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Employee Benefit Plans
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12 Months Ended |
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Dec. 31, 2014
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| Compensation and Retirement Disclosure [Abstract] | |
| Employee Benefit Plans | Employee Benefit Plans The Company sponsors a 401(k) retirement and savings plan. Employees are eligible to participate in the plan immediately. The Company’s employees who are at least 18 years of age, have worked at least 1000 hours in the past year, and have completed one year of service are eligible for Company matching contributions in the plan. The Company matches 100 percent of each employee’s contributions up to a maximum of 6 percent of each employee’s eligible compensation. All contributions vest immediately. WEX Inc. has the right to discontinue the plan at any time. Contributions to the plan are voluntary. The Company contributed $3,502, $2,991 and $2,295 in matching funds to the plan for the years ended December 31, 2014, 2013 and 2012, respectively. During 2014, the Company acquired Evolution1 which, as of the date of the acquisition, had its own employee savings plan, the Evolution1 Plan. As of December 31, 2014, the Evolution1 Plan was merged with the existing WEX plan, and the existing plan recorded a receivable for the amount of net assets available for benefits it expected to receive from the Evolution1 Plan. Subsequent to year end, net assets available for benefits totaling $21,739 were received by the plan on January 2, 2015, in a transfer from the Evolution1 Plan. On January 1, 2015, Evolution1 employees became eligible to participate in the existing WEX plan. The Company also sponsors a defined contribution plan for certain employees designated by the Company. Participants may elect to defer receipt of designated percentages or amounts of their compensation. The Company maintains a grantor’s trust to hold the assets under the Company’s defined contribution plan. The obligation related to the defined contribution plan totaled $5,927 at December 31, 2014, and $4,339 at December 31, 2013. These amounts are included in other liabilities on the consolidated balance sheet. The assets held in trust are designated as trading securities and, as such, these trading securities are to be recorded at fair value with any changes recorded currently to earnings. The aggregate market value of the securities within the trust was $5,927 at December 31, 2014, and $4,339 at December 31, 2013. Such amounts are included in other assets on the consolidated balance sheet. The Company has defined benefit pension plans in Germany and Norway related to the Esso portfolio in Europe transaction. The total net unfunded status for the Company’s foreign defined benefit pension plans was $4,900 as of December 31, 2014 and was recognized as a liability in the consolidated balance sheet. The Company will measure these plan obligations on an annual basis. Any change in fair value to the defined benefit pension plans will be recorded in other comprehensive income. |