0001309108-19-000139.txt : 20190628 0001309108-19-000139.hdr.sgml : 20190628 20190628112218 ACCESSION NUMBER: 0001309108-19-000139 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20181231 FILED AS OF DATE: 20190628 DATE AS OF CHANGE: 20190628 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WEX Inc. CENTRAL INDEX KEY: 0001309108 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 010526993 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32426 FILM NUMBER: 19927980 BUSINESS ADDRESS: STREET 1: 97 DARLING AVENUE CITY: SOUTH PORTLAND STATE: ME ZIP: 04106 BUSINESS PHONE: (207) 773-8171 MAIL ADDRESS: STREET 1: 97 DARLING AVENUE CITY: SOUTH PORTLAND STATE: ME ZIP: 04106 FORMER COMPANY: FORMER CONFORMED NAME: Wright Express CORP DATE OF NAME CHANGE: 20041118 11-K 1 a201811-k.htm 11-K Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 11-K
 
 
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS
AND SIMILAR PLANS PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
(Mark one)
ý
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2018
OR
 
¨
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 001-32426
 
 
(Full title of the plan and the address of the plan, if different from that of the issuer named below)
WEX Inc. Employee Savings Plan
(Name of issuer of the securities held pursuant to the plan and the address of its principal executive office)
WEX Inc.
1 Hancock Street
Portland, Maine 04101

REQUIRED INFORMATION
The WEX Inc. Employee Savings Plan (Plan) is subject to the Employee Retirement Income Security Act of 1974 (ERISA). Therefore, in lieu of the requirements of Items 1-3 of Form 11-K, the financial statements of the Plan for the fiscal year ended December 31, 2018 and supplemental schedule, which have been prepared in accordance with the financial reporting requirements of ERISA, are attached hereto as Appendix 1 and incorporated herein by reference.






SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
 
 
 
 
 
 
 
WEX Inc. Employee Savings Plan
 
 
 
 
 
 
 
Date: June 28, 2019
 
 
 
By:
 
/s/ Lauren S. Carrolton      
 
 
 
 
Lauren S. Carrolton
 
 
 
 
 
 
401(k) Committee Chair
 
 
 
 
 
 
 
Date: June 28, 2019
 
 
 
By:
 
/s/ Roberto Simon
 
 
 
 
 
 
Roberto Simon
 
 
 
 
 
 
401(k) Committee Member
 
 
 
 
 
 
 
Date: June 28, 2019
 
 
 
By:
 
/s/ Hilary A. Rapkin
 
 
 
 
 
 
Hilary A. Rapkin
 
 
 
 
 
 
401(k) Committee Member
 
 
 
 
 
 
 
Date: June 28, 2019
 
 
 
By:
 
/s/ Kenneth W. Janosick
 
 
 
 
 
 
Kenneth W. Janosick
 
 
 
 
 
 
401(k) Committee Member
 
 
 
 
 
 
 
Date: June 28, 2019
 
 
 
By:
 
/s/ Steven A. Elder
 
 
 
 
 
 
Steven A. Elder
 
 
 
 
 
 
401(k) Committee Member
 
 
 
 
 
 
 
Date: June 28, 2019
 
 
 
By:
 
/s/ Melanie Tinto
 
 
 
 
 
 
Melanie Tinto
 
 
 
 
 
 
401(k) Committee Member









WEX Inc.
Employee Savings Plan
Form 11-K
Table of Contents
 
Report of Independent Registered Public Accounting Firm
 
 
 
Financial Statements:
 
 
Statements of Net Assets Available for Benefits - December 31, 2018 and 2017
 
Statement of Changes in Net Assets Available for Benefits - Year ended December 31, 2018
 
Notes to Financial Statements
 
 
 
Supplemental Schedule:
 
 
Form 5500- Schedule H, Part IV, Line 4i - Schedule of Assets (Held at End of Year) - December 31, 2018
 
Note: All other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.





REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Plan Participants and Plan Administrator of
WEX Inc. Employee Savings Plan
Portland, Maine

Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of WEX Inc. Employee Savings Plan (the "Plan") as of December 31, 2018 and 2017, the related statement of changes in net assets available for benefits for the year ended December 31, 2018, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2018 and 2017, and the changes in net assets available for benefits for the year ended December 31, 2018 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Report on Supplemental Schedule
The supplemental schedule of assets (held at end of year) as of December 31, 2018 has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental schedule is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in compliance with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, such schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ Deloitte & Touche LLP
 
Boston, Massachusetts
June 28, 2019

We have served as the auditor of the Plan since 2005.



1



WEX Inc.
Employee Savings Plan
Statements of Net Assets Available for Benefits
December 31, 2018 and 2017
 
 
 
2018
 
2017
ASSETS
 
 
 
 
Participant–directed investments
 
$
164,580,693

 
$
166,224,891

Receivables:
 
 
 
 
Notes receivable from participants
 
2,588,611

 
2,248,856

Participant contribution receivable
 

 
220

Accrued investment income
 
1,369

 
1,000

Total receivables
 
2,589,980

 
2,250,076

Net assets available for benefits
 
$
167,170,673


$
168,474,967

See accompanying notes to the financial statements.
WEX Inc.
Employee Savings Plan
Statement of Changes in Net Assets Available for Benefits
For the Year Ended December 31, 2018
 
 
 
2018
Contributions:
 
 
Participant contributions
 
$
14,028,144

Employer matching contributions
 
8,352,288

Rollover contributions
 
2,722,809

Total contributions
 
25,103,241

Investment income:
 
 
Net depreciation in fair value of investments
 
(21,355,445
)
Dividends and interest
 
10,479,720

Net investment activity
 
(10,875,725
)
Interest income on notes receivable from participants
 
111,141

Total additions
 
14,338,657

Deductions:
 
 
Benefits paid to participants
 
15,599,475

Administrative expenses
 
43,476

Total deductions
 
15,642,951

Net decrease in net assets
 
(1,304,294
)
Net assets available for benefits:
 
 
Beginning of year
 
168,474,967

End of year
 
$
167,170,673

See accompanying notes to the financial statements.


2



WEX Inc.
Employee Savings Plan
Notes to Financial Statements



1.
DESCRIPTION OF THE PLAN
The following description of the WEX Inc. Employee Savings Plan (the “Plan”) is provided for general information purposes only. Participants should refer to the Plan document for more information.
General
The Plan is a defined contribution plan which was established on February 23, 2005 and subsequently amended and restated effective on January 1, 2013, and thereafter further amended, by WEX Inc. (the “Company”) under the provisions of Section 401(a) of the Internal Revenue Code (the “Code”) and includes a qualified cash or deferred arrangement. The portion of the Plan benefiting employees who have completed one year of service is intended to satisfy the safe harbor requirements of Sections 401(k)(12) and 401(m)(11) of the Code. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended. The Plan Administrator is the 401(k) Committee as designated by the Company’s Board of Directors. Bank of America Merrill Lynch is the recordkeeper of the Plan and Bank of America N.A. is the trustee of the Plan.
Eligibility
Each employee of the Company and its eligible subsidiaries who has attained the age of eighteen (18) is eligible to participate in the Plan.
Contributions
Each year, participants may contribute up to 75 percent of their compensation, as defined in the Plan, on a pre-tax basis, a Roth after-tax basis, or a combination of both, subject to limitations stipulated by the Code. After one year of service, participants’ contributions to the Plan are matched 100% by the Company up to 6 percent of the participant’s eligible compensation subject to any legal restrictions. Participants who are at least 50 years of age may make an additional contribution, subject to limitations stipulated by the Code. Participants may also contribute amounts representing eligible rollover distributions from other types of eligible retirement plans.
Participant Accounts
An individual account is maintained for each Plan participant. Each participant’s account is credited with the participant’s contribution, the Company’s matching contribution and allocations of Plan earnings, and charged with participant withdrawals, allocations of Plan losses, and administrative fees, if applicable. Allocations of Plan earnings and losses are based on account balances. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.
Investments
Participants direct the investment of their contributions and the Company matching contributions made on their behalf into various investment options offered by the Plan. As of December 31, 2018, the Plan offers several open-end mutual funds, three common collective trust funds and WEX Inc. Common Stock as investment options for participants.
One of the common collective trust funds, the Wells Fargo Stable Return Fund (the “Stable Value Fund”), is intended to guarantee contract value to participants who choose it as an investment option. The Stable Value Fund has a variety of conditions that the Plan must adhere to in order to guarantee contract value. The following events may limit the ability of the Stable Value Fund to transact at contract value:
A failure of the Plan or its trust to qualify for exemption from federal income taxes or any required prohibited transaction exemption under ERISA.
Any communication given to Plan participants designed to influence a participant not to invest in the Stable Value Fund or to transfer assets out of the Stable Value Fund.
Any transfer of assets from the Stable Value Fund directly into a competing investment option.

3



WEX Inc.
Employee Savings Plan
Notes to Financial Statements


The establishment of a defined contribution plan that competes with the Plan for employee contributions.
Complete or partial termination of the Plan or its merger with another plan.
Plan management believes that the occurrence of events that would cause the Stable Value Fund to transact at less than contract value is not probable.
The Stable Value Fund invests in assets, which are typically fixed income securities or bond funds, and enters into “wrapper” contracts issued by third parties. A wrapper contract is an agreement by another party, such as a bank or insurance company, to make payments to the Stable Value Fund in certain circumstances in order to maintain the contract value of the fund. The performance of the other party is not guaranteed, but it is dependent on the absence of certain events occurring.
Investments in WEX Inc. Common Stock are subject to the restrictions set forth in the Plan document.
Vesting
Participants have full and immediate vesting rights in their contributions and Company matching contributions, investment earnings and other amounts allocated to their accounts at all times.
Notes Receivable from Participants
Participants may borrow against their Plan accounts, excluding amounts attributable to Company matching contributions, up to a maximum of $50,000 (reduced by the highest outstanding loan balance for the preceding 12-month period) or 50 percent of their account balances, whichever is less. The term of the loan may not exceed five years, unless for the purchase of a principal residence, in which case the term of the loan may not exceed fifteen years. The interest rate for a loan requested in any month will be equal to the prime rate as listed on the last business day of the preceding month in the Wall Street Journal plus 1 percent. Principal and interest are paid ratably through payroll deductions. If a participant’s employment terminates, he or she may continue to make the scheduled loan payments directly to Bank of America Merrill Lynch. The interest rates on loans outstanding at December 31, 2018 range from 3.25 percent to 9.50 percent.
Benefit Payments
Upon retirement or termination of employment, a participant may elect either to (i) receive a lump sum distribution of his or her account balance; or (ii) leave the funds in the Plan for later distribution. If, however, as of any monthly processing date following the date of retirement or termination of employment, the participant's account balance is:
$1,000 or less, and the participants does not elect to roll over or receive distribution of his or her account, such account balance will be paid directly to such participant in a single lump sum as soon as practicable after such processing date.
More than $1,000 (but not more than $5,000), and the participant does not elect to roll over or receive distribution of his or her account, such account balance will be rolled over automatically to an individual retirement account established in the participant's name with Bank of America Merrill Lynch as soon as practicable after such processing date.
Distributions from all investment options are made in cash; provided that participants may elect that distribution of the portion of their account which is invested in WEX Inc. Common Stock be made, in whole or in part, in whole shares of common stock of the Company.
If a participant dies before receiving distribution of his or her account, his or her surviving spouse (or designated beneficiary, if the participant's surviving spouse has provided consent in accordance with the terms of the Plan or if the participant is not married) may elect to receive either (i) a lump sum distribution of the participant's account balance; or (ii) payment of the participant's account balance in installments over a period not exceeding 5 years. If, however, the participant's account balance does not exceed $5,000 as of the first monthly processing date following the participant's death, distribution will be made in a lump sum as soon as practicable after such processing date.
In addition, the Plan permits in-service withdrawals under the circumstances specified in the Plan document, including hardship withdrawals.

4



WEX Inc.
Employee Savings Plan
Notes to Financial Statements


2.
SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and changes therein and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
Risks and Uncertainties
The Plan holds various investment securities, including mutual funds, common stock and common collective trusts. Investment securities, in general, are exposed to various risks, such as interest rate risk, credit risk, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and those changes could materially affect the amounts reported in the financial statements.
Investment Valuation and Income Recognition
The Plan’s investments are stated at fair value. The Plan classifies its investments into Level 1, which refers to securities valued using quoted prices from active markets for identical assets; Level 2, which refers to securities not traded on an active market but for which other observable market inputs are readily available; and Level 3, which refers to securities valued based on significant unobservable inputs. Assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Although the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
Purchases and sales of investments are recorded on a trade-date basis. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date. Net depreciation includes the Plan's gains and losses on investments bought and sold as well as held during the year.
Management fees and operating expenses related to investments in the mutual funds and common collective trust funds are charged directly to the mutual funds and common collective trusts and deducted from income earned on a daily basis by such investments and are not separately reported in the accompanying financial statements.
Notes Receivable from Participants
Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant loans are recorded as distributions based on the terms of the Plan document. There were no significant distributions in the current year.
Payment of Benefits
Benefit payments to participants are recorded upon distribution. There were no amounts allocated to accounts of persons who have elected to withdraw from the Plan, but have not yet been paid at December 31, 2018, and 2017.

5



WEX Inc.
Employee Savings Plan
Notes to Financial Statements


3.
FAIR VALUE
The following tables set forth by level within the fair value hierarchy a summary of the Plan’s investments measured at fair value on a recurring basis at December 31, 2018 and 2017. The Plan had no Level 2 or Level 3 investments at December 31, 2018 and 2017.
 
Fair Value Measurements
at December 31, 2018
 
Active Markets for
Identical Assets
(Level 1)
 
Total
Assets:
 
 
 
WEX Inc. Common Stock
$
3,993,156

 
$
3,993,156

Mutual Funds
 
 


Equity/Stock Funds
80,899,459

 
80,899,459

Bond/Fixed Income Funds
23,429,116

 
23,429,116

Allocation Funds
26,878,481

 
26,878,481

Money Market Funds (cash equivalent)
102,465

 
102,465

Total
$
135,302,677

 
135,302,677

 
 
 
 
Common Collective Trusts Measured at Net Asset Value*
 
 
29,278,016

Total investments at fair value
 
 
$
164,580,693

 
Fair Value Measurements
at December 31, 2017
 
Active Markets for
Identical Assets
(Level 1)
 
Total
Assets:
 
 
 
WEX Inc. Common Stock
$
3,711,242

 
$
3,711,242

Mutual Funds
 
 


Equity/Stock Funds
85,637,445

 
85,637,445

Bond/Fixed Income Funds
21,651,877

 
21,651,877

Allocation Funds
27,897,906

 
27,897,906

Money Market Funds (cash equivalent)
(748,943
)
 
(748,943
)
Total
$
138,149,527


138,149,527

 
 
 
 
Common Collective Trusts Measured at Net Asset Value*
 
 
28,075,364

Total investments at fair value
 
 
$
166,224,891

* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Net Assets Available for Benefits.
Transfers Between Levels - The availability of observable market data is monitored to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the transfer is reported at the beginning of the reporting period.
For the years ended December 31, 2018 and 2017, there were no transfers between levels.

6



WEX Inc.
Employee Savings Plan
Notes to Financial Statements


The following tables summarize the Plan’s investments reported at net asset value per share (or its equivalent) as a practical expedient at December 31, 2018 and 2017. 
 
 
Fair Value Estimate Using Net Asset Value per Share
December 31, 2018
 
 
Fair Value *
 
Unfunded
Commitment
 
Redemption
Frequency
 
Other
Redemption
Restrictions
 
Redemption
Notice
Period
Northern Trust Collective S&P 500 Index Fund (a)
 
$
15,341,320

 
$

 
N/A
 
N/A
 
N/A
Northern Trust Extended Equity Market Index Fund (a)
 
4,421,590

 

 
N/A
 
N/A
 
N/A
Wells Fargo Stable Return Fund (b)
 
9,515,106

 

 
N/A
 
N/A
 
12 months
Total
 
$
29,278,016


$

 
 
 
 
 
 
 
 
Fair Value Estimate Using Net Asset Value per Share
December 31, 2017
 
 
Fair Value *
 
Unfunded
Commitment
 
Redemption
Frequency
 
Other
Redemption
Restrictions
 
Redemption
Notice
Period
Northern Trust Collective S&P 500 Index Fund (a)
 
$
15,288,534

 
$

 
N/A
 
N/A
 
N/A
Northern Trust Extended Equity Market Index Fund (a)
 
4,207,447

 

 
N/A
 
N/A
 
N/A
Wells Fargo Stable Return Fund (b)
 
8,579,383

 

 
N/A
 
N/A
 
12 months
Total
 
$
28,075,364


$

 
 
 
 
 
 
 
*
The fair values of the investments have been estimated using the net asset value of the investment.
(a) 
Equity index fund strategies seek to replicate the movements of an index of a specific financial market, such as the Standard & Poor’s (S&P) 500 Index, regardless of market conditions.
(b) 
Stable Return Fund's principal objective is to protect principal while providing a higher rate of return than shorter maturity investments, such as money market funds or certificates of deposit. Redemption notice period is for the entire share of the fund.
The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2018, and 2017.
Common Stocks — Valued at the closing price reported on the active market on which the individual securities are traded.
Mutual Funds — Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-ended mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.
Collective Trust Funds — Valued at the net asset value of units of a bank collective trust. The net asset value as provided by the trustee is used as a practical expedient to estimate fair value. The net asset value is based on the fair value of the underlying investments held by the fund less its liabilities. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported net asset value. Participant transactions (purchases and sales) may occur daily. Should the Plan initiate a full redemption of the collective trust, the investment advisor reserves the right to temporarily delay withdrawal from the trust in order to ensure that securities liquidations will be carried out in an orderly business manner.
Stable Value Fund — Composed primarily of fully benefit-responsive investment contracts and is reported at fair value using net asset value (NAV) as a practical expedient. The stable value fund calculates NAV per share in a manner consistent with the measurement principles in Financial Accounting Standards Board Accounting Standards Codification Topic 946 Financial Services-Investment Companies. Those measurement principles indicate that, in the determination of a stable value fund’s NAV, the relevant measurement is net assets which include the fully benefit investment contracts held by the fund at contract value. This NAV represents the Plan’s fair value since this is the NAV at which the Plan transacts with the fund. This practical expedient

7



WEX Inc.
Employee Savings Plan
Notes to Financial Statements


is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported net asset value.
Participant transactions (purchases and sales) may occur daily. If the Plan initiates a full redemption of the collective trust, the issuer reserves the right to require 12 months’ notification in order to ensure that securities liquidations will be carried out in an orderly business manner.
4.
INCOME TAX STATUS
The Internal Revenue Service (IRS) has determined and informed the Company by a letter dated March 7, 2014, that the Plan and related trust were designed in accordance with the applicable requirements of the Code. The Plan has been amended since receiving the determination letter; however, the Company and Plan management believe that the Plan is currently designed and operated in compliance with the applicable requirements of the Code, and the Plan and related trust continue to be tax-exempt. Therefore, no provision for income taxes has been included in the Plan’s financial statements.
The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.
5.
EXEMPT PARTY-IN-INTEREST TRANSACTION
Management fees paid for investment management services are charged directly to the mutual funds, and are reflected as a reduction of the return earned on each fund.
The Plan held 28,510 shares of common stock of the Company with a revalued cost basis of $4,146,100 as of December 31, 2018, and held 26,278 shares of common stock of the Company with a revalued cost basis of $2,940,818 as of December 31, 2017. The Company is the sponsoring employer. During the year ended December 31, 2018, no dividends were earned by the Plan related to Company stock.
Participant loans, which are considered exempt party-in-interest transactions, were granted throughout the year as part of normal Plan operations.
6.
ADMINISTRATIVE EXPENSES
Reasonable administrative expenses of the Plan are paid from the Plan, unless paid by the Company. The expenses paid for directly by the Plan in 2018 totaled $43,476.
7.
PLAN TERMINATION
Although the Company has not expressed any intent to terminate the Plan, it has the right under the Plan to discontinue contributions at any time and to terminate the Plan subject to the provisions set forth in ERISA. In the event of termination of the Plan, the net assets of the Plan are set aside, first, for payment of all Plan expenses and, second, for distribution to the participants, based upon the balances in their individual accounts.


8



*******************************
SUPPLEMENTAL SCHEDULE
WEX Inc.
Employee Savings Plan
Form 5500 - Schedule H, Part IV,
Plan 201729, EIN 01-0526993,
Line 4i - Schedule of Assets (Held at End of Year)
As of December 31, 2018  
(a)
(b) Identity of issue, borrower, lessor or similar party
(c) Description of Investment
(d) Cost
(e) Current Value
 
AllianceBernstein
Discovery Value Fund
**
$
12,940,034

 
American Funds
Europacific Growth Fund
**
20,069,678

 
DWS
RREEF Real Estate Fund (A)
**
2,116,522

 
Mainstay
Large Cap Growth Fund
**
15,969,143

 
Metropolitan West Funds
Total Return Bond Fund
**
21,346,308

 
Oakmark
Equity and Income Fund
**
2,413,579

 
Oppenheimer
Developing Markets Fund
**
3,254,800

 
MFS
Value Fund
**
10,922,903

 
PRIMECAP
Odyssey Stock Fund
**
4,841,128

 
Principal Investors
High Yield Fund
**
2,082,808

 
T. Rowe Price
Retirement 2005 Fund
**
10,624

 
T. Rowe Price
Retirement 2010 Fund
**
48,529

 
T. Rowe Price
Retirement 2015 Fund
**
213,275

 
T. Rowe Price
Retirement 2020 Fund
**
824,332

 
T. Rowe Price
Retirement 2025 Fund
**
2,311,982

 
T. Rowe Price
Retirement 2030 Fund
**
5,682,916

 
T. Rowe Price
Retirement 2035 Fund
**
2,901,915

 
T. Rowe Price
Retirement 2040 Fund
**
6,647,003

 
T. Rowe Price
Retirement 2045 Fund
**
2,765,936

 
T. Rowe Price
Retirement 2050 Fund
**
1,314,842

 
T. Rowe Price
Retirement 2055 Fund
**
1,431,043

 
T. Rowe Price
Retirement 2060 Fund
**
28,415

 
T. Rowe Price
Retirement Balanced Fund
**
284,090

 
Wells Fargo
Advantage Discovery Fund
**
10,785,251

 
Total mutual funds
 
 
131,207,056

 
 
 
 
 
 
Northern Trust
Extended Market Equity Index Fund
**
4,421,590

 
Northern Trust
Collective S&P 500 Index Fund
**
15,341,320

 
Wells Fargo
Stable Return Fund
**
9,515,106

 
Total collective fund trusts
 
 
29,278,016

 
 
 
 
 
*
WEX Inc.
WEX Inc. Common Stock
**
3,993,156

 
BlackRock
Money Market Funds
**
102,465

*
Various participants
Notes receivable from Participants - maturing at various dates through March 2028 at interest rates of 3.25% - 9.50%
**
2,588,611

 
 
 
 
 
 
Investments per Form 5500
 
 
$
167,169,304

 
*
Party-in-interest
**
Cost information is not required for participant-directed investments and therefore is not included.


9
EX-23 2 a201811-kexhibit23.htm EXHIBIT 23 Exhibit


Exhibit 23

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in Registration Statement Nos. 333-232165, 333-167016 and 333-122934 on Form S-8, of our report dated June 28, 2019, relating to the financial statements and supplemental schedule of WEX Inc. Employee Savings Plan appearing in this Annual Report on Form 11-K of the WEX Inc. Employee Savings Plan for the year ended December 31, 2018.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
June 28, 2019