Employee Benefits

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Employee Benefits

Note 18: Employee Benefits

Pension and Postretirement Plans

We sponsor a frozen noncontributory qualified defined benefit retirement plan, the Wells Fargo & Company Cash Balance Plan (Cash Balance Plan), which covers eligible employees of Wells Fargo. The Cash Balance Plan was frozen on July 1, 2009, and no new benefits accrue after that date. For additional information on our pension and postretirement plans, including plan assumptions, investment strategy and asset allocation, projected benefit payments, and valuation methodologies used

for assets measured at fair value, see Note 1 (Summary of Significant Accounting Policies) and Note 21 (Employee Benefits) in our 2022 Form 10-K.

Table 18.1 presents the components of net periodic benefit cost. Service cost is reported in personnel expense and all other components of net periodic benefit cost are reported in other noninterest expense on our consolidated statement of income.

Table 18.1: Net Periodic Benefit Cost

	2023				2022
	Pension benefits				Pension benefits
(in millions)	Qualified		Non-  qualified	Other  benefits	Qualified	Non-  qualified	Other  benefits
Quarter ended June 30,
Service cost	$	7	—	—	5	—	—
Interest cost	100		4	4	82	3	3
Expected return on plan assets	(126)		—	(7)	(126)	—	(6)
Amortization of net actuarial loss (gain)	35		1	(6)	33	3	(6)
Amortization of prior service credit	—		—	(2)	—	—	(2)
Settlement loss	—		—	—	62	—	—
Net periodic benefit cost	$	16	5	(11)	56	6	(11)
Six months ended June 30,
Service cost	$	13	—	—	10	—	—
Interest cost	201		9	8	149	5	5
Expected return on plan assets	(252)		—	(13)	(265)	—	(11)
Amortization of net actuarial loss (gain)	70		2	(12)	66	6	(11)
Amortization of prior service credit	—		—	(5)	—	—	(5)
Settlement loss	—		—	—	109	1	—
Net periodic benefit cost	$	32	11	(22)	69	12	(22)