NOTES TO THE FINANCIAL STATEMENTS
AS OF AND FOR THE YEARS ENDED
DECEMBER 31,
2018
and
2017
The following description of the Union Pacific Corporation Thrift Plan (the “Plan”) is provided for general information only. Participants should refer to the Plan document for more complete information.
General
— The Plan is a defined contribution plan sponsored by Union Pacific Corporation (the “Corporation”) covering nonagreement employees of the Corporation and its subsidiaries. Vanguard Fiduciary Trust Company (“VFTC”) serves as the trustee of the Plan. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974
, as amended
(ERISA).
Contributions
—
Each year, participants may contribute 2% to 75% of their eligible compensation on a salary deferral basis subject to limitations specified in the Internal Revenue Code (the “Code”). A participant may designate all or a portion of his/her pre-tax contribution as a Roth contribution. Participant
s may also contribute 2% to 75%
of their eligible compensation on an after-tax basis. Combined after-tax, Roth
, and
pre-tax contributions may not exceed 75% of eligible compensation.
Employees who are hired or rehired on or after October 1, 2008, and who are eligible to participate in the Plan will automatically become Participants. These employees are treated as having elected to contribute 6% of their eligible compensation on a salary deferral basis subject to limitations specified in the Code, unless they affirmatively elect otherwise. Participants who have attained age 50 before the end of the plan year are eligible to make catch-up contributions. Prior to 1987, the Plan provided for payroll-based and tax reduction act employee stock ownership plan contributions (PAYSOP/TRASOP). Except with respect to Post-2017 Covered Employees (as described below), the Corporation contributes to the Plan an amount equal to 50% of the participant’s pre-tax, Roth, and after-tax contributions that are not in excess of 6% of the participant’s eligible compensation for the payroll period. Effective January 1, 2018, for each participant who on or after January 1, 2018 is (i) hired or re-hired into covered nonagreement service or (ii) transferred to covered nonagreement service (“Post-2017 Covered Employees”) the amount the Corporation contributes to the Plan is an amount equal to 100% of the participant’s pre-tax, Roth and after-tax contributions that are not in excess of 6% of the participant’s eligible compensation for the payroll period. In addition, effective January 1, 2018, the Corporation will contribute to the Plan, on behalf of each Post-2017 Covered Employee,
a non-elective contribution in
an amount equal to 3% of such p
articipant’s annual base salary
earned
for the period the participant is a Post-2017 Covered Employee,
regardless of whether the participant elects to contribute any amount of his or her own compensation to the Plan. The 3% contribution amount will be contributed annually following the end of the applicable Plan year and is conditioned on the Post-2017 Covered Employee being in covered nonagreement service on the last day of the applicable Plan year, unless covered nonagreement service ends before the last day of the Plan year as a result of the participant’s death or retirement during such Plan year.
For all contribution types, participants have the option to direct their investment allocation at their discretion. If a participant does not elect an investment allocation, these investments are directed to a default fund. These contributions may be redirected or transferred to other investments at the direction of the participant
Notes Receivable from Participants
— Participants are eligible to take a loan from their fund accounts, subject to the following limits. Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of (a) one-half of their account balance (excluding PAYSOP/TRASOP balances) or (b) $50,000, taking into consideration additional loan balances under the Plan and any other
qualified plan maintained by the Corporation or its subsidiaries. As the loan is repaid, all principal and interest payments will be credited to the participant’s fund accounts, excluding PAYSOP/TRASOP balances, in the same proportions as the contributions then being made on behalf of the participant. If no contributions are then being made, the loan repayments will be invested in accordance with the participant’s applicable investment election. Participant loans, which are secured by the participant’s individual account balance, bear a fixed rate of interest set by the Plan Administrator based on interest rates then being charged on similar loans, and are repayable over periods not exceeding
59 consecutive calendar months
, except loans relating to a principal residence, in which case the term of the loan shall not exceed 15 years. As of
December 31, 2018
and
2017
,
participant l
oans ha
d
maturities through
203
3
and
2032
, respectively, and
at interest rates
ranging from
3.25% to 9.5
0
%
.
Participant Accounts
— Individual accounts are maintained for each Plan participant.
Participants may direct the investment of their account into various investment options offered by the Plan or may elect to participate in the Vanguard Managed Account Program (“Managed Account Program”). The Managed Account Program is a program in which certain participants may delegate ongoing, discretionary investment management decisions with respect to their account to Vanguard Advisers, Inc. Each participant’s account is credited with an allocation of the Plan’s earnings (losses) based on the type of investments selected and their performance. Allocations are based on each participant’s account balance by investment type. If a participant does not provide investment direction with respect to an amount credited to their account, such amount is invested in a default investment option designated under the Plan.
The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.
Vesting
— Participants at all times have a 100% vested interest in their accounts.
Distributions to Participants
— Following a participant’s termination of employment, a distribution of benefits will be made upon request in a single sum payment. Distributions from the PAYSOP/TRASOP account and the portion of their account invested in the Union Pacific Common Stock Fund are distributed in cash unless shares of stock are elected at the time of distribution
(“in-kind distribution”)
. In-kind distributions are lump sum and any fractional shares are distributed in cash. A terminated participant may defer distribution until the earlier of the participant’s required beginning date, as defined in the Plan, or the participant’s death.
I
f distribution is deferred until the participant’s required beginning date, the participant may elect distribution either in a single sum or in the form of monthly, quarterly, semi-annual or annual installments. Such single sum distribution must be made (or installments begin) no later than the participant’s required beginning date. If the participant remains employed with the Corporation after attaining age 70 1/2, the participant must either take a single sum distribution or begin installment payments no later than the April 1st of the year following the year in which the participant terminates employment.
In-service withdrawals, including withdrawals of rollover contributions, hardship withdrawals, and withdrawals on and after age 59 1/2 may be made by a participant from
his or her
account in accordance with the Plan’s provisions.
Plan Administration
—
From
April
1
, 2016 through August 14, 2018
,
the Plan
was
administered
by the Senior
Vice President and Chief Human Resource Officer of
Union Pacific Railroad Company.
Effective August
1
5, 2018
, the Plan is administered by the
Executive
Vice Presiden
t and Chief Human Resource Officer
of Union Pacific Railroad Company.
Investment management fees for the Plan’s investment options are netted against investment earnings. Expenses incurred administering the Plan, including participant recordkeeping expense
s, are payable from Plan assets
. The
C
orporation has the option, but not the obligation, to pay Plan administrative expenses.
|
2.
|
|
SUMMARY OF 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 net assets available for benefits and changes therein and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
Risks and Uncertainties
— The Plan utilizes various investment instruments. Investment securities, in general, are exposed to various risks, such as interest rate, credit, 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 that such changes could materially affect the value of the participants’ account balances and amounts reported in the financial statements.
Investment Valuation and Income Recognition
— Investments are reported at fair value
with the exception of fully benefit-responsive investment contracts.
Fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 3 for discussion of fair value measurements.
Dividend income is recorded as of the ex-dividend date. Dividends are reinvested in a related participant fund. Interest income is recorded on the accrual basis. Purchases and sales of securities are recorded as of the trade date. Net appreciation
(depreciation)
includes the Plan’s gains and losses on investments bought and sold as well as held during the year.
For
fully benefit-responsive
contracts held by a defined contribution plan, contract value is the relevant measurement attribute for that portion of the net
assets available for benefits
attributable
to the
contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. The statements of net assets available for benefits present the fully benefit-responsive investment contracts
at
contract value. The statements of changes in net assets available for benefits are
also
prepared on a contract value basis.
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.
Administrative Expenses
— Administrative expenses of the Plan are paid as described in the section “Plan Administration”
in Note 1.
All investment management and transaction fees directly related to the Plan investments are paid by the Plan. Management fees and operating expenses charged to the Plan for investments are deducted from income earned on a daily basis and are not separately reflected. Consequently, management fees and operating expenses are reflected as a reduction of investment return for such investments. Plan administrative expenses of
$968,330
and
$
929,988
were paid in
2018
and
2017
, respectively
.
Distributions to Participants
— Distributions are recorded when paid. 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
.
New Accounting Standards
—
In February 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2017-06,
Plan Accounting: Defined Benefit Pension Plans
(Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): Employee Benefit Plan Master Trust Reporting.
The ASU clarifies the presentation and disclosure requirements for an employee benefit plan’s interest in a master trust. This standard is effective for fiscal years beginning after December 15, 2018, and should be applied retrospectively. Early adoption is permitted.
The Company does not expect the adoption of ASU 2017-06 to have a material impact on the financial statements
.
In August 2018, the FASB issued ASU 2018-13,
Fair Value Measurement (Topic 820) – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement
, which amends certain disclosure requirements of ASC 820. The
amendments in the
ASU
remove, modify and add disclosures for companies required to make disclosures about recurring or nonrecurring fair value measurements under Topic 820.
This standard is effective for fiscal years beginning a
fter December 15, 2019, and certain amendments are required to be applied prospectively and others are to be applied retrospectively. Early adoption is permitted. The Company
is current
ly evaluating the impact of this
ASU on its financial statements
but does not expect the ASU to have a
significant impact on the
financial statements.
|
3.
|
|
FAIR VALUE MEASUREMENTS
|
Accounting Standards Codification (ASC) 820,
Fair Value Measurements and Disclosures,
established a single authoritative definition of fair value, set a framework for measuring fair value, and requires additional disclosures about fair value measurements. In accordance with ASC 820, the Plan classifies its investments into a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include:
Level 1
— Quoted market prices in active markets for identical assets or liabilities.
Level 2
— Observable market-based inputs or unobservable inputs that are corroborated by market data.
Level 3
— Unobservable inputs that are not corroborated by market data.
Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
Asset Valuation Methodologies
— Valuation methodologies maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The following is a description of the valuation methodologies used to determine the fair value for each investment category and the fair value hierarchy tier to which each investment category has been assigned.
Common
Stock
— Amounts
are invested exclusively in common stock issued by
the
Corporation
. The unit price
is computed daily based on the closing price of Union Pacific common stock
on the New York Stock Exchange and
the number of shares of stock held by the fu
nds
. Employer stock
funds are classified as Level 1
investments.
Cash & Cash Equivalents
— These investments consist of U.S. dollars
within a money market account
. These temporary cash investments are classified as Level 1 investments.
Mutual Funds (Including the Domestic
and
International Stock Fund
s
, Balanced Fund, Money Market Fund, and Bond Fund
s
)
— The shares of mutual funds are actively traded in a public exchange and the quoted prices at which these securities trade in the exchange are readily available. These quoted prices are
used to determine the fair
values o
f mutual fund shares held by
the
Union Pacific Corporation
Master Trust (“Master Trust”)
at year-end
.
Mutual funds are classified as Level 1 investments.
Common/Collective
Trusts
—
These investments are valued at the net asset value of units of a common 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. Par
ticipant transactions (purchases
and sales) may occur daily.
A summary of the Master Trust assets measured at fair value on a recurring basis set forth by level within the fair value hierarchy as of
December 31, 2018
and
2017
, is presented in the following tables:
|
|
|
|
|
|
|
|
|
|
|
December 31, 2018
|
|
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
|
Significant Other Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
|
Total Fair
Value
|
Investments at fair value:
|
|
|
|
|
|
|
|
|
Common Stock*
|
$
|
720,254,465
|
$
|
-
|
|
-
|
$
|
720,254,465
|
Cash & Cash Equivalents
|
|
5,781,301
|
|
-
|
|
-
|
|
5,781,301
|
Mutual Funds**
|
|
1,358,742,398
|
|
-
|
|
-
|
|
1,358,742,398
|
Total investments in the fair value hierarchy
|
$
|
2,084,778,164
|
$
|
-
|
|
-
|
$
|
2,084,778,164
|
|
|
|
|
|
|
|
|
|
Investments measured at net asset value**
|
|
|
|
|
|
|
|
|
Common/Collective Trusts
|
|
|
|
|
|
|
|
1,148,289,198
|
Total investments at net asset value
|
|
|
|
|
|
|
|
1,148,289,198
|
|
|
|
|
|
|
|
|
|
Total investments at fair value
|
|
|
|
|
|
|
$
|
3,233,067,362
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017
|
|
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
|
Significant Other Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
|
Total Fair
Value
|
Investments at fair value:
|
|
|
|
|
|
|
|
|
Common Stock*
|
$
|
760,775,852
|
|
-
|
|
-
|
$
|
760,775,852
|
Cash & Cash Equivalents
|
|
5,881,652
|
|
-
|
|
-
|
|
5,881,652
|
Mutual Funds**
|
|
1,523,588,307
|
|
-
|
|
-
|
|
1,523,588,307
|
Total investments in the fair value hierarchy
|
$
|
2,290,245,811
|
$
|
-
|
|
-
|
$
|
2,290,245,811
|
|
|
|
|
|
|
|
|
|
Investments measured at net asset value**
|
|
|
|
|
|
|
|
|
Common/Collective Trusts
|
|
|
|
|
|
|
|
1,227,789,336
|
Total investments at net asset value
|
|
|
|
|
|
|
|
1,227,789,336
|
|
|
|
|
|
|
|
|
|
Total investments at fair value
|
|
|
|
|
|
|
$
|
3,518,035,147
|
|
|
|
|
|
|
|
|
|
*
Subsequent to the issuance of the 2017 financial statements, a correction was made to the total amount previously reported as Company Stock Funds as Level 2 investments to classify such based on the holdings of the Company
Stock Funds of Common Stock and Cash & Cash Equivalents as Level 1 investments. This had no effect on the reported fair values or on the Plan’s financial statements.
**
In accordance with Subtopic 820-10, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in these tables are intended to permit reconciliation of the fair value hierarchy to the line items presented in the statement of net assets available for benefits.
Subsequent to the issuance of the 2017 financial statements, a correction was made to the total amount of Mutual Funds previously not included in the fair value hierarchy as a net asset value per share was available, to classify such as Level 1 investments. Mutual funds have a readily determinable fair value, and as such, are classified as Level 1 investments. This had no effect on the reported fair values or on the Plan’s financial statements.
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. The Plan’s policy is to recognize transfers between the levels at the actual date of the event.
The Plan evaluates the significance of transfers between levels based upon the nature of the financial instrument and size of the transfer relative to total net assets available for benefits. For the years ended
December 31, 2018
and
2017
, there were no transfers in or out of Levels 1, 2, or 3.
Net Asset Value (NAV) per Share
—
The following tables summarize investments for which fair value is measured at net asset value as of
December 31, 2018
, and
2017
, respectively. There are no participant redemption restrictions for these investments; the redemption notice period is applicable only to the Plan.
|
|
|
|
|
|
|
|
|
|
|
December 31, 2018
|
|
|
Fair Value
|
|
Unfunded Commitments
|
|
Redemption Frequency (If Currently Eligible)
|
|
Redemption
Notice Period
|
|
|
|
|
|
|
|
|
|
Common/Collective Trusts
|
$
|
1,148,289,198
|
|
n/a
|
|
Daily
|
|
None
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017
|
|
|
Fair Value
|
|
Unfunded Commitments
|
|
Redemption Frequency (If Currently Eligible)
|
|
Redemption
Notice Period
|
|
|
|
|
|
|
|
|
|
Common/Collective Trusts
|
$
|
1,227,789,336
|
|
n/a
|
|
Daily
|
|
None
|
At
December 31, 2018
and
2017
, the Plan participated in a Master Trust with other retirement plans sponsored by the Corporation or its subsidiaries. The investment assets of the Master Trust are held at VFTC. Use of the Master Trust permits the commingling of the trust assets of a number of benefit plans of
the Corporation and its subsidiaries for investment and administrative purposes. Although assets are commingled in the Master Trust, VFTC maintains supporting records for the purpose of allocating the net investment income (loss) of the investment accounts to the various participating plans. The investment valuation methods for investments held by the Master Trust are discussed in Note 3.
The Plan’s interest in the Master Trust, as a percentage of net assets held by the Master Trust, as of
December 31, 2018
and
2017
, is presented in the following tables:
|
|
|
|
|
|
|
2018
|
|
2017
|
Master Trust
|
|
|
|
|
Investments at fair value
|
$
|
3,233,067,362
|
$
|
3,518,035,147
|
Investments at contract value
|
|
365,477,174
|
|
368,744,104
|
Total investments in Master Trust
|
$
|
3,598,544,536
|
$
|
3,886,779,251
|
|
|
|
|
|
Plan's portion of investments at fair value
|
$
|
1,588,409,711
|
$
|
1,751,110,907
|
Plan's portion of investments at contract value
|
|
203,399,507
|
|
213,019,594
|
Plan interest in Master Trust
|
$
|
1,791,809,218
|
$
|
1,964,130,501
|
|
|
|
|
|
Portion allocated to the Plan
|
|
49.79%
|
|
50.53%
|
|
|
|
|
|
Investment income
(loss)
for the Master Trust for the years ended
December 31, 2018
and
2017
, is as follows:
|
|
|
|
|
|
|
2018
|
|
2017
|
|
|
|
|
|
Net appreciation (depreciation) in fair value
|
$
|
(192,738,973)
|
$
|
567,299,182
|
Interest and dividends
|
|
93,657,435
|
|
79,211,080
|
Total investment income (loss) of Master Trust
|
$
|
(99,081,538)
|
$
|
646,510,262
|
|
|
|
|
|
Plan's portion of Master Trust investment income (loss)
|
$
|
(45,627,149)
|
$
|
327,770,859
|
While the Plan participates in the Master Trust, each participant’s account is allocated earnings (or losses) consistent with the performance of the funds in which the participant’s account is invested. Therefore, the investment income (loss) of the Master Trust may not be allocated evenly among the plans participating in the Master Trust.
The Master Trust provides to participants a stable value investment option (the Union Pacific Fixed Income Fund) that includes traditional Guaranteed Investment Contracts (GICs) and synthetic GICs. These contracts meet the fully benefit-responsive investment contract criteria and therefore are reported at contract value. Contract value is the relevant measure for fully benefit-responsive investment contracts because this is the amount received by participants if they were to initiate permitted transactions under the terms of the Plan. Traditional GICs are maintained in a general account by VFTC, which is credited with earnings on the underlying investments and charged for participant withdrawals and administrative expenses. Synthetic GICs simulate the performance of a traditional GIC through an issuer’s guarantee of a specific interest rate (a benefit-responsive wrapper contract) and a portfolio of financial instruments that are owned by the Master Trust. The crediting interest rate is based on a formula agreed upon with the issuer, but may not be less than 0%. Such interest rates are reviewed on a quarterly basis for resetting. The crediting rate of these contracts will track current market yields on a trailing basis.
The following table represents the disaggregation of contract value between types of inves
tment contracts held by the Master Trust
:
|
|
|
|
|
|
|
2018
|
|
2017
|
|
|
|
|
|
Synthetic investment contracts
|
$
|
336,671,869
|
$
|
341,558,176
|
Traditional investment contracts
|
|
6,385,959
|
|
13,875,324
|
Money market fund
|
|
22,576,914
|
|
14,129,489
|
Other
|
|
(157,568)
|
|
(818,885)
|
Total investments at contract value
|
$
|
365,477,174
|
$
|
368,744,104
|
|
5.
|
|
FEDERAL INCOME TAX STATUS
|
The Plan obtained a tax determ
ination letter dated September 20
, 201
6
, in which the Internal Revenue Service (IRS) stated that the Plan, as then designed, was in compliance with the applicable requirements of the Code. Although the Plan has been amended since receiving the determination letter, the Company and Plan management believe that the Plan and related Master Trust are currently designed and being operated in compliance with the applicable requirements of the Code. Therefore, no provision for income taxes has been included in the Plan’s financial statements.
GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan administrator believes the Plan and related Master Trust are no longer subject to income tax examinations for years prior to 201
5
.
Although it has not expressed any intent to do so, the Corporation has the right under the Plan, at any time, to discontinue its contributions and to terminate the Plan subject to the provisions of ERISA. Regardless of such actions, the principal and income of the Plan remain for the exclusive benefit of the Plan’s participants and beneficiaries. The Corporation may direct VFTC either to distribute the Plan’s assets to the participants, or to continue the trust and distribute benefits as though the Plan had not been terminated.
|
7.
|
|
EXEMPT PARTY-IN-INTEREST TRANSACTIONS
|
The Master Trust investments include the Union Pacific Common Stock Fund which is invested in the common stock of the Corporation. The Corporation is the Plan sponsor and, therefore, these transactions qualify as party-in-interest transactions. At
December 31, 2018
and
2017
, the Plan’s interest in the Master Trust’s investment in the Union Pacific Common Stock Fund had a cost basis of
$
125,071,379
and
$
124,496,647
, respectively. During the years ended
December 31, 2018
and
2017
, the Plan recorded dividend income of
$8,896,947
and
$
8
,206,442
, respectively.
The Master Trust also invests in various funds managed by VFTC. VFTC is the trustee and recordkeeper as defined by the Plan and, therefore, these transactions qualify as party-in-interest transactions.
|
8.
|
|
PROHIBITED TRANSACTIONS
|
In 2017, there was inadvertent use of Plan assets by Union Pacific Railroad Company (the “Railroad”), a related party, due to administrative error which violated IRC Section 4975(c)(1)(B). A participant loan
repayment of $2.00 was not timely deposited with the Plan trustee. Therefore, the transaction constituted an extension of credit from the Plan to the Railroad. The Railroad deposited the loan repayment and lost earnings with the Plan trustee in 2017.
|
9.
|
|
RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
|
A reconciliation of net assets available for benefits per the financial statements to the Form 5500 as of
December 31, 2018
and
2017
, is as follows:
|
|
|
|
|
|
|
2018
|
|
2017
|
|
|
|
|
|
Net assets available for benefits per the financial statements
|
$
|
1,808,607,300
|
$
|
1,980,847,111
|
Deemed distributions of participant loans
|
|
(325,543)
|
|
(242,073)
|
Net assets available for benefits per the Form 5500 -- at fair value
|
$
|
1,808,281,757
|
$
|
1,980,605,038
|
A reconciliation of changes in net assets available for benefits per the financial statements to the Form 5500 as of
December 31, 2018
and
2017
, is as follows:
|
|
|
|
|
|
|
2018
|
|
2017
|
|
|
|
|
|
Net increase (decrease) in net assets per the financial statements
|
$
|
(172,239,811)
|
$
|
238,496,651
|
Change in deemed distributions of participant loans
|
|
(83,470)
|
|
(30,507)
|
Net increase (decrease) in net assets per Form 5500 -- at fair value
|
$
|
(172,323,281)
|
$
|
238,466,144
|
******
SUPPLEMENTAL SCHEDULE