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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2020
Retirement Benefits [Abstract] |
Employee Benefit Plans |
18. | Employee Benefit Plans
The Company sponsors a 401(k) retirement and savings plan for U.S. employees. Eligible employees may participate in the plan immediately. The Company’s employees who are at least 18 years of age and have completed one year of service are eligible f or 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 has the right to discontinue the plan at any time. Contributions to the plan are voluntary. The Company contributed $13.7 million, $10.0 million and $8.0 million in matching funds to the plan for the years ended December 31, 2020, 2019 and 2018, respectively. The Company also sponsors deferred compensation plans 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 these plans. The related obligations totaled $9.6 million and $8.0 million at December 31, 2020 and 2019, respectively, and are included in other current liabilities and other liabilities on the consolidated balance sheets. The assets are recorded at fair value, with any changes recorded to earnings, and are included in prepaid expenses and other current assets and other assets on the consolidated balance sheets. Refer to Note 19, Fair Value, for further information. The Company has defined benefit pension plans in several foreign countries. The total net unfunded status for the Company’s foreign defined benefit pension plans was $6.3 million and $5.9 million as of December 31, 2020 and 2019, respectively. These obligations are recorded in other current liabilities, accrued expenses and other liabilities in the consolidated balance sheets. The Company measures these plan obligations at fair value on an annual basis, with any changes recorded to earnings. The aggregate cost for these plans was insignificant to the consolidated financial statements for all periods presented.

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