Company: WFC-PC
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0000072971-25-000129
Chunk: 201

Company: WELLS FARGO & COMPANY/MN
Filing Date: 2025-04-29
Form: 10-Q
Item: Item 15
Chunk 201
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interest expense, was $303 million in first quarter 2025, compared with $551 million in the same period a year ago, and predominantly consisted of Federal Deposit Insurance Corporation (FDIC) deposit assessment expense, including amounts for the FDIC special assessment. For additional information on the FDIC special assessment, see Note 21 (Revenue and Expenses) in our 2024 Form 10-K.

Wells Fargo & Company117

Note 19:  Employee BenefitsPension and Postretirement PlansWe 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 22 (Employee Benefits) in our 2024 Form 10-K.Table 19.1 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 19.1:  Net Periodic Benefit Cost20252024Pension benefits Pension benefits (in millions)QualifiedNon- qualifiedOther benefitsQualified Non- qualifiedOther benefitsQuarter ended March 31,Service cost$8 — — 7 — — Interest cost98 4 3 97 5 3 Expected return on plan assets(123)— (7)(118)— (6)Amortization of net actuarial loss (gain)33 1 (6)35 1 (6)Amortization of prior service credit— — (3)— — (3)Net periodic benefit cost$16 5 (13)21 6 (12)

118Wells Fargo & Company

Note 20:  Earnings and Dividends Per Common ShareTable 20.1 shows earnings per common share and diluted earnings per common share and reconciles the numerator and denominator of both earnings per common share calculations.Table 20.1:  Earnings Per Common Share CalculationsQuarter ended March 31,(in millions, except per share