Company: WCC
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000929008-25-000012
Chunk: 97

Company: WESCO INTERNATIONAL INC
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 8
Chunk 97
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 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 SettlementAnixter 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.  

11. FAIR VALUE OF FINANCIAL INSTRUMENTSThe Company’s financial instruments primarily consist of cash and cash equivalents, accounts receivable, accounts payable, bank overdrafts, outstanding indebtedness, foreign currency forward contracts, and benefit plan assets. Except for benefit plan assets, outstanding indebtedness and foreign currency forward contracts, the carrying value of the Company’s other financial instruments approximates fair value.The assets of the Company’s various defined benefit plans primarily comprise common/collective/pool funds (i.e., mutual funds). These funds are valued at the net asset value (“NAV”) of shares held in the underlying funds. Investments for which fair value is measured using the NAV per share practical expedient are not classified in the fair value hierarchy.The Company uses a market