253.5 million, respectively, for the Domestic Plans and $302.5 million and $253.2 million, respectively, for the Foreign Plans. The Company had nine plans at December 31, 2023 and seven plans at December 31, 2022 for which the accumulated benefit obligation was in excess of the fair value of plan assets. For these plans, the aggregate accumulated benefit obligation was $208.6 million and $113.7 million, respectively, and the aggregate fair value of plan assets was $183.8 million and $91.0 million, respectively. The following tables set forth the components of net periodic pension cost (benefit) for the Company's defined benefit plans:
| Domestic Plans |  | Foreign Plans |  | Total
(In millions) | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Components of Net Periodic Pension Cost (Benefit) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | — |  |  | $ | — |  |  | $ | 3.0 |  |  | $ | 4.7 |  |  | $ | 8.3 |  |  | $ | 12.1 |  |  | $ | 4.7 |  |  | $ | 8.3 |  |  | $ | 15.2 |
Interest cost | 10.4 |  |  | 8.7 |  |  | 8.2 |  |  | 12.9 |  |  | 9.5 |  |  | 9.8 |  |  | 23.3 |  |  | 18.2 |  |  | 18.0 |
Expected return on plan assets | (9.6) |  |  | (14.4) |  |  | (17.1) |  |  | (14.0) |  |  | (17.6) |  |  | (17.8) |  |  | (23.6) |  |  | (32.0) |  |  | (34.9) |
Recognized actuarial (loss) gain | — |  |  | — |  |  | — |  |  | (2.3) |  |  | (0.9) |  |  | 0.1 |  |  | (2.3) |  |  | (0.9) |  |  | 0.1 |
Curtailment | — |  |  | — |  |  | (3.9) |  |  | — |  |  | — |  |  | (32.7) |  |  | — |  |  | — |  |  | (36.6) |
Settlement | 4.7 |  |  | — |  |  | 0.3 |  |  | (1.9) |  |  | (0.1) |  |  | (0.1) |  |  | 2.8 |  |  | (0.1) |  |  | 0.2 |
Net periodic pension cost (benefit) | $ | 5.5 |  |  | $ | (5.7) |  |  | $ | (9.5) |  |  | $ | (0.6) |  |  | $ | (0.8) |  |  | $ | (28.5) |  |  | $ | 4.9 |  |  | $ | (6.5) |  |  | $ | (38.0) |
Service cost is reported as a component of selling, general and administrative expenses. The other components of net periodic pension cost (benefit) totaling net cost of $0.2 million for the year ended December 31, 2023 and net benefits of $14.8 million and $53.2 million for the years ended December 31, 2022 and 2021, respectively, are presented as components of other non-operating expense (income) (“other expense (income), net”). The following weighted-average actuarial assumptions were used to determine net periodic pension cost (benefit):
| Domestic Plans |  | Foreign Plans |  | Total
| 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Discount rate | 4.4 | % |  | 2.9 | % |  | 2.6 | % |  | 4.8 | % |  | 2.4 | % |  | 2.0 | % |  | 4.6 | % |  | 2.6 | % |  | 2.3 | %
Expected return on plan assets | 4.8 | % |  | 4.3 | % |  | 5.3 | % |  | 5.5 | % |  | 5.0 | % |  | 4.9 | % |  | 5.1 | % |  | 4.6 | % |  | 5.1 | %
Rate of compensation increase | — | % |  | — | % |  | 3.8 | % |  | 3.4 | % |  | 3.4 | % |  | 3.2 | % |  | 3.4 | % |  | 3.4 | % |  | 3.4 | %
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 historical plan asset returns combined with current market conditions to estimate the rate of return. 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 7.0% in 2023. 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 (income) loss. 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 millions) | 2023 |  | 2022
Changes to Balance: |  |  |
Beginning balance, before tax effect | $ | (40.6) |  |  | $ | (58.8) |
Net actuarial loss arising in current year | 19.6 |  |  | 14.5 |
Recognized actuarial loss | 2.3 |  |  | 0.9 |
Settlement | (2.8) |  |  | 0.1 |
Foreign currency exchange rate changes | (1.0) |  |  | 2.6 |
Ending balance, before tax effect | $ | (22.5) |  |  | $ | (40.6) |
| As of December 31,
(In millions) | 2023 |  | 2022
Components of Balance: |  |  |
Prior service credit | $ | (0.2) |  |  | $ | (0.2) |
Net actuarial gain | (22.3) |  |  | (40.5) |
Ending balance, before tax effect | (22.5) |  |  | (40.6) |
Tax effect | 2.8 |  |  | 10.2 |
Ending balance, after tax effect | $ | (19.7) |  |  | $ | (30.4) |
The following benefit payments, which reflect expected future service, are expected to be paid as follows:
(In millions) | Domestic Plans |  | Foreign Plans |  | Total
2024 | $ | 148.6 |  |  | $ | 10.5 |  |  | $ | 159.1 |
2025 | — |  |  | 10.5 |  |  | 10.5 |
2026 | — |  |  | 11.5 |  |  | 11.5 |
2027 | — |  |  | 11.9 |  |  | 11.9 |
2028 | — |  |  | 15.7 |  |  | 15.7 |
2029 to 2033 | — |  |  | 94.3 |  |  | 94.3 |
The Company expects to contribute approximately $7.0 million to its Foreign Plans in 2024. The Company does not expect to make a contribution to its domestic qualified pension plan in 2024 due to its overfunded status and anticipated settlement in the first quarter of 2024, as described above. 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 asset mixes and the asset allocation guidelines for the Domestic Plans and Foreign Plans are summarized as follows:
| Domestic Plans
|  |  | Allocation Guidelines
| December 31, 2023 |  | Min |  | Target |  | Max
Equities | 4.0 | % |  | — | % |  | 4 | % |  | 35 | %
Debt securities: |  |  |  |  |  |  |
Domestic treasuries | 17.3 |  |  | — |  |  | 17 |  |  | — |
Corporate bonds | 40.5 |  |  | — |  |  | 41 |  |  | — |
Total debt securities | 57.8 |  |  |  |  | 58 |  |  |
Cash equivalents | 38.2 |  |  | — |  |  | 38 |  |  | — |
| 100.0 | % |  |  |  | 100 | % |  |
| Foreign Plans
|  |  | Allocation Guidelines
| December 31, 2023 |  | Min |  | Target |  | Max
Equities | 19.7 | % |  | 12 | % |  | 21 | % |  | 29 | %
Debt securities: |  |  |  |  |  |  |
Domestic treasuries | 0.8 |  |  | — |  |  | 1 |  |  | — |
Corporate bonds | 3.2 |  |  | 1 |  |  | 1 |  |  | 31 |
Pooled investment funds and other | 63.7 |  |  | 48 |  |  | 67 |  |  | 78 |
Total debt securities | 67.7 |  |  |  |  | 69 |  |  |
Property/real estate | 4.0 |  |  | 2 |  |  | 2 |  |  | 8 |
Insurance products | 7.1 |  |  | 7 |  |  | 7 |  |  | 7 |
Other | 1.5 |  |  | — |  |  | 1 |  |  | 8 |
| 100.0 | % |  |  |  | 100 | % |  |
| Domestic Plans
|  |  | Allocation Guidelines
| December 31, 2022 |  | Min |  | Target |  | Max
Equities | 2.1 | % |  | — | % |  | 2 | % |  | 35 | %
Debt securities: |  |  |  |  |  |  |
Domestic treasuries | 5.5 |  |  | — |  |  | 5 |  |  | — |
Corporate bonds | 22.4 |  |  | — |  |  | 22 |  |  | — |
Other | 7.6 |  |  | — |  |  | 8 |  |  | 35 |
Total debt securities | 35.5 |  |  |  |  | 35 |  |  |
Property/real estate | 13.5 |  |  | — |  |  | 14 |  |  | 35 |
Cash equivalents | 48.9 |  |  | — |  |  | 49 |  |  | — |
| 100.0 | % |  |  |  | 100 | % |  |
| Foreign Plans
|  |  | Allocation Guidelines
| December 31, 2022 |  | Min |  | Target |  | Max
Equities | 27.3 | % |  | 19 | % |  | 30 | % |  | 38 | %
Debt securities: |  |  |  |  |  |  |
Domestic treasuries | 0.2 |  |  | — |  |  | — |  |  | — |
Corporate bonds | 4.0 |  |  | 1 |  |  | 1 |  |  | 29 |
Pooled investment funds and other | 52.6 |  |  | 36 |  |  | 54 |  |  | 67 |
Total debt securities | 56.8 |  |  |  |  | 55 |  |  |
Property/real estate | 4.0 |  |  | 2 |  |  | 4 |  |  | 7 |
Insurance products | 6.9 |  |  | 7 |  |  | 7 |  |  | 7 |
Other | 5.0 |  |  | 4 |  |  | 4 |  |  | 11 |
| 100.0 | % |  |  |  | 100 | % |  |
The plans' 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 2023, the investment policy guidelines of the Domestic Plans 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 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 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 assets by asset category for the Domestic Plans and Foreign Plans:
| December 31, 2023
(In millions) | Level 1 |  | Level 2 |  | Level 3 |  | NAV (1) |  | Total
Domestic Plans |  |  |  |  |  |  |  |  |
Equities | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7.2 |  |  | $ | 7.2 |
Debt securities: |  |  |  |  |  |  |  |  |
Domestic treasuries | — |  |  | — |  |  | — |  |  | 30.9 |  |  | 30.9 |
Corporate bonds | — |  |  | — |  |  | — |  |  | 72.0 |  |  | 72.0 |
Cash equivalents | 68.0 |  |  | — |  |  | — |  |  | — |  |  | 68.0 |
Total investments in Domestic Plans | $ | 68.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 110.1 |  |  | $ | 178.1 |
Foreign Plans |  |  |  |  |  |  |  |  |
Equities | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 58.3 |  |  | $ | 58.3 |
Debt securities: |  |  |  |  |  |  |  |  |
Domestic treasuries | — |  |  | — |  |  | — |  |  | 2.4 |  |  | 2.4 |
Corporate bonds | — |  |  | — |  |  | — |  |  | 9.6 |  |  | 9.6 |
Pooled investment funds and other | — |  |  | — |  |  | — |  |  | 188.2 |  |  | 188.2 |
Property/real estate | — |  |  | — |  |  | — |  |  | 11.8 |  |  | 11.8 |
Insurance products | — |  |  | 20.9 |  |  | — |  |  | — |  |  | 20.9 |
Other | 4.5 |  |  | — |  |  | — |  |  | — |  |  | 4.5 |
Total investments in Foreign Plans | $ | 4.5 |  |  | $ | 20.9 |  |  | $ | — |  |  | $ | 270.3 |  |  | $ | 295.7 |
Total |  |  |  |  |  |  |  |  |
Equities | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 65.5 |  |  | $ | 65.5 |
Debt securities: |  |  |  |  |  |  |  |  |
Domestic treasuries | — |  |  | — |  |  | — |  |  | 33.3 |  |  | 33.3 |
Corporate bonds | — |  |  | — |  |  | — |  |  | 81.6 |  |  | 81.6 |
Pooled investment funds and other | — |  |  | — |  |  | — |  |  | 188.2 |  |  | 188.2 |
Property/real estate | — |  |  | — |  |  | — |  |  | 11.8 |  |  | 11.8 |
Insurance products | — |  |  | 20.9 |  |  | — |  |  | — |  |  | 20.9 |
Cash equivalents | 68.0 |  |  | — |  |  | — |  |  | — |  |  | 68.0 |
Other | 4.5 |  |  | — |  |  | — |  |  | — |  |  | 4.5 |
Total investments | $ | 72.5 |  |  | $ | 20.9 |  |  | $ | — |  |  | $ | 380.4 |  |  | $ | 473.8 |
(1) Investments measured at fair value using the net asset value (“NAV”) per share practical expedient have not been classified in the fair value hierarchy. The amounts presented in the tables above are intended to reconcile the fair value hierarchy to the total fair value of plan assets.
| December 31, 2022
(In millions) | Level 1 |  | Level 2 |  | Level 3 |  | NAV (1) |  | Total
Domestic Plans |  |  |  |  |  |  |  |  |
Equities | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5.9 |  |  | $ | 5.9 |
Debt securities: |  |  |  |  |  |  |  |  |
Domestic treasuries | — |  |  | — |  |  | — |  |  | 15.6 |  |  | 15.6 |
Corporate bonds | — |  |  | — |  |  | — |  |  | 63.8 |  |  | 63.8 |
Other | — |  |  | — |  |  | — |  |  | 21.7 |  |  | 21.7 |
Property/real estate | — |  |  | — |  |  | — |  |  | 38.7 |  |  | 38.7 |
Cash equivalents | 139.4 |  |  | — |  |  | — |  |  | — |  |  | 139.4 |
Total investments in Domestic Plans | $ | 139.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 145.7 |  |  | $ | 285.1 |
Foreign Plans |  |  |  |  |  |  |  |  |
Equities | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 73.1 |  |  | $ | 73.1 |
Debt securities: |  |  |  |  |  |  |  |  |
Domestic treasuries | — |  |  | — |  |  | — |  |  | 0.4 |  |  | 0.4 |
Corporate bonds | — |  |  | — |  |  | — |  |  | 10.7 |  |  | 10.7 |
Pooled investment funds and other | — |  |  | — |  |  | — |  |  | 141.0 |  |  | 141.0 |
Property/real estate | — |  |  | — |  |  | — |  |  | 10.6 |  |  | 10.6 |
Insurance products | — |  |  | 18.5 |  |  | — |  |  | — |  |  | 18.5 |
Other | 3.7 |  |  | — |  |  | — |  |  | 9.6 |  |  | 13.3 |
Total investments in Foreign Plans | $ | 3.7 |  |  | $ | 18.5 |  |  | $ | — |  |  | $ | 245.4 |  |  | $ | 267.6 |
Total |  |  |  |  |  |  |  |  |
Equities | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 79.0 |  |  | $ | 79.0 |
Debt securities: |  |  |  |  |  |  |  |  |
Domestic treasuries | — |  |  | — |  |  | — |  |  | 16.0 |  |  | 16.0 |
Corporate bonds | — |  |  | — |  |  | — |  |  | 74.6 |  |  | 74.6 |
Pooled investment funds and other | — |  |  | — |  |  | — |  |  | 162.7 |  |  | 162.7 |
Property/real estate | — |  |  | — |  |  | — |  |  | 49.3 |  |  | 49.3 |
Insurance products | — |  |  | 18.5 |  |  | — |  |  | — |  |  | 18.5 |
Cash equivalents | 139.4 |  |  | — |  |  | — |  |  | — |  |  | 139.4 |
Other | 3.7 |  |  | — |  |  | — |  |  | 9.6 |  |  | 13.3 |
Total investments | $ | 143.1 |  |  | $ | 18.5 |  |  | $ | — |  |  | $ | 391.1 |  |  | $ | 552.7 |
(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 tables above are intended to reconcile the fair value hierarchy to the total fair value of plan assets. The assets of the Domestic Plans and Foreign Plans 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 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 Prior to its acquisition by Wesco on June 22, 2020, Anixter granted restricted stock units in the ordinary course of business to its employees and directors. These awards, for which vesting did not accelerate solely as a result of the Company's merger with Anixter, were converted into cash-only settled Wesco phantom stock units, which vested ratably over a 3-year period. As of December 31, 2023, these awards had fully vested and have no remaining fair value or liability. As of December 31, 2022, the estimated fair value of these awards was $8.1 million and the Company's liability for these awards was $8.0 million, which is included in accrued payroll and benefit costs in the Consolidated Balance Sheet. The Company recognized compensation expense associated with these awards of $0.1 million, $2.6 million, and $13.6 million for the years ended December 31, 2023, 2022, and 2021, respectively, which is reported as a component of selling, general and administrative expenses.

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