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EMPLOYEE BENEFIT PLANS (Notes) | 3 Months Ended
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Mar. 31, 2024
Retirement Benefits [Abstract] |
EMPLOYEE BENEFIT PLANS | The following table sets forth the components of net periodic pension cost for the Company’s defined benefit plans:
| Three Months Ended March 31
(In millions) | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
| Domestic Plan(1) |  | Foreign Plans(2) |  | Total
Service cost | $ | — |  |  | $ | — |  |  | $ | 0.5 |  |  | $ | 1.2 |  |  | $ | 0.5 |  |  | $ | 1.2 |
Interest cost | 1.0 |  |  | 2.6 |  |  | 3.3 |  |  | 2.8 |  |  | 4.3 |  |  | 5.4 |
Expected return on plan assets | (0.3) |  |  | (2.4) |  |  | (3.5) |  |  | (3.0) |  |  | (3.8) |  |  | (5.4) |
Recognized actuarial gain(3) | — |  |  | — |  |  | (0.1) |  |  | (0.3) |  |  | (0.1) |  |  | (0.3) |
Settlement | 5.5 |  |  | — |  |  | — |  |  | — |  |  | 5.5 |  |  | — |
Net periodic pension cost | $ | 6.2 |  |  | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | 0.7 |  |  | $ | 6.4 |  |  | $ | 0.9 |
(1) Defined as the Anixter Inc. Pension Plan, which was settled during the first quarter of 2024, as described below. (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, 2024 and 2023, 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 costs of $5.9 million for the three months ended March 31, 2024, and net benefits $0.3 million for the three months ended March 31, 2023, are presented as components of other expense, net. The Company expects to contribute approximately $7.0 million to its Foreign Plans in 2024. Approximately $2.4 million was contributed during the three months ended March 31, 2024. The Company did not make any contributions to its domestic qualified pension plan during the three months ended March 31, 2024 due to the plan’s settlement, as described below. Anixter Inc. Pension Plan Settlement 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 settlement of the Anixter Inc. Pension Plan triggered a remeasurement of the related plan benefit obligations and assets as of February 29, 2024. The net effect of the plan remeasurement was a reduction of $30.6 million to the net funded status of the plan, which represented an excess plan asset reversion, and was accounted for as a negative employer contribution. The assets related to the excess plan asset reversion are included in other current assets in the Condensed Consolidated Balance Sheet as of March 31, 2024. Additionally, the Company incurred excise taxes of $4.8 million resulting from the excess plan asset reversion, which are recorded as a component of selling, general and administrative expenses in the Condensed Consolidated Statement of Income during the three months ended March 31, 2024 and are included in other current liabilities in the Condensed Consolidated Balance Sheet as of March 31, 2024. During the three months ended March 31, 2024, the Company recognized settlement costs of $5.5 million to recognize unrealized losses previously reported as a component of other comprehensive income (loss) related to the benefit obligation of the Anixter Inc. Pension Plan. 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 $18.8 million and $21.4 million for the three months ended March 31, 2024 and 2023, 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, 2024 and December 31, 2023, the Company’s obligation under the Wesco Deferred Compensation Plan was $29.8 million and $27.4 million, respectively, which is included in other noncurrent liabilities in the Condensed Consolidated Balance Sheets.

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