XML 59 R43.htm IDEA: XBRL DOCUMENT v3.10.0.1
Retirement Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Defined Benefit Plans Disclosures The following table sets forth the change in plan assets, change in projected benefit obligation, rate assumptions and components of net periodic benefit cost as of December 31 with respect to the plan. The measurement dates of the assets and liabilities of the plan were December 31 of the respective years presented.
 
Reconciliation of Funded Status 
  Year Ended December 31,
(in thousands)    20182017 
Change in projected benefit obligation      
Benefit obligation at beginning of year $21,552 $20,787 
Service cost 4 4 
Interest cost 757 831 
Liability actuarial (gain) loss (1,270)866 
Benefits paid (993)(936)
Benefit obligation at end of year 20,050 21,552 
Change in fair value of plan assets       
Fair value of plan assets at beginning of year 20,327 17,858 
Return on plan assets (1,228)2,505 
Employer contributions — 900 
Benefits paid (993)(936)
Fair value of plan assets at end of year 18,106 20,327 
Funded status (1,944)$(1,225)
Schedule of Allocation of Plan Assets The pension plans' weighted-average asset allocation as a percentage of plan assets at December 31 are as follows:
 
Asset Allocation as a Percentage of the Plan 
  
Year Ended December 31,
  20182017
Equity securities 55%  55%  
Debt securities 38%  38%  
Short-term investments 2%  2%  
Other 5%  5%  
Total 100%  100%  
Fair Value, Assets Measured on Recurring Basis
The following table presents the hierarchy levels for our postretirement benefit plan investments as of December 31 as described in Note 1 to the Consolidated Financial Statements:
 
 

 
 
(in thousands)		December 31, 2018
Quoted
Prices in Active
Markets for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Mutual Funds:        
Mid Cap$1,176 $1,176 $— $— 
Large Cap2,618 2,618 — — 
International2,051 2,051 — — 
Common/Collective Trusts:
Wells Fargo Liability Driven Solution 2,532 — 2,532 — 
Wells Fargo BlackRock International Equity 765 — 765 — 
Wells Fargo Core Bond 1,266 — 1,266 — 
Wells Fargo/Causeway International 766 — 766 — 
Wells Fargo BlackRock Large Cap Growth Index Fund 1,026 — 1,026 — 
Wells Fargo BlackRock Large Cap Value Index Fund 1,025 — 1,025 — 
Wells Fargo Multi-Manager Small Cap 1,246 — 1,246 — 
Wells Fargo BlackRock Russell 2000 Index Fund 573 — 573 — 
Wells Fargo BlackRock S&P Mid Cap Index Fund 641 — 641 — 
Wells Fargo/MFS Value CIT F 516 — 516 — 
Wells Fargo/T. Rowe Price Large-Cap Growth Managed CIT 516 — 516 — 
Wells Fargo/T. Rowe Price Equity Income 515 — 515 — 
Wells Fargo Voya Large Cap Growth CIT F 516 — 516 — 
Cash & Short-term Investments358 358 — — 
Total $18,106 $6,203 $11,903 $— 
            
 
 
 
 
(in thousands)		December 31, 2017
Quoted
Prices in Active
Markets for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
 
Significant
Unobservable
Inputs
(Level 3)
Mutual Funds:        
Mid Cap$1,321 $1,321 $— $— 
Large Cap2,930 2,930 — — 
International2,300 2,300 — — 
Common/Collective Trusts:
Wells Fargo Liability Driven Solution 2,845 — 2,845 — 
Wells Fargo BlackRock International Equity 859 — 859 — 
Wells Fargo Core Bond 1,416 — 1,416 — 
Wells Fargo/Causeway International 861 — 861 — 
Wells Fargo BlackRock Large Cap Growth Index Fund 1,146 — 1,146 — 
Wells Fargo BlackRock Large Cap Value Index Fund 1,146 — 1,146 — 
Wells Fargo Multi-Manager Small Cap 1,387 — 1,387 — 
Wells Fargo BlackRock Russell 2000 Index Fund 636 — 636 — 
Wells Fargo BlackRock S&P Mid Cap Index Fund 715 — 715 — 
Wells Fargo/MFS Value CIT F 578 — 578 — 
Wells Fargo/T. Rowe Price Large-Cap Growth Managed CIT 577 — 577 — 
T. Rowe Price Equity Income 577 — 577 — 
Wells Fargo Voya Large Cap Growth CIT F 577 — 577 — 
Cash & Short-term Investments456 456 — — 
Total $20,327 $7,007 $13,320 $— 
Schedule of Changes in Projected Benefit Obligations
The change in the Projected Benefit Obligation (PBO) as of December 31, 2018 and 2017, is shown below:
 
Reconciliation of Benefit Obligation 
Year Ended December 31, 
(in thousands)20182017
Benefit obligation at January 1,$5,945 $5,387 
Service cost 249 198 
Interest cost 248 204 
Liability actuarial loss (gain)(328)247 
Benefits paid(98)(91)
Plan amendments1,430 — 
Benefit obligation at December 31,$7,446 $5,945 
Pension Plans, Defined Benefit  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Assumptions Used In determining the projected benefit obligation and the net pension cost, we used the following significant weighted-average assumptions:
 
Rates to Determine Benefit Obligation 
  
Year Ended December 31,
  20182017
Discount rate 4.20%  3.60%  
Composite rate of compensation increase N/A N/A 
 
Rates to Determine Net Periodic Benefit Cost 
  Year Ended December 31,
  20182017
Discount rate 3.60%  4.10%  
Long-term rate of return on plan assets 7.25%  7.25%  
Composite rate of compensation increase N/A N/A 
Schedule of Net Benefit Costs
The following table presents the components of net periodic benefit cost (gains are denoted with parentheses and losses are not):
Components of Net Periodic Benefit Cost 
  Year Ended December 31,
 (in thousands)
2018 2017 
Service cost $4 $4 
Interest cost 757 831 
Expected return on plan assets (1,454)(1,275)
Amortization of net loss346 433 
Net periodic benefit cost $(347)$(7)
Schedule of Expected Benefit Payments The following table illustrates the estimated pension benefit payments that are projected to be paid:
 
Projected Future Benefit Payments 
 
(in thousands)
Employees’
Retirement Plan
2019 $1,151 
2020 1,170 
2021 1,233 
2022 1,269 
2023 1,283 
Years 2024 through 2028 6,417 
Supplemental Employee Retirement Plans, Defined Benefit  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Assumptions Used
In determining the projected benefit obligation and the net pension cost, we used the following significant weighted-average assumptions:
 
Assumptions used to determine benefit obligations at December 31:
 
Rates to Determine Benefit Obligation 
  20182017
Discount rate 4.10%  3.45%  
Composite rate of compensation increase 3.00%  3.00%  
 
Assumptions used to determine net periodic benefit cost for the years ended December 31:
 
Rates to Determine Net Periodic Benefit Cost 
  20182017
Discount rate 3.45%  3.85%  
Composite rate of compensation increase3.00%  3.00%  
Long-term rate of return on plan assets N/A  N/A  
Schedule of Net Benefit Costs
The components of net periodic pension expense were as follows:
 
Components of Net Periodic Benefit Cost 
Year Ended December 31,
(in thousands)20182017
Service cost$249 $198 
Interest cost248 204 
Amortization of prior service cost501 406 
Net periodic benefit cost$998 $808 
Schedule of Expected Benefit Payments
Future estimated benefits expected to be paid from the plan over the next ten years as follows:

Projected Future Benefit Payments 
(in thousands)SERP 
2019$375 
2020397 
2021405 
2022499 
2023504 
Years 2024 through 20283,255