Company: WCC
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000929008-25-000012
Chunk: 96

Company: WESCO INTERNATIONAL INC
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 8
Chunk 96
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 to incur liens on assets, make certain restricted payments, engage in certain sale and leaseback transactions or sell certain assets or merge or consolidate with or into other companies, subject to certain qualifications and exceptions, including the termination of certain of these covenants upon the 2033 Notes receiving investment grade credit ratings.The 2033 Notes Indenture contains certain events of default, including, among other things, failure to make required payments, failure to comply with certain agreements or covenants, failure to pay or acceleration of certain other indebtedness, certain events of bankruptcy and insolvency, and failure to pay certain judgments. An event of default under the 2033 Notes Indenture will allow either the Trustee or the holders of at least 25% in aggregate principal amount of the series of the then-outstanding 2033 Notes to accelerate or, in certain cases, will automatically cause the acceleration of the amounts due under the 2033 Notes.

10. 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.

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Table of Contents   WESCO INTERNATIONAL, INC. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(CONTINUED)(unaudited)

The net periodic pension benefit