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EMPLOYEE BENEFIT PLANS (Notes)
 3 Months Ended
Mar. 31, 2025
Retirement Benefits [Abstract]  
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 $19.0 million and $18.8 million for the three months ended March 31, 2025 and 2024, 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, 2025 and December 31, 2024, the Company’s obligation under the Wesco Deferred Compensation Plan was $32.1 million and $32.5 million, respectively, which is included in other noncurrent liabilities in the Condensed Consolidated Balance Sheets.
Wesco sponsors several defined benefit plans, including 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.
The net periodic pension benefit for the three months ended March 31, 2025 was $0.4 million, which included service cost of $0.4 million, and other non-service activity with a net benefit of $0.8 million. The net periodic pension cost for the three months ended March 31, 2024 was $6.4 million, which included $0.5 million in service cost, as well as other non-service activity with a net cost of $5.9 million, which includes settlement cost of $5.5 million related to the settlement of the Anixter Inc. Pension Plan, as described below. Service cost is reported as a component of selling, general and administrative expenses. The other components of net periodic pension (benefit) cost are presented as components of other expense, net.
The Company expects to contribute approximately $7.1 million to its defined benefit plans in 2025. Approximately $1.4 million was contributed during the three months ended March 31, 2025.
Anixter Inc. Pension Plan Settlement
Anixter Inc. sponsored the Anixter Inc. Pension Plan, which was terminated in 2022 and settled in 2024. 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.
During the three months ended March 31, 2024, the Company recognized settlement cost 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.